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	313	376	351
Gross Profit	1,673	1,744	1,654
Selling, General & Admin	719	738	710
Depreciation & Amortization Expenses	247	246	244
Other Operating Expenses	-8	15	-
Total Operating Expenses	958	999	954
Operating Income	715	745	700
Interest Income	41	12	32
Interest Expense	-601	-764	-408
Other Non-Operating Income (Expense)	72	49	50
Total Non-Operating Income (Expense)	-488	-703	-326
Pretax Income	497	418	562
Provision for Income Taxes	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%	0.10%	-
EPS (Basic)	2.08	1.52	2.13
EPS (Diluted)	2.07	1.52	2.13
EPS Growth	36.18%	-28.64%	-
Shares Outstanding	208.25	208.04	207.6
Free Cash Flow	539	407	742
Free Cash Flow Growth	32.43%	-45.15%	-
Free Cash Flow Per Share	2.58	1.95	3.57
Dividends Per Share	2.000	0.500	-
Dividend Growth	300.00%	-	-
Gross Margin	84.24%	82.26%	82.49%
Operating Margin	36.00%	35.14%	34.91%
Profit Margin	21.80%	14.91%	22.04%
FCF Margin	27.14%	19.20%	37.01%
EBITDA	962	991	944
EBITDA Margin	48.44%	46.75%	47.08%
EBIT	715	745	700
EBIT Margin	36.00%	35.14%	34.91%
Effective Tax Rate	12.88%	24.40%	21.35%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.