None
SEDAR Interim Financial Statements
RCI · Price
[
{
"companyName": "Rogers Communications Inc.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"asAtSeptember302025": {
"cashAndCashEquivalents": 1512,
"accountsReceivable": 5590,
"inventories": 481,
"currentPortionOfContractAssets": 157,
"otherCurrentAssets": 1298,
"currentPortionOfDerivativeInstruments": 166,
"assetsHeldForSale": 166,
"totalCurrentAssets": 9370,
"propertyPlantAndEquipment": 26218,
"intangibleAssets": 28868,
"investments": 1169,
"derivativeInstruments": 825,
"financingReceivables": 1055,
"otherLongTermAssets": 1864,
"goodwill": 20246,
"totalAssets": 89615,
"shortTermBorrowings": 3613,
"accountsPayableAndAccruedLiabilities": 4368,
"incomeTaxPayable": 0,
"otherCurrentLiabilities": 3777,
"contractLiabilities": 1105,
"currentPortionOfLongTermDebt": 1599,
"currentPortionOfLeaseLiabilities": 612,
"liabilitiesAssociatedWithAssetsHeldForSale": 49,
"totalCurrentLiabilities": 15123,
"provisions": 58,
"longTermDebt": 36723,
"leaseLiabilities": 2415,
"otherLongTermLiabilities": 2243,
"deferredTaxLiabilities": 9423,
"totalLiabilities": 65985,
"equityAttributableToRciShareholders": 16943,
"nonControllingInterest": 6687,
"totalEquity": 23630,
"totalLiabilitiesAndEquity": 89615
},
"asAtDecember312024": {
"cashAndCashEquivalents": 898,
"accountsReceivable": 5478,
"inventories": 641,
"currentPortionOfContractAssets": 1,
"otherCurrentAssets": 849,
"currentPortionOfDerivativeInstruments": 336,
"assetsHeldForSale": 0,
"totalCurrentAssets": 8373,
"propertyPlantAndEquipment": 25072,
"intangibleAssets": 17858,
"investments": 615,
"derivativeInstruments": 997,
"financingReceivables": 1189,
"otherLongTermAssets": 1027,
"goodwill": 16280,
"totalAssets": 71411,
"shortTermBorrowings": 2959,
"accountsPayableAndAccruedLiabilities": 4059,
"incomeTaxPayable": 26,
"otherCurrentLiabilities": 482,
"contractLiabilities": 800,
"currentPortionOfLongTermDebt": 3696,
"currentPortionOfLeaseLiabilities": 587,
"liabilitiesAssociatedWithAssetsHeldForSale": 0,
"totalCurrentLiabilities": 12609,
"provisions": 61,
"longTermDebt": 38200,
"leaseLiabilities": 2191,
"otherLongTermLiabilities": 1666,
"deferredTaxLiabilities": 6281,
"totalLiabilities": 61008,
"equityAttributableToRciShareholders": 10403,
"nonControllingInterest": 0,
"totalEquity": 10403,
"totalLiabilitiesAndEquity": 71411
},
"cashPerShare": 2.8052,
"workingCapitalPerShare": -10.6735
},
"incomeStatement": {
"threeMonthsEndedSeptember302025": {
"revenue": 5348,
"operatingCosts": 2833,
"depreciationAndAmortization": 1230,
"restructuringAcquisitionAndOther": 51,
"financeCosts": 252,
"otherIncomeExpense": -5038,
"incomeBeforeIncomeTaxExpense": 6020,
"incomeTaxExpense": 212,
"netIncome": 5808,
"netIncomeAttributableToRciShareholders": 5754,
"netIncomeAttributableToNonControllingInterest": 54,
"earningsPerShareBasic": 10.66,
"earningsPerShareDiluted": 10.62,
"weightedAverageSharesOutstandingBasic": 540000000,
"weightedAverageSharesOutstandingDiluted": 542000000
},
"threeMonthsEndedSeptember302024": {
"revenue": 5129,
"operatingCosts": 2584,
"depreciationAndAmortization": 1157,
"restructuringAcquisitionAndOther": 91,
"financeCosts": 568,
"otherIncomeExpense": 2,
"incomeBeforeIncomeTaxExpense": 727,
"incomeTaxExpense": 201,
"netIncome": 526,
"netIncomeAttributableToRciShareholders": 526,
"netIncomeAttributableToNonControllingInterest": 0,
"earningsPerShareBasic": 0.99,
"earningsPerShareDiluted": 0.98,
"weightedAverageSharesOutstandingBasic": 534000000,
"weightedAverageSharesOutstandingDiluted": 536000000
},
"nineMonthsEndedSeptember302025": {
"revenue": 15540,
"operatingCosts": 8409,
"depreciationAndAmortization": 3580,
"restructuringAcquisitionAndOther": 416,
"financeCosts": 1459,
"otherIncomeExpense": -5045,
"incomeBeforeIncomeTaxExpense": 6721,
"incomeTaxExpense": 485,
"netIncome": 6236,
"netIncomeAttributableToRciShareholders": 6191,
"netIncomeAttributableToNonControllingInterest": 45,
"earningsPerShareBasic": 11.49,
"earningsPerShareDiluted": 11.46,
"weightedAverageSharesOutstandingBasic": 539000000,
"weightedAverageSharesOutstandingDiluted": 540000000
},
"nineMonthsEndedSeptember302024": {
"revenue": 15123,
"operatingCosts": 8039,
"depreciationAndAmortization": 3442,
"restructuringAcquisitionAndOther": 323,
"financeCosts": 1724,
"otherIncomeExpense": 5,
"incomeBeforeIncomeTaxExpense": 1590,
"incomeTaxExpense": 414,
"netIncome": 1176,
"netIncomeAttributableToRciShareholders": 1176,
"netIncomeAttributableToNonControllingInterest": 0,
"earningsPerShareBasic": 2.21,
"earningsPerShareDiluted": 2.19,
"weightedAverageSharesOutstandingBasic": 533000000,
"weightedAverageSharesOutstandingDiluted": 534000000
}
},
"cashFlowStatement": {
"threeMonthsEndedSeptember302025": {
"netIncome": 5808,
"depreciationAndAmortization": 1230,
"programRightsAmortization": 15,
"financeCosts": 252,
"incomeTaxExpense": 212,
"postEmploymentBenefitsContributionsNetOfExpense": 19,
"incomeLossesFromAssociatesAndJointVentures": -20,
"gainOnRevaluationOfMlseInvestment": -5016,
"other": -75,
"cashProvidedByOperatingActivitiesBeforeChanges": 2425,
"changeInNetOperatingAssetsAndLiabilities": -133,
"incomeTaxesPaid": -234,
"interestPaid": -543,
"cashProvidedByOperatingActivities": 1515,
"capitalExpenditures": -964,
"additionsToProgramRights": -21,
"changesInNonCashWorkingCapitalRelatedToCapitalExpendituresAndIntangibleAssets": -51,
"acquisitionsAndOtherStrategicTransactionsNetOfCashAcquired": -4499,
"other": -3,
"cashUsedInInvestingActivities": -5538,
"netProceedsReceivedFromRepaymentOfShortTermBorrowings": 1972,
"netRepaymentIssuanceOfLongTermDebt": -2928,
"netPaymentsProceedsOnSettlementOfDebtDerivativesAndSubsidiaryEquityDerivatives": -37,
"transactionCostsIncurred": -4,
"principalPaymentsOfLeaseLiabilities": -147,
"dividendsPaidToRciShareholders": -270,
"distributionsPaidBySubsidiariesToNonControllingInterests": -14,
"issuanceOfSubsidiarySharesToNonControllingInterest": 0,
"other": 0,
"cashUsedInProvidedByFinancingActivities": -1428,
"changeInCashAndCashEquivalents": -5451,
"cashAndCashEquivalentsBeginningOfPeriod": 6963,
"cashAndCashEquivalentsEndOfPeriod": 1512
},
"threeMonthsEndedSeptember302024": {
"netIncome": 526,
"depreciationAndAmortization": 1157,
"programRightsAmortization": 13,
"financeCosts": 568,
"incomeTaxExpense": 201,
"postEmploymentBenefitsContributionsNetOfExpense": 19,
"incomeLossesFromAssociatesAndJointVentures": 2,
"gainOnRevaluationOfMlseInvestment": 0,
"other": -44,
"cashProvidedByOperatingActivitiesBeforeChanges": 2442,
"changeInNetOperatingAssetsAndLiabilities": 200,
"incomeTaxesPaid": -156,
"interestPaid": -593,
"cashProvidedByOperatingActivities": 1893,
"capitalExpenditures": -977,
"additionsToProgramRights": -33,
"changesInNonCashWorkingCapitalRelatedToCapitalExpendituresAndIntangibleAssets": -70,
"acquisitionsAndOtherStrategicTransactionsNetOfCashAcquired": 0,
"other": -1,
"cashUsedInInvestingActivities": -1081,
"netProceedsReceivedFromRepaymentOfShortTermBorrowings": -142,
"netRepaymentIssuanceOfLongTermDebt": 18,
"netPaymentsProceedsOnSettlementOfDebtDerivativesAndSubsidiaryEquityDerivatives": -25,
"transactionCostsIncurred": 0,
"principalPaymentsOfLeaseLiabilities": -127,
"dividendsPaidToRciShareholders": -186,
"distributionsPaidBySubsidiariesToNonControllingInterests": 0,
"issuanceOfSubsidiarySharesToNonControllingInterest": 0,
"other": 1,
"cashUsedInProvidedByFinancingActivities": -461,
"changeInCashAndCashEquivalents": 351,
"cashAndCashEquivalentsBeginningOfPeriod": 451,
"cashAndCashEquivalentsEndOfPeriod": 802
},
"nineMonthsEndedSeptember302025": {
"netIncome": 6236,
"depreciationAndAmortization": 3580,
"programRightsAmortization": 65,
"financeCosts": 1459,
"incomeTaxExpense": 485,
"postEmploymentBenefitsContributionsNetOfExpense": 55,
"incomeLossesFromAssociatesAndJointVentures": -22,
"gainOnRevaluationOfMlseInvestment": -5016,
"other": -110,
"cashProvidedByOperatingActivitiesBeforeChanges": 6732,
"changeInNetOperatingAssetsAndLiabilities": -244,
"incomeTaxesPaid": -548,
"interestPaid": -1533,
"cashProvidedByOperatingActivities": 4407,
"capitalExpenditures": -2773,
"additionsToProgramRights": -69,
"changesInNonCashWorkingCapitalRelatedToCapitalExpendituresAndIntangibleAssets": -107,
"acquisitionsAndOtherStrategicTransactionsNetOfCashAcquired": -4499,
"other": 5,
"cashUsedInInvestingActivities": -7443,
"netProceedsReceivedFromRepaymentOfShortTermBorrowings": 636,
"netRepaymentIssuanceOfLongTermDebt": -2504,
"netPaymentsProceedsOnSettlementOfDebtDerivativesAndSubsidiaryEquityDerivatives": 40,
"transactionCostsIncurred": -103,
"principalPaymentsOfLeaseLiabilities": -414,
"dividendsPaidToRciShareholders": -643,
"distributionsPaidBySubsidiariesToNonControllingInterests": -14,
"issuanceOfSubsidiarySharesToNonControllingInterest": 6656,
"other": -4,
"cashUsedInProvidedByFinancingActivities": 3650,
"changeInCashAndCashEquivalents": 614,
"cashAndCashEquivalentsBeginningOfPeriod": 898,
"cashAndCashEquivalentsEndOfPeriod": 1512
},
"nineMonthsEndedSeptember302024": {
"netIncome": 1176,
"depreciationAndAmortization": 3442,
"programRightsAmortization": 52,
"financeCosts": 1724,
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"postEmploymentBenefitsContributionsNetOfExpense": 54,
"incomeLossesFromAssociatesAndJointVentures": 1,
"gainOnRevaluationOfMlseInvestment": 0,
"other": -99,
"cashProvidedByOperatingActivitiesBeforeChanges": 6764,
"changeInNetOperatingAssetsAndLiabilities": -209,
"incomeTaxesPaid": -388,
"interestPaid": -1622,
"cashProvidedByOperatingActivities": 4545,
"capitalExpenditures": -3034,
"additionsToProgramRights": -56,
"changesInNonCashWorkingCapitalRelatedToCapitalExpendituresAndIntangibleAssets": -31,
"acquisitionsAndOtherStrategicTransactionsNetOfCashAcquired": -475,
"other": 11,
"cashUsedInInvestingActivities": -3585,
"netProceedsReceivedFromRepaymentOfShortTermBorrowings": 1119,
"netRepaymentIssuanceOfLongTermDebt": -1108,
"netPaymentsProceedsOnSettlementOfDebtDerivativesAndSubsidiaryEquityDerivatives": -3,
"transactionCostsIncurred": -46,
"principalPaymentsOfLeaseLiabilities": -358,
"dividendsPaidToRciShareholders": -558,
"distributionsPaidBySubsidiariesToNonControllingInterests": 0,
"issuanceOfSubsidiarySharesToNonControllingInterest": 0,
"other": -4,
"cashUsedInProvidedByFinancingActivities": -958,
"changeInCashAndCashEquivalents": 2,
"cashAndCashEquivalentsBeginningOfPeriod": 800,
"cashAndCashEquivalentsEndOfPeriod": 802
}
},
"investmentsAndOtherAssets": [
{
"type": "Investment in private company",
"description": "Investments in private companies measured at fair value through other comprehensive income",
"ownershipPercentage": null,
"value": 105,
"notes": "As at September 30, 2025; acquired through MLSE Transaction"
},
{
"type": "Joint Venture",
"description": "Investments in associates and joint ventures, including Live Nation Ontario Concerts L.P. (46%), York Bremner Developments Limited (37.5%), and York Bremner Hotel Leaseholds Limited (33.75%)",
"ownershipPercentage": null,
"value": 1064,
"notes": "As at September 30, 2025; includes investments acquired through MLSE Transaction"
}
],
"shareStructure": {
"authorizedShares": null,
"issuedShares": 540225000,
"classesOfShares": [
"Class A Voting Shares",
"Class B Non-Voting Shares"
],
"warrants": [],
"options": [
{
"number": 11766094,
"exercisePrice": 58.58,
"expiryDate": null
}
],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"threeMonthsEndedSeptember302025": {
"totalEmployeeSalariesBenefitsAndStockBasedCompensation": 710,
"stockBasedCompensationExpense": 22
},
"nineMonthsEndedSeptember302025": {
"totalEmployeeSalariesBenefitsAndStockBasedCompensation": 1878,
"stockBasedCompensationExpense": 65
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Controlling shareholder (Rogers Control Trust)",
"description": "Transactions with private companies controlled by the controlling shareholder",
"amount": null,
"period": "Three and nine months ended September 30, 2025"
},
{
"counterparty": "Dream Unlimited Corp.",
"description": "Rental of spaces in office and residential buildings",
"amount": null,
"period": "Three and nine months ended September 30, 2025"
},
{
"counterparty": "Brad Shaw",
"description": "Advisory agreement for transition and integration of Shaw",
"amount": 3,
"period": "Nine months ended September 30, 2025"
},
{
"counterparty": "Shaw Family Group",
"description": "Various transactions",
"amount": null,
"period": "Three and nine months ended September 30, 2025"
},
{
"counterparty": "Director (legacy pension arrangement)",
"description": "Monthly payments of $1 million until March 2035",
"amount": 3,
"period": "Three months ended September 30, 2025"
},
{
"counterparty": "Director (legacy pension arrangement)",
"description": "Monthly payments of $1 million until March 2035",
"amount": 9,
"period": "Nine months ended September 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": null,
"description": "Sale of customer-facing data centre business to InfraRed Capital Partners expected to close during the three months ended December 31, 2025",
"impactValue": null
},
{
"eventDate": "2025-10-22",
"description": "Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on January 2, 2026",
"impactValue": null
}
]
}
]
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