Rogers Communications (RCI) Q3 2025 earnings summary

Executive summary

• Achieved industry-leading combined mobile phone and internet net additions in Q3 2025, with 111,000 mobile phone and 29,000 retail internet net adds, and postpaid churn at 0.99%, the lowest in over two years.

• Media revenue surged 26% year-over-year, driven by the Toronto Blue Jays' strong season and full consolidation of MLSE results.

• Maintained sector-leading wireless and cable margins, with wireless at 67% and cable at 58%, and ongoing focus on innovation and customer value.

• Completed acquisition of Bell's 37.5% stake in MLSE for $4.7 billion, becoming the 75% controlling owner and consolidating MLSE's results.

• Achieved best wireless customer loyalty in over two years with postpaid churn at 0.99%.

Financial highlights

• Total service revenue grew 4% year-over-year to $4.739 billion; total revenue reached $5.35 billion.

• Adjusted EBITDA was $2.52 billion, down 1% year-over-year, with consolidated margin at 47%.

• Net income was $5.81 billion, up sharply due to a $5 billion non-cash gain from MLSE revaluation; adjusted net income was $726 million, down 5%.

• Free cash flow was $829 million, down 9% year-over-year, impacted by higher taxable income and tax payment timing.

• Media revenue at $753 million, up 26% year-over-year; Media EBITDA at $75 million, down from $136 million due to MLSE consolidation.

Outlook and guidance

• 2025 CapEx expected at $3.7 billion, down from previous $3.8 billion target.

• 2025 Free Cash Flow guidance raised to $3.2–$3.3 billion.

• Reaffirmed 2025 service revenue growth of 3–5% and adjusted EBITDA growth of 0–3%.

• MLSE expected to be accretive to earnings in Q4 and second half of 2025.

• Pro forma 2025 Media revenue and adjusted EBITDA (including MLSE) expected at ~$4 billion and $0.25 billion, respectively.