Sabre (SABR) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$2,877	$680	2.1%	$2,921	1.5%
Adj. EBITDA	$563	$122	(0.1%)	$569	1.1%
Free Cash Flow	($77)	($24)	(120.5%)	($20)	73.8%
Net Debt, end of period	$3,780	$3,804		$3,800	0.5%
Net Debt / Adj. EBITDA	6.7x	6.8x		6.7x	+0.0x
Total Liquidity, end of period	$588	$565		$568	(3.5%)

The credit over the next year

Sabre's credit turns on whether air Marketplace bookings keep growing while the average booking fee climbs faster than the incentives it pays travel agencies, because that spread funds over $480 million a year of interest. Management guides 2026 air bookings up low-to-mid single digits and expects positive free cash flow in 2027, but year to date air bookings are up under 2% and the third quarter fell 1% on Middle East disruption. Each 1 million air bookings is worth about $6 million of quarterly revenue and each 10 cents of booking fee about $9.5 million, so small misses on volume or rate decide whether free cash flow turns positive.

Leverage holds roughly flat from 6.7x to 6.7x over the next four quarters on the starting case.
The company burns $20mm of cash over the next year on the starting case, so liquidity has to fund it.
Net debt is roughly unchanged from $3.78bn to $3.80bn.
Liquidity a year out is $568mm, against $588mm today.
Company guidance for fiscal 2026: adjusted EBITDA of $610mm on its own definition, free cash flow of -$50mm.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$588.3
2024 Term Loan B-1	397.1	100.0%	N/a	0.7x	Neutral
2025 Term Loan B-1	286.1	100.0%	N/a	1.2x	Neutral
10.750% Senior Secured Notes due 2029	193.8	100.0%	10.75%	1.6x	Neutral
FILO Facility (first-in, last-out term tranche of the receivables securitization)	120.0	100.0%	N/a	1.8x	Neutral
AR Facility (revolving tranche of the receivables securitization)	93.0	100.0%	N/a	1.9x	Neutral
2025 Term Loan B-2	86.1	100.0%	N/a	2.1x	Neutral
2024 Term Loan B-2	73.7	100.0%	N/a	2.2x	Neutral
11.125% Senior Secured Notes due 2029	69.3	106.1%*	8.36%	2.3x	Neutral
11.125% Senior Secured Notes due 2030	1,325.0	100.0%	11.12%	4.7x	Neutral
10.750% Senior Secured Notes due 2030	469.8	100.0%	10.75%	5.5x	Neutral
9.875% Senior Secured Notes due 2032	1,350.0	100.0%	9.88%	7.9x	Bearish
7.00% Senior Exchangeable Notes due 2031	150.0	100.0%	7.00%	8.2x	Bearish
Total Debt	$4,368.3			7.8x
Net Debt	$3,779.9			6.7x

Last Twelve Months

Revenue	$2,877
Implied Costs	(2,314)
Adj. EBITDA	$563
(-) Interest Expense	(486)
(-) Capex	(94)
Memo: FCF	($77)
Total Liquidity	$588.3

Next 12 months, starting case▶ Revenue $2.88bn → $2.92bn▶ Adj. EBITDA $563mm → $569mm▲ Free cash flow -$77mm → -$20mm▶ Net leverage 6.7x → 6.7x▼ Liquidity $588mm → $568mm

Sabre

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$588.3
Undrawn Revolver ($130mm facility)			0.0
Total Liquidity			$588.3

2024 Term Loan B-1	S + 600	11/15/2029	397.1	100.0%	N/a	N/a	N/a	Neutral
2025 Term Loan B-1	S + 625	7/30/2029	286.1	100.0%	N/a	N/a	N/a	Neutral
10.750% Senior Secured Notes due 2029	10.75%	11/15/2029	193.8	100.0%	10.75%	11/15/2026 @ 102.688	16.13%	Neutral
FILO Facility (first-in, last-out term tranche of the receivables securitization)	S + 625	9/28/2029	120.0	100.0%	N/a	N/a	N/a	Neutral
AR Facility (revolving tranche of the receivables securitization)	S + 275	9/28/2029	93.0	100.0%	N/a	N/a	N/a	Neutral
2025 Term Loan B-2	S + 625	7/30/2029	86.1	100.0%	N/a	N/a	N/a	Neutral
2024 Term Loan B-2	S + 600	11/15/2029	73.7	100.0%	N/a	N/a	N/a	Neutral
11.125% Senior Secured Notes due 2029	11.125%	6/15/2029	69.3	106.1%*	8.36%	N/a	N/a	Neutral
11.125% Senior Secured Notes due 2030	11.125%	7/15/2030	1,325.0	100.0%	11.12%	7/15/2027 @ 105.563	16.47%	Neutral
10.750% Senior Secured Notes due 2030	10.75%	3/15/2030	469.8	100.0%	10.75%	3/15/2027 @ 105.375	21.50%	Neutral
9.875% Senior Secured Notes due 2032	9.875%	10/15/2032	1,350.0	100.0%	9.88%	10/15/2029 @ 104.938	11.30%	Bearish
Total Secured Debt			$4,463.9						NA	213.1x	16.9x	10.6x	9.0x	7.9x	7.8x	7.8x
Net Secured Debt			$3,875.6						NA	185.4x	14.7x	9.2x	7.8x	6.9x	6.8x	6.7x

7.00% Senior Exchangeable Notes due 2031	7.00%	5/15/2031	150.0	100.0%	7.00%	5/21/2029 @ 100	7.00%	Bearish
Other debt, discounts and issuance costs	N/a	N/a	(245.7)
Total Debt			$4,368.3						NA	208.6x	16.5x	10.4x	8.8x	7.8x	7.7x	7.6x
Net Debt			$3,779.9						NA	180.5x	14.3x	9.0x	7.6x	6.7x	6.7x	6.6x
						Adj. EBITDA			($290)	$21	$264	$420	$498	$563	$569	$575

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$1,689	$2,537	$2,642	$2,745	$2,771	$2,877	$2,921	$2,961
Y/Y Growth		50.2%	4.1%	3.9%	1.0%		1.5%	1.4%
(-) Cost of Revenue	(692)	(1,041)	(1,076)	(1,146)	(1,207)	(1,254)	(1,273)	(1,291)
Gross Profit	$997	$1,496	$1,566	$1,599	$1,564	$1,623	$1,648	$1,670
Gross Margin	59.1%	59.0%	59.3%	58.2%	56.4%	56.4%	56.4%	56.4%
(-) SG&A	(610)	(661)	(583)	(576)	(557)	(566)	(575)	(582)
(+/-) Other Operating Costs, net of D&A	(791)	(911)	(830)	(671)	(605)	(610)	(544)	(553)
EBITDA	($403)	($76)	$153	$351	$401	$448	$530	$535
(+) Add-backs: stock comp, restructuring, impairments	113	97	111	68	97	115	40	40
Adj. EBITDA	($290)	$21	$264	$420	$498	$563	$569	$575
Margin	(17.2%)	0.8%	10.0%	15.3%	18.0%	19.6%	19.5%	19.4%
(-) Restructuring and other cash add-backs	8	(15)	(64)	(19)	(51)	(76)	--	--
Cash EBITDA	($282)	$6	$200	$400	$447	$487	$569	$575
(-) Interest Expense (Cash Only)	(247)	(286)	(395)	(383)	(589)	(486)	(494)	(494)
(-) Cash Taxes	(15)	(16)	(24)	(18)	(15)	8	--	--
(-) Capex	(54)	(70)	(81)	(80)	(83)	(94)	(96)	(97)
(+/-) Working Capital and Other	129	19	286	71	48	7	--	--
Memo: FCF	($469)	($346)	($14)	($9)	($192)	($77)	($20)	($16)
% of Debt	(10.7%)	(7.9%)	(0.3%)	(0.2%)	(4.4%)	(1.8%)	(0.5%)	(0.4%)

Liquidity

Unrestricted Cash	$588.3
Undrawn Revolver	0.0
Total Liquidity	$588.3
(-) Debt due through 2028	-0.0
(+/-) Free cash flow, last twelve months	(77.3)
Liquidity after maturities and a year of cash flow	$511.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Dec 9, 2025Eleventh Term Loan B Refinancing Amendment to Amended and Restated Credit Agreement, with the conformed credit agreement attached as Appendix B · credit agreement amendment · 2025 Term Loan B-2 directly; the attached conformed credit agreement is the latest full text for 2024 Term Loan B-1, 2024 Term Loan B-2, 2025 Term Loan B-1 and 2025 Term Loan B-2
Sep 28, 2026Indenture, dated September 28, 2026, for the 9.875% Senior Secured Notes due 2032 (Sabre Financial Borrower, LLC; Wilmington Trust as trustee and collateral agent), including the form of note · indenture · 9.875% Senior Secured Notes due 2032
Jun 4, 2025Indenture, dated June 4, 2025, for the 11.125% Senior Secured Notes due 2030 (Sabre GLBL Inc.; Computershare as trustee and collateral agent), including the form of note · indenture · 11.125% Senior Secured Notes due 2030
Sep 28, 2026First Lien Pari Passu Credit Agreement, dated September 28, 2026 (Sabre GLBL Inc. as borrower, Sabre Financial Borrower, LLC as lender, Wilmington Trust as administrative agent) · credit agreement · The $1.35bn first lien intercompany loan from Sabre Financial Borrower to Sabre GLBL that backs the 9.875% Senior Secured Notes due 2032
Dec 8, 2025Indenture, dated December 8, 2025, for the 10.750% Senior Secured Notes due 2030 (Sabre GLBL Inc.; Computershare as trustee and collateral agent), including the form of note · indenture · 10.750% Senior Secured Notes due 2030
Nov 25, 2024Indenture, dated November 25, 2024, for the 10.750% Senior Secured Notes due 2029 (Sabre GLBL Inc.; Computershare as trustee and collateral agent), including the form of note · indenture · 10.750% Senior Secured Notes due 2029
May 18, 2026Indenture, dated May 18, 2026, for the 7.00% Exchangeable Senior Notes due 2031 (Sabre GLBL Inc., Sabre Corporation, Sabre Holdings; U.S. Bank Trust Company as trustee), including the form of note · indenture · 7.00% Senior Exchangeable Notes due 2031
Aug 4, 2026Fourth Amendment to Receivables Financing Agreement, dated August 4, 2026, with the marked conformed Receivables Financing Agreement attached as Exhibit A · ABL or receivables facility · AR Facility (revolving tranche of the receivables securitization) and FILO Facility (first-in, last-out term tranche of the receivables securitization); latest full text of the agreement
May 9, 2012First-Lien Intercreditor Agreement, dated May 9, 2012 (Sabre Inc., Sabre Holdings Corporation, the other grantors, the credit agreement agent and the additional first lien collateral agents) · intercreditor or security agreement · How the shared first lien collateral is split between the term loans, the first lien intercompany loan and the Sabre GLBL senior secured notes (10.750% due 2029, 10.750% due 2030, 11.125% due 2030)
Dec 9, 2025Tenth Term Loan B Refinancing Amendment to Amended and Restated Credit Agreement, with a conformed credit agreement attached as Appendix B · credit agreement amendment · 2025 Term Loan B-1
Nov 25, 2024Third Term Loan B Extension Amendment to Amended and Restated Credit Agreement, dated November 25, 2024 · credit agreement amendment · 2024 Term Loan B-1
Nov 25, 2024Fourth Term Loan B Extension Amendment to Amended and Restated Credit Agreement, dated November 25, 2024 · credit agreement amendment · 2024 Term Loan B-2
Feb 19, 2013Amendment and Restatement Agreement, dated February 19, 2013, with the original Amended and Restated Credit Agreement attached as Annex A · credit agreement · Base credit agreement behind 2024 Term Loan B-1, 2024 Term Loan B-2, 2025 Term Loan B-1 and 2025 Term Loan B-2; superseded in practice by the December 2025 conformed copy
Feb 19, 2013Amended and Restated Pledge and Security Agreement, dated February 19, 2013 (Bank of America as administrative agent) · intercreditor or security agreement · Collateral for the credit agreement: 2024 Term Loan B-1, 2024 Term Loan B-2, 2025 Term Loan B-1 and 2025 Term Loan B-2
Feb 19, 2013Amended and Restated Guaranty, dated February 19, 2013 (Bank of America as administrative agent) · intercreditor or security agreement · Guarantees of the credit agreement: 2024 Term Loan B-1, 2024 Term Loan B-2, 2025 Term Loan B-1 and 2025 Term Loan B-2
Sep 28, 2026Pledge and Security Agreement, dated September 28, 2026 (Sabre Financial Borrower, LLC, Sabre Financing Holdings; Wilmington Trust as collateral agent) · intercreditor or security agreement · Collateral for the 9.875% Senior Secured Notes due 2032
Jun 4, 2025Pledge and Security Agreement, dated June 4, 2025 (Sabre GLBL Inc., Sabre Holdings Corporation, subsidiary guarantors; Computershare as collateral agent) · intercreditor or security agreement · Collateral for the 11.125% Senior Secured Notes due 2030
Dec 8, 2025Pledge and Security Agreement, dated December 8, 2025 (Sabre GLBL Inc., Sabre Holdings Corporation, subsidiary guarantors; Computershare as collateral agent) · intercreditor or security agreement · Collateral for the 10.750% Senior Secured Notes due 2030
Nov 25, 2024Pledge and Security Agreement, dated November 25, 2024 (Sabre GLBL Inc., Sabre Holdings Corporation, subsidiary guarantors; Computershare as collateral agent) · intercreditor or security agreement · Collateral for the 10.750% Senior Secured Notes due 2029
Nov 27, 2024First Supplemental Indenture, dated November 27, 2024, adding $24.713mm of 10.750% Senior Secured Notes due 2029 · supplemental indenture · 10.750% Senior Secured Notes due 2029
Feb 14, 2023Receivables Financing Agreement, dated February 14, 2023 (Sabre Securitization, LLC as borrower; PNC Bank as administrative agent) · ABL or receivables facility · AR Facility (revolving tranche of the receivables securitization) and FILO Facility (first-in, last-out term tranche of the receivables securitization); original text, since amended four times
Mar 29, 2024First Amendment to Receivables Financing Agreement, dated March 29, 2024, with a marked copy of the agreement attached · ABL or receivables facility · AR Facility (revolving tranche of the receivables securitization) and FILO Facility (first-in, last-out term tranche of the receivables securitization); added the Class B (FILO) lenders
Mar 30, 2023Sale and Contribution Agreement, dated March 30, 2023 (Sabre Securitization, LLC, Sabre GLBL Inc., GetThere L.P., Radixx Solutions International, Inc., Prism Group, Inc.) · ABL or receivables facility · Transfer of U.S. receivables into Sabre Securitization, LLC, which supports the AR Facility and FILO Facility
Mar 30, 2023English Sale Agreement, dated March 30, 2023 (Sabre Securitization, LLC and Sabre Global Technologies Limited) · ABL or receivables facility · Transfer of U.K. receivables into Sabre Securitization, LLC, which supports the AR Facility and FILO Facility
Dec 5, 2025Indenture, dated December 5, 2025, for the 11.125% Senior Secured Notes due 2029 (Sabre Financial Borrower, LLC; Wilmington Trust as trustee and collateral agent) · indenture · 11.125% Senior Secured Notes due 2029 (tendered in September 2026, discharged, and the rest redeemed October 13, 2026) · repaid
Dec 5, 2025First Lien Pari Passu Credit Agreement, dated December 5, 2025 (Sabre GLBL Inc. as borrower, Sabre Financial Borrower, LLC as lender) · credit agreement · The earlier first lien intercompany loan behind the 11.125% Senior Secured Notes due 2029; prepaid September 28, 2026 · repaid
Dec 5, 2025Pledge and Security Agreement, dated December 5, 2025 (Sabre Financial Borrower, LLC, Sabre Financing Holdings; Wilmington Trust as collateral agent) · intercreditor or security agreement · Collateral for the 11.125% Senior Secured Notes due 2029; liens released September 28, 2026 · repaid
Sep 7, 2023Indenture, dated September 7, 2023, for the 8.625% Senior Secured Notes due 2027 (Sabre GLBL Inc.; Computershare as trustee and collateral agent) · indenture · 8.625% Senior Secured Notes due 2027 (last $92mm redeemed March 1, 2026) · repaid
Mar 7, 2024First Supplemental Indenture, dated March 7, 2024, to the 8.625% Senior Secured Notes due 2027 indenture · supplemental indenture · 8.625% Senior Secured Notes due 2027 (fully redeemed March 1, 2026) · repaid
Sep 7, 2023Pledge and Security Agreement, dated September 7, 2023 (Sabre GLBL Inc., Sabre Holdings Corporation, subsidiary guarantors; Computershare as collateral agent) · intercreditor or security agreement · Collateral for the 8.625% Senior Secured Notes due 2027 (fully redeemed March 1, 2026) · repaid
Mar 19, 2024Indenture, dated March 19, 2024, for the 7.32% Exchangeable Senior Notes due 2026 (Sabre GLBL Inc.; U.S. Bank Trust Company as trustee) · indenture · 7.32% Exchangeable Senior Notes due 2026 ($100mm repurchased May 2026, last $50mm repaid at maturity August 1, 2026) · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$1,689	$2,537	$2,642	$2,745	$2,771	$2,877	$2,921	$2,961
Y/Y Growth		50.2%	4.1%	3.9%	1.0%		1.5%	1.4%
(-) Cost of Revenue	(692)	(1,041)	(1,076)	(1,146)	(1,207)	(1,254)	(1,273)	(1,291)
Gross Profit	$997	$1,496	$1,566	$1,599	$1,564	$1,623	$1,648	$1,670
Gross Margin	59.1%	59.0%	59.3%	58.2%	56.4%	56.4%	56.4%	56.4%
(-) SG&A	(610)	(661)	(583)	(576)	(557)	(566)	(575)	(582)
(+/-) Other Operating Costs, net of D&A	(791)	(911)	(830)	(671)	(605)	(610)	(544)	(553)
EBITDA	($403)	($76)	$153	$351	$401	$448	$530	$535
(+) Add-backs: stock comp, restructuring, impairments	113	97	111	68	97	115	40	40
Adj. EBITDA	($290)	$21	$264	$420	$498	$563	$569	$575
Margin	(17.2%)	0.8%	10.0%	15.3%	18.0%	19.6%	19.5%	19.4%
(-) Restructuring and other cash add-backs	8	(15)	(64)	(19)	(51)	(76)	--	--
Cash EBITDA	($282)	$6	$200	$400	$447	$487	$569	$575
(-) Interest Expense (Cash Only)	(247)	(286)	(395)	(383)	(589)	(486)	(494)	(494)
(-) Cash Taxes	(15)	(16)	(24)	(18)	(15)	8	--	--
(-) Capex	(54)	(70)	(81)	(80)	(83)	(94)	(96)	(97)
(+/-) Working Capital and Other	129	19	286	71	48	7	--	--
Memo: FCF	($469)	($346)	($14)	($9)	($192)	($77)	($20)	($16)
% of Debt	(10.7%)	(7.9%)	(0.3%)	(0.2%)	(4.4%)	(1.8%)	(0.5%)	(0.4%)

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Air Marketplace bookings millions of bookings per quarter	70.0	87.0	76.1	79.4	72.2	88.7	77.6	81.0	73.6	90.5	79.2	82.6	$6.2mm on revenue	44
Average booking fee $ per Marketplace booking	6.31	6.10	6.30	6.24	6.31	6.10	6.30	6.24	6.31	6.10	6.30	6.24	$95.1mm on revenue	--
Incentive and other cost of revenue per Marketplace booking $ per Marketplace booking	3.50	3.31	3.39	3.33	3.50	3.31	3.39	3.33	3.50	3.31	3.39	3.33	$95.1mm on cost of revenue	--
Passengers boarded millions of passengers per quarter	176.0	170.0	174.1	185.6	176.0	170.0	174.1	185.6	176.0	170.0	174.1	185.6	$0.6mm on revenue	--

Sabre's credit turns on whether air Marketplace bookings keep growing while the average booking fee climbs faster than the incentives it pays travel agencies, because that spread funds over $480 million a year of interest. Management guides 2026 air bookings up low-to-mid single digits and expects positive free cash flow in 2027, but year to date air bookings are up under 2% and the third quarter fell 1% on Middle East disruption. Each 1 million air bookings is worth about $6 million of quarterly revenue and each 10 cents of booking fee about $9.5 million, so small misses on volume or rate decide whether free cash flow turns positive.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$667	$760	$712	$738	$680	$771	$722	$748	$689	$782	$731	$758
Y/Y Growth	3.3%	8.3%	3.6%	3.2%	2.1%	1.4%	1.3%	1.3%	1.3%	1.5%	1.4%	1.3%
Adj. EBITDA	$122	$157	$133	$151	$122	$164	$134	$150	$123	$165	$135	$151
Margin	18.3%	20.6%	18.6%	20.5%	17.9%	21.2%	18.6%	20.0%	17.9%	21.1%	18.5%	20.0%
Free Cash Flow	$116	($155)	$10	($48)	($24)	$15	($13)	$2	($23)	$16	($12)	$3
Cash, end of period	792	644	676	588	565	579	566	568	545	561	549	552
Total Debt, end of period	4,351	4,269	4,318	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368	4,368
Net Debt / Adj. EBITDA	7.0x	6.8x	6.7x	6.7x	6.8x	6.7x	6.7x	6.7x	6.7x	6.7x	6.7x	6.6x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 5, 2026

Slides Webcast and audio replay Investor relations site

Revenue rose 3% to $738 million and normalized adjusted EBITDA rose 13% to $170 million. Sabre raised its 2026 EBITDA and free cash flow guidance again and pushed out 2029 maturities with a $1.35 billion 2032 secured note.

Takeaways

Revenue grew 3% to $738 million. Marketplace revenue rose 3% on a higher average booking fee ($6.24, up about 3%), while total bookings were flat and air bookings fell 1%. Hotel-related revenue grew 14%.
Margins kept expanding. Normalized adjusted EBITDA was $170 million, up 13%, with margin of 23.0% versus 21.0% a year ago. That is the fifth straight quarter of double-digit growth.
Free cash flow was negative $48 million. The company says about $15 million of refinancing fees and $40 million of accrued interest paid in the refinancing drove it, and that FCF would have been positive without them.
Leverage is still high. Face value of debt was $4.61 billion and net debt was $4.03 billion at September 30. On the $610 million EBITDA guide, net leverage works out to roughly 6.6x (our calculation).
Cash was $688 million at quarter end, of which $78 million was restricted for Q4 debt payments tied to the refinancing. Management expects positive free cash flow in 2027.
The September refinancing replaced most of the 11.125% June 2029 notes and part of the 10.75% November 2029 notes with 9.875% notes due 2032. The company says no large maturities remain until Q3 2029.

Debt and capital

On September 28, 2026 Sabre issued $1.35 billion of 9.875% senior secured notes due October 2032.
Proceeds funded tender offers for about $931 million of 11.125% June 2029 notes and about $252 million of 10.75% November 2029 notes. The rest of the June 2029 notes ($69 million at quarter end) was repaid October 13, 2026.
Refinancing costs included $84 million of lender fees (mostly early tender premium), $40 million of accrued interest and $22 million of third-party fees.
Remaining debt includes about $843 million of term loans due 2029, $1.325 billion of 11.125% notes due July 2030, $470 million of 10.75% notes due March 2030, $213 million under the receivables facility and $150 million of 7.00% exchangeable notes due 2031 with a holder put in May 2029.
The 7.32% exchangeable notes due August 2026 and the 8.625% June 2027 notes are no longer outstanding. No buybacks were discussed.

Guidance

Full-year 2026 pro forma adjusted EBITDA raised to about $610 million (up 14% year on year), from $600 million in August and $585 million earlier in the year. Second straight raise.
Full-year 2026 free cash flow raised to about negative $50 million, from negative $65 million in August and negative $70 million in May. Built on about $45 million of operating cash flow less about $95 million of capex.
Revenue and air marketplace bookings growth held at low-to-mid single digits for 2026.
Interest expense for 2026 is expected at about $494 million. Multi-year targets are due at the November 17, 2026 Investor Day.

Tone: Confident on profit and cash flow progress, while air volumes stayed soft and the balance sheet remains highly levered.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release (8-K exhibit 99.1) and the Q3 2026 Form 10-Q. Sabre posted prepared remarks for Q4 2025, Q1 2026 and Q2 2026, but none for Q3 2026 as of November 11, 2026, and it publishes no full transcript.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Sabre grew third quarter revenue 3% and adjusted EBITDA 16%, refinanced debt and raised full-year EBITDA and free cash flow guidance.

Results

Revenue was $738mm in the third quarter, up 3% from $715mm a year earlier.
Adjusted EBITDA was $164mm, up 16% from $141mm, a margin of 22.2% against 19.7%. Normalized adjusted EBITDA, which adds back costs once allocated to the sold hospitality business, was $170mm, up 13% from $150mm.
Free cash flow was an outflow of $48mm, against an inflow of $13mm a year earlier. Operations used $25mm of cash and capital spending was $23mm.
The cash figures include about $15mm of refinancing fees and $40mm of accrued interest paid with the refinancing. The company says free cash flow would have been positive without them.
Net loss attributable to common stockholders was $25mm. Interest expense was $123mm, more than operating income of $109mm.

Why

Marketplace revenue rose 3% to $594mm on price, not volume. Total bookings were flat at 95mm and the average booking fee rose about 3% to $6.24.
Air bookings fell 1%, while lodging and other bookings rose 8%. Hotel-related revenue grew 14%.
Airline Technology revenue rose 3% to $144mm, and passengers boarded rose 2%.
Operating income rose 17% on higher revenue and lower indirect taxes, partly offset by higher incentives, technology costs and labor costs.

Balance sheet and guidance

Cash and cash equivalents were $588mm, plus $99mm of restricted cash. The company cites a $688mm total, of which $78mm is set aside for debt payments in the fourth quarter.
Net debt was $4,026mm, against $3,660mm a year earlier.
A refinancing in the quarter lowered the interest rate and pushed some maturities to 2032. The company says it has no large maturities until the third quarter of 2029.
Full-year 2026 pro forma adjusted EBITDA guidance was raised to about $610mm, up 14% from the prior year. This is the second raise in a row.
Full-year 2026 free cash flow guidance was raised to an outflow of about $50mm, made up of about $45mm of cash from operations less about $95mm of capital spending.
Guidance for low to mid single digit growth in revenue and in air marketplace bookings was held.
The company expects positive free cash flow in 2027.

What to watch

Fourth quarter free cash flow. Nine-month free cash flow was an outflow of $193mm against full-year guidance of an outflow of about $50mm.
Air booking volume. Air bookings fell 1% in the quarter while full-year guidance calls for low to mid single digit growth.
Interest cost against earnings. Quarterly interest expense of $123mm exceeded operating income, and full-year interest expense is expected to be about $494mm.

From the company's press release filed Nov 5, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 5, 20268-K for Nov 5, 2026: Results · Press release
Aug 6, 20268-K for Aug 6, 2026: Results · Press release
May 7, 20268-K for May 7, 2026: Results · Press release
Feb 18, 20268-K for Feb 18, 2026: Results · Press release
Nov 5, 20258-K for Nov 5, 2025: Results · Press release
Aug 7, 20258-K for Aug 7, 2025: Results · Press release
May 7, 20258-K for May 7, 2025: Results · Press release
Feb 20, 20258-K for Feb 20, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Oct 14, 20268-K for Oct 13, 2026: Agreement terminated; Other event
Sep 28, 20268-K for Sep 24, 2026: Material agreement; New debt; Other event
Sep 15, 20268-K for Sep 14, 2026: Other event
Aug 7, 20268-K for Aug 4, 2026: Material agreement; New debt
May 20, 20268-K for May 20, 2026: Director or officer change
May 19, 20268-K for May 13, 2026: Material agreement; New debt; Equity sold; Other event
May 1, 20268-K for Apr 29, 2026: Director or officer change; Shareholder vote
Mar 5, 20268-K for Mar 5, 2026: Material agreement; Agreement terminated; Director or officer change; Bylaw change; Regulation FD
Mar 4, 20268-K for Mar 1, 2026: Agreement terminated; Other event
Mar 2, 20268-K for Mar 1, 2026: Material agreement; Bylaw change; Other event
Dec 23, 20258-K for Dec 22, 2025: Other event
Dec 11, 20258-K for Dec 5, 2025: Material agreement; New debt; Other event
Nov 25, 20258-K for Nov 20, 2025: Other event
Jul 7, 20258-K for Jul 3, 2025: Acquisition or disposal completed; Director or officer change; Regulation FD
Jun 5, 20258-K for Jun 4, 2025: Material agreement; New debt; Other event
May 27, 20258-K for May 20, 2025: Other event
May 19, 20258-K for May 19, 2025: Other event
Apr 28, 20258-K for Apr 27, 2025: Material agreement; Regulation FD
Apr 25, 20258-K for Apr 23, 2025: Director or officer change; Shareholder vote
Feb 6, 20258-K for Feb 5, 2025: Director or officer change

Proxy statements 3

Other filings 8

Sep 1, 202325-NSE
Aug 19, 2021424B2
Aug 21, 2020424B5
Aug 21, 2020424B5
Aug 19, 2020424B5
Aug 19, 2020424B5
Nov 28, 2018424B7
Nov 26, 2018424B7

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Nov 20, 2025S&P: Affirmed B- issuer rating, outlook revised to negative from stable. Profitability stayed weak and interest costs high, leaving cash interest coverage near 1.1x to 1.2x through 2027 with slightly negative free cash flow expected in 2025 and 2026. · source
Apr 29, 2025Moody's: Confirmed B3 CFR and B3-PD PDR at Sabre Holdings; B3 on Sabre GLBL secured notes and bank facilities; B2 on Sabre Financial Borrower term loan; SGL-2 unchanged; outlook stable from negative. The roughly $1.1 billion hospitality sale to TPG was expected to fund about $960 million of debt repayment and cut leverage by about 0.7x. · source

Coming up

Feb 17, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.

Recent 8-K filings

Nov 5, 2026Reported results
Oct 14, 2026Terminated a material agreement; Other event
Sep 28, 2026Entered into a material agreement; Took on new debt or an obligation; Other event
Sep 15, 2026Other event
Aug 7, 2026Entered into a material agreement; Took on new debt or an obligation
Aug 6, 2026Reported results