Wireless financials and subscriber growth reflect continued marketplace discipline and leadership
Wireless service revenue of $2.1 billion; adjusted EBITDA of $1.4 billion, up 1%
Added 111,000 total mobile phone net additions, consisting of 62,000 postpaid and 49,000 prepaid; year-to-date total mobile subscriber additions of 206,000
Postpaid churn of 0.99%, down 13 basis points and lowest churn in over two years
Focus on efficiency and financial discipline continues to drive industry-leading Wireless margin of 67%
Cable growth continues; margin strong
Revenue of $2 billion, up 1%; adjusted EBITDA of $1.1 billion, up 2%
Retail Internet net additions of 29,000; 78,000 new Internet subscribers year-to-date
Focus on efficiency and financial discipline continues to drive industry-leading Cable margin of 58%
Media revenue growth enhanced by strong Toronto Blue Jays regular season and consolidation of MLSE results
Revenue of $753 million, up 26%; adjusted EBITDA of $75 million
Rogers confirms pro forma 2025 Media revenue and adjusted EBITDA including MLSE for full year would be approximately $4 billion and $0.25 billion, respectively
Rogers continues to lead on network and product innovation; Rogers Satellite expands to more areas across Canada
Rogers is the first carrier in Canada to launch satellite-to-mobile text messaging services
With Rogers Satellite, Rogers now has three times more coverage than any other Canadian carrier
Game-changing service connects Canadians to first responders in remote areas across the country
Executes on strong balance sheet management while making meaningful progress on sports and media; third pillar of growth
Lowers debt leverage ratio to 3.9x after completing acquisition of additional 37.5% stake in MLSE in Q3
Company reaffirms 2025 service revenue and adjusted EBITDA outlook, updates capex and free cash flow outlook
Total service revenue growth of 3% to 5%; adjusted EBITDA growth of 0% to 3%; capital expenditures of $3.7 billion; and free cash flow of $3.2 billion to $3.3 billion
TORONTO, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX:RCI, NYSE:RCI) today announced its unaudited financial and operating results for the third quarter ended September 30, 2025.
"In the third quarter, we delivered industry-leading combined Wireless and Internet subscriber growth, underpinned by our lowest churn in over two years and healthy margins in Wireless and Cable," said Tony Staffieri, President and CEO. "Our media and sports business also drove strong double-digit revenue growth, highlighting our world-class assets and the opportunity to unlock value for shareholders."
Consolidated Financial Highlights
(In millions of Canadian dollars, except per share amounts, unaudited)
Three months ended September 30
Nine months ended September 30
2025
2024
% Chg
2025
2024
% Chg
Total revenue
5,348
5,129
4
15,540
15,123
3
Total service revenue
4,739
4,567
4
13,854
13,523
2
Adjusted EBITDA 1
2,515
2,545
(1
)
7,131
7,084
1
Net income
5,808
526
n/m
6,236
1,176
n/m
Net income attributable to RCI shareholders
5,754
526
n/m
6,191
1,176
n/m
Adjusted net income 1
726
762
(5
)
1,901
1,925
(1
)
Adjusted net income attributable to RCI shareholders 1
740
762
(3
)
1,903
1,925
(1
)
Diluted earnings per share attributable to RCI shareholders
$
10.62
$
0.98
n/m
$
11.46
$
2.19
n/m
Adjusted diluted earnings per share attributable to RCI shareholders 1
$
1.37
$
1.42
(4
)
$
3.52
$
3.59
(2
)
Cash provided by operating activities
1,515
1,893
(20
)
4,407
4,545
(3
)
Free cash flow 1
829
915
(9
)
2,340
2,167
8
n/m - not meaningful
________________________1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q3 2025 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.
Strategic Highlights
The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.
Build the biggest and best networks in the country
Launched Rogers Satellite, providing Canadians with three times more geographic coverage than any other carrier.
Turned on 5G service in 4,750 metres of tunnels in the Toronto Transit Commission subway system.
Launched the Connected Robotics Living Lab with the federal government to advance 5G and AI research.
Deliver easy to use, reliable products and services
Expanded next-generation WiFi 7 technology across Canada.
Launched Rogers Xfinity StreamSaver, bringing three popular streaming apps together in one plan.
Expanded Citytv+ direct-to-consumer on all major streaming platforms.
Be the first choice for Canadians
More Canadians continue to choose Rogers Wireless and Internet over any other provider.
Reached 14.1 million Canadians via Toronto Blue Jays Sportsnet broadcasts during the MLB regular season.
Ranked the number one brand associated with the Toronto International Film Festival for the second consecutive year.
Be a strong national company investing in Canada
Invested $964 million in capital expenditures, the majority of which was in our network.
Announced a new slate of Canadian-made original programming for specialty networks HGTV and Food Network.
Donated $1 million to the Rogers Charity Classic to support children's charities in Alberta.
Be the growth leader in our industry
Grew total service revenue by 4%.
Generated strong free cash flow of $829 million and cash flow from operating activities of $1,515 million.
MLSE TransactionEffective July 1, 2025, after receiving all required regulatory and league approvals, we acquired Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment Ltd. (MLSE) for a purchase price of $4.7 billion in cash (MLSE Transaction). The purchase price was primarily funded from bank credit facilities together with cash on hand (see "Managing our Liquidity and Financial Resources" in our Q3 2025 MD&A for more information). With the closing of the MLSE Transaction, we are the largest owner of MLSE, with a 75% controlling interest. The holder (MLSE minority holder) of the 25% non-controlling interest in MLSE (MLSE non-controlling interest) has a right to require we purchase its interest beginning in July 2026 at an agreement-defined fair value (MLSE put liability); we have a reciprocal right to acquire the MLSE non-controlling interest under the same terms, which we expect to exercise.
We remain committed to unlocking what we view as the significant unrecognized value in our world-class sports assets. Purchasing the MLSE non-controlling interest would be a key step in consolidating value in these assets. MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), the Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, such as Scotiabank Arena. The MLSE Transaction added significantly to our other sports assets, including the Toronto Blue Jays, Rogers Centre, and Sportsnet. As a result of acquiring a majority interest in MLSE, we commenced consolidating 100% of MLSE's financial results in our Media reportable segment effective July 1, 2025.
We are evaluating multiple options for transactions that could unlock additional value for our shareholders from our sports assets. We expect any such transaction would be implemented in connection with acquiring 100% ownership of MLSE. These options could include, among others, selling a minority interest in some or all of our sports and other media assets to one or more third-party investors or consolidating these assets in a separate company we take public. Neither of these transaction options, nor any combination or other potential options, is currently being prioritized. We anticipate our final choice of transaction could occur within the next 18 months (see "About Forward-Looking Information" for more information).
Subsidiary Equity InvestmentOn April 4, 2025, we announced we had entered into a definitive agreement with funds managed by Blackstone, backed by leading Canadian institutional investors, for a US$4.85 billion ($6.7 billion) equity investment (the "network transaction"). On June 20, 2025, the network transaction closed and we received US$4.85 billion ($6.7 billion) from Blackstone.
Under the terms of the network transaction, Blackstone acquired a non-controlling interest in Backhaul Network Services Inc. (BNSI), a new Canadian subsidiary of Rogers that owns a minor part of our wireless network. We maintain full operational control of our network and we include the financial results of BNSI in our consolidated financial statements (see "Managing our Liquidity and Financial Resources - Non-controlling interest" in our Q3 2025 MD&A for more information). We used the net proceeds from the network transaction to repay debt, including the remaining $700 million outstanding under our term loan facility, $1.8 billion outstanding under our revolving credit facility, and $1.1 billion and US$1.4 billion to pay the purchase price for our senior notes that we accepted for purchase pursuant to offers to purchase that expired on July 18, 2025 (see "Managing our Liquidity and Financial Resources - Cash tender offers" in our Q3 2025 MD&A for more information). We expect to use the remaining proceeds to repay senior notes maturing in 2025.
Blackstone holds a 49.9% equity interest (with a 20% voting interest) in BNSI and we hold a 50.1% equity interest (with an 80% voting interest). Provided our debt leverage ratio is not greater than 3.25x, at any time between the eighth and twelfth anniversaries of closing, we will have the right to purchase Blackstone's interest in BNSI. The Blackstone investment is recognized as equity in our consolidated financial statements.
During the first five years of Blackstone's investment, BNSI will have a distribution policy to make quarterly pro rata cash distributions to Blackstone and RCCI of available cash in an amount that is intended to provide Blackstone with a 7% annual return on its US dollar investment. Including the impact of the subsidiary equity derivatives (see "Financial Risk Management" for more information), the effective cost to Rogers is approximately 6.26% over the first five years.
As a result of closing the network transaction, we made changes to certain non-GAAP measures and other specified financial measures in the second quarter (see "Non-GAAP and Other Financial Measures, Changes to specified financial measures", "Review of Consolidated Performance, Adjusted net income", and "Managing our Liquidity and Financial Resources, Free cash flow" in our Q3 2025 MD&A for more information).
Financial Guidance
As a result of our focus on recognizing capital efficiencies, we are updating our full-year 2025 guidance ranges for capital expenditures and free cash flow from the ranges provided on July 23, 2025 and initially provided on January 30, 2025. We have not changed our guidance ranges for total service revenue or adjusted EBITDA. Our updated 2025 guidance ranges are as follows.
2024
July 23, 2025
October 23, 2025
(In millions of dollars, except percentages)
Actual
Guidance Ranges 1, 2
Guidance Ranges 1, 2
Total service revenue
18,066
Increase of 3% to 5%
Increase of 3% to 5%
Adjusted EBITDA
9,617
Increase of 0% to 3%
Increase of 0% to 3%
Capital expenditures 3
4,041
Approximately 3,800
Approximately 3,700
Free cash flow
3,045
3,000 to 3,200
3,200 to 3,300
1 Guidance ranges presented as percentages reflect percentage increases over full-year 2024 results.2 Guidance ranges presented include the results of MLSE from and after the closing on July 1, 2025.3 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
The above table outlines guidance ranges for selected full-year 2025 consolidated financial metrics giving effect to the completion of the MLSE Transaction on July 1, 2025 and the network transaction on June 20, 2025. These guidance ranges take into consideration our current outlook and the 2024 results of each of Rogers and MLSE. Adjusted EBITDA guidance is unchanged due to the seasonality of MLSE's business, with the third quarter being the offseason for the Toronto Maple Leafs and the Toronto Raptors. Our estimated pro forma 2025 Media revenue and adjusted EBITDA including MLSE is approximately $4 billion and $0.25 billion, respectively. The purpose of this guidance is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2025 financial results for evaluating the performance of our business including the completion of the MLSE Transaction. Our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with "About Forward-Looking Information" in this earnings release (including the material assumptions listed under the heading "Key assumptions underlying our full-year 2025 guidance") and in our 2024 Annual MD&A and the related disclosure and information about various economic, competitive, legal, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.
Quarterly Financial Highlights
RevenueTotal revenue and total service revenue increased by 4% this quarter, primarily as a result of revenue growth in Media.
Wireless service revenue this quarter was in line with the prior year. Wireless equipment revenue increased by 9%, primarily as a result of higher device upgrades by existing customers.
Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activity.
Media revenue increased by 26% this quarter, as a result of revenue from MLSE following the closing of the MLSE Transaction and the success of the Toronto Blue Jays, which resulted in higher attendance and game day revenues.
Adjusted EBITDA and margins Consolidated adjusted EBITDA decreased 1% this quarter and our adjusted EBITDA margin decreased by 260 basis points, primarily as a result of the seasonal results for MLSE, as both the Toronto Maple Leafs and the Toronto Raptors are in their offseasons in the third quarter.
Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 67%, up 60 basis points.
Cable adjusted EBITDA increased by 2% due to flowthrough of service revenue growth and ongoing cost efficiencies. This gave rise to an adjusted EBITDA margin of 58%, up 70 basis points.
Media adjusted EBITDA decreased by $61 million this quarter primarily due to the seasonal impact of MLSE.
Net income and adjusted net incomeAdjusted net income decreased by 5% this quarter, primarily as a result of lower adjusted EBITDA. Net income increased by $5,282 million, primarily as a result of a $5 billion non-cash gain to recognize our existing interest in MLSE at fair value, which was required as a result of the MLSE Transaction.
Cash flow and available liquidityThis quarter, we generated cash provided by operating activities of $1,515 million (2024 - $1,893 million), which decreased as a result of higher net investment in net operating assets and liabilities and higher income taxes paid, net, and free cash flow of $829 million (2024 - $915 million), which decreased primarily as a result of higher cash income tax payments.
As at September 30, 2025, we had $6.4 billion of available liquidity2 (December 31, 2024 - $4.8 billion), reflecting $1.5 billion in cash and cash equivalents and $4.9 billion available under our bank and other credit facilities.
As a result of the MLSE Transaction closing this quarter, our debt leverage ratio2 has increased to 3.9 as at September 30, 2025. This has been calculated on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period. If calculated on an as reported basis without the foregoing adjustment, our debt leverage ratio2 as at September 30, 2025 was 4.0 (December 31, 2024 - 4.5). See "Financial Condition" in our Q3 2025 MD&A for more information.
We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on October 22, 2025.
________________________2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" in our Q3 2025 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about this measure. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q3 2025 MD&A for a reconciliation of available liquidity.
About this Earnings Release
This earnings release contains important information about our business and our performance for the three and nine months ended September 30, 2025, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Third Quarter 2025 Interim Condensed Consolidated Financial Statements (Third Quarter 2025 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Third Quarter 2025 MD&A; our 2024 Annual MD&A; our 2024 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov, respectively.
For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2024 Annual MD&A.
References in this earnings release to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements.
We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.
All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at October 22, 2025 and was approved by RCI's Board of Directors (the Board) on that date.
In this earnings release, this quarter, the quarter, or third quarter refer to the three months ended September 30, 2025, first quarter refers to the three months ended March 31, 2025, and year to date refers to the nine months ended September 30, 2025, unless the context indicates otherwise. All results commentary is compared to the equivalent period in 2024 or as at December 31, 2024, as applicable, unless otherwise indicated.
Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2025 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2025 Rogers Communications
Reportable segmentsWe report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
Segment
Principal activities
Wireless
Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
Cable
Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media
A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and, following the July 2025 acquisition of a majority interest in Maple Leaf Sports & Entertainment Ltd. (MLSE), MLSE. Effective July 2025, Today's Shopping Choice (TSC) was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.
Summary of Consolidated Financial Results
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except margins and per share amounts)
2025
2024
% Chg
2025
2024
% Chg
Revenue
Wireless
2,661
2,620
2
7,745
7,614
2
Cable
1,981
1,970
1
5,884
5,893
—
Media
753
597
26
2,052
1,695
21
Corporate items and intercompany eliminations
(47
)
(58
)
(19
)
(141
)
(79
)
78
Revenue
5,348
5,129
4
15,540
15,123
3
Total service revenue 1
4,739
4,567
4
13,854
13,523
2
Adjusted EBITDA
Wireless
1,374
1,365
1
3,990
3,945
1
Cable
1,153
1,133
2
3,408
3,349
2
Media
75
136
(45
)
20
33
(39
)
Corporate items and intercompany eliminations
(87
)
(89
)
(2
)
(287
)
(243
)
18
Adjusted EBITDA
2,515
2,545
(1
)
7,131
7,084
1
Adjusted EBITDA margin 2
47.0
%
49.6
%
(2.6 pts)
45.9
%
46.8
%
(0.9 pts)
Net income
5,808
526
n/m
6,236
1,176
n/m
Net income attributable to RCI shareholders
5,754
526
n/m
6,191
1,176
n/m
Earnings per share attributable to RCI shareholders:
Basic
$
10.66
$
0.99
n/m
$
11.49
$
2.21
n/m
Diluted
$
10.62
$
0.98
n/m
$
11.46
$
2.19
n/m
Adjusted net income
726
762
(5
)
1,901
1,925
(1
)
Adjusted net income attributable to RCI shareholders
740
762
(3
)
1,903
1,925
(1
)
Adjusted earnings per share attributable to RCI shareholders 2:
Basic
$
1.37
$
1.43
(4
)
$
3.53
$
3.61
(2
)
Diluted
$
1.37
$
1.42
(4
)
$
3.52
$
3.59
(2
)
Capital expenditures
964
977
(1
)
2,773
3,034
(9
)
Cash provided by operating activities
1,515
1,893
(20
)
4,407
4,545
(3
)
Free cash flow
829
915
(9
)
2,340
2,167
8
1 As defined. See "Key Performance Indicators". 2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). 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" in our Q3 2025 MD&A for more information about each of these measures, available at www.sedarplus.ca.
Results of our Reportable Segments
WIRELESS
Wireless Financial Results
Three months ended September 30
Nine months ended September 30
(In millions of dollars, except margins)
2025
2024
% Chg
2025
2024
% Chg
Revenue
Service revenue from external customers
2,029
2,038
—
6,004
6,003
—
Service revenue from internal customers
30
28
7
80
47
70
Service revenue
2,059
2,066
—
6,084
6,050
1
Equipment revenue from external customers
602
554
9
1,661
1,564
6
Revenue
2,661
2,620
2
7,745
7,614
2
Operating costs
Cost of equipment
569
545
4
1,605
1,576
2
Other operating costs
718
710
1
2,150
2,093
3
Operating costs
1,287
1,255
3
3,755
3,669
2
Adjusted EBITDA
1,374
1,365
1
3,990
3,945
1
Adjusted EBITDA margin 1
66.7
%
66.1
%
0.6 pts
65.6
%
65.2
%
0.4 pts
Capital expenditures
367
350
5
1,139
1,150
(1
)
1 Calculated using service revenue.
Wireless Subscriber Results 1
Three months ended September 30
Nine months ended September 30
(In thousands, except churn and mobile phone ARPU)
2025
2024
Chg
2025
2024
Chg
Postpaid mobile phone
Gross additions
385
459
(74
)
1,084
1,353
(269
)
Net additions
62
101
(39
)
108
311
(203
)
Total postpaid mobile phone subscribers2,3
10,961
10,699
262
10,961
10,699
262
Churn (monthly)
0.99
%
1.12
%
(0.13 pts)
1.00
%
1.10
%
(0.10 pts)
Prepaid mobile phone
Gross additions
149
185
(36
)
416
417
(1
)
Net additions
49
93
(44
)
98
106
(8
)
Total prepaid mobile phone subscribers2,3
