BCE’s adjusted earnings beat the supplied calendar estimate, but higher investment spending cut free cash flow. Adjusted EPS also fell from a year ago.
BCE Inc. (TSX: BCE) reported third-quarter 2026 results before the market opened on November 5. Adjusted EPS came in at C$0.74, above the supplied estimate of C$0.70, a 5.7% beat. Revenue grew 2.2%, while free cash flow fell as BCE invested in data centres and fibre networks. The estimate beat is a positive, but investors should also consider the year-over-year earnings decline and the cost of BCE’s growth plans.
Recent earnings trend
BCE Inc
BCE.TO
BCE.TO
BCE Inc
WealthAwesomeMarket cap
$28.75B
P/E
4.6x
52W high
$35.31
52W low
$26.66
1W change
+4.95%
Beta
0.67
Analyst Price Targets
Based on analyst covering BCE · as of Oct 30, 2026
Wall Street analysts forecast BCE stock price to rise 20.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$37.03
+20.1% Upside
Previously C$36.81 on Oct 22, 2026
Current Price
C$30.83
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on BCE's historical volatility
30-Day Vol
32.3%
Annualized
90-Day Vol
25.3%
Annualized
Trend (90d)
-16.2%
Annualized drift
90d Mean
C$29.10
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$30.24 | C$27.05 – C$33.80 |
| 60 trading days | C$29.66 | C$25.34 – C$34.72 |
| 90 trading days | C$29.10 | C$23.99 – C$35.29 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 10 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | 0.7400 | 0.7000 | +5.7% |
| 2026-06-30 | 2026-08-06 | 0.6500 | 0.7000 | -7.1% |
| 2026-03-31 | 2026-05-07 | 0.6300 | 0.5800 | +8.6% |
| 2025-12-31 | 2026-02-05 | 0.6900 | 0.6200 | +11.3% |
| 2025-09-30 | 2025-11-06 | 0.7900 | 0.7100 | +11.3% |
| 2025-06-30 | 2025-08-07 | 0.6300 | 0.7100 | -11.3% |
Investor takeaway: BCE’s quarter brought revenue and operating cash flow growth, but adjusted EPS and free cash flow declined. Fibre, business services and media grew. Investment needs and progress toward lower debt remain important for Canadian investors. See the BCE stock page for more company information.
C$0.74 adjusted EPS
BCE’s adjusted EPS was 5.7% above the supplied C$0.70 calendar estimate, but 6.3% below the year-ago result. Free cash flow fell to C$854 million as capital spending increased.
Bull case
BCE’s consolidated revenue grew 2.2%, and adjusted EBITDA rose 0.9%. Bell Business Markets revenue increased 9.2%, including 41% growth in AI-powered solutions. Internet revenue grew 5.1%. Bell Media revenue rose 9.7%, and Crave subscriptions climbed 21% to 5.15 million. BCE added 24,110 postpaid mobile subscribers, while postpaid churn fell to 1.06%, its lowest third-quarter level in four years. Management reaffirmed its target of reducing net debt leverage to 3.5x by the end of 2027.
Bear case
Adjusted EPS fell 6.3% from a year ago, and free cash flow dropped to C$854 million as capital spending increased to support Bell AI Fabric and Ziply Fiber’s fibre network. Net earnings also fell sharply, largely because BCE recorded smaller gains on investment sales than in 2025. Recent EPS results have been mixed: BCE beat estimates in three of its last four reported quarters, but missed in June 2026. Investors will want to watch execution, capital spending and debt reduction.
Analysis
BCE reported adjusted EPS of C$0.74 for the quarter ended September 30, compared with the supplied calendar estimate of C$0.70. That’s a 5.7% beat. Adjusted EPS was down 6.3% from a year earlier. Net earnings fell 84.6% to C$701 million, largely because gains on investments were lower after BCE sold its MLSE stake in 2025. Net earnings attributable to common shareholders were C$630 million, or C$0.67 per common share.
Consolidated revenue grew 2.2%, and adjusted EBITDA rose 0.9%. Operating cash flow increased 15.9% to C$2.218 billion, but free cash flow fell to C$854 million as capital spending rose. BCE said the spending supported its Bell AI Fabric data-centre build-out and Ziply Fiber’s fibre-to-the-premise network.
The 5.7% headline comparison uses the supplied calendar estimate. A separate Zacks report cited adjusted EPS of US$0.53 against its US$0.49 consensus, and revenue of US$4.42 billion against US$4.34 billion. Those figures use a different reporting basis and estimate source, so they shouldn’t be mixed with the supplied calendar EPS comparison. BCE reported net earnings and adjusted EPS in Canadian dollars.
Analysis
Several parts of BCE’s business grew. Bell Business Markets revenue rose 9.2%, while revenue from AI-powered solutions increased 41%. Internet revenue grew 5.1%, supported by 67,199 residential fibre-to-the-home net additions across Canada and the United States, including Ziply Fiber. BCE added 24,110 postpaid mobile subscribers. Postpaid churn was 1.06%, down seven basis points and the company’s lowest third-quarter level in four years.
Bell Media revenue increased 9.7%, and adjusted EBITDA rose 8.0%. Crave subscriptions grew 21% to 5.15 million, supported by direct-to-consumer streaming. These results show growth beyond traditional connectivity, but lower free cash flow highlights the cost of funding network and data-centre investments.
After the quarter ended, BCE reached a definitive agreement for La Caisse to acquire a 49.9% stake in a newly formed wireless tower infrastructure company for C$2.45 billion, subject to customary adjustments. Management said the deal would help unlock value from infrastructure assets and support financial flexibility. BCE reaffirmed its target of reducing net debt leverage to 3.5x by the end of 2027. Investors can visit the BCE stock page to assess the balance between investment, cash generation and debt reduction.
Analysis
The supplied analyst-target data gives an average target of C$37.03, compared with the last close of C$30.83. That implies 20.1% upside to the average target. The consensus label is bullish based on the target-price comparison, but a formal rating isn’t available for this Canadian listing. Targets are estimates, not guarantees. See the BCE analyst ratings section for details.
Wealth Awesome’s statistical 90-day price model, which isn’t financial advice, gives a mean forecast of C$29.10. Its 68% range is C$23.99 to C$35.29, and its 95% range is C$19.78 to C$42.80. The model shows annualized drift of -16.2% and 30-day volatility of 32.3%. These are model estimates, not a price target or recommendation. See the BCE price prediction section for details.
The supplied recent-price data shows BCE at C$30.83 at the last close, above its 50-day moving average of C$29.98 and below its 200-day average of C$32.50. These figures provide market context, but the main earnings picture remains the same: BCE beat the calendar EPS estimate, while adjusted EPS fell year over year and free cash flow weakened.
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