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Sable Offshore (SOC) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Sable Offshore (SOC) Q2 2026 earnings results →
Q2 2026 47¢ of every $1 of revenue lost · operating margin -48.8%
Sable Offshore made $137M in Q2 2026: Oil and natural gas liquids sales $137M, Other $416K. Operating margin -48.8%, net loss $64.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $137.1M in Q2 2026, up 10689% from the previous quarter. Oil and natural gas liquids sales was the largest line at 100% of revenue.
Operating costs exceeded revenue by $66.9M, an operating margin of -48.8%. The quarter ended with a net loss of $64.2M, narrower than the previous quarter's $197.0M loss. Non-operating items added $29.7M, -80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $9.4M. Non-cash charges added back $32.0M of depreciation and amortization and $15.4M of share-based compensation. Working capital and other items added $26.3M. Capital expenditures of $31.5M exceeded it, leaving free cash flow of −$22.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $137M | — | -48.8% | −$64.2M | $9.4M |
| Q1 2026 | 10-Q | May 6, 2026 | $1.3M | — | n/m | −$197M | −$82.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Sable Offshore
References in this section to “we,” “our” and “us” generally refer to Legacy Sable prior to the Business Combination and Sable after the Business Combination. Sable Offshore Corp. (“Sable”) (formerly known as Flame Acquisition Corp. or “Flame”) was a blank check company originally incorporated on October 16, 2020 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities. On March 1, 2021, Flame consummated an initial public offering (the “Flame IPO”), after which its securities began trading on the New York Stock Exchange (“NYSE”).
In its own words, from its 10-K, filed Feb 27, 2026.
Sable Offshore against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Operating margin: -48.8% against the peers' median 19.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SOC Sable Offshore | Q2 2026 | $137M | — | -48.8% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Sable Offshore 10-Q on SEC EDGAR · CIK 1831481 · Crude Petroleum & Natural Gas
13F: who owns SOC and who is buying
More on SOC
History
Every quarter: Q2 2026 results · Q1 2026 results