Cash conversion efficiency is currently strained, as evidenced by a 2026Q1 operating cash flow of -$135.1M and a significant working capital outflow of $204.1M.
| 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 | -185.05M | -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 % | -864.47% | -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 | 497.4M | 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 | 78.96M | 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 | 0 | 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 | 19.48M | 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 | -34.49M | -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 | -2.99M | 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 | -26.42M | -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 | 39.83M | 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 | 966.86M | 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 | -62.76M | -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 | 2.22% | 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 | 1.03B | 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 | -790.97M | -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) | -790.21M | -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) | -8.07M | -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 | 0 | 0 | 0 | 0 | 0 | 22.68M | 0 | -77.64M | -26.28M | -109.1M | -100M | -98.77M | 0 | 0 | 0 | 0 |
| Other Financing | 7.31M | 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 | -7.57M | 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 | -271.28M | -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 % | -9.59% | -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 % | -1832.45% | -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 | -0.68 | -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) | -0.55x | -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 |
Structural GDS volume erosion
As reported in recent financial filings, Sabre's operating cash flow frequently diverges from net income, evidenced by a 2026Q1 operating cash flow of -$135.1M against a net income of $8.1M, highlighting a persistent inability to convert accounting profits into tangible cash generation for the business.
The significant disconnect between net income and operating cash flow suggests that headline earnings are heavily influenced by non-cash items or accounting adjustments that do not reflect the company's actual liquidity position. Investors should monitor this trend, as the recurring inability to generate positive cash flow from operations despite reported profits indicates a potential weakness in the underlying quality of earnings.
Based on the provided quarterly data, Sabre's free cash flow trajectory remains erratic, with a sharp decline to -$156.4M in 2026Q1, underscoring the company's struggle to maintain consistent positive cash flow amidst ongoing operational challenges and the cyclical nature of the global travel distribution market.
The frequent swings between positive and negative free cash flow suggest that the company's core business model is highly sensitive to external volume fluctuations and internal cost pressures. This lack of cash flow stability may limit management's flexibility to invest in long-term growth initiatives or address the company's significant debt obligations.
According to recent SEC filings, Sabre's working capital dynamics are characterized by extreme volatility, including a massive -$204.1M outflow in 2026Q1, which suggests that the timing of collections and payments is creating significant, unpredictable pressure on the company's overall cash position and operational liquidity.
The dramatic shifts in working capital indicate that the company may be struggling with the efficiency of its cash conversion cycle, potentially due to the complex nature of its travel agency incentive structures. Such fluctuations warrant further investigation, as they appear to be a primary driver of the company's inconsistent operating cash flow performance.
As reported in financial statements, Sabre's capital expenditure remains a consistent drain on resources, with CapEx/Revenue ratios reaching as high as 8.9% in 2024Q3, reflecting the heavy investment required to maintain legacy infrastructure while simultaneously attempting to transition to modern cloud-based technology platforms.
The persistent need for capital investment suggests that the company is locked into a high-maintenance cycle that limits its ability to generate free cash flow. Investors should evaluate whether these expenditures are effectively modernizing the platform or merely serving as a defensive measure to prevent further erosion of the GDS competitive moat.
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.