# Sabre Corporation (SNS) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SNS/thesis · /stocks/SNS/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SNS/fundamental

## Navigation

- Overview: /stocks/SNS
- Financials (this page): /stocks/SNS/financials
- Thesis: /stocks/SNS/thesis
- Investment Memo: /stocks/SNS/memo
- Coverage universe: /stocks