Rogers Communications Inc. reported fourth‑quarter 2025 revenue of 6.17 billion Canadian dollars, a 12% year‑over‑year increase that surpassed the consensus estimate of 5.94 billion by 230 million. The lift was driven largely by the Media segment, which grew 30% to 2.1 billion, buoyed by the Toronto Blue Jays’ playoff run and the consolidation of the Montreal Canadiens and Toronto Maple Leafs assets. Wireless revenue rose 3% to 1.5 billion, while Cable revenue held steady at 1.2 billion.
The company posted earnings per share of 1.08 CAD, beating the consensus of 0.94 CAD by 0.14 CAD—a 15% surprise. The earnings beat was largely a result of disciplined cost control and a higher margin mix from the Media segment, which delivered an adjusted EBITDA margin of 67% versus 63% in the prior quarter. Wireless and Cable adjusted EBITDA margins also improved to 59% and 57%, respectively, reflecting efficient pricing and scale.
Segment performance highlights that Media revenue contributed 2.1 billion, up 30% YoY, driven by sports content and advertising sales. Wireless revenue increased 3% to 1.5 billion, supported by subscriber growth and modest price increases. Cable revenue remained flat at 1.2 billion, with a slight margin expansion due to cost‑saving initiatives in content delivery. Adjusted EBITDA margins across all segments expanded, with Wireless at 67% (+4 bp) and Cable at 59% (+3 bp).
Management guidance for 2026 signals confidence in continued growth. Rogers forecasts service revenue growth of 3%–5% and adjusted EBITDA growth of 1%–3%. Capital expenditures are projected at 3.3 billion–3.5 billion, with free cash flow expected to match that range. CEO Tony Staffieri said, “In the fourth quarter, we delivered strong service revenue and adjusted EBITDA growth led by exceptional growth from our sports and media operations and solid performance in our telecom business.” CFO Glenn Brandt added, “We are targeting total service revenue and Adjusted EBITDA to increase in the range of 3%–5% and 1%–3% respectively in 2026.”
The market reacted positively, with Rogers shares rising 3% in pre‑market trading. Analysts highlighted the media segment’s contribution to the earnings beat and the company’s disciplined cost management, underscoring confidence in the guidance and the strategic value of its sports assets.
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