Capacity Arrangements & Transportation was South Bow’s largest product and service line in fiscal 2025, bringing in $1.47B of $1.99B (74%).
| Product and Service | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Capacity Arrangements & Transportation | $1.57B | $1.66B | $1.47B |
| Marketing Activities | $432.00M | $453.00M | $403.00M |
| Other Revenues | $5.00M | $5.00M | $118.00M |
| Total | $2.01B | $2.12B | $1.99B |
South Bow brought in $1.99B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 6.3% from $2.12B in fiscal 2024. Capacity Arrangements & Transportation was the largest at $1.47B (73.8%), ahead of Marketing Activities at $403.00M (20.3%) and Other Revenues at $118.00M (5.9%).
Compared with fiscal 2024, Other Revenues grew fastest, up 2,260.0% to $118.00M, while Capacity Arrangements & Transportation fell the most, down 11.9% to $1.47B. From fiscal 2023 to 2025, combined revenue from these lines fell from $2.01B to $1.99B, a compound annual decline of 0.5%. Capacity Arrangements & Transportation's share of the total fell from 78.2% to 73.8%.
Keystone Pipeline System was South Bow’s largest segment in fiscal 2025, bringing in $1.57B of $1.99B (79%).
| Segment | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Keystone Pipeline System | $1.56B | $1.64B | $1.57B |
| Marketing | $432.00M | $453.00M | $403.00M |
| Intra-Alberta & Other | $17.00M | $24.00M | $18.00M |
| Total | $2.01B | $2.12B | $1.99B |
South Bow brought in $1.99B from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 6.3% from $2.12B in fiscal 2024. Keystone Pipeline System was the largest at $1.57B (78.8%), ahead of Marketing at $403.00M (20.3%) and Intra-Alberta & Other at $18.00M (0.9%).
Compared with fiscal 2024, Keystone Pipeline System fell 4.7% to $1.57B and Marketing fell 11.0% to $403.00M. From fiscal 2023 to 2025, combined revenue from these segments fell from $2.01B to $1.99B, a compound annual decline of 0.5%. Keystone Pipeline System's share of the total rose from 77.6% to 78.8%.
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 product and service, by segment and by geography. In fiscal 2025, Capacity Arrangements & Transportation was its largest product and service line, bringing in $1.47B (73.8% of the total), followed by Marketing Activities at $403.00M (20.3%).
Capacity Arrangements & Transportation was South Bow's largest product and service line in fiscal 2025, bringing in $1.47B, or 73.8% of the $1.99B total across its three product and service lines.
Keystone Pipeline System was South Bow's largest segment in fiscal 2025, bringing in $1.57B, or 78.8% of the $1.99B 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 product and service lines 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 product and service 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.