NYSE : RCI
Rogers Communications Inc. — Financial statements
Communication Services · Telecom Services · Canada
Last price 32.61 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.68B
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Financial statements
Rogers Communications Inc. (RCI) reported revenue of 22.71B 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 | 22.71B | 21.71B | 20.60B | 19.31B | 15.40B | 14.65B |
| Cost of Revenue | 12.68B | 11.89B | 10.99B | 10.73B | 9.00B | 8.77B |
| Gross Profit | 10.03B | 9.82B | 9.62B | 8.58B | 6.39B | 5.89B |
| Selling, General & Admin | -6.00M | -5.00M | -5.00M | -13.00M | -1.00M | 14.00M |
| Operating Expenses | 4.83B | 4.80B | 4.61B | 4.11B | 2.58B | 2.60B |
| Operating Income | 5.20B | 5.02B | 5.01B | 4.47B | 3.82B | 3.29B |
| Interest Expense | -2.10B | -2.07B | -2.12B | -1.91B | -1.17B | -802.00M |
| Interest & Investment Income | 46.00M | 42.00M | ||||
| Earnings From Equity Investments | 55.00M | 38.00M | 8.00M | -412.00M | -31.00M | -44.00M |
| Currency Exchange Gain (Loss) | -28.00M | 45.00M | -222.00M | 111.00M | -127.00M | -10.00M |
| Other Non Operating Income (Expenses) | 19.00M | -22.00M | 45.00M | -266.00M | 63.00M | -23.00M |
| EBT Excluding Unusual Items | 3.14B | 3.01B | 2.71B | 2.00B | 2.60B | 2.45B |
| Merger & Restructuring Charges | -387.00M | -439.00M | -406.00M | -685.00M | -310.00M | -324.00M |
| Gain (Loss) on Sale of Investments | -990.00M | 4.98B | -2.00M | 50.00M | ||
| Gain (Loss) on Sale of Assets | 166.00M | 69.00M | ||||
| Other Unusual Items | -151.00M | |||||
| Pretax Income | 1.78B | 7.63B | 2.31B | 1.37B | 2.29B | 2.13B |
| Income Tax Expense | 756.00M | 720.00M | 572.00M | 517.00M | 609.00M | 569.00M |
| Earnings From Continuing Operations | 1.02B | 6.91B | 1.73B | 849.00M | 1.68B | 1.56B |
| Minority Interest in Earnings | -85.00M | -12.00M | ||||
| Net Income | 937.00M | 6.89B | 1.73B | 849.00M | 1.68B | 1.56B |
| Net Income to Common | 937.00M | 6.89B | 1.73B | 849.00M | 1.68B | 1.56B |
| Shares Outstanding (Basic) | 540.75M | 540.00M | 534.00M | 523.00M | 505.00M | 505.00M |
| Shares Outstanding (Diluted) | 542.50M | 541.00M | 535.00M | 524.00M | 506.00M | 506.00M |
| EPS (Basic) | 1.73 | 12.77 | 3.25 | 1.62 | 3.33 | 3.09 |
| EPS (Diluted) | 1.70 | 12.74 | 3.20 | 1.62 | 3.32 | 3.07 |
| Free Cash Flow | 2.86B | 2.20B | 1.58B | 1.18B | 1.42B | 1.37B |
| Free Cash Flow Per Share | 5.27 | 4.06 | 2.95 | 2.25 | 2.80 | 2.71 |
| Dividend Per Share | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Gross Margin | 44.16% | 45.23% | 46.67% | 44.44% | 41.52% | 40.17% |
| Operating Margin | 22.88% | 23.14% | 24.30% | 23.17% | 24.80% | 22.44% |
| Profit Margin | 4.13% | 31.75% | 8.42% | 4.40% | 10.91% | 10.63% |
| Free Cash Flow Margin | 12.60% | 10.11% | 7.67% | 6.11% | 9.21% | 9.37% |
| EBITDA | 9.53B | 9.37B | 9.21B | 8.22B | 6.12B | 5.63B |
| EBITDA Margin | 41.94% | 43.16% | 44.72% | 42.59% | 39.75% | 38.40% |
| D&A For EBITDA | 4.33B | 4.35B | 4.21B | 3.75B | 2.30B | 2.34B |
| EBIT | 5.20B | 5.02B | 5.01B | 4.47B | 3.82B | 3.29B |
| EBIT Margin | 22.88% | 23.14% | 24.30% | 23.17% | 24.80% | 22.44% |
| Effective Tax Rate | 42.52% | 9.44% | 24.80% | 37.85% | 26.61% | 26.75% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.15B | 1.34B | 898.00M | 800.00M | 463.00M | 715.00M |
| Trading Asset Securities | 500.00M | 99.00M | 336.00M | 80.00M | 689.00M | 120.00M |
| Cash & Short-Term Investments | 3.65B | 1.44B | 1.23B | 880.00M | 1.15B | 835.00M |
| Accounts Receivable | 5.97B | 6.26B | 5.65B | 5.16B | 4.29B | 3.96B |
| Other Receivables | 129.00M | 274.00M | 14.00M | |||
| Receivables | 5.97B | 6.38B | 5.65B | 5.43B | 4.31B | 3.96B |
| Inventory | 544.00M | 550.00M | 641.00M | 456.00M | 438.00M | 535.00M |
| Prepaid Expenses | 334.00M | 304.00M | 321.00M | 221.00M | ||
| Restricted Cash | 12.84B | |||||
| Other Current Assets | 1.29B | 776.00M | 545.00M | 744.00M | 326.00M | 497.00M |
| Total Current Assets | 11.46B | 9.49B | 8.37B | 7.83B | 19.28B | 5.83B |
| Property, Plant & Equipment | 26.09B | 26.31B | 25.07B | 24.33B | 15.57B | 14.67B |
| Long-Term Investments | 1.96B | 2.04B | 1.61B | 1.17B | 2.95B | 3.92B |
| Goodwill | 20.03B | 20.03B | 16.28B | 16.28B | 4.03B | 4.02B |
| Other Intangible Assets | 29.67B | 28.90B | 17.86B | 17.90B | 12.25B | 12.28B |
| Long-Term Accounts Receivable | 1.08B | 1.30B | 1.29B | 1.21B | 972.00M | 943.00M |
| Long-Term Deferred Charges | 450.00M | 336.00M | 147.00M | 109.00M | 93.00M | |
| Other Long-Term Assets | 2.17B | 1.50B | 594.00M | 410.00M | 486.00M | 203.00M |
| Total Assets | 92.45B | 90.01B | 71.41B | 69.28B | 55.66B | 41.96B |
| Accounts Payable | 4.68B | 4.72B | 3.99B | 4.04B | 3.55B | 3.27B |
| Accrued Expenses | 114.00M | 72.00M | 177.00M | 169.00M | 150.00M | |
| Short-Term Debt | 1.32B | 4.00B | 2.96B | 1.75B | 2.98B | 2.20B |
| Current Portion of Long-Term Debt | 4.36B | 1.19B | 3.70B | 1.10B | 1.83B | 1.55B |
| Current Portion of Leases | 827.00M | 690.00M | 587.00M | 504.00M | 362.00M | 336.00M |
| Current Income Taxes Payable | 77.00M | 26.00M | 115.00M | |||
| Current Unearned Revenue | 1.03B | 1.11B | 800.00M | 773.00M | 400.00M | 394.00M |
| Other Current Liabilities | 4.84B | 3.83B | 482.00M | 434.00M | 252.00M | 607.00M |
| Total Current Liabilities | 17.14B | 15.65B | 12.61B | 8.78B | 9.55B | 8.62B |
| Long-Term Debt | 37.47B | 36.51B | 39.04B | 40.80B | 30.30B | 17.14B |
| Long-Term Leases | 2.66B | 2.43B | 2.19B | 2.09B | 1.67B | 1.62B |
| Long-Term Unearned Revenue | 349.00M | 320.00M | 271.00M | 61.00M | 52.00M | |
| Pension & Post-Retirement Benefits | 93.00M | 93.00M | 94.00M | 83.00M | 99.00M | |
| Long-Term Deferred Tax Liabilities | 9.48B | 9.49B | 6.28B | 6.38B | 3.65B | 3.44B |
| Other Long-Term Liabilities | 2.99B | 1.20B | 477.00M | 429.00M | 249.00M | 464.00M |
| Total Liabilities | 69.73B | 65.73B | 61.01B | 58.84B | 45.56B | 31.43B |
| Common Stock | 2.49B | 2.49B | 2.32B | 1.99B | 468.00M | 468.00M |
| Retained Earnings | 15.91B | 16.53B | 10.63B | 9.84B | 9.82B | 8.91B |
| Comprehensive Income & Other | -1.86B | -1.26B | -2.55B | -1.39B | -192.00M | 1.15B |
| Total Common Equity | 16.53B | 17.75B | 10.40B | 10.44B | 10.09B | 10.53B |
| Minority Interest | 6.18B | 6.54B | ||||
| Shareholders' Equity | 22.72B | 24.29B | 10.40B | 10.44B | 10.09B | 10.53B |
| Total Liabilities & Equity | 92.45B | 90.01B | 71.41B | 69.28B | 55.66B | 41.96B |
| Total Debt | 46.64B | 44.81B | 48.47B | 46.24B | 37.14B | 22.84B |
| Net Cash (Debt) | -42.99B | -43.37B | -47.24B | -45.36B | -35.99B | -22.01B |
| Net Cash Per Share | -79.24 | -80.17 | -88.29 | -86.57 | -71.13 | -43.50 |
| Filing Date Shares Outstanding | 540.23M | 540.23M | 538.04M | 531.26M | 504.93M | 504.93M |
| Total Common Shares Outstanding | 540.23M | 540.23M | 536.10M | 530.02M | 504.93M | 504.93M |
| Working Capital | -5.68B | -6.16B | -4.24B | -948.00M | 9.73B | -2.79B |
| Book Value Per Share | 30.60 | 32.86 | 19.40 | 19.70 | 19.99 | 20.86 |
| Tangible Book Value | -33.16B | -31.18B | -23.73B | -23.74B | -6.19B | -5.77B |
| Tangible Book Value Per Share | -61.39 | -57.71 | -44.27 | -44.78 | -12.26 | -11.43 |
| Land | 2.68B | 2.00B | 1.45B | 1.28B | 1.24B | |
| Machinery | 13.86B | 12.65B | 12.38B | 10.40B | 9.81B | |
| Construction In Progress | 1.80B | 2.73B | 2.26B | 1.71B | 1.33B | |
| Leasehold Improvements | 885.00M | 843.00M | 817.00M | 711.00M | 680.00M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 937.00M | 6.89B | 1.73B | 849.00M | 1.68B | 1.56B |
| Depreciation & Amortization | 4.84B | 4.80B | 4.62B | 4.12B | 2.58B | 2.58B |
| Other Amortization | 121.00M | 86.00M | 63.00M | 70.00M | 61.00M | 68.00M |
| Loss (Gain) From Sale of Assets | -166.00M | -69.00M | ||||
| Loss (Gain) From Sale of Investments | 1.03B | -4.98B | ||||
| Loss (Gain) on Equity Investments | -55.00M | -38.00M | -8.00M | 412.00M | 31.00M | |
| Other Operating Activities | 473.00M | -48.00M | 151.00M | 396.00M | 297.00M | -87.00M |
| Change in Accounts Receivable | -320.00M | -524.00M | -389.00M | -406.00M | -193.00M | 339.00M |
| Change in Inventory | -63.00M | 102.00M | -185.00M | -4.00M | 98.00M | -56.00M |
| Change in Accounts Payable | -235.00M | -21.00M | -209.00M | 11.00M | 36.00M | 556.00M |
| Change in Unearned Revenue | -122.00M | 30.00M | 79.00M | 138.00M | 44.00M | 25.00M |
| Change in Other Net Operating Assets | -121.00M | -179.00M | -172.00M | -366.00M | -137.00M | -827.00M |
| Operating Cash Flow | 6.32B | 6.06B | 5.68B | 5.22B | 4.49B | 4.16B |
| Capital Expenditures | -3.46B | -3.86B | -4.10B | -4.04B | -3.08B | -2.79B |
| Sale of Property, Plant & Equipment | 500.00M | 156.00M | 59.00M | 108.00M | ||
| Cash Acquisitions | 99.00M | -4.32B | -475.00M | -16.21B | -9.00M | -3.40B |
| Sale (Purchase) of Intangibles | -209.00M | -105.00M | -72.00M | -74.00M | -47.00M | -54.00M |
| Other Investing Activities | -62.00M | -85.00M | 133.00M | 23.00M | -132.00M | 113.00M |
| Investing Cash Flow | -3.13B | -8.21B | -4.46B | -20.20B | -3.26B | -6.13B |
| Short-Term Debt Issued | 1.02B | 1.14B | 707.00M | 971.00M | ||
| Long-Term Debt Issued | 5.04B | 12.71B | 550.00M | |||
| Total Debt Issued | 4.22B | 1.02B | 1.14B | 5.04B | 13.42B | 1.52B |
| Short-Term Debt Repaid | -1.44B | |||||
| Long-Term Debt Repaid | -4.04B | -1.58B | -370.00M | -316.00M | -269.00M | |
| Lease Payments | -603.00M | -559.00M | -478.00M | -370.00M | -316.00M | -269.00M |
| Total Debt Repaid | -4.29B | -4.04B | -1.58B | -1.81B | -316.00M | -269.00M |
| Net Debt Issued (Repaid) | -61.00M | -3.02B | -443.00M | 3.23B | 13.10B | 1.25B |
| Common Dividends Paid | -1.08B | -913.00M | -739.00M | -960.00M | -1.01B | -1.01B |
| Other Financing Activities | -408.00M | 6.53B | 55.00M | 208.00M | -737.00M | -39.00M |
| Financing Cash Flow | -1.55B | 2.60B | -1.13B | 2.48B | 11.36B | 203.00M |
| Net Cash Flow | 1.64B | 446.00M | 98.00M | -12.50B | 12.59B | -1.77B |
| Free Cash Flow | 2.86B | 2.20B | 1.58B | 1.18B | 1.42B | 1.37B |
| Free Cash Flow Margin | 12.60% | 10.11% | 7.67% | 6.11% | 9.21% | 9.37% |
| Free Cash Flow Per Share | 5.27 | 4.06 | 2.95 | 2.25 | 2.80 | 2.71 |
| Levered Free Cash Flow | 4.54B | 6.37B | 2.12B | 13.98B | -11.98B | 1.77B |
| Unlevered Free Cash Flow | 5.85B | 7.66B | 3.44B | 15.17B | -11.25B | 2.27B |
| Free Cash Flow After Leases | 2.26B | 1.64B | 1.10B | 809.00M | 1.10B | 1.10B |
| Cash Interest Paid | 67.00M | 802.00M | ||||
| Cash Income Tax Paid | 566.00M | 700.00M | 545.00M | 439.00M | 455.00M | 700.00M |
| Change in Working Capital | -861.00M | -592.00M | -876.00M | -627.00M | -152.00M | 37.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.87B | 20.51B | 16.71B | 24.91B | 23.78B | 24.16B |
| Enterprise Value | 53.11B | 56.96B | 48.01B | 59.69B | 50.80B | 39.58B |
| Last Close Price | 32.61 | 36.68 | 28.53 | 41.89 | 40.52 | 39.89 |
| PE Ratio | 26.99 | 4.08 | 13.87 | 38.75 | 19.15 | 19.62 |
| PS Ratio | 1.10 | 1.29 | 1.17 | 1.70 | 2.09 | 2.09 |
| PB Ratio | 1.10 | 1.16 | 2.31 | 3.15 | 3.19 | 2.90 |
| P/FCF Ratio | 8.62 | 12.81 | 15.22 | 27.90 | 22.69 | 22.27 |
| P/OCF Ratio | 3.90 | 4.64 | 4.23 | 6.30 | 7.16 | 7.35 |
| EV/Sales Ratio | 3.31 | 3.60 | 3.35 | 4.08 | 4.47 | 3.42 |
| EV/EBITDA Ratio | 7.89 | 8.33 | 7.50 | 9.59 | 11.23 | 8.90 |
| EV/EBIT Ratio | 14.45 | 15.55 | 13.80 | 17.62 | 18.01 | 15.23 |
| EV/FCF Ratio | 25.81 | 35.56 | 43.72 | 66.86 | 48.49 | 36.48 |
| Debt / Equity Ratio | 2.05 | 1.84 | 4.66 | 4.43 | 3.68 | 2.17 |
| Debt / EBITDA Ratio | 4.65 | 4.56 | 5.04 | 5.38 | 5.81 | 3.89 |
| Debt / FCF Ratio | 16.30 | 20.41 | 30.68 | 39.22 | 26.20 | 16.64 |
| Net Debt / Equity Ratio | 1.89 | 1.79 | 4.54 | 4.34 | 3.57 | 2.09 |
| Net Debt / EBITDA Ratio | 4.51 | 4.63 | 5.13 | 5.52 | 5.88 | 3.91 |
| Net Debt / FCF Ratio | 15.03 | 19.75 | 29.90 | 38.47 | 25.38 | 16.03 |
| Asset Turnover | 0.25 | 0.27 | 0.29 | 0.31 | 0.32 | 0.36 |
| Inventory Turnover | 24.75 | 19.97 | 20.03 | 24.00 | 18.51 | 17.29 |
| Quick Ratio | 0.56 | 0.50 | 0.55 | 0.72 | 0.57 | 0.56 |
| Current Ratio | 0.67 | 0.61 | 0.66 | 0.89 | 2.02 | 0.68 |
| Return on Equity (ROE) | 4.41% | 39.82% | 16.64% | 8.27% | 16.29% | 15.50% |
| Return on Assets (ROA) | 3.57% | 3.89% | 4.45% | 4.47% | 4.89% | 5.09% |
| Return on Invested Capital (ROIC) | 4.52% | 7.26% | 6.64% | 5.46% | 7.13% | 7.92% |
| Return on Capital Employed (ROCE) | 6.90% | 6.80% | 8.50% | 7.40% | 8.30% | 9.90% |
| Earnings Yield | 3.70% | 24.52% | 7.21% | 2.58% | 5.22% | 5.10% |
| FCF Yield | 11.60% | 7.81% | 6.57% | 3.58% | 4.41% | 4.49% |
| Dividend Yield | 4.38% | 3.84% | 4.46% | 3.22% | 3.14% | 3.30% |
| Payout Ratio | 118.73% | 13.24% | 42.62% | 113.07% | 60.12% | 64.83% |
| Buyback Yield / Dilution | -0.56% | -1.12% | -2.10% | -3.56% | ||
| Total Shareholder Return | 3.88% | 2.72% | 2.36% | -0.33% | 3.14% | 3.30% |