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NYSE · PIPE LINES (NO NATURAL GAS)

South Bow Corp. SOBO

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.0B
▼ 6.3% YoY
$433.0M
▲ 37.0% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

South Bow owns and operates liquids pipelines and facilities extending across Canada and the United States, connecting crude oil supplies to refining and demand markets in the U.S. Midwest and Gulf Coast. South Bow's network of pipelines spans 4,900 km (3,045 miles). As of December 31, 2025, South Bow and its subsidiaries had approximately 536 employees. South Bow has three reporting segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. The Keystone Pipeline System is a 4,327-km (2,689-mi) crude oil pipeline system traversing three Canadian provinces and eight U.S. states. South Bow's Marketing business provides customers with crude oil marketing services, including transportation, storage and logistics, primarily through the purchase and sale of physical crude oil. South Bow owns and operates four intra-Alberta pipelines, grouped in its Intra-Alberta & Other segment.

Written from the business description in SOUTH BOW CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.

Growth

USD 2.0B
Revenue, FY2025 · full 3-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.0 · Net income 0.4
1B2B
202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

22 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 25.0% · Net 21.8%
20%40%
202320242025
ROE
FY2025 · ROE 16.3%
5%10%15%
202320242025
Three returns, three denominators.
Return on capital employedNot available: we don't have a clean operating profit figure for this period.

Each USD of equity produced 16 cents of profit this year.

Cash & shareholders

USD 416.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF 388.0
300M600M
202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends 416.0 · Net buybacks ·
150M300M
20242025

USD 416.0M in dividends — 96% of the year's profit went back to shareholders.

Total assetsUSD 11.2B
CashUSD 549.0M
Current ratio1.50×

Not available: we don't have the total debt figure for this period.

The 3-year record

3 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
SOBO, 3-year financial record
Metric 202520242023
Revenue $B2.02.12.0
Operating income $B0.50.41.1
EBITDA $B0.70.71.3
Income tax $B0.10.10.1
Net income $B0.40.30.4
Free cash flow $B◌0.40.7
EPS, diluted $2.071.522.13
Dividend / sh $◌◌◌
Payout %960—
ROE %16.311.615.6
Shares out B0.210.210.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 12 reconciliationsAUDITED

Reconciled in 3 of the 3 fiscal years we could check. 32 checks were skipped: the balance sheet is not tagged before 2023. 16 checks were skipped: EPS is not tagged before 2023. 16 checks were skipped: revenue is not tagged before 2023.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPipe Lines (No Natural Gas)
Listed onNYSE
Incorporated inoutside the United States — SEC code Z4
Fiscal year endsDecember 31
Data on record since2023

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