Global Business Travel Group (GBTG) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 rose 38% year-over-year to $870 million, driven by acquisitions, organic growth, and increased business travel demand.

• Net income for Q2 2026 was $17 million, up 14% from Q2 2025.

• Adjusted EBITDA for Q2 2026 was $178 million, a 34% increase year-over-year, maintaining a 21% margin.

• Shareholder approval obtained for merger with Long Lake Management, expected to close in H2 2026.

• Secured major new client wins, including Google, Koch, and Pfizer, and maintained a 95% customer retention rate.

Financial highlights

• Total revenue for the six months ended June 30, 2026 was $1.71 billion, up 37% year-over-year.

• Gross profit for Q2 2026 was $494 million (gross margin 57%), up from $371 million (59%) in Q2 2025.

• Net income margin for Q2 2026 was 2%, flat year-over-year.

• Free cash flow for the first half of 2026 was $103 million, up 281% year-over-year.

• Net cash from operating activities for the first half of 2026 was $142 million, up 153% year-over-year.

Outlook and guidance

• Merger with Long Lake Management expected to close in H2 2026, pending regulatory approvals.

• Management expects continued revenue growth from recent acquisitions, ongoing cost synergies, and commercial momentum.

• Liquidity is considered adequate for foreseeable needs, with $518 million in cash and a fully undrawn $360 million revolving credit facility.