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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023
Revenue	1,971	2,120	2,005
Revenue Growth (YoY)	-9.84%	5.74%	-
Cost of Revenue	336	376	351
Gross Profit	1,635	1,744	1,654
Selling, General & Admin	755.53	738	710
Depreciation & Amortization Expenses	251	246	244
Other Operating Expenses	12.5	15	-
Total Operating Expenses	1,019	999	954
Operating Income	615.97	745	700
Interest Income	-	12	32
Interest Expense	-560	-764	-408
Other Non-Operating Income (Expense)	70	49	50
Total Non-Operating Income (Expense)	-490	-703	-326
Pretax Income	416	418	562
Provision for Income Taxes	84	102	120
Net Income	332	316	442
Net Income to Common	332	316	442
Net Income Growth	-9.83%	-28.51%	-
Shares Outstanding (Basic)	209	208	208
Shares Outstanding (Diluted)	209	208	208
Shares Change (YoY)	0.52%	0.10%	-
EPS (Basic)	1.59	1.52	2.13
EPS (Diluted)	1.59	1.52	2.13
EPS Growth	-10.35%	-28.64%	-
Free Cash Flow	343	407	742
Free Cash Flow Growth	-15.72%	-45.15%	-
Free Cash Flow Per Share	1.64	1.95	3.57
Dividends Per Share	2.000	0.500	-
Dividend Growth	300.00%	-	-
Gross Margin	82.95%	82.26%	82.49%
Operating Margin	31.25%	35.14%	34.91%
Profit Margin	16.84%	14.91%	22.04%
FCF Margin	17.40%	19.20%	37.01%
EBITDA	866.97	991	944
EBITDA Margin	43.99%	46.75%	47.08%
EBIT	615.97	745	700
EBIT Margin	31.25%	35.14%	34.91%
Effective Tax Rate	20.19%	24.40%	21.35%

Updated Nov 13, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q