Normalized Adjusted EBITDA Growth
Full-year 2025 normalized adjusted EBITDA grew 10% year-over-year to $536,000,000, with normalized adjusted EBITDA margin expanding ~166 basis points to 19%. Fourth-quarter 2025 normalized adjusted EBITDA was $119,000,000, up 10% year-over-year, with margin expanding ~107 basis points to 18%.
Deleveraging and Strong Cash Position
Paid off over $1,000,000,000 of debt in 2025, reducing pro forma net leverage by approximately 25% versus year-end 2024. Ended the year with $910,000,000 in cash (including $98,000,000 restricted).
Positive Pro Forma Free Cash Flow for 2025 and Q4 Improvement
Full-year 2025 pro forma free cash flow was $57,000,000. Fourth-quarter pro forma free cash flow was $116,000,000, a year-over-year increase of $45,000,000.
Revenue and Distribution Momentum
Full-year 2025 revenue was $2,800,000,000, up 1% year-over-year. Q4 revenue rose 3% year-over-year. Total distribution bookings grew 1% for the year, air distribution bookings showed sequential strength (Q4 air bookings +4% YoY; December +7%), and company expects mid-single-digit volume growth for 2026 and 2027.
Hotel and Payments Growth
Hotel distribution bookings increased 5% year-over-year to 42,000,000, with air-to-hotel attachment rate up over 130 basis points YoY. Gross hotel booking value exceeded $20,000,000,000 annually. Sabre Payments gross spend grew more than 35% year-over-year, driving strong revenue growth.
AI and Product Leadership — Agentic APIs & Partnerships
Launched industry-first Agentic APIs and a proprietary MCP server; first-mover advantage with production deployments. Announced strategic partnerships (PayPal, MindTrip, Virgin Australia, Bistrep) to deliver end-to-end agentic travel experiences and showcased a pipeline of AI use cases.
NDC and Low-Cost Carrier (LCC) Expansion
Added 15 live NDC integrations in 2025, bringing the total to 42 live integrations. NDC represented ~4% of total air distribution bookings at year-end and management expects accelerating adoption in 2026. Launched multisource LCC solution, contributing to distribution wins.
Capital Structure Improvements and Refinance
Completed two refinancings in 2025 that pushed large maturities out to 2029 and beyond (over 90% of debt maturing 2029+), improving maturity profile and providing runway to invest in growth initiatives.