BCE beat its calendar EPS estimate, but the bigger question is whether growth in fibre, media and AI can offset wireless weakness and heavy investment.
BCE Inc. (TSX: BCE) reported third-quarter 2026 results for the period ended September 30. Calendar EPS was C$0.74, above the C$0.70 estimate, a 5.7% beat. But adjusted EPS fell C$0.05 from a year earlier, even as revenue and adjusted EBITDA increased, according to the earnings-call highlights. For Canadian investors, the results show a mixed picture: Bell Media and fibre grew, wireless service revenue remained under pressure, and capital spending was high.
Recent earnings trend
BCE Inc
BCE.TO
BCE.TO
BCE Inc
WealthAwesomeMarket cap
$28.51B
P/E
11.9x
Div. yield
5.68%
Div. / share
$1.75
52W high
$35.31
52W low
$26.66
1W change
+7.30%
Beta
0.67
Analyst Price Targets
Based on analyst covering BCE · as of Nov 9, 2026
Wall Street analysts forecast BCE stock price to rise 21.6% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$37.17
+21.6% Upside
Previously C$37.03 on Oct 30, 2026
Current Price
C$30.57
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
32.2%
Annualized
90-Day Vol
24.7%
Annualized
Trend (90d)
-16.5%
Annualized drift
90d Mean
C$28.82
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$29.97 | C$26.83 – C$33.49 |
| 60 trading days | C$29.39 | C$25.12 – C$34.39 |
| 90 trading days | C$28.82 | C$23.78 – C$34.93 |
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 |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-04 | — | 0.6000 | — |
| 2026-09-30 | 2026-11-04 | 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% |
Investor takeaway: The EPS beat is a positive, but it doesn’t settle the case for investing in BCE. Watch whether operating growth leads to lasting free cash flow as the company invests in AI infrastructure and fibre and works to lower its debt. The earnings trend table and chart show how EPS has changed from quarter to quarter.
C$0.74 calendar EPS, 5.7% above estimate
BCE’s calendar EPS was C$0.74, compared with the C$0.70 estimate. At the same time, adjusted EPS fell C$0.05 year over year. Beating an estimate doesn’t necessarily mean earnings improved from last year.
Bull case
Bell Media revenue grew 9.7%, and adjusted EBITDA rose 8%. Crave subscribers increased 21% year over year. Revenue from AI-powered solutions climbed 41%, and BCE added more than 58,000 residential fibre-to-the-home internet subscribers in Canada. Postpaid churn improved to 1.06%. BCE also agreed to sell a 49.9% stake in its tower business for C$2.45 billion, giving it more flexibility to fund debt reduction and growth projects.
Bear case
Wireless service revenue fell 13% year over year, or about 5% excluding the effect of mandated connection-fee changes. Wireless ARPU declined 1.7%. Free cash flow was C$854 million, down from a year earlier as capital expenditures rose by C$439 million. Net debt leverage was about 3.7 times, and BCE aims to bring it to 3.5 times by the end of 2027. The tower sale will also leave BCE with a smaller stake in infrastructure it previously owned outright.
Analysis
BCE’s calendar EPS of C$0.74 beat the C$0.70 estimate by 5.7%. The earnings-call highlights report that revenue rose 2.2% year over year and adjusted EBITDA increased 9%. Adjusted EBITDA margin was 45.1%, down 60 basis points, partly because product sales made up a larger share of revenue and carry lower margins.
Adjusted EPS fell C$0.05. BCE cited higher depreciation and amortization expenses and lower tax adjustments compared with last year. Net earnings and statutory EPS also declined from a year-ago quarter that included a C$5.2-billion gain from selling a minority stake in MLSE.
Free cash flow was C$854 million, down year over year as capital spending increased. BCE expects total capital expenditures of about C$5 billion in 2026 and reconfirmed its 2026 financial guidance. For more company data, visit the BCE stock page.
Analysis
Bell Media was a bright spot. Revenue grew 9.7%, adjusted EBITDA rose 8%, and Crave subscribers reached 5.15 million, up 21% year over year. Bell Business Markets revenue increased 9.2%, while AI-powered solutions revenue grew 41%. BCE also added more than 58,000 residential fibre-to-the-home internet subscribers in Canada.
In wireless, postpaid churn improved to 1.06%, but service revenue fell 13% year over year. Excluding mandated connection-fee changes, the decline was about 5%. ARPU fell 1.7%.
BCE expects the C$2.45-billion sale of a 49.9% stake in its tower business to close in the first quarter of 2027. The company says it will use the proceeds to strengthen its finances and invest in growth. Investors can review analyst coverage and targets as they consider whether these plans can support cash generation.
Analysis
The supplied analyst-target data puts the average target at C$37.17, compared with a last close of C$30.57. That’s 21.6% above the average target. The data describes the consensus as bullish based on this comparison, but it doesn’t provide a formal rating for BCE’s Canadian listing.
Wealth Awesome’s statistical 90-day price model gives a mean forecast of C$28.82. Its 68% range is C$23.78 to C$34.93, and its 95% range is C$19.62 to C$42.33. The model estimates annualized drift of -16.5% and 30-day volatility of 32.2%. It’s a statistical model, not financial advice or a price target. Review the BCE price forecast alongside the company’s results and your own risk tolerance.
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