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	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 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.