Quebecor (QBR-B) Q4 2025 earnings summary

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.