Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data South Bow Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2024
FY2025
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
Interest income
34
41
40
Other non-operating income
32
12
41
Pre-tax income
562
418
497
Income tax
120
102
64
Net income
442
316
433
EBITDA
1,318
1,337
EPS, basic
2.13
1.52
2.08
EPS, diluted
2.13
1.52
2.07
Shares, basic (weighted)
208
208
208
Shares, diluted (weighted)
208
208
209
Balance sheet
FY2024
FY2024
FY2025
Cash and equivalents
262
397
549
Receivables
1,344
1,190
1,107
Inventory
160
207
100
Other current assets
644
341
252
Total current assets
2,614
2,198
2,015
Property, plant and equipment
8,428
8,206
8,210
Lease right-of-use assets
10
22
18
Other non-current assets
171
177
202
Total assets
12,032
11,329
11,193
Accounts payable
1,229
1,062
754
Deferred revenue
17
15
16
Total current liabilities
2,075
1,761
1,341
Lease liabilities
6
22
23
Other non-current liabilities
110
140
179
Total liabilities
9,192
8,719
8,484
Paid-in capital
0
661
661
Retained earnings
0
-49
-32
Other comprehensive income
-128
-198
-121
Total equity
2,840
2,610
2,709
Total liabilities and equity
12,032
11,329
11,193
Shares outstanding
0
208
208
Cash flow statement
FY2024
FY2024
FY2025
Net income
442
316
433
Depreciation and amortization
244
246
247
Deferred income tax
67
59
80
Change in receivables
-251
101
83
Change in inventory
63
-50
107
Cash from operations
779
529
717
Capital expenditures
-47
-141
Cash from investing
62
-80
-175
Debt issued
621
3,448
0
Debt repaid
-971
-4,722
0
Stock issued
0
9
5
Dividends paid
0
-416
Cash from financing
-577
-307
-411
Exchange rate effect
-6
-7
21
Net change in cash
258
135
152
Free cash flow
732
388
Income taxes paid
34
49
38
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $33.99 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
84.2%
Gross profit / revenue.
Pre-tax margin
25.0%
Pre-tax income / revenue.
Net margin
21.8%
Net income / revenue.
Operating cash flow margin
36.1%
Cash from operations / revenue.
Effective tax rate
12.9%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
3.8%
Net income / average total assets.
D&A / revenue
12.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-6.3%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-4.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
37.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
36.2%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
35.5%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-1.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
0.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.50x
Current assets / current liabilities.
Quick ratio
1.23x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.41x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
75.8%
Total liabilities / total assets.
Working capital
$674.0M
Current assets - current liabilities.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.18x
Revenue / average total assets.
Fixed asset turnover
0.24x
Revenue / average property, plant and equipment.
Inventory turnover
2.04x
Cost of revenue / average inventory.
Days inventory
179 days
365 x average inventory / cost of revenue.
Receivables turnover
1.73x
Revenue / average receivables.
Days sales outstanding
211 days
365 x average receivables / revenue.
Days payables
1,059 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
-669 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
$2.07
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$2.08
Net income per basic share, as reported (split-adjusted).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$7.09B
Share price x shares outstanding.
Enterprise value
$6.54B
Market cap + total debt - cash - short-term investments.
P/E
16.4x
Market cap / net income. Only when net income is positive.
P/S
3.57x
Market cap / revenue.
P/OCF
9.89x
Market cap / cash from operations, when positive.
EV/Sales
3.29x
Enterprise value / revenue.
Earnings yield
6.1%
Net income / market cap (the inverse of P/E).
Dividend yield
5.9%
Dividends paid over the period / market cap.
Shareholder yield
5.9%
(Dividends paid + share buybacks) / market cap.
What was South Bow Corp's revenue in fiscal 2025?
South Bow Corp reported revenue of $1.99B for fiscal 2025, 6.3% lower than the year before.
Was South Bow Corp profitable in fiscal 2025?
Yes. Net income was $433.0M, a net margin of 21.8%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.