Detailed financial statements for Rogers Communications Inc. (RCI): 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.
Rogers Communications Inc., a prominent Canadian telecommunications and media conglomerate, structures its diverse operations across three core divisions: Wireless, Cable, and Media. In its Wireless segment, Rogers caters to approximately 11.3 million subscribers through its Rogers, Fido, and chatr brands.
Analysis Summary
Rogers Communications Inc. reported revenue of 21.69B CAD in the most recent fiscal year, growing at a 5-year CAGR of 9.3%. Net income reached 6.89B CAD, with a 34.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 22.9%, operating margin 22.9%, net margin 4.1%. Free cash flow grew at 3.8% CAGR over 5 years.
At $34.61 (closing price, November 4, 2026), RCI trades at a P/E of 27.89 and an ROE of 4.97%. Market capitalisation stands at $18.7B, placing it among large-cap names.
Balance sheet quality for RCI: debt-to-equity ratio of 2.82, current ratio of 0.67 over the last 12 months, net debt of 42.83B 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 2.35B CAD represents 34% 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 | 13.70B CAD | 14.37B CAD | 15.10B CAD | 11.62B CAD | 13.92B CAD | 14.65B CAD | 15.40B CAD | 19.31B CAD | 20.60B CAD | 21.69B CAD |
| Cost of Revenue | 8.67B CAD | 8.87B CAD | 9.11B CAD | 8.75B CAD | 8.06B CAD | 8.77B CAD | 9.00B CAD | 10.73B CAD | 10.99B CAD | 11.89B CAD |
| Gross Profit | 5.03B CAD | 5.50B CAD | 5.98B CAD | 2.87B CAD | 5.86B CAD | 5.89B CAD | 6.39B CAD | 8.58B CAD | 9.62B CAD | 9.82B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 2.07B CAD | 2.11B CAD | 2.09B CAD | 2.00B CAD | 1.85B CAD | 2.18B CAD | 0 | 0 | 0 | 0 |
| Operating Expenses | 9.0M CAD | 12.0M CAD | 14.0M CAD | 11.0M CAD | 5.86B CAD | 2.58B CAD | 2.58B CAD | 4.12B CAD | 4.61B CAD | 4.80B CAD |
| Operating Income | 2.75B CAD | 5.49B CAD | 3.77B CAD | 2.87B CAD | 0 | 3.30B CAD | 3.82B CAD | 4.46B CAD | 5.00B CAD | 5.01B CAD |
| EBITDA | 4.25B CAD | 5.47B CAD | 5.79B CAD | 5.33B CAD | 5.71B CAD | 5.60B CAD | 6.33B CAD | 7.61B CAD | 9.11B CAD | 14.73B CAD |
| Interest Expense | 760.6M CAD | 752.8M CAD | 707.7M CAD | 831.1M CAD | 859.9M CAD | 837.3M CAD | 1.22B CAD | 2.06B CAD | 2.28B CAD | 2.23B CAD |
| Pre-tax Income | 1.16B CAD | 2.53B CAD | 2.82B CAD | 2.12B CAD | 2.17B CAD | 2.13B CAD | 2.29B CAD | 1.37B CAD | 2.31B CAD | 7.62B CAD |
| Income Tax | 324.0M CAD | 685.0M CAD | 758.0M CAD | 549.1M CAD | 580.0M CAD | 569.0M CAD | 609.0M CAD | 517.0M CAD | 572.0M CAD | 719.4M CAD |
| Net Income | 835.0M CAD | 1.84B CAD | 2.06B CAD | 1.58B CAD | 1.59B CAD | 1.56B CAD | 1.68B CAD | 849.0M CAD | 1.73B CAD | 6.89B CAD |
| EPS | 1.62 CAD | 3.58 CAD | 4.00 CAD | 3.99 CAD | 3.15 CAD | 3.09 CAD | 3.33 CAD | 1.62 CAD | 3.25 CAD | 12.76 CAD |
| EPS (Diluted) | 1.62 CAD | 3.57 CAD | 4.00 CAD | 3.98 CAD | 3.13 CAD | 3.07 CAD | 3.32 CAD | 1.62 CAD | 3.20 CAD | 12.73 CAD |
| Shares Outstanding (Diluted) | 515.0 M | 515.0 M | 515.0 M | 513.0 M | 506.0 M | 506.0 M | 506.0 M | 524.0 M | 536.0 M | 540.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 6.17B CAD | 5.48B CAD | 5.62B CAD | 5.30B CAD |
| Gross Profit | 2.69B CAD | 2.36B CAD | 1.25B CAD | 1.30B CAD |
| Operating Income | 1.47B CAD | 1.14B CAD | 1.25B CAD | 1.30B CAD |
| EBITDA | 2.65B CAD | 2.44B CAD | 2.48B CAD | 2.48B CAD |
| Net Income | 703.0M CAD | 438.0M CAD | -726.3M CAD | 469.4M CAD |
| EPS | 1.89 CAD | 0.81 CAD | -1.35 CAD | 0.87 CAD |
| EPS (Diluted) | 1.88 CAD | 0.81 CAD | -1.35 CAD | 0.86 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | -91.0M CAD | -421.0M CAD | 405.0M CAD | 494.0M CAD | 2.48B CAD | 715.0M CAD | 463.0M CAD | 800.0M CAD | 898.0M CAD | 1.34B CAD |
| Short-term Investments | 182.0M CAD | 842.0M CAD | 0 | 0 | 0 | 120.0M CAD | 689.0M CAD | 80.0M CAD | 0 | 0 |
| Receivables | 2.67B CAD | 2.04B CAD | 3.29B CAD | 3.54B CAD | 3.39B CAD | 3.96B CAD | 4.29B CAD | 5.16B CAD | 5.65B CAD | 6.38B CAD |
| Inventory | 452.0M CAD | 435.0M CAD | 466.0M CAD | 460.0M CAD | 479.0M CAD | 535.0M CAD | 438.0M CAD | 456.0M CAD | 641.0M CAD | 549.6M CAD |
| Total Current Assets | 2.57B CAD | 4.12B CAD | 4.89B CAD | 5.12B CAD | 6.93B CAD | 5.83B CAD | 19.28B CAD | 7.83B CAD | 8.37B CAD | 9.48B CAD |
| Property, Plant & Equipment | 10.75B CAD | 11.14B CAD | 11.78B CAD | 13.93B CAD | 14.02B CAD | 14.67B CAD | 15.57B CAD | 24.33B CAD | 25.07B CAD | 26.29B CAD |
| Goodwill | 3.90B CAD | 3.90B CAD | 3.90B CAD | 3.92B CAD | 3.97B CAD | 4.02B CAD | 4.03B CAD | 16.28B CAD | 16.28B CAD | 20.02B CAD |
| Intangible Assets | 7.13B CAD | 7.24B CAD | 7.21B CAD | 8.90B CAD | 8.93B CAD | 12.28B CAD | 12.25B CAD | 17.90B CAD | 17.86B CAD | 28.87B CAD |
| Total Assets | 28.34B CAD | 28.86B CAD | 31.92B CAD | 37.02B CAD | 38.85B CAD | 41.96B CAD | 55.66B CAD | 69.28B CAD | 71.41B CAD | 89.94B CAD |
| Accounts Payable | 2.47B CAD | 2.71B CAD | 3.05B CAD | 2.81B CAD | 2.21B CAD | 3.15B CAD | 3.55B CAD | 4.22B CAD | 4.06B CAD | 4.83B CAD |
| Short-term Debt | 1.62B CAD | 3.35B CAD | 3.15B CAD | 2.24B CAD | 2.67B CAD | 3.75B CAD | 4.81B CAD | 2.85B CAD | 6.66B CAD | 5.19B CAD |
| Total Current Liabilities | 5.11B CAD | 6.88B CAD | 6.84B CAD | 5.96B CAD | 6.59B CAD | 8.62B CAD | 9.55B CAD | 8.78B CAD | 12.61B CAD | 15.64B CAD |
| Long-term Debt | 15.33B CAD | 12.69B CAD | 13.39B CAD | 15.97B CAD | 16.75B CAD | 17.14B CAD | 29.91B CAD | 39.76B CAD | 38.20B CAD | 35.87B CAD |
| Total Liabilities | 23.07B CAD | 22.52B CAD | 23.74B CAD | 27.60B CAD | 29.28B CAD | 31.43B CAD | 45.56B CAD | 58.84B CAD | 61.01B CAD | 65.67B CAD |
| Retained Earnings | 4.25B CAD | 4.92B CAD | 7.18B CAD | 7.42B CAD | 7.92B CAD | 8.91B CAD | 9.82B CAD | 9.84B CAD | 10.63B CAD | 16.51B CAD |
| Total Equity | 5.27B CAD | 6.35B CAD | 8.18B CAD | 9.42B CAD | 9.57B CAD | 10.53B CAD | 10.09B CAD | 10.44B CAD | 10.40B CAD | 17.75B CAD |
| Total Debt | 16.95B CAD | 16.04B CAD | 16.55B CAD | 19.93B CAD | 21.26B CAD | 22.84B CAD | 36.75B CAD | 45.20B CAD | 47.63B CAD | 44.18B CAD |
| Net Debt | 16.86B CAD | 15.62B CAD | 16.14B CAD | 19.44B CAD | 18.77B CAD | 22.01B CAD | 35.59B CAD | 44.32B CAD | 46.73B CAD | 42.83B CAD |
| Working Capital | -2.54B CAD | -2.76B CAD | -1.95B CAD | -847.0M CAD | 343.0M CAD | -2.79B CAD | 9.73B CAD | -948.0M CAD | -4.24B CAD | -6.16B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 1.51B CAD | 1.34B CAD | 1.39B CAD | 1.73B CAD |
| Total Assets | 89.61B CAD | 89.94B CAD | 90.19B CAD | 90.34B CAD |
| Total Liabilities | 65.98B CAD | 65.67B CAD | 65.81B CAD | 67.48B CAD |
| Total Equity | 16.94B CAD | 17.75B CAD | 18.02B CAD | 16.57B CAD |
| Total Debt | 43.36B CAD | 44.18B CAD | 44.92B CAD | 45.72B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 835.0M CAD | 1.71B CAD | 2.06B CAD | 2.04B CAD | 1.59B CAD | 1.56B CAD | 1.68B CAD | 849.0M CAD | 1.73B CAD | 6.89B CAD |
| Depreciation & Amortization | 2.35B CAD | 2.21B CAD | 2.27B CAD | 2.56B CAD | 2.69B CAD | 2.65B CAD | 2.64B CAD | 4.19B CAD | 4.68B CAD | 4.88B CAD |
| Stock-based Compensation | 61.0M CAD | 61.0M CAD | 0 | 103.0M CAD | 96.0M CAD | 118.0M CAD | 143.0M CAD | 0 | 0 | 0 |
| Change in Working Capital | 14.0M CAD | -154.0M CAD | -114.0M CAD | -138.0M CAD | -333.0M CAD | 37.0M CAD | -152.0M CAD | -627.0M CAD | -876.0M CAD | -591.5M CAD |
| Operating Cash Flow | 3.96B CAD | 3.94B CAD | 4.29B CAD | 4.53B CAD | 4.32B CAD | 4.16B CAD | 4.49B CAD | 5.22B CAD | 5.68B CAD | 6.05B CAD |
| Capital Expenditure | -2.40B CAD | -2.50B CAD | -2.84B CAD | -2.87B CAD | -2.37B CAD | -2.84B CAD | -3.12B CAD | -4.12B CAD | -4.17B CAD | -3.70B CAD |
| Acquisitions | 0 | -184.0M CAD | 0 | -1.73B CAD | -103.0M CAD | -3.40B CAD | -9.0M CAD | -16.21B CAD | -475.0M CAD | -4.31B CAD |
| Stock Repurchased | 0 | 0 | 0 | -655.0M CAD | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -988.0M CAD | -988.0M CAD | -988.0M CAD | -1.02B CAD | -1.01B CAD | -1.01B CAD | -1.01B CAD | -960.0M CAD | -739.0M CAD | -1.05B CAD |
| Free Cash Flow | 1.56B CAD | 1.44B CAD | 1.44B CAD | 1.66B CAD | 1.95B CAD | 1.32B CAD | 1.37B CAD | 1.10B CAD | 1.51B CAD | 2.35B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.08B CAD | 1.75B CAD | 1.47B CAD | 1.52B CAD |
| Capital Expenditure | -692.2M CAD | -933.2M CAD | -810.1M CAD | -695.3M CAD |
| Free Cash Flow | 392.7M CAD | 820.3M CAD | 661.7M CAD | 820.4M CAD |
| Dividends Paid | -193.9M CAD | -402.7M CAD | -270.7M CAD | -270.1M 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) | +4.9% | +5.1% | -23.0% | +19.7% | +5.3% | +5.1% | +25.4% | +6.7% | +5.3% | |
| Net Income Growth (YoY) | +121.0% | +11.6% | -23.5% | +1.0% | -2.1% | +7.8% | -49.5% | +104.2% | +297.3% | |
| EPS Growth (YoY) | +121.0% | +11.7% | -0.2% | -21.1% | -1.9% | +7.8% | -51.4% | +100.6% | +292.6% | |
| Shares Change (YoY) | +0.0% | +0.0% | -0.4% | -1.4% | +0.0% | +0.0% | +3.6% | +2.3% | +0.9% | |
| FCF Growth (YoY) | -7.4% | +0.1% | +14.9% | +17.7% | -32.4% | +3.9% | -19.4% | +36.5% | +55.8% | |
| Gross Margin | 36.7% | 38.3% | 39.6% | 24.7% | 42.1% | 40.2% | 41.5% | 44.4% | 46.7% | 45.3% |
| Operating Margin | 20.1% | 38.2% | 25.0% | 24.7% | 0.0% | 22.5% | 24.8% | 23.1% | 24.3% | 23.1% |
| EBITDA Margin | 31.1% | 38.1% | 38.3% | 45.9% | 41.0% | 38.2% | 41.1% | 39.4% | 44.2% | 67.9% |
| Net Margin | 6.1% | 12.8% | 13.6% | 13.6% | 11.4% | 10.6% | 10.9% | 4.4% | 8.4% | 31.8% |
| FCF Margin | 11.4% | 10.0% | 9.6% | 14.3% | 14.0% | 9.0% | 8.9% | 5.7% | 7.3% | 10.8% |
| Effective Tax Rate | 28.0% | 27.1% | 26.9% | 25.8% | 26.7% | 26.8% | 26.6% | 37.8% | 24.8% | 9.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 3.03 CAD | 2.80 CAD | 2.80 CAD | 3.23 CAD | 3.86 CAD | 2.61 CAD | 2.71 CAD | 2.11 CAD | 2.81 CAD | 4.35 CAD |
| Dividends Per Share | 1.92 CAD | 1.92 CAD | 1.92 CAD | 1.98 CAD | 2.00 CAD | 2.00 CAD | 2.00 CAD | 1.83 CAD | 1.38 CAD | 1.93 CAD |
| Shares Outstanding (Basic) | 515.0 M | 515.0 M | 515.0 M | 512.0 M | 505.0 M | 505.0 M | 505.0 M | 524.0 M | 534.0 M | 538.2 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 | 4.97% |
| Return on Invested Capital | 3.65% |
| Return on Assets | 1.01% |
| Gross Margin | 22.86% |
| Operating Margin | 22.86% |
| Net Margin | 4.13% |
Financial Health
| Debt / Equity | 2.82 |
| Current Ratio | 0.67 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.85 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 31.99 | 17.90 | 17.49 | 16.15 | 18.87 | 19.48 | 19.05 | 38.25 | 13.60 | 4.06 |
| P/B | 5.07 | 5.20 | 4.40 | 3.50 | 3.14 | 2.89 | 3.17 | 3.11 | 2.27 | 1.57 |
| P/S | 1.95 | 2.30 | 2.39 | 2.84 | 2.16 | 2.07 | 2.08 | 1.68 | 1.15 | 1.28 |
| Gross Margin | 36.7% | 38.3% | 39.6% | 24.7% | 42.1% | 40.2% | 41.5% | 44.4% | 46.7% | 45.3% |
| Operating Margin | 20.1% | 38.2% | 25.0% | 24.7% | 0.0% | 22.5% | 24.8% | 23.1% | 24.3% | 23.1% |
| Net Margin | 6.1% | 12.8% | 13.6% | 13.6% | 11.4% | 10.6% | 10.9% | 4.4% | 8.4% | 31.8% |
Related companies: BCE.TO · T.TO · QBR-B.TO · 0R15.L · VZ · TMUS · 0R2L.L · TBB
Explore sector: Communication Services · Telecommunications Services
More sections of RCI: Overview · Valuation · Estimates · Technical · Ownership
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks