South Bow Corporation (SOBO)

South Bow Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Jun 30, 2025	Dec 31, 2024	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