BCE Inc. Reports Third Quarter 2026 Financial Results with Highlights on Fiber Expansion and AI Growth
BCE Inc., Canada's leading communications company, has unveiled its third-quarter 2026 financial results, highlighting substantial growth in revenue and adjusted EBITDA, alongside continued investments in fiber and artificial intelligence (AI) solutions.
For the third quarter ending September 30, 2026, BCE reported consolidated revenues of $6.18 billion, marking a 2.2% increase compared to the same quarter last year. The rise is supported by robust performance across various sectors, particularly in Bell Business Markets, which saw a remarkable 9.2% revenue growth driven largely by the demand for AI-powered solutions of Ateko and Bell Cyber.
The company experienced a significant drop in net earnings, down 84.6% to $701 million compared to $4.55 billion in the same period in 2025. This decline was primarily attributed to reduced gains on investments from BCE’s sale of its stake in Maple Leaf Sports and Entertainment Ltd. in the previous year. As a result, net earnings attributable to common shareholders plunged 86% to $630 million, with adjusted net earnings of $695 million reflecting a smaller decrease of 5.2%.
Despite these challenges, BCE reported that cash flows from operating activities increased by 15.9%, amounting to $2.22 billion. The company’s capital expenditures surged by nearly 50% to approximately $1.33 billion, reflecting heightened investments in its Bell AI Fabric data centers in Canada and expansion of Ziply Fiber’s fiber-to-the-premise (FTTP) network in the U.S.
In the consumer market, BCE reported a notable addition of 67,199 residential FTTH Internet subscribers, contributing to a 5.1% revenue growth in its Internet segment. Additionally, postpaid mobile phone subscriber activations totaled over 24,000, with churn improving to 1.06%, the lowest level for a third quarter in four years.
BCE's media segment also saw positive development, with revenues climbing 9.7%, driven by strong audience engagement during the FIFA World Cup 2026, which significantly boosted advertising revenues. The subscription service Crave recorded a 21% increase in subscriptions, totaling more than 5.1 million, fueled by a surge in direct-to-consumer streaming.
Highlighting its strategic priorities, BCE has established a non-binding memorandum of understanding with the Government of Saskatchewan aimed at potentially expanding its Bell AI Fabric capacity by up to 900 megawatts. This initiative is expected to further enhance BCE’s capabilities in providing advanced AI infrastructure, aligning with the growing demand for data-centric business solutions.
In a bid to mitigate financial risk, BCE announced its intention to maintain a net debt leverage ratio of 3.5x by the end of 2027, ensuring a disciplined financial strategy as it navigates investments and operations moving forward.
President and CEO Mirko Bibic emphasized the commitment to responsible investment in key growth areas, stating, “Fibre and wireless continue to drive growth as we focus on providing innovative solutions for our customers while also enhancing shareholder value.”
BCE has ambitious objectives for 2026, targeting a 1% to 5% revenue growth, further capitalizing on its fiber and wireless network capabilities while improving operational efficiencies to adapt to market demands. The company’s moves are set to strengthen its market position as it continues to invest in technology and infrastructure that meet rising consumer and business demands for connectivity.
Overall, BCE’s Q3 2026 results reflect a blend of promising strides in operational growth, challenges in investment returns, and a steadfast commitment to technological advancements, positioning the company for long-term success in a competitive landscape.
For the third quarter ending September 30, 2026, BCE reported consolidated revenues of $6.18 billion, marking a 2.2% increase compared to the same quarter last year. The rise is supported by robust performance across various sectors, particularly in Bell Business Markets, which saw a remarkable 9.2% revenue growth driven largely by the demand for AI-powered solutions of Ateko and Bell Cyber.
The company experienced a significant drop in net earnings, down 84.6% to $701 million compared to $4.55 billion in the same period in 2025. This decline was primarily attributed to reduced gains on investments from BCE’s sale of its stake in Maple Leaf Sports and Entertainment Ltd. in the previous year. As a result, net earnings attributable to common shareholders plunged 86% to $630 million, with adjusted net earnings of $695 million reflecting a smaller decrease of 5.2%.
Despite these challenges, BCE reported that cash flows from operating activities increased by 15.9%, amounting to $2.22 billion. The company’s capital expenditures surged by nearly 50% to approximately $1.33 billion, reflecting heightened investments in its Bell AI Fabric data centers in Canada and expansion of Ziply Fiber’s fiber-to-the-premise (FTTP) network in the U.S.
In the consumer market, BCE reported a notable addition of 67,199 residential FTTH Internet subscribers, contributing to a 5.1% revenue growth in its Internet segment. Additionally, postpaid mobile phone subscriber activations totaled over 24,000, with churn improving to 1.06%, the lowest level for a third quarter in four years.
BCE's media segment also saw positive development, with revenues climbing 9.7%, driven by strong audience engagement during the FIFA World Cup 2026, which significantly boosted advertising revenues. The subscription service Crave recorded a 21% increase in subscriptions, totaling more than 5.1 million, fueled by a surge in direct-to-consumer streaming.
Highlighting its strategic priorities, BCE has established a non-binding memorandum of understanding with the Government of Saskatchewan aimed at potentially expanding its Bell AI Fabric capacity by up to 900 megawatts. This initiative is expected to further enhance BCE’s capabilities in providing advanced AI infrastructure, aligning with the growing demand for data-centric business solutions.
In a bid to mitigate financial risk, BCE announced its intention to maintain a net debt leverage ratio of 3.5x by the end of 2027, ensuring a disciplined financial strategy as it navigates investments and operations moving forward.
President and CEO Mirko Bibic emphasized the commitment to responsible investment in key growth areas, stating, “Fibre and wireless continue to drive growth as we focus on providing innovative solutions for our customers while also enhancing shareholder value.”
BCE has ambitious objectives for 2026, targeting a 1% to 5% revenue growth, further capitalizing on its fiber and wireless network capabilities while improving operational efficiencies to adapt to market demands. The company’s moves are set to strengthen its market position as it continues to invest in technology and infrastructure that meet rising consumer and business demands for connectivity.
Overall, BCE’s Q3 2026 results reflect a blend of promising strides in operational growth, challenges in investment returns, and a steadfast commitment to technological advancements, positioning the company for long-term success in a competitive landscape.
Topics Telecommunications）
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