Sabre Corporation

SNS
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2

Financial Snapshot


ticker: SNS step: 04 generated: 2026-05-13 source: quick-research note: Actual NASDAQ ticker is SABR. S&P 500 database lists as "SNS."

Sabre Corporation (SABR) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $2.50B $2.90B $2.88B -0.7%
Gross Margin ~53% ~55% ~57%
Operating Margin ~(5%) ~5% ~11%
Net Income (loss) ~($380M) ~($150M) ~($100M)
Adjusted EBITDA ~$100M $337M ~$380M

Revenue surged 50% in FY2022 as post-COVID travel volumes recovered to near pre-pandemic levels. FY2023 continued the recovery (+16%). FY2024 was essentially flat (-0.7%) as travel volumes plateaued. The company has been unprofitable at the GAAP level due to heavy debt load from historical leveraged buyout structure ($5B+ in long-term debt). Adjusted EBITDA growing strongly as the cloud migration reduces IT infrastructure costs.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Revenue $2.88B
Adjusted EBITDA ~$380M
Cash & Equivalents ~$500M
Total Long-Term Debt ~$5B
Net Debt / Adjusted EBITDA ~11x (highly leveraged)

Key Ratios (approximate)

  • EV/Adjusted EBITDA: ~20x | P/S: ~0.6x
  • Gross Margin: ~57% | Adjusted EBITDA Margin: ~13%
  • Revenue Growth (FY2024): -0.7% (flat following 2022-23 recovery surge)
  • Gross margin improving as cloud migration reduces mainframe costs

Growth Profile

Sabre's post-COVID revenue recovery was strong — from $1.7B (2021) to $2.5B (2022) to $2.9B (2023) — as travel bookings rebounded. Revenue plateaued in FY2024. The key growth lever going forward is margin expansion from the completed cloud migration (99% on Google Cloud, mainframe decommissioned), NDC content adoption driving incremental fee opportunities, and AI-powered platform capabilities attracting new airline and agency clients. As of 2026 (most recent reporting): revenue of $2.77B growing 3.4% YoY.

Forward Estimates

  • As of 2026: Revenue $2.77B (+3.4% YoY), operating margin 11.3%
  • Cloud migration complete → ongoing infrastructure cost savings ($200M+ run-rate target)
  • NDC bookings growing as more airlines adopt new distribution standards
  • Debt reduction a priority: Sabre has been selling units (Hospitality Solutions sold) to reduce leverage
  • Adjusted EBITDA guidance: growing toward $500M+ over FY2025-2026 as margins expand

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $SNS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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