Amadeus IT Group SA (AMADY) Stock Price & How to Invest
Last updated October 2026
Short answer
AMADY is the US over-the-counter ADR of Amadeus IT Group, the Madrid-based company that runs the reservation and operating software behind much of the world's air travel, and in October 2026 it reads as a high-quality, cash-generative business priced at a discount because investors fear AI agents and a softer air market will erode its moat. US investors reach it by buying the AMADY ADR through a broker, accepting euro exposure and thinner OTC liquidity than the Madrid listing.
AMADY stock price
As of 2026-10-16, Amadeus IT Group SA (AMADY) last closed at $60.59, down 23.0% over the past year. Over the past 52 weeks it has traded between $54.74 and $79.91.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Amadeus IT Group SA's investor relations page. Walnut is informational, not investment advice.
What does Amadeus IT Group SA (AMADY) do?
Amadeus IT Group is a Spanish technology company that builds the software travel runs on. Its Air Distribution business operates one of the three big global distribution systems (GDS), the marketplace where travel agencies and online travel sites search and book airline seats, and Amadeus earns a fee per booking. Its Air IT Solutions business sells the passenger service systems that airlines use to run reservations, inventory, departure control and check-in, charging per passenger boarded. A third segment, Hospitality and Other Solutions, covers hotel software, payments, airport systems and biometrics, and it has grown fastest. For 2025 Amadeus reported revenue of ~€6.5 billion and adjusted EBIT of ~€1.9 billion, and for the first half of 2026 revenue of ~€3.33 billion (up ~5% at constant currency) with adjusted EBIT of ~€1.01 billion.
US investors hold the company through AMADY, an unsponsored ADR that trades over the counter rather than on a US exchange, while the primary shares trade in Madrid as AMS and sit in the IBEX 35. The stock has been one of the IBEX's weaker performers in 2026: a Citi downgrade in February built around AI risk to airline IT pushed the shares to a low near €46, and a Middle East driven slowdown in air traffic led management to trim its 2026 outlook in July. What investors are weighing is a business with ~30% operating margins, ~€1.3 billion of annual free cash flow and modest leverage (~1.0x EBITDA) against the question of whether AI booking agents and airline direct-distribution efforts chip away at the GDS toll booth over the next decade.
What's driving Amadeus IT Group SA (AMADY)?
1. Airline IT as a recurring, per-passenger engine
Air IT Solutions grew ~8.7% at constant currency in the first half of 2026, driven by airlines migrating to Amadeus's Altéa passenger service system and buying add-ons for merchandising, pricing and disruption management. Because revenue is charged per passenger boarded under long multi-year contracts, it tracks global traffic volumes rather than any single airline's fortunes. Large migrations, once complete, tend to stay for a decade or more, which is what gives this segment its annuity-like character.
2. Hospitality, payments and biometrics as the growth leg
Hospitality and Other Solutions grew ~9.2% at constant currency in the first half, the fastest of the three segments, as hotel chains adopt Amadeus's cloud software and payment tools. In April 2026 Amadeus signed a letter of intent to acquire IDEMIA's public security business for ~€1.2 billion (up to ~€1.35 billion with earn-out), aiming to deepen its position in airport biometrics and border technology, with closing expected around mid-2027. This segment is how Amadeus reduces its dependence on airline bookings over time.
3. Air distribution and the NDC transition
Air Distribution, the GDS business, was the weaker segment in 2026 as bookings softened with the Middle East disruption and as airlines push New Distribution Capability (NDC) content and direct channels. Amadeus has signed NDC content deals with most large carriers, positioning itself as the aggregator that makes modern airline offers bookable for travel agencies rather than a pipe being bypassed. How well booking volumes and fee per booking hold up through this shift is one of the key swing factors for the stock.
4. AI as both threat and product
The bear case that dominated early 2026 holds that AI travel agents could book directly with airlines and hotels, eroding the role of intermediaries. Amadeus argues the opposite, that agents still need reliable, real-time access to fares, availability and ticketing, which is exactly the infrastructure it runs, and it has been building AI tools and partnerships on top of its data. Whether the market comes to see Amadeus as an AI beneficiary or a casualty is likely to drive the valuation more than near-term earnings.
What are the risks to Amadeus IT Group SA (AMADY)?
The biggest debated risk is structural: AI booking agents and airline direct distribution could reduce GDS volumes or fees over time, and analysts such as Citi cut targets sharply in 2026 on that concern. The business is also cyclical with air traffic, as the 2026 outlook cut tied to Middle East disruption showed, and management warned the revised outlook may not hold if conditions worsen. Competition from Sabre and Travelport in distribution and from Navitaire and in-house systems in airline IT is persistent, and the pending IDEMIA deal adds integration and regulatory risk, along with a ~€18 million Spanish GDPR fine in 2026 that highlights data-privacy exposure. For US holders, AMADY is an unsponsored OTC ADR, so liquidity and bid-ask spreads are thinner than the Madrid line, the dollar return moves with the euro, dividends are subject to Spanish withholding tax (reclaimable in part) and ADR fees, and unsponsored programs carry less direct company involvement than a listed sponsored ADR.
Is AMADY a buy or a sell?
We give no verdict on Amadeus IT Group SA. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Airline IT as a recurring, per-passenger engine. Air IT Solutions grew ~8.7% at constant currency in the first half of 2026, driven by airlines migrating to Amadeus's Altéa passenger service system and buying add-ons for merchandising, pricing and disruption management.
The case against. The biggest debated risk is structural: AI booking agents and airline direct distribution could reduce GDS volumes or fees over time, and analysts such as Citi cut targets sharply in 2026 on that concern.
Read the full bull and bear case on AMADY, including what would have to change to break either one. Walnut is not an investment adviser.
How is Amadeus IT Group SA (AMADY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Amadeus IT Group SA's investor relations page or your broker.
- Revenue (FY 2025): ~€6.5 billion (up ~8.5% at constant currency)
- Revenue (H1 2026): ~€3.33 billion (up ~5.1% at constant currency)
- Adjusted EBIT (FY 2025): ~€1.9 billion (~29% margin)
- Free cash flow (FY 2025): ~€1.3 billion
- Market cap: ~€23-25 billion (~$27 billion)
- P/E (trailing): ~18x
Amadeus shares in Madrid were trading in the low-to-mid €50s in autumn 2026, down roughly 13% for the year and well below a 52-week high near €74, which left the ADR on a trailing P/E around the high teens versus the mid-20s it commanded through much of 2024 and 2025. Net debt was ~€2.6 billion at June 30, 2026 (~1.0x EBITDA), and the company has run a €500 million share buyback alongside a dividend policy paying out roughly half of profit. Analyst consensus targets clustered near ~€65-69, though several brokers trimmed targets during 2026 on AI and traffic concerns.
Who competes with Amadeus IT Group SA (AMADY)?
Global distribution systems
Sabre (SABR) and Travelport (private) are the other two large GDS operators. Amadeus is the largest of the three by booking share, particularly strong in Europe, Asia and the Middle East, while Sabre is strongest with North American agencies; all three face the same NDC and AI-agent shifts in how airline content is distributed.
Airline passenger service and IT systems
Sabre's SabreSonic, Navitaire (owned by Amadeus since 2024 for low-cost carriers), SITA, IBS Software and in-house systems at some large carriers compete for airline reservation, inventory and departure control contracts. Amadeus's Altéa is the leading platform among large network airlines, which is a key part of its moat.
Hospitality software, payments and direct-booking channels
Oracle (OPERA), Shiji, Agilysys and others compete in hotel systems, while online travel platforms such as Booking Holdings and Expedia, airline direct websites, and emerging AI travel agents compete for the booking relationship itself. These players matter less as head-to-head rivals than as the forces that could reshape where travel is booked.
What stocks are similar to Amadeus IT Group SA (AMADY)?
Other names that sit close to AMADY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Amadeus IT Group SA (AMADY)
There are three common ways to get AMADY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so AMADY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where AMADY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Amadeus IT Group SA (AMADY)
Amadeus is a durable, high-margin travel infrastructure franchise whose ADR now trades on a lower multiple than its history, and the case hinges on whether AI reshapes travel booking around it or through it.
More on Amadeus IT Group SA (AMADY)
Whether AMADY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AMADY a buy or a sell?, and where the stock could go from here in the AMADY stock forecast.
For income investors, whether AMADY pays a dividend and how the payout looks is covered in does AMADY pay a dividend? And to weigh AMADY against a peer, read the full side-by-side comparisons: AMADY vs SABR and AMADY vs GDS.
Wondering how AMADY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Amadeus IT Group SA with AI
Connect the broker you already use and ask Walnut's AI how AMADY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is AMADY?
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AMADY is the ticker for the American Depositary Receipt of Amadeus IT Group, a Spanish travel technology company headquartered in Madrid. The ADR trades over the counter in the US rather than on the NYSE or Nasdaq, and it lets US investors own a claim on Amadeus shares in dollars through an ordinary brokerage account. The company's primary listing is on the Madrid exchange under the symbol AMS, where it is a member of the IBEX 35 index. AMADY is an unsponsored ADR, meaning a depositary bank created it without a formal agreement with Amadeus, which is common for large European companies that do not seek a US exchange listing.
What does Amadeus actually do?
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Amadeus builds and runs the software infrastructure of the travel industry. Its global distribution system connects airlines, hotels and car rental firms with travel agencies and online booking sites, earning a fee on each booking. It also sells airlines the passenger service systems they use for reservations, inventory, check-in and departure control, charging per passenger boarded. A third business sells hotel management software, payment processing, airport systems and biometric tools. When you search for a flight on a travel site, check in at an airport, or board a plane at many major airlines, there is a good chance Amadeus software is involved somewhere in the transaction.
What is the ADR ratio for AMADY?
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AMADY is generally reported as representing one ordinary Amadeus share per ADR, so its dollar price roughly equals the Madrid euro price multiplied by the current EUR/USD exchange rate, minus small differences from timing and trading spreads. Because it is an unsponsored program, the details sit with the depositary bank rather than Amadeus itself, so it is worth confirming the ratio on your broker's security details page before comparing prices. If the ratio is 1:1, a Madrid price of around €54 would correspond to an ADR price in the low $60s at exchange rates seen in 2026.
How did Amadeus perform in its most recent results?
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For the first half of 2026, Amadeus reported group revenue of ~€3.33 billion, up 2.3% in euros and ~5.1% at constant currency, with adjusted EBIT of ~€1.01 billion (up ~4.9% at constant currency) and adjusted diluted EPS up ~7.3% at constant currency. Free cash flow was ~€472 million and net debt ~€2.6 billion, about 1.0x trailing EBITDA. Hospitality and Air IT Solutions grew strongly while Air Distribution softened. Management trimmed its 2026 outlook because Middle East disruption weighed on air traffic, and warned the revised outlook could be at risk if conditions deteriorate further.
Why has the Amadeus stock price fallen in 2026?
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Two forces hit the shares. In February 2026 Citigroup downgraded Amadeus and cut its price target sharply, arguing that AI agents could disrupt airline IT and travel distribution, and the stock fell to around €46, its lowest level since 2022. Later, conflict in the Middle East reduced air traffic in an important region for Amadeus and led the company to lower its 2026 guidance in July. The result was a stock down roughly 13% for the year by autumn and one of the weaker performers in the IBEX 35, even though revenue and adjusted earnings kept growing at constant currency.
Is AI a threat or an opportunity for Amadeus?
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It is the central debate around the stock. The worry is that AI travel assistants could book directly with airlines and hotels, cutting out the GDS layer where Amadeus collects booking fees. The counterargument is that any AI agent still needs dependable, real-time access to fares, seat availability, ticketing and changes across hundreds of airlines, which is precisely the infrastructure Amadeus operates, and Amadeus is building AI tools and partnerships on top of its data. Its airline IT and hospitality businesses are also less exposed to who makes the booking, since they are paid per passenger or per property regardless of the channel.
Does AMADY pay a dividend?
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Yes. Amadeus pays a dividend twice a year, an interim and a final payment, under a policy of distributing roughly half of its profit, and it has supplemented that with a €500 million share buyback program. AMADY holders receive the dividend converted into dollars, so the amount moves with the euro. Spain applies a withholding tax on dividends paid to foreign holders, part of which US investors may be able to reclaim or credit against US taxes, and the depositary bank may deduct small per-ADR fees. The yield has generally sat in the low single digits, rising as the share price fell in 2026.
How can US investors buy Amadeus, and what should they know about the OTC ADR?
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Most US brokerages let customers trade AMADY like a regular stock, although some charge extra for OTC securities or do not support fractional shares on them. Because AMADY trades over the counter, volume is much lower than in Madrid, so bid-ask spreads can be wider and limit orders are commonly used to control execution price. Some international brokers also allow buying AMS directly in Madrid. Either way, returns in dollars depend on both the share price and the euro-dollar exchange rate. Walnut can track AMADY in a basket alongside your other holdings, but Walnut is not an investment adviser and this is descriptive information, not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Amadeus IT Group SA's investor relations page or your broker before making investment decisions.