Sabre Corp

Sabre Corporation delivered a cleaner-than-expected fourth quarter, posting a loss of just $0.01 per diluted share against a consensus estimate of $0.07, a beat of roughly 85%, though revenue of $666.52 million slipped 6.7% year over year as the travel technology company navigated its post-Hospitality Solutions restructuring. The revenue picture was more nuanced beneath the headline, with Distribution revenue climbing 5% to $526.80 million on stronger bookings and a favorable supplier mix, while IT Solutions declined 4% to $139.72 million due to the absence of non-recurring prior-year items. Operating income contracted to $21.34 million from $46.09 million a year ago, weighed down by a restructuring charge tied to an inflation offset program and elevated incentive expenses, a combination that also widened the net loss attributable to common stockholders to $103.10 million. Despite investor concern about negative free cash flow guidance, management pointed to accelerating air volumes and a growing AI partnership portfolio, including expanded NDC connections and agentic API development, as it guided for mid-single-digit revenue growth and approximately $585 million in Pro Forma Adjusted EBITDA for full-year 2026.