TORONTO — As Canada’s most dominant multimedia company sees it, its Q4 2025 Media segment results are strong as they “reflect the success and scale opportunity with world-class sports assets.”
Indeed, Loonies and Twonies derived from Rogers Communications‘ purchase of the stake in Maple Leaf Sports & Entertainment held by the parent of Bell Media played a key role in the year-over-year performance. So did the American League pennant won by the company’s Toronto Blue Jays baseball club.
“In the fourth quarter, we delivered strong service revenue and adjusted EBITDA growth led by exceptional growth from our sports and media operations and solid performance in our telecom business,” Tony Staffieri, Rogers’ President/CEO, said ahead of the company’s earnings call on Thursday morning. “As we look to 2026, we will continue our disciplined execution and build on our momentum. Our 2026 outlook reflects continued growth and strong free cash flow gains as we look to unlock additional shareholder value from our world-class sports assets.”
On the earnings call, the word “media” was uttered a mere 18 times.
Total revenue grew to $6.17 billion CDN, from $5.48 billion CDN, as net income attributable to shareholders rose to $743 million CDN, from $558 million CDN.
On an adjusted basis, net income to shareholders came in at $818 million CDN, up from $794 million CDN.
Adjusted diluted EPS in Q4 was $1.51 CDN, rising from $1.46 CDN.
With Wireless service revenue and Cable service revenue in line with the fourth quarter of 2024, “Media” service revenue was the big story. But don’t go looking at Rogers’ stable of radio and TV stations for inspiration to core ad woes and the belief that the CRTC is stifling growth.
Media revenue increased by 126% in Q4 2025. However, Rogers makes it clear that this is a result of revenue from Maple Leaf Sports & Entertainment. There’s also the post-season success of the Toronto Blue Jays.
One positive revenue note, however, from Rogers is that it saw higher advertising and subscriber revenue related to the launch of the Warner Bros. Discovery suite of channels, thanks to a contract pluck from fiscally troubled industry peer Corus Entertainment.
That’s not to say there aren’t wins with Rogers’ radio stations. When it comes to Numeris ratings, Toronto’s Kiss 92.5 is home to Roz & Mocha, perhaps Canada’s No. 1 entertainment-oriented morning program. Its sister, CHFI-FM 98.1, is the foundation of the entire company and enjoys top ratings in a highly competitive environment.
Looking ahead, Rogers projects adjusted EBITDA increases of 1% to 3% in 2026, with Free Cash Flow in line with what was seen in 2025.
