Rogers Communications (RCI) Q3 2026 earnings summary

Executive summary

• Q3 service revenue was $4.78B and adjusted EBITDA was $2.535B, each up 1% YoY; free cash flow reached $1.370B, up 65%.

• Lower capital spending and efficiency initiatives supported record free cash flow and higher Wireless and Cable margins amid lower market activity.

• MLSE became wholly owned on October 1; a minority sale of consolidated sports, media and entertainment assets is planned by H1 2027.

Financial highlights

• Q3 revenue was $5.44B, up 2% YoY; service revenue was $4.78B, up 1%, and adjusted EBITDA was $2.535B, up 1%.

• Free cash flow was $1.370B, up 65%; 9M free cash flow was $3.13B, up 34%.

• Cash from operating activities was $1.658B, up 9%; Q3 capital expenditures were $524M, down 46%, and 9M capex was $2.03B, down 27%.

• Net income was $495M versus $5.77B; prior-year Q3 included a $5B non-cash MLSE gain and a $151M debt redemption gain.

Outlook and guidance

• Reaffirmed FY 2026 guidance: total service revenue growth of 3%–5%, adjusted EBITDA growth of 1%–3%, capex of $2.5B–$2.7B and free cash flow of $4.1B–$4.3B.

• The 2026 capex plan reflects slower investment pacing, deferrals or cancellations of certain projects, and lower project costs, particularly in Wireless and Cable.

• A minority-interest sale of Rogers Sports assets is targeted for H1 2027, with proceeds intended for debt reduction; further deleveraging is planned by then.