South Bow Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), South Bow Corp reported revenue of $2.0B (-6.3% year on year) and net income of $433.0M (+37.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Revenues | $2.0B | $2.1B |
| Income from Equity Investments | $52.0M | $49.0M |
| Plant operating costs and other | $719.0M | $738.0M |
| Commodity purchases resold | $313.0M | $376.0M |
| Depreciation and amortization | $247.0M | $246.0M |
| Other | ($8.0M) | — |
| Total operating and other expenses | $1.3B | $1.4B |
| Other Income | ($20.0M) | — |
| Interest expense | $331.0M | $388.0M |
| Interest income and other | ($41.0M) | ($12.0M) |
| Total financial charges | $270.0M | $376.0M |
| Income before Income Taxes | $497.0M | $418.0M |
| Current | ($16.0M) | $43.0M |
| Deferred | $80.0M | $59.0M |
| Income tax expense (recovery) | $64.0M | $102.0M |
| Net Income | $433.0M | $316.0M |
| Basic (in dollars per share) | $2.08 | $1.52 |
| Diluted (in dollars per share) | $2.07 | $1.52 |
| Basic (in shares) | 208.2M | 207.6M |
| Diluted (in shares) | 208.8M | 208.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Cash and cash equivalents | $549.0M | $397.0M |
| Accounts receivable | $1.1B | $1.2B |
| Inventories | $100.0M | $207.0M |
| Contractual recoveries | $7.0M | $63.0M |
| Other current assets | $252.0M | $341.0M |
| Total Current Assets | $2.0B | $2.2B |
| Plant, Property and Equipment, Net | $8.2B | $8.2B |
| Equity Investments | $743.0M | $732.0M |
| Deferred Tax Assets | $23.0M | $16.0M |
| Other Long-term Assets | $202.0M | $177.0M |
| TOTAL ASSETS | $11.2B | $11.3B |
| Accounts payable and other | $1.1B | $1.5B |
| Dividends payable | $104.0M | $104.0M |
| Accrued interest | $102.0M | $113.0M |
| Total Current Liabilities | $1.3B | $1.8B |
| Other Long-term Liabilities | $179.0M | $140.0M |
| Total | $5.8B | $5.7B |
| Deferred Income Tax Liabilities | $1.2B | $1.1B |
| Total Liabilities | $8.5B | $8.7B |
| Common shares (2025 - 208 million shares, 2024 - 208 million shares) | 2.2B | 2.2B |
| Additional paid-in capital | $661.0M | $661.0M |
| Accumulated deficit | ($32.0M) | ($49.0M) |
| Accumulated other comprehensive loss | ($121.0M) | ($198.0M) |
| Total Shareholders' Equity | $2.7B | $2.6B |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $11.2B | $11.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Net income | $433.0M | $316.0M |
| Depreciation and amortization | $247.0M | $246.0M |
| Deferred income tax expense | $80.0M | $59.0M |
| Write-downs | $0 | $7.0M |
| Income from equity investments | ($52.0M) | ($49.0M) |
| Distributions received from operating activities of equity investments | $74.0M | $70.0M |
| Unrealized (gains) losses on financial instruments | ($36.0M) | $6.0M |
| Non-cash foreign exchange | ($1.0M) | ($69.0M) |
| Other | $7.0M | $5.0M |
| Increase in operating working capital | ($35.0M) | ($62.0M) |
| Net Cash Provided by Operating Activities | $717.0M | $529.0M |
| Capital expenditures | ($178.0M) | ($122.0M) |
| Keystone XL contractual recoveries | $3.0M | $5.0M |
| Proceeds from sales of assets, net of transaction costs | $0 | $38.0M |
| Deferred amounts and other | $0 | ($1.0M) |
| Net Cash Used in Investing Activities | ($175.0M) | ($80.0M) |
| Senior unsecured debt issued, net of issue costs | $0 | $3.4B |
| Junior subordinated debt issued, net of issue costs | $0 | $1.1B |
| Long-term debt repaid to affiliates of Former Parent | $0 | ($4.7B) |
| Exercised stock options | $5.0M | $9.0M |
| Dividends paid | ($416.0M) | — |
| Former Parent's net investment distributions, net | $0 | — |
| Other | $0 | ($8.0M) |
| Net Cash Used in Financing Activities | ($411.0M) | ($307.0M) |
| Effect of foreign exchange rate changes on cash and cash equivalents | $21.0M | ($7.0M) |
| Increase in Cash and Cash Equivalents | $152.0M | $135.0M |
| Cash and Cash Equivalents, Beginning of Year | $397.0M | $262.0M |
| Cash and Cash Equivalents, End of Year | $549.0M | $397.0M |
| Cash income taxes paid | $38.0M | $49.0M |
| Cash interest paid | $342.0M | — |
| Capital expenditures non-cash accruals | $29.0M | $19.0M |
South Bow Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.