0001628280-25-049383 | 10-Q | XBRL Viewer

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Contingencies (Details) $ in Millions	9 Months Ended
Contingencies (Details) $ in Millions	Sep. 30, 2025 USD ($)
Indian Income Tax Litigation \| Foreign Tax Authority
Loss Contingencies [Line Items]
Interest and penalties related to income taxes	$ 25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

Interest rate swaps outstanding during the nine months ended September 30, 2025 and 2024, are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$250 million

1 month SOFR(1)

4.72%

June 30, 2023

June 30, 2026

$250 million

1 month SOFR(1)

3.88%

December 31, 2023

December 31, 2024

$250 million

1 month SOFR(1)

4.37%

January 16, 2024

January 31, 2026

______________________

(1) Subject to a 0.5% floor.

Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2025 and December 31, 2024 are as follows (in thousands):


	Derivative Assets
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	September 30, 2025		December 31, 2024



Interest rate swaps	Other accrued liabilities	$	(1,961)	$	(1,593)
Interest rate swaps	Other noncurrent liabilities	—		(673)
Total		$	(1,961)	$	(2,266)

Schedule of Derivative Instruments, Net of Taxes

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Amount of Gains (Losses) Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024

Interest rate swaps		$	38	$	(6,733)	$	27	$	2,600
Total		$	38	$	(6,733)	$	27	$	2,600


		Amount of Losses (Gains) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024

Interest rate swaps	Interest expense, net	$	144	$	(2,133)	$	438	$	(6,178)
Total		$	144	$	(2,133)	$	438	$	(6,178)

Redeemable Noncontrolling Interest

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

On February 1, 2023, we sold common shares representing a 19% interest in the direct parent of Conferma Limited, our subsidiary that is a virtual payments technology company (“Conferma”), to a third party for cash consideration of $16 million. In connection with the sale, we entered into a governing agreement which requires us under limited conditions to redeem the 19% interest, if requested, for the original purchase price of $16 million. We currently do not believe it is probable that the noncontrolling interest will become redeemable, given the remote likelihood of the applicable conditions being satisfied.

As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of September 30, 2025 and 2024, the redeemable noncontrolling interest was $11 million and $13 million, respectively.

The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended September 30, 2025 and 2024 (in thousands):


	Nine Months Ended September 30,
	2025		2024
Redeemable noncontrolling interest, beginning of period	$	12,928	$	14,375

Net loss attributable to redeemable noncontrolling interest	(1,628)		(1,098)
Redeemable noncontrolling interest, end of period	$	11,300	$	13,277

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (950,808)	$ (1,804,310)	$ (1,559,018)	$ (1,604,699)	$ (1,543,327)	$ (1,490,595)	$ (1,430,316)	$ (1,375,819)
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(74,477)	$ (69,803)	$ (75,318)	(73,747)	$ (73,333)	$ (68,885)	$ (69,716)	$ (73,922)
Defined benefit pension and other postretirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(78,651)			(76,510)
Unrealized foreign currency translation gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	9,252			8,196
Unrealized loss on interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(2,328)			(2,793)
Share of other comprehensive loss of equity method investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (2,750)			$ (2,640)

- Definition

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity Registrant Name	Sabre Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36422
Entity Tax Identification Number	20-8647322
Entity Address, Address Line One	3150 Sabre Drive
Entity Address, City or Town	Southlake
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76092
City Area Code	682
Local Phone Number	605-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SABR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		394,884,884
Entity Central Index Key	0001597033
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ (58,546)	$ 7,236	$ 21,068	$ 16,564

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 04, 2025	Dec. 31, 2024	Nov. 25, 2024	Mar. 07, 2024
Senior Secured Notes \| 9.25% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	9.25%				9.25%
Senior Secured Notes \| 7.375% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	7.375%				7.375%
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	4.00%
Senior Secured Notes \| 7.32% senior exchangeable notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	7.32%
Senior Secured Notes \| 8.625% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	8.625%				8.625%
Senior Secured Notes \| 11.25% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	11.25%			11.25%
Senior Secured Notes \| 10.75% senior secured notes due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	10.75%			10.75%
Senior Secured Notes \| 11.125% senior secured notes due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	11.125%	11.125%
Fair Value \| Term Loan \| 2021 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 279,018		$ 303,643
Fair Value \| Term Loan \| 2021 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	198,649		356,665
Fair Value \| Term Loan \| 2022 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	204,122		372,593
Fair Value \| Term Loan \| 2022 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	223,314		407,228
Fair Value \| Term Loan \| 2024 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	376,500		712,250
Fair Value \| Term Loan \| 2024 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	70,576		76,313
Fair Value \| Secured Debt \| Senior Secured Term Loan Due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		906,020
Fair Value \| Senior Secured Notes \| 9.25% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		10,510
Fair Value \| Senior Secured Notes \| 7.375% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		23,081
Fair Value \| Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		181,322
Fair Value \| Senior Secured Notes \| 7.32% senior exchangeable notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	151,717		172,500
Fair Value \| Senior Secured Notes \| 8.625% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	337,398		649,105
Fair Value \| Senior Secured Notes \| 11.25% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	47,666		49,400
Fair Value \| Senior Secured Notes \| 10.75% senior secured notes due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	799,523		853,220
Fair Value \| Senior Secured Notes \| 11.125% senior secured notes due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	1,288,079		0
Carrying Value \| Term Loan \| 2021 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	311,516		314,453
Carrying Value \| Term Loan \| 2021 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	208,089		364,600
Carrying Value \| Term Loan \| 2022 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	216,725		379,617
Carrying Value \| Term Loan \| 2022 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	229,973		400,748
Carrying Value \| Term Loan \| 2024 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	391,932		689,655
Carrying Value \| Term Loan \| 2024 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	74,352		74,902
Carrying Value \| Secured Debt \| Senior Secured Term Loan Due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		853,788
Carrying Value \| Senior Secured Notes \| 9.25% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		10,416
Carrying Value \| Senior Secured Notes \| 7.375% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		23,393
Carrying Value \| Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	0		183,220
Carrying Value \| Senior Secured Notes \| 7.32% senior exchangeable notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	150,000		150,000
Carrying Value \| Senior Secured Notes \| 8.625% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	331,783		656,783
Carrying Value \| Senior Secured Notes \| 11.25% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	45,377		45,253
Carrying Value \| Senior Secured Notes \| 10.75% senior secured notes due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	780,247		774,332
Carrying Value \| Senior Secured Notes \| 11.125% senior secured notes due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 1,325,000		$ 0

Redeemable Noncontrolling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Redeemable noncontrolling interest, beginning of period	$ 12,928	$ 14,375
Net loss attributable to redeemable noncontrolling interest	(1,628)	(1,098)
Redeemable noncontrolling interest, end of period	$ 11,300	$ 13,277

Credit Losses

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

Credit Losses

We are exposed to credit losses primarily through our sales of services provided to participants in the travel and transportation industry, which we consider to be our singular portfolio segment. We develop and document our methodology used in determining the allowance for credit losses at the portfolio segment level. Within the travel portfolio segment, we identify airlines, hoteliers and travel agencies as each presenting unique risk characteristics associated with historical credit loss

patterns, and we determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our receivables related to each.

We evaluate the collectability of our receivables based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us, such as bankruptcy filings or failure to pay amounts due to us or others, we specifically reserve for bad debts against amounts due to reduce the recorded receivable to the amount we reasonably believe will be collected. For all other customers, we record reserves for receivables, including unbilled receivables and contract assets, based on historical experience and the length of time the receivables are past due. The estimate of credit losses is developed by analyzing historical twelve-month collection rates and adjusting for current customer-specific factors indicating financial instability and other macroeconomic factors that correlate with the expected collectability of our receivables.

Our allowance for credit losses relates to all financial assets, primarily trade receivables due in less than one year recorded in Accounts Receivable, net on our consolidated balance sheets. Our allowance for credit losses for the nine months ended September 30, 2025 for our portfolio segment is summarized as follows (in thousands):


	Nine Months Ended September 30, 2025
Balance at December 31, 2024	$	23,557
Provision for expected credit losses	3,302
Write-offs	(5,696)
Other	4
Balance at September 30, 2025	$	21,167

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows:

Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data.

Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment.

The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Interest Rate Swaps—The fair value of our interest rate swaps is estimated using a combined income and market-based valuation methodology based upon Level 2 inputs, including credit ratings and forward interest rate yield curves obtained from independent pricing services.

Money market funds—Our valuation technique used to measure the fair values of our money market funds was derived from quoted market prices and active markets for these instruments that exist.

Time deposits—Our valuation technique used to measure the fair values of our time deposit instruments was derived from the following: non-binding market consensus prices that were corroborated by observable market data and quoted market prices for similar instruments.

Investment in securities—In May 2022, we acquired 8 million shares of Class A Common Stock, par value of $0.0001 per share, of Global Business Travel Group, Inc. (“GBT”) for an aggregate purchase price of $80 million, which was included in prepaid expenses and other current assets in our consolidated balance sheets. The terms of these shares did not contain any restrictions that would impact our ability to sell the shares in the future. The fair value of our investment in GBT was based on its share price, a Level 1 input, as the stock is publicly traded on the New York Stock Exchange under the symbol GBTG. In the third quarter of 2024, we sold all 8 million shares of our investment for $55 million and recognized a net gain of $3 million for the year ended December 31, 2024. Unrealized losses recognized during the three and nine months ended September 30, 2024 from our investments in securities were not material.

The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


			Fair Value at Reporting Date Using
Assets:	September 30, 2025		Level 1		Level 2		Level 3


Money market funds	$	392,887	$	392,887	$	—	$	—
Time deposits	30,001		—		30,001		—
Investment in securities	517		517		—		—
Total assets	$	423,405	$	393,404	$	30,001	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(1,961)	$	—	$	(1,961)	$	—
Total liabilities	$	(1,961)	$	—	$	(1,961)	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2024		Level 1		Level 2		Level 3


Money market funds	$	425,407	$	425,407	$	—	$	—
Time deposits	78,595		—		78,595		—
Investment in securities	555		555		—		—
Total assets	$	504,557	$	425,962	$	78,595	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(2,266)	$	—	$	(2,266)	$	—
Total liabilities	$	(2,266)	$	—	$	(2,266)	$	—

______________________

(1) See Note 8. Derivatives for further detail.

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three and nine months ended September 30, 2025.

Other Financial Instruments

The carrying value of our financial instruments including cash and cash equivalents, restricted cash and accounts receivable approximates their fair values due to the short term nature of these instruments. The fair values of our 2025 Exchangeable Notes and 2026 Exchangeable Notes, senior secured notes due 2025, 2027, 2029 and 2030 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. The fair value of the Senior Secured Term Loan Due 2028 and FILO Facility were determined using a valuation model that includes certain assumptions and Level 3 inputs. The outstanding principal balances of our AR Facility and FILO Facility approximated their fair value as of September 30, 2025 and December 31, 2024.

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of September 30, 2025 and December 31, 2024 (in thousands):


	As of September 30, 2025				As of December 31, 2024
Financial Instrument	Fair Value		Carrying Value(1)		Fair Value		Carrying Value(1)
2021 Term Loan B-1	$	279,018	$	311,516	$	303,643	$	314,453
2021 Term Loan B-2	198,649		208,089		356,665		364,600
2022 Term Loan B-1	204,122		216,725		372,593		379,617
2022 Term Loan B-2	223,314		229,973		407,228		400,748
2024 Term Loan B-1	376,500		391,932		712,250		689,655
2024 Term Loan B-2	70,576		74,352		76,313		74,902
Senior Secured Term Loan Due 2028	—		—		906,020		853,788
9.25% senior secured notes due 2025	—		—		10,510		10,416
7.375% senior secured notes due 2025	—		—		23,081		23,393
4.00% senior exchangeable notes due 2025	—		—		181,322		183,220
7.32% senior exchangeable notes due 2026	151,717		150,000		172,500		150,000
8.625% senior secured notes due 2027	337,398		331,783		649,105		656,783
11.25% senior secured notes due 2027	47,666		45,377		49,400		45,253
10.75% senior secured notes due 2029	799,523		780,247		853,220		774,332
11.125% senior secured notes due 2030	1,288,079		1,325,000		—		—

______________________

(1)Excludes net unamortized debt issuance costs.

Assets that are Measured at Fair Value on a Nonrecurring Basis

We assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test. We did not record any goodwill impairment charges for the three and nine months ended September 30, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Discontinued Operations and Dispositions

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Dispositions

On April 27, 2025, we entered into a definitive purchase agreement with the Buyer pursuant to which the Buyer agreed to purchase our Hospitality Solutions business, and on July 3, 2025, we closed the transaction for estimated cash proceeds of $965 million, net. Cash proceeds are net of estimated taxes and fees, cash acquired by the Buyer and customary closing adjustments. We recognized a pre-tax gain on sale of $821 million (after-tax $723 million) in the third quarter of 2025, which is recorded in Other, net, within discontinued operations in our consolidated statements of operations during the three and nine months ended September 30, 2025. The assets and liabilities associated with the Hospitality Solutions business are presented as discontinued operations on our consolidated balance sheets as of December 31, 2024, and the operating results of our Hospitality Solutions business are presented as discontinued operations in our consolidated statements of operations for all periods presented. The presentation of discontinued operations excludes general corporate overhead and other costs that do not meet the requirements to be presented as discontinued operations. Interest expense associated with the debt that was required to be repaid with the proceeds from the Hospitality Solutions Sale as well as the related loss on extinguishment of debt is classified as discontinued operations within our results of operations in all periods presented. See Note 7. Debt for further details.

In connection with the closing of the Hospitality Solutions Sale, we entered into transition services agreements ("TSA") with the Buyer, under which we will provide transition services consisting of technology, employment, administrative and other services for up to an eighteen month period to help provide for an orderly transition and facilitate the ongoing operations of the Hospitality Solutions business following the close. Consideration received under the agreements is primarily based on actual costs incurred for each service provided. Amounts due for transition services provided to the Hospitality Solutions business under the TSA, net of direct and incremental costs to provide the services, are recorded to Other, net, within continuing operations in our consolidated statements of operations during the three and nine months ended September 30, 2025 and presented within the operating activities section of the statement of cash flows. Service charges under the TSA were approximately $20 million for the three and nine months ended September 30, 2025 and cash receipts related to the TSA charges were approximately $13 million for the three and nine months ended September 30, 2025. Under the TSA, we also collect funds and make payments on behalf of Hospitality Solutions. These net receipts or payments are presented as Net Receipts (Payments) on Behalf under TSA within the financing activities section of the statement of cash flows.

Additionally, at the time of sale, Hospitality Solutions entered into certain long-term agreements with us to continue to utilize our global distribution system ("GDS") for bookings which generates revenue for us. Consideration received under these revenue agreements has been assessed and determined to be at fair value. Revenue earned and cash received since the closing of the Hospitality Solutions Sale related to these agreements was approximately $11 million and $3 million, respectively for both the three and nine months ended September 30, 2025. Historically, Travel Solutions recognized inter-segment revenue for bookings generated by our Hospitality Solutions business. Revenue that was previously eliminated but is now in our results of continuing operations was immaterial for the three months ended September 30, 2025 and $11 million for the three months ended September 30, 2024, and totaled $35 million and $31 million for the nine months ended September 30, 2025 and 2024, respectively.

The following table presents the major categories of income from discontinued operations related to the Hospitality Solutions business (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	2,106	$	83,998	$	174,317	$	246,054
Cost of revenue, excluding technology costs	513		38,184		83,923		115,321
Technology costs	—		21,867		41,991		62,792
Selling, general and administrative	—		11,659		26,986		34,631
Operating income	1,593		12,288		21,417		33,310
Other expense:
Interest expense, net	(2,732)		(14,545)		(42,070)		(40,276)
Loss on extinguishment of debt	(13,519)		—		(13,519)		—
Other, net	821,330		1,207		825,019		516
Total other expense, net	805,079		(13,338)		769,430		(39,760)
Income (loss) from discontinuing operations before income taxes	806,672		(1,050)		790,847		(6,450)
Provision (benefit) for income taxes(1)	6,359		(335)		7,122		(1,966)
Net income (loss) from discontinued operations	$	800,313	$	(715)	$	783,725	$	(4,484)

______________________

(1) We used an intra-period tax allocation to allocate the provision for income taxes for all periods presented between continuing operations and discontinued operations.

The following table presents the major classes of assets and liabilities from discontinued operations at December 31, 2024 related to the Hospitality Solutions business (in thousands):



	December 31, 2024
Assets:

Accounts receivable, net	$	53,377
Prepaid expenses and other current assets	1,204
Current assets	54,581
Property and equipment, net of accumulated depreciation	14,614
Goodwill and intangibles	192,156



Other assets, net	29,032
Long-term assets	235,802
Total assets	$	290,383
Liabilities:
Accounts payable	$	20,687
Other accrued liabilities and accrued compensation	18,609
Deferred revenues	11,911

Current liabilities	51,207

Other noncurrent liabilities and deferred income taxes	15,989
Long-term liabilities	15,989
Total liabilities	$	67,196

The following table presents selected financial information related to cash flows from discontinued operations for the nine months ended September 30, 2025 and 2024 (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash used in operating activities	$	(19,139)	$	(6,687)
Cash provided by (used in) investing activities	1,054,898		(3,211)

Cash provided by (used in) discontinued operations	$	1,035,759	$	(9,898)
Non-cash additions to property and equipment	$	4,657	$	—

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Assets and Liabilities with Customers

The following table presents our assets and liabilities with customers as of September 30, 2025 and December 31, 2024 (in thousands).


Account	Consolidated Balance Sheet Location	September 30, 2025		December 31, 2024
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	18,247	$	28,112
Trade and unbilled receivables, net	Accounts receivable, net	377,222		282,173
Long-term trade unbilled receivables, net	Other assets, net	19,278		20,531
Contract liabilities	Deferred revenues / other noncurrent liabilities	96,855		107,867

______________________

(1) Includes contract assets of $4 million and $8 million for September 30, 2025 and December 31, 2024, respectively.

Schedule of Disaggregated Revenues

The following table presents our disaggregated revenues (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Distribution	$	575,308	$	550,996	$	1,690,189	$	1,673,848
IT Solutions	139,875		140,304		414,269		426,135
Total Sabre Revenue	$	715,183	$	691,300	$	2,104,458	$	2,099,983

Derivatives - Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Total	$ (1,961)	$ (2,266)
Interest rate swaps
Derivative [Line Items]
Derivative liability, current	$ (1,961)	$ (1,593)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Derivative liability, noncurrent	$ 0	$ (673)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities

Discontinued Operations and Disposal - Schedule Of Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities	$ (19,139)	$ (6,687)
Cash provided by (used in) investing activities	1,054,898	(3,211)
Cash provided by (used in) discontinued operations	1,035,759	(9,898)
Discontinued Operations, Disposed of by Sale \| Hospitality Solutions Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities	(19,139)	(6,687)
Cash provided by (used in) investing activities	1,054,898	(3,211)
Cash provided by (used in) discontinued operations	1,035,759	(9,898)
Non-cash additions to property and equipment	$ 4,657	$ 0

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock Options and Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)		3	4	2
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	8	1	1	3
Convertible Debt Securities \| Senior Secured Notes \| Exchangeable Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)		57	42	57

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Allowance for credit losses on accounts receivable	$ 21,167	$ 23,557
Accumulated depreciation on property and equipment	$ 1,708,930	$ 1,696,135
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	427,178	414,754
Common stock, shares outstanding (in shares)	394,879	385,932
Treasury stock, shares held (in shares)	32,299	28,822
Customer Relationships
Accumulated amortization on intangible assets	$ 792,082	$ 777,926
Other Intangible Assets
Accumulated amortization on intangible assets	$ 592,402	$ 582,725

General Information (Details)	9 Months Ended
General Information (Details)	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of reportable segments	1

Redeemable Noncontrolling Interest - Narrative (Details) $ in Thousands	Feb. 01, 2023 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests		$ 11,300	$ 12,928	$ 13,277	$ 14,375
Conferma Direct Parent
Redeemable Noncontrolling Interest [Line Items]
Ownership interest percentage in business sold	0.19
Acquisitions, net of cash acquired	$ 16,000
Percentage of ownership interest redeemable	19.00%
Purchase price of ownership interest redeemable	$ 16,000

Debt - Senior Secured Notes (Details) - USD ($)					3 Months Ended		9 Months Ended
Debt - Senior Secured Notes (Details) - USD ($)	Jun. 04, 2025	Nov. 27, 2024	Nov. 25, 2024	Mar. 07, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 0	$ 0	$ 85,182,000	$ 37,994,000
Debt repaid							2,048,415,000	194,716,000
Debt issuance costs					$ 46,000,000		$ 46,000,000		$ 56,000,000
Senior Secured Notes \| September 2025 Notes
Debt Instrument [Line Items]
Debt exchanged		$ 4,000,000		$ 36,000,000
Debt instrument interest rate percentage				7.375%	7.375%		7.375%
Senior Secured Notes \| April 2025 Notes
Debt Instrument [Line Items]
Debt exchanged		21,000,000		$ 7,000,000
Debt instrument interest rate percentage				9.25%	9.25%		9.25%
Senior Secured Notes \| June 2025 Refinancing
Debt Instrument [Line Items]
Debt instrument, fee amount	$ 44,000,000
Loss on extinguishment of debt							$ 85,000,000
Accrued and unpaid interest	34,000,000
Debt repaid	1,225,000,000
Additional indebtedness incurred	100,000,000
Debt issuance costs	27,000,000
Senior Secured Notes \| June 2027 Notes
Debt Instrument [Line Items]
Debt exchanged			$ 246,000,000
Debt instrument interest rate percentage				8.625%	8.625%		8.625%
Aggregate principal amount				$ 50,000,000
Exchange fees				7,000,000
Debt instrument, fee amount				$ 1,000,000
Loss on extinguishment of debt								$ 7,000,000
Repurchase of principal amount	325,000,000
Senior Secured Notes \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Debt repaid	$ 900,000,000
Senior Secured Notes \| December 2027 Notes
Debt Instrument [Line Items]
Debt exchanged			$ 509,000,000
Debt instrument interest rate percentage			11.25%		11.25%		11.25%
Senior Secured Notes \| November 2029 Notes
Debt Instrument [Line Items]
Debt instrument interest rate percentage			10.75%		10.75%		10.75%
Aggregate principal amount		25,000,000	$ 800,000,000
Exchange fees			45,000,000
Debt instrument, fee amount			11,000,000
Accrued and unpaid interest			$ 31,000,000
Payments of debt restructuring costs		$ 11,000,000
Senior Secured Notes \| July 2030 Notes
Debt Instrument [Line Items]
Debt instrument interest rate percentage	11.125%				11.125%		11.125%
Aggregate principal amount	$ 1,325,000,000

General Information	9 Months Ended
General Information	Sep. 30, 2025
Accounting Policies [Abstract]
General Information	General Information Sabre Corporation is a Delaware corporation formed in December 2006. On March 30, 2007, Sabre Corporation acquired Sabre Holdings Corporation (“Sabre Holdings”). Sabre Holdings is the sole direct subsidiary of Sabre Corporation. Sabre GLBL Inc. (“Sabre GLBL”) is the principal operating subsidiary and sole direct subsidiary of Sabre Holdings. Sabre GLBL or its direct or indirect subsidiaries conduct all of our businesses. In these consolidated financial statements, references to “Sabre,” the “Company,” “we,” “our,” “ours” and “us” refer to Sabre Corporation and its consolidated subsidiaries unless otherwise stated or the context otherwise requires. Recent Events—On April 27, 2025, we entered into a definitive purchase agreement with an affiliate of TPG (the “Buyer”), an unrelated party, pursuant to which the Buyer agreed to purchase our Hospitality Solutions business, and on July 3, 2025, we closed the sale (the “Hospitality Solutions Sale”). The assets and liabilities associated with the Hospitality Solutions business are presented as discontinued operations on our consolidated balance sheets as of December 31, 2024, and the operating results of our Hospitality Solutions business are presented as discontinued operations on our consolidated statements of operations for all periods presented. See Note 3. Discontinued Operations and Dispositions for further details. Segments—As a result of the Hospitality Solutions Sale, we now manage and report our business in one reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer and President, in deciding how to allocate resources and assess performance. Our CODM reviews financial information presented on a consolidated basis to monitor budget versus actual results for purposes of allocating resources and evaluating financial performance. Our measure of segment profit and loss is net income (loss), as reported on our consolidated statements of operations. Our significant segment expenses, which are the expenses included in operating income, and other segment items, which includes other income (expense) and benefit from (provision for) income taxes, are included in our consolidated statements of operations. Total assets as presented on our consolidated balance sheets represent total assets considered by our CODM for any relevant operating evaluations. Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2025. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 20, 2025. We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated. Use of Estimates—The preparation of these interim financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies that utilize significant estimates and assumptions include: (i) estimation for revenue recognition and multiple performance obligation arrangements, (ii) the evaluation of the recoverability of the carrying value of intangible assets and goodwill, (iii) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, and (iv) estimation of loss contingencies. Our use of estimates and the related accounting policies are discussed in the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 20, 2025. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued updated guidance to enhance the transparency and decision usefulness of income tax disclosures through improvements primarily related to the rate reconciliation and income taxes paid information. The updated standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. The updated standard can be applied on a prospective basis, although retrospective application to all periods presented is permitted. We plan to adopt the guidance on a prospective basis. We have substantially evaluated the impact of adopting this standard and expect additional disclosures to be provided as required, including (1) disclosing specific categories in the effective tax rate reconciliation and (2) providing additional information for reconciling items that meet or exceed a quantitative threshold. Additionally, we will disclose information about income taxes paid on an annual basis by jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. In November 2024, the FASB issued guidance regarding disaggregation of income statement expenses, which requires additional disclosure of certain costs and expenses within the notes to the financial statements. The standard is effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statement disclosures. In September 2025, the FASB issued guidance regarding intangibles—goodwill and other—internal-use software, which updates the accounting and disclosures for software costs. The standard is effective for public companies for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements and related disclosures.

Derivatives - Narrative (Details) - Interest Rate Swap - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Jan. 31, 2024	Jun. 30, 2023	Feb. 28, 2023
Derivative [Line Items]
Cash flow hedge gains (losses) to be reclassified within 12 months	$ (2)
Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 250	$ 250	$ 250

Stock and Stockholders' Equity	9 Months Ended
Stock and Stockholders' Equity	Sep. 30, 2025
Equity [Abstract]
Stock and Stockholders' Equity	Stock and Stockholders' Equity Share Repurchase Program In February 2017, we announced the approval of a multi-year share repurchase program (the “Share Repurchase Program”) to purchase up to $500 million of Sabre's common stock outstanding. Repurchases under the Share Repurchase Program may take place in the open market or privately negotiated transactions. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we undertook as a result of the market conditions caused by COVID-19. During the nine months ended September 30, 2025, we did not repurchase any shares pursuant to the Share Repurchase Program. As of September 30, 2025, the Share Repurchase Program remains suspended and approximately $287 million remains authorized for repurchases. Exchangeable Notes On April 17, 2020, we issued $345 million aggregate principal amount of 2025 Exchangeable Notes. On March 19, 2024, Sabre GLBL exchanged $150 million aggregate principal amount of our then-outstanding 2025 Exchangeable Notes for $150 million aggregate principal amount of the 2026 Exchangeable Notes and approximately $30 million of cash. Under the terms of the Exchangeable Notes Indentures, the Exchangeable Notes are exchangeable into our common stock under specified circumstances, at our election. As of September 30, 2025, we had $150 million aggregate principal amount of 2026 Exchangeable Notes outstanding. The 2025 Exchangeable Notes matured on April 15, 2025, and were settled with cash. See Note 7. Debt for further details. Until the 2026 Exchangeable Notes mature, we expect to settle the principal amount of the outstanding 2026 Exchangeable Notes in shares of our common stock.

- Definition

The entire disclosure for equity.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 661,722	$ 724,479
Restricted cash	21,025	21,039
Accounts receivable, net of allowance for credit losses of $21,167 and $23,557	380,093	286,601
Prepaid expenses and other current assets	94,559	76,518
Discontinued operations	0	54,581
Total current assets	1,157,399	1,163,218
Property and equipment, net of accumulated depreciation of $1,708,930 and $1,696,135	248,929	233,785
Equity method investments	22,394	22,470
Goodwill	2,384,029	2,383,380
Deferred income taxes	7,043	8,113
Other assets, net	260,548	272,876
Discontinued operations	0	235,802
Total assets	4,373,002	4,634,929
Current liabilities
Accounts payable	219,228	242,992
Accrued compensation and related benefits	58,974	105,533
Accrued subscriber incentives	290,089	265,065
Deferred revenues	55,404	60,200
Other accrued liabilities	241,555	186,563
Current portion of debt	152,990	230,214
Discontinued operations	0	51,207
Total current liabilities	1,018,240	1,141,774
Deferred income taxes	40,556	30,120
Other noncurrent liabilities	190,437	204,041
Long-term debt	4,063,277	4,834,776
Discontinued operations	0	15,989
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests	11,300	12,928
Stockholders’ deficit
Common Stock: $0.01 par value; 1,000,000 authorized shares; 427,178 and 414,754 shares issued, 394,879 and 385,932 shares outstanding at September 30, 2025 and December 31, 2024, respectively	4,272	4,147
Additional paid-in capital	3,340,222	3,304,466
Treasury Stock, at cost, 32,299 and 28,822 shares at September 30, 2025 and December 31, 2024, respectively	(537,089)	(526,789)
Accumulated deficit	(3,699,436)	(4,327,152)
Accumulated other comprehensive loss	(74,477)	(73,747)
Noncontrolling interest	15,700	14,376
Total stockholders’ deficit	(950,808)	(1,604,699)
Total liabilities and stockholders’ deficit	4,373,002	4,634,929
Customer Relationships
Current assets
Finite lived intangible assets, net	163,997	177,874
Other Intangible Assets
Current assets
Finite lived intangible assets, net	$ 128,663	$ 137,411

Revenue from Contracts with Customers - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 715,183	$ 691,300	$ 2,104,458	$ 2,099,983
Distribution
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	575,308	550,996	1,690,189	1,673,848
IT Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 139,875	$ 140,304	$ 414,269	$ 426,135

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

As of September 30, 2025 and December 31, 2024, our outstanding debt included in our consolidated balance sheets totaled $4,216 million and $5,065 million, respectively, which are net of debt issuance costs of $46 million and $56 million, respectively, and unamortized discounts of $60 million and $100 million, respectively. The following table sets forth the face values of our outstanding debt as of September 30, 2025 and December 31, 2024 (in thousands):


	Rate	Maturity	September 30, 2025		December 31, 2024
Senior secured credit facilities:
2021 Term Loan B-1	S(1) + 3.50%	December 2027	$	311,830	$	314,860
2021 Term Loan B-2	S(1) + 3.50%	December 2027	208,829		366,280
2022 Term Loan B-1	S(1) + 4.25%	June 2028	217,876		382,147
2022 Term Loan B-2	S(1) + 5.00%	June 2028	236,311		414,482
2024 Term Loan B-1	S(1) + 6.00%	November 2029	397,100		700,000
2024 Term Loan B-2	S(1) + 6.00%	November 2029	74,438		75,000
Senior Secured Term Loan Due 2028	RR(2) + 1.75%(3)	December 2028	—		871,611
Securitization facility:
AR Facility	S(1) + 4.00%(4)	March 2027	78,400		82,200
FILO Facility	S(1) + 8.00%	March 2027	120,000		120,000
9.25% senior secured notes due 2025(5)	9.25%	April 2025	—		10,416
4.00% senior exchangeable notes due 2025(5)	4.00%	April 2025	—		183,220
7.375% senior secured notes due 2025(6)	7.375%	September 2025	—		23,393
7.32% senior exchangeable notes due 2026	7.32%	August 2026	150,000		150,000
8.625% senior secured notes due 2027	8.625%	June 2027	331,783		656,783
11.25% senior secured notes due 2027	11.25%	December 2027	45,814		45,814
10.75% senior secured notes due 2029	10.75%	November 2029	824,714		824,714
11.125% senior secured notes due 2030	11.125%	July 2030	1,325,000		—
Face value of total debt outstanding			4,322,095		5,220,920
Less current portion of debt outstanding			(154,790)		(230,704)
Face value of long-term debt outstanding			$	4,167,305	$	4,990,216

______________________

(1) Represents the Secured Overnight Financing Rate ("SOFR").

(2) Represents the Reference Rate as defined below.

(3) At our election, if interest is paid in cash the spread was 0.25% per annum, and in the case of interest paid-in-kind the spread was 1.75%.

(4) In connection with the issuance of the FILO Facility (as defined below), the drawn fee rate varies based on our leverage ratio. The drawn fee rate ranges from 3.00% to 4.00%, with incremental increases of 0.25% between these levels.

(5)Repaid in full on April 15, 2025.

(6)Repaid in full on September 2, 2025.

We had outstanding letters of credit totaling $11 million and $13 million as of September 30, 2025 and December 31, 2024, respectively, which were secured by a $21 million cash collateral deposit account which is presented in restricted cash on our consolidated balance sheets as of September 30, 2025 and December 31, 2024.

The weighted average interest rate on our short-term borrowings, which include our 7.32% senior exchangeable notes due 2026 and the current portions of the 2021 Term Loan B-1 and 2024 Term Loan B-2, is 7.35% as of September 30, 2025.

Senior Secured Credit Facilities

Refinancing Transactions

On November 25, 2024, we entered into a third and fourth amendment (together, the “Term Loan B Amendments”) to the Amended and Restated Credit Agreement dated as of February 19, 2013 (the "Amended and Restated Credit Agreement") pursuant to which Sabre GLBL agreed to exchange $775 million of our existing senior secured term loans (the “Existing Term Loans”) for the same amount of new senior secured term loans maturing on November 15, 2029 (the “2024 Term Loans”). We incurred no additional indebtedness as a result of this refinancing. The Term Loan B Amendments included the application of the proceeds of a new $700 million and $75 million term loan “B” facility (the “2024 Term Loan B-1” and the ”2024 Term Loan B-2”, respectively), borrowed by Sabre GLBL under our Amended and Restated Credit Agreement, with the effect of extending the maturity of approximately $775 million of the existing Term Loan B credit facility under the Amended and Restated Credit

Agreement. Sabre GLBL did not receive any cash proceeds from the exchange and did not incur additional indebtedness as a result of the Term Loan B Amendments. We incurred third-party fees of approximately $10 million plus $14 million of accrued and unpaid interest, of which $9 million and $14 million were paid in cash, respectively, during the year ending December 31, 2024. The remaining third-party fees have been paid as of September 30, 2025. We determined that the Term Loan B Amendments represent a debt modification and therefore we expensed all $10 million of third-party costs, to Other, Net in our consolidated statements of operations for the year ended December 31, 2024 and were included in cash flow from operations as paid. The 2024 Term Loan B-1 and 2024 Term Loan B-2 mature on November 15, 2029. They offer us the ability to prepay or repay with a 1.0% call premium on or prior to the six-month anniversary of the amendment effective date, or without a call premium thereafter. The 2024 Term Loans bear interest at Term SOFR, plus an applicable margin of 600 basis points, or at base rate, plus an applicable margin of 500 basis points. The term SOFR for the 2024 Term Loans is subject to a floor of 0.50% per annum and the base rate is subject to a floor of 1.50% per annum. Except for the extended maturity and new pricing terms, the 2024 Term Loans have substantially similar terms as the Existing Term Loans, including guarantees and security interests.

Debt paydown related to the sale of Hospitality Solutions business

Following the closing of the Hospitality Solutions Sale on July 3, 2025, we used the net proceeds primarily to repay a portion of our outstanding indebtedness, including repayments under our (i) 2021 Term Loan B-2 in the amount of $158 million, (ii) 2022 Term Loan B-1 in the amount of $164 million, (iii) 2022 Term Loan B-2 in the amount of $178 million, and (iv) 2024 Term Loan B-1 in the amount of $299 million, in accordance with the terms of the Amended and Restated Credit Agreement. We recognized a loss on extinguishment of debt during the nine months ended September 30, 2025 of approximately $14 million in discontinued operations within our results of operations, primarily consisting of unamortized debt issuance cost and discount associated with these prepayments. Interest expense associated with the principal indebtedness that was repaid is classified as discontinued operations within our results of operations in all periods presented.

Financial Covenants

Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. We are further required to pay down the term loans with proceeds from certain asset sales, if not reinvested into the business within 15 months, as defined in the Amended and Restated Credit Agreement. As of September 30, 2025, we were in compliance with all covenants under the terms of the Amended and Restated Credit Agreement.

Senior Secured Term Loan Due 2028

On June 13, 2023, Sabre Financial Borrower, LLC (“Sabre FB”), our indirect, consolidated subsidiary entered into a series of transactions including a term loan credit agreement with certain lenders (the "2023 Term Loan Agreement") and an intercompany secured term loan agreement (the "Pari Passu Loan Agreement"). On June 4, 2025, we repaid all outstanding balances under these agreements in conjunction with the June 2025 refinancing (as defined below).

The 2023 Term Loan Agreement provided for a senior secured term loan (the “Senior Secured Term Loan Due 2028”) that matured on December 15, 2028 and offered us the ability to prepay subject to prepayment premiums as follows: (i) with respect to any prepayment occurring on or prior to the second anniversary of the 2023 Term Loan Agreement, a customary make-whole amount, and (ii) with respect to any prepayment occurring after the second anniversary of the 2023 Term Loan Agreement and on or prior the third anniversary of the 2023 Term Loan Agreement, 25% of the applicable interest margin assuming all interest was payable-in-kind. After the third anniversary of the 2023 Term Loan Agreement, all prepayments could have been made at par plus accrued interest.

The interest on the Senior Secured Term Loan Due 2028 was payable in cash; provided that, at our election, from the date of the agreement, until the last interest payment date occurring on or prior to December 31, 2025, the interest could have been payable-in-kind. The Senior Secured Term Loan Due 2028 bore interest at a floating rate, with interest periods ending on each successive three month anniversary of the closing date and set in arrears based on the average of the highest yield to maturity of any tranche of Sabre GLBL’s or any of its affiliates’ outstanding secured indebtedness (as defined within the 2023 Term Loan Agreement) on each of the 20 prior trading days (the “Reference Rate”), plus (i) 25 basis points for cash interest or (ii) 175 basis points for payable-in-kind interest. The all-in interest rate floor was 11.50% for cash interest and 13.00% for payable-in-kind interest and the all-in interest rate ceiling was 17.50% for cash interest and 19.00% for payable-in-kind interest. We elected interest to be payable-in-kind. Interest on the Senior Secured Term Loan Due 2028 was accrued and payable or capitalized to principal if not elected to be paid in cash, commencing on June 13, 2023, and ending on the date three months thereafter and each successive three-month anniversary thereof on September 13, December 13, March 13, and June 13 of each year. We capitalized interest for the Senior Secured Term Loan Due 2028 totaling $28 million during the six months ended June 30, 2025. We did not capitalize interest during the three months ended September 30, 2025 as we repaid all outstanding borrowings under the Senior Secured Term Loan Due 2028 on June 4, 2025 in conjunction with the June 2025 Refinancing.

Senior Secured Notes

On March 7, 2024, Sabre GLBL exchanged approximately $36 million of our 7.375% senior secured notes due 2025 (the “September 2025 Notes”) and approximately $7 million of our 9.250% senior secured notes due 2025 (the “April 2025 Notes”) for approximately $50 million aggregate principal amount of additional 8.625% senior secured notes due 2027 (the “June 2027 Notes”) (the "March 2024 Senior Secured Exchange Transaction"). No additional indebtedness was incurred as a result of the March 2024 Senior Secured Exchange Transaction, other than amounts covering exchange fees of approximately $7 million. Other than the issuance date and issue price, these additional June 2027 Notes have the same terms, form a single series with, and are fungible with the June 2027 Notes. We incurred additional fees of approximately $1 million, which were funded with cash on hand. We determined that the March 2024 Senior Secured Exchange Transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the nine months ended September 30, 2024 of approximately $7 million, primarily consisting of exchange fees related to the June 2027 Notes.

On November 25, 2024, Sabre GLBL exchanged approximately $246 million in principal amount of the June 2027 Notes and approximately $509 million in principal amount of our 11.250% senior secured notes due December 2027 (the “December 2027 Notes”) for approximately $800 million of new 10.750% senior secured notes due November 2029 (the “November 2029 Notes”) (the “Initial November 2024 Exchange Transactions”). Shortly thereafter, on November 27, 2024, Sabre GLBL issued an additional approximately $25 million in aggregate principal amount of November 2029 Notes in exchange for approximately $21 million of the April 2025 Notes and approximately $4 million of the September 2025 Notes (together with the Initial November 2024 Exchange Transactions, the “November 2024 Exchange Transactions”). Other than the issuance date and issue price, these additional November 2029 notes have the same terms, form a single series with, and are fungible with the November 2029 Notes described above. The November 2029 Notes bear interest at a rate of 10.750% per annum, and interest payments are due semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2025. The November 2029 Notes mature on November 15, 2029. Sabre GLBL did not receive any cash proceeds from the exchange and did not incur additional indebtedness as a result of the exchange other than $45 million of early exchange consideration on the November 2029 Notes, which was recorded as a discount. We incurred $11 million in fees, along with $31 million in accrued and unpaid interest. We determined that the November 2024 Exchange Transactions, including the impact of the early exchange consideration, represent a debt modification and therefore, expensed $11 million of debt modification costs in Other, net in our consolidated statements of operations for the year ended December 31, 2024 and included in cash flow from operations as paid. The November 2029 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facilities governed by the Amended and Restated Credit Agreement.

The remaining April 2025 Notes and the September 2025 Notes matured, and were repaid in full in the second and third quarters of 2025, respectively.

On June 4, 2025, Sabre GLBL issued $1.325 billion aggregate principal amount of 11.125% Senior Secured Notes due 2030 (the “July 2030 Notes”). The net proceeds from the issuance were used (i) to fully prepay $900 million of its outstanding principal under the Pari Passu Loan Agreement with Sabre FB, which applied such amounts toward full prepayment of Sabre FB’s Senior Secured Term Loan due 2028; and (ii) to repurchase $325 million in principal amount of its June 2027 Notes (the “June 2025 Refinancing”). Interest on the July 2030 Notes is due semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026, at a rate of 11.125% per year, and the notes mature on July 15, 2030. As a result of the refinancing, Sabre GLBL incurred additional indebtedness of $100 million. In connection with the June 2025 Refinancing, we repaid an aggregate of $1.225 billion in outstanding principal, $44 million in creditor fees, $34 million in accrued and unpaid interest, and $27 million in third-party fees. We concluded that the June 2025 Refinancing represented a debt extinguishment and therefore recognized a loss on extinguishment of debt during the nine months ended September 30, 2025 of approximately $85 million. Cash proceeds from the new issuance, payments for the debt principal prepayment (excluding previously capitalized interest amounts) as well as third-party costs and fees paid to lenders that were directly related to the debt extinguishment were reflected as financing cash flows within our consolidated statements of cash flows. Payments associated with interest previously capitalized are reflected as operating cash flows within our consolidated statement of cash flows. The July 2030 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facilities governed by the Amended and Restated Credit Agreement.

Securitization Facility

On February 14, 2023, Sabre Securitization, LLC, our indirect, consolidated subsidiary and a special purpose entity (“Sabre Securitization”), entered into a three-year committed accounts receivable securitization facility (as amended from time to time the “Securitization Facility”) of up to $200 million with PNC Bank, N.A.

On March 29, 2024, Sabre Securitization increased the overall size of the existing Securitization Facility from $200 million to $235 million by issuing a $120 million "first-in, last-out" term loan tranche under the Securitization Facility (such tranche, the "FILO Facility") and reducing the revolving tranche under the Securitization Facility to $115 million (such tranche, the "AR Facility"). In connection with the issuance of the FILO Facility, the maturity date of the Securitization Facility was extended to March 29, 2027 and the springing maturity date thereunder was terminated. The FILO Facility provides the ability to prepay or repay at certain redemption premiums as set forth in the agreement. The net proceeds received from the FILO Facility of $117 million, net of $3 million in fees paid to creditors, will be used for general corporate purposes. We incurred additional fees of $4 million, which were funded with cash on hand.

On July 3, 2025, we repaid $23 million of the outstanding balance on our Securitization Facility due to the removal of receivables related to the Hospitality Solutions business.

The amount available for borrowings at any one time under the Securitization Facility is limited to a borrowing base calculated based on the outstanding balance of eligible receivables, subject to certain reserves. As of September 30, 2025, we had $198 million outstanding under the Securitization Facility, consisting of $78 million under the AR Facility and $120 million outstanding under the FILO Facility.

The FILO Facility bears interest at SOFR plus a drawn fee of 8.00% per annum. Interest and fees payable by Sabre Securitization under the FILO Facility are due monthly.

Borrowings under the AR Facility bear interest at a rate equal to SOFR, subject to a 0% floor, plus a drawn fee, initially in the amount of 2.25%, plus a 0.10% SOFR adjustment. In connection with the issuance of the FILO Facility, the initial drawn fee rate was increased from 2.25% to 4.00%. The drawn fee rate, which was 4.00% as of September 30, 2025, varies based on our leverage ratio. Sabre Securitization also pays a fee on the undrawn committed amount of the AR Facility. Interest and fees payable by Sabre Securitization under the AR Facility are due monthly. Unamortized net debt issuance costs related to our AR Facility are $1 million as of September 30, 2025 and December 31, 2024, which are recorded in other assets, net in our consolidated balance sheets.

In connection with the Securitization Facility, certain of our subsidiaries (the “Originators”) have sold and contributed, and will continue to sell or contribute, substantially all of their accounts receivable and certain related assets (collectively, the “Receivables”) to Sabre Securitization to be held as collateral for borrowings under the Securitization Facility. Sabre Securitization’s assets are not available to satisfy the obligations of Sabre Corporation or any of its affiliates. Under the terms of the Securitization Facility, the lenders under the AR Facility and FILO Facility would have a senior priority claim to the assets of Sabre Securitization, which will primarily consist of the Receivables of the Originators participating in the Securitization Facility. As of September 30, 2025, $351 million of Receivables are held as assets by Sabre Securitization, consisting of $343 million of accounts receivable and $8 million of other assets, net in our consolidated balance sheets.

The Securitization Facility is accounted for as a secured borrowing on a consolidated basis, rather than a sale of assets; as a result, (i) Receivables balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our consolidated balance sheets, (ii) our consolidated statements of operations reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged Receivables and interest expense associated with the Securitization Facility and (iii) receipts from customers related to the underlying Receivables are reflected as operating cash flows and borrowings and repayments under the Securitization Facility are reflected as financing cash flows within our consolidated statements of cash flows. The receivables and other assets of Sabre Securitization are not available to satisfy creditors of any entity other than Sabre Securitization.

The Securitization Facility contains certain customary representations, warranties, affirmative covenants, and negative covenants, subject to certain cure periods in some cases, including the eligibility of the Receivables being sold by the Originators and securing the loans made by the lenders, as well as customary reserve requirements, events of default, termination events, and servicer defaults. As of September 30, 2025, we were in compliance with the financial covenants of the Securitization Facility.

Exchangeable Notes

On April 17, 2020, Sabre GLBL entered into a debt agreement (the "2025 Exchangeable Notes Indenture") consisting of $345 million aggregate principal amount of 4.000% senior exchangeable notes due 2025 (the “2025 Exchangeable Notes”). The 2025 Exchangeable Notes were senior, unsecured obligations of Sabre GLBL, and accrued interest payable semi-annually in arrears. The 2025 Exchangeable Notes matured on April 15, 2025, and were settled with cash.

On March 19, 2024, Sabre GLBL exchanged $150 million aggregate principal amount of its then-outstanding 2025 Exchangeable Notes for $150 million aggregate principal amount of Sabre GLBL's newly-issued 7.32% senior exchangeable notes due 2026 (the "2026 Exchangeable Notes" and, together with the 2025 Exchangeable Notes, the "Exchangeable Notes") and approximately $30 million of cash (the "March 2024 Exchangeable Notes Exchange Transaction"). We incurred additional fees of approximately $5 million in associated fees and expenses plus $3 million of accrued and unpaid interest, all of which were funded with cash on hand. We determined that the March 2024 Exchangeable Notes Exchange Transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt of $31 million during the nine months ended September 30, 2024. We did not receive any cash proceeds from the exchange and did not incur additional indebtedness in excess of the aggregate principal amount of existing notes that were exchanged. The 2026 Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1 2024, and mature on August 1, 2026, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the 2026 Exchangeable Notes (the "2026 Exchangeable Notes Indenture" and, together with the 2025 Exchangeable Notes Indenture, the Exchangeable Notes Indentures). As of September 30, 2025, we have $150 million aggregate principal amount of 2026 Exchangeable Notes outstanding.

Under the terms of the 2026 Exchangeable Notes Indenture, the 2026 Exchangeable Notes are exchangeable into common stock of Sabre Corporation (referred to as “our common stock” herein) at the following times or circumstances:

•during any calendar quarter commencing after the calendar quarter ended June 30, 2024, if the last reported sale price per share of our common stock exceeds 130% of the exchange price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “Measurement Period”) if the trading price per $1,000 principal amount of the 2026 Exchangeable Notes, as determined following a request by a holder in accordance with the procedures in the 2026 Exchangeable Notes Indenture, for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the exchange rate on such trading day;

•upon the occurrence of certain corporate events or distributions on our common stock, including but not limited to a “Fundamental Change” (as defined in the 2026 Exchangeable Notes Indenture);

•upon the occurrence of specified corporate events; or

•on or after February 1, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, August 1, 2026.

With certain exceptions, upon a Change of Control or other Fundamental Change (both as defined in the 2026 Exchangeable Notes Indenture), the holders of the 2026 Exchangeable Notes may require us to repurchase all or part of the principal amount of the 2026 Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the 2026 Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. As of September 30, 2025, none of the conditions allowing holders of the 2026 Exchangeable Notes to exchange have been met.

The 2026 Exchangeable Notes are exchangeable at their holder’s election into shares of our common stock based on an initial exchange rate of 222.2222 shares of common stock per $1,000 principal amount of the 2026 Exchangeable Notes, which is equivalent to an initial exchange price of approximately $4.50 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon exchange, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a “Make-Whole Fundamental Change” (as defined in the 2026 Exchangeable Notes Indenture) occurred with respect to any 2026 Exchangeable Note and the exchange date for the exchange of such 2026 Exchangeable Note occurred during the related “Make-Whole Fundamental Change Exchange Period” (as defined in the 2026 Exchangeable Notes Indenture), then, subject to the provisions set forth in the 2026 Exchangeable Notes Indenture, the exchange rate applicable to such exchange would have been increased by a number of shares set forth in the table contained in the 2026 Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change.

Debt issuance costs are amortized over the contractual life of the Exchangeable Notes through interest expense, within our results from continuing operations. The effective interest rate at September 30, 2025 was 8.82% for the 2026 Exchangeable Notes. The effective interest rates at September 30, 2024 were 4.78% and 8.82% for the 2025 Exchangeable Notes and the 2026 Exchangeable Notes, respectively.

The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025				December 31, 2024
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Principal	$	—	$	150,000	$	183,220	$	150,000

Less: Unamortized debt issuance costs	—		1,800		414		3,311
Net carrying value	$	—	$	148,200	$	182,806	$	146,689

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Contractual interest expense	$	—	$	2,745	$	1,832	$	2,745	$	2,138	$	8,235	$	6,797	$	5,856
Amortization of issuance costs	—		515		346		471		414		1,511		1,266		993

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (b)
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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Accumulated Other Comprehensive Loss

As of September 30, 2025 and December 31, 2024, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	September 30, 2025		December 31, 2024
Defined benefit pension and other postretirement benefit plans	$	(78,651)	$	(76,510)
Unrealized foreign currency translation gain	9,252		8,196
Unrealized loss on interest rate swaps	(2,328)		(2,793)
Share of other comprehensive loss of equity method investments	(2,750)		(2,640)

Total accumulated other comprehensive loss, net of tax	$	(74,477)	$	(73,747)

The amortization of actuarial losses and periodic service credits associated with our retirement-related benefit plans is primarily included in Other, net in the consolidated statements of operations. As of September 30, 2025, we have contributed $14 million to our defined benefit pension plan in 2025. Based on current assumptions, we expect to make additional contributions of up to $2 million in 2025 to our defined benefit pension plan. See Note 8. Derivatives, for information on the income statement line items affected as the result of reclassification adjustments associated with derivatives.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes

As of September 30, 2025 and December 31, 2024, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	September 30, 2025		December 31, 2024
Defined benefit pension and other postretirement benefit plans	$	(78,651)	$	(76,510)
Unrealized foreign currency translation gain	9,252		8,196
Unrealized loss on interest rate swaps	(2,328)		(2,793)
Share of other comprehensive loss of equity method investments	(2,750)		(2,640)

Total accumulated other comprehensive loss, net of tax	$	(74,477)	$	(73,747)

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Noncontrolling Interest

The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended September 30, 2025 and 2024 (in thousands):


	Nine Months Ended September 30,
	2025		2024
Redeemable noncontrolling interest, beginning of period	$	12,928	$	14,375

Net loss attributable to redeemable noncontrolling interest	(1,628)		(1,098)
Redeemable noncontrolling interest, end of period	$	11,300	$	13,277

Debt - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Amortization of issuance costs			$ 21,206	$ 19,355
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 1,832	2,138	6,797
Amortization of issuance costs	0	346	414	1,266
Convertible Debt \| 7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	2,745	2,745	8,235	5,856
Amortization of issuance costs	$ 515	$ 471	$ 1,511	$ 993

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 23,557
Provision for expected credit losses	3,302	$ 3,074
Write-offs	(5,696)
Other	4
Ending balance	$ 21,167

Discontinued Operations and Disposal - Schedule Of Income (Loss) from Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - Hospitality Solutions Business - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 2,106	$ 83,998	$ 174,317	$ 246,054
Cost of revenue, excluding technology costs	513	38,184	83,923	115,321
Technology costs	0	21,867	41,991	62,792
Selling, general and administrative	0	11,659	26,986	34,631
Operating income	1,593	12,288	21,417	33,310
Other expense:
Interest expense, net	(2,732)	(14,545)	(42,070)	(40,276)
Loss on extinguishment of debt	(13,519)	0	(13,519)	0
Other, net	821,330	1,207	825,019	516
Total other expense, net	805,079	(13,338)	769,430	(39,760)
Income (loss) from discontinuing operations before income taxes	806,672	(1,050)	790,847	(6,450)
Provision (benefit) for income taxes	6,359	(335)	7,122	(1,966)
Net income (loss) from discontinued operations	$ 800,313	$ (715)	$ 783,725	$ (4,484)

Debt - Schedule of Exchangeable Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Net carrying value	$ 4,216,000	$ 5,065,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Principal	0	183,220
Less: Unamortized debt issuance costs	0	414
Net carrying value	0	182,806
Convertible Debt \| 7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Principal	150,000	150,000
Less: Unamortized debt issuance costs	1,800	3,311
Net carrying value	$ 148,200	$ 146,689

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses

Our allowance for credit losses for the nine months ended September 30, 2025 for our portfolio segment is summarized as follows (in thousands):


	Nine Months Ended September 30, 2025
Balance at December 31, 2024	$	23,557
Provision for expected credit losses	3,302
Write-offs	(5,696)
Other	4
Balance at September 30, 2025	$	21,167

Debt - Securitization Facility (Details) - USD ($) $ in Thousands						9 Months Ended
	Sep. 30, 2025	Jul. 03, 2025	Mar. 31, 2024	Mar. 29, 2024	Feb. 14, 2023	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Proceeds on borrowings from lenders						$ 1,325,000	$ 200,090
Line of credit repaid						112,750	$ 58,300
Line of Credit \| Securitization facility:
Debt Instrument [Line Items]
Line of credit repaid		$ 23,000
Principal	$ 198,000					198,000
Receivables	351,000					351,000
Line of Credit \| Securitization facility: \| Accounts receivable, net
Debt Instrument [Line Items]
Receivables	343,000					343,000
Line of Credit \| Securitization facility: \| Other Noncurrent Assets
Debt Instrument [Line Items]
Receivables	8,000					8,000
Line of Credit \| Securitization facility: \| FILO Facility
Debt Instrument [Line Items]
Debt instrument, fee amount				$ 4,000
Principal	120,000					$ 120,000		$ 120,000
Line of Credit \| Securitization facility: \| FILO Facility \| SOFR
Debt Instrument [Line Items]
Drawn fee percentage				8.00%
Basis spread on rate						8.00%
Line of Credit \| Securitization facility: \| AR Facility
Debt Instrument [Line Items]
Principal	$ 78,400					$ 78,400		82,200
Drawn fee percentage	4.00%		4.00%	2.25%
Unamortized discount	$ 1,000					$ 1,000		$ 1,000
Line of Credit \| Securitization facility: \| AR Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on rate						4.00%
Line of Credit \| Securitization facility: \| AR Facility \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on rate				0.00%
Line of Credit \| Securitization facility: \| AR Facility \| SOFR Adjustment
Debt Instrument [Line Items]
Basis spread on rate				0.10%
Line of Credit \| Securitization facility: \| Maximum \| FILO Facility
Debt Instrument [Line Items]
Drawn fee percentage				4.00%
Line of Credit \| Securitization facility: \| Sabre Securitization
Debt Instrument [Line Items]
Debt term					3 years
Aggregate principal amount				$ 235,000	$ 200,000
Line of Credit \| Securitization facility: \| Sabre Securitization \| FILO Facility
Debt Instrument [Line Items]
Aggregate principal amount				120,000
Proceeds on borrowings from lenders				117,000
Feeds paid to creditors				3,000
Line of Credit \| Securitization facility: \| Sabre Securitization \| AR Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 115,000
Line of Credit \| Securitization facility: \| Sabre Securitization \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount					$ 200,000

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


			Fair Value at Reporting Date Using
Assets:	September 30, 2025		Level 1		Level 2		Level 3


Money market funds	$	392,887	$	392,887	$	—	$	—
Time deposits	30,001		—		30,001		—
Investment in securities	517		517		—		—
Total assets	$	423,405	$	393,404	$	30,001	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(1,961)	$	—	$	(1,961)	$	—
Total liabilities	$	(1,961)	$	—	$	(1,961)	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2024		Level 1		Level 2		Level 3


Money market funds	$	425,407	$	425,407	$	—	$	—
Time deposits	78,595		—		78,595		—
Investment in securities	555		555		—		—
Total assets	$	504,557	$	425,962	$	78,595	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(2,266)	$	—	$	(2,266)	$	—
Total liabilities	$	(2,266)	$	—	$	(2,266)	$	—

______________________

(1) See Note 8. Derivatives for further detail.

Schedule of Fair Value and Carrying Value of Debt


	As of September 30, 2025				As of December 31, 2024
Financial Instrument	Fair Value		Carrying Value(1)		Fair Value		Carrying Value(1)
2021 Term Loan B-1	$	279,018	$	311,516	$	303,643	$	314,453
2021 Term Loan B-2	198,649		208,089		356,665		364,600
2022 Term Loan B-1	204,122		216,725		372,593		379,617
2022 Term Loan B-2	223,314		229,973		407,228		400,748
2024 Term Loan B-1	376,500		391,932		712,250		689,655
2024 Term Loan B-2	70,576		74,352		76,313		74,902
Senior Secured Term Loan Due 2028	—		—		906,020		853,788
9.25% senior secured notes due 2025	—		—		10,510		10,416
7.375% senior secured notes due 2025	—		—		23,081		23,393
4.00% senior exchangeable notes due 2025	—		—		181,322		183,220
7.32% senior exchangeable notes due 2026	151,717		150,000		172,500		150,000
8.625% senior secured notes due 2027	337,398		331,783		649,105		656,783
11.25% senior secured notes due 2027	47,666		45,377		49,400		45,253
10.75% senior secured notes due 2029	799,523		780,247		853,220		774,332
11.125% senior secured notes due 2030	1,288,079		1,325,000		—		—

______________________

(1)Excludes net unamortized debt issuance costs.

Earnings Per Share - Schedule of Computations of Basic and Diluted Earnings Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Income (loss) from continuing operations	$ 48,165	$ (62,418)	$ (156,230)	$ (199,239)
Less: Net (loss) income attributable to noncontrolling interests	(266)	(315)	(221)	338
Net income (loss) from continuing operations available to common stockholders, basic	48,431	(62,103)	(156,009)	(199,577)
Add: Interest expense and amortization of debt discount and issuance costs for exchangeable notes, net of tax	2,526	0		0
Net income (loss) from continuing operations available to common stockholders, diluted	$ 50,957	$ (62,103)	$ (156,009)	$ (199,577)
Denominator:
Basic weighted-average common shares outstanding (in shares)	394,580	385,729	390,616	383,013
Add: Dilutive effect of stock options and restricted stock awards (in shares)	1,340	0	0	0
Add: Dilutive effect of exchangeable notes (in shares)	33,333	0	0	0
Diluted weighted-average common shares outstanding (in shares)	429,253	385,729	390,616	383,013
Loss per share from continuing operations:
Basic (in dollars per share)	$ 0.12	$ (0.16)	$ (0.40)	$ (0.52)
Diluted (in dollars per share)	$ 0.12	$ (0.16)	$ (0.40)	$ (0.52)

Revenue from Contracts with Customers - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets and customer advances and discounts	$ 18,247	$ 28,112
Trade and unbilled receivables, net	377,222	282,173
Long-term trade unbilled receivables, net	19,278	20,531
Contract liabilities	96,855	107,867
Contract assets	$ 4,000	$ 8,000

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table sets forth the face values of our outstanding debt as of September 30, 2025 and December 31, 2024 (in thousands):


	Rate	Maturity	September 30, 2025		December 31, 2024
Senior secured credit facilities:
2021 Term Loan B-1	S(1) + 3.50%	December 2027	$	311,830	$	314,860
2021 Term Loan B-2	S(1) + 3.50%	December 2027	208,829		366,280
2022 Term Loan B-1	S(1) + 4.25%	June 2028	217,876		382,147
2022 Term Loan B-2	S(1) + 5.00%	June 2028	236,311		414,482
2024 Term Loan B-1	S(1) + 6.00%	November 2029	397,100		700,000
2024 Term Loan B-2	S(1) + 6.00%	November 2029	74,438		75,000
Senior Secured Term Loan Due 2028	RR(2) + 1.75%(3)	December 2028	—		871,611
Securitization facility:
AR Facility	S(1) + 4.00%(4)	March 2027	78,400		82,200
FILO Facility	S(1) + 8.00%	March 2027	120,000		120,000
9.25% senior secured notes due 2025(5)	9.25%	April 2025	—		10,416
4.00% senior exchangeable notes due 2025(5)	4.00%	April 2025	—		183,220
7.375% senior secured notes due 2025(6)	7.375%	September 2025	—		23,393
7.32% senior exchangeable notes due 2026	7.32%	August 2026	150,000		150,000
8.625% senior secured notes due 2027	8.625%	June 2027	331,783		656,783
11.25% senior secured notes due 2027	11.25%	December 2027	45,814		45,814
10.75% senior secured notes due 2029	10.75%	November 2029	824,714		824,714
11.125% senior secured notes due 2030	11.125%	July 2030	1,325,000		—
Face value of total debt outstanding			4,322,095		5,220,920
Less current portion of debt outstanding			(154,790)		(230,704)
Face value of long-term debt outstanding			$	4,167,305	$	4,990,216

______________________

(1) Represents the Secured Overnight Financing Rate ("SOFR").

(2) Represents the Reference Rate as defined below.

(3) At our election, if interest is paid in cash the spread was 0.25% per annum, and in the case of interest paid-in-kind the spread was 1.75%.

(5)Repaid in full on April 15, 2025.

(6)Repaid in full on September 2, 2025.

Schedule of Exchangeable Debt

The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025				December 31, 2024
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Principal	$	—	$	150,000	$	183,220	$	150,000

Less: Unamortized debt issuance costs	—		1,800		414		3,311
Net carrying value	$	—	$	148,200	$	182,806	$	146,689

Schedule of Interest Expense Recognized

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Contractual interest expense	$	—	$	2,745	$	1,832	$	2,745	$	2,138	$	8,235	$	6,797	$	5,856
Amortization of issuance costs	—		515		346		471		414		1,511		1,266		993

General Information (Policies)	9 Months Ended
General Information (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Segments	Segments—As a result of the Hospitality Solutions Sale, we now manage and report our business in one reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer and President, in deciding how to allocate resources and assess performance. Our CODM reviews financial information presented on a consolidated basis to monitor budget versus actual results for purposes of allocating resources and evaluating financial performance. Our measure of segment profit and loss is net income (loss), as reported on our consolidated statements of operations. Our significant segment expenses, which are the expenses included in operating income, and other segment items, which includes other income (expense) and benefit from (provision for) income taxes, are included in our consolidated statements of operations. Total assets as presented on our consolidated balance sheets represent total assets considered by our CODM for any relevant operating evaluations.
Basis of Presentation	Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2025. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 20, 2025. We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated.
Use of Estimates	Use of Estimates—The preparation of these interim financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies that utilize significant estimates and assumptions include: (i) estimation for revenue recognition and multiple performance obligation arrangements, (ii) the evaluation of the recoverability of the carrying value of intangible assets and goodwill, (iii) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, and (iv) estimation of loss contingencies. Our use of estimates and the related accounting policies are discussed in the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 20, 2025.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued updated guidance to enhance the transparency and decision usefulness of income tax disclosures through improvements primarily related to the rate reconciliation and income taxes paid information. The updated standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. The updated standard can be applied on a prospective basis, although retrospective application to all periods presented is permitted. We plan to adopt the guidance on a prospective basis. We have substantially evaluated the impact of adopting this standard and expect additional disclosures to be provided as required, including (1) disclosing specific categories in the effective tax rate reconciliation and (2) providing additional information for reconciling items that meet or exceed a quantitative threshold. Additionally, we will disclose information about income taxes paid on an annual basis by jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. In November 2024, the FASB issued guidance regarding disaggregation of income statement expenses, which requires additional disclosure of certain costs and expenses within the notes to the financial statements. The standard is effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statement disclosures. In September 2025, the FASB issued guidance regarding intangibles—goodwill and other—internal-use software, which updates the accounting and disclosures for software costs. The standard is effective for public companies for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements and related disclosures.
Derivatives	Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate swaps are entered into to manage interest rate risk associated with our floating-rate borrowings. In accordance with authoritative guidance on accounting for derivatives and hedging, we designate interest rate swaps as cash flow hedges of floating-rate borrowings. Cash Flow Hedging Strategy—We enter into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements modify our exposure to interest rate risk by converting floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and net earnings. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal amount. For derivative instruments that are designated and qualify as cash flow hedges, the effective portions and ineffective portions of the gain or loss on the derivative instruments are reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. As of September 30, 2025, we did not have any hedge components excluded from the assessment of effectiveness. Cash flow hedges are classified in the same category in the consolidated statements of cash flows as the items being hedged and gains and losses on the derivative financial instruments are reported in cash provided by (used in) operating activities within the consolidated statements of cash flows. Derivatives not designated as hedging instruments are carried at fair value with changes in fair value reflected in Other, net in the consolidated statements of operations.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows: Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data. Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment. The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

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Discontinued Operations and Disposal (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups Including Discontinued Operations

The following table presents the major categories of income from discontinued operations related to the Hospitality Solutions business (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	2,106	$	83,998	$	174,317	$	246,054
Cost of revenue, excluding technology costs	513		38,184		83,923		115,321
Technology costs	—		21,867		41,991		62,792
Selling, general and administrative	—		11,659		26,986		34,631
Operating income	1,593		12,288		21,417		33,310
Other expense:
Interest expense, net	(2,732)		(14,545)		(42,070)		(40,276)
Loss on extinguishment of debt	(13,519)		—		(13,519)		—
Other, net	821,330		1,207		825,019		516
Total other expense, net	805,079		(13,338)		769,430		(39,760)
Income (loss) from discontinuing operations before income taxes	806,672		(1,050)		790,847		(6,450)
Provision (benefit) for income taxes(1)	6,359		(335)		7,122		(1,966)
Net income (loss) from discontinued operations	$	800,313	$	(715)	$	783,725	$	(4,484)

______________________

(1) We used an intra-period tax allocation to allocate the provision for income taxes for all periods presented between continuing operations and discontinued operations.

The following table presents the major classes of assets and liabilities from discontinued operations at December 31, 2024 related to the Hospitality Solutions business (in thousands):



	December 31, 2024
Assets:

Accounts receivable, net	$	53,377
Prepaid expenses and other current assets	1,204
Current assets	54,581
Property and equipment, net of accumulated depreciation	14,614
Goodwill and intangibles	192,156



Other assets, net	29,032
Long-term assets	235,802
Total assets	$	290,383
Liabilities:
Accounts payable	$	20,687
Other accrued liabilities and accrued compensation	18,609
Deferred revenues	11,911

Current liabilities	51,207

Other noncurrent liabilities and deferred income taxes	15,989
Long-term liabilities	15,989
Total liabilities	$	67,196

The following table presents selected financial information related to cash flows from discontinued operations for the nine months ended September 30, 2025 and 2024 (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash used in operating activities	$	(19,139)	$	(6,687)
Cash provided by (used in) investing activities	1,054,898		(3,211)

Cash provided by (used in) discontinued operations	$	1,035,759	$	(9,898)
Non-cash additions to property and equipment	$	4,657	$	—

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating Activities
Net income (loss)	$ 627,495	$ (203,723)
Adjustments to reconcile net income (loss) to cash used in operating activities:
(Income) loss from discontinued operations	(783,725)	4,484
Payment of previously paid-in-kind interest	(199,938)	0
Loss on extinguishment of debt	85,182	37,994
Depreciation and amortization	77,983	82,955
Stock-based compensation expense	34,772	36,620
Paid-in-kind interest	28,327	89,877
Amortization of upfront incentive consideration	28,299	25,744
Amortization of debt discount and issuance costs	21,206	19,355
Deferred income taxes	6,736	(5,417)
Gain on sale of assets	(5,191)	0
Provision for expected credit losses	3,302	3,074
Other	(5,302)	1,533
Dividends received from equity method investments	1,103	1,833
Gain on investment fair value adjustment	0	(3,234)
Changes in operating assets and liabilities:
Accounts and other receivables	(139,093)	(55,693)
Prepaid expenses and other current assets	19,674	(1,133)
Capitalized implementation costs	(7,059)	(10,188)
Upfront incentive consideration	(15,681)	(9,027)
Other assets	(3,045)	(12,403)
Accrued compensation and related benefits	(61,497)	(31,182)
Accounts payable and other accrued liabilities	58,193	59,161
Deferred revenue including upfront solution fees	(19,896)	(36,093)
Cash used in operating activities	(248,155)	(5,463)
Investing Activities
Additions to property and equipment	(59,419)	(64,841)
Proceeds from sale of assets	9,267	0
Other investing activities	(200)	(300)
Proceeds from sale of investment in securities	0	54,834
Cash used in investing activities	(50,352)	(10,307)
Financing Activities
Payments on borrowings from lenders	(2,048,415)	(194,716)
Proceeds on borrowings from lenders	1,325,000	200,090
Payments on borrowings under Securitization Facility	(112,750)	(58,300)
Proceeds from borrowings under Securitization Facility	108,950	155,600
Debt prepayment fees and issuance costs	(71,519)	(50,020)
Net payment on the settlement of equity-based awards	(10,302)	(6,605)
Net Receipts on Behalf under TSA	4,628	0
Cash (used in) provided by financing activities	(804,408)	46,049
Cash Flows from Discontinued Operations
Cash used in operating activities	(19,139)	(6,687)
Cash provided by (used in) investing activities	1,054,898	(3,211)
Cash provided by (used in) discontinued operations	1,035,759	(9,898)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4,385	176
(Decrease) increase in cash, cash equivalents and restricted cash	(62,771)	20,557
Cash, cash equivalents and restricted cash at beginning of period	745,518	669,244
Cash, cash equivalents and restricted cash at end of period	682,747	689,801
Non-cash additions to property and equipment for continuing operations	$ 254	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 848,478	$ (63,133)	$ 627,495	$ (203,723)
Other comprehensive income, net of tax:
Foreign currency translation adjustments ("CTA")	(5,170)	3,989	1,055	3,453
Retirement-related benefit plans:
Net actuarial gain (loss), net of taxes of nil in all periods	80	(24)	(3,258)	(24)
Amortization of prior service credits, net of taxes of nil in all periods	(358)	(358)	(1,074)	(1,074)
Amortization of actuarial losses, net of taxes of nil in all periods	730	703	2,191	2,109
Net change in retirement-related benefit plans, net of tax	452	321	(2,141)	1,011
Derivatives:
Unrealized gains (losses), net of taxes of nil in all periods	38	(6,733)	27	2,600
Reclassification adjustment for realized losses (gains), net of taxes of nil in all periods	144	(2,133)	438	(6,178)
Net change in derivatives, net of tax	182	(8,866)	465	(3,578)
Share of other comprehensive loss of equity method investments	(138)	108	(109)	(297)
Other comprehensive income	(4,674)	(4,448)	(730)	589
Comprehensive income (loss)	843,804	(67,581)	626,765	(203,134)
Less: Comprehensive loss (income) attributable to noncontrolling interests	266	315	221	(338)
Comprehensive income (loss) attributable to Sabre Corporation	$ 844,070	$ (67,266)	$ 626,986	$ (203,472)

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Income (loss) from continuing operations	$	48,165	$	(62,418)	$	(156,230)	$	(199,239)
Less: Net (loss) income attributable to noncontrolling interests	(266)		(315)		(221)		338

Net income (loss) from continuing operations available to common stockholders, basic	48,431		(62,103)		(156,009)		(199,577)
Add: Interest expense and amortization of debt discount and issuance costs for exchangeable notes, net of tax	2,526		—		—		—

Net income (loss) from continuing operations available to common stockholders, diluted	$	50,957	$	(62,103)	$	(156,009)	$	(199,577)
Denominator:
Basic weighted-average common shares outstanding	394,580		385,729		390,616		383,013
Add: Dilutive effect of stock options and restricted stock awards	1,340		—		—		—
Add: Dilutive effect of exchangeable notes	33,333		—		—		—

Diluted weighted-average common shares outstanding	429,253		385,729		390,616		383,013
Loss per share from continuing operations:
Basic	$	0.12	$	(0.16)	$	(0.40)	$	(0.52)
Diluted	$	0.12	$	(0.16)	$	(0.40)	$	(0.52)

Basic earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-average common shares outstanding calculation excludes 4 million of dilutive stock options and restricted stock awards for the nine months ended September 30, 2025, and 3 million and 2 million of dilutive stock options and restricted stock awards for the three and nine months ended September 30, 2024, respectively, as their effect would be anti-dilutive given the net loss incurred in the period. The calculation of diluted weighted-average shares excludes the impact of 8 million and 1 million of anti-dilutive common stock equivalents for the three and nine months ended September 30, 2025, and 1 million and 3 million of anti-dilutive common stock equivalents for the three and nine months ended September 30, 2024, respectively.

We have used the if-converted method for calculating any potential dilutive effect of the Exchangeable Notes on our diluted net income per share. Under the if-converted method, the 2025 Exchangeable Notes are assumed to be converted at the beginning of each period and the 2026 Exchangeable Notes are assumed to be converted at the beginning of the 2025 period and at the issuance date of March 19, 2024 for the 2024 period. The resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 42 million resulting common shares related to the Exchangeable Notes for the nine months ended September 30, 2025, and approximately 57 million resulting common shares related to the Exchangeable Notes for each of the three and nine months ended September 30, 2024, are not included in the dilutive weighted-average common shares outstanding calculation as their effect would be anti-dilutive given the net loss incurred in the period.

Derivatives

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate swaps are entered into to manage interest rate risk associated with our floating-rate borrowings.

In accordance with authoritative guidance on accounting for derivatives and hedging, we designate interest rate swaps as cash flow hedges of floating-rate borrowings.

Cash Flow Hedging Strategy—We enter into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements modify our exposure to interest rate risk by converting floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and net earnings. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal amount.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portions and ineffective portions of the gain or loss on the derivative instruments are reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. As of September 30, 2025, we did not have any hedge components excluded from the assessment of effectiveness. Cash flow hedges are classified in the same category in the consolidated statements of cash flows as the items being hedged and gains and losses on the derivative financial instruments are reported in cash provided by (used in) operating activities within the consolidated statements of cash flows. Derivatives not designated as hedging instruments are carried at fair value with changes in fair value reflected in Other, net in the consolidated statements of operations.

Interest Rate Swap Contracts—Interest rate swaps outstanding during the nine months ended September 30, 2025 and 2024, are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$250 million

1 month SOFR(1)

4.72%

June 30, 2023

June 30, 2026

$250 million

1 month SOFR(1)

3.88%

December 31, 2023

December 31, 2024

$250 million

1 month SOFR(1)

4.37%

January 16, 2024

January 31, 2026

______________________

(1) Subject to a 0.5% floor.

In February 2023, we entered into a forward-starting interest rate swap to hedge the first interest payments associated with $250 million of certain of our term loans under our Amended and Restated Credit Agreement for the year ended 2024. In June 2023, we entered into an interest rate swap to hedge the first interest payments associated with $250 million of certain of our term loans under our Amended and Restated Credit Agreement for the periods through June 2026. In January 2024, we entered into an interest rate swap to hedge the first interest payments associated with $250 million of certain of our term loans under our Amended and Restated Credit Agreement related to the years 2024 and 2025. We designated these swaps as cash flow hedges. For the three and nine months ended September 30, 2025, we recognized an immaterial cash flow impact related to our interest rate swaps, which is reported as cash provided by operating activities within our consolidated statements of cash flows. As of September 30, 2025, we estimate that $2 million in losses will be reclassified from other comprehensive (loss) income to earnings over the next 12 months.

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2025 and December 31, 2024 are as follows (in thousands):


	Derivative Assets
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	September 30, 2025		December 31, 2024



Interest rate swaps	Other accrued liabilities	$	(1,961)	$	(1,593)
Interest rate swaps	Other noncurrent liabilities	—		(673)
Total		$	(1,961)	$	(2,266)

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Amount of Gains (Losses) Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024

Interest rate swaps		$	38	$	(6,733)	$	27	$	2,600
Total		$	38	$	(6,733)	$	27	$	2,600


		Amount of Losses (Gains) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024

Interest rate swaps	Interest expense, net	$	144	$	(2,133)	$	438	$	(6,178)
Total		$	144	$	(2,133)	$	438	$	(6,178)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 715,183	$ 691,300	$ 2,104,458	$ 2,099,983
Cost of revenue, excluding technology costs	313,074	294,656	914,899	880,706
Technology costs	168,009	189,417	515,810	590,051
Selling, general and administrative	140,475	149,386	399,595	433,468
Operating income	93,625	57,841	274,154	195,758
Other expense:
Interest expense, net	(111,312)	(113,126)	(332,346)	(341,435)
Loss on extinguishment of debt	0	0	(85,182)	(37,994)
Equity method income	377	430	1,780	1,859
Other, net	6,929	(327)	6,432	(863)
Total other expense, net	(104,006)	(113,023)	(409,316)	(378,433)
Loss from continuing operations before income taxes	(10,381)	(55,182)	(135,162)	(182,675)
(Benefit) provision for income taxes	(58,546)	7,236	21,068	16,564
Income (loss) from continuing operations	48,165	(62,418)	(156,230)	(199,239)
Income (loss) from discontinued operations, net of tax	800,313	(715)	783,725	(4,484)
Net income (loss)	848,478	(63,133)	627,495	(203,723)
Net (loss) income attributable to noncontrolling interests	(266)	(315)	(221)	338
Income (loss) attributable to common stockholders	$ 848,744	$ (62,818)	$ 627,716	$ (204,061)
Basic net (loss) income per share attributable to common stockholders:
Income (loss) from continuing operations (in dollars per share)	$ 0.12	$ (0.16)	$ (0.40)	$ (0.52)
Income (loss) from discontinued operations (in dollars per share)	2.03	0	2.01	(0.01)
Net income (loss) per common share (in dollars per share)	2.15	(0.16)	1.61	(0.53)
Diluted net (loss) income per share attributable to common stockholders:
Income (loss) from continuing operations (in dollars per share)	0.12	(0.16)	(0.40)	(0.52)
Income (loss) from discontinued operations (in dollars per share)	1.86	0	2.01	(0.01)
Net income (loss) per common share (in dollars per share)	$ 1.98	$ (0.16)	$ 1.61	$ (0.53)
Weighted-average common shares outstanding:
Basic (in shares)	394,580	385,729	390,616	383,013
Diluted (in shares)	429,253	385,729	390,616	383,013

Debt - Exchangeable Notes (Details)			3 Months Ended		9 Months Ended
Debt - Exchangeable Notes (Details)	Mar. 19, 2024 USD ($) day $ / shares	Apr. 17, 2020 USD ($) day	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 0	$ 85,182,000	$ 37,994,000
Convertible Debt \| Exchangeable Notes
Debt Instrument [Line Items]
Cash from exchangeable notes	$ 30,000,000
Debt instrument, fee amount	5,000,000
Accrued and unpaid interest	3,000,000
Loss on extinguishment of debt						$ 31,000,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Aggregate principal amount		$ 345,000,000
Debt instrument interest rate percentage		4.00%
Debt exchanged	150,000,000
Principal			$ 0		$ 0		$ 183,220,000
Redemption price, percentage of principal amount		100.00%
Effective interest rate			8.82%	4.78%	8.82%	4.78%
Convertible Debt \| 4.00% senior exchangeable notes due 2025 \| Measurement Period
Debt Instrument [Line Items]
Percent of last reported sale price per share		98.00%
Number of consecutive trading days \| day		5
Number of consecutive business days \| day		5
Convertible Debt \| 2026 Exchangeable Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 150,000,000
Debt instrument interest rate percentage	7.32%
Principal			$ 150,000,000		$ 150,000,000		150,000,000
Percent of last reported sale price per share	130.00%
Convertible trading days \| day	20
Number of consecutive trading days \| day	30
Conversion rate (in dollars per share) \| $ / shares	$ 4.50
Effective interest rate				8.82%		8.82%
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage			4.00%		4.00%
Principal			$ 0		$ 0		183,220,000
Senior Secured Notes \| 2026 Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument interest rate percentage			7.32%		7.32%
Principal			$ 150,000,000		$ 150,000,000		$ 150,000,000
Conversion rate	0.2222222

Derivatives - Schedule of Derivative Instruments Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative [Line Items]
Amount of Gains (Losses) Recognized in OCI on Derivative, Effective Portion	$ 38	$ (6,733)	$ 27	$ 2,600
Amount of Losses (Gains) Reclassified from Accumulated OCI into Income, Effective Portion	144	(2,133)	438	(6,178)
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Amount of Gains (Losses) Recognized in OCI on Derivative, Effective Portion	38	(6,733)	27	2,600
Amount of Losses (Gains) Reclassified from Accumulated OCI into Income, Effective Portion	144	(2,133)	438	(6,178)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps
Derivative [Line Items]
Amount of Gains (Losses) Recognized in OCI on Derivative, Effective Portion	38	(6,733)	27	2,600
Amount of Losses (Gains) Reclassified from Accumulated OCI into Income, Effective Portion	$ 144	$ (2,133)	$ 438	$ (6,178)

Debt - Senior Secured Credit Facilities (Details) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 03, 2025 USD ($)	Nov. 25, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Proceeds on borrowings from lenders					$ 1,325,000	$ 200,090
Outstanding debt			$ 4,216,000		4,216,000		$ 5,065,000
Debt repaid					2,048,415	194,716
Loss on extinguishment of debt			$ 0	$ 0	$ 85,182	$ 37,994
Term Loan \| Term Loan B
Debt Instrument [Line Items]
Debt exchanged		$ 775,000
Outstanding debt		775,000
Third part fee		10,000
Accrued and unpaid interest		14,000
Feeds paid to creditors							9,000
Cash payments for interest							$ 14,000
Payments of debt restructuring costs		$ 10,000
Call premium percentage		0.010
Call premium period		6 months
Term Loan \| Term Loan B \| SOFR
Debt Instrument [Line Items]
Basis spread on rate		6.00%
Term Loan \| Term Loan B \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on rate		0.50%
Term Loan \| Term Loan B \| Base Rate
Debt Instrument [Line Items]
Basis spread on rate		5.00%
Term Loan \| Term Loan B \| Floor
Debt Instrument [Line Items]
Basis spread on rate		1.50%
Term Loan \| 2024 Term Loan B-1
Debt Instrument [Line Items]
Proceeds on borrowings from lenders		$ 700,000
Debt repaid	$ 299,000
Term Loan \| 2024 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					6.00%
Term Loan \| 2024 Term Loan B-2
Debt Instrument [Line Items]
Proceeds on borrowings from lenders		$ 75,000
Term Loan \| 2024 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					6.00%
Term Loan \| 2021 Term Loan B-2, 2022 Term Loan B-1, 2022 Term Loan B-2 And 2024 Term Loan B-1
Debt Instrument [Line Items]
Loss on extinguishment of debt	14,000
Term Loan \| 2021 Term Loan B-2
Debt Instrument [Line Items]
Debt repaid	158,000
Term Loan \| 2021 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					3.50%
Term Loan \| 2022 Term Loan B-1
Debt Instrument [Line Items]
Debt repaid	164,000
Term Loan \| 2022 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					4.25%
Term Loan \| 2022 Term Loan B-2
Debt Instrument [Line Items]
Debt repaid	$ 178,000
Term Loan \| 2022 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					5.00%
Term Loan \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt instrument, prepayment or repayment period					15 months

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the nine months ended September 30, 2025, we recognized $21 million of income tax expense for continuing operations, compared to an income tax expense of $17 million for the nine months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025 represents the rate expected for the year applied to year to date earnings before tax and the impact of certain discrete items in the quarter. The effective tax rate is impacted by a decrease in the valuation allowance due primarily to interest expense limitations, offset by loss utilization. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from the impact of changes in the valuation allowance, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. We believe it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S. and in certain foreign jurisdictions to realize the full benefit of its deferred tax assets. We have determined that a portion of the deferred tax assets related to certain state and foreign net operating losses, interest limitation and other assets are not more likely than not to be realized and have recorded a valuation allowance against such assets. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased. We recognize liabilities when we believe that an uncertain tax position may not be fully sustained upon examination by the tax authorities. This evaluation requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Contract Balances

Revenue recognition for a significant portion of our revenue coincides with normal billing terms, including our transactional revenues, Software-as-a-Service (“SaaS”) revenues, and hosted revenues. Timing differences among revenue recognition, unconditional rights to bill, and receipt of contract consideration may result in contract assets or contract liabilities.

The following table presents our assets and liabilities with customers as of September 30, 2025 and December 31, 2024 (in thousands).


Account	Consolidated Balance Sheet Location	September 30, 2025		December 31, 2024
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	18,247	$	28,112
Trade and unbilled receivables, net	Accounts receivable, net	377,222		282,173
Long-term trade unbilled receivables, net	Other assets, net	19,278		20,531
Contract liabilities	Deferred revenues / other noncurrent liabilities	96,855		107,867

______________________

(1) Includes contract assets of $4 million and $8 million for September 30, 2025 and December 31, 2024, respectively.

During the nine months ended September 30, 2025, we recognized revenue of approximately $21 million from contract liabilities that existed as of January 1, 2025. Our long-term trade unbilled receivables, net relate to fixed license fees billed over the contractual period and recognized when the customer gains control of the software. We evaluate collectability of our accounts receivable based on a combination of factors and record reserves as described further in Note 6. Credit Losses.

Revenue

The following table presents our disaggregated revenues (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Distribution	$	575,308	$	550,996	$	1,690,189	$	1,673,848
IT Solutions	139,875		140,304		414,269		426,135
Total Sabre Revenue	$	715,183	$	691,300	$	2,104,458	$	2,099,983

We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the nine months ended September 30, 2025, the impact on revenue recognized in the current period from performance obligations partially or fully satisfied in the previous period is immaterial.

Our air booking cancellation reserve totaled $14 million and $11 million as of September 30, 2025, and December 31, 2024, respectively.

Unearned performance obligations primarily consist of deferred revenue for fixed implementation fees and future product implementations, which are included in deferred revenue and other noncurrent liabilities in our consolidated balance sheet. We have not disclosed the performance obligation related to contracts containing minimum transaction volume, as it represents a subset of our business, and therefore would not be meaningful in understanding the total future revenues expected to be earned from our long-term contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Outstanding debt	$ 4,216	$ 5,065
Debt issuance costs	46	56
Unamortized discount	$ 60	100
Senior Secured Notes \| 7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Debt instrument interest rate percentage	7.32%
Term Loan \| 2021 Term Loan B-1 And 2024 Term Loan B-2
Debt Instrument [Line Items]
Debt instrument interest rate percentage	7.35%
Letter of Credit
Debt Instrument [Line Items]
Cash collateral for borrowed securities	$ 21	21
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Outstanding letters of credit	$ 11	$ 13

Debt - Senior Secured Term Loan Due 2028 (Details) - Senior Secured Term Loan Due 2028 - USD ($) $ in Millions		3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 13, 2023	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2025
Term Loan
Debt Instrument [Line Items]
Prepayment premium, percentage of applicable interest margin	25.00%
Number of prior trading days triggering floating rate trance	20 days
Term Loan \| Interest Paid In Cash
Debt Instrument [Line Items]
Basis spread on rate	0.25%			0.25%
Term Loan \| Interest Paid In Cash \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage	11.50%
Term Loan \| Interest Paid In Cash \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage	17.50%
Term Loan \| Interest Paid-In-Kind (PIK)
Debt Instrument [Line Items]
Basis spread on rate	1.75%			1.75%
Term Loan \| Interest Paid-In-Kind (PIK) \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage	13.00%
Term Loan \| Interest Paid-In-Kind (PIK) \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage	19.00%
Secured Debt
Debt Instrument [Line Items]
Capitalized paid-in-kind note interest totaling		$ 0	$ 28

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Treasury Stock	Retained Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Common stock, beginning balance (in shares) at Mar. 31, 2024		408,977,661
Stockholders' equity, beginning balance at Dec. 31, 2023	$ (1,375,819)	$ 4,059	$ 3,249,901	$ (520,124)	$ (4,048,393)	$ (73,922)	$ 12,660
Treasury stock, beginning balance (in shares) at Dec. 31, 2023				26,345,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(66,354)				(71,483)	4,206	923
Settlement of stock-based awards (in shares)		3,062,998		1,021,755
Settlement of stock-based awards	(2,048)	$ 31	(1)	$ (2,078)
Stock-based compensation expense	13,905		13,905
Common stock, ending balance (in shares) at Dec. 31, 2023		405,914,663
Stockholders' equity, ending balance at Mar. 31, 2024	(1,430,316)	$ 4,090	3,263,805	$ (522,202)	(4,119,876)	(69,716)	13,583
Treasury stock, ending balance (in shares) at Mar. 31, 2024				27,367,439
Common stock, beginning balance (in shares) at Jun. 30, 2024		414,404,794
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(68,236)				(69,760)	833	691
Settlement of stock-based awards (in shares)		5,427,133		1,374,482
Settlement of stock-based awards	(4,271)	$ 54	(3)	$ (4,322)
Stock-based compensation expense	12,230		12,230
Other	(2)					(2)
Common stock, ending balance (in shares) at Mar. 31, 2024		408,977,661
Stockholders' equity, ending balance at Jun. 30, 2024	(1,490,595)	$ 4,144	3,276,032	$ (526,524)	(4,189,636)	(68,885)	14,274
Treasury stock, ending balance (in shares) at Jun. 30, 2024				28,741,921
Common stock, beginning balance (in shares) at Sep. 30, 2024		414,637,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(67,174)				(62,818)	(4,448)	92
Settlement of stock-based awards (in shares)		232,390		63,959
Settlement of stock-based awards	(199)	$ 2		$ (201)
Stock-based compensation expense	14,641		14,641
Common stock, ending balance (in shares) at Jun. 30, 2024		414,404,794
Stockholders' equity, ending balance at Sep. 30, 2024	(1,543,327)	$ 4,146	3,290,673	$ (526,725)	(4,252,454)	(73,333)	14,366
Treasury stock, ending balance (in shares) at Sep. 30, 2024				28,805,880
Common stock, beginning balance (in shares) at Mar. 31, 2025		417,218,811
Stockholders' equity, beginning balance at Dec. 31, 2024	$ (1,604,699)	$ 4,147	3,304,466	$ (526,789)	(4,327,152)	(73,747)	14,376
Treasury stock, beginning balance (in shares) at Dec. 31, 2024	28,822,000			28,822,484
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ 34,439				35,335	(1,571)	675
Settlement of stock-based awards (in shares)		2,465,135		734,400
Settlement of stock-based awards	(2,420)	$ 25	(1)	$ (2,444)
Stock-based compensation expense	$ 13,662		13,662
Common stock, ending balance (in shares) at Dec. 31, 2024	385,932,000	414,753,676
Stockholders' equity, ending balance at Mar. 31, 2025	$ (1,559,018)	$ 4,172	3,318,127	$ (529,233)	(4,291,817)	(75,318)	15,051
Treasury stock, ending balance (in shares) at Mar. 31, 2025				29,556,884
Common stock, beginning balance (in shares) at Jun. 30, 2025		426,602,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(250,449)				(256,364)	5,515	400
Settlement of stock-based awards (in shares)		9,383,719		2,547,751
Settlement of stock-based awards	(7,436)	$ 94	(1)	$ (7,529)
Stock-based compensation expense	12,593		12,593
Common stock, ending balance (in shares) at Mar. 31, 2025		417,218,811
Stockholders' equity, ending balance at Jun. 30, 2025	$ (1,804,310)	$ 4,266	3,330,719	$ (536,762)	(4,548,181)	(69,803)	15,451
Treasury stock, ending balance (in shares) at Jun. 30, 2025				32,104,635
Common stock, beginning balance (in shares) at Sep. 30, 2025	394,879,000	427,178,478
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ 844,319				848,744	(4,674)	249
Settlement of stock-based awards (in shares)		575,948		194,436
Settlement of stock-based awards	(321)	$ 6		$ (327)
Stock-based compensation expense	9,243		9,243
Other	261		260		1
Common stock, ending balance (in shares) at Jun. 30, 2025		426,602,530
Stockholders' equity, ending balance at Sep. 30, 2025	$ (950,808)	$ 4,272	$ 3,340,222	$ (537,089)	$ (3,699,436)	$ (74,477)	$ 15,700
Treasury stock, ending balance (in shares) at Sep. 30, 2025	32,299,000			32,299,071

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computations of Basic and Diluted Earnings Per Share from Continuing Operations

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Income (loss) from continuing operations	$	48,165	$	(62,418)	$	(156,230)	$	(199,239)
Less: Net (loss) income attributable to noncontrolling interests	(266)		(315)		(221)		338

Net income (loss) from continuing operations available to common stockholders, basic	48,431		(62,103)		(156,009)		(199,577)
Add: Interest expense and amortization of debt discount and issuance costs for exchangeable notes, net of tax	2,526		—		—		—

Net income (loss) from continuing operations available to common stockholders, diluted	$	50,957	$	(62,103)	$	(156,009)	$	(199,577)
Denominator:
Basic weighted-average common shares outstanding	394,580		385,729		390,616		383,013
Add: Dilutive effect of stock options and restricted stock awards	1,340		—		—		—
Add: Dilutive effect of exchangeable notes	33,333		—		—		—

Diluted weighted-average common shares outstanding	429,253		385,729		390,616		383,013
Loss per share from continuing operations:
Basic	$	0.12	$	(0.16)	$	(0.40)	$	(0.52)
Diluted	$	0.12	$	(0.16)	$	(0.40)	$	(0.52)

Accumulated Other Comprehensive Loss - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Equity [Abstract]
Contributions to defined benefit pension plan	$ 14
Expected contributions to defined benefit pension plan	$ 2

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Total assets	$ 423,405	$ 504,557
Liabilities:
Total liabilities	(1,961)	(2,266)
Interest rate swaps
Liabilities:
Derivative liability	(1,961)	(2,266)
Investment in securities
Assets:
Investment in securities	517	555
Money market funds
Assets:
Cash and cash equivalents	392,887	425,407
Time deposits
Assets:
Cash and cash equivalents	30,001	78,595
Level 1
Assets:
Total assets	393,404	425,962
Liabilities:
Total liabilities	0	0
Level 1 \| Interest rate swaps
Liabilities:
Derivative liability	0	0
Level 1 \| Investment in securities
Assets:
Investment in securities	517	555
Level 1 \| Money market funds
Assets:
Cash and cash equivalents	392,887	425,407
Level 1 \| Time deposits
Assets:
Cash and cash equivalents	0	0
Level 2
Assets:
Total assets	30,001	78,595
Liabilities:
Total liabilities	(1,961)	(2,266)
Level 2 \| Interest rate swaps
Liabilities:
Derivative liability	(1,961)	(2,266)
Level 2 \| Investment in securities
Assets:
Investment in securities	0	0
Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 2 \| Time deposits
Assets:
Cash and cash equivalents	30,001	78,595
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 \| Interest rate swaps
Liabilities:
Derivative liability	0	0
Level 3 \| Investment in securities
Assets:
Investment in securities	0	0
Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 3 \| Time deposits
Assets:
Cash and cash equivalents	$ 0	$ 0

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Proceedings While certain legal proceedings and related indemnification obligations to which we are a party specify the amounts claimed, these amounts may not represent reasonably possible losses. Given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The amount of the accrual may change in the future due to new information or developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. Indian Income Tax Litigation We are a defendant in income tax litigation brought by the Indian Director of Income Tax (“DIT”) in the Supreme Court of India. The dispute arose in 1999 when the DIT asserted that we have a permanent establishment within the meaning of the Income Tax Treaty between the United States and the Republic of India and accordingly issued tax assessments for assessment years ending March 1998 and March 1999. The DIT later issued further tax assessments for assessment years ending March 2000 through March 2006. The DIT has continued to issue tax assessments on a similar basis for subsequent years. We appealed the tax assessments for assessment years ending March 1998 through March 2006 and those years are now closed, in our favor. In addition, we have appealed assessment years ended March 2021 through March 2023 with the Income Tax Appellate Tribunal ("ITAT"); no trial date has been set for these items. In addition, Sabre Asia Pacific Pte Ltd (“SAPPL”) is currently a defendant in similar income tax litigation brought by the DIT. The dispute arose when the DIT asserted that SAPPL has a permanent establishment within the meaning of the Income Tax Treaty between Singapore and India and accordingly issued tax assessments for assessment years ending March 2000 through March 2005. SAPPL appealed the tax assessments, and the Indian Commissioner of Income Tax (Appeals) returned a mixed verdict. SAPPL filed further appeals with the ITAT. The ITAT ruled in SAPPL’s favor, finding that no income would be chargeable to tax for assessment years ending March 2000 through March 2005. The DIT appealed those decisions to the Bombay High Court and our case is pending before that court; the High Court dismissed the case for assessment years ending March 2001 through March 2004. The DIT also assessed taxes on a similar basis plus some additional issues for assessment years ending March 2005 through March 2016 and March 2018 through March 2021. Appeals for these assessment years are pending before the ITAT or the High Court, depending on the year. If the DIT were to fully prevail on every claim against us, including SAPPL and other group companies, we could be subject to taxes, interest and penalties of approximately $25 million as of September 30, 2025. We intend to continue to aggressively defend against each of the foregoing claims. Although we do not believe that the outcome of the proceedings will result in a material impact on our business or financial condition, litigation is by its nature uncertain. We do not believe a negative outcome is more likely than not and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Indian Service Tax Litigation SAPPL's Indian subsidiary is also subject to litigation by the India Director General (Service Tax) (“DGST”), which has assessed the subsidiary for multiple years related to its alleged failure to pay service tax on marketing fees and reimbursements of expenses. Indian courts have returned verdicts favorable to the Indian subsidiary. The DGST has appealed the verdict to the Indian Supreme Court. We do not believe that an adverse outcome is probable and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Litigation Relating to Routine Proceedings We are also engaged from time to time in other routine legal and tax proceedings incidental to our business. We do not believe that any of these routine proceedings will have a material impact on the business or our financial condition. Other Other Tax Matters We operate in numerous jurisdictions in which taxing authorities may challenge our position with respect to income and non-income based taxes. We routinely receive inquiries and may also from time to time receive challenges or assessments from these taxing authorities. With respect to non-income based taxes, we recognize liabilities when we determine it is probable that amounts will be owed to the taxing authorities and such amounts are estimable. For example, in most countries we pay and collect Value Added Tax (“VAT”) when procuring goods and services, or providing services, within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims. We intend to vigorously defend our positions against any claims that are not insignificant, including through litigation when necessary. As of September 30, 2025, we do not believe that an adverse outcome is probable and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. We may incur expenses in future periods related to such matters, including litigation costs and possible pre-payment of a portion of any assessed tax amount to defend our position, and if our positions are ultimately rejected, it could have a material impact to our results from continuing operations.

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Consideration for sale of investments in securities				$ 0	$ 54,834,000
Goodwill impairment charges		$ 0		$ 0
Investment in securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares of investment in securities acquired (in shares)	8
Common stock, par value (in dollars per share)	$ 0.0001
Aggregate purchase price of acquired investment in securities	$ 80,000,000
Shares of investment in securities sold (in shares)			8		8
Consideration for sale of investments in securities			$ 55,000,000
Net gain (loss) recognized from sale of investments in securities						$ 3,000,000

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Discontinued Operations and Disposal - Schedule Of Assets And Liabilities From Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Current assets	$ 0	$ 54,581
Long-term assets	0	235,802
Liabilities:
Current liabilities	0	51,207
Long-term liabilities	$ 0	15,989
Discontinued Operations, Disposed of by Sale \| Hospitality Solutions Business
Assets:
Accounts receivable, net		53,377
Prepaid expenses and other current assets		1,204
Current assets		54,581
Property and equipment, net of accumulated depreciation		14,614
Goodwill and intangibles		192,156
Other assets, net		29,032
Long-term assets		235,802
Total assets		290,383
Liabilities:
Accounts payable		20,687
Other accrued liabilities and accrued compensation		18,609
Deferred revenues		11,911
Current liabilities		51,207
Other noncurrent liabilities and deferred income taxes		15,989
Long-term liabilities		15,989
Total liabilities		$ 67,196

Stock and Stockholders' Equity (Details) - USD ($)		9 Months Ended
Stock and Stockholders' Equity (Details) - USD ($)	Mar. 19, 2024	Sep. 30, 2025	Dec. 31, 2024	Apr. 17, 2020	Feb. 28, 2017
Class of Stock [Line Items]
Authorized to repurchase					$ 500,000,000
Number of shares repurchased (in shares)		0
Remaining authorized amount		$ 287,000,000
Convertible Debt \| Exchangeable Notes
Class of Stock [Line Items]
Cash from exchangeable notes	$ 30,000,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Class of Stock [Line Items]
Aggregate principal amount				$ 345,000,000
Debt exchanged	150,000,000
Face value of outstanding debt		0	$ 183,220,000
Convertible Debt \| 7.32% senior exchangeable notes due 2026
Class of Stock [Line Items]
Aggregate principal amount	$ 150,000,000
Face value of outstanding debt		$ 150,000,000	$ 150,000,000

Discontinued Operations and Disposal - Narrative (Details) - Discontinued Operations, Disposed of by Sale - Hospitality Solutions Business - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 03, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sale of business	$ 965
Pre-tax gain on sale of business		$ 821
After-tax gain on sale of business		723
TSA service period	18 months
Charges under the TSA		20		$ 20
Cash receipts related to TSA charges		13		13
Revenue earned and cash received since closing of sale		$ 11		3
Revenue previously eliminated but now in results of continuing operations			$ 11	$ 35	$ 31

Derivatives - Schedule of Interest Rate Swaps (Details) $ in Millions	Sep. 30, 2025 USD ($)
4.72% Interest Rate Swap Outstanding
Derivative [Line Items]
Floor rate	0.50%
3.88% Interest Rate Swap Outstanding
Derivative [Line Items]
Floor rate	0.50%
4.37% Interest Rate Swap Outstanding
Derivative [Line Items]
Floor rate	0.50%
Designated as Hedging Instrument \| 4.72% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	4.72%
Designated as Hedging Instrument \| 3.88% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	3.88%
Designated as Hedging Instrument \| 4.37% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	4.37%

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Revenue from External Customer [Line Items]
Revenue recognized	$ 21,000
Cancellation reserve	21,167	$ 23,557
Air Bookings
Revenue from External Customer [Line Items]
Cancellation reserve	$ 14,000	$ 11,000

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands					9 Months Ended
	Sep. 30, 2025	Mar. 31, 2024	Mar. 29, 2024	Jun. 13, 2023	Sep. 30, 2025	Jun. 04, 2025	Dec. 31, 2024	Nov. 25, 2024	Mar. 07, 2024
Debt Instrument [Line Items]
Face value of total debt outstanding	$ 4,322,095				$ 4,322,095		$ 5,220,920
Less current portion of debt outstanding	(154,790)				(154,790)		(230,704)
Face value of long-term debt outstanding	4,167,305				4,167,305		4,990,216
Term Loan \| 2021 Term Loan B-1
Debt Instrument [Line Items]
Face value of outstanding debt	311,830				$ 311,830		314,860
Term Loan \| 2021 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					3.50%
Term Loan \| 2021 Term Loan B-2
Debt Instrument [Line Items]
Face value of outstanding debt	208,829				$ 208,829		366,280
Term Loan \| 2021 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					3.50%
Term Loan \| 2022 Term Loan B-1
Debt Instrument [Line Items]
Face value of outstanding debt	217,876				$ 217,876		382,147
Term Loan \| 2022 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					4.25%
Term Loan \| 2022 Term Loan B-2
Debt Instrument [Line Items]
Face value of outstanding debt	236,311				$ 236,311		414,482
Term Loan \| 2022 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					5.00%
Term Loan \| 2024 Term Loan B-1
Debt Instrument [Line Items]
Face value of outstanding debt	397,100				$ 397,100		700,000
Term Loan \| 2024 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					6.00%
Term Loan \| 2024 Term Loan B-2
Debt Instrument [Line Items]
Face value of outstanding debt	74,438				$ 74,438		75,000
Term Loan \| 2024 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					6.00%
Term Loan \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Face value of outstanding debt	0				$ 0		871,611
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid In Cash
Debt Instrument [Line Items]
Basis spread on rate				0.25%	0.25%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid In Cash \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage				11.50%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid In Cash \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage				17.50%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK)
Debt Instrument [Line Items]
Basis spread on rate				1.75%	1.75%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK) \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage				13.00%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK) \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage				19.00%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate
Debt Instrument [Line Items]
Basis spread on rate					1.75%
Line of Credit \| Securitization facility:
Debt Instrument [Line Items]
Face value of outstanding debt	198,000				$ 198,000
Line of Credit \| AR Facility \| Securitization facility:
Debt Instrument [Line Items]
Face value of outstanding debt	$ 78,400				$ 78,400		82,200
Drawn fee percentage	4.00%	4.00%	2.25%
Line of Credit \| AR Facility \| Securitization facility: \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					4.00%
Line of Credit \| FILO Facility \| Securitization facility:
Debt Instrument [Line Items]
Face value of outstanding debt	$ 120,000				$ 120,000		120,000
Incremental increase in drawn fee percentages			0.25%
Line of Credit \| FILO Facility \| Securitization facility: \| Minimum
Debt Instrument [Line Items]
Drawn fee percentage			3.00%
Line of Credit \| FILO Facility \| Securitization facility: \| Maximum
Debt Instrument [Line Items]
Drawn fee percentage			4.00%
Line of Credit \| FILO Facility \| Securitization facility: \| SOFR
Debt Instrument [Line Items]
Basis spread on rate					8.00%
Drawn fee percentage			8.00%
Senior Secured Notes \| 9.25% senior secured notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage	9.25%				9.25%				9.25%
Face value of outstanding debt	$ 0				$ 0		10,416
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage	4.00%				4.00%
Face value of outstanding debt	$ 0				$ 0		183,220
Senior Secured Notes \| 7.375% senior secured notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage	7.375%				7.375%				7.375%
Face value of outstanding debt	$ 0				$ 0		23,393
Senior Secured Notes \| 7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Debt instrument interest rate percentage	7.32%				7.32%
Face value of outstanding debt	$ 150,000				$ 150,000		150,000
Senior Secured Notes \| 8.625% senior secured notes due 2027
Debt Instrument [Line Items]
Debt instrument interest rate percentage	8.625%				8.625%				8.625%
Face value of outstanding debt	$ 331,783				$ 331,783		656,783
Senior Secured Notes \| 11.25% senior secured notes due 2027
Debt Instrument [Line Items]
Debt instrument interest rate percentage	11.25%				11.25%			11.25%
Face value of outstanding debt	$ 45,814				$ 45,814		45,814
Senior Secured Notes \| 10.75% senior secured notes due 2029
Debt Instrument [Line Items]
Debt instrument interest rate percentage	10.75%				10.75%			10.75%
Face value of outstanding debt	$ 824,714				$ 824,714		824,714
Senior Secured Notes \| 11.125% senior secured notes due 2030
Debt Instrument [Line Items]
Debt instrument interest rate percentage	11.125%				11.125%	11.125%
Face value of outstanding debt	$ 1,325,000				$ 1,325,000		$ 0