Sabre reports full year 2025 results (Form 8-K)

Sabre reports full year 2025 results

Company meets fourth quarter guidance for revenue and Pro Forma Adjusted EBITDA; advances AI strategic initiatives

Business Highlights:

•Repaid >$1 billion of debt and reduced net leverage

•Improved debt maturity profile with over 90% of debt maturing in 2029 or later

•Ended year with strong cash balance of $910 million, $98 million of which is restricted for debt repayments in Q1'26

•Commercial momentum with positive air distribution bookings growth for 2025, and growth of 4% in Q4'25 with 7% in December

•Generated a two percentage point year-on-year improvement in operating margin

•Announced agentic APIs and a proprietary MCP (model context protocol) server designed to power how travel is expected to be searched, booked, and serviced in the future

•Expanded Sabre's AI platform through strategic partnerships, with:

◦PayPal and Mindtrip to deliver the industry's first end-to-end agentic AI experience for travel

◦BizTrip to develop new AI-powered corporate travel assistants

◦Virgin Australia utilizing Sabre's all-in-one generative AI chat solution

•Leading competitive set with 42 NDC connections, an increase of 15 during 2025

2025 Financial Results:

•Revenue totaled $667 million in Q4 and $2,771 million for the full year

•Operating income totaled $21 million in Q4 and $295 million for the full year

•Net loss attributable to common stockholders totaled $103 million in Q4 and net income attributable to common stockholders totaled $525 million for the full year

•Adjusted EBITDA(1) of $110 million in Q4 and $500 million for the full year

•Normalized Adjusted EBITDA(1) of $119 million in Q4 and $536 million for the full year

SOUTHLAKE, Texas - February 18, 2026 - Sabre Corporation ("Sabre" or the "Company") (NASDAQ: SABR) today announced financial results for the quarter and year ended December 31, 2025.

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"Sabre ended the year with strong momentum and we believe is well-positioned for accelerating performance ahead. Despite a challenging 2025, we strengthened our balance sheet, and generated full-year positive Pro Forma Free Cash Flow. We also made progress advancing Sabre's leadership position in developing AI solutions for the travel industry," said Kurt Ekert, President and CEO.

Ekert continued, "With an improving travel industry backdrop in early 2026, and continued growth from our SabreMosaic Marketplace, we expect a meaningful acceleration in year-on-year volume and revenue growth. Our commitment to innovation positions us well to drive consistent long-term growth and value creation, and we believe our leadership position in agentic AI, could drive additional revenue growth in the future."

Q4 2025 Financial Summary

Fourth quarter revenue totaled $667 million, compared to $645 million in the fourth quarter of 2024.

•Distribution revenue increased by $27 million, or 5%, to $527 million, driven by a $20 million increase in transaction-based revenue primarily due to an increase in distribution bookings and favorable travel supplier mix and rate impacts as well as a $7 million increase in other revenue.

◦Total bookings, net of cancellations, totaled 83 million, an increase of 3% from fourth quarter 2024 levels.

◦Average booking fee totaled $6.31, a 2% improvement versus $6.17 in the fourth quarter of 2024.

•IT Solutions revenue declined by $5 million, or 4%, to $140 million primarily due to revenue recorded in the prior year that did not reoccur.

Operating income totaled $21 million versus $46 million in the fourth quarter of 2024. The decrease in operating income was driven by a restructuring charge associated with the inflation offset program accrued in the current period that will be implemented in 2026 and increased incentive expenses. These items were partially offset by lower labor and professional services, and the items impacting revenue described above.

Net loss attributable to common stockholders totaled $103 million, versus a loss of $75 million in the fourth quarter of 2024. The increase in net loss attributable to common stockholders was primarily driven by the items impacting operating income described above, a reduction in income tax benefit of $8 million, a loss on the extinguishment of debt of $5 million as a result of

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the refinancing activity that occurred in the quarter, and an increase in interest expense. These items were partially offset by an $8 million decrease in debt modification costs.

Normalized Adjusted EBITDA1 was $119 million, an improvement versus Normalized Adjusted EBITDA1 of $108 million in the fourth quarter of 2024. The improvement in Normalized Adjusted EBITDA1 was driven by the items impacting revenue described above and a decrease in labor and professional services, partially offset by increased incentive expenses.

With regards to Sabre's fourth quarter 2025 cash flows (versus prior year):

•Cash provided by operating activities totaled $139 million (vs. $76 million)

•Cash used in investing activities totaled $23 million (vs. $15 million)

•Cash provided by financing activities totaled $119 million (vs. used in $6 million)

•Capitalized expenditures totaled $23 million (vs. $15 million)

Free Cash Flow1 for the quarter was $116 million, versus Free Cash Flow1 of $61 million in the fourth quarter of 2024. Pro Forma Free Cash Flow1 was $116 million in the quarter. Fourth quarter 2025 Free Cash Flow1 includes $19 million of refinancing disbursements and interest paid earlier than previously expected due to refinancing activity that occurred during the quarter.

Full Year 2025 Financial Summary

Full year revenue totaled $2.8 billion, compared to $2.7 billion in 2024.

•Distribution revenue increased by $43 million, or 2%, to $2.2 billion driven by a $29 million increase in other revenue, and a $14 million increase in transaction-based revenue due to favorable rate impacts and an increase in volumes.

◦Total bookings, net of cancellations, totaled 365 million, an increase of 1% from 2024 levels.

◦Average booking fee totaled $6.07, a 1% improvement versus $5.98 in 2024.

•IT Solutions revenue decreased by $17 million, or 3%, to $554 million driven by a $15 million decrease due to the impact of de-migrations from carriers who de-migrated prior to 2024, a $9 million decrease in other revenue, partially offset by a $7 million increase in volume growth.

Operating income was $295 million, an improvement versus $242 million in 2024. The improvement in operating income was driven by lower labor and professional services, the items impacting revenue described above, a decrease in technology expenses, and lower depreciation and amortization. These impacts were partially offset by increased incentive

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expenses and a restructuring charge associated with the inflation offset program accrued in the fourth quarter of 2025 that will be implemented in 2026.

Loss from continuing operations totaled $255 million, an improvement versus a loss of $272 million in the fourth quarter of 2024. The improvement in net loss from continuing operations was driven by the improvement in operating income described above, $18 million of transition services agreement income, net, associated with the Hospitality Solutions disposition in the current year, a decrease of $8 million in debt modification costs, and a $5 million decrease in interest expense. These items were partially offset by a loss on the extinguishment of debt of $91 million as a result of refinancing activity that occurred during 2025 versus a loss on the extinguishment of debt of $38 million during 2024 and an increase of $12 million of income tax expense.

Net income attributable to common stockholders totaled $525 million versus a net loss of $279 million in 2024. The increase in net income attributable to common stockholders was primarily driven by the gain on sale recognized from the disposition of Hospitality Solutions and the items impacting net loss from continuing operations described above.

Normalized Adjusted EBITDA1 was $536 million, an improvement versus Normalized Adjusted EBITDA1 of $485 million in 2024. The improvement in Normalized Adjusted EBITDA1 was driven by the items impacting revenue described above and a decrease in labor and professional services, a decrease in technology expenses, and a decrease in general and administrative expenses due to a sales tax refund in 2025. These impacts were partially offset by increased incentive expenses.

With regard to Sabre's full year 2025 cash flows (versus prior year):

•Cash used in operating activities totaled $109 million (vs. used in $70 million)

•Cash used in investing activities totaled $74 million (vs. $25 million)

•Cash used in financing activities totaled $686 million (vs. provided by $40 million)

•Capitalized expenditures totaled $83 million (vs. $80 million)

Free Cash Flow1 for the full year was negative $192 million, versus Free Cash Flow of negative $9 million in 2024. Free Cash Flow includes the impact of $227 million of payment-in-kind interest that was recorded to cash flow from operations in conjunction with the refinancing activity in the second quarter of 2025 and $19 million of refinancing disbursements and interest paid earlier than previously expected due to refinancing activity that occurred during the fourth quarter of 2025.

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Pro Forma Free Cash Flow1 was $57 million in 2025. This includes $19 million of refinancing disbursements and interest paid earlier than previously expected due to refinancing activity that occurred during the fourth quarter.

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Financial Results

Financial Highlights (in thousands, except for EPS; unaudited):			Three Months Ended December 31,																		Year Ended December 31,
			2025						2024						% Change (B/W)						2025						2024						% Change (B/W)
Total Company:
Revenue			$	666,525					$	644,862					3						$	2,770,983					$	2,744,845					1
Distribution Revenue			$	526,801					$	499,771					5						$	2,216,990					$	2,173,619					2
IT Solutions Revenue			$	139,724					$	145,091					(4)						$	553,993					$	571,226					(3)
Operating Income			$	21,341					$	46,091					(54)						$	295,495					$	241,849					22
Operating Margin			3.2		%				7.1		%										10.7		%				8.8		%
Net income (loss) attributable to common stockholders			$	(103,099)					$	(74,698)					(38)						$	524,617					$	(278,759)					288
Diluted net income (loss) per share attributable to common stockholders (EPS)			$	(0.26)					$	(0.20)					(30)						$	1.34					$	(0.73)					284
Net Income (Loss) Margin			(15.5)		%				(11.6)		%										18.9		%				(10.2)		%
Adjusted EBITDA(1)			$	110,482					$	98,292					12						$	500,190					$	447,186					12
Adjusted EBITDA Margin(1)			16.6		%				15.2		%										18.1		%				16.3		%
Normalized Adjusted EBITDA(1)			$	118,717					$	107,930					10						$	535,581					$	484,964					10
Normalized Adjusted EBITDA Margin(1)			17.8		%				16.7		%										19.3		%				17.7		%
Adjusted Net Loss(1)			$	(4,918)					$	(29,506)					83						$	(14,835)					$	(75,858)					80
Adjusted EPS(1)			$	(0.01)					$	(0.08)					88						$	(0.04)					$	(0.20)					80
Cash provided by (used in) operating activities			$	139,291					$	75,712					84						$	(108,864)					$	70,249					(255)
Cash used in investing activities			$	(23,468)					$	(14,686)					(60)						$	(73,820)					$	(24,993)					(195)
Cash provided by (used in) financing activities			$	118,657					$	(6,477)					NM						$	(685,751)					$	39,572					NM
Capitalized expenditures			$	(23,468)					$	(14,686)					(60)						$	(82,887)					$	(79,527)					(4)
Free Cash Flow(1)			$	115,823					$	61,026					90						$	(191,751)					$	(9,278)					NM
Pro Forma Free Cash Flow(1)			$	115,823					$	70,664											$	57,100					$	28,500
Net Debt (total debt, less cash and cash equivalents)																					$	3,740,477					$	4,496,441
Volume Metrics:
Total Bookings			83,472						80,982						3						365,261						363,217						1
Air Bookings			69,976						67,468						4						308,490						307,511						-
Lodging, Ground and Sea Bookings			13,496						13,514						-						56,771						55,706						2
Passengers Boarded			176,032						170,032						4						695,423						684,136						2
(1)Indicates non-GAAP financial measure; see descriptions and reconciliations below
NM - not meaningful

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Business and Financial Outlook

The Company is providing the first quarter and full year 2026 outlook included below on a pro forma basis to give effect to the sale of the Hospitality Solutions business. Pro forma adjustments include an adjustment to remove costs previously allocated to Hospitality Solutions, but that do not meet the GAAP definition for discontinued operations reporting. We believe this presentation will enhance investors' ability to evaluate and compare the Company's operations on a go-forward basis.

With respect to the first quarter and full-year 2026 financial outlook below:

•First quarter Pro Forma Adjusted EBITDA guidance consists of expected net loss from continuing operations of approximately $56 million; less impact of acquisition-related amortization of approximately $8 million; expected stock-based compensation expense of approximately $14 million; expected depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $18 million; expected interest expense, inclusive of issuance costs and debt discounts, net of approximately $120 million; less expected restructuring and other expenses of approximately $5 million; expected provision for income taxes of approximately $13 million; expected pro forma adjustments of approximately $9 million associated with costs previously allocated to Hospitality Solutions.

•Full-year Pro Forma Adjusted EBITDA guidance consists of expected net loss from continuing operations of approximately $132 million; less impact of acquisition-related amortization of approximately $31 million; expected stock-based compensation expense of approximately $68 million; expected depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $72 million; expected interest expense, inclusive of issuance costs and debt discounts, net of approximately $478 million; expected restructuring and other expenses of approximately $14 million; expected provision for income taxes of approximately $31 million; expected pro forma adjustments of approximately $26 million associated with costs previously allocated to Hospitality Solutions.

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First Quarter and Full-Year 2026 Financial Outlook

Sabre's first quarter and full-year 2026 outlook is set forth below:

Q1 2026

FY 2026

Air Distribution Volumes

Mid-single digit YoY growth

Mid-single digit YoY growth

Revenue

Mid-single digit YoY growth

Mid-single digit YoY growth

Pro Forma Adjusted EBITDA

~$130M

~$585M

Leadership Changes

Today Sabre announced a series of executive leadership changes aligned with our growth strategies and transformation. Unless otherwise noted, these changes are effective February 19, 2026.

•Garry Wiseman is promoted to President, Product and Engineering, with his remit expanded to include leadership of innovation and agentic AI. Mr. Wiseman is now in his fourth year at Sabre and has driven a profound impact following extensive experience at large technology platform companies.

•Shawn Williams is promoted to Executive Vice President and Chief Operating Officer and will lead Sabre's revenue and commercial operations functions. Mr. Williams moves from his current role as Executive Vice President and Chief Administrative Officer and has a background deep in strategy and enterprise-wide operations leadership at multiple technology firms.

•Andy Finkelstein is promoted to Chief Commercial Officer, Travel Marketplace.

•Dave Medrano is promoted to Chief People Officer.

•Roshan Mendis, Executive Vice President and Chief Commercial Officer, has decided to depart Sabre for another opportunity, and will transition to a senior advisor role until his expected departure in the second quarter of 2026. He has been a superb leader during his many years with Sabre and we wish him continued success.

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Conference Call

Sabre will conduct its fourth quarter and full-year 2025 investor conference call today at 9:00 a.m. ET. The live webcast and accompanying slide presentation can be accessed via the Investor Relations section of its website, investors.sabre.com. A replay of the event will be available for at least 90 days following the event.

About Sabre Corporation

Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow's technology today - empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. For more information visit  www.sabre.com.

Website Information

Sabre routinely posts important information for investors on the Investor Relations section of its website, investors.sabre.com, on its LinkedIn account, and on its X account, @Sabre_Corp. The Company intends to use the Investor Relations section of its website, its LinkedIn account, and its X account as a means of disclosing material, non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Sabre's website, its LinkedIn account and its X account, in addition to following its press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Sabre's website, its LinkedIn account or its X account is not incorporated by reference into, and is not a part of, this document.

Supplemental Financial Information

In conjunction with today's earnings report, a file of supplemental financial information will be available on the Investor Relations section of our website, investors.sabre.com.

Industry Data

This release contains industry data, forecasts and other information that Sabre obtained from industry publications and surveys, public filings and internal company sources, and there can be

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no assurance as to the accuracy or completeness of the included information. Statements as to Sabre's ranking, market position, bookings share and market estimates are based on independent industry publications, government publications, third-party forecasts and management's estimates and assumptions about our markets and our internal research. The Company has not independently verified this third-party information nor has it ascertained the underlying economic assumptions relied upon in those sources, and cannot assure you of the accuracy or completeness of this information.

Note on Non-GAAP Financial Measures