Sabre runs the booking and tech backbone that connects airlines, hotels, and agencies — think the plumbing behind your flight and hotel reservations.
Money comes from travel companies paying subscription and transaction fees to use its marketplace and software; gross margins hit 56% in 2025, though quarterly net results swing widely.
Airlines and agencies are wired into Sabre’s systems, and switching costs keep them sticky, but Amadeus and Travelport actively compete for the same bookings, pressuring pricing. moat_level: eroding
Key events, in time order
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Facts and opinions separated · All items sourced · Not investment advice
