South Bow (SOBO) financial statements
South Bow reported revenue of $2.0B in fiscal 2025, down 0.5% a year over 2 years.
Net income was $433M and the operating margin 36.0%, against 53.6% in 2023.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from South Bow's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.0B |
| Cost of revenue | $351M | $376M | $313M |
| Gross profit | $1.7B | $1.7B | $1.7B |
| Operating income | $1.1B | $1.1B | $715M |
| Interest expense | $220M | $388M | $331M |
| Pre-tax income | $562M | $418M | $497M |
| Income tax | $120M | $102M | $64M |
| Net income | $442M | $316M | $433M |
| EPS (diluted) | $2.13 | $1.52 | $2.07 |
| Diluted shares | 208M | 208M | 209M |
| Gross margin | 82.5% | 82.3% | 84.2% |
| Operating margin | 53.6% | 51.5% | 36.0% |
| Net margin | 22.0% | 14.9% | 21.8% |
Balance sheet
Fiscal years, from South Bow's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $262M | $397M | $549M |
| Receivables | $1.3B | $1.2B | $1.1B |
| Inventory | $160M | $207M | $100M |
| Total current assets | $2.6B | $2.2B | $2.0B |
| Property, plant and equipment | $8.4B | $8.2B | $8.2B |
| Total assets | $12.0B | $11.3B | $11.2B |
| Total current liabilities | $2.1B | $1.8B | $1.3B |
| Total liabilities | $9.2B | $8.7B | $8.5B |
| Shareholders' equity | $2.8B | $2.6B | $2.7B |
| Net debt | -$262M | -$397M | -$549M |
Cash flow
Fiscal years, from South Bow's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $779M | $529M | $717M |
| Capital spending | $47M | $141M | — |
| Free cash flow | $732M | $388M | — |
| Dividends paid | — | $0 | $416M |
| Net borrowing | -$971M | -$4.7B | $0 |
| Free cash flow margin | 36.5% | 18.3% | — |
| Dividends per share | — | — | $1.99 |
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What was South Bow's revenue in 2025?
$2.0B in fiscal 2025, from its 10-K filing.
From South Bow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.