Rogers beat the calendar’s EPS estimate, but slower wireless subscriber growth raises questions about the strength of the result.
Rogers Communications (TSX: RCI.B) reported adjusted third-quarter 2026 earnings of C$1.29 per share, 4.0% above the calendar estimate of C$1.24. That makes three beats in the past four comparable quarters. Revenue reached C$5.443 billion, up about 1.8% from a year earlier. Cash flow and sports media were bright spots, but wireless growth remained sluggish. For Canadian investors, the key question is whether stronger cash generation can make up for pressure in Rogers’ core telecom business. See the Rogers stock page for more company data.
Recent earnings trend
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Rogers Communications Inc
RCI-B.TO
RCI-B.TO
Rogers Communications Inc
WealthAwesomeMarket cap
$24.50B
P/E
28.2x
Div. yield
1.08%
Div. / share
$0.50
52W high
$54.70
52W low
$41.76
1W change
+0.31%
Beta
0.84
Analyst Price Targets
Based on analyst covering RCI-B · as of Oct 26, 2026
Wall Street analysts forecast RCI-B stock price to rise 30.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$59.07
+30.2% Upside
Previously C$58.97 on Oct 23, 2026
Current Price
C$45.36
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 RCI-B's historical volatility
30-Day Vol
29.2%
Annualized
90-Day Vol
29.1%
Annualized
Trend (90d)
-28.9%
Annualized drift
90d Mean
C$40.92
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$43.83 | C$39.62 – C$48.48 |
| 60 trading days | C$42.35 | C$36.72 – C$48.84 |
| 90 trading days | C$40.92 | C$34.36 – C$48.73 |
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.
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Analyst coverage: 11 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 | 2027-01-28 | — | 1.2700 | — |
| 2026-09-30 | 2026-10-23 | 1.2900 | 1.2400 | +4.0% |
| 2026-06-30 | 2026-07-21 | 1.1500 | 1.1300 | +1.8% |
| 2026-03-31 | 2026-04-22 | 1.0100 | 1.0200 | -1.0% |
| 2025-12-31 | 2026-01-29 | 1.5100 | 1.4000 | +7.9% |
| 2025-09-30 | 2025-10-23 | 1.3700 | 1.2400 | +10.5% |
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Investor takeaway: Adjusted earnings and reported free cash flow of roughly C$1.3 billion to C$1.4 billion support Rogers’ efforts to reduce debt. But postpaid net additions were just 6,000, well below analysts’ estimate of about 33,000. Wireless service revenue and average revenue per user (ARPU) also declined. The quarter sent a mixed signal: cash generation improved, but subscriber growth remains a concern.
C$1.29 adjusted EPS, versus C$1.24 estimated
Rogers’ adjusted EPS was 4.0% above the earnings calendar estimate, though other sources use different estimates and report different EPS figures. Revenue of C$5.443 billion rose about 1.8% year over year. Free cash flow of roughly C$1.3 billion to C$1.4 billion and leverage of about 3.7 times are positives. Still, weak postpaid additions show that the earnings beat doesn’t resolve concerns about growth.
Bull case
Lower capital spending helped increase free cash flow and bring leverage to about 3.7 times, according to company coverage. Media revenue rose 9%, and EBITDA grew 12%. Rogers now owns all of MLSE and plans to sell a minority stake in its combined sports and media business in the first half of 2027. If cash generation continues and the sale unlocks value, Rogers could make further progress in reducing debt. Analyst targets and the Rogers analyst section offer one view of market expectations.
Bear case
Wireless is the main risk. Postpaid net additions missed expectations and were well below the year-ago quarter. Wireless service revenue and ARPU also reportedly fell. Cable subscriber results were mixed, including negative net additions. Lower investment can boost cash flow in the short term, but cuts to network spending could limit future growth. If that happens, Rogers may depend more on sports and media to drive earnings.
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