It’s been a bumpy few weeks for Rogers Sports + Media, which has been placed under a microscope by Canadian radio and television industry observers for its July 7 sudden cessation of operations at its all-News stations outside of Toronto while also pulling the plug on two all-Sports AMs serving key Western locales.
For investors, the reaction was mixed, as parent Rogers Communications’ TSX-traded shares had hit a year-to-date low a day before. With shares down from nearly $41 CDN per share in early March, stockholders may be pleased in knowing Rogers’ Q2 earnings report surpassed the forecasts of Zacks.
“Our second quarter results reflect strong execution, delivering growth across our three lines of business,” said Rogers President/CEO Tony Staffieri. “We’re excited to bring together Canada’s premier communications company with one of the world’s premier sports and entertainment organizations and unlock long-term value for our shareholders.”
Revenue rose by 8% to $5.62 billion CDN, from $5.22 billion CDN, as adjusted EBITDA advanced to $2.44 billion CDN, from $2.36 billion CDN.
On an adjusted basis, net income was flat, inching ahead to $633 million CDN ($1.15 CDN per share) from $632 million CDN ($1.14 CDN). That beat the Zacks Consensus Estimate by 3.75% and is up 1.2% year over year.
Free Cash Flow came in at $982 million CDN, rising from $925 million CDN.
Media revenue increased by 53% this quarter, to $1.16 billion CDN. But, Rogers explained, this is primarily a result of revenue from Maple Leaf Sports & Entertainment. MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Toronto’s Scotiabank Arena.
Media is the No. 3 revenue segment for Rogers, with Wireless flat at $2.54 billion CDN in Q2 dollars and Cable up 1% to $1.98 billion CDN in the quarter.
And, once again, Rogers did not offer any insight into just how its radio and TV assets are performing under its Media umbrella in its Q2 2026 earnings release.
Radio was not mentioned during the company’s earnings call discussing the results; neither was Television. Brian Wieser of Madison & Wall nevertheless believes the results reflect “the structural pressure facing traditional television in Canada.” With video service subscribers falling by 4.3% from Q2 2025, he notes, “Continued subscriber losses are putting pressure on linear television revenue.”
Writing in an investor note, Wieser adds, “The broader picture remains unchanged. Canadian television is facing the same structural pressures seen elsewhere: declining reach, continued erosion in linear revenue, and an ongoing shift of advertising budgets toward global digital platforms. Rogers’ ownership of premium sports assets is helping offset those pressures, but it is not reversing them.”
