Persistent capital intensity is evidenced by a peak quarterly free cash flow outflow of $240.7 million in 2025Q3, highlighting the extreme financial burden of maintaining dormant assets.
| Cash from Operations | -386.19M | -351.7M | -187.08M | -3.84M | -1.71M | -2.01M | -537 |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -547.01% | -88% | -4767.19% | -124.19% | 14.61% | -373796.46% | - |
| Net Income | -497.64M | -410.16M | -629.07M | -32.18M | -2.59M | 4.27M | -1.66K |
| Depreciation & Amortization | 15.39M | 14.51M | 13.43M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 36.61M | 42.68M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 788K | 11.67M | -48K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 50.38M | -958K | 389.7M | 26.35M | -4.32M | -5.96M | 0 |
| Working Capital Changes | 8.27M | -9.44M | 38.91M | 1.99M | 5.19M | -325.01K | 1.12K |
| Change in Receivables | -1.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -8.86M | -5.67M | 7.25M | 0 | 0 | 0 | 0 |
| Change in Payables | 22.73M | 3.77M | 46.05M | 2.33M | 4.35M | 275.5K | 0 |
| Cash from Investing | -375.37M | -417.62M | -276.25M | 231.58M | 786.92K | -287.5M | 0 |
| Capital Expenditures | -375.37M | -417.62M | -72.3M | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 29533.44% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -203.94M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 231.58M | 786.92K | -287.5M | 0 |
| Cash from Financing | 589.24M | 531.24M | 745.76M | -227.56M | 705K | 289.82M | 9.55K |
| Debt Issued (Net) | 0 | 0 | -19.88M | 2.56M | 705K | 1.12M | 43.63K |
| Equity Issued (Net) | 590.93M | 531.24M | 765.64M | -230.13M | 0 | 281.75M | -34.08K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -230.13M | 0 | 0 | 0 |
| Other Financing | -1.7M | 0 | 0 | 0 | 0 | 6.95M | 0 |
| Net Change in Cash | -172.33M | -238.09M | 335.5M | 167.56K | -222.51K | 313.75K | 9.01K |
| Free Cash Flow | -631.89M | -769.33M | -259.38M | -3.84M | -1.71M | -2.01M | -540 |
| FCF Margin % | -49715.66% | - | - | - | - | - | - |
| FCF Growth % | -103.5% | -196.6% | -6648.28% | -124.19% | 14.61% | -371719.26% | - |
| FCF per Share | -6.44 | -7.84 | -2.90 | -0.09 | -0.05 | -0.06 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.27x | 0.86x | 0.30x | 0.04x | 0.66x | -0.47x | 0.32x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 426.92K | 0 | 0 |
Regulatory and liquidity constraints
As reported in recent financial statements, Sable Offshore Corp. continues to experience significant negative free cash flow, with a peak quarterly outflow of $240.7 million in 2025Q3, highlighting the extreme capital intensity required to maintain dormant offshore assets while awaiting regulatory approval for production restart.
The consistent negative free cash flow trajectory suggests that the company is currently consuming its liquidity reserves at an unsustainable pace. Investors should monitor whether the recent transition to nominal revenue in 2026Q1 can eventually offset the heavy maintenance and regulatory compliance costs that have historically driven these deep deficits.
Based on the company's reported figures, capital expenditures reached a high of $130.1 million in 2025Q3, illustrating the substantial financial commitment necessary to rehabilitate aging offshore infrastructure and pipelines in a highly restrictive regulatory environment that prevents standard operational scaling.
The lumpy nature of these capital outlays indicates that the company is prioritizing essential infrastructure integrity over operational efficiency. This high capital intensity appears to be a structural necessity for the Santa Ynez Unit, implying that future cash flows will remain sensitive to the success of these specific, non-recurring capital projects.
According to the provided data, the relationship between net income and operating cash flow is heavily distorted, with the company reporting an OCF/NI ratio of 2.32 in 2024Q4, which suggests that non-cash charges and accounting adjustments are significantly masking the underlying cash reality of the business.
The wide divergence between net losses and operating cash flow indicates that traditional earnings metrics are currently poor proxies for the company's actual liquidity position. Analysts should focus on the cash burn rate rather than net income, as the latter is likely impacted by non-cash stock-based compensation and complex merger-related accounting.
As evidenced by the quarterly fluctuations in working capital, which swung from a $61.4 million inflow in 2024Q1 to a $15.5 million outflow in 2025Q4, the company's cash position is highly susceptible to timing differences in regulatory payments and vendor obligations.
These erratic working capital movements suggest that the company lacks a stable operational rhythm, which is typical for a pre-production entity managing complex legal and environmental compliance. Investors should monitor these swings as they may indicate potential liquidity crunches if vendor payment terms tighten during periods of regulatory delay.
Quick answers to the most common questions about buying SOC stock.
Sable Offshore Corp. (SOC) generated $-351.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sable Offshore Corp. (SOC) reported negative free cash flow of $769.3M in 2025, indicating capital requirements exceeded cash from operations.
Sable Offshore Corp. (SOC) spent $417.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.