South Bow Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	1,986	2,120	2,005
Revenue Growth (YoY)	-6.32%	5.74%	-
Cost of Revenue	1,012	1,082	1,058
Gross Profit	974	1,038	947
Selling, General & Admin	11	3	3
Other Operating Expenses	-8	15	-
Operating Expenses	250	264	247
Operating Income	724	774	700
Interest Expense	-331	-388	-220
Interest & Investment Income	40	41	34
Earnings From Equity Investments	52	49	50
Currency Exchange Gain (Loss)	1	-3	-2
EBT Excluding Unusual Items	486	473	562
Other Unusual Items	11	-55	-
Pretax Income	497	418	562
Income Tax Expense	64	102	120
Net Income	433	316	442
Net Income to Common	433	316	442
Net Income Growth	37.03%	-28.51%	-
Shares Outstanding (Basic)	208	208	208
Shares Outstanding (Diluted)	209	208	208
Shares Change (YoY)	0.29%	0.29%	-
EPS (Basic)	2.08	1.52	2.13
EPS (Diluted)	2.07	1.52	2.13
EPS Growth	36.18%	-28.61%	-
Free Cash Flow	539	407	742
Free Cash Flow Per Share	2.58	1.96	3.57
Dividend Per Share	2.000	0.500	-
Dividend Growth	300.00%	-	-
Gross Margin	49.04%	48.96%	47.23%
Operating Margin	36.45%	36.51%	34.91%
Profit Margin	21.80%	14.91%	22.05%
Free Cash Flow Margin	27.14%	19.20%	37.01%
EBITDA	971	1,020	944
EBITDA Margin	48.89%	48.11%	47.08%
D&A For EBITDA	247	246	244
EBIT	724	774	700
EBIT Margin	36.45%	36.51%	34.91%
Effective Tax Rate	12.88%	24.40%	21.35%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.