BCE Inc
XBER:BCE1
BCE Inc
In the sprawling landscape of Canada's telecommunications industry, BCE Inc. stands as a towering figure, a well-oiled machine operating at the intersection of communication and innovation. Originally established in 1880 as Bell Canada Enterprises, the company has undoubtedly transformed from a simple telephone service provider to a diversified conglomerate, addressing the communication needs of millions. BCE Inc.'s powerful trifecta includes Bell Wireless, Bell Wireline, and Bell Media, woven seamlessly into the fabric of Canadian society. The company artfully orchestrates the distribution of services ranging from high-speed internet, television, and landline telecommunication to mobile services, capturing revenue through both consumer subscriptions and corporate contracts. The wireless segment, in particular, serves as a dynamic growth engine, capitalizing on expanding smartphone usage and the relentless evolution of network technologies.
BCE Inc. doesn't just stop at traditional telecommunication services; it dives into the world of media with Bell Media, adding another robust stream to its revenue portfolio. This branch thrives on a comprehensive array of television and radio properties, reaching a broad audience and drawing significant advertising and subscription revenues. By owning and distributing popular content and channels, it ensures a steady influx of viewers and listeners, translating entertainment into monetary gain. The strategic integrations of its telecom and media assets enable BCE Inc. to offer bundled services, enhancing customer loyalty and creating a competitive edge in the market. Simultaneously, its commitment to investing in fiber and 5G ensures BCE Inc. remains at the forefront of connectivity, continually scaling its infrastructure to support an increasingly digital future. Through a combination of innovation, strategic expansion, and a firm grip on modern communication needs, BCE Inc. continues to solidify its influential presence across various facets of Canadian life.
In the sprawling landscape of Canada's telecommunications industry, BCE Inc. stands as a towering figure, a well-oiled machine operating at the intersection of communication and innovation. Originally established in 1880 as Bell Canada Enterprises, the company has undoubtedly transformed from a simple telephone service provider to a diversified conglomerate, addressing the communication needs of millions. BCE Inc.'s powerful trifecta includes Bell Wireless, Bell Wireline, and Bell Media, woven seamlessly into the fabric of Canadian society. The company artfully orchestrates the distribution of services ranging from high-speed internet, television, and landline telecommunication to mobile services, capturing revenue through both consumer subscriptions and corporate contracts. The wireless segment, in particular, serves as a dynamic growth engine, capitalizing on expanding smartphone usage and the relentless evolution of network technologies.
BCE Inc. doesn't just stop at traditional telecommunication services; it dives into the world of media with Bell Media, adding another robust stream to its revenue portfolio. This branch thrives on a comprehensive array of television and radio properties, reaching a broad audience and drawing significant advertising and subscription revenues. By owning and distributing popular content and channels, it ensures a steady influx of viewers and listeners, translating entertainment into monetary gain. The strategic integrations of its telecom and media assets enable BCE Inc. to offer bundled services, enhancing customer loyalty and creating a competitive edge in the market. Simultaneously, its commitment to investing in fiber and 5G ensures BCE Inc. remains at the forefront of connectivity, continually scaling its infrastructure to support an increasingly digital future. Through a combination of innovation, strategic expansion, and a firm grip on modern communication needs, BCE Inc. continues to solidify its influential presence across various facets of Canadian life.
Revenue Guidance: BCE expects consolidated revenue growth of 1% to 5% in 2026, reflecting momentum across fiber, wireless, enterprise AI, and digital media.
EBITDA Margin Record: Adjusted EBITDA margin reached 43.6% in 2025, the strongest result in over 30 years, with cost discipline driving improvements.
Free Cash Flow: Free cash flow rose 10% to $3.2 billion in 2025 and is guided to grow another 4% to 10% in 2026.
EPS Guidance: Adjusted EPS for 2026 is projected between $2.50 and $2.65, down 5% to 11% year-over-year due to higher depreciation, amortization, and interest.
Fiber & AI Growth: U.S. Ziply Fiber and AI-powered enterprise solutions delivered strong growth, both in line with or exceeding expectations; fiber build is set to accelerate in H2 2026.
Media Strength: Crave ended 2025 with 4.6 million subscribers and direct streaming subscribers up 65% year-over-year, supporting Bell Media’s positive revenue and EBITDA growth.
Wireless Trends: Postpaid churn improved to 1.49% and ARPU decline moderated, aided by disciplined customer acquisition and stable consumer wireless service revenue.
Capital Allocation: Capital intensity fell to 15.1% in 2025, with stable CapEx planned and focus on deleveraging toward a 3.5x net debt leverage target by 2027.
