South Bow Cash Flow 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	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	332	316	442
Depreciation & Amortization	251	246	244
Other Adjustments	101.65	29	127
Changes in Other Operating Activities	-194	-62	-34
Operating Cash Flow	489	529	779
Operating Cash Flow Growth	-38.74%	-32.09%	-
Capital Expenditures	-146	-122	-37
Sale of Property, Plant & Equipment	-	38	93
Other Investing Activities	2.83	4	6
Investing Cash Flow	-128	-80	62
Long-Term Debt Issued	5	4,535	621
Long-Term Debt Repaid	-	-4,722	-971
Net Long-Term Debt Issued (Repaid)	5	-187	-350
Issuance of Common Stock	14	9	-
Net Common Stock Issued (Repurchased)	14	9	-
Common Dividends Paid	-330	-121	-190
Other Financing Activities	-7	-8	-37
Financing Cash Flow	-5,040	-307	-577
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-6	-7	-6
Net Cash Flow	-4,685	135	258
Free Cash Flow	343	407	742
Free Cash Flow Growth	-15.72%	-45.15%	-
FCF Margin	17.40%	19.20%	37.01%
Free Cash Flow Per Share	1.64	1.95	3.57
Levered Free Cash Flow	248	191	265
Unlevered Free Cash Flow	402.59	625.21	723.53

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

SEC Filings: 10-K · 10-Q