South Bow Corp (SOBO)
South Bow Corp reported revenue of $2B in fiscal 2025, down 6.3% from a year earlier. Net income was $433M, a net margin of 21.8%. At December 31, 2025 it held $549M in cash. Its latest periodic report to the SEC is the annual report (Canadian issuer) (40-F) filed on March 16, 2026.
Key facts about South Bow Corp
- Net worth
- South Bow Corp has a market value (market cap) of $6.7B at the latest share price, and shareholders' equity of $2.7B on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $2B (-6.3% year on year), with net income of $433M.
- Cash flow
- In fiscal 2025 operations brought in $717M of cash.
- Latest report
- The latest periodic report (annual report (Canadian issuer), 40-F) was filed with the SEC on March 16, 2026 and covers the period to December 31, 2025. Open on SEC EDGAR
What South Bow Corp does
South Bow Corp is registered with the SEC under industry code SIC 4610 (Pipe Lines (No Natural Gas)). Its shares trade on NYSE under the ticker SOBO.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $2B | $433M | $2.07 | n/a |
| 2024 | $2.1B | $316M | $1.52 | $388M |
| 2024 | $2B | $442M | $2.13 | $732M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where SOBO ranks in Energy
Dividends
It paid out $416M in cash dividends, 96% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | n/a | $416M | 96% |
| 2024 | n/a | $0 | 0% |
Latest SEC filings
What South Bow Corp has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 4, 2026
- November 4, 2026
- November 4, 2026
- October 7, 2026
- August 5, 2026
- August 5, 2026
- August 5, 2026
- July 8, 2026
- July 8, 2026Passive stake (5% or more) SCHEDULE 13G
- June 29, 2026
Insider trades
What the people running South Bow Corp did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
Who owns SOBO
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Fmr LLC13G, passive with 1 related filers | 10.5% | July 8, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 302 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Fmr LLC | 21,894,771 | +12,223,172 |
| Royal Bank of Canada | 14,568,356 | -1,835,027 |
| Clearbridge Investments, LLC | 8,855,108 | +185,151 |
| Vanguard Capital Management LLC | 6,048,601 | +80,602 |
| Bank of Montreal | 5,554,724 | -1,038,025 |
| Thornburg Investment Management Inc | 3,721,332 | +88,457 |
| Mackenzie Financial Corp | 2,535,573 | +2,039,298 |
| Cibc World Market Inc. | 3,403,902 | -35,358 |
| Dimensional Fund Advisors LP | 3,043,017 | +128,403 |
| Connor, Clark & Lunn Investment Management Ltd. | 2,779,943 | -13,614 |
| Bank of America Corp | 2,757,560 | +763,792 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 2,157,673 | -76,732 |
| American Century Companies Inc | 2,132,078 | +1,222,336 |
| TD Waterhouse Canada Inc. | 1,946,786 | +16,097 |
| Vanguard Fiduciary Trust Co | 1,844,124 | +21,847 |
| Legal & General Group Plc | 1,784,790 | +23,605 |
| Goldman Sachs Group Inc | 1,781,923 | +372,004 |
| Scotia Capital Inc. | 1,753,475 | -35,383 |
| TD Asset Management Inc | 1,648,279 | -726,848 |
| Morgan Stanley | 1,626,299 | +291,504 |
Insiders
Questions about SOBO
What does South Bow Corp do?
South Bow Corp is a company in the Energy sector, listed on NYSE as SOBO. Its shares trade on NYSE under the ticker SOBO.
What is South Bow Corp's net worth?
South Bow Corp has a market value (market cap) of $6.7B at the latest share price, and shareholders' equity of $2.7B on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is South Bow Corp profitable?
Yes. In fiscal 2025 it reported net income of $433M on revenue of $2B, a net margin of 21.8%.
How much revenue does South Bow Corp make?
In fiscal 2025 South Bow Corp reported revenue of $2B. That is 6.3% less than a year earlier.
When did South Bow Corp last report?
Its most recent periodic report is the annual report (Canadian issuer) (40-F) filed on March 16, 2026. It covers the period to December 31, 2025. Its newest filing of any kind is the foreign issuer update from November 4, 2026.
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Where the numbers come from
Financial figures are the values South Bow Corp tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.