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Jun 30, 2025
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Rogers Q2 2025 Earnings Report
Rogers reported Q2 2025 results with revenue and adjusted EBITDA growth across all segments despite a sharp drop in net income.
Key Takeaways
Rogers delivered solid Q2 2025 results with 2% revenue growth, driven by Wireless, Cable, and Media segments. Adjusted EBITDA rose modestly, but net income fell sharply due to higher restructuring and acquisition costs. Free cash flow was strong at $925M, aided by cost efficiencies and strong operating cash flow.
Total revenue increased 2% to $5.2B, with Media revenue up 10%.
Net income dropped 62% to $148M due to higher restructuring and acquisition costs.
Free cash flow surged 39% YoY to $925M, reflecting improved cost management.
Postpaid churn decreased to 1.00%, while mobile ARPU was $55.45.
Forward Guidance
Rogers updated its 2025 guidance post-MLSE acquisition, expecting higher service revenue growth but unchanged EBITDA outlook due to seasonality.
Positive Outlook
- Total service revenue now expected to grow 3% to 5% in 2025.
- Free cash flow guidance maintained at $3.0B to $3.2B.
- Media segment to benefit from MLSE acquisition, estimated $3.9B revenue in 2025.
- Debt leverage ratio improved to 3.6x, down almost one full turn from early 2025.
- Strong liquidity position with $11.8B available, including $7.0B in cash.
Challenges Ahead
- Adjusted EBITDA guidance remains flat at 0% to 3% growth.
- Net income under pressure from higher restructuring and acquisition costs.
- Wireless ARPU decline due to competitive intensity.
- Media adjusted EBITDA impacted by higher programming and sports-related costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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