South Bow Corp SOBO

South Bow Corp (SOBO) filed revenue of $1.99B for the period ending 2025-12-31 on its 40-F, alongside diluted earnings per share of $2.07 across 208.8M weighted average diluted shares. The most recent public traffic on the SEC rail is a cluster of 6-K notices, including a Q1 2026 6-K dated 2026-05-07, a notice of reliance on 2026-05-08, and a further 6-K on 2026-05-29, plus a Schedule 13G/A ownership amendment on 2026-05-14.

South Bow operates as a crude oil pipeline business, and the financials read the part. It earns tolls for moving and handling liquids rather than profiting from owning the barrels, which is why net inventory was only $100.0M against revenue near $1.99B (40-F, period ending 2025-12-31). The line for the increase or decrease in inventories was -$107.0M for the same period, a swing larger than the ending balance itself, consistent with product passing through rather than sitting still.

On the filed balance sheet for the period ending 2025-12-31, total assets were $11.19B and total liabilities were $8.48B, which leaves roughly $2.71B of equity by simple subtraction. Cash and cash equivalents stood at $549.0M, and net cash provided by operating activities was $717.0M. Operating income of $1.09B carries an earlier label, the period ending 2024-12-31, so it should not be read against the 2025 revenue line as if both belonged to one window.

The asset is a regional issuer reporting into SEC EDGAR as a foreign private issuer under CIK 0002019061, which is why its disclosures arrive as 6-K and 40-F documents rather than the domestic 10-Q and 10-K cadence. The supplied rail includes the EDGAR browse index and the submissions and companyfacts JSON endpoints, but no chart route was provided, so this file references filings and figures only and does not describe price levels or chart structure.

What changed across the window is mostly disclosure rhythm and an ownership amendment, not a fresh set of operating results parsed onto the rail. The 13G/A signals a movement in a reportable holder's position, while the 6-K stack points to a Q1 2026 update and routine notices. What remains unproven here is the segment detail, contracted volume profile, dividend or distribution policy, and forward guidance, none of which appear in the supplied facts.

To deepen the file, the rail would need the parsed Q1 2026 income and cash figures from the 2026-05-07 6-K, the distribution policy, the maturity schedule behind the $8.48B of liabilities, and any volume or contract commentary tying the $1.99B revenue line to physical throughput. Until those land, the strongest provable facts are the toll-style economics, the heavy liability stack against $2.71B of implied equity, and a steady operating cash figure of $717.0M.