Revenue emerged at $137.1M in 2026Q2 after nine quarters of zero sales, but the 17.2% gross margin and -$48.8% operating margin indicate restart costs and SG&A overwhelm first production income.
Sable Offshore Corp. (SOC) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 138.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 189.42M | 14.51M | 13.43M | 21.02M | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -51.02M | -14.51M | -13.43M | -21.02M | 0 | 0 | 0 |
| Gross Margin % | -36.87% | - | - | - | - | - | - |
| Gross Profit Growth % | - | -8.03% | 36.09% | - | - | - | - |
| Operating Expenses | 354.23M | 393.77M | 324.98M | 73.46M | 6.15M | 1.68M | 0 |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 185.12M | 176.2M | 324.98M | 12.76M | 0 | 1.68M | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 217.58M | 0 | 60.69M | 6.15M | 0 | 0 |
| Operating Income | -405.25M | -408.28M | -338.41M | -94.47M | -6.15M | -1.68M | 0 |
| Operating Margin % | -292.82% | - | - | - | - | - | - |
| Operating Income Growth % | - | -20.65% | -258.21% | -1436.11% | -265.47% | - | - |
| EBITDA | -361.42M | -393.77M | -324.98M | -73.46M | -1.83M | 4.27M | -1.66K |
| EBITDA Margin % | -261.15% | - | - | - | - | - | - |
| EBITDA Growth % | -28.43% | -21.17% | -342.41% | -3905.5% | -142.92% | - | - |
| D&A (Non-Cash Add-back) | 43.83M | 14.51M | 13.43M | 21.02M | 0 | 0 | 0 |
| EBIT | -289.89M | -310.25M | -561.8M | -93.67M | -1.83M | 4.27M | -1.66K |
| Net Interest Income | -123.41M | -88.25M | -67.31M | 4.42M | 3.99M | 16.15K | 0 |
| Interest Income | 0 | 0 | 0 | 4.42M | 3.99M | 16.15K | 0 |
| Interest Expense | 123.41M | 88.25M | 67.31M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.61M | 9.79M | -290.7M | 801K | 4.32M | 5.96M | -1.66K |
| Pretax Income | -413.85M | -398.49M | -629.12M | -93.67M | -1.83M | 4.27M | -1.66K |
| Pretax Margin % | -299.03% | - | - | - | - | - | - |
| Income Tax | 19.94M | 11.67M | -48K | 0 | 757.07K | 0 | 0 |
| Effective Tax Rate % | -4.82% | -2.93% | 0.01% | 0% | -41.28% | 0% | 0% |
| Net Income | -433.79M | -410.16M | -629.07M | -93.67M | -2.59M | 4.27M | -1.66K |
| Net Margin % | -313.44% | - | - | - | - | - | - |
| Net Income Growth % | 14.83% | 34.8% | -571.56% | -3515.39% | -160.63% | - | - |
| Net Income (Continuing) | -433.79M | -410.16M | -629.07M | -93.67M | -2.59M | 4.27M | -1.66K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.83 | -4.18 | -7.04 | -2.11 | -0.07 | 0.12 | -0.00 |
| EPS Growth % | 50.93% | 40.63% | -233.65% | -2826.49% | -160.08% | - | - |
| EPS (Basic) | - | -4.18 | -7.04 | -2.11 | -0.07 | 0.12 | -0.00 |
| Diluted Shares Outstanding | 153.47M | 98.18M | 89.31M | 44.44M | 35.94M | 35.94M | 2.81M |
| Basic Shares Outstanding | 153.47M | 98.18M | 89.31M | 44.44M | 35.94M | 35.94M | 2.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SOC stock.
For fiscal year 2025, Sable Offshore Corp. (SOC) reported total revenue of $0.0M.
Sable Offshore Corp. (SOC) reported a net loss of $410.2M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Regulatory delay and cash burn
Metrics are mathematically derived from official filings.
Pre-Production Revenue Emergence
SOC's revenue trajectory is binary: zero revenue for nine quarters until 2026Q2's $137.1M first oil, per financial statements, signaling a restart milestone but with sustainability unproven.
The sudden appearance of $137.1M revenue in 2026Q2 after quarters of no sales marks the first production from the Santa Ynez Unit, but the 17.2% gross margin is thin for an offshore asset, suggesting either low initial volumes or elevated restart costs. Investors should monitor whether this revenue run-rate can be sustained and expanded, as the single-quarter data point does not establish a durable growth trend.
Thin Margins Mask Restart Costs
Reported gross margin of 17.2% in 2026Q2, per income statement data, appears structurally low for offshore production, likely reflecting high fixed LOE and compliance costs that may persist.
The 17.2% gross margin is far below the 41.2% of peer Civitas Resources, indicating that SOC's California regulatory burden and dormant-asset maintenance are compressing profitability even at first production. Operating margin of -48.8% shows that SG&A and other overhead are still overwhelming gross profit, implying that the company has not yet achieved the scale needed to cover its fixed cost base.
Overhead Overwhelms First Revenue
Operating losses of -$66.9M in 2026Q2, as reported, exceed gross profit by $90.6M, indicating SG&A and other costs are scaling far faster than production income, a sign of negative operating leverage.
Despite generating $23.7M in gross profit, SOC's operating loss of -$66.9M reveals that SG&A of $58.5M plus other operating costs are consuming more than the entire gross profit, leaving no room for fixed-cost absorption. This suggests that the company's cost structure is not yet aligned with its production scale, and investors should watch for SG&A discipline as volumes ramp.
Non-Cash Charges Distort Losses
Net losses of -$64.2M in 2026Q2, per financial statements, include $15.4M in stock-based compensation, suggesting reported losses overstate cash burn but also reflect dilution risk for shareholders.
The $15.4M SBC in 2026Q2 represents a significant non-cash charge that inflates reported net losses, but it also signals that management is using equity as a compensation tool, which could dilute existing shareholders if sustained. The -89.3% ROE and 1.77 debt/equity ratio, as noted in recent context, indicate that the company is relying heavily on debt and equity issuance to fund operations, raising questions about the quality of future earnings.
SG&A and Compliance Drive Burn
SG&A averaged $48M per quarter over the last five quarters, per income statement data, representing the dominant cost line as SOC maintains dormant assets and navigates California's regulatory process.
With no revenue for most of the period, SG&A has been the primary cash outflow, peaking at $135.4M in 2024Q1 and remaining elevated at $58.5M in 2026Q2, suggesting that legal, compliance, and administrative costs are not declining despite the restart. The $97.7M cash balance, as reported, against this quarterly burn rate implies a limited runway, and investors should monitor whether SG&A can be rationalized as production scales.
First Oil Marks Critical Turn
2026Q2's $137.1M revenue, per income statement data, represents the first production since the 2015 shutdown, a pivotal inflection that shifts SOC from a cash-burning shell to an operating entity.
The transition from zero revenue to $137.1M in a single quarter is the most significant operational event in SOC's history, validating the pipeline restart and asset acquisition strategy. However, the -48.8% operating margin and continued net losses indicate that the inflection is only the beginning, and the company must demonstrate sustained production growth and cost control to achieve profitability.
Restart Sustainability Questioned
Despite first oil, SOC's 17.2% gross margin and -$64.2M net loss in 2026Q2, per reported figures, suggest the restart may be uneconomic at current costs, a key short thesis.
Short-sellers would argue that the thin gross margin and persistent operating losses indicate that the Santa Ynez Unit cannot generate sufficient returns to cover its high fixed costs and regulatory burdens, especially if California imposes additional environmental levies. The reliance on debt and equity financing, evidenced by the 1.77 debt/equity ratio, could lead to dilutive capital raises if cash burn continues, and the lack of formal guidance raises transparency concerns.