South Bow (SOBO) revenue breakdown

Energy · Oil & Gas Midstream · Market cap $7.2B

By segment, Keystone Pipeline System is the largest at 79% of fiscal 2025 revenue, growing 0% a year over 2 years.

By product, Capacity arrangements and transportation is the largest at 76% of fiscal 2025 revenue; Other grew fastest, 386% a year over 2 years.

Revenue by segment

Fiscal years, as South Bow reports them in its 10-K filings; fiscal 2025 total $2.0B.

Segments202320242025Share
Keystone Pipeline System$1.6B$1.6B$1.6B 79%
Marketing$432M$453M$403M 20%
Intra-Alberta & Other$17M$24M$18M 1%

Revenue by product

Fiscal years, as South Bow reports them in its 10-K filings; fiscal 2025 total $2.2B.

Products202320242025Share
Capacity arrangements and transportation——$1.6B 76%
Marketing activities$432M$453M$403M 19%
Other$5M$5M$118M 5%
Capacity arrangements and transportation and other$1.6B$1.7B— —
Other——-$169M -8%

Revenue by region

Fiscal years, as South Bow reports them in its 10-K filings; fiscal 2025 total $2.0B.

Regions202320242025Share
U.S.$1.6B$1.7B$1.6B 79%
Canada - export$431M$427M$401M 20%
Canada - domestic$17M$18M$19M 1%
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Questions

Where does South Bow make its money?

In fiscal 2025, by segment: Keystone Pipeline System $1.6B, Marketing $403M, Intra-Alberta & Other $18M.

From South Bow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.