South Bow Corporation (SOBO) Income Statement
SOBO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSOBO revenue and net income
Where SOBO's revenue goes
2025Each bar shows an amount and its share of revenue. SOBO kept 21.8% of revenue as net income.
SOBO profit margins
SOBO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.3% | — | — | — |
| Gross profit | −4.8% | — | — | — |
| Operating income | −4.0% | — | — | — |
| Net income | +37.0% | — | — | — |
| EPS (diluted) | +137.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SOBO quarterly EPS vs estimates
South Bow beat the analyst EPS estimate in 7 of the last 7 quarters. Next report: November 4, 2026 (estimate $0.43).
SOBO income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $1.99B | $2.12B | $2.66B |
| Cost of revenue | $560.0M | $622.0M | $465.2M |
| Gross profit | $1.43B | $1.50B | $2.19B |
| Total operating expenses | $711.0M | $753.0M | $1.26B |
| Operating income | $715.0M | $745.0M | $927.8M |
| Interest income | $41.0M | $12.0M | $32.0M |
| Interest expense | $331.0M | $388.0M | $291.6M |
| Income before taxes | $497.0M | $418.0M | $744.9M |
| Income taxes | $64.0M | $102.0M | $159.1M |
| Net income | $433.0M | $316.0M | $585.9M |
| EBITDA | $1.07B | $1.05B | $1.36B |
| EPS (diluted) | $1.97 | $0.83 | $2.82 |
| Gross margin | 71.8% | 70.7% | 82.5% |
| Operating margin | 36.0% | 35.1% | 34.9% |
| Net margin | 21.8% | 14.9% | 22.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $546.0M | $491.0M | $419.3M | $461.0M | $524.0M | $498.0M | $577.1M | $553.9M | $541.6M | $678.4M | $526.0M | $702.0M |
| Cost of revenue | $126.0M | $138.0M | $316.8M | $144.0M | $142.0M | $84.0M | $383.3M | $367.9M | $321.6M | $413.7M | $106.7M | $337.0M |
| Gross profit | $420.0M | $353.0M | $102.6M | $317.0M | $382.0M | $414.0M | $193.8M | $186.0M | $220.0M | $264.6M | $419.3M | $365.0M |
| Total operating expenses | $181.0M | $193.0M | −$13.2M | $170.0M | $196.0M | $236.0M | $3.0M | $368.0M | $323.0M | $4.0M | $246.5M | — |
| Operating income | $239.0M | $160.0M | $115.8M | $147.0M | $186.0M | $178.0M | $190.8M | $186.0M | $220.0M | $260.6M | $172.9M | $365.0M |
| Interest income | $5.0M | $11.0M | $18.0M | $9.0M | $8.0M | $6.0M | $28.0M | $6.0M | $7.0M | $7.0M | — | — |
| Interest expense | $84.0M | $84.0M | $84.3M | $84.0M | $81.0M | $83.0M | $81.6M | $95.0M | $93.6M | $139.5M | $73.6M | $12.0M |
| Income before taxes | $174.0M | $100.0M | $155.4M | $104.0M | $126.0M | $114.0M | $92.0M | $110.0M | $145.3M | $162.8M | $114.8M | $260.0M |
| Income taxes | $40.0M | $23.0M | −$3.0M | $11.0M | $30.0M | $26.0M | $21.4M | $22.0M | $33.8M | $33.6M | $25.7M | $56.0M |
| Net income | $134.0M | $77.0M | $158.4M | $93.0M | $96.0M | $88.0M | $70.7M | $88.0M | $111.5M | $129.2M | $89.0M | $204.0M |
| EBITDA | $323.0M | $248.0M | $174.6M | $252.0M | $270.0M | $259.0M | $241.8M | $266.9M | $299.7M | $350.0M | $248.7M | $336.0M |
| EPS (diluted) | $0.50 | $0.44 | $0.61 | $0.47 | $0.42 | $0.47 | $0.54 | — | — | — | — | — |
| Gross margin | 76.9% | 71.9% | 24.5% | 68.8% | 72.9% | 83.1% | 33.6% | 33.6% | 40.6% | 39.0% | 79.7% | 52.0% |
| Operating margin | 43.8% | 32.6% | 27.6% | 31.9% | 35.5% | 35.7% | 33.1% | 33.6% | 40.6% | 38.4% | 32.9% | 52.0% |
| Net margin | 24.5% | 15.7% | 37.8% | 20.2% | 18.3% | 17.7% | 12.2% | 15.9% | 20.6% | 19.0% | 16.9% | 29.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SOBO's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SOBO financial results
In fiscal year 2025 (ended December 31, 2025), South Bow reported revenue of $2.0 billion, down 6.3% from the year before. It had net income of $433.0 million (up 37.0%), a net profit margin of 21.8%. Diluted earnings per share came to $1.97.
See the SOBO stock overview for the latest quote and news, or the SOBO chart for price history and technical indicators.
SOBO income statement FAQ
What is South Bow's annual revenue?
South Bow reported total revenue of $2.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 6.3% from $2.1 billion the previous year.
Is South Bow profitable?
Yes. South Bow reported net income of $433.0 million in fiscal 2025, a net profit margin of 21.8%; its operating margin was 36.0%.
What is South Bow's gross margin?
South Bow's gross margin was 71.8% in fiscal 2025: for every $100 of revenue, South Bow kept $72 after the direct cost of its products and services.
What are South Bow's earnings per share?
South Bow earned $1.97 per diluted share in fiscal 2025, compared with $0.83 a year earlier.
When will South Bow report its next earnings?
South Bow is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does South Bow's fiscal year end?
South Bow's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.