Capacity Arrangements & Transportation was South Bow’s largest segment in fiscal 2025, bringing in $1.45B of $1.97B (74%).
| 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 |
South Bow brought in $1.97B from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 6.1% from $2.10B in fiscal 2024. Capacity Arrangements & Transportation was the largest at $1.45B (73.5%), ahead of Marketing Activities at $403.00M (20.5%) and Other Revenues at $118.00M (6.0%).
Compared with fiscal 2024, Other Revenues grew fastest, up 2,260.0% to $118.00M, while Capacity Arrangements & Transportation fell the most, down 11.7% to $1.45B. From fiscal 2023 to 2025, combined revenue from these segments fell 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%.
Keystone Pipeline System was South Bow’s largest segment in fiscal 2025, bringing in $1.45B of $1.87B (77%).
| 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 |
South Bow brought in $1.87B from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $1.99B it reports by geography, so these segments do not cover all of its revenue. Keystone Pipeline System was the largest at $1.45B (77.5%), ahead of Marketing at $403.00M (21.6%) and Intra-Alberta Other at $18.00M (1.0%).
Compared with fiscal 2024, Marketing fell 11.0% to $403.00M and Keystone Pipeline System fell 11.7% to $1.45B.
U.S was South Bow’s largest region in fiscal 2025, bringing in $1.57B of $1.99B (79%).
| 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 |
South Bow brought in $1.99B from its three regions in fiscal 2025, the year ended December 31, 2025. That was down 6.3% from $2.12B in fiscal 2024. U.S was the largest at $1.57B (78.9%), ahead of Canada - Export at $401.00M (20.2%) and Canada - Domestic at $19.00M (1.0%).
Compared with fiscal 2024, Canada - Export fell 6.1% to $401.00M and U.S fell 6.5% to $1.57B. From fiscal 2023 to 2025, combined revenue from these regions fell 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%.
South Bow (SOBO) reports its revenue by segment, by statement business segments and by geography. In fiscal 2025, Capacity Arrangements & Transportation was its largest segment, bringing in $1.45B (73.5% of the total), followed by Marketing Activities at $403.00M (20.5%).
Capacity Arrangements & Transportation was South Bow's largest segment in fiscal 2025, bringing in $1.45B, or 73.5% of the $1.97B total across its three segments.
U.S was South Bow's largest region in fiscal 2025, bringing in $1.57B, or 78.9% of the $1.99B total across its three regions.
Among South Bow's segments that make up at least 2% of revenue, Other Revenues grew fastest in fiscal 2025, up 2,260.0% from $5.00M to $118.00M.
Every figure comes from South Bow's annual financial filings, as reported. Each line keeps the name South Bow gives it, and years follow its fiscal calendar.
South Bow's revenue by segment goes back to fiscal 2023, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.