Total service revenue up 10% to $4.9 billion; adjusted EBITDA up 5% to $2.4 billion
Free cash flow growth of $0.2 billion, up 32%
Capital intensity improves 500 basis points to 15%
Adjusted EBITDA growth continues in both Wireless and Cable with 40,000 mobile phone and Internet subscriber additions
Wireless service revenue stable; adjusted EBITDA up 1%
Wireless adjusted EBITDA margin up 40 basis points to 65%
Added 33,000 total mobile phone net additions, including 28,000 postpaid
Mobile phone ARPU1 of $55.60; postpaid mobile phone churn of 1.22%
Cable service revenue and adjusted EBITDA up 1%; each up 2% organically excluding data centre sales impact
Cable adjusted EBITDA margin up 30 basis points to 58%
Retail Internet net additions of 7,000
Media delivers strong revenue growth and substantial improvement in adjusted EBITDA; Company remains focused on monetization of world-class sports and media assets
Revenue of $988 million up 82%; adjusted EBITDA at breakeven with approximately $60 million year-over-year improvement
Company anticipates purchase of remaining 25% minority interest in MLSE in 2026; committed to unlocking the significant and unrecognized value of its premier sports assets
Delivers further balance sheet improvement; March 31 debt leverage ratio1 of 3.8x down from 3.9x1 at December 31, 2025; further improvement targeted through 2026
2026 free cash flow target increased significantly with reprioritization of capital expenditures
Company now expects 2026 and future annual capital expenditures of $2.5 billion to $2.7 billion, or a reduction of roughly 30% versus 2025; targeting 2026 capital intensity of ~12%
Company now expects 2026 free cash flow of $4.1 billion to $4.3 billion, or an increase of approximately $0.8 billion versus 2025; additional cash flow further accelerates debt reduction in 2026
Reaffirming 2026 outlook ranges for total service revenue and adjusted EBITDA growth
TORONTO, April 22, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX:RCI, NYSE:RCI) today announced its unaudited financial and operating results for the first quarter ended March 31, 2026.
"In the first quarter, we delivered steady results across our three lines of business supported by significant capital efficiency gains and strong free cash flow generation," said Tony Staffieri, President and CEO. "We will continue to execute with discipline throughout 2026 as we look to monetize the very substantial unrecognized value in our world-class sports assets while accelerating free cash flow generation and advancing our deleveraging plan."
Consolidated Financial Highlights
(In millions of Canadian dollars, except per share amounts, unaudited)
Three months ended March 31
2026
2025
% Chg
Total revenue
5,482
4,976
10
Total service revenue
4,912
4,447
10
Adjusted EBITDA 1
2,364
2,254
5
Net income
482
280
72
Net income attributable to RCI shareholders
438
280
56
Adjusted net income 1
550
543
1
Adjusted net income attributable to RCI shareholders 1
550
543
1
Diluted earnings per share attributable to RCI shareholders
$0.80
$0.50
60
Adjusted diluted earnings per share attributable to RCI shareholders 1
$1.01
$0.99
2
Cash provided by operating activities
1,495
1,296
15
Free cash flow 1
776
586
32
_______________________
1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Pro forma debt leverage ratio and adjusted diluted earnings per share are non-GAAP ratios. Adjusted net income, adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share), and pro forma trailing 12-month adjusted EBITDA (a component of pro forma debt leverage ratio) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q1 2026 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
Upgraded Fido customers from 4G LTE to 5G at no extra cost.
Launched Canada's first satellite-to-mobile service for IoT with satellite-powered asset tracking technology.
Expanded apps available on Rogers Satellite to include onX, Messenger, and AllTrails.
Deliver easy to use, reliable products and services
Introduced Amazon Luna Cloud Gaming to millions of Rogers Xfinity customers.
Enhanced digital tools and technology to make it easier and faster for customers to get answers.
Expanded Rogers Smart Community cloud-based retrofit solutions to existing multi-dwelling residential buildings.
Be the first choice for Canadians
Connected with an average of 2.15 million viewers during the Blue Jays Opening Night on Sportsnet, the most-watched Blue Jays season opener broadcast ever.
Reached 1.82 million Canadians during the Season 3 premiere of Law & Order Toronto: Criminal Intent, the number-one Canadian conventional English-Language drama.
More Canadians continued to choose Rogers Wireless and Internet over any other provider.
Be a strong national company investing in Canada
Launched Screen Break, a five-year $50 million national program to help youth balance screen time.
Launched Journey to 2030, our new Diversity, Equity, Inclusion, and Belonging (DEIB) strategy.
Invested $808 million in capital expenditures, the majority of which was in our networks.
Be the growth leader in our industry
Grew total service revenue by 10% and adjusted EBITDA by 5%.
Generated strong free cash flow of $776 million and cash flow from operating activities of $1,495 million.
Achieved a debt leverage ratio of 3.8x, an improvement versus December 31, 2025.
Financial Guidance
We are updating our full-year 2026 guidance ranges to reduce capital expenditures and increase free cash flow from the ranges provided on January 29, 2026. We have not changed our guidance ranges for total service revenue or adjusted EBITDA. Our updated 2026 guidance ranges are as follows. Our revised capital expenditure guidance and its flowthrough to free cash flow guidance is a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions.
2025
January 29, 2026
April 22, 2026
(In millions of dollars, except percentages)
Actual
Guidance Ranges1
Guidance Ranges1
Total service revenue
19,104
Increase of 3%
to
5%
Increase of 3%
to
5%
Adjusted EBITDA
9,820
Increase of 1%
to
3%
Increase of 1%
to
3%
Capital expenditures 2
3,707
3,300
to
3,500
2,500
to
2,700
Free cash flow
3,356
3,300
to
3,500
4,100
to
4,300
1 Guidance ranges presented as percentages reflect percentage increases over full-year 2025 results.2 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, 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 2026 consolidated financial metrics. These ranges take into consideration our current outlook and our 2025 results. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2026 financial results for evaluating the performance of our business. 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 2026 guidance") and in our 2025 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 increased by 10% and total service revenue increased by 10% 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 8%, 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 disciplined pricing. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.
Media revenue increased by 82% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.
Adjusted EBITDA and marginsConsolidated adjusted EBITDA increased 5% this quarter with growth in all segments, and our adjusted EBITDA margin decreased by 220 basis points.
Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 65%, up 40 basis points.
Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 30 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.
Media adjusted EBITDA increased by $63 million this quarter primarily due to the aforementioned revenue impacts and associated costs.
Net income and adjusted net incomeNet income increased by 72% this quarter, primarily as a result of lower finance costs and higher adjusted EBITDA, partially offset by higher income tax expense. Adjusted net income increased by 1% this quarter as a result of higher adjusted EBITDA, partially offset by higher depreciation and amortization.
Cash flow, available liquidity, and returns to shareholdersThis quarter, we generated cash provided by operating activities of $1,495 million (2025 - $1,296 million), which increased as a result of higher adjusted EBITDA partially offset by higher net investment in net operating assets and liabilities, and free cash flow of $776 million (2025 - $586 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA. Our upgraded full-year 2026 guidance for free cash flow will further strengthen our balance sheet through accelerated repayment of debt.
As at March 31, 2026, we had $6.0 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.4 billion in cash and cash equivalents and $4.6 billion available under our bank and other credit facilities.
Our debt leverage ratio2 improved to 3.8 as at March 31, 2026 (December 31, 2025 - 4.0, or 3.9 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). See "Financial Condition" for more information.
We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on April 21, 2026.
_______________________
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 Q1 2026 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 Q1 2026 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 months ended March 31, 2026, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our First Quarter 2026 Interim Condensed Consolidated Financial Statements (First Quarter 2026 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 First Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 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 2025 Annual MD&A.
References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of Bell's indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 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 April 21, 2026 and was approved by RCI's Board of Directors (the Board) on that date.
In this earnings release, this quarter, the quarter, or first quarter refer to the three months ended March 31, 2026, unless the context indicates otherwise. All results commentary is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.
Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 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. ©2026 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 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, digital media, and sports team ownership.
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 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 March 31
(In millions of dollars, except margins and per share amounts)
2026
2025
% Chg
Revenue
Wireless
2,591
2,544
2
Cable
1,948
1,935
1
Media
988
542
82
Corporate items and intercompany eliminations
(45
)
(45
)
—
Revenue
5,482
4,976
10
Total service revenue 1
4,912
4,447
10
Adjusted EBITDA
Wireless
1,323
1,311
1
Cable
1,122
1,108
1
Media
—
(63
)
(100
)
Corporate items and intercompany eliminations
(81
)
(102
)
(21
)
Adjusted EBITDA
2,364
2,254
5
Adjusted EBITDA margin 2
43.1
%
45.3
%
(2.2 pts
)
Net income
482
280
72
Net income attributable to RCI shareholders
438
280
56
Earnings per share attributable to RCI shareholders:
Basic
$0.81
$0.52
56
Diluted
$0.80
$0.50
60
Adjusted net income
550
543
1
Adjusted net income attributable to RCI shareholders
550
543
1
Adjusted earnings per share attributable to RCI shareholders 2:
Basic
$1.02
$1.01
1
Diluted
$1.01
$0.99
2
Capital expenditures
808
978
(17
)
Cash provided by operating activities
1,495
1,296
15
Free cash flow
776
586
32
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 Q1 2026 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 March 31
(In millions of dollars, except margins)
2026
2025
% Chg
Revenue
Service revenue from external customers
1,997
2,003
—
Service revenue from internal customers
34
23
48
Service revenue
2,031
2,026
—
Equipment revenue from external customers
560
518
8
Revenue
2,591
2,544
2
Operating costs
Cost of equipment
541
508
6
Other operating costs
727
725
—
Operating costs
1,268
1,233
3
Adjusted EBITDA
1,323
1,311
1
Adjusted EBITDA margin 1
65.1
%
64.7
%
0.4 pts
Capital expenditures
279
407
(31
)
1 Calculated using service revenue.
Wireless Subscriber Results 1
Three months ended March 31
(In thousands, except churn and mobile phone ARPU)
2026
2025
Chg
Postpaid mobile phone
Gross additions
429
337
92
Net additions
28
11
17
Total postpaid mobile phone subscribers 2
11,023
10,779
244
Churn (monthly)
1.22
%
1.01
%
0.21 pts
Prepaid mobile phone
Gross additions
149
