The Q2 beat on cash flow and EBITDA is overshadowed by the pending take-private by Long Lake Management. With shareholder approval secured, the stock should trade in a narrow range near the deal price until regulatory clearance. Monitor for any antitrust or CFIUS-related delays that could threaten the H2 2026 close timeline.
Price Chart
Executive Summary
Global Business Travel Group reported Q2 2026 revenue of $870M (+38% YoY) and GAAP EPS of $0.03, in line with the prior year quarter. Adjusted EBITDA grew 34% to $178M and free cash flow surged 281% to $103M. The filing is dominated by the pending acquisition by Long Lake Management, which received shareholder approval on August 3, 2026, and is expected to close in H2 2026, making this a transitionary quarter with limited standalone trading relevance.
Key Financial Metrics
Key Facts
- Revenue of $870M, up 38% YoY (10% ex-acquisitions)
- GAAP EPS of $0.03, flat YoY; diluted EPS $0.03
- Adjusted EBITDA of $178M, up 34% YoY
- Free cash flow of $103M, up 281% YoY
- Shareholder approval obtained for acquisition by Long Lake Management on August 3, 2026
- Merger expected to close in H2 2026, subject to regulatory approvals
- LTM Total New Wins Value accelerated to $3.5B
- Net Debt/LTM Adjusted EBITDA improved to 1.7x from 1.9x at year-end 2025
Financial Impact
Revenue $870M, GAAP net income $17M, Adjusted EBITDA $178M, FCF $103M
Risk Factors
- Regulatory approval failure or delay for the Long Lake Management acquisition
- Integration costs and restructuring charges ($41M in Q2) continuing to pressure GAAP profitability
- Post-merger execution risk if the deal closes on terms unfavorable to minority holders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-052162 |
| Document: gbtg-20260804.htm | 0001628280-26-052162 |
| Document: 0001628280-26-052162-index-headers.html | 0001628280-26-052162 |
| Document: 0001628280-26-052162-index.html | 0001628280-26-052162 |
| Document: 0001628280-26-052162.txt | 0001628280-26-052162 |
| 8-K Data (Synthetic) | 0001628280-26-052162 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 8w ago | Insider Cluster | $9.46 $9.48 | ▲ +0.21% | ▲ +0.61% | $9.50 (+0.42%) |
Aug 4, 2026 8w ago | 8-K | $9.43 $9.46 | ▲ +0.32% | ▲ +1.56% | $9.50 (+0.74%) |
Jun 15, 2026 15w ago | Insider Cluster | $9.36 $9.41 | ▼ −0.53% | ▼ −0.33% | $9.50 (−1.50%) |
Jun 12, 2026 16w ago | Institutional Cluster | $9.36 $9.40 | ▲ +0.43% | ▼ −1.35% | $9.50 (+1.50%) |
Jun 11, 2026 16w ago | Insider Cluster | $9.36 $9.40 | ▲ +0.43% | ▼ −1.35% | $9.50 (+1.50%) |
Jun 10, 2026 16w ago | Insider Cluster | $9.36 $9.39 | ▲ +0.32% | ▼ −1.57% | $9.50 (+1.50%) |
Jun 9, 2026 16w ago | 144 | $9.34 $9.39 | ▼ −0.54% | ▲ +3.09% | $9.50 (−1.71%) |
Jun 8, 2026 16w ago | 8-K | $9.35 $9.40 | ▲ +0.53% | ▼ −1.10% | $9.50 (+1.60%) |
Jun 5, 2026 17w ago | 144 / CLUSTER | $9.35 $9.40 | ▼ −0.53% | ▲ +1.10% | $9.50 (−1.60%) |
Jun 2, 2026 17w ago | 144 | $9.37 $9.40 | ▲ +0.32% | ▲ +1.32% | $9.50 (+1.39%) |
US Market Status
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