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    SOBO

    South Bow Corp

    Company overview

    Market capitalization
    —
    Employees
    0
    Latest publication
    2026-09-29
    About South Bow Corp

    South Bow Corporation operates as an energy infrastructure company. It operates through three segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. The Keystone Pipeline System segment consists of the company's main liquids pipeline network, which transports crude oil from Hardisty, Alberta, to key U.S. markets including Wood River, Patoka, Illinois, Cushing, Oklahoma, and the Gulf Coast. The Marketing segment provides crude oil marketing services, including transportation, storage, and logistics, and engages in physical crude oil trading and hedging activities. The Intra-Alberta & Other segment comprises pipelines such as the Grand Rapids Pipeline and White Spruce Pipeline, offering crude oil transportation from Alberta's oil sands to refining and market regions, and includes corporate and financing activities. The company also operates 4,900 kilometres of crude oil pipeline infrastructure connecting Alberta crude oil supplies to the U.S. refining markets in the U.S. Midwest and Gulf Coast. In addition, the company offers ancillary services, including storage at terminals. The company was incorporated in 2023 and is based in Calgary, Canada.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · CADQ2 20242024-06-30 · USD
    Total Revenue417,140,718USD419,348,335USD263,506,000USD524,000,000USD498,000,000USD577,091,120USD538,828,196CAD553,885,745USD
    Cost Of Revenue325,428,929USD316,795,836USD224,016,000USD142,000,000USD84,000,000USD383,330,812USD99,920,063CAD367,924,105USD
    Gross Profit91,711,789USD102,552,498USD39,490,000USD382,000,000USD414,000,000USD193,760,308USD438,908,133CAD185,961,640USD
    Unclassified Operating Expenses-13,199,826USD-13,199,826USD1,436,000USD196,000,000USD236,000,000USD3,000,000USD256,831,571CAD—
    Total Operating Expenses-13,199,826USD-13,199,826USD1,436,000USD196,000,000USD236,000,000USD3,000,000USD256,831,571CAD368,000,000USD
    Operating Income91,711,789USD115,752,324USD38,054,000USD186,000,000USD178,000,000USD190,760,308USD182,076,560CAD185,961,640USD
    Interest Income11,000,000USD18,000,000USD9,000,000USD8,000,000USD6,000,000USD27,968,026USD26,645,350CAD6,000,000USD
    Interest Expense82,836,454USD84,275,815USD60,312,000USD81,000,000USD83,000,000USD81,578,470USD116,943,482CAD94,980,407USD
    Net Interest Income-73,000,000USD-65,000,000USD-75,000,000USD-73,000,000USD-77,000,000USD-109,546,496USD-90,298,132CAD-89,000,000USD
    Income Before Tax98,614,826USD155,351,804USD74,672,000USD126,000,000USD114,000,000USD92,043,124USD89,557,983CAD109,977,314USD
    Income Tax Expense22,681,410USD-3,046,113USD7,898,000USD30,000,000USD26,000,000USD21,379,536USD28,865,796CAD21,995,462USD
    Tax Provision23,000,000USD-3,000,000USD11,000,000USD30,000,000USD26,000,000USD16,142,760USD28,865,796CAD22,000,000USD
    Net Income75,933,416USD158,397,918USD66,774,000USD96,000,000USD88,000,000USD70,663,588USD60,692,186CAD87,981,851USD
    Net Income From Continuing Ops77,000,000USD156,000,000USD93,000,000USD96,000,000USD88,000,000USD54,727,536USD60,692,187CAD88,000,000USD
    Ebit181,451,280USD115,752,324USD134,984,000USD207,000,000USD197,000,000USD169,536,688USD206,501,466CAD204,957,722USD
    Ebitda244,564,769USD174,643,857USD180,936,000USD270,000,000USD259,000,000USD241,785,688USD267,933,801CAD266,944,935USD
    Depreciation And Amortization63,113,489USD58,891,533USD45,952,000USD63,000,000USD62,000,000USD72,249,000USD61,432,335CAD61,987,213USD
    Reconciled Depreciation64,000,000USD58,000,000USD64,000,000USD63,000,000USD62,000,000USD60,962,845USD61,432,336CAD62,000,000USD
    Total Other Income Expense Net6,903,037USD39,599,480USD36,618,000USD-60,000,000USD-64,000,000USD-98,717,184USD-92,518,577CAD-75,984,326USD
    Other Operating Expenses———————367,924,105USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Total Revenue1,610,711,259USD2,120,000,000USD2,657,613,178USD
    Cost Of Revenue1,301,389,577USD622,000,000USD465,247,992USD
    Gross Profit309,321,682USD1,498,000,000USD2,192,365,185USD
    Unclassified Operating Expenses-8,140,045USD753,000,000USD1,264,520,185USD
    Total Operating Expenses-8,140,045USD753,000,000USD1,264,520,185USD
    Operating Income317,461,726USD745,000,000USD927,844,999USD
    Interest Income41,000,000USD12,000,000USD32,000,000USD
    Interest Expense336,794,331USD388,000,000USD291,608,428USD
    Net Interest Income-290,000,000USD-376,000,000USD-188,000,000USD
    Income Before Tax505,700,250USD418,000,000USD744,926,985USD
    Income Tax Expense65,120,354USD102,000,000USD159,059,142USD
    Tax Provision64,000,000USD102,000,000USD120,000,000USD
    Net Income440,579,896USD316,000,000USD585,867,842USD
    Net Income From Continuing Ops433,000,000USD316,000,000USD442,000,000USD
    Ebit842,494,581USD806,000,000USD1,036,535,414USD
    Ebitda1,093,818,447USD1,052,000,000USD1,359,955,671USD
    Depreciation And Amortization251,323,866USD246,000,000USD323,420,257USD
    Reconciled Depreciation247,000,000USD246,000,000USD244,000,000USD
    Total Other Income Expense Net188,238,524USD-327,000,000USD-182,918,014USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · CADQ2 20242024-06-30 · CAD
    Total Assets11,276,966,179USD11,172,630,418USD8,230,434,000USD11,483,000,000USD11,175,000,000USD11,329,000,000USD16,783,086,000CAD16,351,805,000CAD
    Other Current Assets410,345,123USD159,708,824USD433,672,000USD556,000,000USD379,000,000USD341,000,000USD784,871,000CAD772,424,000CAD
    Total Liab8,607,214,666USD8,468,560,392USD6,346,402,000USD8,846,000,000USD8,575,000,000USD8,719,000,000USD13,962,872,000CAD12,352,787,000CAD
    Total Stockholder Equity2,669,751,512USD2,704,070,026USD1,884,032,000USD2,637,000,000USD2,600,000,000USD2,610,000,000USD2,820,215,000CAD3,999,017,000CAD
    Other Current Liab405,328,678USD569,960,866USD362,590,000USD204,000,000USD218,000,000USD217,000,000USD1,008,064,000CAD629,530,000CAD
    Common Stock2,215,261,683USD2,196,994,510USD1,580,318,000USD2,200,000,000USD2,200,000,000USD2,196,000,000USD2,272,579,000CAD3,188,622,000CAD
    Capital Stock2,208,000,000USD2,201,000,000USD2,201,000,000USD2,200,000,000USD2,200,000,000USD2,196,000,000USD2,275,957,012CAD—
    Retained Earnings-59,194,039USD-31,941,764USD-60,312,000USD-73,000,000USD-65,000,000USD-49,000,000USD——
    Cash600,969,994USD573,953,586USD359,718,000USD452,000,000USD390,000,000USD397,000,000USD5,180,741,000CAD473,647,000CAD
    Cash And Short Term Investments600,969,994USD573,953,586USD359,718,000USD452,000,000USD390,000,000USD397,000,000USD5,180,741,000CAD473,647,000CAD
    Total Current Assets2,184,159,730USD2,011,333,000USD1,672,222,000USD2,297,000,000USD2,067,000,000USD2,198,000,000USD7,423,757,000CAD3,633,290,000CAD
    Total Current Liabilities1,448,749,035USD1,338,559,581USD1,230,652,000USD1,792,000,000USD1,607,000,000USD1,761,000,000USD6,879,816,000CAD2,660,016,000CAD
    Current Deferred Revenue16,052,620USD15,970,882USD12,924,000USD———19,215,000CAD—
    Net Debt5,168,943,929USD5,206,507,662USD3,769,500,000USD5,322,000,000USD5,329,000,000USD5,319,000,000USD5,259,818,000CAD7,603,329,000CAD
    Short Long Term Debt Total5,769,913,923USD5,780,461,248USD4,129,218,000USD5,774,000,000USD5,719,000,000USD5,716,000,000USD10,440,559,000CAD8,076,976,000CAD
    Long Term Debt5,751,000,000USD5,768,000,000USD5,751,000,000USD5,774,000,000USD5,719,000,000USD5,716,000,000USD5,777,600,142CAD—
    Long Term Investments727,000,000USD743,000,000USD741,000,000USD726,000,000USD726,000,000USD732,000,000USD783,817,391CAD—
    Net Receivables980,213,163USD1,177,852,577USD787,646,000USD1,138,000,000USD1,154,000,000USD1,253,000,000USD1,248,995,000CAD2,132,410,000CAD
    Inventory192,631,450USD99,818,015USD91,186,000USD151,000,000USD144,000,000USD207,000,000USD209,151,000CAD254,810,000CAD
    Accounts Payable1,027,367,737USD752,627,833USD855,138,000USD1,588,000,000USD1,389,000,000USD1,544,000,000USD1,181,002,000CAD2,030,486,000CAD
    Property Plant Equipment Net8,147,708,393USD8,233,988,057USD5,875,394,000USD8,287,000,000USD8,208,000,000USD8,205,000,000USD8,306,922,000CAD11,348,536,000CAD
    Property Plant Equipment Gross8,121,000,000USD11,302,000,000USD———11,022,000,000USD11,108,150,517CAD—
    Accumulated Other Comprehensive Income-149,490,032USD-120,779,798USD-110,572,000USD-151,000,000USD-196,000,000USD-198,000,000USD547,636,000CAD810,396,000CAD
    Common Stock Shares Outstanding208,500,000shares208,800,000shares208,800,000shares208,800,000shares208,700,000shares208,400,000shares208,000,000shares207,570,409shares
    Non Current Assets Total9,092,806,448USD9,161,297,416USD6,558,212,000USD9,186,000,000USD9,108,000,000USD9,130,000,000USD9,359,329,000CAD12,718,514,000CAD
    Non Current Liabilities Total7,158,465,630USD7,130,000,811USD5,115,750,000USD7,054,000,000USD6,968,000,000USD6,958,000,000USD7,083,055,000CAD9,692,771,000CAD
    Non Current Liabilities Other179,000,000USD122,000,000USD163,000,000USD147,000,000USD143,000,000USD140,000,000USD232,406,667CAD—
    Non Currrent Assets Other103,338,748USD73,865,332USD84,724,000USD157,000,000USD158,000,000USD177,000,000USD171,460,000CAD302,774,000CAD
    Net Working Capital733,000,000USD674,000,000USD615,000,000USD505,000,000USD460,000,000USD437,000,000USD544,749,386CAD—
    Unclassified Non Current Assets114,759,307USD110,444,027USD-142,906,000USD———97,129,609CAD1,067,204,000CAD
    Unclassified Non Current Liabilities1,228,465,630USD1,240,000,811USD-798,250,000USD1,133,000,000USD1,106,000,000USD1,102,000,000USD1,073,048,191CAD9,692,771,000CAD
    Unclassified Equity-1,544,826,100USD-1,541,202,922USD-1,726,402,000USD-1,539,000,000USD-1,539,000,000USD-1,535,000,000USD-2,275,957,012CAD—
    Other Assets—————1,000,000USD0CAD—
    Short Term Debt——————4,671,535,000CAD—
    Short Long Term Debt——————4,678,479,439CAD—
    Unclassified Current Liabilities——————-4,678,479,439CAD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · CAD
    Total Assets11,172,630,418USD11,329,000,000USD15,948,330,000CAD
    Other Current Assets159,708,824USD341,000,000USD1,044,488,000CAD
    Total Liab8,468,560,392USD8,719,000,000USD12,183,930,000CAD
    Total Stockholder Equity2,704,070,026USD2,610,000,000USD3,764,400,000CAD
    Other Current Liab569,960,866USD217,000,000USD1,121,367,000CAD
    Common Stock2,196,994,510USD2,196,000,000USD3,934,063,000CAD
    Capital Stock2,201,000,000USD2,196,000,000USD2,968,000,000CAD
    Retained Earnings-31,941,764USD-49,000,000USD0CAD
    Cash573,953,586USD397,000,000USD347,279,000CAD
    Cash And Short Term Investments573,953,586USD397,000,000USD347,279,000CAD
    Total Current Assets2,011,333,000USD2,198,000,000USD3,464,838,000CAD
    Total Current Liabilities1,338,559,581USD1,761,000,000USD2,750,398,000CAD
    Current Deferred Revenue15,970,882USD14,991,077USD—
    Net Debt5,206,507,662USD5,319,000,000USD7,569,890,000CAD
    Short Long Term Debt Total5,780,461,248USD5,716,000,000USD7,917,169,000CAD
    Long Term Debt5,768,000,000USD5,716,000,000USD5,967,000,000CAD
    Long Term Investments743,000,000USD732,000,000USD813,000,000CAD
    Net Receivables1,177,852,577USD1,253,000,000USD1,860,992,000CAD
    Inventory99,818,015USD207,000,000USD212,079,000CAD
    Accounts Payable752,627,833USD1,544,000,000USD1,629,031,000CAD
    Property Plant Equipment Net8,233,988,057USD8,205,000,000USD11,171,254,000CAD
    Property Plant Equipment Gross11,302,000,000USD11,022,000,000USD11,061,000,000CAD
    Accumulated Other Comprehensive Income-120,779,798USD-198,000,000USD-169,663,000CAD
    Common Stock Shares Outstanding208,800,000shares208,200,000shares207,600,000shares
    Non Current Assets Total9,161,297,416USD9,130,000,000USD12,483,492,000CAD
    Non Current Liabilities Total7,130,000,811USD6,958,000,000USD9,433,533,000CAD
    Non Current Liabilities Other122,000,000USD140,000,000USD110,000,000CAD
    Non Currrent Assets Other73,865,332USD177,000,000USD234,612,000CAD
    Net Working Capital674,000,000USD437,000,000USD539,000,000CAD
    Unclassified Non Current Assets110,444,027USD—264,626,000CAD
    Unclassified Non Current Liabilities1,240,000,811USD1,102,000,000USD3,356,533,000CAD
    Unclassified Equity-1,541,202,922USD-1,535,000,000USD-2,968,000,000CAD
    Other Assets—1,000,000USD-12,031,000,000CAD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ1 20252025-03-31 · USDQ3 20242024-09-30 · CADQ3 20232023-09-30 · USDQ2 20232023-06-30 · USDQ1 20232023-03-31 · USD
    Net Income75,933,416USD158,397,918USD66,774,000USD87,734,107USD60,692,000CAD89,016,405USD204,005,131USD130,097,309USD
    Depreciation63,113,489USD58,891,533USD45,952,000USD61,812,666USD61,432,000CAD60,325,167USD82,002,062USD82,061,380USD
    Other Non Cash Items42,404,377USD132,230,467USD-108,957,848USD20,936,548USD-8,140,000CAD58,853,824USD29,000,732USD43,032,188USD
    Change In Working Capital-8,875,334USD-5,028,293USD-2,837,882USD-49,848,924USD170,974,000CAD69,153,240USD-260,006,542USD38,028,444USD
    Total Cash From Operating Activities183,423,578USD348,702,867USD52,755,498USD124,622,311USD351,571,000CAD287,648,054USD55,001,383USD293,219,321USD
    Capital Expenditures-26,626,005USD-95,188,383USD-17,946,376USD-31,903,313USD-61,432,000CAD-8,092,400USD-11,000,275USD-13,009,730USD
    Free Cash Flow156,797,573USD253,514,484USD34,809,121USD92,718,997USD290,138,000CAD279,555,653USD44,001,106USD280,209,590USD
    Total Cashflows From Investing Activities-25,639,855USD-94,320,468USD-18,827,725USD-31,903,311USD-61,376,000CAD-1,471,345USD-3,000,074USD49,036,678USD
    Total Cash From Financing Activities-95,656,382USD-194,637,374USD-14,022,443USD-99,697,849USD4,554,134,000CAD142,720,517USD-52,001,307USD-347,259,742USD
    Dividends Paid-102,559,420USD-196,083,902USD-13,565,315USD-103,685,763USD-21,445,000CAD—-52,001,307USD-347,259,742USD
    Change In Cash27,016,408USD214,235,586USD-93,287,812USD-8,702,593USD4,837,611,000CAD431,104,244USD1USD-5,003,742USD
    Begin Period Cash Flow573,953,586USD359,718,000USD453,005,812USD462,724,598USD350,830,000CAD1USD——
    End Period Cash Flow600,969,994USD573,953,586USD359,718,000USD454,022,005USD5,188,442,000CAD431,104,244USD1USD-5,003,742USD
    Other Cashflows From Investing Activities986,148USD867,916USD-881,347USD—740,000CAD6,621,054USD8,000,201USD62,046,408USD
    Unclassified Operating Cash Flow10,847,630USD4,211,242USD51,825,228USD3,987,914USD66,613,000CAD10,299,418USD——
    Unclassified Financing Cash Flow6,903,038USD——3,975,827USD45,560,000CAD44,140,366USD——
    Net Borrowings—0USD0USD—4,530,000,000CAD———
    Investments——-52,000,000USD-32,000,000USD-61,432,336CAD———
    Unclassified Investing Cash Flow——51,999,998USD32,000,002USD60,748,336CAD———
    Other Cashflows From Financing Activities———12,087USD19,000CAD98,580,151USD——
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20232023-12-31 · USD
    Net Income440,579,896USD585,867,842USD
    Depreciation251,323,866USD323,420,257USD
    Other Non Cash Items-8,140,044USD79,529,571USD
    Change To Account Receivables84,452,959USD-332,698,707USD
    Change To Inventory108,873,092USD83,506,050USD
    Change In Working Capital-35,612,693USD-45,066,757USD
    Total Cash From Operating Activities729,551,467USD1,032,558,935USD
    Capital Expenditures-181,115,983USD-49,043,235USD
    Free Cash Flow548,435,484USD983,515,699USD
    Total Cashflows From Investing Activities-178,063,468USD82,180,557USD
    Net Borrowings0USD-350,000,000USD
    Total Cash From Financing Activities-418,194,774USD-764,809,378USD
    Dividends Paid-423,282,302USD—
    Change In Cash111,228,988USD341,977,157USD
    Begin Period Cash Flow462,724,598USD5,301,971USD
    End Period Cash Flow573,953,586USD347,279,128USD
    Other Cashflows From Investing Activities3,052,516USD131,223,792USD
    Unclassified Operating Cash Flow81,400,442USD88,808,022USD
    Unclassified Financing Cash Flow5,087,528USD-113,922,500USD
    Investments—62,000,000USD
    Other Cashflows From Financing Activities—-300,886,878USD
    Unclassified Investing Cash Flow—-62,000,000USD
    SourceLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.