Sabre (SABR) FY2025 results: revenue $2.8 billion, up 1.0% on the year
Sabre Corp. (SABR) reported revenue of $2.8 billion for fiscal 2025, the year ended 31 December 2025, up 1.0% on the year before. Net income was $525 million, and diluted earnings per share $1.34. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.
Revenue
$2.8 billion
+1.0% on the year
FY2018FY2025
Operating margin
10.7%
8.8% a year earlier
FY2018FY2025
Net income
$525 million
FY2018FY2025
Diluted EPS
$1.34
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 10 new.
Fourth-quarter revenue rose 3%: Fourth-quarter revenue was $667 million against $645 million a year earlier. Distribution revenue rose 5% to $527 million, while IT Solutions fell 4% to $140 million.
Quarterly operating income fell on restructuring: Operating income was $21 million against $46 million. The restructuring charge for the inflation offset program and higher incentive expenses drove the decline, partly offset by lower labor and professional services.
Q4 air bookings grew 4%: Management said air distribution bookings grew 4% in the fourth quarter and 7% in December. Air bookings for the quarter were 69,976, against 67,468 a year earlier.
Quarterly operating margin fell to 3.2%: Operating margin was 3.2% in the fourth quarter, against 7.1% a year earlier. For the full year it was 10.7%, against 8.8%.
Full-year free cash flow was negative: Full-year free cash flow was negative $192 million, including $227 million of payment-in-kind interest. Pro forma free cash flow was $57 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-131
70.6
55.8
Capital expenditure
82.9
79.5
80.9
+4.2%
Free cash flow
-213
-8.9
-25.1
Free cash flow margin
-7.7%
-0.3%
-1.0%
Cash from investing
n/a
-29.6
-110
Cash from financing
-686
39.6
-94.2
Depreciation and amortisation
106
110
121
-3.3%
Share-based compensation
45.7
49.0
46.7
-6.9%
Diluted shares, weighted
392m
384m
347m
+2.1%
Shares outstanding at period end
395m
386m
380m
+2.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
-1,036
-1,605
-1,376
Redeemable equity
12.1
12.9
14.4
-6.7%
Debt
4,532
5,221
4,962
-13.2%
Operating lease liabilities
45.4
52.5
56.3
-13.6%
Other liabilities
949
953
1,015
-0.4%
Total liabilities and equity
4,502
4,635
4,672
-2.9%
Goodwill
2,384
2,383
2,384
+0.0%
Intangible assets
285
315
376
-9.6%
Cash and equivalents
792
724
648
+9.3%
Receivables
312
287
343
+8.8%
Other assets
730
925
920
-21.1%
Total assets
4,502
4,635
4,672
-2.9%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.