South Bow Corp cash flow statement

In fiscal 2025, South Bow Corp's operations generated $717m of cash; it spent $178m on capital projects, leaving free cash flow of $539m. It returned $416m in dividends.

Cash flow statement

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

South Bow Corp: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	779	529	717
Depreciation and amortisation	244	246	247
Capital spending	47	141	178
Free cash flow	732	388	539
Dividends paid	—	0	416
Shares issued	0	9	5

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.