Sabre Corpo (SABR)
🔔 Watch stock
If you have ever flown, chances are you have used Sabre without knowing it: 365 million bookings ran through the travel-booking network of the Texas group in 2025 — a company that lately calls itself "AI-native". The stock still shows up in our insolvency warning scanner. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: $4,438.8 million of debt at interest rates up to 11.125 percent, equity of minus $1,036.5 million, operating cash flow below zero — and a 2025 annual profit that stems solely from the sale of the hotel business. Not investment advice — just a security check before you board.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.19 | – | 715 | 4.00 | -10.50 | 83 | 67 |
| 2025: Q1 | 0.08 | – | 777 | -0.80 | 4.50 | -81 | -99 |
| 2025: Q2 | -0.66 | – | 687 | -1.10 | -37.30 | -224 | -245 |
| 2025: Q3 | 1.98 | – | 715 | -6.50 | 118.70 | 37 | 17 |
| 2025: Q4 | -0.26 | – | 667 | -6.70 | -15.50 | 137 | 113 |
| 2026: Q1 | 0.02 | -73.70 | 760 | -2.10 | 1.10 | -135 | -156 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
One of three big global distribution systems (GDS) with a genuine network effect: 365.3 million billable bookings and 695.4 million passengers boarded in 2025, transaction-based recurring revenue, 58 percent of bookings in North America (annual report 10-K for 2025).
Operating income rose from $32.2 million (2023) to $295.5 million (2025), technology costs fell by about $240 million, and the first quarter of 2026 brought +8 percent revenue. But bookings growth stood at just 0.6 percent in 2025, and so far all of the progress flows into the interest bill.
$4,438.8 million at par (March 31, 2026) at coupons up to 11.25 percent; net interest expense (2025: $447.8 million) has exceeded operating income in every year since 2023; about $4.1 billion come due in 2029/2030. The 10-K itself warns that operating cash flow may not suffice for principal and interest.
Equity of minus $1,036.5 million (December 31, 2025), operating cash flow of minus $108.9 million in 2025 and minus $134.2 million in the first quarter of 2026; the 2025 group profit stems solely from the $822 million gain on the hotel business sold to TPG — a non-repeatable one-off effect.
Real AI products (SabreMosaic, agentic interfaces, machine-learning booking systems) meet honest risk-factor warnings: third-party AI with hallucination risk, competitors could be faster. Constellation Software reported more than 5 percent in March 2026 and secured a new board seat (standstill cap: 15 percent) — while Vanguard most recently reduced its position by 17.8 percent.
Sabre is the opposite of an empty shell: an indispensable booking network with a genuine operating turnaround and an AI story that is more than a label. But the balance sheet tells the second half: $4.4 billion of debt at double-digit coupons, an interest burden above the entire operating income, negative equity, negative operating cash flow — and a 2025 profit that stems solely from the sale of the hotel business. The stock is the thin residual lever on a company that economically belongs five sixths to its creditors. Not investment advice.
- Unless noted otherwise, all earnings figures in the article refer to continuing operations (excluding the Hospitality Solutions business sold in July 2025, which is reported as discontinued operations).
- The debt-wall chart shows par values by final maturity per the quarterly report 10-Q as of March 31, 2026; scheduled small quarterly amortizations of the term loans (0.25 percent per quarter) are not shown separately in it.
- Price and valuation figures are dated July 8, 2026 (about $1.90, about 395 million shares); analyses are evergreen, daily prices are not a buy argument.
About the Company
Sabre Corporation ist zusammen mit seinen Tochtergesellschaften ein Software- und Technologieunternehmen für die Reisebranche in den USA, Europa, im asiatisch-pazifischen Raum und international. Es bietet den Sabre-Mosaic-Marktplatz, einen B2B-Reisemarktplatz, der Reiselösungen bereitstellt…
| IPO Year | 2014 |
|---|---|
| Next Earnings | 6. Aug 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.