Sabre strengthens distribution, Amadeus under pressure: Q2 brings mixed results for GDS giants
Results for the second quarter of 2026 show an unusually large gap between of the leading global distribution systems. As Sabre continued to grow in distribution, Amadeus felt the impact of air traffic disruptions associated with the conflict in the Middle East. Travelport is not obliged to publish its business results, so we cannot include them in the comparison.
Sabre Marketplace continued to grow
Sabre generated $577 million in revenue in the Marketplace segment in the second quarter, as the company has been calling its former Distribution segment since the start of this year. This represents growth of 61 per cent compared with the same period last year, while air distribution bookings remained in positive territory.
The results gave Sabre enough room to raise its expectations for adjusted EBITDA and free cash flow for the full year 2026. The company had already pointed out after the first quarter that its growth in distribution bookings was outperforming the wider market, despite pressures on demand and geopolitics.
For travel agencies and TMCs, the continuity of growth in the distribution business is particularly interesting. At a time when there is increasing discussion about direct distribution, NDC and new aggregators, traditional GDS volume clearly still plays a very important role in Sabre's business model.
Amadeus felt a drop in bookings
At Amadeus the picture is different. Revenue in the Air Distribution segment fell by 2.41% to around €762 million, while the number of bookings dropped by 7.61%. A higher revenue per booking, which rose by 5.61%, mitigated some of the negative impact.
The Amadeus drop is primarily linked to the war in the Middle East, a higher number of cancellations, and changes in airline capacity. Reuters reports that the company, due to a weaker Q2, has reduced its revenue growth expectations for 2026 from the previously planned high single-digit growth to a mid-to-high single-digit range.
However, Chief Executive Luis Maroto said that bookings had been gradually recovering since June and that the worst of the disruption was probably over.
Same sector, but different risk exposure
A direct comparison of Sabre's and Amadeus's revenues is not entirely accurate because the companies use different reporting methodologies and operate with different market mixes. However, Q2 clearly demonstrates how much geography, client structure, and revenue per booking can influence the results of distribution platforms today.
For travel industry that is perhaps the most important message of the quarter: booking volume remains key, but the resilience of the distribution business increasingly depends on where that volume comes from and how well it can be monetised.
