South Bow Cash Flow 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
Net Income	433	316	442
Depreciation & Amortization	247	246	244
Asset Writedown & Restructuring Costs	-	7	-
Loss (Gain) on Equity Investments	22	21	21
Other Operating Activities	50	1	106
Change in Accounts Receivable	83	101	-251
Change in Inventory	107	-50	63
Change in Accounts Payable	-203	-81	-120
Change in Other Net Operating Assets	-22	-32	274
Operating Cash Flow	717	529	779
Operating Cash Flow Growth	35.54%	-32.09%	-
Capital Expenditures	-178	-122	-37
Sale of Property, Plant & Equipment	-	38	93
Other Investing Activities	3	4	6
Investing Cash Flow	-175	-80	62
Long-Term Debt Issued	-	4,548	621
Long-Term Debt Repaid	-	-4,722	-971
Net Debt Issued (Repaid)	-	-174	-350
Issuance of Common Stock	5	9	-
Common Dividends Paid	-416	-121	-190
Other Financing Activities	-	-21	-37
Financing Cash Flow	-411	-307	-577
Foreign Exchange Rate Adjustments	21	-7	-6
Net Cash Flow	152	135	258
Free Cash Flow	539	407	742
Free Cash Flow Growth	32.43%	-45.15%	-
Free Cash Flow Margin	27.14%	19.20%	37.01%
Free Cash Flow Per Share	2.58	1.96	3.57
Cash Interest Paid	342	-	-
Cash Income Tax Paid	38	49	34
Levered Free Cash Flow	257.23	602.35	-
Unlevered Free Cash Flow	464.1	844.85	-
Change in Working Capital	-35	-62	-34

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.