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	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	2,001	1,986	2,120	2,005
Revenue Growth	-2.10%	-6.32%	5.74%	-
Cost of Revenue	997	1,012	1,082	1,058
Gross Profit	1,004	974	1,038	947
Selling, General & Admin	11	11	3	3
Other Operating Expenses	-8	-8	15	-
Operating Expenses	254	250	264	247
Operating Income	750	724	774	700
Interest Expense	-335	-331	-388	-220
Interest & Investment Income	48	40	41	34
Earnings From Equity Investments	53	52	49	50
Currency Exchange Gain (Loss)	-5	1	-3	-2
EBT Excluding Unusual Items	511	486	473	562
Other Unusual Items	20	11	-55	-
Pretax Income	531	497	418	562
Income Tax Expense	71	64	102	120
Net Income	460	433	316	442
Net Income to Common	460	433	316	442
Net Income Growth	53.33%	37.03%	-28.51%	-
Shares Outstanding (Basic)	208	208	208	208
Shares Outstanding (Diluted)	209	209	208	208
Shares Change	0.02%	0.29%	0.29%	-
EPS (Basic)	2.21	2.08	1.52	2.13
EPS (Diluted)	2.20	2.07	1.52	2.13
EPS Growth	52.66%	36.18%	-28.61%	-

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Free Cash Flow	682	539	407	742
Free Cash Flow Per Share	3.27	2.58	1.96	3.57
Dividend Per Share	2.000	2.000	0.500	-
Dividend Growth	33.33%	300.00%	-	-
Gross Margin	50.18%	49.04%	48.96%	47.23%
Operating Margin	37.48%	36.45%	36.51%	34.91%
Profit Margin	22.99%	21.80%	14.91%	22.05%
Free Cash Flow Margin	34.08%	27.14%	19.20%	37.01%
EBITDA	1,001	971	1,020	944
EBITDA Margin	50.02%	48.89%	48.11%	47.08%
D&A For EBITDA	251	247	246	244
EBIT	750	724	774	700
EBIT Margin	37.48%	36.45%	36.51%	34.91%
Effective Tax Rate	13.37%	12.88%	24.40%	21.35%