South Bow Corporation (SOBO)

Revenue

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Keystone Pipeline System Segment Revenue	1.60B	1.57B	1.64B
Keystone Pipeline System Segment Revenue Growth	2.36%	-4.75%	5.59%
Marketing Segment Revenue	358.00M	403.00M	453.00M
Marketing Segment Revenue Growth	-11.17%	-11.04%	4.86%
Intra-Alberta & Other Segment Revenue	19.00M	18.00M	24.00M
Intra-Alberta & Other Segment Revenue Growth	5.56%	-25.00%	41.18%
Revenue (Total)	1.98B	1.99B	2.12B
Revenue (Total) Growth	-0.35%	-6.32%	5.74%

Revenue by Geography

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
U.S. Revenue	-	1.57B	1.68B
U.S. Revenue Growth	-	-6.51%	7.58%
Canada - Export Revenue	-	401.00M	427.00M
Canada - Export Revenue Growth	-	-6.09%	-0.93%
Canada - Domestic Revenue	-	19.00M	18.00M
Canada - Domestic Revenue Growth	-	5.56%	5.88%
Revenue (Total)	1.98B	1.99B	2.12B
Revenue (Total) Growth	-0.35%	-6.32%	5.74%

EBITDA

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Keystone Pipeline System Segment Normalized EBITDA	968.00M	970.00M	1.03B
Keystone Pipeline System Segment Normalized EBITDA Growth	-0.21%	-5.64%	4.79%
Marketing Segment Normalized EBITDA	-17.00M	-10.00M	12.00M
Marketing Segment Normalized EBITDA Growth	-	-	-71.43%
Intra-Alberta & Other Segment Normalized EBITDA	62.00M	62.00M	51.00M
Intra-Alberta & Other Segment Normalized EBITDA Growth	-	21.57%	-
Operating Income (Other)	-316.00M	-307.00M	-346.00M
Operating Income (Total)	697.00M	715.00M	745.00M
Operating Income (Total) Growth	-2.52%	-4.03%	6.43%

EBT

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Keystone Pipeline System Income Before Income Taxes	763.00M	741.00M	778.00M
Keystone Pipeline System Income Before Income Taxes Growth	2.97%	-4.76%	13.25%
Marketing Income Before Income Taxes	-4.00M	27.00M	6.00M
Marketing Income Before Income Taxes Growth	-	350.00%	-68.42%
Intra-Alberta & Other Income Before Income Taxes	-276.00M	-271.00M	-366.00M

Capital Expenditures

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

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Keystone Pipeline System Capital Expenditures	36.00M	35.00M
Keystone Pipeline System Capital Expenditures Growth	2.86%	-12.50%
Intra-Alberta & Other Capital Expenditures	152.00M	106.00M
Intra-Alberta & Other Capital Expenditures Growth	43.40%	1666.67%

Key Performance Indicators

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

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Keystone Pipeline System Operating Factor (SOF)	94.00%	95.00%
Keystone Pipeline Throughput (Mbbl/d)	584.00	626.00
Keystone Pipeline Throughput (Mbbl/d) Growth	-6.71%	5.21%
U.S. Gulf Coast Segment of Keystone Pipeline System Throughput (Mbbl/d)	718.00	795.00
U.S. Gulf Coast Segment of Keystone Pipeline System Throughput (Mbbl/d) Growth	-9.69%	14.55%
Marketlink Throughput (Mbbl/d)	563.00	614.00
Marketlink Throughput (Mbbl/d) Growth	-8.31%	14.34%

Data Source: Fiscal.ai Last updated: May 7, 2026

Financial data is provided by Fiscal.ai and updates within minutes after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Jun 20, 2026

Data Sources Report a data error