Rogers Communications (RCI) Q1 2026 earnings summary

Executive summary

• Achieved 10% year-over-year growth in total service revenue to CAD 4.9 billion, with adjusted EBITDA up 5% to CAD 2.4 billion and net income rising as much as 72% to CAD 482 million.

• Free cash flow increased 32% to CAD 776 million, driven by higher adjusted EBITDA and lower capital expenditures.

• Wireless and retail internet net additions were positive; media segment saw revenue surge 82% year-over-year and EBITDA improvement.

• Maintained industry-leading margins in wireless (65%) and cable (58%).

• Announced a 30% reduction in capital spending for 2026, with a new CapEx guidance of CAD 2.5–2.7 billion and plans to monetize sports/media assets at a CAD 25 billion valuation.

Financial highlights

• Total service revenue up 10% year-over-year to CAD 4.9 billion; total revenue rose to CAD 5.48 billion.

• Adjusted EBITDA up 5% to CAD 2.4 billion year-over-year.

• Free cash flow increased by 32% to CAD 776 million; capital expenditures declined 17% to CAD 808 million.

• Adjusted net income attributable to shareholders was CAD 550 million (+1%); diluted EPS rose to CAD 0.80.

• Debt leverage ratio reduced to 3.8x from 3.9x at year-end; liquidity at CAD 6 billion.

Outlook and guidance

• 2026 guidance reaffirmed for total service revenue and adjusted EBITDA growth of 3–5% and 1–3%, respectively.

• Capital expenditures guidance lowered to CAD 2.5–2.7 billion (down ~30% vs. 2025), targeting capital intensity of ~12%.

• Free cash flow guidance raised to CAD 4.1–4.3 billion for 2026, up ~CAD 0.8 billion from 2025.

• Lower CapEx spending expected to continue, supporting further deleveraging.