Rogers Communications delivered robust financial performance, with total revenue increasing 10 percent to $5,482 million and total service revenue also rising 10 percent to $4,912 million. The growth was primarily fueled by exceptional expansion in its Media business, alongside steady contributions from wireless and cable segments.
Rogers Communications CEO Tony Staffieri said: “We will continue to execute with discipline throughout 2026 as we look to monetize the very substantial unrecognized value in our sports assets while accelerating free cash flow generation and advancing our deleveraging plan.”
Media business leads growth with 82 percent surge
Media revenue jumped 82 percent to $988 million, driven mainly by the inclusion of revenue from Maple Leaf Sports & Entertainment following the closing of the MLSE transaction on July 1, 2025. This sharp increase highlights the strategic importance of content, sports, and entertainment assets in Rogers’ diversified revenue model. Media capital expenditure during the quarter was $76 million, reflecting targeted investments to support content and platform growth.
Wireless segment stable with rising device upgrades
Wireless service revenue remained flat year on year at $2,591 million, indicating a mature but stable subscriber base. However, wireless equipment revenue rose 8 percent, supported by higher device upgrade activity among existing customers, signalling sustained demand for premium smartphones and 5G-enabled devices.
Wireless capital expenditure declined sharply by 31 percent to $279 million. This reduction reflects reprioritization of investments and improved capital efficiency, even as Rogers continues to expand and enhance its 5G network infrastructure.
The company is actively deploying advanced spectrum assets, including 3500 MHz and 3800 MHz bands, building on its existing 600 MHz spectrum layer. These investments are enabling higher speeds, lower latency, and improved reliability across both urban and rural markets, strengthening Rogers’ competitive positioning in 5G services.
Cable segment supported by broadband growth and pricing discipline
Cable service revenue increased 1 percent to $1,948 million, supported by retail Internet subscriber additions and disciplined pricing strategies. Adjusting for the sale of its customer-facing data centre business in 2025, cable service revenue growth would have been 2 percent, indicating underlying resilience in broadband demand.
Cable capital expenditure declined 9 percent to $408 million, driven by increased customer adoption of self-installation options and tighter capital prioritization. Despite lower spending, Rogers continues to expand its fibre footprint and enhance network capabilities.
The company is accelerating fibre-to-the-home deployment to extend its service reach, while upgrading its DOCSIS 3.1 platform toward DOCSIS 4.0. This transition is designed to deliver higher network capacity, improved resilience, and faster broadband speeds. Additionally, the rollout of mid-split technology in Ontario and Eastern Canada is significantly boosting upload speeds by increasing frequency allocation for upstream data.
Capex discipline aligned with long-term network expansion
Total capital expenditure declined 17 percent to $808 million, reflecting a broader strategy to optimize investments while maintaining network quality and expansion. Rogers emphasized that reduced capex levels are not a slowdown in network development but rather the result of capital efficiencies and strategic prioritization.
The company continues to invest in expanding network coverage to rural, remote, and Indigenous communities, aiming to bridge the digital divide. These initiatives are supported through participation in various government and industry programs.
5G and fibre investments remain central to strategy
Rogers’ ongoing investments in 5G and fibre infrastructure are central to its long-term growth strategy. The expansion of 5G coverage, combined with deeper fibre penetration, is expected to support increasing data consumption, enterprise digital transformation, and emerging applications requiring high bandwidth and low latency.
The integration of multiple spectrum layers, including low-band 600 MHz and mid-band 3500 MHz and 3800 MHz, positions Rogers to deliver a balanced network experience across coverage and capacity. Meanwhile, fibre expansion enhances backhaul capabilities and supports next-generation broadband services.
Outlook: lower capex, higher efficiency, sustained growth
Rogers now expects annual capital expenditures for 2026 and beyond to range between $2.5 billion and $2.7 billion, representing a reduction of approximately 30 percent compared to 2025 levels. The company is targeting a capital intensity of around 12 percent, reflecting improved efficiency in network investments.
This forward-looking strategy indicates a shift toward maximizing returns on existing infrastructure while continuing selective investments in high-impact areas such as 5G, fibre, and digital services.
Overall, Rogers’ performance underscores a balanced approach combining revenue diversification, disciplined cost management, and strategic infrastructure investment, positioning the company for sustained growth in an increasingly data-driven and digital-first telecom environment.
BABURAJAN KIZHAKEDATH
