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Oil & gas midstream · Energy · Fiscal year ends Dec 31
South Bow reported revenue of $2B in the fiscal year ended Dec 2025, down 6.3% from the year before. Operating income was $715M, an operating margin of 36.0%, and net income was $433M. Operating cash flow of $717M less capital expenditure of $178M left free cash flow of $539M.
Ranks among the 18 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 2,005 | 2,120 | 1,986 |
| Cost of revenue | 351 | 376 | 313 |
| Gross profit | 1,654 | 1,744 | 1,673 |
| Operating incomederived: revenue − total costs | 1,074 | 1,091 | 715 |
| Interest expense | 220 | 388 | 331 |
| Pre-tax income | 562 | 418 | 497 |
| Income tax | 120 | 102 | 64.0 |
| Net income | 442 | 316 | 433 |
| Diluted EPS | 2.13 | 1.52 | 2.07 |
| Diluted shares | 208 | 208 | 209 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 262 | 397 | 549 |
| Receivables | 1,344 | 1,190 | 1,107 |
| Inventory | 160 | 207 | 100 |
| Current assets | 2,614 | 2,198 | 2,015 |
| Net PP&E | 8,428 | 8,206 | 8,210 |
| Total assets | 12,032 | 11,329 | 11,193 |
| Payables | 1,229 | 1,062 | 754 |
| Deferred revenue | 17.0 | 15.0 | 16.0 |
| Current liabilities | 2,075 | 1,761 | 1,341 |
| Total liabilities | 9,192 | 8,719 | 8,484 |
| Shareholders' equity | 2,840 | 2,610 | 2,709 |
| Backlog (remaining obligations) | – | 6,100 | 6,100 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 779 | 529 | 717 |
| Capital expenditure | 47.0 | 141 | 178 |
| Free cash flow | 732 | 388 | 539 |
| Depreciation & amortisation | 244 | 246 | 247 |
| Dividends paid | – | 0.0 | 416 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 5.7% | −6.3% |
| Operating income growth (YoY) | – | 1.6% | −34.5% |
| EPS growth (YoY) | – | −28.6% | 36.2% |
| Gross margin | 82.5% | 82.3% | 84.2% |
| Operating margin | 53.6% | 51.5% | 36.0% |
| Net margin | 22.0% | 14.9% | 21.8% |
| Return on equityBlank when equity is negative | 15.6% | 12.1% | 16.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.8% | 11.4% | 7.3% |
| Free cash flow margin | 36.5% | 18.3% | 27.1% |
| Cash conversion (CFO ÷ net income) | 1.76x | 1.67x | 1.66x |
| Receivable days | 245 | 205 | 203 |
| Inventory days | 166 | 201 | 117 |
| Payable days | 1278 | 1031 | 879 |
| Interest cover | 4.88x | 2.81x | 2.16x |
| Current ratio | 1.26x | 1.25x | 1.50x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.