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Dec 31, 2025
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BCE Q4 2025 Earnings Report
BCE reported higher net earnings while operating revenue was essentially flat in the fourth quarter.
Key Takeaways
In Q4 2025, BCE delivered flat revenue year over year, strong net earnings growth, and margin expansion, while adjusted EPS declined due to higher depreciation, interest expense, and acquisition impacts.
Q4 operating revenues were $6.4 billion, essentially flat year over year
Q4 net earnings increased to $632 million driven by higher adjusted EBITDA and investment gains
Adjusted EBITDA margin expanded to 41.6%, the highest Q4 margin in more than 30 years
Adjusted EPS declined to $0.69 reflecting higher costs and acquisition-related impacts
Revenue by Segment
Forward Guidance
For 2026, management expects revenue and adjusted EBITDA growth supported by wireless pricing improvements, fibre expansion, AI-powered enterprise solutions, and cost efficiencies, with lower adjusted EPS.
Positive Outlook
- Expected revenue growth driven by wireless pricing improvements
- Incremental contribution from Ziply Fiber in the U.S.
- Growth in AI-powered enterprise solutions
- Media revenue growth from streaming and digital advertising
- Higher free cash flow driven by EBITDA growth
Challenges Ahead
- Adjusted EPS expected to decline due to higher depreciation and amortization
- Higher interest expense anticipated
- Continued competitive pressure in wireless and wireline markets
- Ongoing softness in traditional advertising markets
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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