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Global Business Travel Group, Inc.（GBTG）与XPO, Inc.（XPO）财务数据对比。点击上方公司名可切换其他公司
XPO, Inc.的季度营收约是Global Business Travel Group, Inc.的2.5倍（$2.0B vs $792.0M）。Global Business Travel Group, Inc.净利率更高（10.5% vs 2.9%，领先7.5%）。Global Business Travel Group, Inc.同比增速更快（34.0% vs 4.7%）。过去两年Global Business Travel Group, Inc.的营收复合增速更高（13.9% vs -0.1%）
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
XPO Inc.（原XPO物流）是美国交通运输企业，主营北美区域零担货运业务，总部位于康涅狄格州格林尼治，全球共设592个运营网点。作为北美第二大零担货运服务商，其服务覆盖99%的美国邮政编码区域。
GBTG vs XPO — 直观对比
营收规模更大
XPO
是对方的2.5倍
$792.0M
营收增速更快
GBTG
高出29.3%
4.7%
净利率更高
GBTG
高出7.5%
2.9%
两年增速更快
GBTG
近两年复合增速
-0.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $2.0B |
| 净利润 | $83.0M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | 7.1% |
| 净利率 | 10.5% | 2.9% |
| 营收同比 | 34.0% | 4.7% |
| 净利润同比 | 692.9% | -21.3% |
| 每股收益（稀释后） | $0.16 | $0.49 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GBTGXPO
| 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 |
净利润GBTGXPO
| 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 |
营业利润率GBTGXPO
| 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% |
净利率GBTGXPO
| 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% |
每股收益（稀释后）GBTGXPO
| 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 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $434.0M | $310.0M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.6B | $1.9B |
| 总资产 | $4.9B | $8.2B |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
现金及短期投资GBTGXPO
| 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 |
总债务GBTGXPO
| 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 | — | — |
股东权益GBTGXPO
| 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 |
总资产GBTGXPO
| 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 |
负债/权益比GBTGXPO
| 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 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $52.0M | — |
| 自由现金流经营现金流 - 资本支出 | $13.0M | — |
| 自由现金流率自由现金流/营收 | 1.6% | — |
| 资本支出强度资本支出/营收 | 4.9% | 5.3% |
| 现金转化率经营现金流/净利润 | 0.63× | — |
| 过去12个月自由现金流最近4个季度 | $104.0M | — |
8季度趋势，按日历期对齐
经营现金流GBTGXPO
| 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 |
自由现金流GBTGXPO
| 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 |
自由现金流率GBTGXPO
| 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% |
资本支出强度GBTGXPO
| 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% |
现金转化率GBTGXPO
| 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× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
