Rogers Communications (RCI) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operating results in 2025, meeting or exceeding all guidance targets for growth, profitability, and capital efficiency.

• Q4 2025 service revenue rose 16% year-over-year to $5.3 billion, with adjusted EBITDA up 6% to $2.7 billion, driven by strong Media performance and stable Wireless and Cable operations.

• Wireless and Cable adjusted EBITDA margins remained industry-leading at 67% and 59% in Q4.

• Closed acquisition of a controlling interest in MLSE, now holding 75%, and completed a CAD 7 billion equity investment.

• Successfully deleveraged balance sheet to pre-Shaw levels nine months ahead of schedule, with debt leverage ratio improved to 3.9x at year-end.

Financial highlights

• Q4 consolidated service revenue up 16% to CAD 5.3 billion; adjusted EBITDA up 6% to CAD 2.7 billion.

• Full-year revenue reached CAD 21.7 billion (up 5%); EBITDA at CAD 9.8 billion (up 2%).

• Q4 net income attributable to shareholders was $743 million, up 33% year-over-year; diluted EPS rose 34% to $1.37.

• Q4 free cash flow was over CAD 1 billion, up 16%; full-year free cash flow exceeded CAD 3.3 billion, up 10%.

• Q4 capital expenditures decreased 7% to $934 million; capital intensity fell to 15.1%, the lowest since Q2 2017.

Outlook and guidance

• 2026 guidance: service revenue growth of 3%-5%, adjusted EBITDA growth of 1%-3%.

• CapEx expected to decline to CAD 3.3-3.5 billion in 2026 from CAD 3.7 billion in 2025.

• Free cash flow projected to rise to CAD 3.3-3.5 billion in 2026.

• Wireless market growth expected at 2%-2.5% in 2026, with continued focus on value proposition and ARPU stabilization.

• 2026 guidance assumes stable competitive environment, continued wireless and Internet growth, and no major sports work stoppages.