The EPS beat and record FCF are positive, but the reaffirmed (not raised) guidance and declining Wireless service revenue cap the upside. Watch for details on the minority sale of Rogers Sports assets in H1 2027, which could unlock significant value and accelerate deleveraging. The MLSE acquisition closed post-quarter, adding leverage but also premium sports assets.
Price Chart
Executive Summary
Rogers Communications reported Q3 2026 adjusted diluted EPS of $1.29, a 4.3% beat vs. consensus of $1.24, on total revenue of $5.443B (consensus $5.40B). The quarter featured record free cash flow of $1.37B, capital intensity at a 20-year low of 9.6%, and margin expansion in both Wireless (68% EBITDA margin, +130bps) and Cable (59%, +40bps). However, Wireless service revenue declined 1% YoY due to competitive pressure and regulatory fee prohibitions, and the company reaffirmed its 2026 outlook without raising guidance, capping the bullish read-through.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS of $1.29 beat consensus of $1.24 by 4.3%
- Total revenue of $5.443B vs. consensus $5.40B, up 2% YoY
- Record free cash flow of $1.37B, up 65% YoY; YTD FCF of $3.128B
- Capital intensity of 9.6%, down 840bps YoY and lowest in over 20 years
- Wireless EBITDA margin expanded 130bps to 68%; Cable margin up 40bps to 59%
- Wireless service revenue declined 1% YoY to $2.033B; mobile phone ARPU fell $1.48 to $55.22
- Cable service revenue flat YoY at $1.979B; Retail Internet net additions of 10,000
- Media revenue up 9% to $821M; adjusted EBITDA up 12% to $84M
- Completed acquisition of remaining 25% stake in MLSE on Oct 1 for $4.35B cash
- Debt leverage ratio improved to 3.7x, down 0.1x sequentially
- Reaffirmed full-year 2026 outlook for total service revenue, adjusted EBITDA, capex, and FCF
- Declared $0.50 per share dividend on Oct 22, 2026
Financial Impact
EPS beat of ~$0.05 vs consensus; record FCF of $1.37B; debt leverage at 3.7x; $4.35B MLSE acquisition closed Oct 1
Risk Factors
- Wireless service revenue declining 1% YoY due to competitive intensity and CRTC fee prohibitions
- Postpaid mobile phone churn increased to 1.03% from 0.99% YoY
- Debt leverage of 3.7x may rise further with $4.35B MLSE acquisition funded via short-term credit
- CRTC regulatory actions (self-service mechanisms, fee prohibitions) could pressure future revenue
- Sale of minority interest in Rogers Sports is not guaranteed and may not achieve expected valuation
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3387162 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 6-K | $32.81 | awaiting T+5 | — | $32.39 (−1.28%) |
Oct 23, 2026 2d ago | 6-K | $33.44 | awaiting T+5 | — | $32.39 (−3.13%) |
Oct 23, 2026 3d ago | Press Release | $33.90 | awaiting T+5 | — | $32.39 (−4.45%) |
Oct 1, 2026 24d ago | 6-K | $30.72 $31.04 | ▲ +1.04% | ▼ −0.26% | $32.39 (+5.44%) |
Oct 1, 2026 24d ago | Press Release | $30.72 $31.04 | ▲ +1.04% | ▼ −0.26% | $32.39 (+5.44%) |
Sep 28, 2026 27d ago | Press Release | $31.43 | awaiting T+5 | — | $32.39 (+3.05%) |
Sep 23, 2026 4w ago | 6-K | $32.26 $30.72 | ▼ −4.77% | ▼ −4.36% | $32.39 (+0.40%) |
Sep 10, 2026 6w ago | 6-K | $36.09 $35.12 | ▼ −2.69% | ▼ −2.19% | $32.39 (−10.25%) |
Sep 9, 2026 6w ago | Press Release | $36.09 $35.12 | ▼ −2.69% | ▼ −2.19% | $32.39 (−10.25%) |
Jul 22, 2026 13w ago | 6-K | $32.95 $34.82 | ▲ +5.68% | ▲ +8.08% | $32.39 (−1.70%) |
US Market Status
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