SOBO financial statements
The full income statement, balance sheet, and cash-flow statement for South Bow Corporation (SOBO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 1.99B-6.3% | 2.12B+5.7% | 2.00B | |
| Cost of revenue | 313M-16.8% | 376M+7.1% | 351M | |
| Operating income | — | 1.09B+1.6% | 1.07B | |
| Interest expense | 331M-14.7% | 388M+76.4% | 220M | |
| Other non-operating income | 41.0M+241.7% | 12.0M-62.5% | 32.0M | |
| Equity-method income | 52.0M+6.1% | 49.0M-2.0% | 50.0M | |
| Gain (loss) on equity securities | 36.0M+700.0% | -6.00M+76.9% | -26.0M | |
| Pre-tax income | 497M+18.9% | 418M-25.6% | 562M | |
| Income tax | 64.0M-37.3% | 102M-15.0% | 120M | |
| Net income | 433M+37.0% | 316M-28.5% | 442M | |
| $2.07+36.2% | $1.52-28.6% | $2.13 | ||
| EPS (basic) | $2.08+36.8% | $1.52-28.6% | $2.13 | |
| Weighted-avg shares (basic) | 208M+0.3% | 208M+0.0% | 208M | |
| Weighted-avg shares (diluted) | 209M+0.3% | 208M+0.3% | 208M | |
| Dividends per share | $2.00 | — | — | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 2.02B-8.3% | 2.20B-15.9% | 2.61B | ||
| Cash & equivalents | 549M+38.3% | 397M+51.5% | 262M | |
| Accounts receivable | 1.11B-7.0% | 1.19B-11.5% | 1.34B | |
| Inventory | 100M-51.7% | 207M+29.4% | 160M | |
| Prepaid expenses | 27.0M-3.6% | 28.0M+833.3% | 3.00M | |
| Other current assets | 252M-26.1% | 341M-47.0% | 644M | |
| 11.2B-1.2% | 11.3B-5.8% | 12.0B | ||
| Property, plant & equipment | 8.21B+0.0% | 8.21B-2.6% | 8.43B | |
| Operating lease right-of-use | 18.0M-18.2% | 22.0M+120.0% | 10.0M | |
| Deferred tax assets | 23.0M+43.8% | 16.0M+166.7% | 6.00M | |
| Other non-current assets | 202M+14.1% | 177M+3.5% | 171M | |
| Total non-current assets | — | 9.13B-3.0% | 9.42B | |
| 1.34B-23.9% | 1.76B-15.1% | 2.08B | ||
| Accounts payable | 754M-29.0% | 1.06B-13.6% | 1.23B | |
| Deferred revenue | 16.0M+6.7% | 15.0M-11.8% | 17.0M | |
| Current lease liability | 3.00M | 0.00-100.0% | 4.00M | |
| 8.48B-2.7% | 8.72B-5.1% | 9.19B | ||
| Long-term debt | 5.77B+0.9% | 5.72B | 0.00 | |
| Deferred revenue (non-current) | 24.0M+26.3% | 19.0M+11.8% | 17.0M | |
| Non-current lease liability | 23.0M+4.5% | 22.0M+266.7% | 6.00M | |
| Operating lease liability (total) | 26.0M+18.2% | 22.0M+120.0% | 10.0M | |
| Deferred tax liabilities | 1.20B+8.5% | 1.10B+6.0% | 1.04B | |
| Other non-current liabilities | 179M+27.9% | 140M+27.3% | 110M | |
| 2.71B+3.8% | 2.61B-8.1% | 2.84B | ||
| Common stock | 2.20B+0.2% | 2.20B | 0.00 | |
| Additional paid-in capital | 661M+0.0% | 661M | 0.00 | |
| Retained earnings | -32.0M+34.7% | -49.0M | 0.00 | |
| Accumulated other comprehensive income | -121M+38.9% | -198M-54.7% | -128M | |
| Total equity incl. non-controlling | 2.71B+3.8% | 2.61B-8.1% | 2.84B | |
| Total liabilities & equity | 11.2B-1.2% | 11.3B-5.8% | 12.0B | |
| Common shares issued | 208M+0.0% | 208M | — | |
| Common shares outstanding | 208M+0.0% | 208M | — | |
| Shares outstanding (cover) | 208M+0.1% | 208M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 717M+35.5% | 529M-32.1% | 779M | ||
| Depreciation & amortization | 247M+0.4% | 246M+0.8% | 244M | |
| Deferred income taxes | 80.0M+35.6% | 59.0M-11.9% | 67.0M | |
| Change in receivables | -83.0M+17.8% | -101M-140.2% | 251M | |
| Change in inventory | -107M-314.0% | 50.0M+179.4% | -63.0M | |
| -175M-118.8% | -80.0M-229.0% | 62.0M | ||
| Capital expenditure | 178M+26.2% | 141M+200.0% | 47.0M | |
| Free cash flow | 539M+38.9% | 388M-47.0% | 732M | |
| Acquisitions | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | 0.00-100.0% | 38.0M-59.1% | 93.0M | |
| Other investing activities | 0.00-100.0% | 1.00M-50.0% | 2.00M | |
| -411M-33.9% | -307M+46.8% | -577M | ||
| Long-term debt issued | 0.00-100.0% | 3.45B+455.2% | 621M | |
| Long-term debt repaid | 0.00-100.0% | 4.72B+386.3% | 971M | |
| Common stock issued | 5.00M-44.4% | 9.00M | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 416M | 0.00 | 0.00 | |
| FX effect on cash | 21.0M+400.0% | -7.00M-16.7% | -6.00M | |
| Net change in cash | 152M+12.6% | 135M-47.7% | 258M | |
| Income taxes paid | 38.0M-22.4% | 49.0M+44.1% | 34.0M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 5.72B+16.7% | 4.90B | — | |
| P/E | 13.2×-14.9% | 15.5× | — | |
| P/S | 2.9×+24.5% | 2.3× | — | |
| P/B | 2.1×+12.4% | 1.9× | — | |
| P/FCF | 10.6×-16.0% | 12.6× | — | |
| Earnings yield | 7.6%+17.5% | 6.4% | — | |
| FCF yield | 9.4%+19.1% | 7.9% | — | |
| Dividend yield | 7.3% | — | — | |
| Source filing | 40-F | 40-F | 10-K |
About this data
Source: SOBO’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all SOBO filings on SEC EDGAR → Not investment advice.