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Sabre (SABR) investor relations material
Sabre Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached $715 million, up 3% year-over-year, with Normalized Adjusted EBITDA up 23% to $150 million and Adjusted EBITDA up 25% to $141 million, driven by strong distribution and payments growth.
Net income attributable to common stockholders was $849 million, primarily due to a significant gain from the sale of the Hospitality Solutions business, which closed in July 2025.
The sale generated $965 million in net cash proceeds, with $825 million used to repay debt, significantly reducing leverage and extending debt maturities.
The company now operates as a single reportable segment focused on its global travel marketplace and airline technology solutions.
Strategic priorities include generating free cash flow, deleveraging, and driving sustainable growth through innovation, including AI and payments expansion.
Financial highlights
Q3 2025 revenue was $715 million, up 3% year-over-year, with operating income of $94 million and Normalized Adjusted EBITDA margin improving to 21%.
Net income for Q3 2025 was $848 million, compared to a net loss of $63 million in Q3 2024, driven by an $800 million gain from discontinued operations.
Free cash flow for Q3 2025 was $13 million, with full-year 2025 pro forma free cash flow expected to be $70 million and ending cash balance of $800 million.
Ended Q3 2025 with $683 million in cash; net debt decreased to $3.66 billion from $4.50 billion year-over-year.
Gross margin changes reflect lower high-margin product sales, FX impacts, and a 13% reduction in technology costs.
Outlook and guidance
Q4 2025 air distribution volumes expected to grow 6% to 8% year-over-year, with pro forma Adjusted EBITDA guidance of $110 million and pro forma Free Cash Flow of about $130 million.
Full-year 2025 pro forma Adjusted EBITDA is expected to be $530 million, up 9% year-over-year, with pro forma Free Cash Flow of $70 million.
Full-year air distribution bookings growth anticipated near the low end of the 0.5%-3.5% range.
Anticipate mid-single-digit air bookings growth in 2026, supported by new low-cost carrier solution launch and product innovation.
Modest growth in IT solutions revenue expected for the remainder of 2025 as prior carrier de-migrations have leveled off.
How will PIK interest affect future cash flow?
Agentic API revenue contribution timeline
IT Solutions growth drivers beyond Q3
Explain the FY25 FCF guidance reduction drivers.
Agentic AI monetization strategy and timeline.
Government shutdown: expected recovery timeline?
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Q4 202519 Feb, 2026
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Frequently asked questions
Intelligent software solutions for the travel industry
Sabre Corporation is a technology company that specializes in providing software solutions for the travel and tourism industry. It offers a range of products and services that help travel agencies, airlines, hotels, and other travel-related businesses streamline their operations and enhance the travel experience for customers.
Sabre operates on a business-to-business (B2B) model, providing its software solutions and services to various stakeholders in the travel industry. The company generates revenue through a combination of software license fees, transaction processing fees, and service fees. Sabre's solutions cover areas such as reservations and ticketing systems, airline and hotel distribution, revenue management, and travel agency software.
Global reach and network
Sabre has an extensive global presence and a wide network of customers in the travel industry. This allows the company to leverage its scale and relationships to offer comprehensive solutions that cater to the unique needs of different regions and market segments.
With decades of experience serving the travel industry, Sabre has deep domain knowledge and understands the specific challenges and requirements of its customers. This expertise enables the company to develop tailored solutions that address industry-specific pain points effectively.
Competitive landscape
Sabre faces competition from other technology providers in the travel industry, such as Amadeus IT Group, Travelport, and Expedia Group. The travel industry is also susceptible to economic downturns, geopolitical events, natural disasters, and pandemics. These factors can impact travel demand and customer spending, posing challenges for Sabre, just as it did during the Covid-19 pandemic.
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