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	303	313	376	351
Gross Profit	1,676	1,673	1,744	1,654
Selling, General & Admin	741	719	738	710
Depreciation & Amortization Expenses	249	247	246	244
Other Operating Expenses	-11	-8	15	-
Total Operating Expenses	979	958	999	954
Operating Income	697	715	745	700
Interest Income	28	41	12	32
Interest Expense	-332	-331	-388	-408
Other Non-Operating Income (Expense)	72	72	49	50
Total Non-Operating Income (Expense)	-232	-218	-327	-326
Pretax Income	483	497	418	562
Provision for Income Taxes	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)	209	208	208	208
Shares Outstanding (Diluted)	209	209	208	208
Shares Change (YoY)	0.31%	0.29%	0.10%	-
EPS (Basic)	2.03	2.08	1.52	2.13
EPS (Diluted)	2.03	2.07	1.52	2.13
EPS Growth	46.04%	36.18%	-28.64%	-
Free Cash Flow	605	539	407	742
Free Cash Flow Growth	12.25%	32.43%	-45.15%	-
Free Cash Flow Per Share	2.90	2.58	1.95	3.57
Dividends Per Share	2.000	2.000	0.500	-
Dividend Growth	-	300.00%	-	-
Gross Margin	84.69%	84.24%	82.26%	82.49%
Operating Margin	35.22%	36.00%	35.14%	34.91%
Profit Margin	21.32%	21.80%	14.91%	22.04%
FCF Margin	30.57%	27.14%	19.20%	37.01%
EBITDA	946	962	991	944
EBITDA Margin	47.80%	48.44%	46.75%	47.08%
EBIT	697	715	745	700
EBIT Margin	35.22%	36.00%	35.14%	34.91%
Effective Tax Rate	12.63%	12.88%	24.40%	21.35%