South Bow revenue and financials
$48.65Change from previous close: +0.70%Absolute change: +$0.34
In the fiscal year ended December 2025, South Bow reported revenue of $1.99B (−6.32% year over year). Net income was $433M, a net margin of 21.8%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- −6.32%
- 2025 vs 2024
- Net income growth
- +37.03%
- 2025 vs 2024
- Net margin
- 21.8%
- 2024: 14.9%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 255 | 186 | 194 | 204 | 194 | 125 | -34.0 | 360 | 91.0 | 112 | 219 | 289 |
| Depreciation and amortization | 65.0 | 64.0 | 58.0 | 64.0 | 63.0 | 62.0 | 62.0 | 61.0 | 62.0 | 61.0 | 57.7 | 60.6 |
| Capital expenditure | -18.0 | -27.0 | -60.0 | -52.0 | -34.0 | -32.0 | -28.0 | -62.0 | -20.0 | -12.0 | -10.5 | -8.1 |
| Investing cash flow | -18.0 | -26.0 | -60.0 | -52.0 | -31.0 | -32.0 | -13.0 | -61.0 | -5.0 | -1.0 | 28.7 | -1.5 |
| Financing cash flow | -104 | -97.0 | -104 | -103 | -104 | -100 | -4,733 | 4,548 | -266 | 144 | -422 | 143 |
| Dividends paid | -104 | -104 | -104 | -104 | -104 | -104 | -18.0 | — | -266 | — | — | — |
| Debt issued | — | — | 0.0 | 0.0 | — | — | 18.0 | 4,530 | — | — | -0.7 | 607 |
| Debt repaid | — | — | — | — | — | — | -4,722 | — | — | — | -395 | -563 |
| Effect of exchange rates | -6.0 | -13.0 | 18.0 | 0.0 | 3.0 | — | -9.0 | -7.0 | 4.0 | 5.0 | -8.3 | 2.2 |
| Net change in cash | 127 | 50.0 | 48.0 | 49.0 | 62.0 | -7.0 | -4,789 | 4,840 | -176 | 260 | -182 | 433 |
| Free cash flow | 237 | 159 | 134 | 152 | 160 | 93.0 | -62.0 | 298 | 71.0 | 100 | 209 | 281 |
| Levered free cash flow | 179 | 81.6 | 90.2 | -8.4 | 114 | 63.8 | 4,650 | -4,193 | 50.4 | 89.8 | — | — |