South Bow Corporation (TSX:SOBO)

South Bow Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023
Revenue	1,971	2,120	2,005
Revenue Growth (YoY)	-9.47%	5.74%	-
Cost of Revenue	1,050	1,111	1,058
Gross Profit	921	1,009	947
Selling, General & Admin	3	3	3
Other Operating Expenses	5	15	-
Operating Expenses	259	264	247
Operating Income	662	745	700
Interest Expense	-332	-388	-220
Interest & Investment Income	24	41	34
Earnings From Equity Investments	50	49	50
Currency Exchange Gain (Loss)	-3	-3	-2
EBT Excluding Unusual Items	401	444	562
Other Unusual Items	15	-26	-
Pretax Income	416	418	562
Income Tax Expense	84	102	120
Net Income	332	316	442
Net Income to Common	332	316	442
Net Income Growth	-9.34%	-28.51%	-
Shares Outstanding (Basic)	208	208	208
Shares Outstanding (Diluted)	209	208	208
Shares Change (YoY)	0.69%	0.29%	-
EPS (Basic)	1.60	1.52	2.13
EPS (Diluted)	1.59	1.52	2.13
EPS Growth	-9.83%	-28.61%	-
Free Cash Flow	343	407	742
Free Cash Flow Per Share	1.64	1.96	3.57
Dividend Per Share	2.000	0.500	-
Gross Margin	46.73%	47.59%	47.23%
Operating Margin	33.59%	35.14%	34.91%
Profit Margin	16.84%	14.91%	22.05%
Free Cash Flow Margin	17.40%	19.20%	37.01%
EBITDA	913	991	944
EBITDA Margin	46.32%	46.74%	47.08%
D&A For EBITDA	251	246	244
EBIT	662	745	700
EBIT Margin	33.59%	35.14%	34.91%
Effective Tax Rate	20.19%	24.40%	21.35%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.