Research · Sep 3, 2026
[RCI] Rogers Communications Thesis 2026: Shaw Integration Drives Canadian Wireless Plus Cable Convergence
Rogers Communications Inc. (NYSE: RCI) FY2025 revenue ~C$20-21B (~$14-15B; +0-3%) with adj. EPS ~C$4.40-4.85 reflecting continued post-April 2023 ~C$26B aggregate Shaw Communications acquisition integration completion + selected post-2024 ~C$1.0-1.2B aggregate annual cost synergies execution + selected post-2024 Wireless ~C$11-12B + Cable ~C$5.5-6B + Media ~C$2.5-3B segment performance under continued President + CEO Tony Staffieri (~3-year tenure since January 2022). One of Canada's largest telecommunications + media + cable + wireless service providers. Founded 1960 as Rogers Communications Holdings by Ted Rogers in Toronto Canada (~65-year heritage); selected post-1986 TSX listing; selected post-2003 NYSE listing; selected post-November 2021 Rogers family governance dispute; selected post-January 2022 Tony Staffieri CEO appointment; selected post-April 2023 ~C$26B Shaw Communications acquisition + Freedom Mobile ~C$2.85B divestiture. Headquartered in Toronto Canada; ~25,000+ employees globally with ~C$20-21B revenue. Three primary business segments: Wireless (~55% revenue ~C$11-12B), Cable (~30% ~C$5.5-6B; post-Shaw integrated), Media (~12% ~C$2.5-3B). Post-April 2023 Shaw integration cost synergies cycle: ~C$26B aggregate Shaw acquisition + Freedom Mobile divestiture; ~C$1.0-1.2B aggregate annual cost synergies execution toward ~C$3-4B aggregate annualized run-rate by FY2026; FY2026 catalyst: continued cost synergies. Wireless + Cable convergence: ~10M+ Canadian wireless customers; ~30%+ Canadian wireless market share alongside BCE + TELUS; ~95%+ Canadian urban 5G coverage; ~C$58-62 monthly mobile ARPU; post-Shaw Western Canada + Ontario broadband + IPTV. Capital return + post-Shaw deleveraging: ~C$2.00-2.05 annual dividend FY2025 (~+0% growth — selected post-Shaw integration deleveraging priority); modest buybacks; aggregate capital return ~C$1.1-1.2B; net leverage ~4.5-5.0x (post-Shaw deleveraging); investment-grade Baa2/BBB credit rating; continued post-2024 deleveraging path toward ~3.5-4.0x. President + CEO Tony Staffieri since January 2022 (~3-year tenure); CFO Glenn Brandt; selected Edward Rogers III Chairman + Rogers family ~30%+ aggregate ownership via dual-class share structure. FY2026 thesis: post-April 2023 Shaw integration cost synergies + Wireless + Cable convergence + post-Shaw deleveraging + Media + Toronto Blue Jays + selected potential post-deleveraging dividend acceleration. Risks: Canadian wireless competition (BCE + TELUS), post-Shaw integration execution, capex + FTTH execution, Rogers family + dual-class share governance, USD/CAD volatility.