South Bow Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	1,979	1,986	2,120	2,005
Revenue Growth (YoY)	-4.58%	-6.32%	5.74%	-
Cost of Revenue	1,026	1,012	1,082	1,058
Gross Profit	953	974	1,038	947
Selling, General & Admin	11	11	3	3
Other Operating Expenses	-11	-8	15	-
Operating Expenses	249	250	264	247
Operating Income	704	724	774	700
Interest Expense	-332	-331	-388	-220
Interest & Investment Income	45	40	41	34
Earnings From Equity Investments	52	52	49	50
Currency Exchange Gain (Loss)	1	1	-3	-2
EBT Excluding Unusual Items	470	486	473	562
Other Unusual Items	13	11	-55	-
Pretax Income	483	497	418	562
Income Tax Expense	61	64	102	120
Net Income	422	433	316	442
Net Income to Common	422	433	316	442
Net Income Growth	44.52%	37.03%	-28.51%	-
Shares Outstanding (Basic)	208	208	208	208
Shares Outstanding (Diluted)	209	209	208	208
Shares Change (YoY)	0.13%	0.29%	0.29%	-
EPS (Basic)	2.03	2.08	1.52	2.13
EPS (Diluted)	2.02	2.07	1.52	2.13
EPS Growth	44.22%	36.18%	-28.61%	-
Free Cash Flow	605	539	407	742
Free Cash Flow Per Share	2.90	2.58	1.96	3.57
Dividend Per Share	2.000	2.000	0.500	-
Dividend Growth	100.00%	300.00%	-	-
Gross Margin	48.16%	49.04%	48.96%	47.23%
Operating Margin	35.57%	36.45%	36.51%	34.91%
Profit Margin	21.32%	21.80%	14.91%	22.05%
Free Cash Flow Margin	30.57%	27.14%	19.20%	37.01%
EBITDA	953	971	1,020	944
EBITDA Margin	48.16%	48.89%	48.11%	47.08%
D&A For EBITDA	249	247	246	244
EBIT	704	724	774	700
EBIT Margin	35.57%	36.45%	36.51%	34.91%
Effective Tax Rate	12.63%	12.88%	24.40%	21.35%