olivLaw · US equity research
Sabre Corporation SABR
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Sabre is a global technology platform that connects travel suppliers with agencies and corporate buyers through its business-to-business marketplace, and supplies airlines with reservation and operations software. Revenue rose 4% in the second quarter of 2026, while the company reaffirmed its full-year guidance in a period when conflict in the Middle East and higher fuel prices weighed on air booking volumes.
At the close of 04 Nov 2026, Sabre Corporation (SABR) stock was 1.74 USD (+4.19% on the day), with market capitalisation 702.2 m USD, P/E 1.1 on diluted EPS of 1.65 USD over the last 12 months, dividend yield 0.00%, beta 1.90, 52-week range 0.82–2.33 USD. Latest reported quarter (Q2 2026): revenue of 712.0 m USD (+3.6% YoY), net income of -36.2 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.2
- neutral
- Bollinger (20, 2)
- 1.44 – 1.93
- in the upper half of the band · %B 0.61 · band width 29.3%
- SMA 50 / 200
- 1.96 / 1.74
- mixed trend
- MACD (12, 26, 9)
- -0.09 / -0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.8% | −1.1% | −8.7 pp | — |
| 3 months | −17.9% | −0.5% | −17.5 pp | — |
| 6 months | −4.9% | +4.4% | −9.3 pp | — |
| Year to date | +27.9% | +12.3% | +15.6 pp | — |
| 1 year | −13.0% | +13.5% | −26.5 pp | −15.2% |
| 3 years | −57.9% | +76.4% | −134.3 pp | +5.6% |
| 5 years | −82.5% | +63.7% | −146.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 691.3 m | 644.9 m | 702.1 m | 687.1 m | 715.2 m | 666.5 m | 760.3 m | 712.0 m |
| Cost of revenue | 294.7 m | 265.6 m | 305.5 m | 296.4 m | 313.1 m | 292.1 m | 335.0 m | 310.5 m |
| SG&A | 149.4 m | 142.5 m | 130.0 m | 129.2 m | 140.5 m | 157.8 m | 134.0 m | 137.7 m |
| Operating income | 57.8 m | 46.1 m | 91.4 m | 89.1 m | 93.6 m | 21.3 m | 115.9 m | 92.8 m |
| Depreciation & amortisation | 32.7 m | 26.6 m | 25.5 m | 25.5 m ≈ | 27.0 m ≈ | 27.9 m | 26.5 m | 27.0 m ≈ |
| Pre-tax income | -55.2 m | -84.8 m | -15.0 m | -109.8 m | -10.4 m | -104.1 m | -2.0 m | -24.7 m |
| Income tax | 7.2 m | -12.5 m | -11.6 m | 91.3 m | -58.5 m | -4.8 m | -11.4 m | 11.7 m |
| Net income | -62.8 m | -74.7 m | 35.5 m | -256.5 m | 848.5 m | -102.9 m | 8.0 m | -36.2 m |
| Diluted EPS | -0.16 | -0.19 ≈ | 0.09 | -0.65 | 1.98 | -0.26 ≈ | 0.02 | -0.09 |
| Operating cash flow | — | — | -80.6 m | — | — | — | — | — |
| Capex | 19.3 m ≈ | 14.7 m | 16.9 m | 22.3 m ≈ | 20.3 m ≈ | 23.5 m | 21.2 m | 26.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 17-quarter history (min 1.2, median 23.1, max 45.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 4.0 bn | 1.3 bn | 1.7 bn | 2.5 bn | 2.6 bn | 2.7 bn | 2.8 bn |
| Revenue YoY | +7.5% | +2.8% | −66.4% | +26.6% | +50.2% | +4.1% | +3.9% | +1.0% |
| Net income | 337.5 m | 158.6 m | -1.3 bn | -928.5 m | -435.4 m | -527.6 m | -278.8 m | 524.6 m |
| Net income YoY | +39.2% | −53.0% | −908.6% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 1.22 | 0.57 | -4.45 | -2.96 | -1.40 | -1.56 | -0.73 | 1.34 |
| Diluted EPS YoY | +40.2% | −53.3% | −880.7% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 8.7% | 4.0% | -96.1% | -55.0% | -17.2% | -20.0% | -10.2% | 18.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 791.6 m USD
- Financial debt
- 4.3 bn USD
- Net debt
- 3.6 bn USD
- Equity
- -1.0 bn USD
- Total assets
- 4.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.07x
- ROE
- unavailable
- ROA
- 11.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.7 bn | 2.5 bn | 2.6 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 579.0 m | 691.5 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 755.1 m ≈ | 997.4 m ≈ | 1.5 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| SG&A | 586.4 m | 610.1 m | 661.2 m | 582.9 m | 576.0 m | 557.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -988.0 m | -665.5 m | -261.1 m | 32.2 m | 241.8 m | 295.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 363.7 m | 262.2 m | 184.6 m | 121.2 m | 109.5 m | 105.9 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -624.3 m ≈ | -403.3 m ≈ | -76.4 m ≈ | 153.4 m ≈ | 351.4 m ≈ | 401.4 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 225.8 m | 257.8 m | 295.2 m | 447.9 m | — | — | SEC (XBRL)· 15 Feb 2024verified |
| Pre-tax income | -1.3 bn | -938.4 m | -423.4 m | -457.9 m | -267.4 m | -239.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -21.0 m | -14.6 m | 8.7 m | 33.6 m | 4.1 m | 16.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -1.3 bn | -928.5 m | -435.4 m | -527.6 m | -278.8 m | 524.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -4.45 | -2.96 | -1.40 | -1.56 | -0.73 | 1.34 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 289.9 m | 320.9 m | 326.7 m | 346.6 m | 383.7 m | 391.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.14 | 0.00 | 0.00 | — | — | — | SEC (XBRL)· 17 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 978.4 m | 794.9 m | 648.2 m | 724.5 m | 791.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 255.5 m | 259.9 m | 353.6 m | 343.4 m | 286.6 m | 311.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 1.9 bn | 1.4 bn | 1.4 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 2.6 bn | 2.5 bn | 2.5 bn | 2.4 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 511.4 m | 440.7 m | 410.3 m | 376.1 m | 315.3 m | 284.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 6.1 bn | 5.3 bn | 5.0 bn | 4.7 bn | 4.6 bn | 4.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 115.2 m | 122.9 m | 171.1 m | 231.8 m | 243.0 m | 260.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 26.1 m | 29.3 m | 23.5 m | 4.0 m | 230.2 m | 245.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 4.7 bn | 4.7 bn | 4.7 bn | 4.8 bn | 4.8 bn | 4.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 621.9 m | 716.5 m | 815.6 m | 914.7 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 285.2 m | -499.7 m | -872.8 m | -1.4 bn | -1.6 bn | -1.0 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 65.4 m | 54.3 m | 69.5 m | 80.9 m | 79.5 m | 82.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Investing cash flow | -1.3 m | -29.4 m | 174.0 m | -110.0 m | -29.6 m | — | SEC (XBRL)· 20 Feb 2025verified |
| Financing cash flow | 1.8 bn | -50.6 m | -75.4 m | -94.2 m | 39.6 m | -685.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 38.5 m | 0 | 0 | — | — | — | SEC (XBRL)· 17 Feb 2023verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 18 Feb 2022verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 35 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 702.2 m USD
Key indicators
Coverage and freshness
Score by group
- Quality51
- Growth17
- Valuation63
- Balance sheet11
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 45.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales0.00 – 45.35 (Mid 15.27)17 companies used · median multiple 3.4x · quartiles 1.0x – 7.7xAPP, BMBL, DOCN, FDS, GOOGL, GRND, LGCL, MGNI, MTCH, RXT, RZLV, SANG, SIFY, SST, TRIP, WB, ZIP
- Peers: EV/EBITDA0.00 – 8.91 (Mid 7.00)8 companies used · median multiple 15.0x · quartiles 7.0x – 16.8xAPP, DOCN, FDS, GRND, LGCL, MGNI, TRIP, WB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 35/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 56.2% | 40 (on a fixed band) | 14% |
| EBIT margin · Quality | 11.3% | 65 (vs peers) | 11% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.0% | 12 (on a fixed band) | 23% |
| Revenue growth (YoY) · Growth | 1.0% | 28 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | 8.4x | 8 (vs peers) | 9% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 9% |
| EV/Sales · Valuation | 1.5x | 63 (vs peers) | 23% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/2 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality51/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial63/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sabre Corporation (SABR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 1.0%; net margin 25.1%; net debt/EBITDA 8.4x.
The estimated value range is 0.00–27.13 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.13 USD, the price of 1.74 USD leaves a potential of 539.9% (value / price − 1) and a margin of safety of 84.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: 3.0%
- Revenue growth (YoY): 1.0%
- Net debt / EBITDA: 8.4x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF margin, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| NBISNebius Group N.V. | 35.8 bn | 428.8 | 2.1% | 15.6% | +479.0% | +49% / unavailable |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| MGNIMagnite, Inc. | 3.3 bn | 19.9 | 20.4% | 23.6% | +6.9% | +55% / +182% |
| GRNDGrindr Inc. | 2.4 bn | 27.6 | 108.7% | 18.7% | +27.6% | +9% / +108% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| TRIPTripadvisor, Inc. | 1.2 bn | 332.1 | 0.8% | 0.3% | +3.1% | −31% / −43% |
| SMWBSimilarweb Ltd. | 766.1 m | — | -129.6% | -11.7% | +13.1% | +13% / +75% |
| BMBLBumble Inc. | 718.8 m | — | -85.9% | -61.8% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| SABRSabre Corporation | 702.2 m | 1.1 | — | 25.1% | +1.0% | −13% / −58% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| YALAYalla Group Limited | 413.9 m | 6.8 | 19.6% | 43.3% | +0.7% | −20% / −6% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
1- and 3-year price returns: for SABR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.09 Total return -37% · Per year -37% | 1.93 Total return 11% · Per year 11% | 2.91 Total return 67% · Per year 67% |
| 3 years | 1.03 Total return -41% · Per year -16% | 2.05 Total return 18% · Per year 6% | 3.39 Total return 95% · Per year 25% |
| 5 years | 0.97 Total return -44% · Per year -11% | 2.17 Total return 25% · Per year 5% | 3.96 Total return 127% · Per year 18% |
- Exit P/E± 0.51
- Net margin± 0.36
- Annual revenue growth± 0.30
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sabre is a global technology platform that connects travel suppliers with agencies and corporate buyers through its business-to-business marketplace, and supplies airlines with reservation and operations software. Revenue rose 4% in the second quarter of 2026 3, while the company reaffirmed its full-year guidance in a period when conflict in the Middle East and higher fuel prices weighed on air booking volumes 23.
SWOT
Strengths
- Sabre has a global distribution network and a large travel data cloud that connect suppliers with buyers 12. The company reported growth in adjusted EBITDA in the second quarter of 2026 and generated positive free cash flow 3.
- The SaaS platform and long-term recurring revenue model give Airline Technology a predictable base 1.
- The airline product range spans reservations, operations, commercial products and data analytics, making the company hard to replace for existing customers 1.
Weaknesses
- Revenue depends heavily on air transaction volumes and travel demand, which can fall sharply after external shocks 1.
- Significant debt and higher interest costs limit financial flexibility and weigh on cash flow 13.
- Airline Technology revenue declined in the second quarter of 2026, showing the exposure of part of the portfolio 3.
Opportunities
- If the SabreMosaic Airline Technology platform gains adoption, it could add revenue in coming years 1.
- The agentic AI channel and integrations with external AI platforms could open new revenue streams in travel 13.
- Growth in international travel could improve revenue per booking in the Marketplace segment 1.
Threats
- Pricing pressure from airlines and their consolidation could reduce fees and contract revenue 1.
- Data protection rules, localisation requirements and national restrictions, including in Russia, could raise costs and limit operations 1.
- Geopolitical tensions and volatile fuel prices could slow travel demand and booking volumes 2.
Risks
- Dependence on travel volumeshigh
Revenue tracks transaction volumes in travel, especially air, and could fall during crises, conflicts or epidemics 1.
- Airline negotiating pressurehigh
Contract renegotiations could lead to lower fees or withdrawal of content from the GDS, affecting revenue 1.
- Debt and cost of financingmedium
Recent refinancings raised interest costs, and market volatility could make further refinancing harder 13.
- Regulatory and data risksmedium
Data protection laws, localisation requirements and international sanctions could raise costs and constrain operations 1.
- Execution of technology programmesmedium
Complex software implementations can be delayed or fail, leading to unplanned costs and possible customer losses 1.
Investment thesis
What would need to be true (bull case)
- The company beat its second-quarter guidance and raised its 2026 adjusted EBITDA and free cash flow outlook, suggesting execution ahead of expectations 3.
- If the Airline Technology platform and the agentic AI channel gain adoption, revenue could diversify away from air volume 13.
- The efficiency programme could keep costs stable, which could support margins as revenue grows 2.
What would break the thesis
- Air bookings slowed due to the Middle East conflict and higher fuel prices, and these pressures could persist 2.
- Airline Technology revenue declined in the second quarter, and high debt could limit investment and refinancing capacity 13.
- Airline and agency pressure for lower fees could compress margins if new contracts are unfavourable 1.
What to watch
- Delivery of air booking and revenue guidance for the third and fourth quarters of 2026Q4 2026
- Trajectory of Airline Technology revenue and adoption of SabreMosaic2027
- Achievement of the full-year 2026 free cash flow guidance of about negative 65 million USDnext 10-K
- Total cost of the efficiency programme and its effect on technology and SG&A costs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sabre describes its business as a business-to-business travel marketplace called Sabre Mosaic Marketplace, which brings together suppliers such as airlines, hotels, car rental brands and cruise lines with online travel agencies, offline agencies, travel management companies and corporate travel departments 1. Beginning in 2026 its revenue lines are called Marketplace and Airline Technology, replacing the former Distribution and IT Solutions names 2. The company reports one reportable segment after selling its Hospitality Solutions business in 2025 1.
Revenue is largely transaction-based, with fees for bookings made through the global distribution system paid by the travel supplier and the agency under their commercial arrangements 1. Airline Technology includes SaaS and hosted contracts with implementation fees, recurring usage fees, software licences and professional services, typically with terms of three to ten years 1. Sabre launched its SabreMosaic Airline Technology platform in 2024 1.
In 2026 the company presented itself as an AI-native technology leader and said its first-half performance outpaced the broader industry, with its position in the emerging Agentic AI travel channel expanding 23. If booking growth and AI offerings keep progressing, they could support the company's free cash flow objectives 3.
Segments
Marketplace
Marketplace covers transaction fees for air, hotel and other travel bookings processed through the global distribution network, plus agency product revenue such as payments and media 12. Marketplace revenue reached 577 million USD in the second quarter of 2026, up 6% 3.
Airline Technology
Airline Technology comprises reservation systems for full-service and low-cost carriers, commercial and operations products, agency solutions and data analytics, delivered mainly through SaaS and hosted models 12. Revenue fell 4% to 135 million USD in the second quarter of 2026, driven by lower licence and other revenue 3.
Market context
Sabre operates in global travel distribution, where air and hotel transaction volumes drive most of its revenue 1. The company notes that industry air distribution volume growth has leveled off in recent years and that North America represents the largest share of direct billable bookings 1. The market is highly competitive, with other GDSs, local systems, airline- or government-owned platforms and direct supplier distribution 1.
In 2026 pressure from the Middle East conflict and higher fuel prices slowed air volume growth, and the company expects low-to-mid-single-digit air bookings growth for the full year 2. If this slowdown persists, market growth could remain constrained 2.
Trends
- Pressure on supplier fees and costsheadwind
Airlines seek to cut costs and control distribution more closely, which can lead to lower fees in renegotiations or withdrawal of content from the GDS 1. This pressure could weigh on revenue and margins if contracts renew on less favourable terms 1.
- Rising agency incentive considerationmixed
Incentives paid to travel agencies rise as booking volumes reach thresholds, and consolidation among agencies and TMCs could reduce the number of GDS subscribers 1. The company expects these increases to be offset by revenue growth supported by international travel 1.
- Adoption of AI and agentic channelstailwind
Sabre invests in generative AI, including chatbots for airline customers and agentic interfaces that integrate with external AI platforms 1. The company says Sabre Mosaic Airline Technology is early in its growth cycle and could affect revenue in future years 13.
Competitive position
Sabre competes with other global distribution systems, local distribution systems, travel platforms owned by airlines or governments, and direct distribution by suppliers 1. Competition also includes new travel entrants, metasearch providers, third-party aggregators and global or regional IT providers, as well as airlines developing in-house technology 1.
In airline software, competitors include specialists in selected product areas and airlines that build their own systems 1. The company says it must keep investing to maintain service speed and accuracy, and rivals could gain ground if they adapt offers faster 1.
- Other global distribution systems (GDS)
Direct rivals for agency and corporate bookings, offering comparable incentives to agencies 1.
- Metasearch platforms and travel aggregators
New entrants that direct shoppers to supplier sites or online agencies and could reduce reliance on GDS channels 1.
- Global and regional airline IT providers
Compete in reservation, operations and data software for airlines 1.
- Airlines with in-house technology
Can develop their own sales and distribution solutions, reducing demand for Sabre products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Sabre Wulf RemasteredHacker News · 25 Oct 2026 · EN
- (2nd LD) (Asiad) S. Korea captures gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea captures gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (Asiad) S. Korea captures gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (URGENT) S. Korea captures Asian Games gold in women's sabre fencing team eventYonhap News (KR, EN) · 27 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea wins 4th consecutive gold in men's sabre team fencing at Asian GamesYonhap News (KR, EN) · 26 Sept 2026 · EN
- (Asiad) S. Korea wins 4th consecutive gold in men's sabre team fencing at Asian GamesYonhap News (KR, EN) · 26 Sept 2026 · EN
- (URGENT) S. Korea wins 4th consecutive gold in men's sabre team fencing at Asian GamesYonhap News (KR, EN) · 26 Sept 2026 · EN
- (Asiad) S. Korean sabre fencers target 4th straight Asiad team goldYonhap News (KR, EN) · 25 Sept 2026 · EN
- (Asiad) Sabre fencer Oh Sang-uk feels Asia's fencing getting strongerYonhap News (KR, EN) · 23 Sept 2026 · EN
- (LEAD) (Asiad) Oh Sang-uk defends men's individual sabre fencing title at Asian GamesYonhap News (KR, EN) · 23 Sept 2026 · EN
- (Asiad) Oh Sang-uk defends men's individual sabre fencing title at Asian GamesYonhap News (KR, EN) · 23 Sept 2026 · EN
- (URGENT) Oh Sang-uk wins gold in men's individual sabre fencing at Asian GamesYonhap News (KR, EN) · 23 Sept 2026 · EN
- Sabre (SABR) Prices $1.35B of Secured Notes. Is the Breathing Room Worth the Cost?Yahoo Finance — News · 20 Sept 2026 · EN
- Sabre-rattling to ‘tremendous love’: erratic Trump dominates final hours of Nato summitThe Guardian World · 08 Jul 2026 · RO
- Cuba hopes for World Cup respite from US sabre-rattling – but prepares for the worstThe Guardian World · 11 Jun 2026 · RO
- Sergiu Manea, CEO BCR, desemnat CEO of the Year la SABRE Awards EMEA 2026SpotMedia.ro · 26 May 2026 · RO
- Sergiu Manea, CEO BCR, desemnat CEO of the Year la SABRE Awards EMEA 2026. El este primul executiv din banking şi primul CEO al unei companii din Europa Centrală şi de Est care primeşte acest premiuZiarul Financiar · 26 May 2026 · RO
SEC filings
- Current report14 Oct 2026Termination of a material agreement · Other events
- Current report28 Sept 2026Material agreement · Creation of a direct financial obligation · Item 3.03 · Other events · Financial statements and exhibits
- Current report15 Sept 2026Other events · Financial statements and exhibits
- Current report07 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Departure or appointment of officers
- Current report19 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sabre Corporation · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sabre Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sabre Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.