Rogers Communications Generates Record Free Cash Flow in Third Quarter

The Tip Desk · October 23, 2026 · 2 min read

Free cash flow rose 65% to 1.37 billion Canadian dollars for the period ended September 30, 2026

Rogers Communications Inc. (RCI) reported a rise in total revenue to 5.44 billion Canadian dollars for the three months ended September 30, 2026, up from 5.35 billion Canadian dollars in the same period last year. The telecommunications and media company saw total service revenue increase 1% to 4.78 billion Canadian dollars.

Free cash flow for the quarter reached 1.37 billion Canadian dollars, compared to 829 million Canadian dollars in the prior-year period. The company attributed this growth to lower capital expenditures, higher adjusted EBITDA, and lower cash income taxes, though these gains were partially offset by distributions to non-controlling interests. Capital expenditures fell 46% to 524 million Canadian dollars.

Adjusted EBITDA for the quarter rose 1% to 2.54 billion Canadian dollars. Wireless adjusted EBITDA increased 1% to 1.38 billion Canadian dollars, with the segment's adjusted EBITDA margin rising 130 basis points to 68%. Cable adjusted EBITDA also rose 1% to 1.16 billion Canadian dollars, and its adjusted EBITDA margin increased 40 basis points to 59%.

Media revenue grew 9% to 821 million Canadian dollars for the quarter. The company said this was driven by higher sports revenue, including increased game day attendance at the Toronto Blue Jays and the start of the NHL regular season in September. Adjusted EBITDA for the Media segment rose 12% to 84 million Canadian dollars. For the nine months ended September 30, Media revenue rose 44% to 2.96 billion Canadian dollars, a move primarily resulting from the consolidation of Maple Leaf Sports & Entertainment (MLSE) beginning in the second half of 2025.

Net income for the three-month period was 495 million Canadian dollars, down from 5.77 billion Canadian dollars in the prior-year period. Diluted earnings per share attributable to RCI shareholders were 0.88 Canadian dollars, compared to 10.54 Canadian dollars in the same quarter of 2025.

The company's debt leverage ratio was 3.7 as of September 30, 2026, down from 4.0 as of December 31, 2025. Rogers became the 100% owner of MLSE on October 1 and has started a process to sell a minority interest in its consolidated sports, media, and entertainment assets. The company targets further deleveraging by the first half of 2027 through the unlocking of value in its Rogers Sports holdings.