South Bow Income 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	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	2,074	2,120	2,005
Revenue Growth (YoY)	-3.04%	5.74%	-
Cost of Revenue	1,104	1,111	1,058
Gross Profit	970	1,009	947
Selling, General & Admin	3	3	3
Other Operating Expenses	18	15	-
Operating Expenses	268	264	247
Operating Income	702	745	700
Interest Expense	-375	-388	-220
Interest & Investment Income	40	41	34
Earnings From Equity Investments	50	49	50
Currency Exchange Gain (Loss)	-3	-3	-2
EBT Excluding Unusual Items	412	444	562
Other Unusual Items	-26	-26	-
Pretax Income	386	418	562
Income Tax Expense	94	102	120
Net Income	292	316	442
Net Income to Common	292	316	442
Net Income Growth	-36.24%	-28.51%	-
Shares Outstanding (Basic)	208	208	208
Shares Outstanding (Diluted)	208	208	208
Shares Change (YoY)	0.42%	0.29%	-
EPS (Basic)	1.41	1.52	2.13
EPS (Diluted)	1.40	1.52	2.13
EPS Growth	-36.51%	-28.61%	-
Free Cash Flow	400	407	742
Free Cash Flow Per Share	1.92	1.96	3.57
Dividend Per Share	1.000	0.500	-
Gross Margin	46.77%	47.59%	47.23%
Operating Margin	33.85%	35.14%	34.91%
Profit Margin	14.08%	14.91%	22.05%
Free Cash Flow Margin	19.29%	19.20%	37.01%
EBITDA	949	991	944
EBITDA Margin	45.76%	46.74%	47.08%
D&A For EBITDA	247	246	244
EBIT	702	745	700
EBIT Margin	33.85%	35.14%	34.91%
Effective Tax Rate	24.35%	24.40%	21.35%

Updated Mar 6, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.