South Bow Corp income statement

In fiscal 2025, South Bow Corp reported revenue of $1.99bn, down 6.3% on the year before and net income of $433m, or $2.07 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

South Bow Corp: income statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	2,005	2,120	1,986
Cost of revenue	351	376	313
Gross profit	1,654	1,744	1,673
Operating income	1,074	1,091	—
Interest expense	220	388	331
Income before tax	562	418	497
Income tax	120	102	64
Net income	442	316	433
Diluted EPS	$2.13	$1.52	$2.07
Diluted shares (average)	208m	208m	209m
EBITDA	1,318	1,337	—

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from South Bow Corp's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to South Bow Corp.