South Bow Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	2,044	2,120	2,005
Revenue Growth (YoY)	-6.44%	5.74%	-
Cost of Revenue	1,073	1,111	1,058
Gross Profit	971	1,009	947
Selling, General & Admin	3	3	3
Other Operating Expenses	18	15	-
Operating Expenses	269	264	247
Operating Income	702	745	700
Interest Expense	-363	-388	-220
Interest & Investment Income	42	41	34
Earnings From Equity Investments	50	49	50
Currency Exchange Gain (Loss)	-3	-3	-2
EBT Excluding Unusual Items	428	444	562
Other Unusual Items	-26	-26	-
Pretax Income	402	418	562
Income Tax Expense	102	102	120
Net Income	300	316	442
Net Income to Common	300	316	442
Net Income Growth	-24.62%	-28.51%	-
Shares Outstanding (Basic)	208	208	208
Shares Outstanding (Diluted)	209	208	208
Shares Change (YoY)	0.55%	0.29%	-
EPS (Basic)	1.44	1.52	2.13
EPS (Diluted)	1.44	1.52	2.13
EPS Growth	-24.73%	-28.61%	-
Free Cash Flow	489	407	742
Free Cash Flow Per Share	2.34	1.96	3.57
Dividend Per Share	1.500	0.500	-
Gross Margin	47.50%	47.59%	47.23%
Operating Margin	34.34%	35.14%	34.91%
Profit Margin	14.68%	14.91%	22.05%
Free Cash Flow Margin	23.92%	19.20%	37.01%
EBITDA	950	991	944
EBITDA Margin	46.48%	46.74%	47.08%
D&A For EBITDA	248	246	244
EBIT	702	745	700
EBIT Margin	34.34%	35.14%	34.91%
Effective Tax Rate	25.37%	24.40%	21.35%

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q