South Bow Corporation (TSX:SOBO)

South Bow Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	433	316	442
Depreciation & Amortization	247	246	244
Other Adjustments	72	29	127
Changes in Other Operating Activities	-35	-62	-34
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	-	4,535	621
Long-Term Debt Repaid	-	-4,722	-971
Net Long-Term Debt Issued (Repaid)	-	-187	-350
Issuance of Common Stock	5	9	-
Net Common Stock Issued (Repurchased)	5	9	-
Common Dividends Paid	-416	-121	-190
Other Financing Activities	-	-8	-37
Financing Cash Flow	-411	-307	-577
Effect of Exchange Rate Changes on Cash and Cash Equivalents	21	-7	-6
Net Cash Flow	152	135	258
Free Cash Flow	539	407	742
Free Cash Flow Growth	32.43%	-45.15%	-
FCF Margin	27.14%	19.20%	37.01%
Free Cash Flow Per Share	2.58	1.95	3.57
Levered Free Cash Flow	467	191	265
Unlevered Free Cash Flow	656.93	625.21	723.53

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.