Rogers Communications Reports Q2 2026 Results: Full Earnings Call Transcript

Rogers Communications (NYSE: RCI ) reported second-quarter financial results on Wednesday. The transcript from the company's second-quarter earnings call has been provided below. This content is powered APIs. For comprehensive financial data and transcripts, visit The full earnings call is available at Summary Rogers Communications Inc.

reported an 8% increase in consolidated service revenue and a 3% rise in adjusted EBITDA for Q2 2026, with free cash flow up 6% year-on-year to $1 billion. The company has reduced its capital expenditure by 16%, achieving the lowest capital intensity ratio since Q1 2008, and expects further reductions in H2 2026. Rogers announced the acquisition of the remaining 25% stake in Maple Leaf Sports & Entertainment (MLSE), aiming to monetize the combined sports and media assets by selling a minority stake, while maintaining an investment-grade balance sheet.

Wireless service revenue remained stable with 40,000 net additions, while cable saw a 1% growth in service revenue and internet net additions of 17,000. Rogers Sports and Media reported a 53% increase in revenue, driven by organic growth and the consolidation of MLSE, with plans to continue investing in sports teams and media assets. Management emphasized a strategic pivot away from short-term promotional pricing towards sustainable value propositions and maintaining strong financial and operational performance. Full Transcript OPERATOR Thank you for standing by.

This is the conference operator. Welcome to the Rogers Communications Inc. Second Quarter 2026 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded.

Following the presentation, we'll conduct a question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Paul Carpino, Vice President of Investor Relations with Rogers Communications.

Please go ahead, Mr. Carpino. Paul Carpino, Vice President of Investor Relations Thank you, Gaylene and good morning everyone and thank you for joining us today. I'm here with our President and Chief Executive Officer Tony Staffieri and our Chief Financial Officer Glenn Brandt.

Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report and in our 2025 annual report regarding the various factors, assumptions and risks that could cause actual results to differ. With that, let me turn it over to Tony. Tony Staffieri, Chief Executive Officer Thank you Paul and good morning everyone.

In releasing our second quarter results this morning, I'm pleased to report that Rogers continued to deliver solid performance across our three lines of business. We remain focused on driving growth and delivering on our commitments. Consolidated service revenue and adjusted EBITDA were up 8% and 3% respectively despite an overall low-growth telecom market. In April, we updated our full year 2026 guidance to reflect stronger free cash flow growth alongside a meaningful reduction in our capital spend.

In Q2 we generated free cash flow of $1 billion which was up 6% year on year. Capex was down 16%. This reflects our commitment to adjust our spending given market realities and the current regulatory environment. 4%.

This is the lowest capital intensity ratio Rogers has achieved since the first quarter of 2008. We expect free cash flow growth to further accelerate in the second half of the year, particularly as capex declines and capital intensity shows additional improvements. We are managing our capital prudently while investing to provide Canadians with the best network experience. Our network leadership was reaffirmed once again recently by umlaut ranking Rogers as Canada's best 5G network and the country's most reliable wireless network.

Turning to our telecom results, we continue to perform in a low-growth environment. Both wireless and cable delivered adjusted EBITDA growth underpinned by balanced and disciplined subscriber additions. In wireless total net additions were 40,000 customers. This was driven by our strong base management combined with the popularity of our Rogers plans, We have increasingly looked to meaningful, sustainable value propositions for our customers and moved away from short-term promotional price discounting.

We saw a similar trend overall in the marketplace in Q2 in terms of much reduced promotional pricing activity. We remain focused on subscriber acquisition and retention that supports solid financial results. 94% in the quarter, a solid improvement of 6 basis points from one year ago. In cable, we continue to grow and deliver on our commitments.

Service revenue grew 1%. This is the fifth straight quarter of growth. Strong execution also drove disciplined loading. In Q2 we added 17,000 retail Internet net additions.

Finally, our sports and media business delivered robust results. 2 billion, a 53% increase. More impressively, organic sports and media revenue, which excludes the impact of MLSE, grew an impressive 13%. Profitability was also strong with adjusted EBITDA improving $61 million year over year.

As you saw earlier this month, we signed an agreement to acquire the remaining 25% ownership stake in Maple Leaf Sports and Entertainm