Business Description

Sabre Corporation is a travel technology company that operates a global distribution system (GDS) and provides software solutions to the travel industry. Headquartered in Southlake, Texas, the company connects travel suppliers, such as airlines and car rental brands, with travel buyers, including online and offline travel agencies. Sabre's distinctive position lies in its business-to-business travel marketplace, which processes over $110 billion in estimated travel spend annually.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues2,770,9832,744,8452,642,0772,537,015
Cost of Sales1,918,0871,927,0242,026,9672,136,916
Gross Profit852,896817,821615,110400,099
Selling, General & Administrative Expenses557,401575,972582,887661,159
Operating Profit295,495241,84932,223(261,060)
Interest Expense(447,829)(453,274)(396,598)(295,231)
Non-Operating Income(86,900)(56,016)(93,518)132,858
Total Non-Operating Income(534,729)(509,290)(490,116)(162,373)
Income Before Provision for Income Taxes(239,234)(267,441)(457,893)(423,433)
Provision for Income Taxes16,2564,10733,6458,666
Consolidated Net Income(255,490)(271,548)(491,538)(432,099)
Net Income Attributable to Minority Interests and Other(655)76(332)2,670
Net Income Attributable to Preferred Dividends——14,25721,385
Net Income Attributable to Discontinued Operations779,452(7,135)(36,402)(679)
Net Income Attributable to Common Shareholders524,617(278,759)(541,865)(435,448)
Basic EPS1.34-0.73-1.56-1.40
Diluted EPS1.34-0.73-1.56-1.40
Basic Weighted Average Shares Outstanding391,707383,733346,567326,742
Diluted Weighted Average Shares Outstanding391,707383,733346,567326,742
Shares Outstanding395,004385,932379,569328,542
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents791,555724,479648,207794,888
Total Cash and Cash Equivalents791,555724,479648,207794,888
Accounts Receivable311,870286,601343,436353,587
Total Trade Receivables311,870286,601343,436353,587
Other Current Assets192,613152,138166,948213,014
Total Current Assets1,296,0381,163,2181,158,5911,361,489
Net Property, Plant & Equipment255,323233,785233,677229,419
Net Intangible Assets284,882315,285376,103410,257
Goodwill2,384,1912,383,3802,554,0392,542,087
Long-Term Investments23,08222,47022,34322,401
Other Long-Term Assets258,612516,791327,441397,225
Total Assets4,502,1284,634,9294,672,1944,962,875
Accounts Payable260,035242,992231,767171,068
Accrued Expenses649,472557,161570,650554,520
Current Portion of Long-Term Debt245,651230,2144,04023,480
Unearned Revenue58,41360,200108,25666,503
Other Current Liabilities—51,207——
Total Current Liabilities1,213,5711,141,774914,713815,571
Long-Term Debt4,103,2084,834,7764,829,4614,717,091
Other Long-Term Liabilities209,786250,150289,464303,040
Total Long-Term Liabilities4,312,9945,084,9265,118,9255,020,131
Total Liabilities5,526,5656,226,7006,033,6385,835,702
Preferred Stock———33
Common Stock4,2744,1474,0593,534
Treasury Stock(537,197)(526,789)(520,124)(514,215)
Additional Paid-in Capital3,351,1113,304,4663,249,9013,198,580
Accumulated Other Comprehensive Income(66,656)(73,747)(73,922)(65,731)
Retained Earnings(3,802,535)(4,327,152)(4,048,393)(3,506,528)
Total Common Shareholders' Equity(1,051,003)(1,619,075)(1,388,479)(884,327)
Minority Interests and Other26,56627,30427,03511,500
Total Shareholders' Equity(1,024,437)(1,591,771)(1,361,444)(872,827)
Total Liabilities and Shareholders' Equity4,502,1284,634,9294,672,1944,962,875
FY 2025FY 2024FY 2023FY 2022
Net Income523,962(278,683)(527,940)(432,778)
Depreciation & Amortization105,920109,521121,217184,633
Share-Based Compensation Expense45,66149,02746,70782,872
Other Adjustments(797,999)227,978277,321(87,486)
Changes in Trade Receivables(65,288)18,02918,306(122,288)
Changes in Accounts Payable126,17736,97149,359131,034
Changes in Accrued Expenses(18,921)(31,246)1,038(11,857)
Changes in Unearned Revenue(20,003)(38,720)48,181(15,506)
Changes in Other Operating Activities(30,032)(22,283)21,626(8,341)
Cash from Operating Activities(130,523)70,59455,815(279,717)
Capital Expenditure(82,887)(79,527)(80,920)(69,494)
Purchases of Investments——(11,200)(80,000)
Proceeds from Sale of Investments9,26754,834—392,268
Payments for Business Acquisitions———(68,797)
Other Investing Activities1,050,042(4,921)(17,861)—
Cash from Investing Activities976,422(29,614)(109,981)173,977
Issuance of Long-Term Debt3,221,4461,938,6041,749,0731,818,581
Repayments of Long-Term Debt(3,810,329)(1,842,040)(1,682,329)(1,822,661)
Net Issuance / (Repayments) of Long-Term Debt(588,883)96,56466,744(4,080)
Preferred Share Dividends Paid——(16,039)(21,385)
Other Financing Activities(96,868)(56,992)(144,924)(49,905)
Cash from Financing Activities(685,751)39,572(94,219)(75,370)
Effect of Exchange Rate Changes on Cash and Cash Equivalents4,447(4,278)1,706(2,358)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash164,59576,274(146,679)(183,468)

Key Metrics & Ratios

MetricValue
Market Cap$537M
P/E1.01x
P/S0.19x
EV/EBITDA10.27x
Return on Equity19.5%
Return on Invested Capital8.8%
Current Ratio1.07x
Dividend Yield0.0%
Free Cash Flow Margin-6.9%

Margins

Gross margin
30.8%
Operating margin
10.7%
Net margin
18.9%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $712M +3.6% 13.0% $93M
Q1 2026 $760M +8.3% 15.2% $116M
Q4 2025 $667M +3.4% 3.2% $21M
Q3 2025 $715M +3.5% 13.1% $94M
Q2 2025 $687M — 13.0% $89M
Q1 2025 $702M — 13.0% $91M
Q4 2024 $645M — 7.1% $46M
Q3 2024 $691M — 8.4% $58M

More on Sabre Corporation

Figures compiled from public company filings.

See how Top Bucket AI works for your firm

Request Demo
Top Bucket AI Research

Stay ahead of private markets

Research and market intelligence for private-markets professionals.

✓

You're subscribed.

Thanks for signing up.