Rogers Communications delivered moderate growth in 2025 while reshaping its portfolio with major sports and infrastructure deals. Total revenue rose to $21,712 million and total service revenue to $19,104 million, up 5% and 6%, driven mainly by a 47% jump in Media revenue after consolidating Maple Leaf Sports & Entertainment (MLSE).
Consolidated adjusted EBITDA increased 2% to $9,820 million with a 45.2% margin, while free cash flow climbed 10% to $3,356 million as capital expenditures fell 8% to $3,707 million. Reported net income surged to $6,906 million, largely from a roughly $5 billion non-cash gain on revaluing the existing MLSE stake; adjusted net income of $2,720 million was flat year over year.
Rogers bought Bell’s 37.5% indirect MLSE interest on July 1 for $4.7 billion in cash, taking its MLSE ownership to 75%, and closed a US$4.85 billion ($6.7 billion) network transaction with Blackstone for a 49.9% non-controlling interest in Backhaul Network Services Inc., using proceeds mainly to repay debt. The debt leverage ratio improved to 4.0 from 4.5 and available liquidity reached about $5.9 billion. Rogers paid $913 million in dividends and issued $165 million of shares via its DRIP, and guides 2026 total service revenue up 3–5% and adjusted EBITDA up 1–3% with lower capital spending and strong free cash flow.
Rogers Communications Inc. reported that its Board of Directors declared a quarterly dividend of 50 cents per share on both its Class A Voting and Class B Non-Voting shares. The dividend will be paid on April 2, 2026 to shareholders of record as of March 10, 2026, and each quarterly dividend remains payable only when formally declared by the Board.
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.