Share values for one of North America’s biggest media companies — and pro sports team parents — were up by more than 11% in midday trading on the TSX as investors expressed their pleasure with Rogers Communications’ first quarter 2026 results.
Yet, while media revenues surged, wireless and cable dollars were flat.
With the company’s board declaring a $0.50 CDN dividend payable July 6 to shareholders on record on June 9, the Q1 results surpassed Zacks estimates on revenue and earnings per share.
In Q1, Rogers’ strong results can be seen in the revenue growth, up 10% year over year, as it moved to $5.48 billion CDN from $4.98 billion CDN. Adjusted EBITDA climbed by 5% to $2.36 million from $2.25 million, in Canadian Dollars.
Total it up, and adjusted net income rose to $550 million CDN, from $543 million CDN.
On an adjusted basis, the diluted earnings per share rose to $1.01 CDN from $0.99 CDN, as Free Cash Flow increased to $776 million CDN from $586 million CDN.
Thank the 2025 American League Champions, the Toronto Blue Jays, for much of the growth — Rogers Sports & Media owns the Major League Baseball team. Indeed, the company’s Media revenue increased by 82% this quarter, to $988 million CDN, primarily as a result of revenue from MLSE following the July 1, 2025 closing of Rogers’ MLSE transaction. Media adjusted EBITDA increased by $63 million CDN, the company added.
The one blemish? Lower ad revenue, which was offset by higher subscriber revenue related to the launch of the Warner Bros. Discovery suite of channels in Canada by Rogers.
Still, what’s ahead is positive, as Rogers updated its FCF guidance to a range of $4.1 million CDN-$4.3 million CDN, from $3.3 million CDN-$3.5 million CDN.
