Cash conversion is chronically negative with cumulative operating cash flow of -$159M over ten quarters, and free cash flow swung from -$246M in 2025Q2 to +$113M in 2025Q4, reflecting erratic working capital swings of -$204M to +$182M.
Sabre Corporation (SABR) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 74.95M | -130.52M | 70.59M | 56.24M | -276.46M | -418.15M | -773.18M | 578.88M | 722.9M | 673.18M | 679.92M | 529.44M | 181.67M | 143.09M | 305.75M | 331.2M |
| Operating CF Margin % | - | -4.71% | 2.33% | 1.93% | -10.9% | -24.76% | -57.95% | 14.56% | 18.69% | 18.71% | 20.16% | 17.88% | 6.9% | 4.69% | 10.06% | 11.6% |
| Operating CF Growth % | 147.43% | -284.89% | 25.52% | 120.34% | 33.89% | 45.92% | -233.56% | -19.92% | 7.39% | -0.99% | 28.42% | 191.43% | 26.96% | -53.2% | -7.68% | - |
| Net Income | 717.61M | 523.96M | -278.68M | -527.92M | -434.77M | -926.31M | -1.27B | 162.55M | 342.66M | 247.64M | 246.94M | 548.96M | 71.95M | -97.63M | -670.67M | -102.75M |
| Depreciation & Amortization | 108.42M | 105.92M | 129.48M | 148.68M | 184.63M | 262.19M | 363.74M | 414.62M | 413.34M | 400.87M | 413.99M | 351.48M | 289.63M | 307.6M | 317.68M | 293.12M |
| Stock-Based Compensation | 31.47M | 45.66M | 54.57M | 0 | 0 | 120.89M | 69.95M | 66.89M | 57.26M | 44.69M | 48.52M | 29.97M | 20.09M | 9.09M | 9.83M | 7.33M |
| Deferred Taxes | -23.5M | 5.13M | -2.89M | 22.29M | -17.31M | -27.52M | -46.23M | -22.93M | 43.1M | 48.76M | 48.45M | 97.22M | -3.83M | -64.69M | -239.38M | 34.41M |
| Other Non-Cash Items | 113.81M | -824.79M | 222.6M | 276.71M | 14.68M | 74M | 240.59M | 108.94M | 89.27M | 128.95M | 21.47M | -338.22M | -113.68M | 179.08M | 985.13M | 167.13M |
| Working Capital Changes | -73.49M | 13.59M | -54.49M | 136.49M | -23.7M | 78.59M | -129.68M | -151.19M | -222.73M | -197.73M | -99.45M | -159.98M | -82.5M | -190.35M | -96.83M | -68.04M |
| Change in Receivables | -36.19M | -65.29M | 13.33M | -1.45M | -122.29M | -17.88M | 204.97M | -33.91M | -45.59M | -108.6M | -12.95M | 10.66M | -7.29M | -29.15M | 3.15M | -49.22M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -52.47M | 99.08M | 33.91M | -15.24M | -21M | -14.61M | -80.13M | -71.92M | -68.74M | -7.24M | -44.14M |
| Change in Payables | 50.79M | 126.18M | 32.71M | 60.53M | 131.03M | 70.35M | -304.05M | -27.23M | -27.08M | 67.03M | 56.79M | 8.72M | 56.33M | -31.06M | 9.13M | 93.73M |
| Cash from Investing | -1.16B | 976.42M | -29.61M | -110.41M | 170.72M | -29.43M | -1.29M | -243.03M | -275.26M | -317.52M | -445.81M | -450.21M | -260.76M | -246.51M | -235.76M | -180.81M |
| Capital Expenditures | -91.37M | -82.89M | -84.15M | -87.42M | -69.49M | -54.3M | -65.42M | -115.17M | -283.94M | -316.44M | -327.65M | -286.7M | -227.23M | -226.03M | -193.26M | -164.64M |
| CapEx % of Revenue | 3.2% | 2.99% | 2.78% | 3.01% | 2.74% | 3.22% | 4.9% | 2.9% | 7.34% | 8.79% | 9.71% | 9.68% | 8.64% | 7.41% | 6.36% | 5.76% |
| Acquisitions | 0 | 0 | 0 | -12.02M | 323.47M | 24.87M | 68.5M | -107.46M | 0 | 0 | -164.12M | -442.34M | -31.8M | -30.2M | -44.53M | -11.34M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.07B | 1.06B | -300K | 239K | -3.26M | -3.5M | -4.38M | -20.4M | 8.68M | -1.09M | -120K | 278.83M | -1.73M | -276K | -4.6M | -4.83M |
| Cash from Financing | -789.13M | -685.75M | 39.57M | -94.22M | -75.37M | -50.56M | 1.84B | -409.72M | -306.51M | -356.78M | -190.03M | 93.14M | -71.94M | 262.17M | -25.12M | -271.54M |
| Debt Issued (Net) | -756.33M | -677.52M | 96.56M | -92.84M | -37.57M | 6.79M | 1.45B | -61.56M | -47.31M | 17.12M | 55.13M | 291.19M | -654.36M | 279M | 19.84M | -272.34M |
| Equity Issued (Net) | -435K | -10.41M | -6.67M | 10.46M | -16.08M | -22.68M | 597.89M | -77.64M | -26.28M | -96.45M | -100M | -51.36M | 672.14M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -16.04M | -21.39M | -21.63M | -44.39M | -153.51M | -154.08M | -154.86M | -144.35M | -98.6M | -47.9M | -2.44M | -2.21M | -1.84M |
| Share Repurchases | 106K | 0 | 0 | 0 | 0 | 22.68M | 0 | -77.64M | -26.28M | -109.1M | -100M | -98.77M | 0 | 0 | 0 | 0 |
| Other Financing | -32.36M | 2.18M | -50.33M | 4.2M | -332K | -13.04M | -164.16M | -117.02M | -78.83M | -122.58M | -802K | -48.1M | -41.82M | -14.39M | -42.74M | 2.64M |
| Net Change in Cash | 249.86M | 164.59M | 76.27M | -146.68M | -183.47M | -500.27M | 1.06B | -73.09M | 147.88M | -2.73M | 42.98M | 165.45M | -152.56M | 181.54M | 68.34M | -118.17M |
| Free Cash Flow | -16.42M | -213.41M | -13.55M | -31.18M | -345.95M | -472.45M | -838.6M | 463.71M | 438.96M | 356.75M | 352.27M | 242.75M | -45.56M | -82.93M | 112.49M | 166.56M |
| FCF Margin % | -0.58% | -7.7% | -0.45% | -1.07% | -13.64% | -27.97% | -62.86% | 11.67% | 11.35% | 9.91% | 10.44% | 8.2% | -1.73% | -2.72% | 3.7% | 5.83% |
| FCF Growth % | 93.91% | -1474.52% | 56.54% | 90.99% | 26.78% | 43.66% | -280.84% | 5.64% | 23.05% | 1.27% | 45.12% | 632.85% | 45.07% | -173.72% | -32.46% | - |
| FCF per Share | -0.04 | -0.54 | -0.04 | -0.09 | -1.06 | -1.47 | -2.89 | 1.68 | 1.58 | 1.28 | 1.25 | 0.87 | -0.18 | -0.32 | 0.63 | 0.95 |
| FCF Conversion (FCF/Net Income) | -0.02x | -0.25x | -0.25x | -0.11x | 0.63x | 0.45x | 0.60x | 3.65x | 2.14x | 2.78x | 2.80x | 0.97x | 2.62x | -1.42x | -0.50x | -5.01x |
| Interest Paid | 0 | 0 | 382.97M | 0 | 0 | 246.93M | 186.24M | 157.65M | 156.04M | 149.57M | 151.5M | 154.31M | 197.78M | 255.62M | 264.99M | 184.45M |
| Taxes Paid | 0 | 0 | 18.32M | 0 | 0 | 14.66M | 24.5M | 55.14M | 57.63M | 40.21M | 39.03M | 27.82M | 47.55M | 4.22M | 20.18M | 32.49M |
Quick answers to the most common questions about buying SABR stock.
Sabre Corporation (SABR) generated $-130.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sabre Corporation (SABR) reported negative free cash flow of $213.4M in 2025, indicating capital requirements exceeded cash from operations.
Sabre Corporation (SABR) spent $82.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
GDS disintermediation and working capital swings
Metrics are mathematically derived from official filings.
Cash Conversion Remains Chronically Negative
Over the last ten quarters, Sabre's cumulative operating cash flow of -$159M contrasts with cumulative net income of $318M, indicating persistent accrual-based earnings not backed by cash generation, per reported financials.
The OCF/NI ratio is negative in seven of ten quarters, with 2026Q1 showing a -16.65 ratio driven by a $204M working capital outflow. This suggests that reported net income, which includes one-time gains like the $848.7M in 2025Q3, is not translating into cash, and investors should monitor the sustainability of earnings quality.
Free Cash Flow Volatility Masks Underlying Improvement
Sabre's free cash flow swung from -$246M in 2025Q2 to +$113M in 2025Q4, with 2026Q2 at $9.7M, reflecting erratic quarterly performance despite management's raised guidance, as per recent filings.
The FCF margin ranged from -35.8% to +17.0% across the period, with no consistent upward trend. While 2026Q2 turned positive, the cumulative FCF over ten quarters is -$271M, suggesting that the company is still not generating sustainable cash flow to cover its capital needs, and the positive guidance may be premature.
Working Capital Swings Dominate Cash Flow
Working capital changes ranged from -$204M in 2026Q1 to +$182M in 2025Q4, with cumulative negative impact of -$114M over ten quarters, indicating significant volatility in collections and payables, per reported data.
The large swings suggest that Sabre's cash flow is heavily influenced by timing of agency incentive payments and booking settlements, not just operational performance. The negative working capital in 2026Q1 and 2025Q1 may indicate seasonal or structural issues in managing receivables, which warrants closer monitoring of days sales outstanding.
Capital Expenditures Remain Subdued but Strategic
CapEx averaged $26M per quarter, representing 3.5% of revenue, with a spike to $68M in 2024Q3, suggesting a focus on cloud migration and technology upgrades rather than expansion, based on reported figures.
The relatively low capital intensity indicates that Sabre is not investing heavily in physical assets, but the 2024Q3 spike may reflect a one-time investment in infrastructure. The shift to Google Cloud could increase operating expenses over time, potentially reducing future FCF if not offset by efficiency gains.
Capital Returns Minimal Amid Debt Constraints
Sabre paid no dividends and repurchased only $106K in shares over the last ten quarters, with no acquisition activity, reflecting a balance sheet constrained by high leverage, as per financial statements.
The absence of shareholder returns suggests that all available cash is being directed toward debt service and operational needs. This is consistent with the company's strained balance sheet, and investors should expect continued capital allocation toward deleveraging rather than returning cash to shareholders.
Cash Flow Statement Obscures True Earnings Quality
Stock-based compensation of $83M over ten quarters and capitalized software costs may inflate reported operating cash flow, while the $848.7M net income in 2025Q3 appears tied to non-operating gains, per reported data.
The gap between net income and operating cash flow is stark, with cumulative OCF negative despite positive net income, suggesting that accruals and one-time items are masking underlying cash generation. The lack of SBC data in some quarters (e.g., 2026Q1) may indicate incomplete reporting, and investors should scrutinize the cash flow statement for non-recurring adjustments.