SABRHIGH SIGNALFINANCIAL10-K

Sabre completed its strategic exit from hospitality to become a pure-play airline technology company, while facing substantially higher interest expenses that offset debt reduction efforts.

The disposition of the Hospitality Solutions business represents a major strategic pivot that simplifies Sabre's operating model and allows management to focus resources entirely on airline technology solutions. However, the dramatic increase in interest expense despite meaningful debt reduction suggests potential refinancing at higher rates or changes in debt structure that could pressure profitability going forward.

Comparing 2026-02-18 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Sabre's financial profile shows mixed signals with total debt declining meaningfully to $4.3B and stockholders equity improving from deeply negative levels, indicating progress on balance sheet repair. However, interest expense grew substantially despite the debt reduction, suggesting higher borrowing costs that could constrain cash flow generation. The combination of reduced SG&A expenses and higher current assets reflects the operational streamlining from the hospitality divestiture.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+51.7%
$295.2M→$447.9M

Interest expense surged 51.7% — significant debt increase or rising rates materially impacting earnings.

Stockholders Equity
Balance Sheet
+35.4%
-$1.6B→-$1.0B

Equity base grew 35.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Debt
Balance Sheet
-14.1%
$5.1B→$4.3B

Debt reduced 14.1% — deleveraging strengthens balance sheet and reduces financial risk.

Current Assets
Balance Sheet
+11.4%
$1.2B→$1.3B

Current assets grew 11.4% — improving short-term liquidity or inventory/receivables build.

SG&A Expense
P&L
-10.5%
$622.7M→$557.4M

SG&A reduced 10.5% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-20
ADDED
As of February 10, 2026, there were 395,165,033 shares of the registrant s common stock outstanding.
We also offer airlines an extensive suite of leading software solutions.
Business Segments and Products We manage and report our business in one reportable segment following the disposition of our Hospitality Solutions business during 2025.
Our product offerings include reservation systems for full-cost and low-cost carriers, commercial and operations products, agency solutions and data-driven intelligence solutions.
In 2024, we launched SabreMosaic TM Airline Technology, a proprietary offer and order retailing platform for airlines that is designed and built on a modular, artificial intelligence ("AI")-enabled open technology structure, enabling airlines to dynamically create, sell and deliver an array of personalized content to travelers.
1 Growth Strategy At Sabre, we are a technology company focused on t wo strategic areas: 1) driving growth through innovation, and 2) generating positive free cash flow and delevering our balance sheet.
We expect to continue to make significant investments in our information technology infrastructure to modernize our architecture, drive efficiency and quality in development, lower recurring technology costs, further enhance the stability and security of our network, comply with data privacy and accessibility regulations, and deliver innovative, AI-powered solutions to the travel industry.
We expect to deliver ongoing improvements in developer productivity, operational efficiency, and customer capabilities by increasing our use of generative AI technologies in our products as well as in our operational infrastructure.
Additionally, we enable a variety of advanced retailing and servicing capabilities that are generative AI based, such as conversational chatbots for our airline customers and agentic interfaces that enable direct integration with external AI platforms.
Airlines we serve vary in size and are located in every region of the world, and include hybrid carriers and low-cost carriers ("LCCs") (collectively, LCC/hybrids ), global network carriers and regional network carriers.
REMOVED
As of February 14, 2025, there were 386,006,318 shares of the registrant s common stock outstanding.
We also offer travel suppliers an extensive suite of leading software solutions, ranging from airline and hotel reservations systems to solutions that manage day-to-day hotel operations.
Business Segments and Products We operate our business and present our results through two business segments: (i) Travel Solutions, our global travel solutions for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of leading software solutions for hoteliers.
Financial information about our business segments and geographic areas is provided in Note 19.
Segment Information, to our consolidated financial statements in Part II, Item 8 in this Annual Report on Form 10-K.
Our product offerings include reservation systems for full-cost and low-cost carriers, commercial and operations products, agency solutions and data- 1 driven intelligence solutions.
In 2024, we launched SabreMosaic TM , a proprietary offer and order retailing platform for airlines that is designed and built on a modular and open technology structure, enabling airlines to dynamically create, sell and deliver an array of personalized content to travelers.
Hospitality Solutions Our Hospitality Solutions business provides software and solutions, through SaaS and hosted delivery models, to hoteliers around the world.
Our SaaS solutions empower hotels and hotel chains to manage pricing, reservations, and retail offerings a cross thousands of distribution channels while improving guest experience throughout the traveler journey.
Growth Strategy At Sabre, we are a technology company focused on four strategic areas: generating positive free cash flow, achieving sustainable long-term growth, driving innovation and enhancing our value propositions, and the continued modernization of our technology.
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