BCE reports 2025 Q4 and full-year results, announces 2026 financial targets

Executive Summary

• BCE Inc. reported Q4 2025 net earnings of $632 M (up 25.1%) and full‑year 2025 net earnings of $6.514 B, surpassing its 2025 financial guidance targets.
• Adjusted EBITDA grew 2.3% YoY in Q4 to $2.664 B; adjusted EBITDA margin reached a record 41.6% for the quarter and 43.6% for the year – highest levels in over three decades.
• The company announced 2026 financial guidance (revenue growth 1‑5%, adjusted EBITDA growth 0‑4%, free cash flow growth 4‑10%) and declared a quarterly dividend of $0.4375 per share payable April 15, 2026.

Key Details

• Q4 2025 Financial Highlights
• Operating revenues: $6,404 M (‑0.3% YoY)
• Net earnings: $632 M (+25.1%); net earnings attributable to common shareholders: $594 M (+28.9%) → $0.64 per share
• Adjusted EBITDA: $2,664 M (+2.3%); adjusted EBITDA margin: 41.6% (↑1.0 ppt)

• Free cash flow: $225 M (‑74.3% YoY due to higher capex)

• Full‑Year 2025 Financial Highlights

• Operating revenues: $24,468 M (+0.2%)
• Net earnings: $6,514 M; net earnings attributable to common shareholders: $6,305 M → $6.79 per share
• Adjusted EBITDA: $10,658 M (+0.7%); adjusted EBITDA margin: 43.6% (record high)

• Free cash flow: $3,178 M (+10.0%)

• Operating Performance Highlights

• Postpaid mobile activations Q4: 56,124; churn improved to 1.49% (down 0.17 ppt).
• Retail fibre Internet activations Q4: 49,168 (incl. Ziply Fiber contribution); internet revenue grew 16.6%.
• AI‑powered solutions revenue up 31% in Q4, driven by Bell Cyber and Ateko.

• Crave subscriptions rose 26% to ~4.6 M; Q4 was the most‑watched quarter in Crave history.

• Segment Updates

• Bell CTS (U.S.) – Ziply Fiber acquisition (effective Aug 1 2025) added $232 M operating revenue in Q4 and $392 M for FY 2025; adjusted EBITDA $100 M in Q4, $171 M FY.

• Bell Media – Operating revenue down 3.4% YoY to $804 M in Q4; advertising revenue fell 11.1%, while subscriber revenue grew 1.5%. Adjusted EBITDA margin slipped to 18.8% (Q4).

• Capital Expenditures

• Q4 capex: $1,317 M (+36.8% YoY) – driven by U.S. FTTP expansion and Canadian CTS timing.

• FY 2025 capex: $3,700 M (‑5.1% YoY).

• Dividend

• Board declared quarterly dividend of $0.4375 per common share, payable April 15 2026 to shareholders of record March 16 2026.

• 2026 Guidance (consistent with Investor Day outlook)

• Revenue growth: 1%–5% (vs. 0%‑2% prior)
• Adjusted EBITDA growth: 0%–4% (vs. 0%‑2%)
• Capital intensity: <15% (target)
• Adjusted EPS growth: (11%) to (5%) (vs. (13%) to (10%))
• Free cash flow growth: 4%–10% (vs. 6%‑11%)

• Annualized dividend per share unchanged at $1.75

• Conference Call – BCE will discuss Q4 2025 results and 2026 outlook on Feb 5 2026, 8:00 am ET; webcast available.

Notable Quotes

“Bell's disciplined focus on its four strategic priorities… delivered strong results in 2025,” – Mirko Bibic, President & CEO, BCE.
“As we move into 2026, our focus shifts decisively to execution… we are well positioned to drive sustainable free cash flow growth and deliver long‑term returns for shareholders.” – Mirko Bibic.