SOBONYSEPipe Lines (No Natural Gas)Fiscal year ends December 31
South Bow Corp
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 16, 2026
$34.20−0.49 (-1.41%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 16.5
- Dividend yield
- –
South Bow Corp revenue by segment
By business segment
| Revenue | FY2025 | FY2024 | FY2023 | % of revenue | YoY |
|---|---|---|---|---|---|
| Keystone Pipeline System | $1.57B | $1.64B | $1.56B | 78.8% | -4.7% |
| Marketing | $403.00M | $453.00M | $432.00M | 20.3% | -11.0% |
| Intra-Alberta & Other | $18.00M | $24.00M | $17.00M | 0.9% | -25.0% |
| Operating income | FY2025 | FY2024 | FY2023 | YoY |
|---|---|---|---|---|
| Keystone Pipeline System | $970.00M | $1.03B | $981.00M | -5.6% |
| Intra-Alberta & Other | $62.00M | $51.00M | $51.00M | +21.6% |
| Marketing | -$10.00M | $12.00M | $42.00M | -183.3% |
By product or service
| Revenue | FY2025 | FY2024 | FY2023 | % of revenue | YoY |
|---|---|---|---|---|---|
| Capacity arrangements and transportation | $1.47B | $1.66B | $1.57B | 73.8% | -11.9% |
| Capacity arrangements and transportation and other | $1.47B | $1.66B | – | 73.8% | -11.9% |
| Marketing activities | $403.00M | $453.00M | $432.00M | 20.3% | -11.0% |
| Other revenues | $118.00M | $5.00M | $5.00M | 5.9% | +2260.0% |
| Other | $118.00M | $5.00M | – | 5.9% | +2260.0% |
| Other | -$169.00M | $0 | – | -8.5% | – |
By region
| Revenue | FY2025 | FY2024 | FY2023 | % of revenue | YoY |
|---|---|---|---|---|---|
| United States | $1.57B | $1.68B | $1.56B | 78.9% | -6.5% |
| Canada - export | $401.00M | $427.00M | $431.00M | 20.2% | -6.1% |
| Canada - domestic | $19.00M | $18.00M | $17.00M | 1.0% | +5.6% |
From the segment and revenue-disaggregation notes of South Bow's 10-K and 10-Q filings (XBRL). Fourth-quarter figures are the fiscal year less the first nine months. Segment names follow the company's own labels and can change when it reorganizes.