In May 2025, Amadeus and Sabre published their Q1 2025 results. Amadeus reported solid growth, while Sabre reported a small revenue decline. So, we looked at the two companies side by side and highlighted the long-term trend since 2018 in the charts below (blue for Amadeus, red for Sabre).
1) Distribution revenue (Chart #1)
Amadeus’ distribution business has recovered strongly versus 2019 levels. By contrast, Sabre has not returned to its pre-2019 baseline. Meanwhile, demand has recovered across the industry, and IATA reported that international passenger traffic in 2024 exceeded the 2019 high.
Therefore, 2025 becomes a key year to watch whether distribution revenue tracks industry bookings and how the NDC transition affects revenue per booking and mix.
2) Airline IT revenue (Chart #2)
On the IT side, the picture also diverges. Amadeus continues to grow Air IT Solutions, while Sabre’s IT Solutions has faced pressure in recent years.
In addition, the transition to modern airline platforms will influence future growth because it can change what airlines buy, how quickly they implement, and how value is priced.
3) Net debt and cash generation (Chart #3)
Cash matters because both companies need to invest in next-gen platforms and AI. Amadeus reported positive free cash flow in Q1 2025 and a net financial debt position that remains controlled.
Sabre, on the other hand, reported negative free cash flow in Q1 2025 and continues to focus on deleveraging, including through the planned sale of Hospitality Solutions and the use of proceeds to repay debt.
As a result, investors will keep watching whether Sabre can move from restructuring to consistent cash generation.
4) Stock price pressure (Chart #4)
Despite strong travel demand, both stocks have remained under pressure in recent periods. So, the question becomes: what mix of execution, product progress, and financial discipline will change the market narrative?
What we’ll watch next (2025)
Looking ahead, a few signals matter most:
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Distribution momentum: bookings growth, revenue per booking, and mix as NDC scales
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Platform traction: airline migrations to modern retailing stacks and measurable adoption
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Cash and leverage: free cash flow consistency and credible debt reduction paths
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AI impact: where AI reduces cost, improves conversion, or creates new revenue products
Curious about the travel tech landscape? Let’s discuss the commercial, financial, and technological drivers behind future trends. Please reach out to hello@threedot.io
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Note: This post is for informational purposes only. It is not investment advice.
