Quebecor (QBR-B) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 3.5% to $1.455B; adjusted EBITDA increased 12.5% to $706.7M, including a favorable $31.5M stock-based compensation impact.

• Net income attributable to shareholders rose 25.5% to $296.4M, or $1.33/basic share; adjusted net income increased 21.7% to $294.1M, or $1.32/basic share.

• Record mobile subscriber additions accompanied higher ARPU and record quarterly Telecommunications adjusted EBITDA.

Financial highlights

• Operating cash flow was $592.8M, up 1.9%; free cash flow was $422.3M versus $443.9M, reflecting higher capital expenditures and working-capital movements.

• Adjusted cash flows from operations rose 14.6% to $529.7M; Telecommunications adjusted cash flows from operations increased 7.9% to $475.1M.

• Net income was $302.6M versus $238.7M; higher adjusted EBITDA and lower restructuring charges and financial expenses were partly offset by higher income tax expense.

• Nine-month operating cash flow increased 2.8% to $1.583B; free cash flow was $1.077B versus $1.057B.

Outlook and guidance

• Q4 capital expenditures are expected to rise due to investment timing while remaining in line with annual guidance.

• Pan-Canadian expansion and network upgrades will continue with disciplined investment and capital allocation.

• Cost discipline and operating leverage are expected to support growth investment, including Freedom Mobile’s national expansion.

• Capital allocation strategy is expected to continue without near-term change, including debt repayment, dividends and the renewed share-buyback program.