NYSE : BCE
BCE Inc. — Financial statements
Communication Services · Telecom Services · Canada
Last price 20.06 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 18.70B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
BCE Inc. (BCE) reported revenue of 24.80B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 24.80B | 24.47B | 24.41B | 24.67B | 24.17B | 23.45B |
| Cost of Revenue | 13.65B | 13.45B | 13.48B | 13.84B | 13.65B | 13.36B |
| Gross Profit | 11.14B | 11.02B | 10.93B | 10.83B | 10.53B | 10.09B |
| Selling, General & Admin | 220.00M | 220.00M | 216.00M | 218.00M | 220.00M | 213.00M |
| Research & Development | 60.00M | 60.00M | 66.00M | 90.00M | 57.00M | |
| Amortization of Goodwill & Intangibles | 1.47B | 1.38B | 1.28B | 1.17B | 1.06B | 982.00M |
| Other Operating Expenses | 70.00M | 70.00M | ||||
| Operating Expenses | 5.76B | 5.59B | 5.32B | 5.23B | 5.00B | 4.82B |
| Operating Income | 5.38B | 5.43B | 5.61B | 5.61B | 5.53B | 5.26B |
| Interest Expense | -1.82B | -1.77B | -1.71B | -1.48B | -1.15B | -1.08B |
| Interest & Investment Income | 67.00M | 79.00M | 123.00M | 67.00M | 22.00M | |
| Earnings From Equity Investments | 19.00M | 8.00M | -237.00M | -553.00M | -61.00M | -95.00M |
| Other Non Operating Income (Expenses) | 64.00M | -23.00M | -210.00M | -70.00M | -55.00M | 338.00M |
| EBT Excluding Unusual Items | 3.71B | 3.72B | 3.57B | 3.58B | 4.29B | 4.42B |
| Merger & Restructuring Charges | -203.00M | -447.00M | -454.00M | -200.00M | -94.00M | -209.00M |
| Impairment of Goodwill | -1.13B | |||||
| Gain (Loss) on Sale of Investments | 5.22B | 5.22B | 57.00M | 80.00M | 24.00M | -6.00M |
| Asset Writedown | -1.03B | -1.03B | -1.09B | -132.00M | -306.00M | -221.00M |
| Other Unusual Items | -19.00M | 249.00M | -1.00M | -18.00M | -53.00M | |
| Pretax Income | 7.68B | 7.71B | 952.00M | 3.32B | 3.89B | 3.94B |
| Income Tax Expense | 1.20B | 1.19B | 577.00M | 996.00M | 967.00M | 1.04B |
| Earnings From Continuing Operations | 6.48B | 6.51B | 375.00M | 2.33B | 2.93B | 2.89B |
| Net Income to Company | 6.48B | 6.51B | 375.00M | 2.33B | 2.93B | 2.89B |
| Minority Interest in Earnings | -63.00M | -54.00M | -31.00M | -64.00M | -58.00M | -52.00M |
| Net Income | 6.42B | 6.46B | 344.00M | 2.26B | 2.87B | 2.84B |
| Preferred Dividends & Other Adjustments | 150.00M | 155.00M | 181.00M | 187.00M | 152.00M | 131.00M |
| Net Income to Common | 6.27B | 6.30B | 163.00M | 2.08B | 2.72B | 2.71B |
| Shares Outstanding (Basic) | 932.55M | 929.10M | 912.30M | 912.20M | 911.50M | 906.30M |
| Shares Outstanding (Diluted) | 932.55M | 929.10M | 912.30M | 912.20M | 912.00M | 906.70M |
| EPS (Basic) | 6.72 | 6.79 | 0.18 | 2.28 | 2.98 | 2.99 |
| EPS (Diluted) | 6.72 | 6.79 | 0.18 | 2.28 | 2.98 | 2.99 |
| Free Cash Flow | 2.66B | 3.29B | 3.09B | 3.37B | 3.23B | 3.16B |
| Free Cash Flow Per Share | 2.85 | 3.54 | 3.39 | 3.69 | 3.54 | 3.48 |
| Dividend Per Share | 1.75 | 2.31 | 3.99 | 3.87 | 3.68 | 3.50 |
| Gross Margin | 44.95% | 45.05% | 44.78% | 43.91% | 43.55% | 43.01% |
| Operating Margin | 21.71% | 22.21% | 22.97% | 22.73% | 22.86% | 22.45% |
| Profit Margin | 25.29% | 25.77% | 0.67% | 8.41% | 11.24% | 11.55% |
| Free Cash Flow Margin | 10.71% | 13.46% | 12.66% | 13.64% | 13.37% | 13.46% |
| EBITDA | 8.70B | 8.57B | 8.66B | 8.70B | 8.62B | 8.33B |
| EBITDA Margin | 35.07% | 35.04% | 35.47% | 35.27% | 35.64% | 35.52% |
| D&A For EBITDA | 3.31B | 3.14B | 3.05B | 3.10B | 3.09B | 3.06B |
| EBIT | 5.38B | 5.43B | 5.61B | 5.61B | 5.53B | 5.26B |
| EBIT Margin | 21.71% | 22.21% | 22.97% | 22.73% | 22.86% | 22.45% |
| Effective Tax Rate | 15.61% | 15.48% | 60.61% | 29.97% | 24.84% | 26.52% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 479.00M | 320.00M | 1.57B | 772.00M | 149.00M | 289.00M |
| Short-Term Investments | 400.00M | 1.00B | ||||
| Cash & Short-Term Investments | 479.00M | 320.00M | 1.97B | 1.77B | 149.00M | 289.00M |
| Accounts Receivable | 4.72B | 4.37B | 4.47B | 4.14B | 4.25B | 3.95B |
| Other Receivables | 683.00M | 495.00M | 335.00M | 325.00M | 411.00M | |
| Receivables | 4.72B | 5.05B | 4.97B | 4.47B | 4.57B | 4.36B |
| Inventory | 449.00M | 389.00M | 420.00M | 465.00M | 656.00M | 482.00M |
| Prepaid Expenses | 491.00M | 379.00M | 259.00M | 230.00M | 244.00M | 254.00M |
| Other Current Assets | 1.41B | 1.27B | 1.31B | 957.00M | 864.00M | 810.00M |
| Total Current Assets | 7.54B | 7.41B | 8.92B | 7.90B | 6.49B | 6.20B |
| Property, Plant & Equipment | 32.97B | 33.54B | 30.00B | 30.35B | 29.26B | 28.23B |
| Long-Term Investments | 2.11B | 1.59B | 1.22B | 910.00M | 823.00M | 851.00M |
| Goodwill | 13.32B | 13.23B | 10.26B | 10.94B | 10.91B | 10.57B |
| Other Intangible Assets | 17.69B | 17.23B | 16.79B | 16.61B | 16.18B | 15.57B |
| Long-Term Accounts Receivable | 241.00M | 671.00M | 692.00M | 693.00M | 674.00M | 638.00M |
| Long-Term Deferred Tax Assets | 172.00M | 178.00M | 136.00M | 96.00M | 84.00M | 105.00M |
| Long-Term Deferred Charges | 912.00M | 959.00M | 888.00M | 779.00M | 603.00M | 387.00M |
| Other Long-Term Assets | 6.08B | 5.35B | 4.58B | 3.66B | 4.31B | 4.21B |
| Total Assets | 81.04B | 80.17B | 73.48B | 71.94B | 69.33B | 66.76B |
| Accounts Payable | 4.17B | 2.82B | 2.96B | 3.31B | 3.60B | 2.93B |
| Accrued Expenses | 451.00M | 1.29B | 1.24B | 1.11B | 996.00M | 900.00M |
| Short-Term Debt | 2.20B | 4.16B | 3.80B | 1.79B | 2.46B | 1.64B |
| Current Portion of Long-Term Debt | 2.05B | 1.06B | 2.78B | 2.17B | 750.00M | 864.00M |
| Current Portion of Leases | 933.00M | 1.09B | 1.07B | 930.00M | 126.00M | |
| Current Income Taxes Payable | 160.00M | 567.00M | 42.00M | 268.00M | 106.00M | 141.00M |
| Current Unearned Revenue | 837.00M | 872.00M | 774.00M | 811.00M | 857.00M | 799.00M |
| Other Current Liabilities | 427.00M | 1.15B | 2.16B | 1.57B | 1.77B | 1.72B |
| Total Current Liabilities | 10.30B | 12.86B | 14.85B | 12.11B | 11.47B | 9.11B |
| Long-Term Debt | 37.52B | 30.59B | 28.24B | 26.28B | 24.31B | 23.60B |
| Long-Term Leases | 4.31B | 4.59B | 4.86B | 3.47B | 3.44B | |
| Long-Term Unearned Revenue | 452.00M | 374.00M | 350.00M | 277.00M | 228.00M | 246.00M |
| Pension & Post-Retirement Benefits | 1.11B | 1.15B | 1.20B | 1.28B | 1.31B | 1.73B |
| Long-Term Deferred Tax Liabilities | 6.32B | 6.11B | 5.24B | 4.87B | 4.95B | 4.68B |
| Other Long-Term Liabilities | 1.16B | 1.47B | 1.65B | 1.72B | 1.07B | 1.00B |
| Total Liabilities | 56.86B | 56.85B | 56.12B | 51.38B | 46.81B | 43.82B |
| Common Stock | 21.49B | 21.49B | 20.86B | 20.86B | 20.84B | 20.66B |
| Additional Paid-In Capital | 1.31B | 1.31B | 1.28B | 1.26B | 1.17B | 1.16B |
| Retained Earnings | -2.10B | -3.64B | -8.44B | -5.51B | -3.65B | -3.40B |
| Comprehensive Income & Other | -55.00M | 573.00M | -159.00M | -42.00M | -55.00M | 213.00M |
| Total Common Equity | 20.65B | 19.73B | 13.54B | 16.56B | 18.31B | 18.63B |
| Minority Interest | 314.00M | 290.00M | 289.00M | 328.00M | 337.00M | 306.00M |
| Shareholders' Equity | 24.18B | 23.31B | 17.36B | 20.56B | 22.52B | 22.94B |
| Total Liabilities & Equity | 81.04B | 80.17B | 73.48B | 71.94B | 69.33B | 66.76B |
| Total Debt | 41.78B | 41.06B | 40.50B | 36.18B | 31.92B | 29.67B |
| Net Cash (Debt) | -41.30B | -40.74B | -38.53B | -34.41B | -31.77B | -29.38B |
| Net Cash Per Share | -44.28 | -43.85 | -42.24 | -37.72 | -34.84 | -32.41 |
| Filing Date Shares Outstanding | 932.53M | 932.53M | 921.82M | 912.28M | 912.16M | 910.92M |
| Total Common Shares Outstanding | 932.53M | 932.53M | 912.28M | 912.27M | 911.98M | 909.02M |
| Working Capital | -2.75B | -5.45B | -5.92B | -4.21B | -4.98B | -2.92B |
| Book Value Per Share | 22.14 | 21.16 | 14.84 | 18.15 | 20.07 | 20.50 |
| Tangible Book Value | -10.37B | -10.73B | -13.51B | -10.99B | -8.78B | -7.51B |
| Tangible Book Value Per Share | -11.11 | -11.51 | -14.81 | -12.05 | -9.63 | -8.26 |
| Land | 5.72B | 5.16B | 5.03B | 5.02B | 4.96B | |
| Construction In Progress | 2.58B | 2.23B | 2.35B | 2.60B | 2.24B |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.42B | 6.46B | 344.00M | 2.26B | 2.87B | 2.84B |
| Depreciation & Amortization | 4.19B | 4.01B | 3.90B | 3.88B | 3.80B | 3.76B |
| Other Amortization | 1.24B | 1.24B | 1.15B | 1.03B | 926.00M | 851.00M |
| Asset Writedown & Restructuring Costs | 894.00M | 964.00M | 2.24B | 99.00M | 233.00M | 160.00M |
| Loss (Gain) From Sale of Investments | -5.22B | -5.22B | -57.00M | -80.00M | -24.00M | 6.00M |
| Loss (Gain) on Equity Investments | 247.00M | 581.00M | 42.00M | |||
| Other Operating Activities | -58.00M | 187.00M | -296.00M | 322.00M | 198.00M | 108.00M |
| Change in Accounts Receivable | -59.00M | 278.00M | ||||
| Change in Other Net Operating Assets | -675.00M | -657.00M | -534.00M | -157.00M | 384.00M | 7.00M |
| Operating Cash Flow | 6.79B | 6.99B | 6.99B | 7.95B | 8.37B | 8.01B |
| Capital Expenditures | -4.13B | -3.70B | -3.90B | -4.58B | -5.13B | -4.85B |
| Cash Acquisitions | -4.91B | -4.91B | -624.00M | -222.00M | -429.00M | -12.00M |
| Divestitures | 65.00M | 102.00M | 209.00M | 52.00M | ||
| Sale (Purchase) of Intangibles | -3.00M | -3.00M | -531.00M | -183.00M | -3.00M | -2.08B |
| Investment in Securities | 4.54B | 5.00B | 578.00M | -1.00B | ||
| Other Investing Activities | -113.00M | -95.00M | 36.00M | -4.00M | -4.00M | -72.00M |
| Investing Cash Flow | -4.54B | -3.60B | -4.44B | -5.78B | -5.52B | -7.02B |
| Short-Term Debt Issued | 700.00M | |||||
| Long-Term Debt Issued | 8.26B | 5.78B | 5.20B | 2.06B | 5.34B | |
| Total Debt Issued | 8.54B | 8.26B | 5.78B | 5.20B | 2.76B | 5.34B |
| Short-Term Debt Repaid | -150.00M | |||||
| Long-Term Debt Repaid | -10.09B | -3.30B | -2.65B | -2.02B | -2.75B | |
| Total Debt Repaid | -8.47B | -10.09B | -3.30B | -2.65B | -2.02B | -2.90B |
| Net Debt Issued (Repaid) | 76.00M | -1.83B | 2.48B | 2.54B | 739.00M | 2.44B |
| Issuance of Common Stock | 18.00M | 171.00M | 261.00M | |||
| Repurchase of Common Stock | -215.00M | -216.00M | -235.00M | -223.00M | -255.00M | -297.00M |
| Preferred Dividends Paid | -146.00M | -151.00M | -187.00M | -182.00M | -136.00M | -125.00M |
| Common Dividends Paid | -1.63B | -2.03B | -3.61B | -3.49B | -3.31B | -3.13B |
| Dividends Paid | -1.78B | -2.18B | -3.80B | -3.67B | -3.45B | -3.26B |
| Other Financing Activities | -300.00M | -240.00M | -99.00M | -71.00M | -70.00M | -67.00M |
| Financing Cash Flow | -2.38B | -4.65B | -1.75B | -1.54B | -2.99B | -925.00M |
| Foreign Exchange Rate Adjustments | 3.00M | 1.00M | ||||
| Miscellaneous Cash Flow Adjustments | 106.00M | -1.00M | -175.00M | -50.00M | ||
| Net Cash Flow | -32.00M | -1.25B | 800.00M | 448.00M | -190.00M | 65.00M |
| Free Cash Flow | 2.66B | 3.29B | 3.09B | 3.37B | 3.23B | 3.16B |
| Free Cash Flow Margin | 10.71% | 13.46% | 12.66% | 13.64% | 13.37% | 13.46% |
| Free Cash Flow Per Share | 2.85 | 3.54 | 3.39 | 3.69 | 3.54 | 3.48 |
| Levered Free Cash Flow | 2.60B | 3.32B | 2.42B | 2.78B | 2.84B | 572.75M |
| Unlevered Free Cash Flow | 3.74B | 4.43B | 3.50B | 3.70B | 3.56B | 1.25B |
| Cash Interest Paid | 1.89B | 1.81B | 1.76B | 1.49B | 1.20B | 1.08B |
| Cash Income Tax Paid | 1.18B | 737.00M | 783.00M | 700.00M | 749.00M | 913.00M |
| Change in Working Capital | -675.00M | -657.00M | -534.00M | -157.00M | 325.00M | 285.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.04B | 22.27B | 21.13B | 36.04B | 40.09B | 47.26B |
| Enterprise Value | 51.17B | 54.47B | 49.85B | 64.94B | 65.91B | 71.96B |
| Last Close Price | 20.38 | 22.91 | 20.80 | 32.25 | 33.65 | 37.65 |
| PE Ratio | 4.24 | 4.84 | 186.49 | 22.93 | 19.98 | 22.08 |
| PS Ratio | 1.09 | 1.25 | 1.25 | 1.93 | 2.24 | 2.55 |
| PB Ratio | 1.12 | 1.31 | 1.75 | 2.31 | 2.41 | 2.61 |
| P/FCF Ratio | 10.02 | 9.27 | 9.83 | 14.14 | 16.79 | 18.95 |
| P/OCF Ratio | 3.92 | 4.37 | 4.35 | 5.99 | 6.49 | 7.47 |
| EV/Sales Ratio | 2.93 | 3.05 | 2.94 | 3.48 | 3.69 | 3.88 |
| EV/EBITDA Ratio | 8.36 | 8.71 | 8.29 | 9.85 | 10.35 | 10.93 |
| EV/EBIT Ratio | 13.50 | 13.74 | 12.79 | 15.29 | 16.14 | 17.30 |
| EV/FCF Ratio | 26.93 | 22.68 | 23.21 | 25.48 | 27.60 | 28.85 |
| Debt / Equity Ratio | 1.73 | 1.76 | 2.33 | 1.76 | 1.42 | 1.29 |
| Debt / EBITDA Ratio | 4.37 | 4.35 | 4.26 | 3.81 | 3.42 | 3.29 |
| Debt / FCF Ratio | 15.72 | 12.47 | 13.10 | 10.75 | 9.88 | 9.40 |
| Net Debt / Equity Ratio | 1.71 | 1.75 | 2.22 | 1.67 | 1.41 | 1.28 |
| Net Debt / EBITDA Ratio | 4.75 | 4.75 | 4.45 | 3.95 | 3.69 | 3.53 |
| Net Debt / FCF Ratio | 15.54 | 12.37 | 12.47 | 10.22 | 9.83 | 9.31 |
| Asset Turnover | 0.33 | 0.32 | 0.34 | 0.35 | 0.35 | 0.37 |
| Inventory Turnover | 30.27 | 33.24 | 30.46 | 24.69 | 23.98 | 29.02 |
| Quick Ratio | 0.51 | 0.42 | 0.47 | 0.52 | 0.41 | 0.51 |
| Current Ratio | 0.73 | 0.58 | 0.60 | 0.65 | 0.57 | 0.68 |
| Return on Equity (ROE) | 30.47% | 32.03% | 1.98% | 10.80% | 12.87% | 13.06% |
| Return on Assets (ROA) | 4.42% | 4.42% | 4.82% | 4.96% | 5.08% | 5.16% |
| Return on Invested Capital (ROIC) | 6.95% | 7.66% | 3.98% | 7.19% | 7.79% | 7.75% |
| Return on Capital Employed (ROCE) | 7.60% | 8.10% | 9.60% | 9.40% | 9.60% | 9.10% |
| Earnings Yield | 23.59% | 21.16% | 1.13% | 4.75% | 5.29% | 4.75% |
| FCF Yield | 9.98% | 10.79% | 10.17% | 7.07% | 5.96% | 5.28% |
| Dividend Yield | 6.17% | 7.06% | 11.97% | 7.42% | 6.19% | 5.32% |
| Payout Ratio | 26.14% | 33.70% | 1,104.65% | 162.09% | 120.22% | 114.68% |
| Buyback Yield / Dilution | -1.48% | -1.84% | -0.01% | -0.02% | -0.58% | -0.25% |
| Total Shareholder Return | 4.69% | 5.21% | 11.96% | 7.40% | 5.60% | 5.07% |