Rogers Communications Inc.
- Open
- 34.67
- Day high
- 35.14
- Day low
- 34.65
- Prev close
- 34.66
- Volume
- 1.2M
- Mkt cap
- $18.8B
- P/E (TTM)
- 3.6
- EPS (TTM)
- $9.73
- P/B
- 1.5
- P/S
- 1.2
- Yield
- 4.16%
- Per share
- $1.45
Rogers Communications Inc. (RCI) is a Communication Services company listed on NYSE. The stock is up 5% over the past year.
Rogers Communications Inc. (RCI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RCI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.73 | $0.74 | +1.4% | $3.9B | +0.8% |
| Jan 29, 2026 | $0.98 | $1.08 | +10.2% | $4.5B | -18.5% |
| Oct 23, 2025 | $0.92 | $0.99 | +7.6% | $3.8B | -35.5% |
| Jul 23, 2025 | $0.80 | $0.82 | +2.5% | $3.8B | -27.9% |
| Apr 23, 2025 | $0.71 | $0.69 | -2.8% | $3.5B | -31.7% |
| Jan 30, 2025 | $0.97 | $1.04 | +7.2% | $3.8B | -24.2% |
| Oct 24, 2024 | $1.07 | $1.04 | -2.8% | $3.8B | -2.5% |
| Jul 24, 2024 | $0.83 | $0.85 | +2.4% | $3.7B | -1.0% |
| Feb 1, 2024 | $0.76 | $0.87 | +14.5% | $4.0B | +8.3% |
| Nov 9, 2023 | $0.79 | $0.95 | +20.3% | $3.8B | -0.3% |
| Jul 26, 2023 | $0.84 | $0.76 | -9.5% | $3.8B | +1.0% |
| Feb 2, 2023 | $0.74 | $0.80 | +8.1% | $3.1B | +1.2% |
Rogers Communications Inc. company profile
Overview
Rogers Communications Inc. (TSX:RCI) is Canada's largest telecommunications and media conglomerate, founded in 1960 by Ted Rogers. The company began as a small radio station operator and has grown through decades of acquisitions and organic expansion to become one of Canada's dominant communications providers. Rogers operates across three main business segments: wireless telecommunications, cable and internet services, and media properties including television networks, radio stations, and sports franchises. The company completed a transformative $26 billion acquisition of Shaw Communications in 2023, significantly expanding its cable and internet footprint across Western Canada and establishing Rogers as a truly national telecommunications provider.
Business
Rogers Communications operates in Canada's telecommunications and media industries through three primary business segments. The Wireless segment represents the company's largest revenue generator, providing mobile phone services, data plans, and wireless internet access to approximately 11.3 million subscribers across Canada. This division offers services under three distinct brands: Rogers (premium postpaid services), Fido (mid-market offerings), and chatr (prepaid and budget-conscious customers). The wireless business also includes machine-to-machine connectivity for Internet of Things applications and enterprise wireless solutions. The Cable segment provides residential and business internet services, television programming, and landline telephone services primarily through fiber-optic and cable infrastructure. This division offers high-speed internet with speeds up to 4 gigabits per second, smart home monitoring services, cloud-based digital video recording, and integrated streaming applications. The cable business expanded dramatically following the Shaw acquisition, adding significant market presence in Western Canada. The Media segment encompasses Rogers' content creation and distribution properties, including ownership of the Toronto Blue Jays baseball team and Rogers Centre venue, multiple television networks (Sportsnet, Citytv, OMNI), and 55 AM/FM radio stations. This segment also includes a 75% ownership stake in Maple Leaf Sports & Entertainment (MLSE), which owns the Toronto Maple Leafs hockey team, Toronto Raptors basketball team, and Toronto FC soccer team. Based on recent financial reports, wireless services account for approximately 60% of total revenue, cable services represent roughly 35%, and media properties contribute about 5% of total company revenue.
Revenue model
Rogers generates revenue through multiple streams across its three business segments. The wireless division operates on a subscription model, collecting monthly fees from postpaid customers for voice, text, and data services, while also earning revenue from prepaid customers who purchase service credits in advance. Additional wireless revenue comes from device sales and financing, roaming charges for international usage, and enterprise solutions for business customers. The cable division similarly relies on monthly subscription fees for internet, television, and telephone services. This segment also generates revenue from equipment rentals, installation fees, and premium channel subscriptions. The cable business benefits from relatively stable, recurring revenue streams as customers typically maintain long-term relationships with their internet and television providers. The media segment monetizes content through advertising sales across television and radio properties, subscription fees from cable and satellite providers who carry Rogers' channels, and ticket sales and concessions from sports venues. The Toronto Blue Jays contribute through ticket sales, merchandise, broadcasting rights, and stadium naming rights. Several factors influence Rogers' profitability margins. Positive margin drivers include the company's extensive network infrastructure that creates economies of scale, bundling opportunities that increase average revenue per customer, and the relatively inelastic demand for telecommunications services. The recent Shaw acquisition provides significant cost synergy opportunities, with management targeting $1 billion in annual savings. Negative margin pressures come from intense competition in Canadian telecommunications markets, substantial ongoing capital requirements for network upgrades and 5G deployment, regulatory pressures on pricing (particularly roaming fees), and the high fixed costs associated with maintaining nationwide network infrastructure. Economic downturns can also pressure margins as customers downgrade services or extend device replacement cycles.
Competitive moat
Rogers possesses a strong but not impenetrable competitive moat built primarily on infrastructure advantages and regulatory barriers. The company's most significant moat comes from its extensive physical network infrastructure, which requires billions of dollars and many years to replicate. Rogers operates Canada's largest wireless network and has substantial cable infrastructure, particularly following the Shaw acquisition. This infrastructure creates high barriers to entry for potential competitors and switching costs for customers who would need to replace devices or face service disruptions when changing providers. Regulatory barriers provide additional protection, as Canada's telecommunications industry is heavily regulated with restrictions on foreign ownership and limited spectrum availability. The Canadian Radio-television and Telecommunications Commission (CRTC) controls spectrum auctions and market entry, effectively limiting the number of competitors. Rogers also benefits from network effects in its media properties, where exclusive sports content (particularly hockey and baseball) creates customer loyalty and bundling opportunities across its telecommunications services. However, Rogers' moat faces several challenges. Technological disruption threatens traditional cable television through streaming services, while satellite-based internet services from companies like Starlink could potentially bypass terrestrial infrastructure. Regulatory pressure continues to push for increased competition and lower consumer prices, with the government actively encouraging new market entrants. Competitive threats come from other major Canadian telecommunications companies (Bell, Telus) that possess similar infrastructure advantages, and from technology companies that could potentially disrupt traditional telecommunications models. The company's media properties also face ongoing challenges from cord-cutting trends and shifting advertising spending toward digital platforms.
Risks & safety
Rogers presents a moderate margin of safety with mixed financial health indicators that reflect both the company's strong market position and high leverage from recent acquisitions. • Debt and Solvency: High debt-to-equity ratio of 4.6x indicates significant leverage, though this is partially offset by stable cash flows from subscription-based revenue streams. The company maintains investment-grade credit ratings and has successfully reduced leverage from over 5x following the Shaw acquisition. • Cash Flow: Strong operating cash flow of approximately $4 billion annually provides good coverage for capital expenditures and debt service. Free cash flow of around $1 billion demonstrates the company's ability to generate cash after necessary investments. • Valuation Metrics: Trading at reasonable multiples with P/E ratio around 13-18x and EV/EBITDA of approximately 7-8x, suggesting the stock is not overvalued relative to earnings and cash flow generation. • Liquidity: Current ratio below 1.0 indicates potential short-term liquidity concerns, though this is common for telecommunications companies with predictable cash flows and access to credit facilities. • Other Considerations: The company's essential service nature provides revenue stability, while the recent Shaw integration creates both opportunities and execution risks. Regulatory oversight provides some protection but also limits pricing flexibility.
Recent development
Rogers has undergone significant strategic transformation over the past few years, centered around the $26 billion Shaw Communications acquisition completed in 2023. This transformative deal doubled Rogers' cable and internet customer base and established the company as a truly national telecommunications provider with strong presence in Western Canada. Management has focused intensively on integration, achieving $600 million in cost synergies by 2023 and targeting $1 billion in annual savings by 2024. The company has pursued several innovative financing strategies to manage the debt burden from the Shaw acquisition. Most notably, Rogers completed a $7 billion structured equity investment in its wireless backhaul infrastructure, selling a minority stake while maintaining full operational control. This creative financing helped reduce leverage ratios while preserving operational flexibility. Network and technology investments have been substantial, with Rogers claiming Canada's most reliable 5G network for seven consecutive years. The company has launched industry-first initiatives including 4-gigabit download speeds, Wi-Fi 7 technology, and satellite-to-mobile coverage partnerships with SpaceX and Lynk Global. Rogers has also pioneered 5G network slicing technology and wildfire detection capabilities. Sports and media strategy has evolved significantly, with Rogers acquiring an additional 37.5% stake in Maple Leaf Sports & Entertainment (MLSE) to reach 75% ownership. The company has renewed NHL media rights through 2038 and is exploring opportunities to surface value from its sports assets, potentially through third-party investment partnerships. Management estimates MLSE's total value at approximately $15 billion. Operational efficiency initiatives include digital transformation efforts leveraging artificial intelligence to reduce customer service costs and improve user experience. The company has consolidated its prepaid offerings under the chatr brand and focused premium services under the Rogers brand to simplify its market positioning.
RCI company profile · for informational purposes only — not investment advice.
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