SOBO

MKT CAP:$7B

South Bow Corporation

Market Cap

$7B

Energy·Oil & Gas Midstream·🇨🇦 Canada·NYSE

Energy·Oil & Gas Midstream·🇨🇦·NYSE

Stock Price

$31.47+$3.58 (+12.84%)

Apr 20, 2026

Company Details

South Bow Corp.is an energy infrastructure company. It engages in the construction and operation of pipelines that transport crude oil and other liquids across Canada and the United States. The company was founded on December 15, 2023 and i...

CEO

Bevin Mark Wirzba

IPO Date

Oct 8, 2024

Website

www.southbow.com

Key Metrics TTM

Revenue

$1.6B

— YoY

Net Income

$358M

EPS (Diluted)

$1.71

Free Cash Flow

$593M

Revenue / Share

$7.54

Gross Margin

55.7%

Operating Margin

29.5%

Net Margin

22.7%

FCF Margin

37.7%

P/S

4.2x

P/E

18.7x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 13, 2026

$1.6BEPS $2.11

Q4 2025

Mar 13, 2026

$419MEPS $0.76

Q3 2025

Nov 13, 2025

$264M-33.1%EPS $0.32

Q1 2025

May 15, 2025

$498M+25.8%EPS $0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 23	$384M	$306M	$126M
Q1 24	$396M	$161M	$161M
Q2 24	$405M	$136M	$136M
Q3 24	$394M	$321M	$133M
Q1 25	$498M	$414M	$178M
Q3 25	$264M	$39M	$38M
Q4 25	$419M	$103M	$116M

Valuation

Quarter	P/S	P/E
Q3 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	4.2x	26.1x
Q1 25	3.9x	24.0x
Q3 25	4.3x	25.3x
Q4 25	4.2x	18.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$217M	$207M
Q2 23	$42M	$33M
Q3 23	$210M	$204M
Q1 24	$112M	$100M
Q2 24	$91M	$71M
Q3 24	$257M	$212M
Q1 25	$125M	$93M
Q3 25	$53M	$35M
Q4 25	$349M	$254M

Capital Expenditures

Quarter	CapEx
Q1 23	$10M
Q2 23	$8M
Q3 23	$6M
Q1 24	$12M
Q2 24	$20M
Q3 24	$45M
Q1 25	$32M
Q3 25	$18M
Q4 25	$95M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 25	+29.6%	+24.0%
Q3 25	-33.4%	-4.1%
Q4 25	+3.6%	+12.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	—
Q2 23	$0	—
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$262M	$0	$262M
Q1 24	$522M	$0	$522M
Q2 24	$346M	$0	$346M
Q3 24	$3.8B	$0	$3.8B
Q4 24	$397M	$0	$397M
Q1 25	$390M	$0	$390M
Q2 25	$452M	$0	$452M
Q3 25	$360M	$0	$360M
Q4 25	$574M	$0	$574M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 23	208M	—	—
Q1 24	208M	-0.0%	—
Q2 24	208M	-0.0%	—
Q3 24	208M	+0.2%	—
Q1 25	209M	+0.3%	+0.5%
Q3 25	209M	+0.0%	+0.6%
Q4 25	209M	0.0%	+0.6%

Shares Outstanding