BCE (BCE) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for BCE.

Q4 2025

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Analyst Coverage

Research analysts who have asked questions during BCE earnings calls.

Jérome Dubreuil

Desjardins Group

8 questions for BCE

Also covers: ALYAF, GIB, QBCRF +3 more

Maher Yaghi

Scotiabank

8 questions for BCE

Also covers: QBCRF, RCI, TRI +1 more

Sebastiano Petti

JPMorgan Chase & Co.

8 questions for BCE

Also covers: ATUS, CABO, CCOI +14 more

Vince Valentini

TD Securities

8 questions for BCE

Also covers: ILLMF, QBCRF, RCI +2 more

Stephanie Price

CIBC World Markets

6 questions for BCE

Also covers: DCBO, DSGX, GIB +6 more

Aravinda Galappatthige

Canaccord Genuity

5 questions for BCE

Also covers: QBCRF, RCI, TIXT +1 more

Drew McReynolds

RBC Capital Markets

5 questions for BCE

Also covers: EGLXF, QBCRF, RCI +2 more

Matthew Griffiths

Bank of America

5 questions for BCE

Also covers: QBCRF, RCI

Tim Casey

BMO Capital Markets

5 questions for BCE

Also covers: QBCRF, RCI, TRI +1 more

Batya Levi

UBS

4 questions for BCE

Also covers: AMT, CCI, FYBR +6 more

David Barden

Bank of America

2 questions for BCE

Also covers: AMT, CCI, CCOI +10 more

Patrick Ho

Morgan Stanley

2 questions for BCE

Also covers: RCI

Lauren Bonham

Barclays

1 question for BCE

Simon Flannery

Morgan Stanley

1 question for BCE

Also covers: ABBN.SW, AMT, CCI +11 more

Latest news

Recent press releases and 8-K filings for BCE.

BCE Announces Q4 2025 Results and 2026 Guidance

BCE

Earnings

Guidance Update

New Projects/Investments

BCE met its 2025 financial guidance, reporting 0.6% service revenue growth and 0.7% adjusted EBITDA growth, achieving a 43.6% adjusted EBITDA margin. Free cash flow increased 10% to CAD 3.2 billion.
For 2026, BCE forecasts consolidated revenue growth of 1%-5% and adjusted EBITDA growth of 0%-4%. Adjusted EPS is projected at CAD 2.5-CAD 2.65 per share, a 5%-11% decline year-over-year, primarily due to increased depreciation and interest expenses.
The company anticipates free cash flow growth of 4%-10% in 2026, with capital expenditures stable at approximately CAD 3.7 billion, targeting a capital intensity of 15% or less.
Strategic growth areas demonstrated strong performance in 2025, with AI-powered solutions revenue growing 60% to CAD 700 million and Crave adding over 1 million subscribers to reach 4.6 million. Postpaid wireless churn improved by 17 basis points in Q4 2025.
BCE maintained a net debt leverage ratio of approximately 3.8 times adjusted EBITDA at year-end 2025 and is targeting 3.5x by the end of 2027.

1 day ago

Transcript

BCE Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

BCE

Earnings

Guidance Update

New Projects/Investments

BCE achieved its 2025 financial guidance targets, with service revenue increasing 0.6% and Adjusted EBITDA up 0.7%, resulting in a 43.6% adjusted EBITDA margin. Free cash flow grew 10% to CAD 3.2 billion, while adjusted EPS declined 7.9%.
For 2026, BCE projects consolidated revenue growth of 1%-5% and adjusted EBITDA growth of 0%-4%. Adjusted EPS is expected to be between CAD 2.5-CAD 2.65 per share, representing a 5%-11% decline year-over-year, mainly due to higher depreciation and interest expenses.
Strategic growth drivers include fiber and AI-powered solutions; 200,000 net new fiber subscribers were added in 2025. AI-powered solutions revenue grew 60% to CAD 700 million in 2025, targeting CAD 1.5 billion by 2028. The Ziply Fiber expansion plan will accelerate in H2 2026, aiming for 3 million fiber passings by end of 2028.
Capital expenditures decreased by CAD 197 million to CAD 3.7 billion in 2025, with capital intensity at 15.1%. The net debt leverage ratio remained 3.8x at year-end 2025, with a target to reach 3.5x by the end of 2027.

1 day ago

Transcript

BCE Reports Q4 2025 Results and Provides 2026 Guidance

BCE

Earnings

Guidance Update

New Projects/Investments

BCE achieved all 2025 financial guidance targets, reporting a 0.6% increase in service revenue and a 0.7% increase in Adjusted EBITDA for the year, resulting in a 43.6% margin. Free cash flow grew 10% to CAD 3.2 billion.
In Q4 2025, the company recorded 56,124 postpaid wireless net adds and 43,000 fibre-to-the-home internet net adds, with postpaid churn improving 17 basis points to 1.49%.
BCE provided 2026 guidance, expecting consolidated revenue growth of 1%-5% and Adjusted EBITDA growth of 0%-4%. Adjusted EPS is projected to decline 5%-11% to CAD 2.5-CAD 2.65 per share due to higher depreciation and interest expenses.
Strategic initiatives in 2025 included AI-powered solutions revenue growing 60% to CAD 700 million, targeting CAD 1.5 billion by 2028. Crave subscribers increased by over 1 million, reaching 4.6 million.
The Ziply Fiber acquisition contributed $232 million in Q4 revenue and $100 million in EBITDA , with plans to reach 3 million fibre passings by 2028. The net debt leverage ratio was 3.8x adjusted EBITDA at year-end 2025, with a target of 3.5x by end of 2027.

1 day ago

Transcript

BCE Discusses Financial Profile, Growth Avenues, and Capital Allocation

BCE

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

BCE anticipates EBITDA dollar growth and relatively stable percent margins from 2025 to 2028, driven by a shift towards growth areas like wireless, internet, and AI-powered solutions, moving away from legacy services.
The company is focused on achieving 15% free cash flow growth and deleveraging over the 2025-2028 period, supported by funding new businesses, including OpEx for AI-powered solutions.
In the Canadian market, BCE expects RPU (Revenue Per User) growth to begin in the back end of 2026, as new contracts are being signed at higher monthly recurring charges.
BCE plans to build fiber to 8 million homes pass in the US, strategically competing against cable providers and avoiding overbuilding existing fiber networks.
The company maintains a higher bar for capital investments within its $3.7 billion CapEx budget (for 2025 and similar in 2028), prioritizing opportunities in AI-powered solutions, US fiber, and Canadian fiber for strong returns.

Nov 24, 2025, 6:15 PM

Transcript

BCE Outlines Three-Year Financial Profile and Strategic Investments

BCE

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

BCE anticipates a resumption of EBITDA growth and 15% free cash flow growth over the 2025-2028 period, with overall percent margins expected to remain relatively stable.
The company projects blended RPU growth to turn positive in the back end of 2026, driven by new subscriber rates that are higher than the existing base.
BCE is committed to an 8 million homes passed fiber target in the US, focusing on competing against cable providers, and has budgeted $3.7 billion in CapEx for 2025 to prioritize high-return growth initiatives in AI and fiber.
The Canadian telecom market is described as returning to a more rational competitive environment, and the B2B segment is outperforming, nearing a break-even point from legacy product turnover.

Nov 24, 2025, 6:15 PM

Transcript

BCE Inc. Reports Q3 2025 Financial Results with Significant Net Earnings Increase

BCE

Earnings

M&A

BCE Inc. reported net earnings of $4,555 million for Q3 2025, a substantial increase from a net loss of ($1,191 million) in Q3 2024, primarily due to higher gains on investments from the sale of its minority stake in Maple Leaf Sports and Entertainment Ltd. (MLSE) and lower impairment of assets.
Operating revenues grew by 1.3% to $6,049 million in Q3 2025, and Adjusted EBITDA increased by 1.5% to $2,762 million, partly driven by the acquisition of Ziply Fiber on August 1, 2025.
Free cash flow rose by 20.6% to $1,003 million in Q3 2025, while capital expenditures decreased by 6.6% to $891 million.

Nov 6, 2025, 1:33 PM

6-K

BCE Reports Q3 2025 Results with Revenue and EBITDA Growth

BCE

Earnings

Guidance Update

M&A

BCE reported Q3 2025 consolidated revenue growth of 1.3%, adjusted EBITDA growth of 1.5% (reaching a 45.7% margin), and adjusted EPS growth of 5.3%.
The new Bell CTS U.S. segment, reflecting Ziply Fiber's operations since August 1st, generated $160 million in revenue and $71 million in EBITDA, with a 44.4% margin.
AI-powered solutions revenue increased 34% year-over-year in Q3 2025, and the company is on track to generate approximately $700 million in AI-powered solutions revenue for the full year 2025.
BCE's net debt leverage ratio stood at approximately 3.8x adjusted EBITDA at the end of Q3 2025, with a strategic goal to reduce it to 3.5x by the end of 2027 and 3.0x by 2030.
The company reconfirmed all its financial guidance targets for 2025.

Nov 6, 2025, 1:00 PM

Transcript

BCE Reports Q3 2025 Results, Highlights Ziply Fiber and AI Solutions Growth

BCE

Earnings

New Projects/Investments

Guidance Update

BCE reported a 1.3% increase in total revenue and a 1.5% increase in adjusted EBITDA for Q3 2025, leading to a 10 basis point margin increase to 45.7%. Adjusted EPS was up 5.3%, and free cash flow increased by $171 million.
The newly acquired Ziply Fiber, reported under the Bell CTS US segment, contributed $160 million in total revenue and $71 million in EBITDA (a 44.4% margin) for the two-month period following its August 1 acquisition, exceeding original investment expectations. Ziply added 9,000 net new fiber customers in August and September.
Revenue from AI-powered solutions grew 34% year-over-year in Q3 2025, with the company on track to generate approximately $700 million in AI-powered solutions revenue in 2025.
BCE reconfirmed all its financial guidance targets for 2025 and aims to reduce its net debt leverage ratio to 3.5 times by the end of 2027 and 3.0 by 2030.

Nov 6, 2025, 1:00 PM

Transcript

BCE Reports Q3 2025 Financial and Operational Results

BCE

Earnings

Guidance Update

M&A

BCE delivered 1.3% consolidated revenue growth and 1.5% higher adjusted EBITDA in Q3 2025.
Net earnings significantly increased to $4,555 million, up $5,746 million year-over-year, with adjusted EPS of $0.79, a 5.3% increase.
Free cash flow grew 20.6% to $1,003 million in Q3 2025.
The acquisition of Ziply Fiber contributed $160 million in operating revenue and $71 million in adjusted EBITDA in Q3 2025.
BCE confirmed its 2025 financial guidance, including revenue growth of 0% to 2% and adjusted EBITDA growth of 0% to 2%.

Nov 6, 2025, 11:30 AM

Press Release

BCE Outlines Strategic Plan and Financial Outlook for 2025-2028

BCE

Guidance Update

New Projects/Investments

Dividends

BCE projects a 15% compound annual growth rate (CAGR) in free cash flow after payment of lease liabilities between 2025 and 2028, alongside 2% to 4% revenue growth and 2% to 3% Adjusted EBITDA growth for the same period.
The company aims for $1.5 billion in cost savings by 2028 through company-wide transformation and expects capital intensity to decrease to approximately 14% by 2028.
BCE targets a net debt leverage ratio of 3.5x by the end of 2027, with a clear path toward approximately 3.0x by 2030, and anticipates approximately $5 billion in dividend payments to common shareholders over the next three years.
Strategic initiatives include expanding total fibre reach to up to 16+ million locations in North America and building an approximately $1.5 billion revenue AI-powered solutions business.