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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Victoria's Secret & Co. (VSCO). Click either name above to swap in a different company.
Victoria's Secret & Co. is the larger business by last-quarter revenue ($1.5B vs $792.0M, roughly 1.9× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -2.5%, a 13.0% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 9.3%). Global Business Travel Group, Inc. produced more free cash flow last quarter ($13.0M vs $-232.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -15.9%).
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
Victoria's Secret is an American lingerie, clothing and beauty retailer. Founded in 1977 by Stanford graduate student Roy Raymond and his wife Gaye, the company's five lingerie stores were sold to Les Wexner in 1982. Wexner rapidly expanded into American shopping malls, expanding the company into 350 stores nationally with sales of $1 billion by the early 1990s, when Victoria's Secret became the largest lingerie retailer in the United States.
GBTG vs VSCO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.5B |
| Net Profit | $83.0M | $-37.0M |
| Gross Margin | — | 36.4% |
| Operating Margin | 3.7% | -1.3% |
| Net Margin | 10.5% | -2.5% |
| Revenue YoY | 34.0% | 9.3% |
| Net Profit YoY | 692.9% | 33.9% |
| EPS (diluted) | $0.16 | $-0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $792.0M | $1.5B | ||
| Q3 25 | $674.0M | $1.5B | ||
| Q2 25 | $631.0M | $1.4B | ||
| Q1 25 | $621.0M | $2.1B | ||
| Q4 24 | $591.0M | $1.3B | ||
| Q3 24 | $597.0M | $1.4B | ||
| Q2 24 | $625.0M | $1.4B | ||
| Q1 24 | $610.0M | $2.1B |
| Q4 25 | $83.0M | $-37.0M | ||
| Q3 25 | $-62.0M | $16.0M | ||
| Q2 25 | $15.0M | $-2.0M | ||
| Q1 25 | $75.0M | $193.0M | ||
| Q4 24 | $-14.0M | $-56.0M | ||
| Q3 24 | $-128.0M | $32.0M | ||
| Q2 24 | $27.0M | $-4.0M | ||
| Q1 24 | $-19.0M | $180.0M |
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
| Q4 25 | 3.7% | -1.3% | ||
| Q3 25 | 1.8% | 2.8% | ||
| Q2 25 | 5.4% | 1.5% | ||
| Q1 25 | 8.9% | 12.8% | ||
| Q4 24 | 5.1% | -3.5% | ||
| Q3 24 | 4.5% | 4.4% | ||
| Q2 24 | 6.7% | 1.9% | ||
| Q1 24 | 2.6% | 12.4% |
| Q4 25 | 10.5% | -2.5% | ||
| Q3 25 | -9.2% | 1.1% | ||
| Q2 25 | 2.4% | -0.1% | ||
| Q1 25 | 12.1% | 9.2% | ||
| Q4 24 | -2.4% | -4.2% | ||
| Q3 24 | -21.4% | 2.3% | ||
| Q2 24 | 4.3% | -0.3% | ||
| Q1 24 | -3.1% | 8.6% |
| Q4 25 | $0.16 | $-0.46 | ||
| Q3 25 | $-0.13 | $0.20 | ||
| Q2 25 | $0.03 | $-0.02 | ||
| Q1 25 | $0.16 | $2.41 | ||
| Q4 24 | $-0.04 | $-0.71 | ||
| Q3 24 | $-0.28 | $0.40 | ||
| Q2 24 | $0.06 | $-0.05 | ||
| Q1 24 | $-0.04 | $2.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $434.0M | $249.0M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $653.0M |
| Total Assets | $4.9B | $5.1B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $249.0M | ||
| Q3 25 | $427.0M | $188.0M | ||
| Q2 25 | $601.0M | $138.0M | ||
| Q1 25 | $552.0M | $227.0M | ||
| Q4 24 | $536.0M | $161.0M | ||
| Q3 24 | $524.0M | $169.0M | ||
| Q2 24 | $515.0M | $105.0M | ||
| Q1 24 | $475.0M | $270.0M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.6B | $653.0M | ||
| Q3 25 | $1.5B | $680.0M | ||
| Q2 25 | $1.2B | $645.0M | ||
| Q1 25 | $1.1B | $640.0M | ||
| Q4 24 | $1.1B | $429.0M | ||
| Q3 24 | $1.1B | $472.0M | ||
| Q2 24 | $1.2B | $423.0M | ||
| Q1 24 | $1.2B | $417.0M |
| Q4 25 | $4.9B | $5.1B | ||
| Q3 25 | $4.8B | $4.8B | ||
| Q2 25 | $3.9B | $4.6B | ||
| Q1 25 | $3.8B | $4.5B | ||
| Q4 24 | $3.6B | $4.9B | ||
| Q3 24 | $3.8B | $4.6B | ||
| Q2 24 | $3.8B | $4.4B | ||
| Q1 24 | $3.8B | $4.6B |
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $52.0M | $-180.0M |
| Free Cash FlowOCF − Capex | $13.0M | $-232.0M |
| FCF MarginFCF / Revenue | 1.6% | -15.8% |
| Capex IntensityCapex / Revenue | 4.9% | 3.5% |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $309.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $-180.0M | ||
| Q3 25 | $71.0M | $156.0M | ||
| Q2 25 | $57.0M | $-150.0M | ||
| Q1 25 | $53.0M | $674.0M | ||
| Q4 24 | $65.0M | $-248.0M | ||
| Q3 24 | $85.0M | $115.0M | ||
| Q2 24 | $73.0M | $-116.0M | ||
| Q1 24 | $49.0M | $589.0M |
| Q4 25 | $13.0M | $-232.0M | ||
| Q3 25 | $38.0M | $88.0M | ||
| Q2 25 | $27.0M | $-193.0M | ||
| Q1 25 | $26.0M | $646.0M | ||
| Q4 24 | $33.0M | $-299.0M | ||
| Q3 24 | $59.0M | $55.0M | ||
| Q2 24 | $49.0M | $-155.0M | ||
| Q1 24 | $24.0M | $557.0M |
| Q4 25 | 1.6% | -15.8% | ||
| Q3 25 | 5.6% | 6.0% | ||
| Q2 25 | 4.3% | -14.3% | ||
| Q1 25 | 4.2% | 30.7% | ||
| Q4 24 | 5.6% | -22.2% | ||
| Q3 24 | 9.9% | 3.9% | ||
| Q2 24 | 7.8% | -11.4% | ||
| Q1 24 | 3.9% | 26.7% |
| Q4 25 | 4.9% | 3.5% | ||
| Q3 25 | 4.9% | 4.7% | ||
| Q2 25 | 4.8% | 3.2% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | 5.4% | 3.8% | ||
| Q3 24 | 4.4% | 4.2% | ||
| Q2 24 | 3.8% | 2.9% | ||
| Q1 24 | 4.1% | 1.5% |
| Q4 25 | 0.63× | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | 3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
