Rogers Communications Reports Second Quarter 2025 Results
Rogers delivers strong results and completion of transformational investments in the second quarter
Reports growth in revenue and adjusted EBITDA in Wireless, Cable, and Media and delivers strong free cash flow
Significantly accelerated deleveraging with completion of equity investment transaction by leading institutional investors
Becomes majority owner of Maple Leaf Sports & Entertainment
Delivers positive financial performance in competitive market
Total service revenue and adjusted EBITDA up 2%
Both Wireless service revenue and adjusted EBITDA up 1%
Cable service revenue up 1%; Cable adjusted EBITDA up 3%
Media revenue up 10% driven by expanded media content and strong NHL playoff audiences on Sportsnet
Free cash flow of $925 million1, up $260 million or 39% year-over-year
Strong and disciplined market share performance in both Wireless and Internet
Added 61,000 total mobile phone net subscriber additions, including 35,000 postpaid
Postpaid churn of 1.00%, down 7 basis points; mobile phone blended ARPU of $55.451
Strong retail Internet net additions of 26,000
Delivers strong balance sheet management with accelerated deleveraging; June 30 debt leverage ratio of 3.6x1, improved by almost one full turn since the beginning of the year
Becomes 75% majority owner of iconic Maple Leaf Sports & Entertainment with successful July 1 closing of additional 37.5% ownership stake acquisition
Rogers estimated pro forma calendar 2025 Media revenue and adjusted EBITDA including MLSE would be approximately $3.9 billion and $250 million, respectively
Company estimates value of its sports and media assets in excess of $15 billion; committed to unlocking the significant and unrecognized value in world-class sports assets
Company updates 2025 outlook to reflect MLSE acquisition and completion of equity investment for remaining six months of 2025
Total service revenue expected to grow by 3% to 5% versus prior outlook of 0% to 3%
Adjusted EBITDA unchanged at 0% to 3% reflecting seasonality of MLSE results in the second half of the year versus first half of the year
Capex expected to be approximately $3.8 billion versus prior range of $3.8 billion to $4.0 billion
Free cash flow of $3.0 billion to $3.2 billion unchanged including impact of equity investment transaction
TORONTO, July 23, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX:RCI, NYSE:RCI) today announced its unaudited financial and operating results for the second quarter ended June 30, 2025.
"In the second quarter, Rogers reported strong financial performance delivering growth in Wireless, Cable, and Media," said Tony Staffieri, President and CEO. "Combined with our team's strong execution, we took meaningful steps to unlock value for shareholders by accelerating the deleveraging of our balance sheet and making our transformational investment in our world-class sports assets."
Consolidated Financial Highlights
(In millions of Canadian dollars, except per share amounts, unaudited)
Three months ended June 30
Six months ended June 30
2025
2024
% Chg
2025
2024
% Chg
Total revenue
5,216
5,093
2
10,192
9,994
2
Total service revenue
4,668
4,599
2
9,115
8,956
2
Adjusted EBITDA 1
2,362
2,325
2
4,616
4,539
2
Net income
148
394
(62
)
428
650
(34
)
Net income attributable to RCI shareholders
157
394
(60
)
437
650
(33
)
Adjusted net income 1
632
623
1
1,175
1,163
1
Adjusted net income attributable to RCI shareholders 1
620
623
—
1,163
1,163
—
Diluted earnings per share attributable to RCI shareholders
$0.29
$0.73
(60
)
$0.79
$1.20
(34
)
Adjusted diluted earnings per share attributable to RCI shareholders 1
$1.14
$1.16
(2
)
$2.14
$2.16
(1
)
Cash provided by operating activities
1,596
1,472
8
2,892
2,652
9
Free cash flow 1
925
666
39
1,511
1,252
21
___________________1 Adjusted EBITDA is a total of segments measure. Free cash flow and debt leverage ratio are capital management measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2025 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
Ranked the most reliable 5G+ wireless network in Canada by umlaut in June 2025.
Commenced deployment of 5G Advanced network technology, a first in Canada.
Built an undersea fibre line to deliver Canada's most reliable Internet to the Southern Gulf Islands in British Columbia.
Deliver easy to use, reliable products and services
Launched all-new 5G mobile plans that unlock more savings when households combine lines.
Became the first Internet provider in Canada to deliver WiFi 7.
Launched Rogers Support Search to make it faster and easier for customers to find answers on Rogers.com.
Be the first choice for Canadians
More Canadians continue to choose Rogers Wireless and Internet over any other provider.
Launched over 150 international channels and 27 free channels on Rogers Xfinity TV to deliver the most content of any provider.
Ranked the #1 brand associated with NHL hockey at the end of the Stanley Cup Playoffs by IMI Research.
Reached 25.7 million Canadians during the Stanley Cup Playoffs on Sportsnet with average audiences up 6% year over year.
Be a strong national company investing in Canada
Closed $6.7 billion subsidiary equity investment with leading institutional investors.
Became the majority owner of Maple Leaf Sports & Entertainment (MLSE) effective July 1, with a 75% controlling interest.
Invested $831 million in capital expenditures, the majority of which was in our networks.
Announced more than 115 hours of new original Canadian programming with 12 new shows for Food Network, HGTV, and Citytv.
Released our 2024 economic impact assessment showing Rogers supported over 90,000 jobs and contributed $14.3 billion to Canada's GDP.
Be the growth leader in our industry
Grew total service revenue and adjusted EBITDA by 2%.
Generated substantial free cash flow of $925 million and cash flow from operating activities of $1,596 million.
MLSE TransactionEffective July 1, 2025, after receiving all required regulatory and league approvals, we acquired Bell's 37.5% ownership stake in MLSE for a purchase price of $4.7 billion in cash (MLSE Transaction). The purchase price was primarily funded from bank credit facilities together with cash on hand (see "Managing our Liquidity and Financial Resources" in our Q2 2025 MD&A for more information). With the closing of the MLSE Transaction, we are the largest owner of MLSE, with a 75% controlling interest. The holder of the 25% non-controlling interest in MLSE has a right to require its interest be purchased at a future date at an agreement-defined fair value; we have a reciprocal right to acquire the non-controlling interest under the same terms.
MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), the Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. The MLSE Transaction adds significantly to our existing sports portfolio, including ownership of the Toronto Blue Jays, Rogers Centre, and Sportsnet. We are actively working on opportunities to surface value from our sports portfolio for our shareholders. MLSE's financial results will be included in our Media reportable segment effective July 1, 2025.
Subsidiary Equity InvestmentOn April 4, 2025, we announced we had entered into a definitive agreement with funds managed by Blackstone, backed by leading Canadian institutional investors, for a US$4.85 billion ($6.7 billion) equity investment (the "network transaction"). On June 20, 2025, the network transaction closed and we received US$4.85 billion ($6.7 billion) from Blackstone.
Under the terms of the network transaction, Blackstone acquired a non-controlling interest in Backhaul Network Services Inc. (BNSI), a new Canadian subsidiary of Rogers that owns a minor part of our wireless network. We will maintain full operational control of our network and we include the financial results of BNSI in our consolidated financial statements (see "Managing our Liquidity and Financial Resources - Non-controlling interest" for more information). We intend to use the net proceeds from the network transaction to repay debt. This quarter, we used approximately $700 million of these proceeds to repay amounts outstanding under our term loan facility. We intend to use approximately $1.1 billion and US$1.4 billion to pay the purchase price for our senior notes that we accepted for purchase pursuant to offers to purchase that expired on July 18, 2025 (see "Managing our Liquidity and Financial Resources - Cash tender offers" in our Q2 2025 MD&A for more information).
Following the closing of the network transaction, Blackstone holds a 49.9% equity interest (with a 20% voting interest) in BNSI and we hold a 50.1% equity interest (with an 80% voting interest). Provided our debt leverage ratio is not greater than 3.25x, at any time between the eighth and twelfth anniversaries of closing, we will have the right to purchase Blackstone's interest in BNSI. The Blackstone investment is recognized as equity in our consolidated financial statements.
During the first five years of Blackstone's investment, BNSI will have a distribution policy to make quarterly pro rata cash distributions to Blackstone and RCCI of available cash in an amount that is intended to provide Blackstone with a 7% annual return on its US dollar investment. Including the impact of the subsidiary equity derivatives (see "Financial Risk Management" for more information), the effective cost to Rogers is approximately 6.26% over the first five years.
As a result of closing the network transaction, we have made changes to certain non-GAAP measures and other specified financial measures (see "Non-GAAP and Other Financial Measures, Changes to specified financial measures", "Review of Consolidated Performance, Adjusted net income", and "Managing our Liquidity and Financial Resources, Free cash flow" in our Q2 2025 MD&A for more information).
Financial Guidance
In connection with the closing of the MLSE Transaction, we are updating our full-year 2025 guidance range, which was initially provided on January 30, 2025, for total service revenue to reflect the anticipated contribution from the MLSE business. We now also expect capital expenditures to be at the low end of the initial range. Our updated 2025 guidance ranges are as follows.
2024
Initial 2025
Updated 2025
(In millions of dollars, except percentages)
Actual
Guidance Ranges 1
Guidance Ranges 1, 2
Total service revenue
18,066
Increase of 0% to 3%
Increase of 3% to 5%
Adjusted EBITDA
9,617
Increase of 0% to 3%
Increase of 0% to 3%
Capital expenditures 3
4,041
3,800 to 4,000
Approximately 3,800
Free cash flow
3,045
3,000 to 3,200
3,000 to 3,200
1 Guidance ranges presented as percentages reflect percentage increases over full-year 2024 results.2 Guidance ranges presented include the results of the acquired MLSE business from and after the closing on July 1, 2025.3 Includes additions to property, plant and equipment net of proceeds on disposition, 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 2025 consolidated financial metrics giving effect to the completion of the MLSE Transaction on July 1, 2025 and the network transaction on June 20, 2025. These guidance ranges take into consideration our current outlook and the 2024 results of each of Rogers and MLSE. Adjusted EBITDA guidance is unchanged due to the seasonality of MLSE's business, with the third quarter being the off season for the Toronto Maple Leafs and the Toronto Raptors. Our estimated pro forma 2025 Media revenue and adjusted EBITDA including MLSE is approximately $3.9 billion and $250 million, respectively. The purpose of this guidance is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2025 financial results for evaluating the performance of our business including the completion of the MLSE Transaction. Our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with "About Forward-Looking Information" in this earning release (including the material assumptions listed under the heading "Key assumptions underlying our full-year 2025 guidance") and in our 2024 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 and total service revenue increased by 2% this quarter, with service revenue growth in all our businesses.
Wireless service revenue increased by 1% this quarter primarily as a result of continued growth in our subscriber base. Wireless equipment revenue increased by 13%, primarily as a result of higher device sales to existing customers.
Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activity.
Media revenue increased by 10% this quarter, primarily as a result of higher sports-related revenue due to the success of the NHL playoffs and the launch of the Warner Bros. Discovery suite of television channels.
Adjusted EBITDA and margins Consolidated adjusted EBITDA increased 2% this quarter, while our adjusted EBITDA margin decreased by 40 basis points, primarily as a result of ongoing productivity and cost efficiencies.
Wireless adjusted EBITDA increased by 1%, primarily due to the flow-through impact of higher revenue as discussed above. This gave rise to an adjusted EBITDA margin of 65%, up 10 basis points.
Cable adjusted EBITDA increased by 3% due to ongoing cost efficiencies. This gave rise to an adjusted EBITDA margin of 58%, up 150 basis points.
Media adjusted EBITDA increased by $5 million this quarter, primarily due to higher revenue as discussed above, partially offset by higher programming costs and Toronto Blue Jays expenses.
Net income and adjusted net income Adjusted net income increased by 1% this quarter, primarily as a result of higher adjusted EBITDA and lower finance costs. Net income decreased by 62%, or $246 million, primarily as a result of higher restructuring, acquisition and other costs, which are not included in the calculation of adjusted net income.
Cash flow and available liquidity This quarter, we generated cash provided by operating activities of $1,596 million (2024 - $1,472 million), which increased as a result of higher adjusted EBITDA and lower interest paid, and free cash flow of $925 million (2024 - $666 million).
As at June 30, 2025, we had $11.8 billion of available liquidity2 (December 31, 2024 - $4.8 billion), reflecting $7.0 billion in cash and cash equivalents and $4.8 billion available under our bank and other credit facilities.
Our debt leverage ratio as at June 30, 2025 was 3.6 (December 31, 2024 - 4.5). See "Financial Condition" for more information.
We also returned $269 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 22, 2025.
___________________2 Available liquidity is a capital management measure. See "Non-GAAP and Other Financial Measures" in our Q2 2025 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about this measure. This is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q2 2025 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 and six months ended June 30, 2025, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Second Quarter 2025 Interim Condensed Consolidated Financial Statements (Second Quarter 2025 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 Second Quarter 2025 MD&A; our 2024 Annual MD&A; our 2024 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 2024 Annual MD&A.
References in this earnings release to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 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 July 22, 2025 and was approved by RCI's Board of Directors (the Board) on that date.
In this earnings release, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2025, the first quarter refers to the three months ended March 31, 2025, and year to date refers to the six months ended June 30, 2025, unless the context indicates otherwise. All results commentary is compared to the equivalent period in 2024 or as at December 31, 2024, as applicable, unless otherwise indicated.
Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2025 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. ©2025 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 and data centre assets 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, multi-platform shopping, and digital media.
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., and its subsidiaries.
Summary of Consolidated Financial Results
Three months ended June 30
Six months ended June 30
(In millions of dollars, except margins and per share amounts)
2025
2024
% Chg
2025
2024
% Chg
Revenue
Wireless
2,540
2,466
3
5,084
4,994
2
Cable
1,968
1,964
—
3,903
3,923
(1
)
Media
808
736
10
1,404
1,215
16
Corporate items and intercompany eliminations
(100
)
(73
)
37
(199
)
(138
)
44
Revenue
5,216
5,093
2
10,192
9,994
2
Total service revenue 1
4,668
4,599
2
9,115
8,956
2
Adjusted EBITDA
Wireless
1,305
1,296
1
2,616
2,580
1
Cable
1,147
1,116
3
2,255
2,216
2
Media
5
—
—
(62
)
(103
)
(40
)
Corporate items and intercompany eliminations
(95
)
(87
)
9
(193
)
(154
)
25
Adjusted EBITDA
2,362
2,325
2
4,616
4,539
2
Adjusted EBITDA margin 2
45.3
%
45.7
%
(0.4 pts)
45.3
%
45.4
%
(0.1 pts)
Net income
148
394
(62
)
428
650
(34
)
Net income attributable to RCI shareholders
157
394
(60
)
437
650
(33
)
Earnings per share attributable to RCI shareholders:
Basic
$0.29
$0.74
(61
)
$0.81
$1.22
(34
)
Diluted
$0.29
$0.73
(60
)
$0.79
$1.20
(34
)
Adjusted net income
632
623
1
1,175
1,163
1
Adjusted net income attributable to RCI shareholders
620
623
—
1,163
1,163
—
Adjusted earnings per share attributable to RCI shareholders 2:
Basic
$1.15
$1.17
(2
)
$2.16
$2.19
(1
)
Diluted
$1.14
$1.16
(2
)
$2.14
$2.16
(1
)
Capital expenditures
831
999
(17
)
1,809
2,057
(12
)
Cash provided by operating activities
1,596
1,472
8
2,892
2,652
9
Free cash flow
925
666
39
1,511
1,252
21
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 Q2 2025 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 June 30
Six months ended June 30
(In millions of dollars, except margins)
2025
2024
% Chg
2025
2024
% Chg
Revenue
Service revenue from external customers
1,972
1,979
—
3,975
3,965
—
Service revenue from internal customers
27
9
200
50
19
163
Service revenue
1,999
1,988
1
4,025
3,984
1
Equipment revenue from external customers
541
478
13
1,059
1,010
5
Revenue
2,540
2,466
3
5,084
4,994
2
Operating costs
Cost of equipment
528
492
7
1,036
1,031
—
Other operating costs
707
678
4
1,432
1,383
4
Operating costs
1,235
1,170
6
2,468
2,414
2
Adjusted EBITDA
1,305
1,296
1
2,616
2,580
1
Adjusted EBITDA margin 1
65.3
%
65.2
%
0.1 pts
65.0
%
64.8
%
0.2 pts
Capital expenditures
365
396
(8
)
772
800
(4
)
1 Calculated using service revenue.
Wireless Subscriber Results 1
Three months ended June 30
Six months ended June 30
(In thousands, except churn and mobile phone ARPU)
2025
2024
Chg
2025
2024
Chg
Postpaid mobile phone
Gross additions
362
451
(89
)
699
894
(195
)
Net additions
35
112
(77
)
46
210
(164
)
Total postpaid mobile phone subscribers2,3
10,910
10,598
312
10,910
10,598
312
Churn (monthly)
1.00
%
1.07
%
(0.07 pts)
1.01
%
1.09
%
(0.08 pts)
Prepaid mobile phone
Gross additions
135
148
(13
)
267
232
35
Net additions
26
50
(24
)
49
13
36
Total prepaid mobile phone subscribers 2,3
