SOBO on NYSE
South Bow Corp
Pipe lines, listed on NYSE (SOBO). Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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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
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.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| 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.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| 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.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| 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
No quarterly figures reported.
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| 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 shares | 207.6M shares |
| Diluted (in shares) | 208.8M shares | 208.2M shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $549.0M | $397.0M | |
| Accounts receivable | $1.1B | $1.2B | |
| Inventories | $100.0M | $207.0M | |
| Contractual recoveries | $7.0M | $63.0M | |
| Other current assets | $252.0M | $341.0M | |
| Total Current Assets | $2.0B | $2.2B | |
| Plant, Property and Equipment, Net | $8.2B | $8.2B | |
| Equity Investments | $743.0M | $732.0M | |
| Deferred Tax Assets | $23.0M | $16.0M | |
| Other Long-term Assets | $202.0M | $177.0M | |
| TOTAL ASSETS | $11.2B | $11.3B | |
| Accounts payable and other | $1.1B | $1.5B | |
| Dividends payable | $104.0M | $104.0M | |
| Accrued interest | $102.0M | $113.0M | |
| Total Current Liabilities | $1.3B | $1.8B | |
| Other Long-term Liabilities | $179.0M | $140.0M | |
| Deferred Income Tax Liabilities | $1.2B | $1.1B | |
| Total Liabilities | $8.5B | $8.7B | |
| Common shares (2025 - 208 million shares, 2024 - 208 million shares) | $2.2B | $2.2B | $0 |
| Additional paid-in capital | $661.0M | $661.0M | |
| Accumulated deficit | -$32.0M | -$49.0M | |
| Accumulated other comprehensive loss | -$121.0M | -$198.0M | |
| Total Shareholders' Equity | $2.7B | $2.6B | $2.8B |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $11.2B | $11.3B | |
| Common shares issued (in shares) | 208.0M shares | 208.0M shares | |
| Common shares outstanding (in shares) | 208.0M shares | 208.0M shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $549.0M | $397.0M | |
| Accounts receivable | $1.1B | $1.2B | |
| Inventories | $100.0M | $207.0M | |
| Contractual recoveries | $7.0M | $63.0M | |
| Other current assets | $252.0M | $341.0M | |
| Total Current Assets | $2.0B | $2.2B | |
| Plant, Property and Equipment, Net | $8.2B | $8.2B | |
| Equity Investments | $743.0M | $732.0M | |
| Deferred Tax Assets | $23.0M | $16.0M | |
| Other Long-term Assets | $202.0M | $177.0M | |
| TOTAL ASSETS | $11.2B | $11.3B | |
| Accounts payable and other | $1.1B | $1.5B | |
| Dividends payable | $104.0M | $104.0M | |
| Accrued interest | $102.0M | $113.0M | |
| Total Current Liabilities | $1.3B | $1.8B | |
| Other Long-term Liabilities | $179.0M | $140.0M | |
| Deferred Income Tax Liabilities | $1.2B | $1.1B | |
| Total Liabilities | $8.5B | $8.7B | |
| Common shares (2025 - 208 million shares, 2024 - 208 million shares) | $2.2B | $2.2B | $0 |
| Additional paid-in capital | $661.0M | $661.0M | |
| Accumulated deficit | -$32.0M | -$49.0M | |
| Accumulated other comprehensive loss | -$121.0M | -$198.0M | |
| Total Shareholders' Equity | $2.7B | $2.6B | $2.8B |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $11.2B | $11.3B | |
| Common shares issued (in shares) | 208.0M shares | 208.0M shares | |
| Common shares outstanding (in shares) | 208.0M shares | 208.0M shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income | $433.0M | $316.0M |
| Depreciation and amortization | $247.0M | $246.0M |
| Deferred income tax expense | $80.0M | $59.0M |
| Write-downs | $0 | $7.0M |
| Income from equity investments | -$52.0M | -$49.0M |
| Distributions received from operating activities of equity investments | $74.0M | $70.0M |
| Unrealized (gains) losses on financial instruments | -$36.0M | $6.0M |
| Non-cash foreign exchange | -$1.0M | -$69.0M |
| Other | $7.0M | $5.0M |
| Increase in operating working capital | -$35.0M | -$62.0M |
| Net Cash Provided by Operating Activities | $717.0M | $529.0M |
| Capital expenditures | -$178.0M | -$122.0M |
| Keystone XL contractual recoveries | $3.0M | $5.0M |
| Proceeds from sales of assets, net of transaction costs | $0 | $38.0M |
| Deferred amounts and other | $0 | -$1.0M |
| Net Cash Used in Investing Activities | -$175.0M | -$80.0M |
| Senior unsecured debt issued, net of issue costs | $0 | $3.4B |
| Junior subordinated debt issued, net of issue costs | $0 | $1.1B |
| Long-term debt repaid to affiliates of Former Parent | $0 | -$4.7B |
| Exercised stock options | $5.0M | $9.0M |
| Dividends paid | -$416.0M | $0 |
| Former Parent's net investment distributions, net | $0 | -$121.0M |
| Other | $0 | -$8.0M |
| Net Cash Used in Financing Activities | -$411.0M | -$307.0M |
| Effect of foreign exchange rate changes on cash and cash equivalents | $21.0M | -$7.0M |
| Increase in Cash and Cash Equivalents | $152.0M | $135.0M |
| Cash income taxes paid | $38.0M | $49.0M |
| Cash interest paid | $342.0M | $0 |
| Capital expenditures non-cash accruals | $29.0M | $19.0M |
No quarter-by-quarter statement was filed.
Filings
83 filings to the SEC since October 2021: 2 annual reports, 8 large holders, 73 other. The latest 20:
- Oct 7, 20266-K EDGAR
- Aug 5, 20266-K EDGAR
- Aug 5, 20266-K EDGAR
- Aug 5, 20266-K EDGAR
- Jul 8, 20266-K EDGAR
- Jul 8, 2026SCHEDULE 13G EDGAR
- Jun 29, 202611-K EDGAR
- May 29, 20266-K EDGAR
- May 14, 2026SCHEDULE 13G/A EDGAR
- May 8, 20266-K EDGAR
- May 7, 20266-K EDGAR
- May 7, 20266-K EDGAR
- May 7, 20266-K EDGAR
- Apr 9, 20266-K EDGAR
- Apr 2, 20266-K EDGAR
- Mar 16, 20266-K EDGAR
- Mar 16, 202640-F EDGAR
- Mar 16, 20266-K EDGAR
- Mar 9, 2026144 EDGAR
- Mar 9, 2026144 EDGAR
The 83 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.
- FMR LLCSCHEDULE 13G, 3 filings Aug 6, 2025 to Jul 8, 20265
- Capital International InvestorsSCHEDULE 13G/A, 4 filings Feb 14, 2025 to May 14, 20266
- Goldman SachsSCHEDULE 13G/A, 1 filing Nov 14, 20257
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.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Fmr LLC | 21,894,771 | $771.3M | 0.0% | +12,223,172 |
| Royal Bank Of Canada | 14,568,356 | $513.4M | 0.1% | −1,835,027 |
| Clearbridge Investments, LLC | 8,855,108 | $312.1M | 0.3% | +185,151 |
| Vanguard Capital Management LLC | 6,048,601 | $213.1M | 0.0% | +80,602 |
| Bank Of Montreal /can/ | 5,554,724 | $195.5M | 0.1% | −1,038,025 |
| Thornburg Investment Management Inc | 3,721,332 | $131.0M | 1.3% | +88,457 |
| Mackenzie Financial Corp | 2,535,573 | $126.7M | 0.1% | +2,039,298 |
| Cibc World Market Inc. | 3,403,902 | $119.8M | 0.2% | −35,358 |
| Dimensional Fund Advisors LP | 3,043,017 | $107.2M | 0.0% | +128,403 |
| Connor, Clark & Lunn Investment Management Ltd. | 2,779,943 | $97.8M | 0.2% | −13,614 |
| Bank Of America Corp /de/ | 2,757,560 | $97.2M | 0.0% | +763,792 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 2,157,673 | $76.0M | 0.1% | −76,732 |
| American Century Companies Inc | 2,132,078 | $75.1M | 0.0% | +1,222,336 |
| TD Waterhouse Canada Inc. | 1,946,786 | $67.1M | 0.2% | +16,097 |
| Vanguard Fiduciary Trust Co | 1,844,124 | $65.0M | 0.0% | +21,847 |
| Legal & General Group Plc | 1,784,790 | $62.8M | 0.0% | +23,605 |
| Goldman Sachs Group Inc | 1,781,923 | $62.8M | 0.0% | +372,004 |
| Scotia Capital Inc. | 1,753,475 | $61.7M | 0.2% | −35,383 |
| TD Asset Management Inc | 1,648,279 | $58.0M | 0.1% | −726,848 |
| Morgan Stanley | 1,626,299 | $57.3M | 0.0% | +291,504 |
| Vanguard Global Advisers, LLC | 1,405,526 | $49.5M | 0.0% | +135,001 |
| Invesco Ltd. | 1,289,008 | $45.4M | 0.0% | −233,651 |
| Two Sigma Investments, LP | 1,222,942 | $43.1M | 0.0% | −166,446 |
| Manufacturers Life Insurance Company, The | 1,170,452 | $41.2M | 0.0% | −122,033 |
| Recurrent Investment Advisors LLC | 1,158,738 | $40.8M | 2.5% | −2,278 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARSouth Bow Corp filings on SEC EDGAR
- 2SEC EDGARSouth Bow Corp 10-K for fiscal 2025
- 3SEC EDGARSouth Bow Corp filings on SEC EDGAR
- 4SEC EDGARSouth Bow Corp 10-K for fiscal 2023
- 5
- 6
- 7