South Bow Corp balance sheet

At the end of fiscal 2025, South Bow Corp had total assets of $11.19bn, total liabilities of $8.48bn and shareholders' equity of $2.71bn. It held $549m in cash against $5.81bn of debt: net debt of $5.26bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

South Bow Corp: balance sheet, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	0.3	0.4	0.5
Receivables	1.3	1.2	1.1
Inventory	0.2	0.2	0.1
Total current assets	2.6	2.2	2.0
Total assets	12.0	11.3	11.2
Deferred revenue (current)	0.0	0.0	0.0
Total current liabilities	2.1	1.8	1.3
Total debt	0.0	0.0	5.8
Total liabilities	9.2	8.7	8.5
Shareholders' equity	2.8	2.6	2.7
Net debt (negative = net cash)	−0.3	−0.4	5.3
Shares outstanding	—	208m	208m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from South Bow Corp's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to South Bow Corp.