Montreal, Feb 5, 2026, 09:41 (EST)
- BCE projects revenue growth between 1% and 5% in 2026, with free cash flow expected to rise from 4% to 10%
- Q4 profit for common shareholders jumped to $594 million; Crave subscriptions surged 26% to roughly 4.6 million
- BCE projects adjusted EPS will drop between 5% and 11% in 2026 and confirmed its annual dividend at $1.75 per share
BCE Inc projected 2026 revenue growth between 1% and 5% on Thursday. Its Crave streaming service finished the quarter with roughly 4.6 million subscribers, a 26% jump from a year ago. The Bell Canada parent also posted a fourth-quarter profit of $594 million, or 64 cents per share, attributed to common shareholders.
The outlook is crucial as Canada’s major telecoms work to safeguard cash flow and dividends amid persistently high fibre network construction costs and volatile wireless pricing. BCE is ramping up its U.S. fibre expansion, a move most of its Canadian rivals haven’t matched in scale.
BCE’s guidance outlines a familiar trade-off: revenue and cash flow are set to rise, yet per-share earnings will take a hit. The company anticipates adjusted earnings per share to drop between 5% and 11% this year, weighed down by increased depreciation and interest expenses, even as it aims for stronger free cash flow.
Operating revenue edged down 0.3% to $6.404 billion for the quarter, dragged by a 15% fall in product revenue. Service revenue, however, grew 2.9%. BCE reported net earnings of $632 million, up from $505 million a year ago.
Adjusted EBITDA, which excludes interest, taxes, and depreciation, climbed 2.3% to $2.664 billion, pushing the margin up to 41.6%. Adjusted EPS slipped 12.7% to 69 cents.
“Bell’s disciplined focus on its four strategic priorities … delivered strong results in 2025,” CEO Mirko Bibic said, highlighting margin gains and what he described as “wireless operating momentum.” Looking ahead to 2026, he noted BCE will “shift decisively to execution” as it advances its fibre strategy in the U.S.
Looking ahead to 2026, BCE expects adjusted EBITDA growth between 0% and 4%, while aiming to keep capital intensity—capital spending relative to revenue—under 15%. The company also projects free cash flow growth ranging from 4% to 10%. Notably, this guidance excludes the impact of its planned sale of Northwestel.
Crave’s subscriber growth coincided with a weaker quarter in advertising. Bell Media’s revenue slipped 3.4% to $804 million, dragged down by an 11.1% drop in ad sales amid sluggish demand for traditional ads and radio station divestitures. At the same time, subscriber revenue edged up 1.5%, fueled by gains in Crave and sports streaming.
BCE reported that total Crave subscriptions climbed to roughly 4.6 million, fueled by a 65% surge in Crave direct-to-consumer subscribers—those who subscribe independently rather than through pay-TV bundles—and a 30% increase in sports streaming subscribers. The company also highlighted the renewal of the Crave original “Heated Rivalry” for a second season.
On the network front, BCE added 56,124 postpaid mobile phone net activations during the quarter and noted that postpaid churn—the percentage of customers leaving—fell to 1.49%. The company also recorded 49,168 retail fibre Internet net activations, bolstered by Ziply Fiber, its U.S. acquisition from last year.
Free cash flow plunged 74.3% to $225 million this quarter, hit by a 36.8% surge in capital expenditures, which climbed to $1.317 billion. BCE attributed the rise in spending to investments in Ziply’s fibre-to-the-premise rollout — bringing fibre directly to homes and businesses — as well as the timing of its Canadian expenditures.
The risk remains that wireless prices won’t rise as expected or that the media ad market remains sluggish, squeezing BCE’s ability to meet cash flow goals without pushing up leverage. BCE has also flagged regulatory rulings as a potential drag on network investment returns—a challenge shared by Canadian players like Rogers Communications and Telus.
BCE’s board announced a quarterly dividend of 43.75 cents per common share, set for payment on April 15 to shareholders recorded by March 16. The annualized dividend remains unchanged at $1.75 per share.
