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Rogers Communications Inc. reported strong fourth-quarter 2025 results, driven by its media and sports businesses, and issued 2026 financial guidance. Q4 total revenue rose 13% to $6.2 billion, with total service revenue up 16% to $5.25 billion. Adjusted EBITDA grew 6% to $2.69 billion and net income increased 27% to $710 million.
Media was the standout, with Q4 revenue up 126% to $1.24 billion and adjusted EBITDA of $221 million, helped by the Blue Jays’ World Series run and consolidating MLSE. Wireless and Cable were stable, each showing roughly flat revenue and 1% adjusted EBITDA growth, but maintaining high margins of 67% and 59% in Q4.
For full-year 2025, total revenue reached $21.7 billion (up 5%), total service revenue $19.1 billion (up 6%), and adjusted EBITDA $9.82 billion (up 2%). Free cash flow was $3.36 billion, up 10%, and the debt leverage ratio improved to 3.9x from 4.5x, supported by lower capital intensity of 17.1%.
For 2026, Rogers targets total service revenue growth of 3%–5%, adjusted EBITDA growth of 1%–3%, capital expenditures of $3.3–$3.5 billion, and free cash flow of $3.3–$3.5 billion, pointing to continued focus on capital efficiency and deleveraging while investing in networks and monetizing its sports assets.
Rogers Communications filed a Form 6-K reporting a news release dated October 23, 2025. The release states the company declared a 50 cents per share quarterly dividend.
The report was signed by Marisa Wyse, Chief Legal Officer and Corporate Secretary.
Rogers Communications has filed a Form 6-K reporting the completion of a significant CDN$7 billion equity investment transaction. The filing was submitted on June 28, 2025, with the transaction closing document dated June 20, 2025.
Key details from the filing:
- Document signed by Marisa Wyse, Chief Legal Officer and Corporate Secretary
- Filing confirms Rogers files annual reports under Form 40-F
- Principal executive offices located at 333 Bloor Street East, Toronto, Ontario
- The equity investment transaction is documented in Exhibit 99.1
While specific details of the equity investment are not provided in the main filing, the CDN$7 billion transaction represents a significant capital event for the Canadian telecommunications company that could materially impact its financial position and strategic capabilities.