Capacity Arrangements & Transportation was the largest of South Bow Corp’s 3 reported lines in fiscal 2025, at $1.45B — 74% of $1.97B.
| Segment | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Capacity Arrangements & Transportation | $1.55B | $1.64B | $1.45B |
| Marketing Activities | $432.00M | $453.00M | $403.00M |
| Other Revenues | $5.00M | $5.00M | $118.00M |
| Total | $1.99B | $2.10B | $1.97B |
In fiscal 2025, which ended December 31, 2025, the 3 segments South Bow Corp reported in this breakdown added up to $1.97B. That was down 6.1% from $2.10B in fiscal 2024. Capacity Arrangements & Transportation was the largest segment, at $1.45B or 73.5% of the total, followed by Marketing Activities ($403.00M, 20.5%) and Other Revenues ($118.00M, 6.0%). Together, the two largest segments made up 94.0% of this total.
Compared with fiscal 2024, Other Revenues grew the fastest, rising 2,260.0% to $118.00M. Capacity Arrangements & Transportation fell the most, down 11.7% to $1.45B. Over fiscal 2023 to 2025, revenue across these segments went from $1.99B to $1.97B, a compound annual decline of 0.5%. Capacity Arrangements & Transportation's share of the total fell from 78.0% to 73.5% over the same years.
This breakdown covers every fiscal year from 2023 to 2025, as reported in South Bow Corp's annual filings.
Keystone Pipeline System was the largest of South Bow Corp’s 3 reported lines in fiscal 2025, at $1.45B — 77% of $1.87B.
| Statement Business Segments | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Keystone Pipeline System | $1.55B | $1.64B | $1.45B |
| Marketing | $432.00M | $453.00M | $403.00M |
| Intra-Alberta Other | $17.00M | $24.00M | $18.00M |
| Total | $2.00B | $2.12B | $1.87B |
In fiscal 2025, which ended December 31, 2025, the 3 segments South Bow Corp reported in this breakdown added up to $1.87B. That is less than the $1.99B in its breakdown by region, so these segments do not account for all of its revenue that year. Keystone Pipeline System was the largest segment, at $1.45B or 77.5% of the total, followed by Marketing ($403.00M, 21.6%) and Intra-Alberta Other ($18.00M, 1.0%). Together, the two largest segments made up 99.0% of this total.
Compared with fiscal 2024, every sizeable segment reported in both years shrank. Marketing held up best, down 11.0% to $403.00M, while Keystone Pipeline System fell the most, down 11.7% to $1.45B.
This breakdown covers every fiscal year from 2023 to 2025, as reported in South Bow Corp's annual filings.
U.S was the largest of South Bow Corp’s 3 reported lines in fiscal 2025, at $1.57B — 79% of $1.99B.
| Geography | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| U.S | $1.56B | $1.68B | $1.57B |
| Canada - Export | $431.00M | $427.00M | $401.00M |
| Canada - Domestic | $17.00M | $18.00M | $19.00M |
| Total | $2.01B | $2.12B | $1.99B |
In fiscal 2025, which ended December 31, 2025, the 3 regions South Bow Corp reported in this breakdown added up to $1.99B. That was down 6.3% from $2.12B in fiscal 2024. U.S was the largest region, at $1.57B or 78.9% of the total, followed by Canada - Export ($401.00M, 20.2%) and Canada - Domestic ($19.00M, 1.0%). Together, the two largest regions made up 99.0% of this total.
Compared with fiscal 2024, every sizeable region reported in both years shrank. Canada - Export held up best, down 6.1% to $401.00M, while U.S fell the most, down 6.5% to $1.57B. Over fiscal 2023 to 2025, revenue across these regions went from $2.01B to $1.99B, a compound annual decline of 0.5%. U.S's share of the total rose from 77.7% to 78.9% over the same years.
This breakdown covers every fiscal year from 2023 to 2025, as reported in South Bow Corp's annual filings.
South Bow Corp (SOBO) breaks its revenue down by segment and region. In fiscal 2025, its largest segment was Capacity Arrangements & Transportation, with $1.45B or 73.5% of the total, followed by Marketing Activities at $403.00M (20.5%).
Capacity Arrangements & Transportation was South Bow Corp's largest segment in fiscal 2025, with $1.45B in revenue, 73.5% of the $1.97B reported across its 3 segments.
U.S was South Bow Corp's largest region in fiscal 2025, with $1.57B in revenue, 78.9% of the $1.99B reported across its 3 regions.
Of the South Bow Corp segments reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Other Revenues grew the fastest, rising 2,260.0% from $5.00M to $118.00M.
Every figure is taken from South Bow Corp's annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by segment covers fiscal 2023 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.