Market Capitalization
Quarterly Results
For the fourth quarter ended December 31, 2025, Rogers reported total revenue of CAD6,172 million, up 13% from CAD5,481 million in the same quarter of 2024. Total service revenue was CAD5,250 million, a 16% year-over-year increase. Adjusted EBITDA for the quarter rose to CAD2,689 million, up 6% from CAD2,533 million.
Reported net income attributable to RCI shareholders was CAD743 million, up 33% from CAD558 million in Q4 2024. Capital expenditure for the quarter was CAD934 million, a 7% decrease from the previous year, reflecting a capital intensity of 15.1%.
Quarterly Segment Results
Wireless service revenue was broadly flat year-over-year with adjusted EBITDA increasing by 1% to support an adjusted margin of around 67%.
Cable revenue was stable compared with the prior year with adjusted EBITDA up about 1% and an adjusted margin near 59%.
Media revenue rose significantly to approximately CAD1,236 million compared to about CAD547 million a year earlier. Media adjusted EBITDA also increased materially due principally to inclusion of results from Maple Leaf Sports & Entertainment (MLSE) from July 1 onward.
Full-Year Context
For the full year ending December 31, 2025, total service revenue was CAD19,104 million, up about 6% from CAD18,066 million in 2024. Adjusted EBITDA for the full year was CAD9,820 million, slightly above the CAD9,617 million recorded in 2024. Free cash flow for 2025 was CAD3,356 million, up from CAD3,045 million the prior year. Net income attributable to shareholders increased materially with 2025 results well above 2024 on a reported basis.
Strategic Highlights
Rogers highlighted several verifiable operative and strategic developments in its earnings release:
MLSE Ownership: The company continued reporting results from its majority stake in Maple Leaf Sports & Entertainment (MLSE) following the closing of the transaction on July 1, 2025, which substantially increased media revenue and EBITDA contributions.
Subscriber Trends: Rogers added net new subscribers across its wireless and internet services in the quarter and full year, including significant mobile and retail internet net additions.
Capital Efficiency: Rogers reported reduced debt leverage to 3.9x at year-end, a 0.6x improvement from the previous year supported by free cash flow and operational discipline.
Dividend: The company also declared a quarterly dividend of CAD0.50 per share on January 29, 2026.
Guidance & Outlook
Alongside the results, Rogers provided consolidated guidance for 2026:
• Total service revenue growth expected in a similar range to 2025.
• Adjusted EBITDA projected to grow modestly.
• Capital expenditures expected between CAD3.3 billion and CAD3.5 billion.
• Free cash flow anticipated in the range of CAD3.3 billion to CAD3.5 billion.
Rogers also reaffirmed its intention to pursue the full acquisition of the remaining 25% interest in MLSE by 2026.
Performance Summary
Rogers Communications stock posted a marginal uptick on the day of its earnings release. Quarterly results showed a double-digit increase in total service revenue and positive growth in net income and adjusted EBITDA. Segment figures highlighted media revenue gains associated with sports assets, while wireless and cable service metrics were stable. Full-year results indicated continued growth in service revenue and EBITDA. Guidance for 2026 outlined key areas to watch, including revenue and EBITDA trends and capital expenditure levels.