EarningsQ2 2026 Earnings Report
MX:BCEN Q2 2026 EPS Results
Actual EPS$7.96
Consensus EPS$7.83
Beat/MissBeat by +$0.13
One Year Ago EPS$7.71
MX:BCEN Q2 2026 Revenue Results
Actual Revenue$75.63B
Expected Revenue$75.72B
Beat/MissMissed by -$93.36M
YoY Revenue Growth+1.50%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:BCEN Upcoming Earnings
BCE's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BCEN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed steady operational execution and progress on strategic growth platforms (fiber build, Bell AI Fabric, Bell Media streaming), with clear evidence of subscriber gains, digital monetization and contracting momentum for AI data centers. Balance sheet actions, >$1B free cash flow and modest improvements in leverage support a constructive financial position. Key near-term challenges include elevated CapEx for AI Fabric and Ziply build that pressured year-over-year free cash flow and constrained near-term Ziply revenue growth and margins, plus continued wireless product revenue decline and one-time comparability items. On balance, the positives (broad-based growth drivers, strong media and enterprise momentum, network recognition, and material contracted AI capacity) outweigh the near-term headwinds tied to investment timing and legacy declines.Company Guidance
Consolidated Revenue Growth
Total consolidated revenue increased 1.5% year-over-year in Q2 2026, reflecting contributions from Ziply Fiber and strong performance at Bell Media.
Adjusted EBITDA and Margin Stability
Adjusted EBITDA grew 1% year-over-year and adjusted EBITDA margin remained essentially stable at 43.8%, indicating steady operating profitability.
Strong Free Cash Flow
Generated more than $1 billion of free cash flow in the quarter, supporting operations and targeted growth investments despite higher CapEx.
Balance Sheet Progress
Net debt leverage ratio improved to approximately 3.7x (down ~0.1x since Q4) with $4.6 billion of available liquidity and ongoing actions (public debt offerings and tender buys) to reach a 3.5x target by end of 2027.
Wireless Customer Metrics and Churn Improvement
Postpaid mobile phone net adds of 41,594 and postpaid churn improved 4 basis points year-over-year to 1.02% — the lowest quarterly level in three years — while monthly recurring charges component of ARPU increased 0.7%.
Fiber Subscriber Adds and Internet Revenue Growth
Residential FTTH net adds in Canada exceeded 45,000; including Ziply Fiber total residential FTTH net adds were nearly 55,000, supporting Internet revenue growth of 14.2% year-over-year.
Ziply Build and Subscriber Progress
Ziply delivered its highest quarterly residential net adds since acquisition at 9,600; permits accelerated more than fourfold from April to June and contract/contractor supply is in place to support a second-half build ramp.
Bell AI Fabric Contracting and Construction Milestones
Approximately 335 megawatts of contracted AI data center capacity; Saskatchewan 300 MW facility piling completed and structural steel underway with first phase operations expected in H1 2027; Winnipeg facility expected in H2 2026 and Merritt Phase 2 expected in early 2027.
Enterprise AI and Cyber Momentum
Combined revenue for Ateko and Bell Cyber grew 29% year-over-year, indicating strong demand for AI-powered enterprise solutions.
Bell Media Digital and Subscriber Growth
Bell Media revenue rose 8.9% and adjusted EBITDA grew 3.8% year-over-year; Crave subscribers reached 5.1 million (+23% YoY) with direct-to-consumer streaming subscribers up 49%; digital video advertising revenue grew 39% and total digital revenues were up 6%.
Network Awards and Recognition
External recognition from Opensignal, Rohde & Schwarz and Ookla including Canada's most reliable Internet, Canada's fastest 5G+ network and 10 Ookla Speedtest awards, reinforcing network quality claims.
Adjusted EPS Improvement
Adjusted EPS increased by $0.02 to $0.65, supported by higher adjusted EBITDA and absence of certain noncash mark-to-market losses recorded in the prior year quarter.
MX:BCEN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed