SOBO revenueFY2025$1.99B
- FY YoY
- -6.3%
SOBO revenue was $1.99B for fiscal 2025 (ended Dec 31, 2025), down 6.3% from fiscal 2024.
South Bow Corporation (SOBO) financials
For fiscal 2025 (ended Dec 31, 2025), South Bow Corporation reported $1.99B of revenue and $433.00M of net income.
- Revenue, FY2025
- $1.99B
- Revenue growth, YoY
- -6.3%
- Net income, FY2025
- $433.00M
- Net income growth, YoY
- +37.0%
- Net margin
- 21.8%
- EPS, diluted, FY2025
- $2.07
- EPS growth, YoY
- +36.2%
- Cash
- $549.00M
- P/E
- 15.53
- P/S
- 3.39
- Market cap
- $6.73B
FY2023FY2025
FY2023FY2025
FY2023FY2024
SOBO revenue and earnings growth
SOBO net incomeFY2025$433.00M
- FY YoY
- +37.0%
SOBO net income was $433.00M for fiscal 2025 (ended Dec 31, 2025), up 37.0% from fiscal 2024.
SOBO EPSFY2025$2.07
- FY YoY
- +36.2%
SOBO diluted EPS was $2.07 for fiscal 2025 (ended Dec 31, 2025), up 36.2% from fiscal 2024.
SOBO free cash flowFY2024$388.00M
- FY YoY
- -47.0%
SOBO free cash flow was $388.00M for fiscal 2024 (ended Dec 31, 2024), down 47.0% from fiscal 2023.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Revenue | $1.99B | $2.12B | $2.00B |
| Cost of revenue | $313.00M | $376.00M | $351.00M |
| Gross profit | $1.67B | $1.74B | $1.65B |
| Operating income | - | $1.09B | $1.07B |
| Interest expense | $331.00M | $388.00M | $220.00M |
| Pre-tax income | $497.00M | $418.00M | $562.00M |
| Income tax | $64.00M | $102.00M | $120.00M |
| Net income | $433.00M | $316.00M | $442.00M |
| EPS, basic | $2.08 | $1.52 | $2.13 |
| EPS, diluted | $2.07 | $1.52 | $2.13 |
| Diluted shares | 208.8M | 208.2M | 207.6M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Cash and equivalents | $549.00M | $397.00M | $262.00M |
| Receivables | $1.11B | $1.19B | $1.34B |
| Inventory | $100.00M | $207.00M | $160.00M |
| Current assets | $2.02B | $2.20B | $2.61B |
| Total assets | $11.19B | $11.33B | $12.03B |
| Current liabilities | $1.34B | $1.76B | $2.08B |
| Total liabilities | $8.48B | $8.72B | $9.19B |
| Shareholders' equity | $2.71B | $2.61B | $2.84B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Operating cash flow | $717.00M | $529.00M | $779.00M |
| Capital expenditures | - | $141.00M | $47.00M |
| Free cash flow | - | $388.00M | $732.00M |
| Investing cash flow | -$175.00M | -$80.00M | $62.00M |
| Financing cash flow | -$411.00M | -$307.00M | -$577.00M |
| Dividends paid | $416.00M | $0 | - |
| Depreciation and amortization | $247.00M | $246.00M | $244.00M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Revenue growth, YoY | -6.3% | 5.7% | - |
| Net income growth, YoY | 37.0% | -28.5% | - |
| EPS growth, YoY | 36.2% | -28.6% | - |
| Gross margin | 84.2% | 82.3% | 82.5% |
| Operating margin | - | 51.5% | 53.6% |
| Net margin | 21.8% | 14.9% | 22.0% |
| Free cash flow margin | - | 18.3% | 36.5% |
| Return on equity | 16.0% | 12.1% | 15.6% |
| Return on assets | 3.9% | 2.8% | 3.7% |
| Current ratio | 1.50 | 1.25 | 1.26 |
Source: XBRL data South Bow Corporation files with the SEC, latest filing dated Mar 16, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
SOBO peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| SOBO | $1.99B | -6.3% | $433.00M | 21.8% | $6.73B |
| WMB | $15.43B | +10.1% | $3.07B | 19.9% | $168.77B |
| ENB | C$89.93B | +40.0% | C$6.73B | 7.5% | $103.53B |
| NGG | £17.69B | -3.8% | £3.24B | 18.3% | $88.47B |
| EPD | $64.40B | +21.5% | $6.59B | 10.2% | $79.15B |
| KMI | $18.34B | +11.7% | $3.60B | 19.6% | $68.09B |
| TRP | C$15.24B | +10.7% | C$3.52B | 23.1% | $62.83B |
| TRGP | $18.19B | +4.7% | $2.45B | 13.5% | $58.71B |
| MPLX | $13.21B | +3.1% | $4.34B | 32.9% | $57.54B |
SOBO FAQ
8 questionsWhat is SOBO revenue?
South Bow Corporation (SOBO) reported $1.99B of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 6.3% from the year before.Is SOBO profitable?
Yes. South Bow Corporation earned $433.00M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 21.8%.How much cash and debt does SOBO have?
South Bow Corporation reported $549.00M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is SOBO revenue growing?
South Bow Corporation's revenue changed -6.3% in fiscal 2025, to $1.99B.What is SOBO gross margin?
South Bow Corporation's gross profit was $1.67B on $1.99B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 84.2%.What is SOBO earnings per share?
Diluted earnings per share were $2.07 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did SOBO last report financial results?
The latest statements here come from South Bow Corporation's 40-F filed on Mar 16, 2026, covering the period ended Dec 31, 2025.Where does this SOBO financial data come from?
Quantisnow builds these statements from the structured XBRL data South Bow Corporation files with the SEC. It is provided for information only and is not investment advice.