A global travel technology firm, Sabre runs one of the world's largest booking networks that lets travel agents, corporate travel departments, and online agencies search and reserve flights, hotels, car rentals, and more in one place, while also selling software airlines use to manage reservations and retailing. Its name began in the 1950s, when American Airlines and IBM built an automated reservation system dubbed "Semi-Automated Business Research Environment," later shortened to Sabre. Fun fact: the name and design were inspired by SAGE, a Cold War air-defense computer system.
Sabre amends AR securitization facility, increasing size to $130M and extending maturity to 2029
On August 4, 2026, Sabre Securitization, LLC entered into an amendment to its accounts receivable securitization facility with PNC Bank and other lenders.
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The amendment increases the facility size from $115 million to $130 million and extends the maturity date to September 28, 2029, subject to conditions precedent.
Sabre Asia Pacific PTE. Ltd. will be added as an originator under the facility, selling its receivables to the SPE.
Borrowings will bear interest based on SOFR plus a drawn fee of 275 basis points for Class A lenders and 625 basis points for Class B lenders.
The facility includes a springing maturity of 91 days inside certain other indebtedness of the company exceeding $65 million aggregate principal.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Sabre reports Q2 2026 revenue of $712M, up 4%, and raises full-year 2026 Pro Forma Adjusted EBITDA and Free Cash Flow guidance.
Second quarter 2026 revenue was $712 million, up 4% from $687 million in Q2 2025.
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Operating income was $93 million, up 4% from $89 million in Q2 2025.
Net loss attributable to common stockholders was $36 million, compared to a loss of $256 million in Q2 2025.
Adjusted EBITDA was $143 million, up 21% from Q2 2025; Normalized Adjusted EBITDA was $151 million, up 19%.
Full-year 2026 guidance raised for Pro Forma Adjusted EBITDA to ~$600M (+12% YoY) and Free Cash Flow to ~($65M); revenue and air distribution bookings guidance reaffirmed.
Marketplace revenue grew 6% to $577 million; Airline Technology revenue decreased 4% to $135 million.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Sabre names Scott Hortenstine principal accounting officer, effective July 1, 2026
Hortenstine joined Sabre in 2015 and has been Vice President of Global Accounting since 2023.
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Scott Hortenstine, currently Vice President of Global Accounting, will become Vice President and Controller and principal accounting officer effective July 1, 2026.
Jami Kindle, Senior Vice President and Chief Accounting Officer, will remain principal accounting officer through June 30, 2026.
He will participate in standard VP-level compensation, including base salary, annual incentive under the Variable Compensation Plan, and long-term incentive program.
The appointment was not made pursuant to any arrangement with another person, and no familial or related-party transactions require disclosure.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Sabre GLBL Inc., a wholly-owned subsidiary of Sabre Corporation, issued $150.0 million aggregate principal amount of 7.00% Exchangeable Senior Notes due 2031 on May 18, 2026.
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The notes are senior, unsecured obligations guaranteed by Sabre and Sabre Holdings, mature on May 15, 2031, and pay interest semi-annually at 7.00% per year.
Initial exchange rate is 447.2272 shares of Sabre common stock per $1,000 principal, representing an initial exchange price of approximately $2.24 per share, a 30% premium over the May 13, 2026 closing price of $1.72.
Sabre used part of the net proceeds to repurchase $100.0 million of its outstanding 7.32% exchangeable senior notes due 2026 at par plus accrued interest, and intends to use the remaining proceeds to retire the remaining $50.0 million of those notes.
The notes were issued in a private placement under Section 4(a)(2) of the Securities Act, and if fully exchanged for stock, could result in issuance of up to 67,084,080 shares (or 87,209,295 shares under a make-whole fundamental change).
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 3.02 Unregistered Sales of Equity Securities · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Earnings8-K
Sabre reports Q1 2026 revenue of $760M, up 8%, and reaffirms full-year guidance
First quarter revenue was $760 million, up 8% from $702 million in Q1 2025.
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Operating income rose 27% to $116 million, with operating margin expanding from 13% to 15.2%.
Net income attributable to common stockholders was $8 million, down from $35 million in Q1 2025.
Normalized Adjusted EBITDA was $169 million, up 21% year-over-year.
Company reaffirms full-year 2026 Pro Forma Adjusted EBITDA guidance of ~$585M and Free Cash Flow guidance of ~($70M).
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Sabre stockholders approve 2026 equity compensation plans at annual meeting
All ten director nominees were elected to one-year terms expiring at the 2027 annual meeting.
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At the April 29, 2026 annual meeting, stockholders approved the 2026 Omnibus Incentive Compensation Plan and the 2026 Director Equity Compensation Plan, effective April 29, 2026.
Stockholders ratified Ernst & Young LLP as independent auditor for fiscal year 2026.
The advisory say-on-pay resolution for named executive officer compensation was approved.
The 2026 Omnibus Plan passed with 188,767,150 votes for and 79,308,617 against; the Director Plan passed with 244,306,728 for and 23,801,666 against.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
Sabre and Constellation Software enter strategic governance agreement; Damian McKay appointed to Sabre board
Constellation Parties are subject to standstill restrictions, limiting their aggregate beneficial ownership and economic exposure to 15% of Sabre's outstanding common stock.
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Sabre Corporation entered into a Strategic Governance Agreement with Constellation Canadian Holdings Inc. and Constellation Software Inc. on March 5, 2026.
Damian McKay, CEO of Vela Software Group, will be appointed to Sabre's board of directors, with a term expiring at the 2026 annual meeting.
Sabre will amend its Rights Agreement to accelerate its expiration, terminating the preferred stock purchase rights effective March 6, 2026.
Constellation Software is a beneficial owner of approximately 12.7% of Sabre's outstanding shares.
1.01 Entry into a Material Definitive Agreement · 1.02 Termination of a Material Definitive Agreement · 3.03 Material Modification to Rights of Security Holders · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Sabre GLBL redeems all $91.6M of 8.625% Senior Secured Notes due 2027 on March 1, 2026.
The redemption price was 102.156% of the aggregate principal amount, plus accrued and unpaid interest to but excluding the redemption date.
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Sabre GLBL Inc., a wholly owned subsidiary of Sabre Corporation, completed the redemption of all $91,607,000 aggregate principal amount of its outstanding 8.625% Senior Secured Notes due 2027 on March 1, 2026.
The redemption was made under the Indenture dated September 7, 2023, with Computershare Trust Company, N.A. as trustee and collateral agent.
Notice of the intended redemption was previously provided on December 23, 2025.
The event was reported under Item 1.02 (Termination of Material Definitive Agreement) and Item 8.01 (Other Events).
1.02 Termination of a Material Definitive Agreement · 8.01 Other Events