Every material Form 8-K Sabre has filed with the SEC since June 04, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sabre reported third-quarter 2026 revenue of $738 million, up 3%, and operating income of $109 million, up 17%. It raised its full-year 2026 Pro Forma Adjusted EBITDA and Free Cash Flow guidance for the second consecutive quarter, while the company posted a net loss attributable to common stockholders of $25 million, compared with income of $849 million a year earlier.
Q3 2026 revenue was $738 million, up from $715 million in Q3 2025; Q3 operating income was $109 million, up from $94 million.
Loss from continuing operations was $26 million, versus income of $48 million a year earlier; diluted EPS from continuing operations was $(0.06), versus $0.12.
Full-year 2026 Pro Forma Adjusted EBITDA guidance is about $610 million, up 14% year over year, and full-year Free Cash Flow guidance is about negative $50 million.
Q3 Free Cash Flow was negative $48 million, including about $15 million in refinancing fees and $40 million in accrued interest payments.
Sabre Financial Borrower, a Sabre subsidiary, issued $1.35 billion of 9.875% senior secured notes maturing October 15, 2032, and used the proceeds to refinance part of Sabre GLBL's debt and repurchase portions of its 10.750% and 11.125% notes due 2029 through tender offers. The filing also reports early tender results showing more than 90% of a separate 11.125% note series tendered, which the company plans to redeem, so the refinancing reshapes Sabre's debt structure and secured creditor position.
SPV Notes: $1.35 billion principal, 9.875% annual interest, payable April 15 and October 15, maturing October 15, 2032
Sabre GLBL accepted about $251.9 million of 10.750% 2029 notes at $992.50 per $1,000 principal, with proration of about 84.0%
Early tender results: $930.7 million, or 93.07%, of the 11.125% 2029 notes tendered by September 25, 2026; redemption expected October 13, 2026
Settlement of the tender offers is expected September 28, 2026
Sabre disclosed an August 4, 2026 amendment to its accounts receivable securitization facility with PNC and Centerbridge-advised lenders. If conditions are met, the facility grows from $115 million to $130 million, adds a Singapore subsidiary as an originator, and extends maturity to September 28, 2029. The filing says the company expects the changes to take effect on September 30, 2026, and the changes do not take effect if conditions are not met.
Facility size would rise from $115 million to $130 million, with a $130 million PNC revolving tranche and a $120 million first-in, last-out tranche
Maturity would extend to September 28, 2029, subject to a springing maturity 91 days inside certain indebtedness exceeding $65.0 million
Borrowings would bear SOFR-based interest with drawn fees of 275 basis points for Class A lenders and 625 basis points for Class B lenders
Changes are expected to take effect September 30, 2026, after conditions precedent are satisfied
Sabre reported second-quarter 2026 revenue of $712 million, up 4% from a year earlier, and a net loss attributable to common stockholders of $36 million, down from $256 million in the second quarter of 2025. The company raised its 2026 Pro Forma Adjusted EBITDA and Free Cash Flow guidance and reaffirmed its revenue and air distribution bookings guidance, which matters to shareholders because it signals stronger expected profitability and cash generation for the year.
Q2 2026 revenue was $712 million, up 4% from $687 million in Q2 2025; Normalized Adjusted EBITDA was $151 million, up 19%.
Net loss attributable to common stockholders narrowed to $36 million from $256 million; diluted loss per share was $0.09 versus $0.65.
Free Cash Flow was $10 million in Q2 2026, compared with negative $240 million in Q2 2025.
Full-year 2026 Pro Forma Adjusted EBITDA guidance is about $600 million, up 12% year over year; Free Cash Flow guidance is about negative $65 million.
Sabre designated Vice President of Global Accounting Scott Hortenstine as its principal accounting officer and Vice President and Controller, effective July 1, 2026. Jami Kindle, Senior Vice President and Chief Accounting Officer, remains principal accounting officer through June 30, 2026, so the handover is planned and orderly.
Scott Hortenstine, a Certified Public Accountant who joined Sabre in 2015, takes the principal accounting officer role effective July 1, 2026
Jami Kindle continues as principal accounting officer through June 30, 2026
Hortenstine has been Vice President of Global Accounting since 2023 and holds a Master's in Accounting from the University of Texas at Austin
Sabre GLBL Inc., a wholly-owned subsidiary of Sabre Corporation, issued $150.0 million of 7.00% Exchangeable Senior Notes due May 15, 2031 on May 18, 2026, in a private placement guaranteed by Sabre and Sabre Holdings. Sabre used part of the proceeds to repurchase $100.0 million of its 7.32% exchangeable notes due 2026 and intends to use the remaining proceeds to retire the other $50.0 million, which the company says results in no incremental indebtedness. Shareholders could face dilution if the notes are exchanged for stock, and the company expects hedging activity by initial holders could weigh on the share price.
$150.0 million principal of 7.00% notes due May 15, 2031, issued May 18, 2026 by Sabre GLBL Inc.
Initial exchange price of about $2.24 per share, a 30.00% premium to the $1.72 closing price on May 13, 2026.
If all notes were settled solely in shares at the initial rate, Sabre would issue 67,084,080 shares; 87,209,295 shares with the maximum make-whole increase.
$100.0 million of 7.32% exchangeable notes due 2026 to be repurchased, with the remaining $50.0 million to be retired.
Sabre reported first-quarter 2026 revenue of $760 million, up 8% from a year earlier, and operating income of $116 million, up 27%. Net income attributable to common stockholders fell 77% to $8 million, mainly because of lower income from discontinued operations, and cash used in operating activities widened to $134 million. The company reaffirmed its full-year 2026 Pro Forma Adjusted EBITDA and Free Cash Flow guidance, and said Middle East conflict and higher fuel prices have weighed on near-term air bookings.
Revenue of $760 million, up 8% from $702 million in Q1 2025; Marketplace revenue rose 9% to $618 million
Operating income of $116 million, up from $91 million; operating margin rose to 15.2% from 13.0%
Income attributable to common stockholders was $8 million, versus $35 million in Q1 2025
Full-year 2026 Pro Forma Adjusted EBITDA guidance of approximately $585 million was reaffirmed
At its April 29, 2026 annual meeting, Sabre stockholders approved the 2026 Omnibus Incentive Compensation Plan and the 2026 Director Equity Compensation Plan, both effective April 29, 2026, and elected all 10 nominated directors to one-year terms. Stockholders also ratified Ernst & Young LLP as auditor for fiscal 2026 and approved executive pay on an advisory basis. The filing covers votes and plan terms, not financial results, and the plans allow Sabre to grant cash and equity awards to employees and directors.
Omnibus Plan approved with 188,767,150 votes for, 79,308,617 against, 11,476,889 abstentions and 35,400,334 broker non-votes
Director Plan approved with 244,306,728 votes for, 23,801,666 against and 11,444,262 abstentions
Record date March 2, 2026: 395,173,142 common shares were outstanding and entitled to vote
Advisory vote on named executive officer compensation: 236,547,802 for and 31,418,800 against
Sabre entered a Strategic Governance Agreement with Constellation Software on March 5, 2026. Under the agreement, Sabre will appoint Damian McKay, CEO of Constellation's Vela Software Group, to its board, and Constellation agreed to a standstill capping its holdings at 15% of Sabre's outstanding common stock. Sabre also amended its rights agreement so the shareholder rights plan expires at the close of business on March 6, 2026.
Constellation Software holds about 12.7% of Sabre's outstanding shares, according to the press release.
Damian McKay, age 54, is to join the board no later than ten business days after March 5, 2026, with a term ending at the 2026 annual meeting.
Constellation's standstill limits its beneficial ownership to 15% of outstanding common stock during the Specified Period.
Shareholder rights plan (rights agreement dated March 1, 2026) terminates effective at the close of business on March 6, 2026.
Sabre's Board adopted a limited-duration shareholder rights plan, effective March 1, 2026, in response to share accumulation by Constellation Software. The plan issues one right per common share to holders of record on March 11, 2026, and rights generally become exercisable if a person or group acquires 15% or more of the common stock. Sabre says the plan is not a response to any takeover offer and that it remains open to resuming talks with Constellation.
Rights distributed to holders of record on March 11, 2026; plan expires February 28, 2027
Rights become exercisable if a person or group acquires 15% or more (20% for certain passive 13G investors)
Constellation Software disclosed a 9.7% economic position: 4.7% beneficial ownership plus 5% via derivatives
Constellation withdrew a board nomination on February 28, 2026, after breaking off negotiations on February 26
Sabre reported fourth-quarter and full-year 2025 results and gave 2026 guidance. Q4 revenue rose 3% to $667 million, but operating income fell 54% to $21 million and the net loss widened to $103 million, while full-year net income reached $525 million, mainly due to the gain on the Hospitality Solutions sale. Sabre expects full-year 2026 pro forma Adjusted EBITDA of about $585 million.
Q4 2025 revenue rose 3% to $667 million, while operating income fell 54% to $21 million amid a restructuring charge and higher incentive expenses.
Full-year 2025 net income attributable to common stockholders was $525 million, versus a loss of $279 million in 2024, driven by the gain on sale of Hospitality Solutions.
2026 outlook: full-year pro forma Adjusted EBITDA of about $585 million and first-quarter pro forma Adjusted EBITDA of about $130 million, with mid-single digit revenue growth expected.
Roshan Mendis, Executive Vice President and Chief Commercial Officer, will depart in the second quarter of 2026; Shawn Williams becomes Chief Operating Officer effective February 19, 2026.
On December 5, 2025, Sabre Financial Borrower, LLC, an indirect subsidiary of Sabre, issued $1 billion of 11.125% senior secured notes due June 15, 2029, and lent the proceeds to Sabre GLBL under a $1 billion intercompany loan. The loan proceeds were used to refinance part of Sabre GLBL's existing exchange notes and term loan obligations, and the filing also discloses early results of exchange offers for Sabre GLBL's 2027 and 2029 notes.
$1 billion of SPV notes at 11.125%, maturing June 15, 2029, with semiannual interest starting June 15, 2026
Intercompany loan of $1 billion from Sabre Financial to Sabre GLBL, used to refinance part of Sabre GLBL's existing exchange notes and term loan
Early results: $658.9 million of existing notes expected to be accepted; early settlement expected December 8, 2025, with $244.6 million in cash and $468.6 million in new notes
Separate term loan refinancing of $375 million extends maturity to July 30, 2029
Sabre reported third quarter 2025 revenue of $715 million, up 3% from a year earlier, and operating income of $94 million, up from $58 million. Net income attributable to common stockholders was $849 million, mainly from a gain on the sale of Hospitality Solutions, which closed July 3, 2025. For shareholders, the quarter shows year-over-year gains in revenue and profit, while the company guided to Q4 pro forma Adjusted EBITDA of about $110 million and full-year pro forma Adjusted EBITDA of about $530 million.
Q3 revenue $715 million, up 3%; Distribution revenue up 4% to $575 million
Operating income $94 million vs. $58 million in Q3 2024; Adjusted EBITDA $141 million, up 25%
Net income attributable to common stockholders $849 million, driven by Hospitality Solutions sale gain
Repaid approximately $825 million of debt; Q4 pro forma Adjusted EBITDA guidance about $110 million, full-year about $530 million
Sabre reported second-quarter 2025 revenue of $687 million, down 1% from $695 million a year earlier, and a net loss attributable to common stockholders of $256 million, versus $70 million in the second quarter of 2024. Operating income rose to $89 million from $49 million, but the larger loss reflected higher tax provisions and an $85 million loss on debt extinguishment, and the company also updated its full-year 2025 outlook.
Revenue was $687 million, down 1% from $695 million in Q2 2024; net loss attributable to common stockholders was $256 million, versus $70 million.
Operating income was $89 million, up from $49 million, with operating margin of 13% versus 7%.
Closed the $1.1 billion sale of Hospitality Solutions in July 2025 and repaid more than $1 billion of debt.
Full-year 2025 pro forma Adjusted EBITDA scenarios range from about $530 million to $570 million, depending on industry bookings growth.
Sabre closed the sale of its Hospitality Solutions business on July 3, 2025, for about $1.1 billion in cash, subject to customary purchase price adjustments. The company said most of the $960 million net proceeds will be used to pay down debt and reduce net leverage.
Cash purchase price of approximately $1.1 billion, subject to customary adjustments; $960 million net of taxes and fees, per the press release
Transaction closed July 3, 2025, under a Stock Purchase Agreement dated April 27, 2025; press release issued July 7, 2025
Former Hospitality Solutions president Scott Wilson received a one-time $5.3 million cash bonus contingent on the sale; his employment ended and unvested equity awards expired
Sabre's subsidiary Sabre GLBL issued $1.325 billion of 11.125% senior secured notes due 2030, with interest payable semiannually and the notes maturing July 15, 2030. Proceeds were used to prepay an intercompany loan and to repurchase $325 million of its 8.625% senior secured notes due 2027 through tender offers. The notes rank ahead of unsecured debt, carry a higher interest rate than the notes being repurchased, and add secured claims on company assets.
$1.325 billion of 11.125% senior secured notes due July 15, 2030, with the first interest payment due January 15, 2026
$325 million of 8.625% senior secured notes due 2027 purchased in the tender offers, against a total purchase price cap of $336.375 million
Early tender deadline was June 3, 2025; tender offers expire June 17, 2025
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