What Management Said

Read the full Q2 2026 transcript ↗

This morning, we issued an earnings press release, which is available on our website at investors.sabre.com. More information on these risks and uncertainties is contained in our earnings release issued this morning and our SEC filings, including our Form 10-Q for the quarter ended June 30, 2026. References during today's call to adjusted EBITDA, adjusted EBITDA margin, normalized adjusted EBITDA, normalized adjusted EBITDA margin and adjusted technology and adjusted SG&A expenses have been adjusted to exclude certain items. The most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the earnings release and other documents posted on our website at investors.sabre.com.

As a reminder, effective last quarter, we updated the terminology used to describe our revenue to better reflect our evolving brand identity and market positioning. Historically referred to as Distribution and IT Solutions, these revenue streams have been renamed Marketplace and Airline Technology, respectively. The specific revenue from products, services, and underlying solutions offered within each category remain unchanged. In the second quarter, we delivered results ahead of our expectations and generated positive free cash flow.

Revenue in Q2 grew 4% and normalized adjusted EBITDA grew 19% year-on-year to $151 million, exceeding our expectations. Air distribution bookings growth in the quarter came in ahead of our outlook, up 1% year-on-year. We are encouraged by the continued momentum we are seeing from our growth strategies. Since late 2025, Sabre's rate of bookings growth is outpacing the broader industry by approximately 600 basis points.

What went well
  • Second-quarter revenue grew 4% year-on-year to $712 million, ahead of the flat-to-nominal guidance, and normalized adjusted EBITDA rose 19% to $151 million with margin expanding 272 basis points to 21.2% - a fourth consecutive quarter of double-digit EBITDA growth.
  • Air distribution bookings grew 1%, better than the near-flat outlook, and management noted Sabre's bookings growth has outpaced the broader industry by roughly 600 basis points since late 2025; free cash flow was positive $10 million.
  • Sabre raised its full-year 2026 guidance, lifting pro forma adjusted EBITDA to approximately $600 million and improving free cash flow to about negative $65 million, while extending its AR securitization facility to September 2029 so it has no debt maturities until 2029.
  • Growth engines accelerated: hotel-related revenue grew 11% with attach rate up to about 35%, Payments Suite gross spend topped $6 billion (up more than 30%, over $25 billion annualized), agentic pilot/production partners doubled from 30 to 60, and a notable African carrier selected Sabre Mosaic as its new technology platform.
What went wrong
  • The Middle East conflict and higher fuel prices (which drove airline fare increases) created an estimated 3-to-4-percentage-point headwind to air distribution bookings in the quarter, felt more acutely in EMEA and Asia Pacific.
  • Overall air distribution bookings growth remained modest at 1%, and leisure demand stayed soft - offset by resilient corporate volumes rather than broad-based strength.
  • Airline Technology revenue of $135 million was only broadly in line with expectations, reflecting timing of certain items that create normal quarter-to-quarter variability.
  • Full-year free cash flow is still guided to be negative (about -$65 million), driven almost entirely by roughly $60 million of restructuring costs from the inflation offset program, and Sabre raised its full-year CapEx outlook by $10 million.

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Q2 2026 call
Reported 2026-08-06 · figures from the Sabre Corp Q2 2026 earnings call.

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