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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
South Bow
South Bow (SOBO) investor relations material
South Bow Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue was $503 million and net income was $99 million; normalized EBITDA was $248 million, down 11% QoQ as U.S. Gulf Coast capacity demand moderated.
Q3 distributable cash flow was $187 million, up 7% QoQ, including a one-time favorable tax adjustment; 2026 DCF guidance rose 4% to $690 million.
Prairie Connector and Liberty Bridge remain targeted for a mid-2027 FID, subject to permit durability, regulatory certainty, and completion of development work.
Financial highlights
Q3 revenue was $503 million versus $461 million YoY; net income was $99 million ($0.47/share) versus $93 million ($0.45/share).
Q3 normalized EBITDA was $248 million versus $254 million YoY; nine-month normalized EBITDA was $785 million versus $770 million.
Q3 DCF was $187 million versus $236 million YoY; nine-month DCF was $530 million versus $560 million, mainly due to current tax and equity-investment distribution differences.
Q3 operating cash flow was $273 million versus $196 million YoY; nine-month operating cash flow was $714 million versus $515 million.
Outlook and guidance
2026 normalized EBITDA guidance remains $1,040 million (+2%/-1%); DCF guidance increased 4% to $690 million (+/-2%), mainly reflecting lower current income taxes.
2027 normalized EBITDA is projected at $1,070 million (+/-2%), financial charges at $300 million (+/-2%), effective tax rate at 22%-23%, and DCF at $630 million (+/-4%).
2027 capital spending includes $40 million (+/-$10 million) maintenance and $65 million for Prairie Connector and Liberty Bridge pre-FID development.
2027 DCF is expected to decline mainly due to higher current income taxes following 2026 tax savings; net debt-to-normalized EBITDA is expected to decline modestly.
Blackrod contributions are expected to increase in 2027; 2027 guidance reflects higher Blackrod contributions.
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Latest events from South Bow
- Contracted pipeline cash flows underpin growth plans and a targeted return to 4x leverage.SOBO
Corporate presentation - Strong financials, strategic growth, and resilient contracts drive long-term value.SOBOCorporate presentation
- Secured major long-term commitments, raised guidance, and advanced key growth projects.SOBOQ2 2026
- Strong Q1 2026 results, robust dividend, and major growth projects drive resilient outlook.SOBOCorporate presentation
- Strong Q1 2026 results, reaffirmed guidance, and disciplined growth amid regulatory uncertainty.SOBOQ1 2026
- Disciplined growth, robust returns, and industry-leading asset integrity drive long-term value.SOBOInvestor Day 2025
- Stable Q3 results and higher cash flow support a strong 2026 EBITDA outlook.SOBOQ3 2025
- Q2 2025 showed strong EBITDA, stable guidance, and ongoing pipeline remediation and deleveraging.SOBOQ2 2025
- 2024 saw record results and a successful spinoff, with 90% of 2025 EBITDA secured by contracts.SOBOQ4 2024
Next South Bow earnings date
Q4 20264 Mar, 2027
South Bow
Next South Bow earnings date
Q4 20264 Mar, 2027
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Frequently asked questions
South Bow Corporation operates as a holding and investment company, focusing on managing a diversified portfolio across various industries. The company's investments span sectors such as real estate, energy, and technology, with an emphasis on long-term growth and value generation. South Bow Corporation seeks opportunities to acquire, develop, and support businesses that align with its strategic vision, both domestically and internationally. The company is headquartered in Calgary, Canada, and its shares are listed on the Toronto Stock Exchange.