South Bow Corp (SOBO) SEC Filings & Earnings Calls
EquiReason read 22 South Bow Corp SEC filings in the last 12 months. Latest: 6-K on 2026-10-07 — Press release announcing timing of Q3 2026 earnings release and conference call; no financial results or material business updates..
Source: SEC EDGAR filings · read by EquiReason
- Market cap
- 7.4B
- Annual P/E
- —
- Dividend yield
- 5.6%
- 52-week
- —
- Next earnings
- 4 Nov, in 11 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
5 Aug 20266-KSouth Bow Q2 2026 MD&A: revenue $546M, net income $134M, normalized EBITDA $280M (+12% YoY), distributable cash flow $175M; guidance raised; dividend declared $0.50/share.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $546M | +4% y/y |
| Net income · Q2-2026 | $134M | +40% y/y |
| Normalized EBITDA · Q2-2026 | $280M | +12% y/y |
| Distributable cash flow · Q2-2026 | $175M | +5% y/y |
| Keystone Pipeline throughput · Keystone Pipeline System · Q2-2026 | 596 | +10% y/y |
| U.S. Gulf Coast segment throughput · Keystone Pipeline System · Q2-2026 | 800 | +5% y/y |
| Marketlink throughput · Keystone Pipeline System · Q2-2026 | 642 | +3% y/y |
| Net debt · 2026-06-30 | $4.59B | -6% y/y |
| Net debt-to-normalized EBITDA · 2026-06-30 | $4.40 | -4% y/y |
| Total capital expenditures · Q2-2026 | $13M | -70% y/y |
Guidance
FY26 normalized EBITDA raised to ~$1,040M (range +2%/-1%) from prior; FY26 distributable cash flow raised to ~$665M (range ±2%) from prior; FY26 growth capex ~$80M (range ±$10M), including $65M pre-FID for Prairie Connector and Liberty Bridge.
Raised 2026 normalized EBITDA and distributable cash flow guidance due to stronger-than-expected first-half results; increased growth capex for new projects.
Risks flagged
MP-171 incident remediation ongoing; potential for further costs or operational impact.
“Continued to advance remedial actions relating to the Milepost 171 (MP-171) incident.”
High leverage at 4.4x net debt-to-normalized EBITDA; though improving, still elevated.
“Net debt-to-normalized EBITDA ratio was 4.4 times.” · word for word
5 Aug 20266-KSouth Bow reports Q2 2026 results: revenue $546M, net income $134M ($0.64/share), normalized EBITDA $280M (+9% QoQ), raises 2026 normalized EBITDA guidance to ~$1,040M and distributable cash flow to ~$665M, declares $0.50/share dividend.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $546M | +4% y/y |
| Net income · Q2-2026 | $134M | +40% y/y |
| Normalized EBITDA · Q2-2026 | $280M | +12% y/y |
| Distributable cash flow · Q2-2026 | $175M | +5% y/y |
| Keystone Pipeline throughput · Keystone Pipeline System · Q2-2026 | 596 | +10% y/y |
| U.S. Gulf Coast segment throughput · Keystone Pipeline System · Q2-2026 | 800 | +5% y/y |
| Marketlink throughput · Keystone Pipeline System · Q2-2026 | 642 | +3% y/y |
| Net debt · 2026-06-30 | $4.59B | -6% y/y |
| Net debt-to-normalized EBITDA · 2026-06-30 | $4.40 | -4% y/y |
| Total capital expenditures · Q2-2026 | $18M | -47% y/y |
Guidance
FY26 normalized EBITDA raised to ~$1,040M (range +2%/-1%) from prior; FY26 distributable cash flow raised to ~$665M (range ±2%) from prior; FY26 growth capex ~$80M (range ±$10M), including $65M pre-FID for Prairie Connector and Liberty Bridge.
Raised 2026 normalized EBITDA and distributable cash flow guidance due to stronger-than-expected first-half results; increased growth capex for new projects.
Risks flagged
MP-171 incident remediation ongoing; potential for further costs or operational impact.
“Continued to advance remedial actions relating to the Milepost 171 (MP-171) incident.” · word for word
High leverage at 4.4x net debt-to-normalized EBITDA; though improving, still elevated.
“Net debt-to-normalized EBITDA ratio was 4.4 times.”
5 Aug 20266-KForm 6-K filing with Notice of Reliance for continuous disclosure; includes consolidating summary financial information for South Bow Corp. and subsidiaries.open
Figures in the filing · each found in the filing text
| Revenue · H1-2026 | $1.04B | +2% y/y |
| Net income · H1-2026 | $211M | +15% y/y |
Risks flagged
Complex corporate structure with multiple credit support entities; intercompany eliminations significant.
“Consolidating adjustments column shows large eliminations.”
29 May 20266-KSouth Bow announced successful open season for Prairie Connector project, securing 20-year binding commitments for firm transportation service from Hardisty to U.S. delivery points.open
Risks flagged
Project subject to regulatory approvals, permits, and financing; FID not guaranteed.
“FID will be subject to satisfaction of permitting, cost estimates, financing, and other conditions.”
8 May 20266-KNotice of reliance on parent company continuous disclosure; includes unaudited summary financial information for credit support issuer.open
Figures in the filing · each found in the filing text
| revenue · consolidated · Q1-2026 | $491M | -1% y/y |
| net income · consolidated · Q1-2026 | $77M | -13% y/y |
Risks flagged
Revenue and net income declined year-over-year in Q1 2026.
“Revenue $491M vs $498M; net income $77M vs $88M for Q1 2026 vs Q1 2025.”
7 May 20266-KSouth Bow Q1 2026 MD&A: revenue $491M, net income $77M, normalized EBITDA $257M, distributable cash flow $168M. Dividend $0.50/share. Keystone throughput 616 kbbl/d. Stable financial results.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $491M | -1% y/y |
| Net income · Q1-2026 | $77M | -13% y/y |
| Normalized EBITDA · Q1-2026 | $257M | -3% y/y |
| Distributable cash flow · Q1-2026 | $168M | +7% y/y |
| Dividends per share · Q1-2026 | $0.50 | 0% y/y |
| Capital expenditures · Q1-2026 | $27M | -16% y/y |
| Keystone Pipeline throughput · Keystone Pipeline System · Q1-2026 | 616,000 | +1% y/y |
| U.S. Gulf Coast segment throughput · Keystone Pipeline System · Q1-2026 | 709,000 | -2% y/y |
| Marketlink throughput · Keystone Pipeline System · Q1-2026 | 537,000 | -2% y/y |
| Net debt · Q1-2026 | $4.74B | -4% y/y |
Risks flagged
Geopolitical and market uncertainty could impact operations.
“amid ongoing geopolitical and market uncertainty”
7 May 20266-KSouth Bow reports Q1 2026 results: revenue $491M, net income $77M, normalized EBITDA $257M, distributable cash flow $168M. Dividend declared $0.50/share. Keystone throughput 616 kbbl/d. Stable results amid market uncertainty.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $491M | -1% y/y |
| Net income · Q1-2026 | $77M | -13% y/y |
| Normalized EBITDA · Q1-2026 | $257M | -3% y/y |
| Distributable cash flow · Q1-2026 | $168M | +7% y/y |
| Dividends declared per share · Q1-2026 | $0.50 | 0% y/y |
| Capital expenditures · Q1-2026 | $27M | -16% y/y |
| Keystone Pipeline throughput · Keystone Pipeline System · Q1-2026 | 616,000 | +1% y/y |
| U.S. Gulf Coast segment throughput · Keystone Pipeline System · Q1-2026 | 709,000 | -2% y/y |
| Marketlink throughput · Keystone Pipeline System · Q1-2026 | 537,000 | -2% y/y |
| Net debt · Q1-2026 | $4.74B | -4% y/y |
Risks flagged
Geopolitical and market uncertainty could impact pricing differentials and uncommitted capacity revenue.
“amid ongoing geopolitical and market uncertainty” · word for word
MP-171 incident remedial actions ongoing; potential for further costs or operational impact.
“Progressed remedial actions relating to the Milepost 171 (MP-171) incident, including completing 11 in-line inspections and 76 integrity digs to date” · word for word
Net debt-to-EBITDA at 4.7x, relatively high leverage for a pipeline company.
“Net debt-to-normalized EBITDA ratio 1 was 4.7 times.” · word for word
16 Mar 20266-KPress release announcing filing of 2025 annual disclosure documents (audited financial statements, MD&A, AIF). No material new information; routine annual filing.open
Risks flagged
No material risk signals; filing is a routine annual disclosure.
16 Mar 20266-KNotice of Reliance filed under NI 51-102 Section 13.4 for credit support issuer South Bow USA Infrastructure Holdings LLC, providing consolidating summary financial information for guaranteed notes. Routine regulatory compliance filing.open
Figures in the filing · each found in the filing text
| Revenue · Total Consolidated Amounts · FY2025 | $1.99B | -6% y/y |
| Net income (loss) · Total Consolidated Amounts · FY2025 | $433M | +37% y/y |
Risks flagged
No material risk signals; filing is a routine regulatory compliance document.
5 Mar 20266-KSouth Bow reports Q4/FY2025 results: revenue $1,986M, net income $433M, normalized EBITDA $1,022M slightly above guidance. Blackrod Connection Project in service. Dividend declared $0.50/share.earningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $1.99B | -6% y/y |
| Net income · FY2025 | $433M | +37% y/y |
| Normalized EBITDA · FY2025 | $1.02B | |
| Distributable cash flow · FY2025 | $709M | |
| Keystone Pipeline throughput · Keystone Pipeline · FY2025 | 584,000 | |
| Net debt · FY2025 | $4.80B |
Guidance
Normalized EBITDA slightly above guidance of $1,010M; distributable cash flow in line with revised guidance of $700M
Results in line or slightly above guidance; Blackrod project adds growth; open season for new pipeline capacity
Risks flagged
MP-171 incident operational restrictions and remediation costs
“Operational restrictions from MP-171 incident; completed 11 in-line inspections and 51 integrity digs”
Tighter pricing differentials impacting uncommitted capacity revenue
“Revenue decreased primarily due to tighter pricing differentials impacting contributions from uncommitted capacity”
13 Feb 20266-KSouth Bow shares root cause analysis of Keystone Pipeline incident at Milepost 171; fatigue crack with hydrogen embrittlement; PHMSA corrective action order in place.open
Figures in the filing · each found in the filing text
| Number of integrity digs completed · 2026-02-13 | 51 |
Risks flagged
Pipeline integrity incident with regulatory oversight; potential for fines, remediation costs, and reputational damage.
“PHMSA Corrective Action Order; fatigue crack with hydrogen embrittlement; 15-year crack growth.”
14 Nov 20256-KNotice of Reliance filed by South Bow Canadian Infrastructure Holdings Ltd. relying on South Bow Corporation's continuous disclosure documents. Includes consolidating summary financial information.open
Figures in the filing · each found in the filing text
| Revenue · 9M-2025 | $1.48B | -9% y/y |
| Net income · 9M-2025 | $277M | +6% y/y |
14 Nov 20256-KSouth Bow Corporation reports Q3 2025 results: revenue $461M, net income $93M, normalized EBITDA $254M, distributable cash flow $236M. Stable financial performance with slight decline in revenue vs prior year.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $461M | -14% y/y |
| Net income · Q3-2025 | $93M | +53% y/y |
| Normalized EBITDA · Q3-2025 | $254M | -3% y/y |
| Distributable cash flow · Q3-2025 | $236M | +24% y/y |
| Capital expenditures · Q3-2025 | $52M | -16% y/y |
| Keystone Pipeline throughput · Keystone Pipeline System · Q3-2025 | $584000.00 | -5% y/y |
| Dividends per share · Q3-2025 | $0.50 | |
| Net debt · 2025-09-30 | $4.84B | +0% y/y |
| Net debt-to-normalized EBITDA · 2025-09-30 | $4.60 | +2% y/y |
Risks flagged
Declining pipeline throughput
“Keystone throughput down 5.2% YoY”
Marketing segment losses
“Marketing segment normalized EBITDA -$17M in Q3 2025”
14 Nov 20256-KSouth Bow provides 2026 outlook: normalized EBITDA projected ~$1.03B, ~90% secured through committed arrangements. Also reports Q3 2025 results and declares $0.50/share dividend.open
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $461M | -14% y/y |
| Net income · Q3-2025 | $93M | +53% y/y |
| Normalized EBITDA · Q3-2025 | $254M | -3% y/y |
| Distributable cash flow · Q3-2025 | $236M | +24% y/y |
| Capital expenditures · Q3-2025 | $52M | -16% y/y |
| Keystone Pipeline throughput · Keystone Pipeline System · Q3-2025 | $584000.00 | -5% y/y |
| Dividends per share · Q3-2025 | $0.50 | |
| Net debt · 2025-09-30 | $4.84B | +0% y/y |
| Net debt-to-normalized EBITDA · 2025-09-30 | $4.60 | +2% y/y |
| 2026 Normalized EBITDA guidance · FY2026 | $1.03B |
Guidance
2026 normalized EBITDA ~$1.03B
2026 normalized EBITDA guidance of ~$1.03B, ~90% secured through committed arrangements; positive outlook with growth capex
Risks flagged
Milepost 171 incident remediation costs
“Continuing remedial actions, 6 in-line inspections and 37 integrity digs completed”
Marketing segment losses
“Marketing segment normalized EBITDA -$17M in Q3 2025”
South Bow Corp — questions
- What did South Bow Corp file recently?
- 22 SEC filings in the last 12 months. Latest: 6-K on 2026-10-07 — Press release announcing timing of Q3 2026 earnings release and conference call; no financial results or material business updates.
Every figure on this page comes from South Bow Corp's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.