NYSE$RCI
Rogers Communications Inc · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Rogers Q3 2025: service revenue up 4% to CAD 4.74B; 111K wireless net adds and MLSE consolidation
Rogers Communications reported Q3 2025 total revenue of CAD 5.35 billion, up 4%, and total service revenue of CAD 4.74 billion, also up 4%. Adjusted EBITDA was CAD 2.52 billion, down 1%, reflecting MLSE offseason seasonality after the July acquisition of Bell's 37.5% MLSE stake. Adjusted net income was CAD 726 million with adjusted diluted EPS of CAD 1.37. Wireless added 111,000 mobile phone net additions (62,000 postpaid, 49,000 prepaid) with postpaid churn of 0.99%, the lowest in over two years. Cable revenue rose 1% to CAD 2.0 billion and Media revenue jumped 26% to CAD 753 million including MLSE. Free cash flow was CAD 829 million.
- Total service revenue grew 4% to CAD 4.74B; adjusted EBITDA of CAD 2.52B declined 1% on MLSE offseason impact.
- Wireless added 111K mobile net additions with postpaid churn of 0.99% (down 13 bps) and industry-leading 67% adjusted EBITDA margin.
- Cable revenue rose 1% to CAD 2.0B with 29K retail Internet net adds and 58% adjusted EBITDA margin.
- Media revenue surged 26% to CAD 753M following MLSE consolidation from July 1; pro forma full-year Media revenue ~CAD 4B.
- Rogers reaffirmed 2025 service revenue growth of 3–5% and adjusted EBITDA growth of 0–3%; updated FCF guidance to CAD 3.2–3.3B.
Headline financials
Revenue & EPS history
Rogers · Revenue · Quarterly
C$5.35B
Revenue by segment
Rogers · C$5.4B total across 3 segments · Q3 2025
- WirelessC$2.66B—49.3%
- CableC$1.98B—36.7%
- MediaC$753M—14.0%
Forward guidance
Rogers reaffirmed 2025 total service revenue growth of 3–5% and adjusted EBITDA growth of 0–3%; capital expenditures updated to ~CAD 3.7B and free cash flow to CAD 3.2–3.3B.
Tailwinds
- Industry-leading combined wireless and Internet subscriber growth.
- Lowest wireless postpaid churn in over two years at 0.99%.
- Rogers Satellite launched with 3x geographic coverage of any Canadian carrier.
Headwinds
- Consolidated adjusted EBITDA down 1% on MLSE seasonal weakness.
- Adjusted net income down 5% YoY.
- Debt leverage ratio increased to 3.9x after MLSE transaction.
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 Q3 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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