Detailed financial statements for BCE Inc. (BCE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
BCE Inc. stands as a prominent Canadian telecommunications and media conglomerate, delivering a comprehensive suite of wireless, landline, internet, and television services to households, enterprises, and wholesale partners across the nation. The company's activities are strategically divided across three core divisions: Bell Wireless, Bell Wireline, and Bell Media.
Analysis Summary
BCE Inc. reported revenue of 24.47B CAD in the most recent fiscal year, growing at a 5-year CAGR of 1.3%. Net income reached 6.46B CAD, with a 19.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 59.2%, operating margin 21.6%, net margin 25.9%. Free cash flow grew at -1.0% CAGR over 5 years.
At $22.03 (closing price, November 5, 2026), BCE trades at a P/E of 4.57 and an ROE of 27.73%. Market capitalisation stands at $20.5B, placing it among large-cap names.
Balance sheet quality for BCE: debt-to-equity ratio of 1.75, current ratio of 0.73 over the last 12 months, net debt of 40.74B CAD at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 3.29B CAD represents 51% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 21.72B CAD | 22.72B CAD | 23.47B CAD | 18.35B CAD | 22.88B CAD | 23.45B CAD | 24.17B CAD | 24.67B CAD | 24.41B CAD | 24.47B CAD |
| Cost of Revenue | 6.71B CAD | 13.15B CAD | 13.65B CAD | 12.50B CAD | 6.97B CAD | 7.28B CAD | 7.64B CAD | 17.25B CAD | 7.71B CAD | 7.72B CAD |
| Gross Profit | 15.01B CAD | 9.57B CAD | 9.82B CAD | 5.85B CAD | 15.92B CAD | 16.16B CAD | 16.53B CAD | 7.42B CAD | 16.70B CAD | 16.75B CAD |
| Research & Development | 147.0M CAD | 0 | 106.0M CAD | 84.1M CAD | 0 | 0 | 0 | 90.0M CAD | 66.0M CAD | 0 |
| Selling, General & Admin | 4.31B CAD | 4.41B CAD | 4.54B CAD | 1.40B CAD | 4.34B CAD | 4.42B CAD | 4.42B CAD | 1.83B CAD | 4.20B CAD | 3.98B CAD |
| Operating Expenses | 15.01B CAD | 15.74B CAD | 16.12B CAD | 1.49B CAD | 15.92B CAD | 10.88B CAD | 11.06B CAD | 1.92B CAD | 11.16B CAD | 11.33B CAD |
| Operating Income | 5.28B CAD | 5.44B CAD | 5.52B CAD | 4.37B CAD | 0 | 5.28B CAD | 5.48B CAD | 5.50B CAD | 5.55B CAD | 5.42B CAD |
| EBITDA | 8.67B CAD | 8.99B CAD | 9.05B CAD | 8.62B CAD | 8.82B CAD | 9.66B CAD | 9.76B CAD | 9.76B CAD | 7.74B CAD | 14.72B CAD |
| Interest Expense | 969.0M CAD | 1.03B CAD | 1.07B CAD | 1.20B CAD | 1.16B CAD | 1.11B CAD | 1.15B CAD | 1.52B CAD | 1.75B CAD | 1.77B CAD |
| Pre-tax Income | 4.20B CAD | 4.12B CAD | 3.97B CAD | 3.36B CAD | 3.27B CAD | 3.94B CAD | 3.89B CAD | 3.32B CAD | 952.0M CAD | 7.71B CAD |
| Income Tax | 1.11B CAD | 1.07B CAD | 995.0M CAD | 870.6M CAD | 792.0M CAD | 1.04B CAD | 967.0M CAD | 996.0M CAD | 577.0M CAD | 1.19B CAD |
| Net Income | 3.03B CAD | 2.99B CAD | 2.93B CAD | 2.46B CAD | 2.63B CAD | 2.84B CAD | 2.87B CAD | 2.26B CAD | 344.0M CAD | 6.46B CAD |
| EPS | 3.33 CAD | 3.20 CAD | 3.26 CAD | 3.37 CAD | 2.53 CAD | 2.99 CAD | 2.98 CAD | 2.28 CAD | 0.18 CAD | 6.78 CAD |
| EPS (Diluted) | 3.33 CAD | 3.20 CAD | 3.26 CAD | 3.37 CAD | 2.53 CAD | 2.99 CAD | 2.98 CAD | 2.28 CAD | 0.18 CAD | 6.78 CAD |
| Shares Outstanding (Diluted) | 870.3 M | 894.9 M | 898.9 M | 901.4 M | 904.4 M | 906.7 M | 912.0 M | 912.2 M | 912.3 M | 928.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 6.05B CAD | 6.38B CAD | 6.18B CAD | 6.18B CAD |
| Gross Profit | 4.28B CAD | -1.76B CAD | 1.86B CAD | 1.91B CAD |
| Operating Income | 1.45B CAD | 6.61B CAD | 1.28B CAD | 1.33B CAD |
| EBITDA | 6.82B CAD | 3.91B CAD | 2.71B CAD | 2.70B CAD |
| Net Income | 4.54B CAD | 469.9M CAD | 654.7M CAD | 597.3M CAD |
| EPS | 4.83 CAD | 0.65 CAD | 0.66 CAD | 0.60 CAD |
| EPS (Diluted) | 4.83 CAD | 0.65 CAD | 0.66 CAD | 0.60 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 853.0M CAD | 625.0M CAD | 425.0M CAD | 111.8M CAD | 175.8M CAD | 289.0M CAD | 149.0M CAD | 772.0M CAD | 1.57B CAD | 320.0M CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.00B CAD | 400.0M CAD | 0 |
| Receivables | 3.73B CAD | 3.96B CAD | 3.99B CAD | 3.20B CAD | 3.31B CAD | 4.36B CAD | 4.57B CAD | 4.47B CAD | 4.97B CAD | 5.05B CAD |
| Inventory | 403.0M CAD | 380.0M CAD | 432.0M CAD | 329.3M CAD | 344.6M CAD | 482.0M CAD | 656.0M CAD | 465.0M CAD | 420.0M CAD | 389.0M CAD |
| Total Current Assets | 5.75B CAD | 5.66B CAD | 5.79B CAD | 3.94B CAD | 4.15B CAD | 6.20B CAD | 6.49B CAD | 7.90B CAD | 8.92B CAD | 7.41B CAD |
| Property, Plant & Equipment | 22.35B CAD | 24.03B CAD | 24.84B CAD | 21.31B CAD | 21.60B CAD | 28.23B CAD | 29.26B CAD | 30.35B CAD | 30.00B CAD | 33.54B CAD |
| Goodwill | 8.96B CAD | 10.43B CAD | 10.66B CAD | 8.23B CAD | 8.32B CAD | 10.57B CAD | 10.91B CAD | 10.94B CAD | 10.26B CAD | 13.23B CAD |
| Intangible Assets | 12.00B CAD | 13.30B CAD | 13.21B CAD | 10.30B CAD | 10.28B CAD | 15.57B CAD | 16.18B CAD | 16.61B CAD | 16.79B CAD | 17.23B CAD |
| Total Assets | 50.11B CAD | 55.80B CAD | 57.10B CAD | 46.38B CAD | 47.62B CAD | 66.76B CAD | 69.33B CAD | 71.94B CAD | 73.48B CAD | 80.17B CAD |
| Accounts Payable | 2.32B CAD | 2.45B CAD | 2.54B CAD | 2.01B CAD | 2.04B CAD | 2.93B CAD | 3.60B CAD | 3.31B CAD | 2.96B CAD | 2.82B CAD |
| Short-term Debt | 1.84B CAD | 1.62B CAD | 1.02B CAD | 2.99B CAD | 1.90B CAD | 1.76B CAD | 3.21B CAD | 3.97B CAD | 4.39B CAD | 5.22B CAD |
| Total Current Liabilities | 10.11B CAD | 10.79B CAD | 10.43B CAD | 7.54B CAD | 6.49B CAD | 9.11B CAD | 11.47B CAD | 12.11B CAD | 14.85B CAD | 12.86B CAD |
| Long-term Debt | 16.57B CAD | 18.21B CAD | 19.76B CAD | 14.34B CAD | 15.94B CAD | 27.05B CAD | 27.78B CAD | 31.14B CAD | 32.84B CAD | 34.90B CAD |
| Total Liabilities | 32.25B CAD | 35.18B CAD | 36.41B CAD | 29.87B CAD | 30.88B CAD | 43.82B CAD | 46.81B CAD | 51.38B CAD | 56.12B CAD | 56.85B CAD |
| Retained Earnings | -4.98B CAD | -4.94B CAD | -4.94B CAD | -3.57B CAD | -3.67B CAD | -3.40B CAD | -3.65B CAD | -5.51B CAD | -8.44B CAD | -3.64B CAD |
| Total Equity | 17.54B CAD | 19.16B CAD | 20.36B CAD | 16.25B CAD | 16.47B CAD | 22.64B CAD | 22.18B CAD | 20.23B CAD | 17.07B CAD | 23.02B CAD |
| Total Debt | 21.46B CAD | 20.30B CAD | 24.41B CAD | 20.28B CAD | 20.66B CAD | 29.67B CAD | 31.92B CAD | 36.18B CAD | 38.31B CAD | 41.06B CAD |
| Net Debt | 20.61B CAD | 19.68B CAD | 23.98B CAD | 20.17B CAD | 20.49B CAD | 29.38B CAD | 31.77B CAD | 34.41B CAD | 36.34B CAD | 40.74B CAD |
| Working Capital | -4.35B CAD | -5.13B CAD | -4.64B CAD | -3.60B CAD | -2.34B CAD | -2.92B CAD | -4.98B CAD | -4.21B CAD | -5.92B CAD | -5.45B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 465.0M CAD | 320.0M CAD | 1.38B CAD | 479.2M CAD |
| Total Assets | 78.58B CAD | 80.17B CAD | 81.59B CAD | 81.08B CAD |
| Total Liabilities | 55.83B CAD | 56.85B CAD | 57.87B CAD | 56.89B CAD |
| Total Equity | 22.46B CAD | 23.02B CAD | 23.42B CAD | 23.87B CAD |
| Total Debt | 40.98B CAD | 41.06B CAD | 43.07B CAD | 41.79B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 3.03B CAD | 2.99B CAD | 2.93B CAD | 3.22B CAD | 2.47B CAD | 2.84B CAD | 2.12B CAD | 2.33B CAD | 375.0M CAD | 6.46B CAD |
| Depreciation & Amortization | 3.51B CAD | 3.84B CAD | 4.01B CAD | 4.34B CAD | 4.40B CAD | 4.61B CAD | 4.72B CAD | 4.92B CAD | 5.04B CAD | 5.24B CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 286.0M CAD | 376.0M CAD | 381.0M CAD | -48.0M CAD | 473.0M CAD | 285.0M CAD | 270.7M CAD | -157.0M CAD | -534.0M CAD | -657.0M CAD |
| Operating Cash Flow | 6.64B CAD | 7.36B CAD | 7.38B CAD | 7.96B CAD | 7.75B CAD | 8.01B CAD | 6.17B CAD | 7.95B CAD | 6.99B CAD | 6.99B CAD |
| Capital Expenditure | -3.77B CAD | -4.03B CAD | -4.03B CAD | -3.97B CAD | -4.29B CAD | -6.92B CAD | -3.79B CAD | -4.76B CAD | -4.43B CAD | -3.70B CAD |
| Acquisitions | -386.0M CAD | -1.65B CAD | -395.0M CAD | -51.0M CAD | -65.0M CAD | -12.0M CAD | -278.1M CAD | -13.0M CAD | -624.0M CAD | -4.99B CAD |
| Stock Repurchased | -106.0M CAD | 0 | -175.0M CAD | 0 | 0 | 0 | -280.3M CAD | 0 | -235.0M CAD | -182.0M CAD |
| Dividends Paid | -2.43B CAD | -2.64B CAD | -2.83B CAD | -2.97B CAD | -3.11B CAD | -3.26B CAD | -2.54B CAD | -3.67B CAD | -3.80B CAD | -2.18B CAD |
| Free Cash Flow | 2.87B CAD | 3.32B CAD | 3.36B CAD | 3.98B CAD | 3.47B CAD | 1.09B CAD | 2.38B CAD | 3.18B CAD | 2.56B CAD | 3.29B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.91B CAD | 1.56B CAD | 1.15B CAD | 2.16B CAD |
| Capital Expenditure | -894.0M CAD | -1.32B CAD | -843.2M CAD | -1.08B CAD |
| Free Cash Flow | 1.02B CAD | 244.0M CAD | 308.8M CAD | 1.08B CAD |
| Dividends Paid | -436.0M CAD | -454.0M CAD | -445.1M CAD | -444.2M CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.6% | +3.3% | -21.8% | +24.7% | +2.5% | +3.1% | +2.1% | -1.1% | +0.2% | |
| Net Income Growth (YoY) | -1.2% | -2.2% | -16.0% | +7.0% | +7.8% | +1.0% | -21.1% | -84.8% | +1,777.9% | |
| EPS Growth (YoY) | -3.9% | +1.9% | +3.4% | -24.9% | +18.2% | -0.3% | -23.5% | -92.1% | +3,666.7% | |
| Shares Change (YoY) | +2.8% | +0.4% | +0.3% | +0.3% | +0.3% | +0.6% | +0.0% | +0.0% | +1.8% | |
| FCF Growth (YoY) | +15.7% | +1.0% | +18.7% | -13.0% | -68.6% | +118.9% | +33.5% | -19.5% | +28.6% | |
| Gross Margin | 69.1% | 42.1% | 41.8% | 31.9% | 69.6% | 68.9% | 68.4% | 30.1% | 68.4% | 68.4% |
| Operating Margin | 24.3% | 23.9% | 23.5% | 23.8% | 0.0% | 22.5% | 22.7% | 22.3% | 22.7% | 22.2% |
| EBITDA Margin | 39.9% | 39.6% | 38.6% | 47.0% | 38.6% | 41.2% | 40.4% | 39.5% | 31.7% | 60.2% |
| Net Margin | 14.0% | 13.2% | 12.5% | 13.4% | 11.5% | 12.1% | 11.9% | 9.2% | 1.4% | 26.4% |
| FCF Margin | 13.2% | 14.6% | 14.3% | 21.7% | 15.1% | 4.6% | 9.9% | 12.9% | 10.5% | 13.5% |
| Effective Tax Rate | 26.4% | 26.0% | 25.1% | 25.9% | 24.3% | 26.5% | 24.8% | 30.0% | 60.6% | 15.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 3.30 CAD | 3.71 CAD | 3.73 CAD | 4.42 CAD | 3.83 CAD | 1.20 CAD | 2.61 CAD | 3.49 CAD | 2.81 CAD | 3.55 CAD |
| Dividends Per Share | 2.79 CAD | 2.95 CAD | 3.15 CAD | 3.29 CAD | 3.44 CAD | 3.59 CAD | 2.79 CAD | 4.02 CAD | 4.17 CAD | 2.34 CAD |
| Shares Outstanding (Basic) | 869.1 M | 894.3 M | 898.6 M | 900.8 M | 904.3 M | 906.3 M | 911.5 M | 912.2 M | 912.3 M | 928.6 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 27.73% |
| Return on Invested Capital | 6.02% |
| Return on Assets | 7.92% |
| Gross Margin | 59.16% |
| Operating Margin | 21.57% |
| Net Margin | 25.89% |
Financial Health
| Debt / Equity | 1.75 |
| Current Ratio | 0.73 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.45 | 18.88 | 16.55 | 17.85 | 21.58 | 22.00 | 19.97 | 22.87 | 185.19 | 4.82 |
| P/B | 2.88 | 2.82 | 2.38 | 3.33 | 3.00 | 2.63 | 2.45 | 2.35 | 1.78 | 1.32 |
| P/S | 2.32 | 2.38 | 2.07 | 2.95 | 2.16 | 2.54 | 2.24 | 1.93 | 1.25 | 1.24 |
| Gross Margin | 69.1% | 42.1% | 41.8% | 31.9% | 69.6% | 68.9% | 68.4% | 30.1% | 68.4% | 68.4% |
| Operating Margin | 24.3% | 23.9% | 23.5% | 23.8% | 0.0% | 22.5% | 22.7% | 22.3% | 22.7% | 22.2% |
| Net Margin | 14.0% | 13.2% | 12.5% | 13.4% | 11.5% | 12.1% | 11.9% | 9.2% | 1.4% | 26.4% |
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