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Delek Logistics Partners vs South Bow: revenue, profit, margins and growth compared

Delek Logistics Partners brought in $1B of revenue in fiscal 2025, South Bow $2B in fiscal 2025. Revenue changed by +7.7% at Delek Logistics Partners and -6.3% at South Bow on the year before, so Delek Logistics Partners grew faster. Delek Logistics Partners kept 17.4% of its revenue as net profit, South Bow 21.8%.

Side by side, latest fiscal year

DKLSOBO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1B$2B
Revenue growth+7.7%-6.3%
Net income$176.5M$433M
Net margin17.4%21.8%
Free cash flow-$30.6Mn/a
Free cash flow margin-3.0%n/a
Earnings per share (diluted)n/a$2.07
Cash$10.9M$549M
Debt$2.3Bn/a
Price to earningsn/an/a
Market value$2.9B$7.1B
Dividend yieldn/an/a
Rank by revenue in sector#81 of 129 · Energy#58 of 129 · Energy

Over the years

Revenue
DKL FY2018: $657.6MDKL FY2019: $584MDKL FY2020: $563.4MDKL FY2021: $700.9MDKL FY2022: $1BDKL FY2023: $1BDKL FY2024: $940.6MDKL FY2025: $1BSOBO FY2024: $2BSOBO FY2024: $2.1BSOBO FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
DKL $1BSOBO $2B
Net income
DKL FY2018: $90.2MDKL FY2019: $96.7MDKL FY2020: $159.3MDKL FY2021: $164.8MDKL FY2022: $159.1MDKL FY2023: $126.2MDKL FY2024: $142.7MDKL FY2025: $176.5MSOBO FY2024: $442MSOBO FY2024: $316MSOBO FY2025: $433MFY18FY19FY20FY21FY22FY23FY24FY25
DKL $176.5MSOBO $433M
Net margin
DKL FY2018: 13.7%DKL FY2019: 16.6%DKL FY2020: 28.3%DKL FY2021: 23.5%DKL FY2022: 15.3%DKL FY2023: 12.4%DKL FY2024: 15.2%DKL FY2025: 17.4%SOBO FY2024: 22.0%SOBO FY2024: 14.9%SOBO FY2025: 21.8%FY18FY19FY20FY21FY22FY23FY24FY25
DKL 17.4%SOBO 21.8%
Revenue growth
DKL FY2019: -11.2%DKL FY2020: -3.5%DKL FY2021: +24.4%DKL FY2022: +47.9%DKL FY2023: -1.5%DKL FY2024: -7.8%DKL FY2025: +7.7%SOBO FY2024: +5.7%SOBO FY2025: -6.3%FY19FY20FY21FY22FY23FY24FY25
DKL +7.7%SOBO -6.3%
Free cash flow
DKL FY2018: $140MDKL FY2019: $121.3MDKL FY2020: $179.7MDKL FY2021: $252.1MDKL FY2022: $51.1MDKL FY2023: $129.2MDKL FY2024: $77.3MDKL FY2025: -$30.6MSOBO FY2024: $732MSOBO FY2024: $388MFY18FY19FY20FY21FY22FY23FY24FY25
DKL -$30.6MSOBO $388M

Fiscal years as each company reports them; the two may end in different months.

Questions about Delek Logistics Partners and South Bow

Which is bigger by revenue, Delek Logistics Partners or South Bow?

South Bow is bigger by revenue: $2B in fiscal 2025, against $1B for Delek Logistics Partners in fiscal 2025.

Which keeps more of its revenue as profit, Delek Logistics Partners or South Bow?

Delek Logistics Partners had a net margin of 17.4% in fiscal 2025; South Bow had 21.8% in fiscal 2025.

Which grew revenue faster, Delek Logistics Partners or South Bow?

In their latest fiscal years revenue changed by +7.7% at Delek Logistics Partners and -6.3% at South Bow.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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