Quebecor
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Quebecor (QBR-B) investor relations material

Quebecor Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved strong operational and financial performance in Q4 and full year 2025, with all business segments performing well, especially telecom after the Freedom Mobile acquisition.

  • Free cash flows rose 27.3% to $1.43 billion in 2025, with revenues up 0.7% to $5.68 billion and adjusted EBITDA up 1.1% to $2.39 billion year-over-year.

  • Net income attributable to shareholders increased 14.5% to $856.0 million ($3.73 per basic share), and adjusted net income rose 17.8% to $879.7 million ($3.83 per basic share).

  • Leverage ratio reduced to 2.95x, the lowest among major Canadian telecoms.

  • Dividend per share increased 14.3% to $0.40, and the company repurchased $217.8 million in shares.

Financial highlights

  • Q4 revenues reached $1.55 billion, up 3.2% year-over-year; adjusted EBITDA was $610 million, up 4%.

  • Adjusted EBITDA, excluding stock-based compensation and retroactive royalty, up 8% in Q4.

  • Net income attributable to shareholders was $212 million ($0.93/share) in Q4; adjusted net income was $226 million ($0.99/share).

  • Telecommunications segment revenues grew 0.3% to $4.85 billion, with adjusted EBITDA up 2.0% to $2.38 billion in 2025.

  • Media segment revenues increased 3.8% to $729.9 million, with adjusted EBITDA up to $68.1 million, aided by retroactive carriage fee agreements.

Outlook and guidance

  • Expect continued gradual, measured CapEx increases in 2026, similar to 2025's $55 million telecom CapEx rise.

  • Anticipate ongoing growth in free cash flow in 2026, with margin improvements and prudent cost management.

  • Plans for further 5G+ rollout and wireless network buildout in Manitoba in 2026.

  • Telecom segment entering 2026 with strong momentum, driven by mobile ARPU growth and wireline stabilization.

  • Continued disciplined growth and value creation expected, with ongoing network expansion and customer experience improvements.

Future mobile market share growth drivers
TVA Group's structural financial picture
Capital allocation priorities for 2026
Rationale for a potential U.S. listing
Detail the Manitoba network buildout strategy
Assess the sustainability of mobile ARPU growth
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Frequently asked questions

Quebecor Inc. is a Canadian holding company operating in the media, telecommunications, and entertainment sectors. Its primary business includes providing telecommunications services through its subsidiary Videotron, which offers internet, television, mobile, and home phone services. Quebecor also engages in media production, publishing, and broadcasting through its diverse portfolio of television channels, newspapers, and digital platforms. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.

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