Supplemental Financial Information
Fourth Quarter 2025TSX: RCI NYSE: RCI
Rogers Communications Inc. Consolidated Financial Results (unaudited)
2025 2024
(In millions of dollars, except per share amounts) Annual Q4'25 Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24
Revenue | |||||||||
Wireless | 10,715 | 2,970 | 2,661 2,540 | 2,544 | 10,595 | 2,981 | 2,620 | 2,466 | 2,528 |
Cable | 7,868 | 1,984 | 1,981 1,968 | 1,935 | 7,876 | 1,983 | 1,970 | 1,964 | 1,959 |
Media | 3,288 | 1,236 | 753 757 | 542 | 2,242 | 547 | 597 | 679 | 419 |
Corporate items and intercompany eliminations | (159) | (18) | (47) (49) | (45) | (109) | (30) | (58) | (16) | (5) |
Revenue | 21,712 | 6,172 | 5,348 5,216 | 4,976 | 20,604 | 5,481 | 5,129 | 5,093 | 4,901 |
Total service revenue 1 | 19,104 | 5,250 | 4,739 4,668 | 4,447 | 18,066 | 4,543 | 4,567 | 4,599 | 4,357 |
Adjusted EBITDA | |||||||||
Wireless | 5,364 | 1,374 | 1,374 1,305 | 1,311 | 5,312 | 1,367 | 1,365 | 1,296 | 1,284 |
Cable | 4,585 | 1,177 | 1,153 1,147 | 1,108 | 4,518 | 1,169 | 1,133 | 1,116 | 1,100 |
Media | 241 | 221 | 75 8 | (63) | 88 | 55 | 136 | (2) | (101) |
Corporate items and intercompany eliminations | (370) | (83) | (87) (98) | (102) | (301) | (58) | (89) | (85) | (69) |
Adjusted EBITDA 2 | 9,820 | 2,689 | 2,515 2,362 | 2,254 | 9,617 | 2,533 | 2,545 | 2,325 | 2,214 |
Deduct (add): | |||||||||
Depreciation and amortization | 4,802 | 1,222 | 1,230 1,184 | 1,166 | 4,616 | 1,174 | 1,157 | 1,136 | 1,149 |
Restructuring, acquisition and other | 439 | 23 | 51 238 | 127 | 406 | 83 | 91 | 90 | 142 |
Finance costs | 2,043 | 584 | 252 628 | 579 | 2,295 | 571 | 568 | 576 | 580 |
Other (income) expense 3 | (5,021) | (16) | (4,998) (9) | 2 | (6) | (11) | 2 | (5) | 8 |
Gain on disposition of data centres | (69) | (69) | - - | - | - | - | - | - | - |
Net income before income tax expense | 7,626 | 945 | 5,980 321 | 380 | 2,306 | 716 | 727 | 528 | 335 |
Income tax expense | 720 | 235 | 212 173 | 100 | 572 | 158 | 201 | 134 | 79 |
Net income | 6,906 | 710 | 5,768 148 | 280 | 1,734 | 558 | 526 | 394 | 256 |
Net income attributable to RCI shareholders | 6,894 | 743 | 5,714 157 | 280 | 1,734 | 558 | 526 | 394 | 256 |
Earnings per share attributable to RCI shareholders 3: | |||||||||
Basic | $ 12.77 | $ 1.38 | $ 10.58 $ 0.29 | $ 0.52 | $ 3.25 | $ 1.04 | $ 0.99 | $ 0.74 | $ 0.48 |
Diluted | $ 12.74 | $ 1.37 | $ 10.54 $ 0.29 | $ 0.50 | $ 3.20 | $ 1.02 | $ 0.98 | $ 0.73 | $ 0.46 |
Net income | 6,906 | 710 | 5,768 148 | 280 | 1,734 | 558 | 526 | 394 | 256 |
Add (deduct): | |||||||||
Restructuring, acquisition and other | 439 | 23 | 51 238 | 127 | 406 | 83 | 91 | 90 | 142 |
Change in fair value of subsidiary equity derivative instruments | (9) | 32 | (134) 93 | - | - | - | - | - | - |
Depreciation and amortization on fair value increment of Shaw | |||||||||
Transaction-related assets | 829 | 178 | 210 212 | 229 | 917 | 228 | 227 | 220 | 242 |
Gain on repayment of long-term debt | (151) | - | (151) - | - | - | - | - | - | - |
Gain on revaluation of MLSE investment 3 | (4,976) | - | (4,976) - | - | - | - | - | - | - |
Gain on dispostion of data centres | (69) | (69) | - - | - | - | - | - | - | - |
Income tax impact of above items | (249) | (55) | (42) (59) | (93) | (338) | (75) | (82) | (81) | (100) |
Adjusted net income 2 | 2,720 | 819 | 726 632 | 543 | 2,719 | 794 | 762 | 623 | 540 |
Adjusted net income attributable to RCI shareholders 2 | 2,721 | 818 | 740 620 | 543 | 2,719 | 794 | 762 | 623 | 540 |
Adjusted earnings per share attributable to RCI shareholders: 2 | |||||||||
Basic | $ 5.04 | $ 1.51 | $ 1.37 $ 1.15 | $ 1.01 | $ 5.09 | $ 1.48 | $ 1.43 | $ 1.17 | $ 1.02 |
Diluted | $ 5.02 | $ 1.51 | $ 1.37 $ 1.14 | $ 0.99 | $ 5.04 | $ 1.46 | $ 1.42 | $ 1.16 | $ 0.99 |
1See "Key Performance Indicators".
2Adjusted EBITDA is a total of segments measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted basic and adjusted diluted earnings per share) are non-GAAP financial measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures.
3Includes a $40 million reduction to the gain on revaluation of our existing investment in MLSE in the third quarter as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
Rogers Communications Inc. |
Additional Information |
(unaudited) |
2025 | 2024 | ||||||
(In millions of dollars, except capital intensity and per share amounts) | Annual | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Annual | Q4'24 Q3'24 Q2'24 Q1'24 |
Capital expenditures Wireless Cable Media Corporate | 1,471 1,803 206 227 | 332 476 70 56 | 367 365 407 477 404 446 75 26 35 45 36 90 | 1,596 1,939 259 247 | 446 350 396 404 439 511 509 480 57 36 47 119 65 80 47 55 | ||
Capital expenditures 1 | 3,707 | 934 | 964 831 978 | 4,041 | 1,007 977 999 1,058 | ||
Capital intensity 2Wireless Cable Media Consolidated Adjusted EBITDA Deduct: Capital expenditures 1 Interest on borrowings, net and capitalized interest Cash income taxes paid Distributions paid by subsidiaries to non-controlling interest | 13.7 % 22.9 % 6.3 % 17.1 % 9,820 3,707 1,924 700 133 | 11.2 % 24.0 % 5.7 % 15.1 % 2,689 934 468 152 119 | 13.8 % 14.4 % 16.0 % 24.1 % 20.5 % 23.0 % 10.0 % 3.4 % 6.5 % 18.0 % 15.9 % 19.7 % 2,515 2,362 2,254 964 831 978 474 480 502 234 126 188 14 - - | 15.1 % 24.6 % 11.6 % 19.6 % 9,617 4,041 1,986 545 - | 15.0 % 13.4 % 16.1 % 16.0 % 22.1 % 25.9 % 25.9 % 24.5 % 10.4 % 6.0 % 6.9 % 28.4 % 18.4 % 19.0 % 19.6 % 21.6 % 2,533 2,545 2,325 2,214 1,007 977 999 1,058 491 497 502 496 157 156 158 74 - - - - | ||
Free cash flow 2 | 3,356 | 1,016 | 829 925 586 | 3,045 | 878 915 666 586 | ||
Dividends declared 3 Dividends per share | 1,079 $ 2.00 | 270 $ 0.50 | 270 270 269 $ 0.50 $ 0.50 $ 0.50 | 1,068 $ 2.00 | 269 267 266 266 $ 0.50 $ 0.50 $ 0.50 $ 0.50 | ||
1Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2Capital intensity is a supplementary financial measure. Free cash flow is a capital management measure. See "Non-GAAP and Other Financial Measures" for more information about these measures.
3Under the terms of our dividend reinvestment plan, a portion of the dividends declared in Q1 2025 and earlier have been settled through the issuance of RCI Class B Non-Voting Shares.
Rogers Communications Inc. |
Free Cash Flow |
(unaudited) |
2025 | 2024 | |||||||||
(In millions of dollars) | Annual | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Annual | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
Cash provided by operating activities | 6,059 | 1,652 | 1,515 1,596 | 1,296 | 5,680 | 1,135 | 1,893 | 1,472 | 1,180 | |
Add (deduct): | ||||||||||
Capital expenditures | (3,707) | (934) | (964) (831) | (978) | (4,041) | (1,007) | (977) | (999) | (1,058) | |
Interest on borrowings, net and capitalized interest | (1,924) | (468) | (474) (480) | (502) | (1,986) | (491) | (497) | (502) | (496) | |
Interest paid, net | 2,070 | 537 | 543 395 | 595 | 2,087 | 465 | 593 | 474 | 555 | |
Restructuring, acquisition and other | 439 | 23 | 51 238 | 127 | 406 | 83 | 91 | 90 | 142 | |
Program rights amortization | (86) | (21) | (15) (31) | (19) | (63) | (11) | (13) | (23) | (16) | |
Change in net operating assets and liabilities | 592 | 348 | 133 28 | 83 | 876 | 667 | (200) | 120 | 289 | |
Distributions paid by subsidiaries to non-controlling interests | (133) | (119) | (14) - | - | - | - | - | - | - | |
Post-employment benefit contributions, net of expense | (75) | (20) | (19) (19) | (17) | (82) | (28) | (19) | (20) | (15) | |
Cash flows relating to other operating activities | 128 | 18 | 75 38 | (3) | 166 | 67 | 44 | 59 | (4) | |
Other investment (income) losses | (7) | - | (2) (9) | 4 | 2 | (2) | - | (5) | 9 | |
Free cash flow | 3,356 | 1,016 | 829 925 | 586 | 3,045 | 878 | 915 | 666 | 586 | |
Rogers Communications Inc. |
Adjusted Net Debt |
(unaudited) |
2025 | 2024 | |||
(In millions of dollars, except ratios) | Q4'25 | Q3'25 | Q2'25 | Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 |
Current portion of long-term debt Long-term debt Deferred transaction costs and discounts | 1,186 35,872 795 | 1,599 955 2,256 3,696 2,600 2,619 1,355 36,723 39,897 42,196 38,200 37,694 37,966 38,965 826 983 966 951 987 1,023 1,055 | ||
Add (deduct): Adjustment of US dollar-denominated debt to hedged rate Subordinated notes adjustment 1 Short-term borrowings Deferred government grant liability 2Current portion of lease liabilities Lease liabilities Cash and cash equivalents | 37,853 (1,394) (3,456) 4,000 79 690 2,428 (1,344) | 39,148 41,835 45,418 42,847 41,281 41,608 41,375 (1,753) (1,464) (2,744) (2,855) (1,312) (1,640) (1,404) (3,484) (3,444) (3,549) (1,540) (1,506) (1,514) (1,508) 3,613 1,600 2,102 2,959 2,893 3,039 3,066 80 76 56 39 - - - 612 611 603 587 566 560 531 2,415 2,342 2,195 2,191 2,162 2,159 2,136 (1,512) (6,963) (2,680) (898) (802) (451) (764) | ||
Adjusted net debt 3 Divided by: trailing 12-month adjusted EBITDA | 38,856 9,820 | 39,119 34,593 41,401 43,330 43,282 43,761 43,432 9,664 9,694 9,657 9,617 9,413 9,279 9,144 | ||
Debt leverage ratio 3 | 4.0 | 4.0 3.6 4.3 4.5 4.6 4.7 4.7 | ||
Divided by: pro forma trailing 12-month adjusted EBITDA 3 Pro forma debt leverage ratio 3 | 9,986 3.9 | 9,914 n/a n/a n/a n/a n/a n/a 3.9 n/a n/a n/a n/a n/a n/a | ||
1For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.
2For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.
3Adjusted net debt and debt leverage ratio are capital management measures. Pro forma trailing 12-month adjusted EBITDA is a component of pro forma debt leverage ratio and is a non-GAAP financial measure. Pro forma debt leverage ratio is a non-GAAP ratio. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by
other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures.
Rogers Communications Inc. |
Consolidated Statements of Financial Position |
(unaudited) |
2025 | 2024 | |||||||
(In millions of dollars) | Q4'25 | Q3'25 1 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,344 | 1,512 | 6,963 | 2,680 | 898 | 802 | 451 | 764 |
Accounts receivable | 6,105 | 5,590 | 5,386 | 5,176 | 5,478 | 4,903 | 4,853 | 4,810 |
Inventories | 550 | 481 | 549 | 562 | 641 | 472 | 512 | 506 |
Current portion of contract assets | 151 | 157 | 160 | 165 | 171 | 183 | 185 | 170 |
Other current assets | 1,239 | 1,298 | 990 | 1,080 | 849 | 835 | 849 | 1,121 |
Current portion of derivative instruments | 99 | 166 | 69 | 274 | 336 | 77 | 105 | 99 |
Assets held for sale | - | 166 | - | - | - | 137 | 137 | 137 |
Total current assets | 9,488 | 9,370 | 14,117 | 9,937 | 8,373 | 7,409 | 7,092 | 7,607 |
Property, plant and equipment | 26,307 | 26,218 | 25,288 | 25,191 | 25,072 | 24,812 | 24,691 | 24,530 |
Intangible assets | 28,898 | 29,035 | 17,581 | 17,725 | 17,858 | 17,981 | 18,098 | 17,768 |
Investments | 1,291 | 1,216 | 593 | 596 | 615 | 602 | 605 | 603 |
Derivative instruments | 746 | 825 | 697 | 1,095 | 997 | 791 | 821 | 794 |
Financing receivables | 1,198 | 1,055 | 1,068 | 1,131 | 1,189 | 976 | 1,006 | 1,075 |
Other long-term assets | 2,052 | 1,869 | 1,561 | 1,167 | 1,027 | 910 | 725 | 759 |
Goodwill | 20,032 | 20,027 | 16,280 | 16,280 | 16,280 | 16,280 | 16,280 | 16,280 |
Total assets | 90,012 | 89,615 | 77,185 | 73,122 | 71,411 | 69,761 | 69,318 | 69,416 |
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term borrowings | 4,000 | 3,613 | 1,600 | 2,102 | 2,959 | 2,893 | 3,039 | 3,066 |
Accounts payable and accrued liabilities | 4,831 | 4,368 | 3,906 | 3,616 | 4,059 | 3,721 | 3,631 | 3,780 |
Income tax payable | - | - | 12 | 18 | 26 | - | - | - |
Other current liabilities | 3,831 | 3,751 | 476 | 500 | 482 | 369 | 358 | 351 |
Contract liabilities | 1,114 | 1,105 | 737 | 871 | 800 | 690 | 749 | 845 |
Current portion of long-term debt | 1,186 | 1,599 | 955 | 2,256 | 3,696 | 2,600 | 2,619 | 1,355 |
Current portion of lease liabilities | 690 | 612 | 611 | 603 | 587 | 566 | 560 | 531 |
Liabilities associated with assets held for sale | - | 49 | - | - | - | - | - | - |
Total current liabilities | 15,652 | 15,097 | 8,297 | 9,966 | 12,609 | 10,839 | 10,956 | 9,928 |
Provisions | 55 | 58 | 62 | 62 | 61 | 61 | 62 | 62 |
Long-term debt | 35,872 | 36,723 | 39,897 | 42,196 | 38,200 | 37,694 | 37,966 | 38,965 |
Lease liabilities | 2,428 | 2,415 | 2,342 | 2,195 | 2,191 | 2,162 | 2,159 | 2,136 |
Other long-term liabilities | 2,225 | 2,243 | 2,513 | 1,805 | 1,666 | 1,507 | 1,361 | 1,378 |
Deferred tax liabilities | 9,494 | 9,489 | 6,207 | 6,270 | 6,281 | 6,232 | 6,197 | 6,338 |
Total liabilities | 65,726 | 66,025 | 59,318 | 62,494 | 61,008 | 58,495 | 58,701 | 58,807 |
Equity | ||||||||
Equity attributable to RCI shareholders | 17,751 | 16,903 | 11,220 | 10,628 | 10,403 | 11,266 | 10,617 | 10,609 |
Non-controlling interest | 6,535 | 6,687 | 6,647 | - | - | - | - | - |
Equity | 24,286 | 23,590 | 17,867 | 10,628 | 10,403 | 11,266 | 10,617 | 10,609 |
Total liabilities and equity | 90,012 | 89,615 | 77,185 | 73,122 | 71,411 | 69,761 | 69,318 | 69,416 |
1Includes finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
Rogers Communications Inc. Consolidated Statements of Cash Flows (unaudited)
2025 2024
(In millions of dollars) Annual Q4'25 Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24
Cash provided by (used in): | |||||||||
Operating activities: | |||||||||
Net income for the period | 6,906 | 710 | 5,768 148 | 280 | 1,734 | 558 | 526 | 394 | 256 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||
Depreciation and amortization | 4,802 | 1,222 | 1,230 1,184 | 1,166 | 4,616 | 1,174 | 1,157 | 1,136 | 1,149 |
Program rights amortization | 86 | 21 | 15 31 | 19 | 63 | 11 | 13 | 23 | 16 |
Finance costs | 2,043 | 584 | 252 628 | 579 | 2,295 | 571 | 568 | 576 | 580 |
Income tax expense | 720 | 235 | 212 173 | 100 | 572 | 158 | 201 | 134 | 79 |
Post-employment benefits contributions, net of expense | 75 | 20 | 19 19 | 17 | 82 | 28 | 19 | 20 | 15 |
Income from associates and joint ventures | (38) | (16) | (20) - | (2) | (8) | (9) | 2 | - | (1) |
Gain on revaluation of MLSE investment 1 | (4,976) | - | (4,976) - | - | - | - | - | - | - |
Gain on disposition of data centres | (69) | (69) | - - | - | - | - | - | - | - |
Other | (128) | (18) | (75) (38) | 3 | (166) | (67) | (44) | (59) | 4 |
Cash provided by operating activities before changes in net operating assets and | |||||||||
liabilities, income taxes paid, and interest paid | 9,421 | 2,689 | 2,425 2,145 | 2,162 | 9,188 | 2,424 | 2,442 | 2,224 | 2,098 |
Change in net operating assets and liabilities | (592) | (348) | (133) (28) | (83) | (876) | (667) | 200 | (120) | (289) |
Income taxes paid | (700) | (152) | (234) (126) | (188) | (545) | (157) | (156) | (158) | (74) |
Interest paid | (2,070) | (537) | (543) (395) | (595) | (2,087) | (465) | (593) | (474) | (555) |
Cash provided by operating activities | 6,059 | 1,652 | 1,515 1,596 | 1,296 | 5,680 | 1,135 | 1,893 | 1,472 | 1,180 |
Investing activities: | |||||||||
Capital expenditures | (3,707) | (934) | (964) (831) | (978) | (4,041) | (1,007) | (977) | (999) | (1,058) |
Additions to program rights and other intangible assets | (105) | (36) | (21) (24) | (24) | (72) | (16) | (33) | (10) | (13) |
Changes in non-cash working capital related to investing acitivities | (78) | 29 | (51) (68) | 12 | 136 | 167 | (70) | (48) | 87 |
Acquisitions and other strategic transactions, net of cash acquired | (4,315) | 184 | (4,499) - | - | (475) | - | - | (380) | (95) |
Other | (7) | (12) | (3) 7 | 1 | (3) | (14) | (1) | (1) | 13 |
Cash used in investing activities | (8,212) | (769) | (5,538) (916) | (989) | (4,455) | (870) | (1,081) | (1,438) | (1,066) |
Financing activities: | |||||||||
Net proceeds received from (repayment of) short-term borrowings | 1,021 | 385 | 1,972 (483) | (853) | 1,138 | 19 | (142) | (43) | 1,304 |
Net (repayment) issuance of long-term debt | (3,478) | (974) | (2,928) (2,178) | 2,602 | (1,103) | 5 | 18 | (18) | (1,108) |
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity | |||||||||
derivatives | 114 | 74 | (37) (6) | 83 | 107 | 110 | (25) | 24 | (2) |
Transaction costs incurred | (104) | (1) | (4) (61) | (38) | (47) | (1) | - | (4) | (42) |
Principal payments of lease liabilities | (559) | (145) | (147) (134) | (133) | (478) | (120) | (127) | (119) | (112) |
Dividends paid to RCI shareholders | (913) | (270) | (270) (188) | (185) | (739) | (181) | (186) | (182) | (190) |
Distributions paid by subsidiaries to non-controlling interests | (133) | (119) | (14) - | - | - | - | - | - | - |
Issuance of subsidiary shares to non-controlling interest | 6,656 | - | - 6,656 | - | - | - | - | - | - |
Other | (5) | (1) | - (3) | (1) | (5) | (1) | 1 | (5) | - |
Cash (used in) provided by financing activities | 2,599 | (1,051) | (1,428) 3,603 | 1,475 | (1,127) | (169) | (461) | (347) | (150) |
Change in cash and cash equivalents | 446 | (168) | (5,451) 4,283 | 1,782 | 98 | 96 | 351 | (313) | (36) |
Cash and cash equivalents, beginning of period | 898 | 1,512 | 6,963 2,680 | 898 | 800 | 802 | 451 | 764 | 800 |
Cash and cash equivalents, end of period | 1,344 | 1,344 | 1,512 6,963 | 2,680 | 898 | 898 | 802 | 451 | 764 |
1Gain on revaluation of MLSE investment for the twelve months ended December 31, 2025 includes a $40 million reduction to the gain on revaluation in the third quarter as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
Rogers Communications Inc. Wireless (unaudited) 2025 2024(In millions of dollars, except margins) Annual Q4'25 Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24
Revenue Service revenue from external customers Service revenue from internal customers | 8,030 112 | 2,026 32 | 2,029 30 | 1,972 27 | 2,003 23 | 8,041 67 | 2,038 20 | 2,038 28 | 1,979 9 | 1,986 10 |
Service revenue Equipment revenue from external customers | 8,142 2,573 | 2,058 912 | 2,059 602 | 1,999 541 | 2,026 518 | 8,108 2,487 | 2,058 923 | 2,066 554 | 1,988 478 | 1,996 532 |
Revenue | 10,715 | 2,970 | 2,661 | 2,540 | 2,544 | 10,595 | 2,981 | 2,620 | 2,466 | 2,528 |
Operating costs | ||||||||||
Cost of equipment | 2,469 | 864 | 569 | 528 | 508 | 2,489 | 913 | 545 | 492 | 539 |
Other operating costs | 2,882 | 732 | 718 | 707 | 725 | 2,794 | 701 | 710 | 678 | 705 |
Operating costs | 5,351 | 1,596 | 1,287 | 1,235 | 1,233 | 5,283 | 1,614 | 1,255 | 1,170 | 1,244 |
Adjusted EBITDA | 5,364 | 1,374 | 1,374 | 1,305 | 1,311 | 5,312 | 1,367 | 1,365 | 1,296 | 1,284 |
Adjusted EBITDA margin 1 | 65.9 % | 66.8 % | 66.7 % | 65.3 % | 64.7 % | 65.5 % | 66.4 % | 66.1 % | 65.2 % | 64.3 % |
Capital expenditures | 1,471 | 332 | 367 | 365 | 407 | 1,596 | 446 | 350 | 396 | 404 |
1Calculated using service revenue.
Subscriber Results 1
(In thousands, except churn and mobile phone ARPU)
Postpaid mobile phone | ||||||||||
Gross additions | 1,591 | 507 | 385 | 362 | 337 | 1,914 | 561 | 459 | 451 | 443 |
Net additions | 145 | 37 | 62 | 35 | 11 | 380 | 69 | 101 | 112 | 98 |
Total postpaid mobile phone subscribers 2,3 | 10,995 | 10,995 | 10,961 | 10,910 | 10,779 | 10,768 | 10,768 | 10,699 | 10,598 | 10,486 |
Churn (monthly) | 1.11 % | 1.43 % | 0.99 % | 1.00 % | 1.01 % | 1.21 % | 1.53 % | 1.12 % | 1.07 % | 1.10 % |
Prepaid mobile phone | ||||||||||
Gross additions | 509 | 93 | 149 | 135 | 132 | 534 | 117 | 185 | 148 | 84 |
Net additions (losses) | 100 | 2 | 49 | 26 | 23 | 132 | 26 | 93 | 50 | (37) |
Total prepaid mobile phone subscribers 2,3 | 1,200 | 1,200 | 1,205 | 1,160 | 1,129 | 1,106 | 1,106 | 1,161 | 1,068 | 1,018 |
Churn (monthly) | 2.99 % | 2.57 % | 2.86 % | 3.23 % | 3.34 % | 3.17 % | 2.80 % | 2.80 % | 3.20 % | 3.90 % |
Mobile phone ARPU (monthly) 4 | $56.42 | $56.43 | $56.70 | $55.45 | $56.94 | $57.98 | $58.04 | $58.57 | $57.24 | $58.06 |
1Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2As at end of period.
3Effective April 1, 2025, and on a prospective basis, we adjusted our mobile phone subscriber bases to add 96,000 postpaid subscribers and 5,000 prepaid subscribers associated with the completion of the migration of customers from brands we had previously stopped selling. We believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our mobile phone business.
This year, 11,000 (third quarter) and 3,000 (fourth quarter) postpaid mobile phone and 4,000 (third quarter) and 7,000 (fourth quarter) prepaid mobile phone customers impacted by the ongoing decommissioning of our 3G network have been excluded from our customer base and churn metrics above.
4Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.
Rogers Communications Inc. |
Cable |
(unaudited) |
2025 | 2024 | |||||||||
(In millions of dollars, except margins) | Annual | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Annual | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
Revenue | ||||||||||
Service revenue from external customers | 7,765 | 1,957 | 1,957 | 1,944 | 1,907 | 7,750 | 1,950 | 1,930 | 1,935 | 1,935 |
Service revenue from internal customers | 68 | 17 | 17 | 17 | 17 | 75 | 18 | 32 | 13 | 12 |
Service revenue | 7,833 | 1,974 | 1,974 | 1,961 | 1,924 | 7,825 | 1,968 | 1,962 | 1,948 | 1,947 |
Equipment revenue from external customers | 35 | 10 | 7 | 7 | 11 | 51 | 15 | 8 | 16 | 12 |
Revenue | 7,868 | 1,984 | 1,981 | 1,968 | 1,935 | 7,876 | 1,983 | 1,970 | 1,964 | 1,959 |
Operating costs | 3,283 | 807 | 828 | 821 | 827 | 3,358 | 814 | 837 | 848 | 859 |
Adjusted EBITDA | 4,585 | 1,177 | 1,153 | 1,147 | 1,108 | 4,518 | 1,169 | 1,133 | 1,116 | 1,100 |
Adjusted EBITDA margin | 58.3 % | 59.3 % | 58.2 % | 58.3 % | 57.3 % | 57.4 % | 59.0 % | 57.5 % | 56.8 % | 56.2 % |
Capital expenditures | 1,803 | 476 | 477 | 404 | 446 | 1,939 | 439 | 511 | 509 | 480 |
Subscriber Results 1 | |||||
(In thousands, except ARPA and penetration) | |||||
Homes passed 2 Customer relationships Net additions Total customer relationships 2,3 ARPA (monthly) 4 Penetration 2 | 10,514 51 4,856 $136.30 46.2 % | 10,514 11 4,856 $135.66 46.2 % | 10,438 10,354 10,270 20 16 4 4,845 4,825 4,687 $136.05 $135.74 $136.97 46.4 % 46.6 % 45.6 % | 10,205 47 4,683 $140.12 45.9 % | 10,205 10,145 10,061 9,992 14 13 13 7 4,683 4,669 4,656 4,643 $140.31 $140.36 $139.62 $140.10 45.9 % 46.0 % 46.3 % 46.5 % |
Retail Internet Net additions Total retail Internet subscribers 2,3 Video Net losses Total Video subscribers 2 Home Monitoring Net additions (losses) Total Home Monitoring subscribers 2 Home Phone Net losses Total Home Phone subscribers 2 | 100 4,497 (114) 2,503 20 153 (118) 1,389 | 22 4,497 (21) 2,503 5 153 (32) 1,389 | 29 26 23 4,475 4,446 4,296 (36) (25) (32) 2,524 2,560 2,585 7 3 5 148 141 138 (31) (29) (26) 1,421 1,452 1,481 | 111 4,273 (134) 2,617 44 133 (122) 1,507 | 26 33 26 26 4,273 4,247 4,214 4,188 (35) (39) (33) (27) 2,617 2,652 2,691 2,724 13 19 13 (1) 133 120 101 88 (27) (29) (31) (35) 1,507 1,534 1,563 1,594 |
1Subscriber results are key performance indicators. See "Key Performance Indicators".
2As at end of period.
3Effective April 1, 2025, and on a prospective basis, we added 122,000 customer relationships and 124,000 retail Internet subscribers to reflect the completion of the migration of subscribers from legacy Fido Internet plans that we had previously removed when we stopped selling new plans for this service. Given this, we believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our retail Internet business.
4ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.
Rogers Communications Inc. Media (unaudited) 2025 2024(In millions of dollars, except margins) Annual Q4'25 Q3'25 Q2'25 Q1'25 Annual Q4'24 Q3'24 Q2'24 Q1'24
Revenue from external customers | 2,997 | 1,177 | 678 | 679 | 463 | 1,973 | 480 | 530 | 608 | 355 |
Revenue from internal customers | 291 | 59 | 75 | 78 | 79 | 269 | 67 | 67 | 71 | 64 |
Revenue | 3,288 | 1,236 | 753 | 757 | 542 | 2,242 | 547 | 597 | 679 | 419 |
Operating costs | 3,047 | 1,015 | 678 | 749 | 605 | 2,154 | 492 | 461 | 681 | 520 |
Adjusted EBITDA | 241 | 221 | 75 | 8 | (63) | 88 | 55 | 136 | (2) | (101) |
Adjusted EBITDA margin | 7.3 % | 17.9 % | 10.0 % | 1.1 % | (11.6)% | 3.9 % | 10.1 % | 22.8 % | 0.0% | (24.1)% |
Capital expenditures | 206 | 70 | 75 | 26 | 35 | 259 | 57 | 36 | 47 | 119 |
We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2024 Annual MD&A and our Fourth Quarter 2025 Earnings Press Release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:
subscriber counts;
Wireless;
Cable; and
homes passed (Cable);
Wireless subscriber churn (churn);
Wireless mobile phone average revenue per user (ARPU);
Cable average revenue per account (ARPA);
Cable customer relationships;
Cable market penetration (penetration);
capital intensity; and
total service revenue.
We use the following "non-GAAP financial measures" and other "specified financial measures" (each within the meaning of applicable Canadian securities law). These are reviewed regularly by management and the Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. Some or all of these measures may also be used by investors, lending institutions, and credit rating agencies as indicators of our operating performance, of our ability to incur and service debt, and as measurements to value companies in the telecommunications sector. These are not standardized measures under IFRS, so may not be reliable ways to compare us to other companies.
Non-GAAP financial measures | ||||
Specified financial measure | How it is useful | How we calculate it | Most directly comparable IFRS financial measure | |
Adjusted net income | ● | To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring. | Net (loss) income add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; change in fair value of subsidiary equity derivative instruments; depreciation and amortization on fair value increment of Shaw Transaction-related assets; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate changes. | Net income (loss) |
Adjusted net income attributable to RCI shareholders | ● | To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring. | Net (loss) income attributable to RCI shareholders add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; change in fair value of subsidiary equity derivative instruments; depreciation and amortization on fair value increment of Shaw Transaction-related assets; revaluation of subsidiary US dollar-denominated balances; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate | Net income (loss) attributable to RCI shareholders |
Pro forma trailing 12-month adjusted EBITDA | ● | To illustrate the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the applicable trailing 12-month period. | Trailing 12-month adjusted EBITDA add MLSE adjusted EBITDA - January to June 2025 | Trailing 12-month adjusted EBITDA |
Non-GAAP ratios | |||
Specified financial measure | How it is useful | How we calculate it | |
Adjusted basic earnings per share Adjusted diluted earnings per share | ● | To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring. | Adjusted net income attributable to RCI shareholders divided by basic weighted average shares outstanding. Adjusted net income attributable to RCI shareholders including the dilutive effect of stock-based compensation divided by diluted weighted average shares outstanding. |
Pro forma debt leverage ratio | ● | We believe this helps investors and analysts analyze our ability to service our debt obligations, with the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the applicable trailing 12-month period. | Adjusted net debt divided by pro forma trailing 12-month adjusted EBITDA |
Total of segments measures | |
Specified financial measure | Most directly comparable IFRS financial measure |
Adjusted EBITDA | Net income |
Capital management measures | ||
Specified financial measure | How it is useful | |
Free cash flow | ● | To show how much cash we generate that is available to repay debt and reinvest in our company, which is an important indicator of our financial strength and performance. |
● | We believe that some investors and analysts use free cash flow to value a business and its underlying assets. | |
Adjusted net debt | ● | We believe this helps investors and analysts analyze our debt and cash balances while taking into account the impact of debt derivatives on our US dollar-denominated debt. |
Debt leverage ratio | ● | We believe this helps investors and analysts analyze our ability to service our debt obligations. |
Available liquidity | ● | To help determine if we are able to meet all of our commitments, to execute our business plan, and to mitigate the risk of economic downturns. |
Supplementary financial measures | |
Specified financial measure | How we calculate it |
Adjusted EBITDA margin | Adjusted EBITDA divided by revenue. |
Wireless mobile phone average revenue per user (ARPU) | Wireless service revenue divided by average total number of Wireless mobile phone subscribers for the relevant period. |
Cable average revenue per account (ARPA) | Cable service revenue divided by average total number of customer relationships for the relevant period. |
Capital intensity | Capital expenditures divided by revenue. |
(In millions of dollars) | Three months ended | Twelve months ended | ||
December 31 | December 31 | |||
2025 | 2024 | 2025 | 2024 | |
Net income | 710 | 558 | 6,906 | 1,734 |
Add: | ||||
Income tax expense | 235 | 158 | 720 | 572 |
Finance costs | 584 | 571 | 2,043 | 2,295 |
Depreciation and amortization | 1,222 | 1,174 | 4,802 | 4,616 |
EBITDA | 2,751 | 2,461 | 14,471 | 9,217 |
Add (deduct): | ||||
Other income 1 | (16) | (11) | (5,021) | (6) |
Restructuring, acquisition and other | 23 | 83 | 439 | 406 |
Gain on disposition of data centres | (69) | - | (69) | - |
Adjusted EBITDA | 2,689 | 2,533 | 9,820 | 9,617 |
1Other income for the twelve months ended December 31, 2025 includes a $40 million reduction to the gain on revaluation of our existing investment in MLSE in the third quarter as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
Reconciliation of adjusted net income attributable to RCI shareholders(In millions of dollars) | Three months ended | Twelve months ended | ||
December 31 | December 31 | |||
2025 | 2024 | 2025 | 2024 | |
Net income attributable to RCI shareholders | 743 | 558 | 6,894 | 1,734 |
Add (deduct): | ||||
Restructuring, acquisition and other | 23 | 83 | 439 | 406 |
Change in fair value of subsidiary equity derivative instruments | 32 | - | (9) | - |
Depreciation and amortization on fair value increment of Shaw Transaction- | ||||
related assets | 178 | 228 | 829 | 917 |
Gain on repayment of long-term debt | - | - | (151) | - |
Gain on revaluation of MLSE investment 1 | - | - | (4,976) | - |
Gain on disposition of data centres | (69) | - | (69) | - |
Revaluation of subsidiary US dollar-denominated balances 2 | (34) | - | 13 | - |
Income tax impact of above items | (55) | (75) | (249) | (338) |
Adjusted net income attributable to RCI shareholders | 818 | 794 | 2,721 | 2,719 |
1Gain on revaluation of MLSE investment for the twelve months ended December 31, 2025 includes a $40 million reduction to the gain on revaluation in the third quarter as a result of finalization adjustments to the preliminary purchase price allocation for the MLSE Transaction.
2Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.