EarningsQ4 2026 Earnings Report
MX:BTAN Q4 2026 EPS Results
Actual EPS$0.78
Consensus EPS$1.19
Beat/MissMissed by -$0.40
One Year Ago EPS$0.95
MX:BTAN Q4 2026 Revenue Results
Actual Revenue$233.66B
Expected Revenue$116.07B
Beat/MissBeat by +$117.58B
YoY Revenue Growth-3.83%
Earnings Announcement Details
QuarterQ4 2026
Date05/21/2026
TimeBefore Open
Conference CallThursday, May 21, 2026
MX:BTAN Upcoming Earnings
BT Group plc's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong operational and strategic progress: record Openreach build and connections, clear transformation delivery ahead of plan, improved customer satisfaction and a credible path to higher normalized free cash flow (GBP 2bn in FY27 and GBP 3bn by FY30). At the same time the group faces near-term revenue and legacy headwinds (equipment decline, PSTN-related voice drag, International pressures), modest margin impacts in Consumer and Business, and some pension and working-capital sensitivities. Management reconfirmed guidance, increased the dividend modestly and extended transformation to provide additional confidence in medium-term targets.Company Guidance
Record Openreach build and connections
Openreach built a record 4.8 million homes and businesses in the year (including 1.5 million in Q4), has passed ~23 million premises and is on track to reach 25 million by end of the calendar year; 9 million premises passed in the last 2 years and record 2.2 million customer connections (now >9 million customers, 39% take-up).
Openreach financial and operational progress
Openreach revenue +1% year-on-year (CPI-linked pricing and improved FTTP mix) and adjusted EBITDA +5% (Q4 EBITDA +9%); Ethernet business (~GBP 1bn) revenue grew ~4%; faults across fiber and copper reduced by 18% and direct labor fell >10%.
Consumer customer recovery and satisfaction
First year in 8 years with customer growth across all three core Consumer products; record group customer satisfaction improvements across BT, EE and Plusnet; EE One convergence at 27% (up 2 percentage points); broadband churn fell and broadband ARPU (ex-voice impact) increased.
Transformation delivery ahead of plan
Delivered GBP 580m annualized cost savings in FY26, bringing total savings to GBP 1.5bn over the first 2 years (cost to achieve GBP 0.8bn); workforce (incl. subcontractors) down 7% and direct labor down 10%; energy use down 6%.
Group financial discipline and guidance met
Adjusted revenue GBP 19.6bn; adjusted EBITDA GBP 8.23bn; normalized free cash flow hit FY26 guidance at GBP 1.5bn; CapEx GBP 5.1bn (reflecting high connection activity).
Dividend reinstated and outlook clarity
Full FY26 dividend increased to 8.32p per share (+2%); Board confirms FY27 targets including normalized free cash flow of GBP 2bn and medium-term target of GBP 3bn by FY30; FY27 guidance: revenue ~GBP 19.0–19.5bn, UK service revenue GBP 15.1–15.4bn, adjusted EBITDA GBP 8.2–8.3bn, CapEx ~GBP 4.3bn.
Extended and upgraded transformation program
Transformation extended to FY30: now targeting GBP 3.7bn gross cost savings at a GBP 1.4bn cost to achieve, with ~GBP 2.2bn remaining to deliver (about 75% of that in FY27–FY28); FY30 labor resources expected at lower end of 75k–80k range.
Selected customer and product momentum
Business won landmark connectivity and security deals (including BAE Systems, Northern Ireland Electricity Networks, easyJet). Consumer product innovation (new BT smart hub, BT Mobile pilot to loyal broadband customers) and commitments to AI-enabled service and products for cross-sell and efficiency.
MX:BTAN 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