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South Bow Corporation reported first-quarter 2026 results showing steady operations and cash generation. Revenue was $491 million, with net income of $77 million or $0.37 per share. Normalized EBITDA reached $257 million, slightly above the prior quarter, supported by stronger Marketing contributions.
The company generated $168 million of distributable cash flow and declared a quarterly dividend of $0.50 per share, returning $104 million to shareholders. Net debt was $4.7 billion, for a net debt-to-normalized EBITDA ratio of 4.7x. Keystone Pipeline throughput averaged 616,000 barrels per day with a 95% System Operating Factor.
South Bow reaffirmed its 2026 guidance, projecting normalized EBITDA of about $1.03 billion, with roughly 90% expected from committed arrangements. The Blackrod Connection Project entered commercial service and is expected to contribute about $10 million in normalized EBITDA in 2026, while the board approved a July 15, 2026 dividend payment for shareholders of record on June 30, 2026.
South Bow Corporation has filed a Form 6-K announcing key upcoming investor events. The company will release its first-quarter 2026 financial and operational results after markets close on May 7, 2026, followed by a results conference call and webcast on May 8, 2026 at 8 a.m. MT (10 a.m. ET).
South Bow will also hold its virtual annual general meeting of shareholders on May 7, 2026 at 8 a.m. MT (10 a.m. ET). The company notes that audited financial statements and management’s discussion and analysis for the year ended December 31, 2025 are available online or as free printed copies on request.
The filing also reiterates that South Bow operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure connecting Alberta supplies to U.S. refining markets and that its common shares trade on the TSX and NYSE under the symbol SOBO.
South Bow Corporation is convening a fully virtual 2026 annual general meeting of shareholders on May 7, 2026 at 8:00 a.m. Mountain time via the LUMI platform. Shareholders will vote on electing 11 directors, appointing KPMG LLP as auditor, and a non-binding “say on pay” resolution, and will receive the 2025 audited financial statements.
The circular outlines South Bow’s liquids pipeline business, including 4,900 km of pipelines, 1.25 MMbbl/d delivery capacity, 7.7 MMbbl of storage, and a sustainable base dividend of $2.00 per share. The board is majority independent, operates four key committees, and emphasizes governance, risk oversight, and board renewal.
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.
South Bow 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.