NYSE$RCI
Rogers Communications Inc · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Rogers Q2 service revenue and adjusted EBITDA each rise 2%; free cash flow jumps 39% to $925M
Rogers Communications reported Q2 2025 total revenue of $5.22 billion and service revenue of $4.67 billion, both up 2% year over year. Adjusted EBITDA increased 2% to $2.36 billion with growth across Wireless, Cable, and Media, while free cash flow surged 39% to $925 million. GAAP net income fell 62% to $148 million on restructuring and acquisition costs, but adjusted diluted EPS was $1.14. The company closed a $6.7B network equity transaction and updated 2025 guidance to reflect the MLSE acquisition.
- Total service revenue and adjusted EBITDA each grew 2% to $4.67B and $2.36B respectively.
- Wireless service revenue rose 1% with 35K postpaid net adds; Cable adjusted EBITDA grew 3%; Media revenue jumped 10%.
- Free cash flow was $925M (+39%); debt leverage improved to 3.6x from 4.5x at year-end 2024.
- GAAP net income was $148M (-62%); adjusted net income rose 1% to $632M with adjusted diluted EPS of $1.14.
- Closed $6.7B Blackstone network equity investment; became 75% owner of MLSE effective July 1.
Headline financials
Revenue & EPS history
Rogers · Revenue · Quarterly
C$5.22B
Revenue by segment
Rogers · C$5.32B total across 3 segments · Q1 2025
- WirelessC$2.54B—47.8%
- CableC$1.97B—37.0%
- MediaC$808M—15.2%
Forward guidance
Rogers updated 2025 guidance: total service revenue growth of 3–5% (from 0–3%), adjusted EBITDA growth unchanged at 0–3%, capex approximately $3.8B, and free cash flow of $3.0–3.2B including MLSE from July 1.
Tailwinds
- Accelerated deleveraging after $6.7B network equity transaction
- MLSE acquisition expected to add ~$3.9B pro forma Media revenue
Headwinds
- MLSE seasonality expected to weigh on second-half adjusted EBITDA growth
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 2025
+0.3%
Avg return
Earnings day
+0.1%
Avg return
5 days after
-0.6%
Avg return
30 days after
52%
33 / 63 earnings
Positive
+10.7%
Q3 2020
Best reaction
-9.0%
Q3 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.1% | +10.7% | +10.9% | |
| Q3 2025 | +3.3% | +7.1% | +2.7% | |
| Q1 2025 | -1.3% | -0.6% | +4.4% | |
| Q4 2024 | -0.5% | -3.6% | -3.4% | |
| Q3 2024 | -5.3% | -7.5% | -9.8% | |
| Q2 2024 | -1.8% | +1.5% | +8.6% | |
| Q1 2024 | -3.9% | -3.6% | -0.8% | |
| Q4 2023 | +1.3% | -0.2% | -4.7% | |
| Q3 2023 | +2.8% | +5.3% | +13.4% | |
| Q2 2023 | -3.2% | -2.4% | -12.4% | |
| Q1 2023 | +3.7% | +4.8% | -4.6% | |
| Q4 2022 | +0.2% | +0.1% | -2.6% | |
| Q3 2022 | +1.9% | +3.5% | +5.3% | |
| Q2 2022 | -0.6% | -1.9% | -5.1% | |
| Q4 2021 | +4.8% | -1.5% | -13.6% | |
| Q1 2022 | +1.6% | -1.5% | -13.6% | |
| Q3 2021 | -2.3% | -8.4% | -6.3% | |
| Q2 2021 | -2.6% | -2.7% | -5.9% | |
| Q1 2021 | +1.3% | +1.1% | +4.6% | |
| Q4 2020 | -7.1% | -4.7% | -10.8% | |
| Q3 2020 | +10.7% | +7.3% | +14.8% | |
| Q2 2020 | -0.7% | -1.3% | +2.5% | |
| Q1 2020 | -0.3% | +1.6% | -3.8% | |
| Q4 2019 | +2.9% | +2.3% | +3.7% | |
| Q3 2019 | -9.0% | -6.5% | -6.3% | |
| Q2 2019 | +0.5% | -0.8% | -6.0% | |
| Q1 2019 | -6.5% | -8.0% | -3.9% | |
| Q4 2018 | -3.4% | -2.2% | +2.1% | |
| Q3 2018 | +0.1% | +0.6% | +4.2% | |
| Q2 2018 | -1.3% | -2.2% | +4.5% | |
| Q1 2018 | +6.1% | +4.8% | +7.0% | |
| Q4 2017 | -0.1% | -1.9% | -6.3% | |
| Q3 2017 | -1.4% | -1.1% | -0.2% | |
| Q2 2017 | +3.4% | +2.3% | +0.5% | |
| Q1 2017 | +1.0% | +0.4% | -0.4% | |
| Q4 2016 | +7.2% | +7.6% | +6.7% | |
| Q3 2016 | +0.5% | -1.8% | -6.9% | |
| Q2 2016 | +5.5% | +6.4% | +8.3% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | -6.8% | — | — | |
| Q3 2015 | +6.5% | — | — | |
| Q2 2015 | +4.6% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | +0.2% | — | — | |
| Q3 2014 | -0.3% | — | — | |
| Q2 2014 | +0.9% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | -0.7% | — | — | |
| Q3 2013 | -0.9% | — | — | |
| Q2 2013 | +0.2% | — | — | |
| Q1 2013 | -1.4% | — | — | |
| Q4 2012 | +1.8% | — | — | |
| Q3 2012 | -0.5% | — | — | |
| Q2 2012 | +0.9% | — | — | |
| Q1 2012 | +1.8% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | -0.7% | — | — | |
| Q2 2011 | +2.7% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q3 2010 | -0.7% | — | — | |
| Q2 2010 | -1.9% | — | — | |
| Q1 2010 | -0.4% | — | — |
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