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Sable Offshore cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$22.1M in Q2 2026 · −$559M over twelve months

Operating cash flow$9.4M
Capital spending−$31.5M
Free cash flow−$22.1M

Analysis

In Q2 2026, Sable Offshore generated $9.4M of operating cash flow and spent $31.5M on capital projects, leaving free cash flow of −$22.1M. That is $203M more than in Q2 2025 (−$225M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$282M; the largest uses were operating cash flow ($282M), capital spending ($277M); besides operations, cash came from other financing ($298M); the cash balance fell by $261M.

Operating cash flow was $9.4M against net income of −$64.2M. The largest differences: payables +$78.0M, receivables −$48.6M, depreciation & amortization +$32.0M.

Free cash flow

Sable Offshore: free cash flow by quarterSable Offshore: free cash flow by quarter−$91.2MQ4 2024−$111MQ1 2025−$225MQ2 2025−$241MQ3 2025−$193MQ4 2025−$103MQ1 2026−$22.1MQ2 2026
Operating cash flow less capital spending.
Sable Offshore: operating cash flow against capital spendingSable Offshore: operating cash flow against capital spendingOperating cash flowCapital spending−$37.5M$53.7MQ4 2024−$47.9M$63.3MQ1 2025−$95.0M$130MQ2 2025−$111M$130MQ3 2025−$98.1M$94.5MQ4 2025−$82.2M$21.1MQ1 2026$9.4M$31.5MQ2 2026
Latest (Q2 2026): Operating cash flow $9.4M, Capital spending $31.5M.

Capital allocation, year by year

Sable Offshore: where the cash came from (up) and went (down), by fiscal yearSable Offshore: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$2.0MFY2021: Net borrowing $16KFY2021: Shares issued $288M$288MFY2021FY2022: Operating cash flow −$1.7MFY2022: Net borrowing $3.2MFY2022: Shares issued $288M$291MFY2022FY2023: Operating cash flow −$70.1MFY2023: Net borrowing $1.1MFY2023: Buybacks −$230M$1.1MFY2023FY2025: Operating cash flow −$352MFY2025: Capital spending −$418MFY2025
Over these 4 years operating cash flow totalled −$426M; the largest uses were operating cash flow ($426M) and capital spending ($418M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.6M
Debt$237M
Net debt$215M
Cash runway0 months

Sable Offshore is burning cash: its operations consume cash, a free cash flow of −$559M a year at the current rate against $21.6M of cash and investments: a runway of about 0 months before any new financing.

Where the cash came from and went

Sable Offshore: sources (+) and uses (−) of cash, Q2 2026Sable Offshore: sources (+) and uses (−) of cash, Q2 2026Capital spending−$31.5MCash drawn (+) / kept (−)$30.6MOperating cash flow$9.4MOther financing−$8.5M
Sable Offshore: sources (+) and uses (−) of cash, TTM to Q2 2026Sable Offshore: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$298MOperating cash flow−$282MCapital spending−$277MCash drawn (+) / kept (−)$261M

From profit to cash

Sable Offshore: net income to operating cash flow, Q2 2026Sable Offshore: net income to operating cash flow, Q2 2026Net income−$64.2MDepreciation & amortization$32.0MStock-based pay$15.4MReceivables−$48.6MPayables$78.0MPrepaid and other assets$2.2MOperating cash flow$9.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsCash drawn (+) / kept (−)Free cash flow
Q2 2026$9.4M−$31.5M—$30.6M−$22.1M
Q1 2026−$82.2M−$21.1M—$45.5M−$103M
Q4 2025−$98.1M−$94.5M—−$56.1M−$193M
Q3 2025−$111M−$130M—$241M−$241M
Q2 2025−$95.0M−$130M—−$58.3M−$225M
Q1 2025−$47.9M−$63.3M—$111M−$111M
Q4 2024−$37.5M−$53.7M$209K−$12.3M−$91.2M

Sable Offshore: income statement and cash flow

Sable Offshore, Q2 2026: revenue $137M, operating margin -48.8%. The chart follows the revenue to costs, profit and cash.

Sable Offshore: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.