South Bow Cash Flow 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
Net Income	422	433	316	442
Depreciation & Amortization	249	247	246	244
Asset Writedown & Restructuring Costs	-	-	7	-
Loss (Gain) on Equity Investments	21	22	21	21
Other Operating Activities	80	50	1	106
Change in Accounts Receivable	83	83	101	-251
Change in Inventory	107	107	-50	63
Change in Accounts Payable	-203	-203	-81	-120
Change in Other Net Operating Assets	19	-22	-32	274
Operating Cash Flow	778	717	529	779
Operating Cash Flow Growth	43.54%	35.54%	-32.09%	-
Capital Expenditures	-173	-178	-122	-37
Sale of Property, Plant & Equipment	-	-	38	93
Other Investing Activities	4	3	4	6
Investing Cash Flow	-169	-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	8	5	9	-
Common Dividends Paid	-416	-416	-121	-190
Other Financing Activities	-	-	-21	-37
Financing Cash Flow	-408	-411	-307	-577
Foreign Exchange Rate Adjustments	8	21	-7	-6
Net Cash Flow	209	152	135	258
Free Cash Flow	605	539	407	742
Free Cash Flow Growth	51.25%	32.43%	-45.15%	-
Free Cash Flow Margin	30.57%	27.14%	19.20%	37.01%
Free Cash Flow Per Share	2.90	2.58	1.96	3.57
Cash Interest Paid	345	342	-	-
Cash Income Tax Paid	38	38	49	34
Levered Free Cash Flow	275.1	257.23	602.35	-
Unlevered Free Cash Flow	482.6	464.1	844.85	-
Change in Working Capital	6	-35	-62	-34