Rogers posts strong Q4 numbers, buoyed by Blue Jays’ World Series run

An electric postseason for the Toronto Blue Jays helped Rogers Communications Inc. report increased revenue in the fourth quarter of 2025, with year-over-year revenue up by 13 per cent. On Thursday, the Canadian telco reported a total revenue of $6.17 billion over the final three months of 2025, representing an increase of $691 million from the $5.48 billion reported in Q4 2024. The growth was almost entirely attributed to boosted media revenue, which jumped by more than $650 million in Q4, largely due to the Toronto Blue Jays’ playoff run. The Blue Jays, which have been owned by Rogers since 2000, made it to the World Series for the first time in more than 30 years before losing a heartbreaking Game 7 against the Los Angeles Dodgers on Nov. 1. That deciding game was watched by 10.9 million viewers in Canada on Rogers-owned Sportsnet channels, making it the company’s most-watched broadcast ever. Total service revenue, which refers to customer-based offerings, and adjusted EBITDA (earnings before interest, taxes, depreciation, amortization) also jumped 16 and six per cent, respectively, in Q4. “I’m pleased to report that Rogers ended the fourth quarter and 2025 with strong financial results,” said Rogers CEO Tony Staffieri in a conference call with analysts. “We executed well on each of our core businesses in 2025, while deleveraging the balance sheet.” The company’s debt leverage ratio was down to 3.9x by the end of 2025, marking a modest improvement from the previous year, driven by a $1 billion increase in free cash flow (up 16 per cent from 2024). Rogers cited reduced capital expenditures as part of the reason for the increase. Staffieri noted that Rogers met or exceeded each of its 2025 guidance metrics, and the company is projecting a “strong” 2026, with revenue expected to increase by between three and five per cent. Rogers is also anticipating a one to three per cent increase in adjusted EBITDA for the current year, though investors asked whether the media business’ success could be replicated without another historic baseball postseason. “It’s difficult to model championship seasons,” said Glenn Brandt, the company’s chief financial officer. “We do expect a strong return for the Blue Jays with attendance, and expect them to have a competitive season…, but you can’t predict playoff runs.” “So, we are focused on cost reductions and efficiencies across all the units.” Staffieri emphasized that Rogers will continue to be “selective” with its mobile and wireless promotional offerings, despite heavy discounting in the industry over the last few months. He preached a “disciplined” approach while other firms pursue what he described as “economic bloating” in a “low-growth environment.” “It seems like a lot of calories with not much benefits…, but I’ll leave those actions to our competitors," he said. Over the fourth quarter, Rogers only added 39,000 mobile phone additions, a large portion of which came following Black Friday. As such, wireless service revenue remained flat in Q4, while wireless equipment revenue decreased by one per cent. Year-over-year cable service revenue also stagnated over the last few months. Staffieri insisted that restricted immigration has impacted the potential customer pool. When discussing the company’s priorities, Staffieri said he’s focused on “improving our fundamentals” and maintaining a “balanced” approach. In particular, he identified the continued monetization of Rogers’ sports assets and, more specifically, the company’s push to purchase the remaining 25 per cent stake in Maple Leafs Sports and Entertainment from Canadian businessman Larry Tannenbaum. Staffieri also referenced a desire to cancel projects that are "uneconomical in this current regulatory environment,” without providing specific examples. Although it was not mentioned during Thursday’s call, Rogers has been outspoken against the CRTC’s decision to grant Canada’s largest telecom companies wholesale access to fibre networks outside of their home territories. The company previously warned that it could lead to “cuts to capital investment, a loss of network construction jobs, and reduced competition which will mean higher prices for Canadians.” news@thewirereport.ca

Rogers posts strong Q4 numbers, buoyed by Blue Jays’ World Series run

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By Wire Report Staff
|January 29, 2026

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