South Bow (SOBO) Income Statement

South Bow reported revenue of $1.99B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 6.3% from $2.12B a year earlier. Net income was $433.00M, up 37.0% year over year, a net margin of 21.8%. Gross margin was 71.8% and operating margin 36.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CAD 546.00M, up 4.2% from the same quarter a year earlier.

South Bow Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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South Bow Corporation income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023
Period ending	Dec 2025	Dec 2024	Dec 2023
Revenue & Gross Profit
Revenue	1.99	2.12	2.01
Cost of Revenue	0.56	1.08	1.06
Gross Profit	1.43	1.74	1.65
Operating Expenses
Research & Development	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	0.00
Operating Expenses	0.71	1.00	0.95
Operating Income	0.72	0.75	0.70
Other Income/Expense
Interest Income	0.04	0.01	0.03
Interest Expense	0.33	-0.39	-0.22
Other Income/Expense	0.07	-0.33	-0.33
Income
Income Before Tax	0.50	0.42	0.56
Income Tax Expense	0.06	0.10	0.12
Net Income	0.43	0.32	0.44
Net Income - Continuous Operations	0.43	0.32	0.44
Net Income - Discontinued Operations	-	-	-
EBITDA	1.08	1.02	0.94
EBIT	0.83	0.77	0.70
Depreciation & Amortization	0.25	0.25	0.24
Earnings Per Share
Basic EPS	2.00	2.00	2.00
Diluted EPS	2.00	2.00	2.00
Basic Shares Outstanding	0.21	0.21	0.21
Diluted Shares Outstanding	0.21	0.21	0.21

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About South Bow Financial Statements

What was South Bow's revenue in fiscal 2025?

South Bow reported revenue of $1.99B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 6.3% from $2.12B a year earlier.

Is South Bow profitable?

Yes. South Bow earned net income of $433.00M in fiscal 2025, a net margin of 21.8%. In fiscal 2024 it earned $316.00M.

What is South Bow's operating margin?

South Bow's operating income was $715.00M on revenue of $1.99B in fiscal 2025, an operating margin of 36.0%, compared with 35.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition