NYSE$BCE
BCE Inc · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
BCE Q1 2026: $6.17B revenue (+4.0%), adjusted EBITDA $2.63B (+2.9%), adjusted EPS $0.63 on fibre and AI growth
BCE Inc. reported Q1 2026 operating revenues of $6,168 million, up 4.0% from $5,930 million in Q1 2025, with adjusted EBITDA rising 2.9% to $2,631 million. Net earnings were $667 million and net earnings attributable to common shareholders were $616 million, or $0.66 per share, down 2.2% year over year. Adjusted net earnings were $589 million, yielding adjusted EPS of $0.63, down 8.7%. Free cash flow increased 0.8% to $804 million despite a 26.9% decline in cash flows from operating activities to $1,149 million, reflecting higher income taxes paid on strategic divestitures. Bell CTS revenues grew 4.6% to $5,485 million, including a strong contribution from Ziply Fiber acquired August 1, 2025, while Bell Media revenue rose 0.4% to $778 million. Residential FTTH Internet net activations totaled 49,525 including Ziply, postpaid mobile net activations were 16,947, and Crave subscriptions grew 25% to 4.74 million. Bell Business Markets revenue increased 9.7% with AI-powered solutions revenue up 113%.
- Operating revenue $6.17B (+4.0%); adjusted EBITDA $2.63B (+2.9%); adjusted EPS $0.63 vs. $0.69 a year ago.
- Free cash flow $804M (+0.8%); net earnings attributable to common shareholders $616M ($0.66 EPS).
- 49,525 residential FTTH Internet net activations; 16,947 postpaid mobile net adds; Crave subs up 25% to 4.74M.
- Bell Business Markets revenue +9.7%; AI-powered solutions revenue +113% driven by Ateko, Bell Cyber, Bell AI Fabric.
- Bell CTS revenue $5.49B (+4.6%); Bell Media revenue $778M (+0.4%) with 11.8% subscriber revenue growth.
Headline financials
Revenue & EPS history
BCE · Revenue · Quarterly
C$6.17B
Revenue by segment
BCE · C$6.26B total across 2 segments · Q1 2026
- Bell Communication and Technology ServicesC$5.49B—87.6%
- Bell MediaC$778M—12.4%
Forward guidance
BCE reiterated its 2026 financial targets from Investor Day 2025, including adjusted EBITDA growth of 0% to 4%, adjusted EPS decline of 11% to 5%, free cash flow of $2.1B to $2.3B, and capital intensity rising toward ~20% due to a Saskatchewan AI data centre build. Management is executing on capital allocation plans to simplify the business, strengthen the balance sheet, and focus investment on fibre, AI infrastructure, and media streaming.
Tailwinds
- Fibre and AI-powered enterprise solutions are key growth drivers with strong BBM and Ziply contributions.
- Crave reached its most-watched quarter ever with 25% subscriber growth.
Headwinds
- Adjusted EPS declined 8.7% amid higher operating costs and competitive wireless market pressure.
- Higher capital intensity and income tax payments from divestitures weigh on near-term cash conversion.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+0.1%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+1.3%
Avg return
30 days after
47%
20 / 43 earnings
Positive
+5.3%
Q3 2023
Best reaction
-5.5%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.3% | +1.0% | +0.7% | |
| Q1 2025 | +4.6% | +3.4% | +2.5% | |
| Q4 2024 | -5.5% | -8.1% | -0.4% | |
| Q3 2024 | -1.3% | -3.7% | -6.8% | |
| Q3 2023 | +5.3% | +2.9% | +6.5% | |
| Q2 2023 | -0.1% | -0.7% | -1.5% | |
| Q1 2023 | +0.3% | -0.2% | -4.7% | |
| Q4 2022 | -3.2% | -4.1% | -6.5% | |
| Q3 2022 | +1.8% | +1.6% | +5.0% | |
| Q2 2022 | -0.6% | +0.2% | -2.4% | |
| Q1 2022 | -1.1% | -2.8% | -0.1% | |
| Q4 2021 | +0.9% | -0.6% | +6.0% | |
| Q3 2021 | -1.5% | -0.5% | -0.6% | |
| Q2 2021 | +2.1% | +2.0% | +5.6% | |
| Q1 2021 | +0.8% | +1.6% | +6.1% | |
| Q4 2020 | +1.3% | +1.7% | +4.9% | |
| Q3 2020 | -1.7% | +3.6% | +8.6% | |
| Q2 2020 | -0.2% | +1.1% | +0.6% | |
| Q1 2020 | +1.5% | -0.8% | +10.3% | |
| Q4 2019 | +1.9% | +1.9% | -1.8% | |
| Q3 2019 | -0.3% | -0.1% | +0.8% | |
| Q2 2019 | +2.3% | +1.5% | +4.9% | |
| Q1 2019 | -0.5% | -0.7% | +0.9% | |
| Q4 2018 | -0.7% | -0.7% | +1.5% | |
| Q3 2018 | +3.9% | +3.8% | +10.3% | |
| Q2 2018 | -1.8% | -3.7% | -4.0% | |
| Q1 2018 | -1.0% | -1.4% | -0.5% | |
| Q4 2017 | -1.4% | -1.2% | -1.3% | |
| Q3 2017 | +2.6% | +3.2% | +4.6% | |
| Q2 2017 | -1.1% | -0.8% | +1.1% | |
| Q1 2017 | +0.3% | -1.2% | -0.7% | |
| Q4 2016 | -1.5% | -2.0% | -3.1% | |
| Q3 2016 | -1.2% | +0.1% | -3.4% | |
| Q2 2016 | +0.9% | +1.8% | +0.7% | |
| Q1 2016 | +1.7% | — | — | |
| Q4 2015 | +1.6% | — | — | |
| Q3 2015 | -0.1% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2015 | -1.6% | — | — | |
| Q4 2014 | -3.2% | — | — | |
| Q4 2010 | -0.6% | — | — | |
| Q3 2010 | +1.2% | — | — | |
| Q2 2010 | -0.5% | — | — |
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