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Sabre (SABR) investor relations material
Sabre Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 results missed expectations due to weak air distribution bookings, prompting a revised outlook and guidance for the remainder of the year.
Completed sale of the Hospitality Solutions business in July 2025 for $960–$1.1B, with proceeds used to pay down over $1B in debt and extend maturities to 2030.
Strategic focus remains on generating free cash flow, deleveraging the balance sheet, and driving sustainable growth through technology innovation.
Cost reduction initiatives and cloud migration drove lower technology and SG&A expenses, supporting margin improvement.
Now operates as a single reportable segment focused on travel marketplace and airline technology solutions.
Financial highlights
Q2 2025 revenue was $687M, down 1% year-over-year; normalized adjusted EBITDA grew 6% to $127M, and adjusted EBITDA was $118M, up 7%.
Operating income rose to $89M (13% margin), up from $49M (7%) in Q2 2024.
Net loss widened to $256M, mainly due to higher tax provisions and a loss on debt extinguishment.
Pro forma free cash flow for Q2 was negative $2M; quarter-end cash balance was $447M, projected to exceed $750M by year-end.
Total bookings were 90M (-1% YoY); IT Solutions passengers boarded 171M (+1% YoY); hotel bookings 11M (+2% YoY).
Outlook and guidance
Full-year 2025 pro forma revenue expected to be flat to low single digits; adjusted EBITDA guidance is $530M–$570M (+9–18% YoY).
Pro forma free cash flow guidance is $100M–$140M; year-end cash expected to exceed $750M.
Q3 2025 pro forma adjusted EBITDA forecasted at $140M–$150M (+15–23% YoY), with pro forma free cash flow of $40M–$50M.
Air distribution volumes expected to accelerate in H2 2025, with 4–10% YoY growth anticipated.
IT Solutions revenue growth expected to resume in Q3 2025 as prior carrier de-migrations anniversary.
What drove the 6% operating margin increase?
What's the outlook for pro forma Free Cash Flow?
Explain the decrease in air distribution bookings.
How does Sabre's NDC content compare to competitors?
What's driving the 6-month delay in LCC solution?
Detail cost efficiencies from AI in 18 months.
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Q3 202530 Oct, 2025
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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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