South Bow (SOBO) Operating Margin (2024 - 2026)

South Bow's Operating Margin history runs 3 years deep, the most recent figure standing at 45.62% for Q1 2026.

• In Q1 2026, Operating Margin fell 317.0% year-over-year to 45.62%; the TTM figure through Mar 2026 stood at 19.35% (up 344.0% YoY), while the FY2025 annual figure was 20.24%, up 284.0% from the prior year.
• Operating Margin was 45.62% for Q1 2026 at South Bow, up from 60.24% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 51.84% in Q1 2024 to a low of 82.58% in Q4 2024.
• Historically, Operating Margin has averaged 20.8% across 3 years, with a median of 45.62% in 2026.
• The sharpest annual moves came in 2025 and 2026: Operating Margin surged 2234 bps in 2025, then tumbled 317 bps in 2026.
• A 3-year view of Operating Margin shows it stood at 82.58% in 2024, then increased by 27 bps to 60.24% in 2025, then soared by 176 bps to 45.62% in 2026.
• The last three Operating Margin figures came in at 45.62% (Q1 2026), 60.24% (Q4 2025), and 46.2% (Q3 2025), per Business Quant data.