South Bow Corporation (SOBO)

South Bow Income 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
Revenue	1,986	2,120	2,005
Revenue Growth (YoY)	-6.32%	5.74%	-
Cost of Revenue	313	376	351
Gross Profit	1,673	1,744	1,654
Selling, General & Admin	719	738	710
Depreciation & Amortization Expenses	247	246	244
Other Operating Expenses	-8	15	-
Total Operating Expenses	958	999	954
Operating Income	715	745	700
Interest Income	41	12	32
Interest Expense	-601	-764	-408
Other Non-Operating Income (Expense)	72	49	50
Total Non-Operating Income (Expense)	-488	-703	-326
Pretax Income	497	418	562
Provision for Income Taxes	64	102	120
Net Income	433	316	442
Net Income to Common	433	316	442
Net Income Growth	37.03%	-28.51%	-
Shares Outstanding (Basic)	208	208	208
Shares Outstanding (Diluted)	209	208	208
Shares Change (YoY)	0.29%	0.10%	-
EPS (Basic)	2.08	1.52	2.13
EPS (Diluted)	2.07	1.52	2.13
EPS Growth	36.18%	-28.64%	-
Shares Outstanding	208.25	208.04	207.6
Free Cash Flow	539	407	742
Free Cash Flow Growth	32.43%	-45.15%	-
Free Cash Flow Per Share	2.58	1.95	3.57
Dividends Per Share	2.000	0.500	-
Dividend Growth	300.00%	-	-
Gross Margin	84.24%	82.26%	82.49%
Operating Margin	36.00%	35.14%	34.91%
Profit Margin	21.80%	14.91%	22.04%
FCF Margin	27.14%	19.20%	37.01%
EBITDA	962	991	944
EBITDA Margin	48.44%	46.75%	47.08%
EBIT	715	745	700
EBIT Margin	36.00%	35.14%	34.91%
Effective Tax Rate	12.88%	24.40%	21.35%

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

SEC Filings: 10-K · 10-Q