SOC

MKT CAP:$1B

Sable Offshore Corp.

Market Cap

$1B

Energy·Oil & Gas Drilling·🇺🇸 United States·NYSE

Energy·Oil & Gas Drilling·🇺🇸·NYSE

Stock Price

$14.67+$2.94 (+25.06%)

Apr 22, 2026

Company Details

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases a...

CEO

James C. Flores

IPO Date

Apr 19, 2021

Website

www.sableoffshore.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$410M

EPS (Diluted)

-$4.34

Free Cash Flow

-$640M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 27, 2026

$0EPS -$4.18

Q4 2025

Feb 27, 2026

$0EPS -$0.43

Q3 2025

Nov 13, 2025

$0EPS -$1.21

Q2 2025

Aug 12, 2025

$0EPS -$1.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$0	$0	-$105.2K
Q3 21	$0	$0	-$306.7K
Q4 21	$0	$0	-$846.4K
Q1 22	$0	$0	-$424.5K
Q2 22	$0	$0	-$306.3K
Q3 22	$0	$0	-$1M
Q4 22	$0	$0	-$4M
Q1 23	$0	-$5M	-$23M
Q2 23	$0	-$5M	-$22M
Q3 23	$0	-$5M	-$23M
Q3 24	$0	-$3M	-$55M
Q4 24	$0	-$3M	-$51M
Q1 25	$0	-$3M	-$60M
Q2 25	$0	-$3M	-$129M
Q3 25	$0	-$3M	-$119M
Q4 25	$0	-$5M	-$100M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q3 21	—	—
Q4 21	—	141.8x
Q1 22	—	84.8x
Q2 22	—	72.4x
Q3 22	—	161.5x
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$388.6K	-$388.6K
Q3 21	-$155.6K	-$155.6K
Q4 21	-$772.4K	-$772.4K
Q1 22	-$309.7K	-$309.7K
Q2 22	-$318.5K	-$318.5K
Q3 22	-$209.3K	-$209.3K
Q4 22	-$876.9K	-$876.9K
Q1 23	-$20M	-$20M
Q2 23	-$17M	-$17M
Q3 23	-$17M	-$17M
Q3 24	-$32M	-$46M
Q4 24	-$38M	-$91M
Q1 25	-$48M	-$111M
Q2 25	-$95M	-$95M
Q3 25	-$111M	-$241M
Q4 25	-$98M	-$193M

Capital Expenditures

Quarter	CapEx
Q1 21	$1
Q3 21	$2
Q4 21	$0
Q1 22	$0
Q2 22	$4
Q3 22	$3
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q3 24	$14M
Q4 24	$54M
Q1 25	$63M
Q2 25	$0
Q3 25	$130M
Q4 25	$95M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+38.4%
Q2 22	—	+191.1%
Q3 22	—	+317.9%
Q4 22	—	+388.9%
Q1 23	—	+5362.5%
Q2 23	—	+7184.4%
Q3 23	—	+1658.5%
Q3 24	—	+1219.7%
Q4 24	—	+118.9%
Q1 25	—	+168.0%
Q2 25	—	+471.9%
Q3 25	—	+118.6%
Q4 25	—	+97.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	—
Q3 21	$0	—
Q4 21	$0	—
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$0	—
Q2 23	$0	—
Q3 23	$0	—
Q3 24	$0	—
Q4 24	$0	—
Q1 25	$6M	—
Q2 25	$10M	—
Q3 25	$14M	—
Q4 25	$13M	—

OpEx Breakdown

Quarter	G&A
Q1 21	$105.2K
Q3 21	$306.7K
Q1 22	$424.5K
Q2 22	$306.3K
Q3 22	$1M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q3 24	$26M
Q4 24	$48M
Q1 25	$22M
Q2 25	$75M
Q3 25	$37M
Q4 25	$42M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$367.0K	$0	$367.0K
Q2 22	$212.0K	$0	$212.0K
Q3 22	$140.2K	$0	$140.2K
Q4 22	$100.3K	$0	$100.3K
Q1 23	$133.7K	$0	$133.7K
Q2 23	$93.6K	$0	$93.6K
Q3 23	$709.5K	$0	$709.5K
Q4 23	$267.8K	$0	$267.8K
Q1 24	$209M	$0	$209M
Q2 24	$112M	$0	$112M
Q3 24	$288M	$0	$288M
Q4 24	$300M	$0	$300M
Q1 25	$189M	$0	$189M
Q2 25	$247M	$0	$247M
Q3 25	$42M	$0	$42M
Q4 25	$98M	$0	$98M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	16M	+160.1%	—
Q3 21	36M	+121.1%	—
Q4 21	36M	0.0%	—
Q1 22	36M	0.0%	+475.0%
Q2 22	36M	0.0%	+121.1%
Q3 22	36M	0.0%	0.0%
Q4 22	36M	0.0%	0.0%
Q1 23	29M	-20.1%	-20.1%
Q2 23	44M	+54.8%	+23.7%
Q3 23	44M	0.0%	+23.7%
Q3 24	62M	+39.9%	+73.0%
Q4 24	89M	+43.7%	+211.0%
Q1 25	84M	-5.5%	+90.0%
Q2 25	91M	+8.0%	+105.3%
Q3 25	91M	0.0%	+46.7%
Q4 25	98M	+7.6%	+9.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q3 24	—	—
Q4 24	$0	161
Q1 25	$0	161
Q2 25	$0	161
Q3 25	$0	161
Q4 25	$0	200

Revenue / Employee