BCE (TSE:BCE)
TSX:BCE
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.58Last Year’s EPS
0.69Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly constructive operational and financial picture: management reported achievement of 2025 guidance, record-adjusted EBITDA margin, double-digit FCF growth, meaningful fiber and AI momentum, successful integration and solid margins at Ziply, and strong Crave and digital media trends. At the same time, there are notable near-term headwinds — adjusted EPS decline driven by higher D&A and interest, Q4 advertising softness at Bell Media, product revenue declines from BYOD and equipment timing, competitive wireless promotions that could pressure ARPU, TPIA/reseller execution issues in Western Canada, and a reprioritized Ziply build that slows near-term passings. Overall, the positives (margin expansion, FCF strength, fiber/AI/Crave growth, Ziply performance and clear capital allocation discipline) outweigh the negatives, but management is appropriately cautious in its 2026 guidance given the cited risks.Company Guidance
Record-High Adjusted EBITDA Margin and Margin Expansion
Adjusted EBITDA increased 0.7% in 2025 and adjusted EBITDA margin improved 20 basis points to 43.6% for the year (described as the strongest annual margin result in more than 30 years). Q4 adjusted EBITDA margin expanded ~130 basis points year-over-year to 44.2% in the CTS Canada reporting, driven by cost discipline and a 6.1% reduction in operating costs.
Strong Free Cash Flow Generation
Free cash flow grew 10% in 2025 to $3.2 billion (toward the upper end of guidance). Free cash flow after payment of lease liabilities increased 17.5%. 2026 FCF is guided to grow 4%–10% with a continued focus on free cash flow growth after lease payments (~15% CAGR target to 2028).
Fiber Momentum and Subscriber Growth
Approximately 200,000 net new fiber subscribers in 2025 (including U.S. operations), Bell CTS Canada added 43,000 FTTH Internet net adds in Q4. Internet revenue grew ~8% for the year and Internet revenue increased ~2% in Q4, reflecting strong fiber-driven demand and disciplined pricing.
Ziply Fiber Integration and U.S. Platform Progress
Ziply Fiber results in line with Investor Day expectations and above initial investment case. Q4 Bell CTS U.S. revenue was $232 million with $100 million of EBITDA (43.1% margin). Ziply added >6,000 net fiber customers in Q4 and the plan targets ~3 million fiber passings by end-2028 (longer-term up to ~8 million). Build to ramp meaningfully in H2 2026.
Customer Experience and Churn Improvement
Postpaid churn improved 17 basis points year-over-year to 1.49% in Q4 (third consecutive quarter of YoY improvement). Postpaid wireless net adds were 56,124 in Q4, essentially stable year-over-year despite a less active market, and consumer wireless service revenue was stable in the quarter.
Growth in AI-Powered Enterprise Solutions
The three AI-powered solutions businesses (Ateko, Bell Cyber and Bell AI Fabric) collectively grew approximately 60% year-over-year in 2025 to around $700 million in revenue. Enterprise AI-powered solutions revenue grew 31% in Q4, supporting the plan to reach $1.5 billion by 2028.
Crave and Digital Media Momentum
Crave added more than 1 million subscribers in 2025 and finished the year with ~4.6 million subscribers. Crave direct-streaming subscribers grew 65% year-over-year. Digital revenue in Bell Media grew 6% year-over-year and now represents 44% of total media revenue; Bell Media delivered positive full-year revenue and EBITDA growth.
Capital Allocation Discipline and Reduced CapEx Intensity
Capital expenditures declined by $197 million to $3.7 billion in 2025, resulting in capital intensity of 15.1% (in line with guidance). 2026 CapEx guided to remain ~ $3.7 billion with capital intensity targeted at 15% or less, enabling reallocation to growth initiatives while maintaining a sustainable dividend policy (dividend payout ratio targeted at 40%–55%).
Network Recognition and Third-Party Validation
Bell Pure Fibre and Bell 5G were recognized by Ookla as Canada's fastest networks; Bell Pure Fibre was also recognized as the fastest Internet service in North America, reinforcing network leadership claims.
Balance Sheet Flexibility and Deleveraging Path
Available liquidity of $2.5 billion and a pension solvency surplus of $4.4 billion. Net debt nominally $40.2 billion at year-end 2025, net debt leverage ~3.8x adjusted EBITDA (pro forma with 12 months of Ziply ~3.7x). Management reiterated an objective to trend net leverage down toward ~3.5x by end-2027.
TSE:BCE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:BCE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | C$35.50 | C$34.59 | -2.56% |
Nov 06, 2025 | C$30.80 | C$31.86 | +3.45% |
Aug 07, 2025 | C$30.77 | C$31.40 | +2.06% |
May 08, 2025 | C$27.85 | C$29.35 | +5.38% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does BCE (TSE:BCE) report earnings?
BCE (TSE:BCE) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is BCE (TSE:BCE) earnings time?
BCE (TSE:BCE) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:BCE EPS forecast?
TSE:BCE EPS forecast for the fiscal quarter 2026 (Q1) is 0.58.