Rogers Communication (RCIBN) Q3 2026 Earnings Report
MX:RCIBN Q3 2026 EPS Results
- Actual EPS
- MXN 17.34
- Consensus EPS
- MXN 16.43
- Beat/Miss
- Beat by +MXN 0.91
- One Year Ago EPS
- MXN 18.42
MX:RCIBN Q3 2026 Revenue Results
- Actual Revenue
- MXN 73.17B
- Expected Revenue
- MXN 72.51B
- Beat/Miss
- Beat by +MXN 658.78M
- YoY Revenue Growth
- +1.78%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/23/2026
- Time
- Before Open
- Conference Call
- Friday, October 23, 2026
Rogers Communication's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. Rogers reported consolidated revenue and adjusted EBITDA growth, record free cash flow, improved leverage, stronger margins, significant capital efficiency gains, strong media performance, and completion of the MLSE acquisition. The company also reaffirmed its 2026 outlook and advanced its sports monetization strategy. Offsetting issues included wireless revenue and ARPU pressure from the CRTC fee decision, a materially slower wireless market, slightly higher churn, lower subscriber additions, and a softer advertising environment. Overall, the positive operating execution and balance-sheet progress significantly outweighed the stated challenges.
Management reaffirmed its full 2026 outlook for total service revenue growth 3%-5%, adjusted EBITDA growth +1% to +3%, capital expenditures CAD 2.5 billion-CAD 2.7 billion, and free cash flow CAD 4.1 billion-CAD 4.3 billion; Glenn said this new guidance run rate for 2026 should be used as “an indication for your expectations for the coming year or the near term over the coming years,” while noting, “I’m not guiding 2027 yet.” Rogers continues to target closing the sale of a minority interest in its consolidated sports media and entertainment assets in the first half of 2027, expects to fund its securitization in the fourth quarter, and said its Q4 promotional strategy will be consistent with Q3; Tony estimated third-quarter market net adds were “in the 30%-40% range down year-on-year,” penetration was “more in the 1.5%-2%,” and population growth was “essentially flat.”
- Consolidated Revenue and EBITDA GrowthThird-quarter consolidated service revenue and adjusted EBITDA each grew 1%. Year to date, service revenue was up 6% and adjusted EBITDA was up 3%.
- Industry-Leading Wireless and Cable MarginsWireless and cable adjusted EBITDA margins were 68% and 59%, respectively. Wireless margin expanded 130 basis points year over year, while cable margin expanded 40 basis points. Compared with year-end 2021, margins increased from 63% to 68% in wireless and from 49% to 59% in cable.
- Capital Efficiency ImprovementCapital expenditures declined 46% year over year to CAD 524 million, and capital intensity decreased 840 basis points to 9.6% in the quarter, just under 10%, and 12% year to date. The lower quarterly spend reflected, among other initiatives, the targeted sale and deprioritization of network projects that were no longer priorities.
- Record Free Cash Flow GenerationRogers generated over CAD 1.3 billion of free cash flow according to the opening remarks, described later as approximately CAD 1.4 billion. Free cash flow increased 65% year over year in the quarter and 34% year to date to over CAD 3.1 billion, reflecting lower capital intensity and lower cash taxes.
- Balance Sheet and Liquidity StrengtheningLeverage improved to 3.7x from 3.8x in the prior quarter and 4.0x at prior year-end. Available liquidity was CAD 8.3 billion, including CAD 3 billion of cash and cash equivalents and CAD 5 billion under bank and other credit facilities. Additional CAD 5 billion of bilateral bank credit facilities had been arranged to fund the October 1 MLSE purchase.
- Completion of MLSE AcquisitionOn October 1, Rogers acquired the remaining 25% stake in MLSE and now fully owns the sports, entertainment, and media asset portfolio. Management described the assets as profitable, growing, globally appealing, and appreciating in value.
- Sports Asset Monetization PlanRogers is pursuing the sale of a minority interest in its consolidated sports, media, and entertainment assets to third-party investors, targeting completion in the first half of 2027. Proceeds from the sale are intended to pay down debt, and management said investor interest is substantial as sports franchise valuations continue to rise.
- Disciplined Wireless Customer MixRogers added 17,000 total mobile phone subscribers, including 6,000 postpaid additions, while selectively participating in a lower-volume market rather than chasing subscriber volume. Loading was primarily on the premium Rogers brand, and incoming ARPU for customers added in the third quarter and into October was up 8% year over year.
- Wireless Profitability Despite Regulatory PressureAlthough wireless service revenue declined 1% year over year, continued cost efficiency produced adjusted EBITDA growth and an industry-leading 68% wireless margin.
- Cable Service Revenue and EBITDA GrowthCable delivered its sixth consecutive quarter of service revenue growth. On an organic basis, excluding the impact of the December 2025 sale of customer-facing data centers, cable service revenue grew 1%, adjusted EBITDA grew 1%, and the cable margin reached 59%.
- Cable Cost Efficiency and Scale BenefitsManagement attributed cable margin expansion to national scale, vendor cost negotiations, integration of Shaw operations, process improvements, and increased offshore call-center resourcing. Cable margin has increased 10 percentage points over five years, from 49% to 59%.
- Media Segment GrowthRogers Sports & Media revenue grew 9% and adjusted EBITDA grew 12% to CAD 84 million in the quarter. Media revenue was roughly CAD 3 billion through the first nine months, up 44% year to date and 6% on an organic basis.
- Strong Toronto Blue Jays AttendanceThe Toronto Blue Jays led the American League in total attendance during the 2026 regular season, drawing over 3.3 million fans with average attendance at 97% of capacity. This was the club's best attendance since 2016 and the third highest in Major League Baseball in 2026.
- Concert and Cross-Business SynergiesRogers said its concert business continues to grow double digits. The 12-show Backstreet Boys residency at Rogers Centre next year will be a new venue record, and Rogers customers had access to up to 30% of available presale tickets. Management also cited revenue and value-add synergies across sports, entertainment, and connectivity businesses.
- Satellite-to-Mobile and Network Expansion InitiativesRogers is deepening its collaboration with SpaceX and intends to lead Canada in expanded satellite-to-mobile coverage and capability. Management described the offering as complementary to wireline and terrestrial wireless services and cited additional opportunity in rural connectivity, enterprise services, and Internet of Things applications.
- Network Performance and Targeted InvestmentManagement reported industry-leading wireline performance across fiber and cable networks, continued mid-split installations, and third-party validation. Rogers said it continues to invest selectively in network expansion, including housing starts, business expansion, industrial parks, and projects expected to generate appropriate returns.
- Reaffirmed 2026 OutlookRogers reaffirmed its full-year 2026 outlook for total service revenue growth of 3%-5%, adjusted EBITDA growth of +1% to +3%, capital expenditures of CAD 2.5 billion-CAD 2.7 billion, and free cash flow of CAD 4.1 billion-CAD 4.3 billion.
- Progress Toward Receivables SecuritizationManagement said a proposed bank credit-card receivables securitization facility is close to completion and is currently under review by OSFI. Rogers expects to fund the facility in the fourth quarter once the review is satisfied and then use the proceeds to recover working capital.
MX:RCIBN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 17.01- | 20.3 | ― | ― |
| Oct 23, 2026 | 2026 (Q3) | 16.4317.34 | 18.42 | -5.84% (-1.08) | |
| Jul 22, 2026 | 2026 (Q2) | 15.1515.46 | 15.33 | 0.88% (+0.13) | |
| Apr 22, 2026 | 2026 (Q1) | 13.5413.58 | 13.31 | 2.02% (+0.27) | |
| Jan 29, 2026 | 2025 (Q4) | 18.8320.30 | 19.63 | 3.42% (+0.67) | |
| Oct 23, 2025 | 2025 (Q3) | 16.5918.42 | 19.09 | -3.52% (-0.67) | |
| Jul 23, 2025 | 2025 (Q2) | 14.8315.33 | 15.59 | -1.72% (-0.27) | |
| Apr 23, 2025 | 2025 (Q1) | 13.5813.31 | 13.31 | 0.00% (+0.00) | |
| Jan 30, 2025 | 2024 (Q4) | 18.2819.63 | 16 | 22.69% (+3.63) | |
| Oct 24, 2024 | 2024 (Q3) | 18.4419.09 | 17.07 | 11.81% (+2.02) |
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.