Rogers Communications
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Rogers Communications (RCI) investor relations material

Rogers Communications Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary29 Jan, 2026

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.

Detail MLSE value unlock strategy
Plan to counter wireless ARPU decline
Balance network investment with capital efficiency
Wireless ARPU growth strategy amid discounting
MLSE monetization: timing and value unlock
Regulatory impact on CapEx and network evolution
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Frequently asked questions

Rogers Communications Inc. operates through Wireless, Cable, Business Solutions, Media, and Rogers Bank segments. It offers wireless voice and data communication services; cable telecommunications services; and Internet protocol television. The company provides its services for business customers, including small-sized businesses and large enterprises; to meet the communication needs of consumers in the home; and to carriers. The company was founded in 1960 and is headquartered in Toronto, Canada.

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