Revenue growth remains under pressure with a 2.1% year-over-year contraction in 2026Q1, despite a recovery in gross margins to 55.9% from the 25.8% low observed in 2023Q4.
| 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 |
|---|
| Sales/Revenue | 2.83B | 2.77B | 3.03B | 2.91B | 2.54B | 1.69B | 1.33B | 3.97B | 3.87B | 3.6B | 3.37B | 2.96B | 2.63B | 3.05B | 3.04B | 2.86B |
| Revenue Growth % | -4.13% | -8.54% | 4.19% | 14.61% | 50.22% | 26.59% | -66.44% | 2.79% | 7.46% | 6.67% | 13.93% | 12.52% | -13.71% | 0.34% | 6.41% | - |
| Cost of Goods Sold | 1.41B | 1.21B | 2.12B | 2.23B | 2.14B | 1.74B | 1.74B | 3.01B | 2.79B | 2.51B | 2.29B | 1.94B | 1.74B | 1.9B | 1.64B | 1.74B |
| COGS % of Revenue | - | 43.56% | 70% | 76.56% | 84.23% | 103.28% | 130.11% | 75.76% | 72.19% | 69.86% | 67.81% | 65.66% | 66.22% | 62.46% | 53.88% | 60.79% |
| Gross Profit | 1.42B | 1.56B | 908.83M | 681.54M | 400.1M | -55.41M | -401.63M | 963.63M | 1.08B | 1.08B | 1.09B | 1.02B | 888.94M | 1.14B | 1.4B | 1.12B |
| Gross Margin % | 50.2% | 56.44% | 30% | 23.44% | 15.77% | -3.28% | -30.11% | 24.24% | 27.81% | 30.14% | 32.19% | 34.34% | 33.78% | 37.54% | 46.12% | 39.21% |
| Gross Profit Growth % | - | 72.09% | 33.35% | 70.34% | 822.08% | 86.2% | -141.68% | -10.41% | -0.84% | -0.1% | 6.77% | 14.39% | -22.34% | -18.33% | 25.15% | - |
| Operating Expenses | 1.04B | 1.21B | 622.67M | 634.39M | 661.16M | 610.08M | 586.41M | 600.21M | 513.53M | 510.07M | 626.15M | 557.08M | 468.15M | 792.93M | 1.44B | 806.43M |
| OpEx % of Revenue | - | 43.78% | 20.55% | 21.82% | 26.06% | 36.12% | 43.96% | 15.1% | 13.28% | 14.17% | 18.56% | 18.81% | 17.79% | 26% | 47.25% | 28.24% |
| Selling, General & Admin | 511.13M | 557.4M | 622.67M | 634.39M | 661.16M | 610.08M | 586.41M | 600.21M | 513.53M | 510.07M | 626.15M | 557.08M | 468.15M | 792.93M | 1.12B | 806.43M |
| SG&A % of Revenue | - | 20.12% | 20.55% | 21.82% | 26.06% | 36.12% | 43.96% | 15.1% | 13.28% | 14.17% | 18.56% | 18.81% | 17.79% | 26% | 36.8% | 28.24% |
| Research & Development | 538.72M | 711.1M | 0 | 0 | 1.1B | 0 | 0 | 0 | 1.1B | 878M | 176M | 170M | 122M | 90M | 0 | 0 |
| R&D % of Revenue | - | 25.66% | - | - | 43.2% | - | - | - | 28.41% | 24.4% | 5.22% | 5.74% | 4.64% | 2.95% | - | - |
| Other Operating Expenses | -1000K | -55.38M | 0 | 0 | -1.1B | 0 | 0 | 0 | -8.51M | 36.53M | 27.62M | 91.38M | -63.86M | -6.72M | -7.81M | 1.16M |
| Operating Income | 380.11M | 350.88M | 286.16M | 47.14M | -261.06M | -665.49M | -988.04M | 363.42M | 562.02M | 493.44M | 459.57M | 459.77M | 421.35M | 176.76M | -618.78M | 128.25M |
| Operating Margin % | 13.44% | 12.66% | 9.45% | 1.62% | -10.29% | -39.4% | -74.06% | 9.14% | 14.53% | 13.71% | 13.62% | 15.53% | 16.01% | 5.8% | -20.36% | 4.49% |
| Operating Income Growth % | - | 22.62% | 507% | 118.06% | 60.77% | 32.65% | -371.87% | -35.34% | 13.9% | 7.37% | -0.04% | 9.12% | 138.37% | 128.57% | -582.5% | - |
| EBITDA | 482.71M | 456.8M | 415.64M | 195.82M | -76.43M | -403.3M | -624.3M | 778.04M | 975.36M | 894.31M | 873.56M | 811.25M | 710.98M | 484.36M | -301.1M | 421.36M |
| EBITDA Margin % | 17.06% | 16.48% | 13.72% | 6.73% | -3.01% | -23.88% | -46.8% | 19.57% | 25.22% | 24.85% | 25.9% | 27.4% | 27.02% | 15.88% | -9.91% | 14.75% |
| EBITDA Growth % | 19.35% | 9.9% | 112.26% | 356.22% | 81.05% | 35.4% | -180.24% | -20.23% | 9.06% | 2.38% | 7.68% | 14.1% | 46.79% | 260.86% | -171.46% | - |
| D&A (Non-Cash Add-back) | 102.6M | 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 |
| EBIT | 299.63M | 350.88M | 229.18M | -45.64M | -128.2M | -680.57M | -1.08B | 356.03M | 555.43M | 531.54M | 486.29M | 527.21M | 336.03M | 170.21M | -603.15M | 152.9M |
| Net Interest Income | -194.53M | -446.84M | -509.64M | -447.88M | -295.23M | -257.82M | -225.78M | -156.39M | -157.02M | -153.93M | -158.25M | -173.3M | -218.88M | -274.69M | -232.45M | -174.39M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.5M | 0 |
| Interest Expense | 194.53M | 446.84M | 509.64M | 447.88M | 295.23M | 257.82M | 225.78M | 156.39M | 157.02M | 153.93M | 158.25M | 173.3M | 218.88M | 274.69M | 242.95M | 174.39M |
| Other Income/Expense | -606.32M | -590.11M | -566.62M | -540.66M | -162.37M | -272.9M | -316.9M | -163.78M | -163.6M | -115.83M | -131.54M | -105.86M | -304.19M | -274.82M | -215.75M | -149.73M |
| Pretax Income | -226.21M | -239.23M | -280.46M | -493.52M | -423.43M | -938.39M | -1.3B | 199.64M | 398.41M | 377.61M | 328.04M | 353.91M | 117.15M | -104.48M | -846.1M | -21.49M |
| Pretax Margin % | -8% | -8.63% | -9.26% | -16.97% | -16.69% | -55.56% | -97.81% | 5.02% | 10.3% | 10.49% | 9.72% | 11.95% | 4.45% | -3.43% | -27.84% | -0.75% |
| Income Tax | 16.51M | 16.26M | -1.78M | 34.73M | 8.67M | -14.61M | -21.01M | 35.33M | 57.49M | 128.04M | 86.64M | 119.35M | 6.28M | -14.03M | -202.18M | 57.81M |
| Effective Tax Rate % | -7.3% | -6.8% | 0.63% | -7.04% | -2.05% | 1.56% | 1.61% | 17.7% | 14.43% | 33.91% | 26.41% | 33.72% | 5.36% | 13.43% | 23.9% | -269.02% |
| Net Income | 497.4M | 524.62M | -278.76M | -527.61M | -435.45M | -928.47M | -1.28B | 158.59M | 337.53M | 242.53M | 242.56M | 545.48M | 69.22M | -100.49M | -611.36M | -66.07M |
| Net Margin % | 17.58% | 18.93% | -9.2% | -18.14% | -17.16% | -54.98% | -96.12% | 3.99% | 8.73% | 6.74% | 7.19% | 18.42% | 2.63% | -3.3% | -20.12% | -2.31% |
| Net Income Growth % | 389.28% | 288.2% | 47.17% | -21.16% | 53.1% | 27.6% | -908.58% | -53.01% | 39.17% | -0.01% | -55.53% | 688.01% | 168.88% | 83.56% | -825.26% | - |
| Net Income (Continuing) | -242.72M | -255.49M | -278.68M | -528.25M | -432.1M | -923.77M | -1.28B | 164.31M | 340.92M | 249.58M | 241.39M | 234.56M | 110.87M | 52.07M | -215.43M | -79.29M |
| Discontinued Operations | -2M | 779.45M | 0 | 308K | -679K | -2.53M | 2.79M | -1.77M | 1.74M | 0 | 5.55M | 314.41M | 0 | 0 | 0 | 0 |
| Minority Interest | 26.46M | 26.57M | 27.3M | 27.04M | 11.5M | 9.19M | 7.03M | 8.59M | 7.21M | 5.2M | 2.58M | 1.44M | 621K | 508K | 88K | -18.69M |
| EPS (Diluted) | 1.25 | 1.34 | -0.73 | -1.56 | -1.40 | -2.88 | -4.40 | 0.57 | 1.22 | 0.87 | 0.86 | 1.95 | 0.23 | -0.39 | -3.45 | -0.37 |
| EPS Growth % | 345.55% | 283.56% | 53.21% | -11.43% | 51.39% | 34.55% | -871.93% | -53.28% | 40.23% | 1.16% | -55.9% | 747.83% | 158.97% | 88.7% | -832.43% | - |
| EPS (Basic) | - | 1.34 | -0.73 | -1.56 | -1.40 | -2.88 | -4.40 | 0.58 | 1.23 | 0.87 | 0.87 | 2.00 | 0.24 | -0.39 | -3.45 | -0.26 |
| Diluted Shares Outstanding | 397.56M | 391.71M | 383.73M | 346.57M | 326.74M | 320.92M | 289.86M | 276.22M | 277.52M | 278.32M | 282.75M | 280.07M | 246.75M | 256.19M | 177.21M | 176.22M |
| Basic Shares Outstanding | 395.15M | 391.71M | 383.73M | 346.57M | 325.82M | 320.92M | 289.86M | 274.17M | 275.24M | 276.89M | 277.55M | 273.14M | 238.63M | 256.19M | 177.13M | 176.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 96.79% | 45.65% | 63.85% | 59.51% | 18.07% | 69.2% | - | - | - |
Structural GDS volume erosion
According to the provided quarterly income statements, Sabre has experienced a consistent revenue decline, with the most recent 2026Q1 figure of $760.3M representing a 2.1% year-over-year contraction, signaling ongoing challenges in sustaining top-line growth amidst a shifting travel distribution landscape and competitive pressures.
The persistent negative growth trajectory suggests that the company is struggling to capture incremental volume in a post-pandemic travel environment. Investors should monitor whether this trend reflects a permanent loss of market share to direct-to-consumer airline channels or merely a cyclical lull in corporate travel demand.
As reported in financial statements, Sabre's gross margin profile has shown significant variance, bottoming out at 25.8% in 2023Q4 before recovering to 55.9% by 2026Q1, a shift that warrants further investigation into changes in cost recognition or potential shifts in the underlying service mix.
The dramatic expansion in gross margins over the last several quarters appears to be a structural anomaly rather than purely operational efficiency. It is possible that changes in how incentive commissions are accounted for or a shift toward higher-margin software services are driving this improvement, though the sustainability of these levels remains unproven.
Based on reported figures, Sabre's net income has exhibited extreme volatility, highlighted by a $848.7M profit in 2025Q3 followed by a $103.1M loss in 2025Q4, indicating that headline earnings are heavily influenced by non-operating items rather than core business performance.
The wide discrepancy between operating income and net income suggests that investors should focus on operating margins as a more reliable proxy for business health. The presence of large, non-recurring gains or losses implies that the company's bottom line is currently an unreliable indicator of long-term earnings power.
Data from recent filings indicates that SG&A expenses have fluctuated between $107.5M and $161.0M over the last ten quarters, suggesting that management's ability to control overhead costs remains inconsistent as the company navigates its transition to cloud-based infrastructure and legacy system maintenance.
The lack of a clear downward trend in SG&A expenses, despite the ongoing cloud migration, may indicate that the company is facing dual-run costs during its technology transition. This cost structure warrants close monitoring to determine if the anticipated efficiencies from Google Cloud integration will eventually materialize in the operating margin.
While the company maintains a critical role in travel distribution, the persistent revenue contraction and reliance on non-operating income suggest that the short-seller thesis regarding the erosion of the GDS moat may be gaining empirical support based on the latest quarterly performance data.
The market's potential overestimation of Sabre's resilience against NDC-driven disintermediation remains a primary risk factor. If the company cannot successfully pivot its value proposition to offer more than just transactional booking services, the current margin recovery may prove to be a temporary reprieve rather than a fundamental turnaround.
Quick answers to the most common questions about buying SABR stock.
For fiscal year 2025, Sabre Corporation (SABR) reported total revenue of $2.77B. This represents a 3.0% decline compared to $2.86B in 2011.
Sabre Corporation (SABR) is profitable, generating $524.6M in net income for the fiscal year ending 2025 with a net profit margin of 18.9%.
Sabre Corporation (SABR) reported an operating income of $350.9M, resulting in an operating profit margin of 12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sabre Corporation (SABR) generated $1.56B in gross profit for the year, representing a gross profit margin of 56.4%. This demonstrates the company's core pricing power and production efficiency.