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Sep 30
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Rogers Q3 2025 Earnings Report
Rogers reported strong subscriber growth and solid financial performance in Q3 2025, driven by steady wireless and cable results and significant media revenue gains following the MLSE consolidation.
Key Takeaways
Rogers Communications delivered industry-leading mobile and Internet net additions and healthy revenue growth in Q3 2025. Wireless and Cable maintained strong margins, while Media revenue surged 26% year over year due to the inclusion of MLSE and strong Blue Jays performance. The company also recorded a substantial non-cash gain from the revaluation of its MLSE investment, contributing to a sharp rise in net income.
Total revenue grew 4% year over year to $5.35 billion.
Wireless service revenue reached $2.1 billion, supported by 111,000 total mobile phone net additions.
Media revenue increased 26% to $753 million, boosted by MLSE consolidation and strong sports performance.
Net income rose sharply to $5.81 billion, primarily due to a $5 billion non-cash gain on the MLSE revaluation.
Rogers
Rogers
Rogers Revenue by Segment
Rogers Revenue by Geographic Location
Revenue by Segment
Wireless Revenue
CapyFin.comCable Revenue
CapyFin.comMedia Revenue
CapyFin.comRevenue by Geographic Location
Canada Revenue
CapyFin.com Forward Guidance
Rogers reaffirmed its full-year 2025 outlook for service revenue and adjusted EBITDA while lowering capex guidance to $3.7 billion and raising free cash flow guidance to $3.2–$3.3 billion.
Positive Outlook
- Total service revenue expected to grow between 3% and 5%.
- Adjusted EBITDA growth projected between 0% and 3%.
- Capital efficiency improvements expected to sustain margins.
- Strong free cash flow guidance of $3.2–$3.3 billion.
- Continued media and sports revenue expansion following MLSE consolidation.
Challenges Ahead
- Seasonal softness in MLSE results during offseasons for major sports teams.
- Ongoing competitive intensity affecting mobile ARPU.
- Moderation in net subscriber additions due to slower market growth.
- Higher cash income tax payments impacting free cash flow.
- Potential regulatory and macroeconomic risks could affect forecast assumptions.