Description

Sabre’s Hidden Hotel Engine: $20 Billion In Annualized Booking Value Changes The Story!

Sabre Corporation reported financial results for the first quarter of 2026 with revenue increasing 8% year-over-year to $760 million, driven by growth in both its Marketplace (formerly distribution) and Airline Technology segments. Normalized adjusted EBITDA grew 21% to $169 million, surpassing expectations, with a margin expansion of 235 basis points to 22.2%. Operating income rose 27% to $116 million, supported by higher average booking fees and cost efficiencies. Adjusted technology and SG&A expenses came in lower than anticipated, contributing to the outperformance. However, free cash flow was negative $155 million compared to negative $81 million in the prior year’s quarter, primarily due to $67 million of increased interest payments, $19 million of severance related to an inflation offset program, and increased capital expenditures; despite the quarterly cash outflow, full-year free cash flow guidance remains at approximately negative $70 million, largely attributed to restructuring costs.