- Company name
- Rogers Communications
- Sector
- Telecommunications
- About
- Rogers Communications is one of the largest communications companies in Canada. It reports three segments: Wireless, Cable and Media. Wireless sells mobile phone and data plans under the Rogers, Fido and chatr brands and had 11.05 million postpaid mobile phone subscribers at September 30, 2026. Cable sells Internet, TV and home phone services, mostly in Ontario and in western Canada after the purchase of Shaw Communications in April 2023. Media owns Sportsnet, other TV and radio stations, the Toronto Blue Jays and Rogers Centre, and Maple Leaf Sports & Entertainment (MLSE), which owns the Toronto Maple Leafs, the Toronto Raptors and Scotiabank Arena. Rogers became the 100% owner of MLSE on October 1, 2026. Revenue was C$16.5 billion in the first nine months of 2026. The Rogers family controls the company through the Class A voting shares, and the Class B shares (RCI.B) have no vote.
- Thesis
- The market prices Rogers for high debt, strong price competition in Canadian wireless and the cost of its sports purchases. Mobile phone ARPU fell to C$55.22 in Q3 2026 from C$56.70 a year earlier, and wireless service revenue fell 1%. In April 2026, Rogers cut its capital spending plan because of competition and recent regulatory decisions. It paid C$4.35 billion in cash on October 1, 2026, for the last 25% of MLSE, funded with credit facilities, which adds to debt that was already 3.7 times adjusted EBITDA at September 30, 2026, on the company's measure. For the gap to close, three things must be true. Rogers must meet its 2026 guidance of 1% to 3% adjusted EBITDA growth and free cash flow of C$4.1 billion to C$4.3 billion, as lower capital spending lifts cash flow. It reaffirmed this guidance in October 2026, with free cash flow of C$3.13 billion in the first nine months. It must sell a minority interest in the new Rogers Sports unit at a value that cuts debt, as it plans by the first half of 2027. Wireless prices must become stable, so that service revenue grows again. The full-year report and the 2027 guidance in late January 2027, and news of the Rogers Sports sale, give the next tests. If these checks pass, the gap can close over the next four to eight quarters. The main reason it may not close is a longer price war among Canadian carriers, which keeps wireless revenue flat.
- Risks
- Debt is high. Long-term debt and short-term borrowings were about C$43.9 billion before costs at September 30, 2026, and the C$4.35 billion MLSE purchase added more in October 2026. S&P rates the senior debt BBB- with a negative outlook. A downgrade below investment grade raises borrowing costs.
Price competition among Canadian carriers lowers wireless prices. Mobile phone ARPU fell 2.6% in Q3 2026, and wireless service revenue fell 1%. A longer price war keeps wireless earnings flat.
Rogers plans to sell a minority interest in Rogers Sports to cut debt. The sale needs league approvals and may not happen at the expected value or time. Sports teams also have high and rising player costs.
Regulatory decisions in Canada can lower returns on network investment. Rogers cut capital spending in 2026 partly because of these decisions. A CRTC decision that bans certain fees lowered wireless service revenue in Q3 2026.
- Balance sheet
- Cash: CA$3.2B
Debt: CA$43.9B
Net debt: CA$40.7B
EBITDA, last 12 months: CA$10.0B
Net debt / EBITDA: 4.1× (high)
Undrawn credit line: CA$5.1B
Debt due within 12 months: CA$5.7B
Ratings: S&P BBB- (negative outlook), Moody's Baa3 (stable outlook)
Rogers funds itself with senior notes, subordinated notes, bank credit facilities, a receivables securitization program and commercial paper. At September 30, 2026, long-term debt was C$42.6 billion before costs, including C$4.36 billion due within one year, and short-term borrowings were C$1.32 billion. Cash was C$3.15 billion. Cash includes C$2.0 billion of net proceeds from the subordinated notes issued in September 2026, which Rogers plans to use to redeem its C$2.0 billion subordinated notes due 2081 in December 2026. The company's debt leverage ratio was 3.7 times trailing 12-month adjusted EBITDA of C$10.03 billion, down from 3.8 at June 30, 2026, and 4.0 at December 31, 2025. This ratio counts only 50% of most subordinated notes, includes leases and uses the hedged rate for U.S. dollar debt, so it is lower than plain net debt to EBITDA. Available liquidity was C$8.3 billion, including C$5.1 billion under bank and other credit facilities. The weighted average cost of borrowings was 5.02%, and the weighted average term was 8.3 years. On October 1, 2026, Rogers drew C$4.35 billion of new credit facilities to pay for the rest of MLSE, so debt is now higher.
As of Sep 30, 2026.
- Checkpoints
- Oct 23, 2026: Q3 2026 results: free cash flow and wireless. Failed. Watch: Free cash flow growth on lower capital spending, the 2026 guidance kept and stable mobile phone ARPU pass; a cut to guidance or a further large fall in ARPU fails. Outcome: Free cash flow rose 65% and Rogers kept its 2026 guidance, but mobile phone ARPU fell 2.6%, a larger fall than in Q2 2026, and wireless service revenue fell 1%.
Jan 23, 2027 (estimate): Full-year 2026 results and 2027 guidance. Pending. Watch: Free cash flow of C$4.1 billion to C$4.3 billion for 2026 and a 2027 plan that lowers leverage pass; a miss or a plan with higher leverage fails.
Q2 2027 (estimate): Sale of a minority interest in Rogers Sports. Pending. Watch: A signed sale by the end of June 2027 at a value that cuts the debt leverage ratio passes; no sale by then or a sale at a low value fails.
- Recent events
- Oct 23, 2026: Rogers reported Q3 2026 results. Total service revenue and adjusted EBITDA both rose 1%, to C$4.78 billion and C$2.54 billion. Free cash flow was a record C$1.37 billion, up 65%, as capital spending fell 46% to C$524 million. Wireless service revenue fell 1% because mobile phone ARPU fell to C$55.22 from C$56.70, partly because of a CRTC decision that bans certain fees. Postpaid mobile phone net additions were 6,000 and churn was 1.03%. The debt leverage ratio fell to 3.7 times. Rogers reaffirmed its 2026 guidance and said that it plans to sell a minority interest in Rogers Sports by the first half of 2027.
Oct 1, 2026: Rogers completed the purchase of the remaining 25% of MLSE from Kilmer Sports for C$4.35 billion and now owns 100% of MLSE. It is creating a new unit, Rogers Sports, with MLSE, the Toronto Blue Jays and its sports media businesses.
Sep 9, 2026: Rogers priced an offering of US$1 billion of subordinated notes due 2057, at 7.150% and 7.400%, and a C$600 million private placement of 6.000% subordinated notes due 2057. The offerings were expected to close on September 23, 2026. Rogers will use the money to redeem or buy back its 5.00% subordinated notes due 2081 and 5.25% subordinated notes due 2082.
Jul 22, 2026: Rogers reported Q2 2026 results. Total service revenue rose 8%, mostly because of MLSE, and adjusted EBITDA rose 3% to C$2.44 billion. Free cash flow was C$982 million, up 6%, as capital spending fell 16% to C$695 million. Postpaid mobile phone net additions were 22,000 and churn was 0.94%. A non-cash loss of C$1.03 billion on the MLSE put liability caused a net loss of C$665 million. Rogers kept its 2026 guidance.
Jul 6, 2026: Rogers agreed to buy the remaining 25% of MLSE from Kilmer Sports for C$4.35 billion in cash.
Apr 22, 2026: Rogers reported Q1 2026 results and updated its 2026 guidance because of strong competition and recent regulatory decisions. The new ranges are capital spending of C$2.5 billion to C$2.7 billion and free cash flow of C$4.1 billion to C$4.3 billion, with service revenue growth of 3% to 5% and adjusted EBITDA growth of 1% to 3%.