South Bow Corp Announces Strong Q3 2025 Financial Results and 2026 Growth Plans
Calgary, Friday, 14 November 2025.
South Bow Corp reported a revenue increase to $461 million and net income of $93 million for Q3 2025. The company also outlined strategic growth initiatives and operational efficiencies for 2026.
Financial Performance Highlights
In the third quarter of 2025, South Bow Corp (TSX & NYSE: SOBO) reported a substantial increase in revenue, reaching $461 million, alongside a net income of $93 million, translating to $0.45 per share. This marks a significant improvement from previous performances, underscoring the company’s robust financial health [1].
Throughput and Operational Achievements
During Q3 2025, South Bow Corp achieved an average throughput of approximately 584,000 barrels per day (bbl/d) on the Keystone Pipeline and 703,000 bbl/d on the U.S. Gulf Coast segment. The completion of the Blackrod Connection Project, which included placing a 25-kilometer natural gas lateral into commercial service, is expected to bolster cash flows significantly in the latter half of 2026 and into 2027 [1].
Strategic Growth and 2026 Outlook
Looking ahead to 2026, South Bow Corp has laid out a strategic plan that focuses on growth and operational efficiency. The company projects a normalized EBITDA of approximately $1.03 billion, with 90% of this secured through committed arrangements. This projection is indicative of South Bow’s strategic planning and long-term financial stability [1].
Dividend Declaration and Debt Management
Reaffirming its commitment to shareholder value, South Bow declared a quarterly dividend of $0.50 per share, to be paid on January 15, 2026, to shareholders of record as of December 31, 2025. The company maintains a net debt-to-normalized EBITDA ratio of 4.6 as of September 30, 2025, demonstrating effective debt management and financial prudence [1].