Welcome to our dedicated page for South Bow Corporation SEC filings (Ticker: SOBO), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The South Bow Corporation (SOBO) SEC filings page brings together the company’s cross-border regulatory disclosures as an oil and gas midstream issuer. South Bow is a foreign private issuer that files with the U.S. Securities and Exchange Commission under Commission File No. 001-42021, using Form 40-F for its annual report and Form 6-K for current reports.
In these filings, investors can review South Bow’s management’s discussion and analysis, interim and annual financial statements, and detailed segment information for the Keystone Pipeline System, Marketing, and Intra-Alberta & Other. Recent Form 6-K submissions reference MD&A for periods ended June 30 and September 30, interim financial statements, and certifications by the chief executive officer and chief financial officer under Sections 302 and 906 of the Sarbanes-Oxley Act.
South Bow also files notices of reliance for South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd., which relate to outstanding senior notes and junior subordinated notes. Separate filings describe exchange offers that allow holders of certain Canadian and U.S. notes to exchange their securities for new notes on specified terms, as outlined in Canadian and U.S. prospectuses.
Through these SEC documents, users can analyze how South Bow reports normalized EBITDA, distributable cash flow, net debt, capital expenditures, and leverage metrics, along with risk factors, market outlook commentary, and discussions of events such as the Milepost 171 incident on the Keystone Pipeline. Real-time updates from EDGAR combined with AI-powered summaries on this page can help readers quickly understand the content of lengthy filings, including 40-F annual reports, 6-K current reports, and subsidiary-related notices, without having to parse every technical detail manually.
South Bow Corporation filed a Form 6-K providing Canadian “notice of reliance” for its U.S. and Canadian infrastructure holding subsidiaries, which use South Bow’s own disclosure to satisfy their reporting obligations under NI 51-102. South Bow fully and unconditionally guarantees the notes issued by these 100%-owned subsidiaries.
The filing includes unaudited consolidated summary financial information in millions of U.S. dollars. Total consolidated revenue was 1,986 for 2025 and 2,120 for 2024, with net income of 433 for 2025 and 316 for 2024. As of December 31, 2025, total consolidated current assets were 2,015 and non-current assets were 9,178, against current liabilities of 1,341 and non-current liabilities of 7,143.
South Bow Corporation has filed its 2025 annual disclosure documents dated for the year ended December 31, 2025. These include audited consolidated financial statements with notes, management's discussion and analysis, and the annual information form.
The documents are available on South Bow's website, its SEDAR+ profile, and through its U.S. Securities and Exchange Commission filings. South Bow operates 4,900 kilometres of crude oil pipelines linking Alberta supplies to key U.S. refining markets, and its common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol SOBO.
South Bow Corporation filed its Annual Report on Form 40-F, incorporating its Annual Information Form, audited financial statements and MD&A by reference.
The filing states 208,250,512 common shares outstanding as of December 31, 2025. The MD&A (incorporated by reference) describes a disclosed material weakness and remediation efforts in the Company’s internal controls over financial reporting.
South Bow Corporation reports a proposed sale of 150,451 common shares. The notice shows the shares arise from a stock option exercise through a cashless exercise on 03/09/2026 and lists the TSX as the trading market. The filing is a Rule 144 notice of proposed sale by the holder.
Canaccord Genuity Corp. common shares were reported in a Form 144 notice showing proposed sales tied to stock option exercises by South Bow Corporation of 41,050 and 50,841 shares, each dated 03/09/2026, with prices listed at $45.50 and $45.25 and CUSIP 208250512. The filing also records a past 3-month sale by Richard Prior of 365 common shares on 12/17/2025 for $10,037.50.
South Bow Corporation reported steady 2025 results built on contracted pipeline cash flows and strong safety performance, including a zero recordable case rate for the year. Keystone Pipeline throughput averaged about 584,000 barrels per day, with 718,000 barrels per day on the U.S. Gulf Coast segment.
The company generated 2025 revenue of $1,986 million, with net income of $433 million ($2.07 per share). Normalized EBITDA was $1,022 million, slightly above the $1,010 million guidance, and distributable cash flow reached $709 million, in line with revised guidance of $700 million, helped by tax optimization and a lower 12% effective tax rate. South Bow ended 2025 with net debt of $4,806 million and a net debt-to-normalized EBITDA ratio of 4.7x.
Shareholders received $416 million, or $2.00 per share, in 2025 dividends. The board declared a $0.50 per share quarterly dividend payable April 15, 2026. The Blackrod Connection Project entered commercial service on March 1, 2026 and is expected to add about $10 million of normalized EBITDA in 2026. For 2026, management guides to normalized EBITDA of about $1,030 million, distributable cash flow of $655 million, and modestly lower leverage.
South Bow Corporation filed a Form 6-K sharing an independent root cause analysis of the April 8, 2025 Keystone Pipeline incident at Milepost 171 near Fort Ransom, North Dakota. The analysis found the failure stemmed from a fatigue crack along the pipe’s manufactured long-seam weld, with seam weld geometry creating stress concentrations and hydrogen contributing to material brittleness over roughly 15 years of normal operations.
South Bow reports extensive remedial work, including seven in-line inspection runs and 51 integrity digs, with preliminary results indicating no injurious issues. The company has updated inspection data analysis methods, is working with technology vendors to improve tools, and has submitted a remedial work plan to PHMSA under an existing Corrective Action Order. South Bow emphasizes transparency with regulators, customers, and industry peers while aiming to enhance system integrity and maintain safe operations.
South Bow Corporation is organizing its next Annual General Meeting of security holders as a virtual event on May 7, 2026. The record date for receiving notice of the meeting, voting, and determining beneficial ownership is March 9, 2026.
The company will use notice-and-access for both registered and beneficial holders, meaning proxy materials will be provided electronically with physical copies available on request. South Bow will not send proxy materials directly to non-objecting beneficial owners, but will pay for delivery to objecting beneficial owners through intermediaries.
South Bow Corporation has scheduled the release of its fourth-quarter and full-year 2025 financial and operational results for March 5, 2026, after markets close. The company will discuss these results on a conference call and webcast on March 6, 2026 at 8 a.m. MT (10 a.m. ET).
South Bow operates 4,900 kilometres of crude oil pipelines linking Alberta production to major U.S. refining hubs in Illinois, Oklahoma and the Gulf Coast. Its common shares trade on the Toronto Stock Exchange and New York Stock Exchange under the symbol SOBO.
FMR LLC filed an amended Schedule 13G reporting beneficial ownership of 10,082,857.57 shares of South Bow Corp common stock, representing 4.8% of the class as of 12/31/2025. FMR has sole voting power over 9,844,508 shares and sole dispositive power over 10,082,857.57 shares.
Abigail P. Johnson is also listed as a reporting person with sole dispositive power over 10,082,857.57 shares and no voting power. The securities are stated to be held in the ordinary course of business and not for the purpose of changing or influencing control of South Bow Corp.