South Bow Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	332	316	442
Depreciation & Amortization	251	246	244
Asset Writedown & Restructuring Costs	-	7	-
Loss (Gain) on Equity Investments	21	21	21
Other Operating Activities	79	1	106
Change in Accounts Receivable	101	101	-251
Change in Inventory	-50	-50	63
Change in Accounts Payable	-81	-81	-120
Change in Other Net Operating Assets	-164	-32	274
Operating Cash Flow	489	529	779
Operating Cash Flow Growth	-38.49%	-32.09%	-
Capital Expenditures	-146	-122	-37
Sale of Property, Plant & Equipment	38	38	93
Other Investing Activities	-20	4	6
Investing Cash Flow	-128	-80	62
Long-Term Debt Issued	-	4,548	621
Long-Term Debt Repaid	-	-4,722	-971
Net Debt Issued (Repaid)	-4,704	-174	-350
Issuance of Common Stock	14	9	-
Common Dividends Paid	-433	-121	-190
Other Financing Activities	83	-21	-37
Financing Cash Flow	-5,040	-307	-577
Foreign Exchange Rate Adjustments	-6	-7	-6
Net Cash Flow	-4,685	135	258
Free Cash Flow	343	407	742
Free Cash Flow Growth	-50.28%	-45.15%	-
Free Cash Flow Margin	17.40%	19.20%	37.01%
Free Cash Flow Per Share	1.64	1.96	3.57
Cash Income Tax Paid	35	49	34
Levered Free Cash Flow	4,799	584.23	-
Unlevered Free Cash Flow	5,006	826.73	-
Change in Working Capital	-194	-62	-34

Source: S&P Global Market Intelligence. Standard template. Financial Sources.