Quebecor

Quebecor is a Canadian telecommunications and media company based in Montreal. Its main subsidiary, Videotron, provides mobile, internet, television and fixed phone services in Quebec and also sells the Fizz brand. In 2023, Videotron bought Freedom Mobile, which serves customers in Ontario, Western Canada and Atlantic Canada, so Quebecor now sells mobile services across Canada.

Quebecor also owns TVA Group, a television broadcaster, and other media and entertainment businesses. The Péladeau family controls the company through multiple voting Class A shares, and the Class B shares trade on the Toronto Stock Exchange.

The market prices Quebecor for strong price competition in Canadian wireless and for the cost of its national expansion. The market fears that price cuts by the large carriers will lower revenue per user. Quebecor must also invest to grow Freedom in Western Canada and to expand Fizz.

The results show progress: in Q3 2026, mobile ARPU grew 2.9%, the fourth increase in a row, mobile connections grew by a record 136,700, and adjusted EBITDA grew 12.5%. The consolidated net debt leverage ratio fell to 2.69x at September 30, 2026, and Quebecor says it is the lowest of Canada's major telecom companies. For the gap to close, mobile ARPU must keep growing, Quebecor must keep adding mobile subscribers outside Quebec without large price cuts, and leverage must stay below 3x while it raises its dividend and buys back shares.

The Q4 2026 report, estimated for early February 2027, is the next test. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a new price war in Canadian wireless.

1. Nov 5, 2026Passed

   Q3 2026 earnings: mobile ARPU and subscribersMobile ARPU growth and positive net mobile additions with leverage below 3x pass; falling ARPU fails.Outcome: Mobile ARPU rose 2.9%, mobile connections grew by a record 136,700, and leverage fell to 2.69x.
2. Feb 5, 2027 · est.Pending

   Q4 2026 results: free cash flowHigher free cash flow in 2026 than in 2025 and a stable leverage ratio pass; lower free cash flow fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Quebecor reported Q3 2026 results. Revenues rose 3.5% to C$1.45 billion, and adjusted EBITDA rose 12.5% to C$706.7 million. Net income attributable to shareholders was C$296.4 million (C$1.33 per share), and adjusted net income was C$294.1 million (C$1.32 per share). Free cash flow was C$422.3 million. Mobile ARPU rose 2.9%, and mobile connections grew by a record 136,700. In the first nine months of 2026, Quebecor bought back 3,899,900 Class B shares for C$237.6 million.
• November 4, 2026Quebecor declared a quarterly dividend of C$0.45 per share. Quebecor also reported a new 12-year sublicence with Rogers for the French-language broadcast rights of NHL games.
• October 6, 2026Videotron repaid C$100 million more of the third tranche of its term credit facility, after it repaid C$200 million in Q3 2026. C$100 million of the tranche is left.

• Canadian wireless is very competitive. If the large carriers cut prices, mobile revenue per user and margins fall.
• The expansion of Freedom and Fizz outside Quebec needs investment in networks and marketing. Slow subscriber growth would make the return on this investment low.
• Federal and CRTC decisions on wholesale access, spectrum and prices affect costs and competition in Canadian telecom.
• The Péladeau family controls the company through multiple voting shares, and the media businesses earn little. Class B shareholders have limited influence on decisions.

Quebecor holds most of its debt at Videotron. At September 30, 2026, long-term debt was C$5.94 billion and short-term borrowings were C$645.8 million. Read more

Yield at the current rate

2.3% (current annual rate, at today’s price)

Dividend yield

2.0% (last 12 months, at today’s price of CA$78.10)

Paid per share

CA$1.60 in the last 12 months (4 payments)

Current annual rate

CA$1.80 (CA$0.45 × 4 a year)

Latest ex-dividend date

August 21, 2026, CA$0.45 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 11.8% a year. From 2015 to 2025, the dividend grew by about 35.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.