Quebecor’s third-quarter adjusted EPS topped estimates as wireless growth and stronger media results lifted earnings. Free cash flow declined.
Quebecor Inc. (TSX: QBR.B) reported its third-quarter 2026 results before markets opened on November 5. Adjusted EPS was C$1.32, 4.8% above the C$1.26 calendar estimate. Revenue rose 3.5% year over year to C$1.45 billion, and adjusted EBITDA increased 12.5% to C$706.7 million. Telecommunications and media led the growth, while free cash flow fell. Stock-based compensation also provided a favourable contribution to reported results.
Recent earnings trend
Quebecor Inc
QBR-B.TO
QBR-B.TO
Quebecor Inc
WealthAwesomeMarket cap
$17.22B
P/E
17.7x
Div. yield
2.15%
Div. / share
$1.60
52W high
$77.22
52W low
$47.27
1W change
+15.27%
Beta
0.56
Analyst Price Targets
Based on analyst covering QBR-B · as of Nov 9, 2026
Wall Street analysts forecast QBR-B stock price to rise 1.0% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$77.85
+1.0% Upside
Previously C$73.20 on Oct 19, 2026
Current Price
C$77.07
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 QBR-B's historical volatility
30-Day Vol
33.5%
Annualized
90-Day Vol
28.2%
Annualized
Trend (90d)
+50.0%
Annualized drift
90d Mean
C$92.14
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$81.80 | C$72.88 – C$91.80 |
| 60 trading days | C$86.81 | C$73.74 – C$102.21 |
| 90 trading days | C$92.14 | C$75.44 – C$112.53 |
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: 4 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 | 2027-02-25 | — | 1.0900 | — |
| 2026-09-30 | 2026-11-05 | 1.3200 | 1.2600 | +4.8% |
| 2026-06-30 | 2026-08-06 | 1.0700 | 1.1100 | -3.6% |
| 2026-03-31 | 2026-05-14 | 0.9700 | 0.9300 | +4.3% |
| 2025-12-31 | 2026-02-26 | 0.9900 | 0.9500 | +4.2% |
| 2025-09-30 | 2025-11-06 | 1.0500 | 0.9700 | +8.2% |
Investor takeaway: Quebecor showed solid operating momentum, especially in mobile service, and reduced its leverage. But investors should also consider modest wireline service growth, lower free cash flow and the effect of stock-based compensation on EBITDA growth. The EPS beat is clear, but the figures provided don’t show how much of the earnings improvement came from recurring operations.
C$1.32 adjusted EPS
Adjusted EPS rose from C$1.05 a year earlier and beat the C$1.26 estimate by 4.8%. Revenue increased 3.5% to C$1.45 billion, while adjusted EBITDA grew 12.5% to C$706.7 million. Adjusted net income was C$294.1 million, up 21.7% year over year.
Bull case
Quebecor added 136,700 mobile subscriber connections, its biggest quarterly increase since launching mobile service in 2010. Mobile service revenue grew 9.6%, and mobile ARPU rose for a fourth straight quarter. Telecom adjusted EBITDA increased 7.5% to C$648 million.
Consolidated net debt fell by more than C$220 million, bringing leverage to 2.69x. Media adjusted EBITDA also rose by C$16.3 million from a year earlier.
Bear case
Free cash flow fell 5% to C$422 million. Quebecor attributed the decline to a lower working-capital adjustment. Wireline service revenue grew just 0.3%, while Sports and Entertainment revenue and adjusted EBITDA declined.
Quebecor also reported a favourable C$31.5 million impact from stock-based compensation. Without that impact, EBITDA growth would have been lower. The company’s expansion in Western Canada will require more network investment, and management noted challenges with the buildout in British Columbia.
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