Quebecor(MX:QBRBN)
MX:QBRBN
Quebecor earnings date
Quebecor (QBRBN) Q3 2026 Earnings Report
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MX:QBRBN Q3 2026 EPS Results
- Actual EPS
- MXN 17.30
- Consensus EPS
- MXN 15.77
- Beat/Miss
- Beat by +MXN 1.53
- One Year Ago EPS
- MXN 13.76
MX:QBRBN Q3 2026 Revenue Results
- Actual Revenue
- MXN 19.06B
- Expected Revenue
- MXN 19.07B
- Beat/Miss
- Missed by -MXN 9.59M
- YoY Revenue Growth
- +3.50%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
MX:QBRBN Upcoming Earnings
Quebecor's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:QBRBN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Quebecor reported record telecom EBITDA, margin expansion, robust mobile subscriber additions, higher ARPU without price increases for existing customers, strong cash flow generation, deleveraging, network expansion, and improving media results. The main challenges were lower free cash flow, advertising and sports-sector pressure, traditional wireline declines, limited Western Canadian market share, slower British Columbia network construction, and higher year-to-date stock-based compensation. The highlights significantly outweighed the lowlights.
Company Guidance
Management said Q4 CapEx remains “in line with our annual CapEx guidance,” implying “a bit of a pickup in Q4” and “a bit of an increase in CapEx in Q4”; it expects “a continuation of our ongoing capital allocation strategy,” with dividends to be revisited “next year,” continued repayment of the remaining CAD 100 million of term loans, and no “short-term change” in capital allocation. The company will continue investing with discipline in its internet infrastructure and “5G and 5G+ rollout,” expects AI to continue driving efficiencies “in the years ahead,” and said network expansion is “an ongoing process” that “will continue.”
- Strong Consolidated Quarterly GrowthThird-quarter revenues increased 4% year-over-year to CAD 1.45 billion, EBITDA increased CAD 79 million, or 13%, to CAD 707 million, and net income attributable to shareholders grew CAD 60 million, or 26%, to CAD 296 million. Excluding stock-based compensation, EBITDA increased CAD 47 million, or 7%.
- Higher Operating Cash FlowCash flow from operations increased CAD 67 million, or 15%, to CAD 530 million in the quarter. Consolidated cash flows from operating activities increased CAD 11 million, or 2%, to CAD 593 million.
- Deleveraging and Strong LiquidityNet debt was reduced by more than CAD 220 million during the quarter, bringing net debt-to-EBITDA down to 2.69 times from 2.87 times in the prior quarter. Quebecor reported more than CAD 900 million of available liquidity at quarter-end and described its balance sheet as best-in-class.
- Share Repurchases and Debt RepaymentQuebecor bought back more than CAD 50 million of its stock during the quarter. During the first nine months, it purchased and canceled 3.9 million Class B shares for CAD 238 million. Videotron repaid CAD 200 million of its Freedom acquisition term loan during the quarter and another CAD 100 million on October 6, leaving CAD 100 million outstanding in that tranche.
- Record Telecom EBITDA and Margin ExpansionTelecom adjusted EBITDA reached a record CAD 648 million, up CAD 45 million, or 7.5%, year-over-year. The adjusted EBITDA margin improved 160 basis points to 51%. Operating expenses declined to 48.9% of revenue from 50.5% a year earlier and to 48.7% year-to-date from 49.7%.
- Telecom Revenue and Cash Flow GrowthTelecom total revenues increased 4% to CAD 1.3 billion, while service revenues grew 4.4% to CAD 1.05 billion. Adjusted cash flow from operations increased CAD 35 million, or 7.9%, to CAD 475 million.
- Record Mobile Subscriber AdditionsQuebecor added 100,700 net new mobile lines in the quarter, described as the best quarterly growth in company history. Videotron, Freedom Mobile, and Fizz all contributed to the result, while management said national industry net additions declined by 30% to 40% based on competitors' estimates.
- Mobile ARPU Growth Without Existing-Customer Price IncreasesConsolidated mobile ARPU increased for the fourth consecutive quarter to CAD 36.08 from CAD 35.05 a year earlier, a CAD 1.03 increase. Management said the growth came from customers choosing richer plans and staying longer, without price increases for existing customers across Videotron, Freedom Mobile, or Fizz.
- Wireless Service Revenue MomentumWireless service revenues increased 10% to CAD 492 million, driven by continued subscriber and ARPU growth across all three brands. Management stated that Quebecor represented almost 8% of industry wireless service revenues over the last 12 months, up from approximately 7% a year earlier.
- Network Expansion Across CanadaFreedom Mobile expanded its 5G+ network in Ontario, Alberta, and British Columbia, bringing enhanced connectivity to more than 500,000 additional Canadians. Videotron expanded its wireless service area in Quebec to communities in Abitibi-Témiscamingue, Nord-du-Québec, Saguenay-Lac-Saint-Jean, and Bas-Saint-Laurent, reaching more than 25,000 residents.
- Continued Network and Technology InvestmentQuebecor invested CAD 177 million in capital expenditures during the quarter for growth projects, core systems, network improvements, and customer experience. Telecom CapEx excluding spectrum licenses increased CAD 10 million, or 6.4%, year-over-year, supporting internet infrastructure and the 5G and 5G+ rollout. Management said AI-driven efficiency initiatives and investments in new platforms are already underway.
- Wireline and Internet ImprovementQuebecor added 8,600 internet customers in the quarter at a higher average revenue per customer, generating 3% internet revenue growth. Management said internet revenues had returned to positive territory after difficult performance in prior years, while cable declines improved from approximately 4% two years ago to 1% currently.
- Strong Year-to-Date PerformanceFor the first nine months of 2026, service revenues increased 4.2% to CAD 3.1 billion, adjusted EBITDA increased 6.4% to CAD 1.9 billion, and adjusted cash flow from operations increased 7.4% to CAD 1.4 billion. Excluding stock-based compensation, EBITDA increased CAD 183 million, or 10%.
- Media EBITDA RecoveryMedia adjusted EBITDA increased CAD 16 million year-over-year to CAD 40 million. The improvement reflected cost-reduction initiatives, including lower content costs, higher TVA Sports subscription revenue driven by TVA Sports Direct, a new affiliation agreement, and estimated support from Quebec's new tax credit for news media.
- Television Market LeadershipGroupe TVA led the Quebec television market with a 43.5% share, up 2.3 points year-over-year. The TVA network's share increased to 23.1%, up one point, driven by programs including Chanteurs masqués and Indéfendable. LCN remained Quebec's most-watched specialty channel.
- Long-Term NHL Rights AgreementQuebecor reached a new 12-year sublicensing agreement with Rogers for French-language NHL broadcast rights through the 2037-2038 season. The games will also be available on illico+, supporting TVA Sports' position as a hockey destination and expanding distribution across television and streaming platforms.
- Strategic Value of EtiyaManagement described Etiya as a strategic acquisition providing support in a competitive IT environment and the potential to grow revenue in a different business area. Etiya contributed approximately CAD 5 million or less of EBITDA in the quarter, and its revenues were included in telecom 'other' revenues, contributing to the 36% year-over-year increase in that category.
MX:QBRBN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 14.28- | 12.97 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 15.7717.30 | 13.76 | 25.71% (+3.54) | |
| Aug 06, 2026 | 2026 (Q2) | 14.4714.02 | 12.97 | 8.08% (+1.05) | |
| May 14, 2026 | 2026 (Q1) | 12.2412.71 | 10.48 | 21.25% (+2.23) | |
| Feb 26, 2026 | 2025 (Q4) | 12.6212.97 | 10.48 | 23.75% (+2.49) | |
| Nov 06, 2025 | 2025 (Q3) | 12.9113.76 | 10.75 | 28.05% (+3.01) | |
| Aug 07, 2025 | 2025 (Q2) | 12.6112.97 | 11.66 | 11.24% (+1.31) | |
| May 08, 2025 | 2025 (Q1) | 9.2410.48 | 9.3 | 12.68% (+1.18) | |
| Feb 27, 2025 | 2024 (Q4) | 9.6510.48 | 9.57 | 9.59% (+0.92) | |
| Nov 07, 2024 | 2024 (Q3) | 10.7210.75 | 11.53 | -6.82% (-0.79) |
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
