South Bow Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Cash & Equivalents	599	549	397	262
Cash & Short-Term Investments	599	549	397	262
Cash Growth	53.59%	38.29%	51.53%	-
Accounts Receivable	965	1,118	1,253	1,404
Other Receivables	12	66	-	144
Receivables	977	1,184	1,253	1,548
Inventory	192	100	207	160
Restricted Cash	-	26	66	70
Other Current Assets	238	122	87	47
Total Current Assets	2,177	2,015	2,198	2,614
Property, Plant & Equipment	8,121	8,210	8,206	8,428
Long-Term Investments	727	743	732	813
Long-Term Accounts Receivable	-	39	-	-
Long-Term Deferred Tax Assets	23	23	16	6
Other Long-Term Assets	192	163	177	171
Total Assets	11,240	11,193	11,329	12,032
Accounts Payable	1,027	754	1,062	1,229
Accrued Expenses	99	154	153	93
Current Portion of Leases	-	3	-	-
Current Income Taxes Payable	-	8	-	22
Current Unearned Revenue	16	16	15	17
Other Current Liabilities	302	406	531	714
Total Current Liabilities	1,444	1,341	1,761	2,075
Long-Term Debt	5,751	5,768	5,716	5,967
Long-Term Leases	25	23	22	6
Long-Term Unearned Revenue	23	24	19	17
Pension & Post-Retirement Benefits	-	10	7	-
Long-Term Deferred Tax Liabilities	1,205	1,196	1,102	1,040
Other Long-Term Liabilities	131	122	92	87
Total Liabilities	8,579	8,484	8,719	9,192
Common Stock	2,208	2,201	2,196	2,968
Additional Paid-In Capital	661	661	661	-
Retained Earnings	-59	-32	-49	-
Comprehensive Income & Other	-149	-121	-198	-128
Shareholders' Equity	2,661	2,709	2,610	2,840
Total Liabilities & Equity	11,240	11,193	11,329	12,032
Total Debt	5,776	5,794	5,738	5,973
Net Cash (Debt)	-5,177	-5,245	-5,341	-5,711
Net Cash Per Share	-24.80	-25.12	-25.65	-27.51
Filing Date Shares Outstanding	208.58	208.56	208.04	207.6
Total Common Shares Outstanding	208.58	208.25	208.04	207.6
Working Capital	733	674	437	539
Book Value Per Share	12.76	13.01	12.55	13.68
Tangible Book Value	2,661	2,709	2,610	2,840
Tangible Book Value Per Share	12.76	13.01	12.55	13.68
Machinery	-	820	813	830
Construction In Progress	-	226	122	45