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 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	422	433	316	442
Depreciation & Amortization	249	247	246	244
Other Adjustments	139	72	29	127
Changes in Other Operating Activities	6	-35	-62	-34
Operating Cash Flow	778	717	529	779
Operating Cash Flow Growth	43.54%	35.54%	-32.09%	-
Capital Expenditures	-173	-178	-122	-37
Sale of Property, Plant & Equipment	-	-	38	93
Other Investing Activities	4	3	4	6
Investing Cash Flow	-169	-175	-80	62
Long-Term Debt Issued	-	-	4,535	621
Long-Term Debt Repaid	-	-	-4,722	-971
Net Long-Term Debt Issued (Repaid)	-	-	-187	-350
Issuance of Common Stock	8	5	9	-
Net Common Stock Issued (Repurchased)	8	5	9	-
Common Dividends Paid	-416	-416	-121	-190
Other Financing Activities	-	-	-8	-37
Financing Cash Flow	-408	-411	-307	-577
Effect of Exchange Rate Changes on Cash and Cash Equivalents	8	21	-7	-6
Net Cash Flow	161	152	135	258
Free Cash Flow	605	539	407	742
Free Cash Flow Growth	12.25%	32.43%	-45.15%	-
FCF Margin	30.57%	27.14%	19.20%	37.01%
Free Cash Flow Per Share	2.90	2.58	1.95	3.57
Levered Free Cash Flow	504	467	191	265
Unlevered Free Cash Flow	690.97	656.93	625.21	723.53

SEC Filings: 10-K · 10-Q