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BCE Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved all 2025 financial guidance targets, with revenue of $24.47B (up 0.2% year-over-year), adjusted EBITDA of $10.66B (up 0.7%), and free cash flow up 10% to $3.18B, driven by strategic focus on fibre, wireless, AI-powered enterprise solutions, and digital media.
Execution on customer-first initiatives improved postpaid churn and ARPU trajectory, with strong net new postpaid additions, especially on the premium brand.
U.S. fibre expansion advanced with the Ziply Fiber acquisition and Network FiberCo partnership, supporting long-term fibre growth plans.
AI-powered enterprise solutions and digital media, including Crave, drove significant subscriber and revenue growth, with Crave subscribers up 26% to 4.6M and direct streaming up 65%.
Capital allocation focused on reducing leverage, maintaining a sustainable dividend, and funding high-return growth initiatives.
Financial highlights
2025 service revenue increased 0.6% year-over-year, with total revenue at $24.47B (up 0.2%), and adjusted EBITDA up 0.7% to $10.66B, with a margin of 43.6%, the highest in over 30 years.
Free cash flow grew 10% to $3.18B, and after lease liabilities rose 17.5% to $2.05B.
Adjusted EPS declined 7.9% to $2.80, mainly due to higher depreciation, amortization, and interest expense.
Capital expenditures totaled $3.7B, down from $3.9B, reducing capital intensity to 15.1%.
Net earnings surged 25.1% to $6.51B; statutory EPS was $6.79.
Outlook and guidance
2026 guidance targets consolidated revenue growth of 1%-5% and adjusted EBITDA growth of 0%-4%.
Adjusted EPS expected at $2.50–$2.65, down 5%-11% year-over-year, reflecting higher D&A and interest from Ziply acquisition.
Free cash flow projected to grow 4%-10% in 2026, with stable CapEx at $3.7B and capital intensity at or below 15%.
Net debt leverage ratio targeted to trend down toward 3.5x by end of 2027.
Dividend payout ratio expected to remain within 40%-55% policy range, with annualized dividend of $1.75 per share.
Ziply Fiber subscriber base alignment impact
Regulatory impact on Canadian fibre expansion
Key drivers of operating cost reductions in Q4
Ziply fiber build acceleration details
Impact of recent wireless promotions on ARPU?
Progress on non-core asset sales for deleveraging?
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Next BCE earnings date
Q1 20267 May, 2026
BCE
Next BCE earnings date
Q1 20267 May, 2026
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BCE Inc is a Canadian communications company offering wireless, internet, television, and media services. It operates through Bell Canada and Bell Media divisions, serving residential, business, and wholesale customers. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.
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