The core telecom business showed modest growth with flat wireless service revenue and 1% cable service revenue growth, while the MLSE acquisition and planned minority sale of sports assets introduce significant strategic and financial uncertainty. Traders should monitor the closing of the MLSE minority interest acquisition and any updates on the planned minority stake sale in Rogers Sports, as these could materially impact the balance sheet and leverage profile.
Price Chart
Executive Summary
Rogers Communications reported Q2 2026 results with total revenue up 8% to $5.615B and adjusted EBITDA up 3% to $2.442B, but recorded a net loss of $665M due to a $1.034B non-cash loss on revaluation of the MLSE put liability. The company announced an agreement to acquire the remaining 25% of MLSE for $4.35B in cash, which it intends to fund through credit facilities, and plans to sell a minority interest in its consolidated sports, media, and entertainment assets. Wireless service revenue was flat, Cable service revenue grew 1%, and Media revenue surged 53% from MLSE consolidation, while the debt leverage ratio improved to 3.8x from 4.0x at year-end 2025.
Key Facts
- Total revenue increased 8% to $5.615B in Q2 2026 from $5.216B in Q2 2025.
- Adjusted EBITDA increased 3% to $2.442B from $2.362B.
- Net loss of $665M vs net income of $148M in Q2 2025, driven by a $1.034B non-cash loss on revaluation of the MLSE put liability.
- Adjusted net income was flat at $633M vs $632M.
- Free cash flow increased 6% to $982M from $925M.
- Wireless service revenue was flat at $1.990B; mobile phone ARPU declined $1.20 to $54.25.
- Cable service revenue increased 1% to $1.974B; retail Internet net additions were 17,000.
- Media revenue increased 53% to $1.155B, primarily from MLSE consolidation.
- Announced agreement to acquire remaining 25% of MLSE for $4.35B in cash, expected to close in Q4 2026.
- Intends to sell a minority interest in Rogers Sports assets after closing the MLSE acquisition.
- Debt leverage ratio improved to 3.8x from 4.0x at December 31, 2025.
- Capital expenditures decreased 16% to $695M.
- Quarterly dividend maintained at $0.50 per share.
Financial Impact
Revenue +8% to $5.615B, adjusted EBITDA +3% to $2.442B, net loss of $665M due to $1.034B non-cash MLSE put liability revaluation, free cash flow +6% to $982M
Risk Factors
- MLSE minority interest acquisition for $4.35B will increase debt and leverage before any minority stake sale proceeds are realized.
- Wireless service revenue flat with declining ARPU indicates competitive pressure in the core business.
- Planned sale of minority interest in Rogers Sports is subject to market conditions and league approvals and may not occur on expected terms or timeline.
- CRTC regulatory actions on switching fees and online streaming could impact future revenue and costs.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000733099-26-000015 |
| Document: 0000733099-26-000015-index.html | 0000733099-26-000015 |
| Document: 0000733099-26-000015.txt | 0000733099-26-000015 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $32.81 | awaiting T+5 | — | $32.60 (−0.62%) |
Oct 23, 2026 3d ago | 6-K | $33.44 | awaiting T+5 | — | $32.60 (−2.49%) |
Oct 23, 2026 3d ago | Press Release | $33.90 | awaiting T+5 | — | $32.60 (−3.82%) |
Oct 1, 2026 24d ago | 6-K | $30.72 $31.04 | ▲ +1.04% | ▼ −0.26% | $32.60 (+6.14%) |
Oct 1, 2026 24d ago | Press Release | $30.72 $31.04 | ▲ +1.04% | ▼ −0.26% | $32.60 (+6.14%) |
Sep 28, 2026 28d ago | Press Release | $31.43 | awaiting T+5 | — | $32.60 (+3.74%) |
Sep 23, 2026 4w ago | 6-K | $32.26 $30.72 | ▼ −4.77% | ▼ −4.36% | $32.60 (+1.07%) |
Sep 10, 2026 6w ago | 6-K | $36.09 $35.12 | ▼ −2.69% | ▼ −2.19% | $32.60 (−9.66%) |
Sep 9, 2026 6w ago | Press Release | $36.09 $35.12 | ▼ −2.69% | ▼ −2.19% | $32.60 (−9.66%) |
Jul 22, 2026 13w ago | 6-K | $32.95 $34.82 | ▲ +5.68% | ▲ +8.08% | $32.60 (−1.05%) |
US Market Status
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