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	977	1,107	1,190	1,344
Other Receivables	-	7	63	63
Total Trade Receivables	977	1,114	1,253	1,407
Inventory	192	100	207	160
Other Current Assets	409	252	341	785
Total Current Assets	2,177	2,015	2,198	2,614
Net Property, Plant & Equipment	8,121	8,210	8,206	8,428
Long-Term Investments	727	743	732	813
Other Long-Term Assets	215	225	193	177
Total Assets	11,240	11,193	11,329	12,032
Accounts Payable	1,241	1,135	1,544	2,075
Accrued Expenses	99	102	113	-
Other Current Liabilities	104	104	104	-
Total Current Liabilities	1,444	1,341	1,761	2,075
Long-Term Debt	5,751	5,768	5,716	5,967
Other Long-Term Liabilities	1,384	1,375	1,242	1,150
Total Long-Term Liabilities	7,135	7,143	6,958	7,117
Total Liabilities	8,579	8,484	8,719	9,192
Common Stock	2,208	2,201	2,196	-
Additional Paid-in Capital	661	661	661	2,968
Accumulated Other Comprehensive Income	-149	-121	-198	-128
Retained Earnings	-59	-32	-49	-
Shareholders' Equity	2,661	2,709	2,610	2,840
Total Liabilities & Equity	11,240	11,193	11,329	12,032
Total Debt	5,751	5,768	5,716	5,967
Net Cash (Debt)	-5,152	-5,219	-5,319	-5,705
Net Cash Per Share	-24.68	-25.00	-25.55	-27.43
Book Value	2,661	2,709	2,610	2,840
Book Value Per Share	12.75	12.97	12.54	13.65
Tangible Book Value	2,661	2,709	2,610	2,840
Tangible Book Value Per Share	12.75	12.97	12.54	13.65

SEC Filings: 10-K · 10-Q