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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and XPO, Inc. (XPO). Click either name above to swap in a different company.
XPO, Inc. is the larger business by last-quarter revenue ($2.0B vs $792.0M, roughly 2.5× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 2.9%, a 7.5% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 4.7%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -0.1%).
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, ...
XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally. XPO is the second largest provider of less-than-truckload (LTL) services in North America, operating in 99 percent of all U.S. postal codes.
GBTG vs XPO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $2.0B |
| Net Profit | $83.0M | $59.0M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 7.1% |
| Net Margin | 10.5% | 2.9% |
| Revenue YoY | 34.0% | 4.7% |
| Net Profit YoY | 692.9% | -21.3% |
| EPS (diluted) | $0.16 | $0.49 |
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 | $2.0B | ||
| Q3 25 | $674.0M | $2.1B | ||
| Q2 25 | $631.0M | $2.1B | ||
| Q1 25 | $621.0M | $2.0B | ||
| Q4 24 | $591.0M | $1.9B | ||
| Q3 24 | $597.0M | $2.1B | ||
| Q2 24 | $625.0M | $2.1B | ||
| Q1 24 | $610.0M | $2.0B |
| Q4 25 | $83.0M | $59.0M | ||
| Q3 25 | $-62.0M | $82.0M | ||
| Q2 25 | $15.0M | $106.0M | ||
| Q1 25 | $75.0M | $69.0M | ||
| Q4 24 | $-14.0M | $75.0M | ||
| Q3 24 | $-128.0M | $95.0M | ||
| Q2 24 | $27.0M | $150.0M | ||
| Q1 24 | $-19.0M | $67.0M |
| Q4 25 | 3.7% | 7.1% | ||
| Q3 25 | 1.8% | 7.8% | ||
| Q2 25 | 5.4% | 9.5% | ||
| Q1 25 | 8.9% | 7.7% | ||
| Q4 24 | 5.1% | 7.8% | ||
| Q3 24 | 4.5% | 8.6% | ||
| Q2 24 | 6.7% | 9.5% | ||
| Q1 24 | 2.6% | 6.8% |
| Q4 25 | 10.5% | 2.9% | ||
| Q3 25 | -9.2% | 3.9% | ||
| Q2 25 | 2.4% | 5.1% | ||
| Q1 25 | 12.1% | 3.5% | ||
| Q4 24 | -2.4% | 3.9% | ||
| Q3 24 | -21.4% | 4.6% | ||
| Q2 24 | 4.3% | 7.2% | ||
| Q1 24 | -3.1% | 3.3% |
| Q4 25 | $0.16 | $0.49 | ||
| Q3 25 | $-0.13 | $0.68 | ||
| Q2 25 | $0.03 | $0.89 | ||
| Q1 25 | $0.16 | $0.58 | ||
| Q4 24 | $-0.04 | $0.63 | ||
| Q3 24 | $-0.28 | $0.79 | ||
| Q2 24 | $0.06 | $1.25 | ||
| Q1 24 | $-0.04 | $0.56 |
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 | $310.0M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $1.9B |
| Total Assets | $4.9B | $8.2B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $310.0M | ||
| Q3 25 | $427.0M | $335.0M | ||
| Q2 25 | $601.0M | $225.0M | ||
| Q1 25 | $552.0M | $212.0M | ||
| Q4 24 | $536.0M | $246.0M | ||
| Q3 24 | $524.0M | $378.0M | ||
| Q2 24 | $515.0M | $250.0M | ||
| Q1 24 | $475.0M | $229.0M |
| 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 | $1.9B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | $4.9B | $8.2B | ||
| Q3 25 | $4.8B | $8.2B | ||
| Q2 25 | $3.9B | $8.1B | ||
| Q1 25 | $3.8B | $7.9B | ||
| Q4 24 | $3.6B | $7.7B | ||
| Q3 24 | $3.8B | $7.9B | ||
| Q2 24 | $3.8B | $7.7B | ||
| Q1 24 | $3.8B | $7.6B |
| 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 | — |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | 5.3% |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | — | ||
| Q3 25 | $71.0M | $371.0M | ||
| Q2 25 | $57.0M | $247.0M | ||
| Q1 25 | $53.0M | $142.0M | ||
| Q4 24 | $65.0M | $189.0M | ||
| Q3 24 | $85.0M | $264.0M | ||
| Q2 24 | $73.0M | $210.0M | ||
| Q1 24 | $49.0M | $145.0M |
| Q4 25 | $13.0M | — | ||
| Q3 25 | $38.0M | $215.0M | ||
| Q2 25 | $27.0M | $51.0M | ||
| Q1 25 | $26.0M | $-57.0M | ||
| Q4 24 | $33.0M | $23.0M | ||
| Q3 24 | $59.0M | $137.0M | ||
| Q2 24 | $49.0M | $20.0M | ||
| Q1 24 | $24.0M | $-161.0M |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 5.6% | 10.2% | ||
| Q2 25 | 4.3% | 2.5% | ||
| Q1 25 | 4.2% | -2.9% | ||
| Q4 24 | 5.6% | 1.2% | ||
| Q3 24 | 9.9% | 6.7% | ||
| Q2 24 | 7.8% | 1.0% | ||
| Q1 24 | 3.9% | -8.0% |
| Q4 25 | 4.9% | 5.3% | ||
| Q3 25 | 4.9% | 7.4% | ||
| Q2 25 | 4.8% | 9.4% | ||
| Q1 25 | 4.3% | 10.2% | ||
| Q4 24 | 5.4% | 8.6% | ||
| Q3 24 | 4.4% | 6.2% | ||
| Q2 24 | 3.8% | 9.1% | ||
| Q1 24 | 4.1% | 15.2% |
| Q4 25 | 0.63× | — | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | 3.80× | 2.33× | ||
| Q1 25 | 0.71× | 2.06× | ||
| Q4 24 | — | 2.52× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | 2.70× | 1.40× | ||
| Q1 24 | — | 2.16× |
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% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
