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SOBO on NYSE

South Bow Corp

South Bow Corp is a pipe lines, listed on NYSE (SOBO).1

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Last updated Oct 21, 2026.

Overview

$2.0BRevenue, fiscal 20252
$433.0MNet income, fiscal 20252

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  • TickerSOBO on NYSE1
  • IndustryPipe Lines (No Natural Gas)1
  • HeadquartersZ41
  • Incorporated inCanada (Federal Level)3
  • Business address707 5 Street Sw, Suite 900, Calgary, T2P 1V83

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.8%Net margin2
-6.3%Revenue growth, 20252
16.0%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Capacity Arrangements And Transportation brought in 44% of the revenue South Bow Corp broke down this way in fiscal 2025.

  1. Capacity Arrangements And Transportation$1.6B244%down 2% from 2024
  2. Capacity Arrangements And Transportation And Other$1.5B239%down 12% from 2024
  3. Marketing Activities$403.0M211%down 11% from 2024
  4. Other Prodcuts and Services$118.0M23%up 2260% from 2024
  5. Product and Service, Other$118.0M23%up 2260% from 2024
Products and services by year
Products and services20242025
Capacity Arrangements And Transportation$1.7B$1.6B
Capacity Arrangements And Transportation And Other$1.7B$1.5B
Marketing Activities$453.0M$403.0M
Other Prodcuts and Services$5.0M$118.0M
Product and Service, Other$5.0M$118.0M

Business segments

Keystone Pipeline System brought in 79% of the revenue South Bow Corp broke down this way in fiscal 2025.

  1. Keystone Pipeline System$1.6B279%down 5% from 2024
  2. Marketing$403.0M220%down 11% from 2024
  3. Intra-Alberta and Other$18.0M21%down 25% from 2024
Business segments by year
Business segments20242025
Keystone Pipeline System$1.6B$1.6B
Marketing$453.0M$403.0M
Intra-Alberta and Other$24.0M$18.0M

Regions

United States brought in 79% of the revenue South Bow Corp broke down this way in fiscal 2025.

  1. United States$1.6B279%down 7% from 2024
  2. Canada Export$401.0M220%down 6% from 2024
  3. Canada Domestic$19.0M21%up 6% from 2024
Regions by year
Regions20242025
United States$1.7B$1.6B
Canada Export$427.0M$401.0M
Canada Domestic$18.0M$19.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue16¢$313.0M
  • Other costs59¢$1.2B
  • Income tax3¢$64.0M
  • Profit22¢$433.0M

Out of $2.0B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid58¢$416.0M
  • Kept or used elsewhere42¢$301.0M

Out of $717.0M of cash from operations.2

Financial statements

Revenue42$2.0B in 2025−1% since 2023
0$1.0B$2.0B$3.0B2023: $2.0B$2.0B20232024: $2.1B$2.1B2024+6%2025: $2.0B$2.0B2025−6%
Operating income4$1.1B in 2024+2% since 2023
0$500.0M$1.0B$1.5B2023: $1.1B$1.1B20232024: $1.1B$1.1B2024+2%
Net income42$433.0M in 2025−2% since 2023
0$200.0M$400.0M$600.0M2023: $442.0M$442.0M20232024: $316.0M$316.0M2024−29%2025: $433.0M$433.0M2025+37%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Revenues$2.0B$2.1B
Income from Equity Investments$52.0M$49.0M
Plant operating costs and other$719.0M$738.0M
Commodity purchases resold$313.0M$376.0M
Depreciation and amortization$247.0M$246.0M
Other-$8.0M$15.0M
Total operating and other expenses$1.3B$1.4B
Other Income-$20.0M$0
Interest expense$331.0M$388.0M
Interest income and other-$41.0M-$12.0M
Total financial charges$270.0M$376.0M
Income before Income Taxes$497.0M$418.0M
Current-$16.0M$43.0M
Deferred$80.0M$59.0M
Income tax expense (recovery)$64.0M$102.0M
Net Income$433.0M$316.0M
Basic (in dollars per share)$2.08$1.52
Diluted (in dollars per share)$2.07$1.52
Basic (in shares)208.2M shares207.6M shares
Diluted (in shares)208.8M shares208.2M shares

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Corporate structure

South Bow Corp sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of South Bow Corp

  • FMR LLC Filed SCHEDULE 13G on South Bow Corp, latest Jul 8, 2026 (3 filings since Aug 6, 2025)
  • Capital International Investors Filed SCHEDULE 13G/A on South Bow Corp, latest May 14, 2026 (4 filings since Feb 14, 2025)
  • Goldman Sachs Filed SCHEDULE 13G/A on South Bow Corp, latest Nov 14, 2025 (2 filings since Aug 13, 2025)
  • South Bow Corp Z4

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What South Bow Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$24.0M2 Dec 31, 2025$22.0M2 Dec 31, 2024+9.1%
Property and equipment, before depreciation$11.3B2 Dec 31, 2025$11.0B2 Dec 31, 2024+2.5%
Accumulated depreciation$3.1B2 Dec 31, 2025$2.8B2 Dec 31, 2024+9.8%
Property and equipment, net$8.2B2 Dec 31, 2025$8.2B2 Dec 31, 20240%
Operating-lease assets (leased space)$18.0M2 Dec 31, 2025$22.0M2 Dec 31, 2024−18.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$549.0M2 Dec 31, 2025$397.0M2 Dec 31, 2024+38.3%
Stakes in other companies (equity method)$743.0M2 Dec 31, 2025$732.0M2 Dec 31, 2024+1.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$100.0M2 Dec 31, 2025$207.0M2 Dec 31, 2024−51.7%

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.47 a share, on Nov 13, 2025.5

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

84 filings to the SEC since October 2021: 2 annual reports, 9 large holders, 73 other. The latest 20:

  1. Oct 7, 20266-K EDGAR
  2. Aug 5, 20266-K EDGAR
  3. Aug 5, 20266-K EDGAR
  4. Aug 5, 20266-K EDGAR
  5. Jul 8, 20266-K EDGAR
  6. Jul 8, 2026SCHEDULE 13G EDGAR
  7. Jun 29, 202611-K EDGAR
  8. May 29, 20266-K EDGAR
  9. May 14, 2026SCHEDULE 13G/A EDGAR
  10. May 8, 20266-K EDGAR
  11. May 7, 20266-K EDGAR
  12. May 7, 20266-K EDGAR
  13. May 7, 20266-K EDGAR
  14. Apr 9, 20266-K EDGAR
  15. Apr 2, 20266-K EDGAR
  16. Mar 16, 20266-K EDGAR
  17. Mar 16, 202640-F EDGAR
  18. Mar 16, 20266-K EDGAR
  19. Mar 9, 2026144 EDGAR
  20. Mar 9, 2026144 EDGAR

The 84 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC21,894,771$771.3M0.0%+12,223,172
Royal Bank Of Canada14,568,356$513.4M0.1%−1,835,027
Clearbridge Investments, LLC8,855,108$312.1M0.3%+185,151
Vanguard Capital Management LLC6,048,601$213.1M0.0%+80,602
Bank Of Montreal /can/5,554,724$195.5M0.1%−1,038,025
Thornburg Investment Management Inc3,721,332$131.0M1.3%+88,457
Mackenzie Financial Corp2,535,573$126.7M0.1%+2,039,298
Cibc World Market Inc.3,403,902$119.8M0.2%−35,358
Dimensional Fund Advisors LP3,043,017$107.2M0.0%+128,403
Connor, Clark & Lunn Investment Management Ltd.2,779,943$97.8M0.2%−13,614
Bank Of America Corp /de/2,757,560$97.2M0.0%+763,792
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,157,673$76.0M0.1%−76,732
American Century Companies Inc2,132,078$75.1M0.0%+1,222,336
TD Waterhouse Canada Inc.1,946,786$67.1M0.2%+16,097
Vanguard Fiduciary Trust Co1,844,124$65.0M0.0%+21,847
Legal & General Group Plc1,784,790$62.8M0.0%+23,605
Goldman Sachs Group Inc1,781,923$62.8M0.0%+372,004
Scotia Capital Inc.1,753,475$61.7M0.2%−35,383
TD Asset Management Inc1,648,279$58.0M0.1%−726,848
Morgan Stanley1,626,299$57.3M0.0%+291,504
Vanguard Global Advisers, LLC1,405,526$49.5M0.0%+135,001
Invesco Ltd.1,289,008$45.4M0.0%−233,651
Two Sigma Investments, LP1,222,942$43.1M0.0%−166,446
Manufacturers Life Insurance Company, The1,170,452$41.2M0.0%−122,033
Recurrent Investment Advisors LLC1,158,738$40.8M2.5%−2,278

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How South Bow Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSouth Bow Corp1
  • CIK0002019061
  • LEI2549000XS5TAFA3YF9431
  • Incorporated inCanada9
  • Fiscal year endsDecember 311
  • Industry code (SIC)4610 Pipe Lines (No Natural Gas)1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address707 5 Street Sw, Suite 900, Calgary, Alberta T2P 1V8, Canada (Federal Level)1
  • Phone587-318-54101
  • Shares outstanding208,250,512 as of Dec 31, 20252
  • AuditorKPMG LLP, Calgary, AB, Canada PCAOB ID 85; it also attests to the company’s internal control over financial reporting9
  • On EDGAR sinceApr 16, 20241
  • Filings84 in all: 6-K (41), 144 (5), F-X (5), SCHEDULE 13G/A (5), CORRESP (4), SCHEDULE 13G (4), EFFECT (3), F-10 (3)1
    All 17 form types

    F-10/A (3), 11-K (2), 40-F (2), 40FR12B (2), CERT (1), F-X/A (1), RW (1), S-8 (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (40-F) Mar 16, 2026

Securities registered for trading

ClassSymbolExchange
Common shares (including common share purchase rights)SOBONew York Stock Exchange

From the cover page of the 40-F filed Mar 16, 2026 (Section 12(b) of the Exchange Act).9

Sources

The numbers on this page point here. Each one links to the record it came from.

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