South Bow Corporation (SOBO)

NYSE: SOBO · Real-Time Price · USD

37.10

-0.32 (-0.86%)

At close: Jul 31, 2026, 4:00 PM EDT

36.80

-0.30 (-0.81%)

Pre-market: Aug 3, 2026, 8:03 AM EDT

South Bow Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	1,979	1,986	2,120	2,005
Revenue Growth	-4.58%	-6.32%	5.74%	-
Gross Profit	1,676	1,673	1,744	1,654
Operating Income	697	715	745	700
Net Income	422	433	316	442
Earnings Per Share	2.03	2.07	1.52	2.13
EPS Growth	46.04%	36.18%	-28.64%	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Keystone Pipeline System Segment	1,602	1,565	1,643	1,556
Marketing Segment	358	403	453	432
Intra-Alberta & Other Segment	19	18	24	17
Revenue (Total)	1,979	1,986	2,120	2,005

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Cash & Investments	599	549	397	262
Total Debt	5,751	5,768	5,716	5,967
Net Cash (Debt)	-5,152	-5,219	-5,319	-5,705
Net Cash Growth	-	-	-	-
Net Cash Per Share	-24.68	-25.00	-25.55	-27.43

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Operating Cash Flow	778	717	529	779
Capital Expenditures	-173	-178	-122	-37
Free Cash Flow	605	539	407	742
Free Cash Flow Growth	51.25%	32.43%	-45.15%	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Gross Margin	84.69%	84.24%	82.26%	82.49%
Operating Margin	35.22%	36.00%	35.14%	34.91%
Pretax Margin	24.41%	25.03%	19.72%	28.03%
Profit Margin	21.32%	21.80%	14.91%	22.04%
FCF Margin	30.57%	27.14%	19.20%	37.01%

Dividends

Fiscal Year	Current	FY 2025	FY 2024
Period Ending	Aug '26 Aug 3, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Dividend Per Share	2.000	2.000	0.500
Dividend Per Share Growth	0%	300.00%	-
Dividend Yield	5.39%	7.26%	2.47%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023
Period Ending	Aug '26 Aug 3, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
PE Ratio	18.36	13.29	15.55	-
Forward PE	20.96	16.67	14.13	-
P/FCF Ratio	12.77	10.63	12.08	-
PS Ratio	3.91	2.88	2.32	-