BCE’s third-quarter adjusted EPS beat the supplied estimate, but the result came with higher investment spending, pressure on wireless revenue and a still-high debt load.
BCE Inc. (TSX: BCE) reported third-quarter 2026 results after markets closed on November 4. Calendar EPS was C$0.74, above the C$0.70 estimate by 5.7%. BCE beat estimates in three of the last four comparable quarters, according to the supplied earnings history. The broader results were mixed: revenue and adjusted EBITDA grew, but free cash flow fell year over year as capital spending increased. For Canadian investors, the key question is whether growth in fibre, media and AI can produce lasting cash flow while BCE reduces its debt.
Recent earnings trend
BCE Inc
BCE.TO
BCE.TO
BCE Inc
WealthAwesomeMarket cap
$28.66B
P/E
12.0x
Div. yield
5.77%
Div. / share
$1.75
52W high
$35.31
52W low
$26.66
1W change
+3.87%
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 21.4% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$37.17
+21.4% Upside
Previously C$37.03 on Oct 30, 2026
Current Price
C$30.62
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
31.0%
Annualized
90-Day Vol
24.5%
Annualized
Trend (90d)
-18.2%
Annualized drift
90d Mean
C$28.70
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$29.96 | C$26.92 – C$33.35 |
| 60 trading days | C$29.32 | C$25.20 – C$34.11 |
| 90 trading days | C$28.70 | C$23.84 – C$34.54 |
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 | — | 0.5900 | — |
| 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 encouraging, but it doesn’t settle the investment case. Adjusted EBITDA and Bell Media grew, while wireless service revenue remained under pressure and quarterly free cash flow declined as investment increased. The planned C$2.45-billion tower-stake sale adds financial flexibility, but BCE also plans to reduce debt and fund growth projects. Review the BCE stock page, analyst targets and statistical price forecast alongside the earnings details.
C$0.74 adjusted EPS
Calendar EPS of C$0.74 came in 5.7% above the C$0.70 estimate. The supplied earnings history shows three beats in the last four comparable quarters. But the earnings-call summary says adjusted EPS fell C$0.05 year over year. Beating an estimate and growing earnings year over year are different things.
Bull case
Bell Media’s growth, rising Crave subscriptions, fibre additions and expanding AI-powered services give BCE potential sources of growth beyond traditional wireless. Postpaid churn improved year over year, and the tower transaction is expected to bring in C$2.45 billion. The supplied analyst data gives BCE an average target of C$37.17, above the C$30.62 last close used in that data.
Bear case
Wireless service revenue and average revenue per user (ARPU) are under pressure, while higher capital spending reduced free cash flow. Net debt leverage was about 3.7 times at quarter-end. BCE is targeting 3.5 times by the end of 2027. The tower sale will bring in cash, but BCE will give up part of its ownership in those assets. The outlook depends in part on whether the company can deliver on its AI and fibre investments, generate cash and reduce debt.
Analysis
BCE’s September-quarter calendar EPS was C$0.74, compared with the supplied estimate of C$0.70, a 5.7% beat. The earnings-call summary reports that Q3 revenue rose 2.2% year over year and adjusted EBITDA rose 9%. Adjusted EBITDA was stable excluding Ziply Fiber.
The same summary says adjusted EPS fell C$0.05 year over year, partly because of higher depreciation and amortization and lower tax adjustments. Net earnings and statutory EPS also fell compared with the year-ago quarter, which included a large gain from the sale of an MLSE minority stake. These are different earnings measures. The estimate beat doesn’t mean underlying profit grew year over year. The automatically inserted earnings trend table shows BCE’s quarterly estimate history.
Analysis
Bell Media was a bright spot. The call summary reports that revenue rose 9.7%, adjusted EBITDA increased 8%, and Crave subscribers grew 21% year over year to 5.15 million. Residential fibre additions and growth in AI-powered services also point to areas BCE is working to expand.
But capital spending rose C$439 million year over year as BCE invested in Bell AI Fabric and Ziply Fiber. Management expected total capital spending of about C$5 billion in 2026. Quarterly free cash flow was C$854 million, down year over year, and net debt leverage stood at about 3.7 times.
BCE plans to sell a 49.9% stake in its towers for C$2.45 billion. The deal is expected to close in the first quarter of 2027. The proceeds will give BCE more flexibility, while its stated priorities remain reducing debt and funding growth. Wireless service revenue declined, and ARPU fell 1.7%, making subscriber economics another key measure to watch.
Analysis
The supplied analyst data lists an average target of C$37.17, compared with a last close of C$30.62. That’s a 21.4% difference. The rating label reflects this target comparison, not a formal rating for BCE’s Canadian listing.
The Wealth Awesome 90-day price forecast is a statistical model, not financial advice. It gives a mean of C$28.70, with a 68% range of C$23.84 to C$34.54 and a 95% range of C$19.81 to C$41.57. These figures aren’t earnings guidance and can change with market conditions.
The supplied fundamentals snapshot lists BCE’s indicated dividend yield at 5.77%. Investors should weigh that yield against the company’s capital needs, debt and ability to sustain cash flow. See the analyst-target details and model forecast for the underlying figures.
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