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Key Takeaways Rogers Communications' Q2 earnings beat estimates while revenues rose 7.6% Y/Y.Media revenues surged 53%, driven by MLSE consolidation and higher Blue Jays attendance.Free cash flow rose 6% to C$982 million, while debt leverage improved to 3.8 times. Rogers Communications (RCI - Free Report) reported second-quarter 2026 adjusted earnings of 83 cents per share, beating the Zacks Consensus Estimate by 3.75% and up 1.2% year over year.

In domestic currency (Canadian dollar), adjusted earnings increased 1% year over year to C$1.15 per share.

Revenues of $4.06 billion surpassed the consensus mark by 2.45% and increased 7.6% year over year.

Total revenues increased 7.7% year over year to C$5.62 billion, primarily driven by growth in the Media businesses. Total service revenues increased 8% year over year to C$5.06 billion in the quarter.

Q2 Segmental Details of RCIWireless DetailsWireless revenues were unchanged year over year at C$2.54 billion. Wireless Service revenues were stable at C$1.99 billion, as subscriber growth was offset by lower mobile phone average revenue per user, or ARPU. Equipment revenues increased 2% to C$550 million on a shift toward higher-value devices.

Adjusted EBITDA increased 1% to C$1.31 billion. The margin expanded 70 basis points to 66%. Monthly mobile phone ARPU declined to C$54.25 from C$55.45.

As of June 30, 2026, the prepaid mobile phone subscriber base totaled 1.22 million, an increase of 63K subscribers from the prior-year period. The monthly churn rate was 5.01% compared with 3.23% reported in the year-ago quarter.

As of June 30, 2026, the postpaid wireless subscriber base totaled 11.05 million, representing net additions of 135K subscribers year over year. Postpaid mobile phone churn improved 6 basis points year over year to 0.94%.

Wireless segment operating costs decreased 0.6% year over year to C$1.23 billion.

Cable DetailsCable revenues increased 1% year over year to C$1.98 billion. Service revenues also rose 1% to C$1.97 billion, supported by retail Internet subscriber growth and base management actions, partly offset by declines in Video and Home Phone subscribers.

Cable adjusted EBITDA increased 1% to C$1.16 billion, with the margin improving 10 basis points to 58.4%. Retail Internet net additions totaled 17K, while customer relationship net additions were 9K. Monthly ARPA slipped to C$135.49 from C$135.74 reported in the year-ago quarter.

As of June 30, 2026, the retail Internet subscriber count was nearly 4.521 million, representing a net increase of 75K subscribers year over year.

As of June 30, 2026, total Smart Home Monitoring subscribers reached 158K, indicating an increase of 17K subscribers. The total Home Phone subscriber count was nearly 1.33 million, reflecting a loss of 119K customers in the reported quarter.

Cable segment operating costs increased 0.6% year over year to C$826 million.

Media DetailsMedia revenues surged 53% to C$1.16 billion, reflecting about C$310 million from the consolidation of Maple Leaf Sports & Entertainment beginning in the second half of 2025. Excluding MLSE, organic revenues increased 13%, led by higher Toronto Blue Jays attendance and sponsorships.

Media adjusted EBITDA climbed to C$69 million from C$8 million. Operating costs increased 45% to C$1.09 billion, reflecting roughly C$230 million of added MLSE costs, higher Blue Jays player salaries and game-day expenses, and increased programming costs. Lower advertising revenues remained a headwind.

Consolidated ResultsConsolidated adjusted EBITDA increased 3% to C$2.44 billion, while the adjusted EBITDA margin contracted 180 basis points to 43.5%. Depreciation and amortization increased 1% to C$1.19 billion, while finance costs declined 10% to C$565 million.

Operating costs increased 11.2% to C$3.17 billion. As a percentage of revenues, operating costs expanded 180 bps to 56.5%.

RCI’s Q2 Balance Sheet & Cash Flow DetailsAs of June 30, 2026, Rogers Communications had C$6.1 billion of available liquidity, including C$1.7 billion in cash and cash equivalents and C$4.4 billion available under bank and other credit facilities. In comparison, the company had C$5.9 billion of available liquidity as of Dec. 31, 2025.

Rogers Communications’ debt leverage ratio was 3.8 times as of June 30, 2026, improved from 3.9 times as of Dec. 31, 2025.

Cash provided by operating activities declined 5% to C$1.52 billion due to higher investment in operating assets and liabilities, partly offset by increased adjusted EBITDA. Free cash flow rose 6% to C$982 million, aided by lower capital expenditures and higher adjusted EBITDA.

Rogers Communications paid dividends worth C$270 million and declared a C$0.50 per share dividend on July 21, 2026.

RCI Reaffirms 2026 OutlookFor 2026, RCI maintained its expectations for total service revenue growth of 3%-5% and adjusted EBITDA growth of 1%-3%. Capital expenditures are projected between C$2.5 billion and C$2.7 billion.

Free cash flow is expected in the C$4.1 billion to C$4.3 billion range. The company expects its C$4.35 billion purchase of the remaining 25% interest in MLSE to close in the fourth quarter, subject to league approvals. Rogers Communications then intends to pursue the sale of a minority interest in its consolidated sports, media and entertainment assets.

RCI’s Zacks Rank & Stocks to ConsiderCurrently, RCI carries a Zacks Rank #4 (Sell).

Some better-ranked stocks that investors can consider in the broader Zacks Utilities sector are Ameren Corporation (AEE - Free Report) , Ballard Power Systems (BLDP - Free Report) and Edison International (EIX - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Ameren shares have returned 12.2% in the year-to-date period. AEE is set to report its second-quarter 2026 results on July 30.

Ballard Power Systems shares have gained 22.1% in the year-to-date period. BLDP is set to report its second-quarter 2026 results on July 31.

Edison International shares have risen 33.9% in the year-to-date period. EIX is set to report its second-quarter 2026 results on July 30.

Rogers Communication (RCI - Free Report) reported $4.06 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 7.6%. EPS of $0.83 for the same period compares to $0.82 a year ago.

The reported revenue represents a surprise of +2.45% over the Zacks Consensus Estimate of $3.96 billion. With the consensus EPS estimate being $0.80, the EPS surprise was +3.75%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Rogers Communication performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Wireless Subscriber - Postpaid mobile phone - Gross additions: 333 thousand versus the two-analyst average estimate of 361.47 thousand.Home Phone - Total Home Phone Subscriber: 1.33 million versus 1.34 million estimated by two analysts on average.Wireless Subscriber - Total Postpaid mobile phone subscribers: 11.05 million versus 11.05 million estimated by two analysts on average.Wireless Subscriber - Postpaid churn: 0.9% versus the two-analyst average estimate of 1%.Wireless Subscriber - Prepaid mobile phone - Gross additions: 199 thousand versus the two-analyst average estimate of 138.49 thousand.Wireless Subscriber - Prepaid mobile phone - Net additions: 18 thousand versus 18.63 thousand estimated by two analysts on average.Wireless Subscriber - Total prepaid mobile phone subscribers: 1.22 million compared to the 1.22 million average estimate based on two analysts.Wireless Subscriber - Prepaid churn: 5% compared to the 3.3% average estimate based on two analysts.Cable Subscriber - Homes passed: 10.62 million versus the two-analyst average estimate of 10.57 million.Cable Subscriber - Net additions: 9 thousand compared to the 13.71 thousand average estimate based on two analysts.Cable Subscriber - Total Customer Relationships: 4.86 million versus the two-analyst average estimate of 4.87 million.Retail Internet - Net Additions: 17 thousand versus 19.14 thousand estimated by two analysts on average.View all Key Company Metrics for Rogers Communication here>>>

Shares of Rogers Communication have returned -6% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Rogers Communication (RCI - Free Report) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.8 per share. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.75%. A quarter ago, it was expected that this communications and media company would post earnings of $0.73 per share when it actually produced earnings of $0.74, delivering a surprise of +1.37%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Rogers Communication, which belongs to the Zacks Diversified Communication Services industry, posted revenues of $4.06 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.45%. This compares to year-ago revenues of $3.77 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Rogers Communication shares have lost about 8.9% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Rogers Communication?While Rogers Communication has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Rogers Communication was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.86 on $3.86 billion in revenues for the coming quarter and $3.36 on $16.15 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Diversified Communication Services is currently in the bottom 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Liberty Global Ltd (LBTYA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 24.

This company is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of +96.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Liberty Global Ltd's revenues are expected to be $1.3 billion, up 2.4% from the year-ago quarter.

Rogers reports strong growth in consolidated service revenue and adjusted EBITDA, alongside decline in capital intensity strengthening free cash flow; company completes next stage of sports monetization strategy with agreement to buy remaining 25% minority stake in iconic Maple Leaf Sports & Entertainment (MLSE)

Total service revenue up 8% to $5.1 billion; adjusted EBITDA up 3% to $2.4 billionFree cash flow of $1.0 billion, up 6%Capital intensity improves 350 basis points to 12.4%, lowest capital intensity ratio since the first quarter of 2008Expects remaining minority stake purchase of MLSE to close in the fourth quarter Delivers adjusted EBITDA growth in Wireless and Cable; robust base management performance drives notable churn reduction while adding 57,000 combined mobile phone and retail Internet net additions

Wireless service revenue stable; adjusted EBITDA up 1% with adjusted EBITDA margin up 70 basis points to 66%Cable service revenue and adjusted EBITDA both up 1% with adjusted EBITDA margin up 10 basis points to 58%Postpaid mobile phone churn of 0.94%, mobile phone ARPU of $54.25Added 40,000 mobile phone net additions, including 22,000 postpaidRetail Internet net additions of 17,000 Robust sports and media financial results, agreement to purchase remaining minority stake in MLSE position company well for intended sports monetization opportunity

Revenue of $1.2 billion, up 53%; organic sports and media revenue up 13% excluding impact from MLSEAdjusted EBITDA of $69 million, an improvement of $61 millionFollowing close of minority stake purchase, investors to be offered minority stake in the consolidated Rogers world-class sports and media holdings to unlock significant value for company Company reaffirms its 2026 outlook

Total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, capital expenditures of $2.5 billion to $2.7 billion, and free cash flow of $4.1 billion to $4.3 billion TORONTO, July 22, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the second quarter ended June 30, 2026.

"Our second quarter results reflect strong execution, delivering growth across our three lines of business," said Tony Staffieri, President and CEO. "We’re excited to bring together Canada's premier communications company with one of the world's premier sports and entertainment organizations and unlock long-term value for our shareholders."

Consolidated Financial Highlights

(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended June 30
 Six months ended June 30 2026
 2025
 % Chg 2026
 2025
 % Chg
         Total revenue5,615 5,216 8 11,097 10,192 9 Total service revenue5,055 4,668 8 9,967 9,115 9 Adjusted EBITDA12,442 2,362 3 4,806 4,616 4 Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Adjusted net income1633 632 —
 1,183 1,175 1 Adjusted net income attributable to RCI shareholders1640 620 3 1,190 1,163 2           Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)0.79 n/m Adjusted diluted earnings per share attributable to RCI shareholders1$1.15 $1.14 1 $2.17 2.14 1           Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow1982 925 6 1,758 1,511 16  n/m - not meaningful

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1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.

Strategic Highlights 

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country

Ranked best 5G+ network in Canada by umlaut in June 2026, a global leader in independent network performance benchmarking.Expanded satellite-to-mobile coverage to the US for roaming customers, providing the most coverage in Canada and the US of any Canadian wireless service provider.Deployed cloud-native network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first.Invested $27 million to upgrade Canada’s best 5G+ network at stadiums and fan zones in Toronto and Vancouver, host cities for the FIFA World Cup. Deliver easy to use, reliable products and services

Expanded Rogers Xfinity Multiview to allow viewers to watch four live events at once.Delivered new 5G+ plans with premium features, including industry‑first Priority Network Access.Launched Rogers Red Partner, an integrated point-of-sale and credit card program for small- and medium-sized businesses. Be the first choice for Canadians

More Canadians continued to choose Rogers Wireless and Internet over any other provider.Attracted attendance over 95% of capacity for Toronto Blue Jays games at Rogers Centre, the best second quarter attendance since 1994.Reached 24 million Canadians throughout the 2026 Stanley Cup Playoffs on Sportsnet.Secured the #1 Canadian conventional English-language drama for the third consecutive year with Law & Order Toronto: Criminal Intent. Be a strong national company investing in Canada

Invested $695 million in capital expenditures.Launched "The 5.2 Project" as part of our Screen Break program to help Canadian youth balance their screen time.Named one of Canada’s Greenest Employers for the eleventh consecutive year by Mediacorp Canada Inc.Announced a new long-term agreement renewing Rogers as a partner of Toronto Pearson Airport. Be the growth leader in our industry

Grew total service revenue by 8% and adjusted EBITDA by 3%.Generated strong free cash flow of $982 million and cash flow from operating activities of $1,517 million. Update on sports and entertainment assets
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash (MLSE minority interest acquisition), which we intend to fund through existing and new short-term credit facilities. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals and is expected to close in the fourth quarter. As a result of this agreement, we have recognized a loss related to the MLSE put liability (see "Review of Consolidated Performance" for more information).

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. Following completion of this transaction, MLSE will become a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

Following the close of the above transaction, we intend to pursue the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors over the next year. We expect this will unlock significant value for Rogers.

Quarterly Financial Highlights

Revenue
Total revenue and total service revenue increased by 8% this quarter, primarily as a result of revenue growth in Media and Cable.

Wireless service revenue this quarter was in line with the prior year as the impact of the cumulative addition of new customers was offset by a decline in mobile phone ARPU. Wireless equipment revenue increased by 2%, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activities. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 53% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result of EBITDA growth in Media, and our adjusted EBITDA margin decreased by 180 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 66%, up 70 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 10 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $61 million this quarter, primarily due to the aforementioned revenue impacts and associated costs.

Net loss and adjusted net income
There was a net loss of $665 million this quarter as a result of the $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets"). Adjusted net income this quarter was in line with the prior year, as higher adjusted EBITDA was offset by higher depreciation and amortization and higher finance costs.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,517 million (2025 - $1,596 million), which decreased as a result of higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $982 million (2025 - $925 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

As at June 30, 2026, we had $6.1 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.7 billion in cash and cash equivalents and $4.4 billion available under our bank and other credit facilities.

Our debt leverage ratio2 was 3.8 as at June 30, 2026 (December 31, 2025 - 4.0, or 3.92 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 21, 2026.

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2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and "Non-GAAP and Other Financial Measures" in this earnings release for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q2 2026 MD&A for a reconciliation of available liquidity.

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and six months ended June 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Second Quarter 2026 Interim Condensed Consolidated Financial Statements (Second Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Second Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at July 21, 2026 and was approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2026, the first quarter refers to the three months ended March 31, 2026, and year to date refers to the six months ended June 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Summary of Consolidated Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins and per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Wireless2,540 2,540 — 5,131 5,084 1 Cable1,984 1,968 1 3,932 3,903 1 Media1,155 757 53 2,143 1,299 65 Corporate items and intercompany eliminations(64)(49)31 (109)(94)16 Revenue5,615 5,216 8 11,097 10,192 9 Total service revenue15,055 4,668 8 9,967 9,115 9        Adjusted EBITDA      Wireless1,313 1,305 1 2,636 2,616 1 Cable1,158 1,147 1 2,280 2,255 1 Media69 8 n/m 69 (55)n/m Corporate items and intercompany eliminations(98)(98)— (179)(200)(11)Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Adjusted EBITDA margin243.5%45.3%(1.8 pts)43.3%45.3%(2.0 pts)       Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m (Loss) earnings per share attributable to RCI shareholders:        Basic($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted($1.37)$0.29 n/m ($0.55)$0.79 n/m         Adjusted net income2633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders2640 620 3 1,190 1,163 2 Adjusted earnings per share attributable to RCI shareholders2:      Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1        Capital expenditures695 831 (16)1,503 1,809 (17)Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow982 925 6 1,758 1,511 16  1 As defined. See "Key Performance Indicators".
2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.

Results of our Reportable Segments

WIRELESS

Wireless Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,954 1,972 (1)3,951 3,975 (1)Service revenue from internal customers36 27 33 70 50 40 Service revenue1,990 1,999 — 4,021 4,025 — Equipment revenue from external customers550 541 2 1,110 1,059 5 Revenue2,540 2,540 — 5,131 5,084 1        Operating costs      Cost of equipment503 528 (5)1,044 1,036 1 Other operating costs724 707 2 1,451 1,432 1 Operating costs1,227 1,235 (1)2,495 2,468 1        Adjusted EBITDA1,313 1,305 1 2,636 2,616 1        Adjusted EBITDA margin166.0%65.3%0.7 pts 65.6%65.0%0.6 pts Capital expenditures188 365 (48)467 772 (40) 1 Calculated using service revenue.

Wireless Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except churn and mobile phone ARPU)2026
 2025
 Chg 2026
 2025
 Chg        Postpaid mobile phone      Gross additions333 362 (29)762 699 63 Net additions22 35 (13)50 46 4 Total postpaid mobile phone subscribers211,045 10,910 135 11,045 10,910 135 Churn (monthly)0.94%1.00%(0.06 pts) 1.08%1.01%0.07 pts Prepaid mobile phone      Gross additions199 135 64 348 267 81 Net additions18 26 (8)23 49 (26)Total prepaid mobile phone subscribers21,223 1,160 63 1,223 1,160 63 Churn (monthly)5.01%3.23%1.78 pts 4.52%3.28%1.24 pts Mobile phone ARPU (monthly)3$54.25 $55.45 ($1.20)$54.94 $56.24 ($1.30) 1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter and year to date were in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of the cumulative impact of competitive intensity.

The decreases in postpaid gross and net additions this quarter were a result of the overall slowing of population growth in Canada. The increases in postpaid gross and net additions year to date were a result of sales execution in a highly promotional and competitive Canadian market in the first quarter of 2026.

Equipment revenue
The 2% increase in equipment revenue this quarter and 5% increase year to date were primarily a result of:

a continued shift in the product mix towards higher-value devices; partially offset bya decrease in new subscribers purchasing devices. The increase year to date was also affected by higher device upgrades by existing customers.

Operating costs
Cost of equipment

The 5% decrease in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs

The 2% increase in other operating costs this quarter and 1% increase year to date were a result of:

costs associated with our new satellite-to-mobile product offering; andhigher costs associated with marketing and advertising initiatives. Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CABLE

Cable Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,952 1,944 — 3,874 3,851 1 Service revenue from internal customers22 17 29 38 34 12 Service revenue1,974 1,961 1 3,912 3,885 1 Equipment revenue from external customers10 7 43 20 18 11 Revenue1,984 1,968 1 3,932 3,903 1        Operating costs826 821 1 1,652 1,648 —        Adjusted EBITDA1,158 1,147 1 2,280 2,255 1        Adjusted EBITDA margin58.4%58.3%0.1 pts 58.0%57.8%0.2 pts Capital expenditures367 404 (9)775 850 (9)
Cable Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except ARPA and penetration)2026
 2025
 Chg 2026
 2025
 Chg        Homes passed210,624 10,354 270 10,624 10,354 270 Customer relationships      Net additions9 16 (7)6 20 (14)Total customer relationships24,862 4,825 37 4,862 4,825 37 ARPA (monthly)3$135.49 $135.74 ($0.25)$134.32 $136.59 ($2.27)       Penetration245.8%46.6%(0.8 pts) 45.8%46.6%(0.8 pts)       Retail Internet      Net additions17 26 (9)24 49 (25)Total retail Internet subscribers24,521 4,446 75 4,521 4,446 75 Video      Net losses(22)(25)3 (54)(57)3 Total Video subscribers22,449 2,560 (111)2,449 2,560 (111)Home Monitoring      Net additions1 3 (2)5 8 (3)Total Home Monitoring subscribers2158 141 17 158 141 17 Home Phone      Net losses(26)(29)3 (56)(55)(1)Total Home Phone subscribers21,333 1,452 (119)1,333 1,452 (119) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% increases in service revenue this quarter and year to date were a result of:

 retail Internet subscriber growth; andbase management activities, including adjustments to subscriber rates and bundled service offerings; partially offset bydeclines in our Home Phone and Video subscriber bases. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter and year to date.

Operating costs
The 1% increase in operating costs this quarter was a result of:

increased licensing rights associated with changes to our bundled service offerings; partially offset byother efficiency and productivity initiatives. Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter and year to date.

MEDIA

Media Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg
 2026
 2025
 % Chg         Revenue from external customers1,075 679 58 1,991 1,142 74 Revenue from internal customers80 78 3 152 157 (3)Revenue1,155 757 53 2,143 1,299 65         Operating costs1,086 749 45 2,074 1,354 53         Adjusted EBITDA69 8 n/m 69 (55)n/m         Adjusted EBITDA margin6.0%1.1%4.9 pts
 3.2%(4.2)%7.4 pts Capital expenditures43 26 65 119 61 95 
Revenue
The 53% increase in revenue this quarter and 65% increase year to date were a result of:

approximately $0.31 billion and $0.79 billion in revenue from the consolidation of MLSE beginning in the second half of 2025, respectively; andexcluding the consolidation of MLSE, organic growth of 13% and 6%, respectively, substantially reflects higher Toronto Blue Jays revenue, primarily driven by higher game day attendance and sponsorships. Higher subscriber revenue from the Warner Bros. Discovery suite of channels substantially offset lower advertising revenue, primarily as a result of lower participation by Canadian teams in the NHL playoffs and ongoing softness in media advertising. Operating costs
The $337 million (45%) increase in operating costs this quarter and $720 million (53%) increase year to date were a result of:

approximately $0.23 billion and $0.64 billion of increased costs from the consolidation of MLSE; andthe combined effect of higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs. Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CAPITAL EXPENDITURES

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except capital intensity)2026
 2025
 % Chg 2026
 2025
 % Chg        Wireless188 365 (48)467 772 (40)Cable367 404 (9)775 850 (9)Media43 26 65 119 61 95 Corporate97 36 169 142 126 13        Capital expenditures1695 831 (16)1,503 1,809 (17)       Capital intensity212.4%15.9%(3.5 pts)13.5%17.7%(4.2 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral and/or cancellation of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $90 million of proceeds received on the sale of certain network assets. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. This quarter, we also sold certain cable network assets for $46 million (2025 - $47 million), the proceeds from which reduced capital expenditures. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The increases in capital expenditures in Media this quarter and year to date primarily reflect the continued modernization of Rogers Centre and Scotiabank Arena.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):      Depreciation and amortization1,194 1,184 1 2,415 2,350 3 Restructuring, acquisition and other211 238 (11)260 365 (29)Finance costs565 628 (10)1,008 1,207 (16)Gain on disposition of assets(30)— — (30)— — Other expense (income)1,019 (9)n/m 1,015 (7)n/m Income tax expense148 173 (14)321 273 18        Net (loss) income(665)148 n/m (183)428 n/m 
Depreciation and amortization

 Three months ended June 30
 Six months ended June 30 (In millions of dollars)2026
 2025
 % Chg
 2026
 2025
 % Chg
              Depreciation of property, plant and equipment931 933 — 1,888 1,864 1 Depreciation of right-of-use assets122 113 8 244 211 16 Amortization141 138 2 283 275 3              Total depreciation and amortization1,194 1,184 1 2,415 2,350 3 
Restructuring, acquisition and other

 Three months ended June 30 Six months ended June 30 (In millions of dollars)2026
 2025 2026
 2025
          Restructuring, acquisition and other excluding Shaw Transaction integration-related costs207 213 245 303 Shaw Transaction integration-related costs4 25 15 62          Total restructuring, acquisition and other211 238 260 365 
The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the second quarters of 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. Year to date, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

Finance costs

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Interest on borrowings, net1502 488 3 984 999 (2)Interest on lease liabilities41 36 14 80 72 11 Interest on post-employment benefits(1)(1)— (3)(3)— Loss (gain) on foreign exchange30 (75)n/m 37 (86)n/m Change in fair value of derivative instruments(23)59 n/m (35)72 n/m Change in fair value of subsidiary equity derivative instruments2(16)93 n/m (121)93 n/m Capitalized interest(8)(8)— (14)(17)(18)Deferred transaction costs and other40 36 11 80 77 4        Total finance costs565 628 (10)1,008 1,207 (16) 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q2 2026 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other expense

The other expense this quarter and year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026 (see "Update on sports and entertainment assets").

Income tax expense

 Three months ended June 30
 Six months ended June 30(In millions of dollars, except tax rates)2026
 2025
 2026
 2025
      Statutory income tax rate26.2%26.2%26.2%26.2%(Loss) income before income tax expense(517)321 138 701      Computed income tax (recovery) expense(135)84 36 184 Increase (decrease) in income tax expense resulting from:    Non-(taxable) deductible stock-based compensation(7)1 (4)(1)Non-(taxable) deductible portion of equity (income) losses(1)1 (3)1 Non-deductible loss on revaluation of MLSE put liability274 — 274 — Non-(taxable) deductible portion of capital (gains) losses(10)44 (10)44 Unrealized capital losses for which no deferred tax asset is recognized19 45 19 45 Other items8 (2)9 —      Total income tax expense148 173 321 273      Effective income tax rate(28.6)%
53.9%232.6%38.9%Cash income taxes paid166 126 366 314           Cash income taxes paid increased this quarter and year to date due to timing of installments.

Net (loss) income

 Three months ended June 30
 Six months ended June 30 (In millions of dollars, except per share amounts)2026
 2025 % Chg
 2026
 2025 % Chg
            Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Basic (loss) earnings per share attributable to RCI shareholders($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)$0.79 n/m 
Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg
         Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):       Depreciation and amortization11,022 972 5 2,062 1,909 8 Finance costs2581 535 9 1,129 1,114 1 Other income3(15)(9)67 (19)(7)171 Income tax expense4221 232 (5)451 425 6         Adjusted net income633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders640 620 3 1,190 1,163 2         Adjusted earnings per share attributable to RCI shareholders:       Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1  1 Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and six months ended June 30, 2026 of $172 million and $353 million (2025 - $212 million and $441 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2 Finance costs exclude the $16 million and $121 million (2025 - $93 million and $93 million) change in fair value of subsidiary equity derivative instruments for the three and six months ended June 30, 2026.
3 Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets" for more information).
4 Income tax expense excludes recoveries of $73 million and $130 million (2025 - recoveries of $59 million and $152 million), respectively, for the three and six months ended June 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Prohibition of Fees
On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments – Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus Corporation to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues are due to the CRTC by July 30, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this earnings release. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports after obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"). While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises will increase.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:

subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user
(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Income tax expense148 173 321 273 Finance costs565 628 1,008 1,207 Depreciation and amortization1,194 1,184 2,415 2,350 EBITDA1,242 2,133 3,561 4,258 Add (deduct):    Other expense (income)1,019 (9)1,015 (7)Restructuring, acquisition and other211 238 260 365 Gain on disposition of assets(30)— (30)—      Adjusted EBITDA2,442 2,362 4,806 4,616 
Reconciliation of adjusted net income

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Income tax impact of above items(73)(59)(130)(152)     Adjusted net income633 632 1,183 1,175 
Reconciliation of pro forma trailing 12-month adjusted EBITDA

 As at
December 31 (In millions of dollars)2025    Trailing 12-month adjusted EBITDA9,820 Add (deduct):  MLSE adjusted EBITDA - January to June 2025166    Pro forma trailing 12-month adjusted EBITDA9,986 
Reconciliation of adjusted net income attributable to RCI shareholders

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income attributable to RCI shareholders(726)157 (288)437 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Revaluation of subsidiary US dollar-denominated balances180 (21)131 (21)Income tax impact of above items(85)(59)(149)(152)     Adjusted net income attributable to RCI shareholders640 620 1,190 1,163  1 Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Cash provided by operating activities1,517 1,596 3,012 2,892 Add (deduct):    Capital expenditures(695)(831)(1,503)(1,809)Interest on borrowings, net and capitalized interest(494)(480)(970)(982)Interest paid456 395 1,008 990 Restructuring, acquisition and other211 238 260 365 Program rights amortization(33)(31)(86)(50)Change in net operating assets and liabilities160 28 319 111 Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Net cash proceeds on subsidiary equity derivatives12 — 24 — Post-employment benefit contributions, net of expense(18)(19)(34)(36)Cash flows relating to other operating activities(16)38 (37)35 Other investment income(1)(9)(2)(5)     Free cash flow982 925 1,758 1,511  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
      Revenue5,615 5,216 11,097 10,192      Operating expenses:    Operating costs3,173 2,854 6,291 5,576 Depreciation and amortization1,194 1,184 2,415 2,350 Restructuring, acquisition and other211 238 260 365 Finance costs565 628 1,008 1,207 Gain on disposition of assets(30)— (30)— Other expense (income)1,019 (9)1,015 (7)     (Loss) income before income tax expense(517)321 138 701 Income tax expense148 173 321 273      Net (loss) income for the period(665)148 (183)428      Net (loss) income for the period attributable to:    RCI shareholders(726)157 (288)437 Non-controlling interest61 (9)105 (9)     (Loss) earnings per share attributable to RCI shareholders:    Basic($1.34)$0.29 ($0.53)$0.81 Diluted($1.37)$0.29 ($0.55)$0.79  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)

 As at
June 30 As at
December 31  2026 2025      Assets    Current assets:    Cash and cash equivalents1,726 1,344 Accounts receivable5,728 6,105 Inventories553 550 Current portion of contract assets153 151 Other current assets1,341 1,239 Current portion of derivative instruments303 99 Total current assets9,804 9,488      Property, plant and equipment26,286 26,307 Intangible assets28,771 28,898 Investments1,292 1,291 Derivative instruments960 746 Financing receivables1,065 1,198 Other long-term assets2,093 2,052 Goodwill20,032 20,032      Total assets90,303 90,012      Liabilities and equity    Current liabilities:    Short-term borrowings2,237 4,000 Accounts payable and accrued liabilities4,375 4,831 Other current liabilities4,838 3,831 Contract liabilities952 1,114 Current portion of long-term debt4,855 1,186 Current portion of lease liabilities728 690 Total current liabilities17,985 15,652      Provisions56 55 Long-term debt35,191 35,872 Lease liabilities2,687 2,428 Other long-term liabilities2,063 2,225 Deferred tax liabilities9,471 9,494 Total liabilities67,453 65,726      Equity    Equity attributable to RCI shareholders16,559 17,751 Non-controlling interest6,291 6,535 Equity22,850 24,286      Total liabilities and equity90,303 90,012  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
 Operating activities:    Net (loss) income for the period(665)148 (183)428 Adjustments to reconcile net income to cash provided by operating activities:    Depreciation and amortization1,194 1,184 2,415 2,350 Program rights amortization33 31 86 50 Finance costs565 628 1,008 1,207 Income tax expense148 173 321 273 Post-employment benefits contributions, net of expense18 19 34 36 Income from associates and joint ventures(14)— (17)(2)Gain on disposition of assets(30)— (30)— Loss on revaluation of MLSE put liability1,034 — 1,034 — Other16 (38)37 (35)Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 Change in net operating assets and liabilities(160)(28)(319)(111)Income taxes paid(166)(126)(366)(314)Interest paid, net(456)(395)(1,008)(990)     Cash provided by operating activities1,517 1,596 3,012 2,892      Investing activities:    Capital expenditures(695)(831)(1,503)(1,809)Additions to program rights and other intangible assets(43)(24)(141)(48)Changes in non-cash working capital related to investing activities(83)(68)(195)(56)Acquisitions and other strategic transactions, net of cash acquired— — (85)— Other(6)7 (9)8      Cash used in investing activities(827)(916)(1,933)(1,905)     Financing activities:    Net proceeds received from (repayment of) short-term borrowings161 (483)(1,791)(1,336)Net (repayment) issuance of long-term debt— (2,178)2,169 424 Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 Transaction costs incurred(2)(61)(29)(99)Principal payments of lease liabilities(141)(134)(297)(267)Dividends paid to RCI shareholders(270)(188)(540)(373)Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Issuance of subsidiary shares to non-controlling interest— 6,656 — 6,656 Other(1)(3)(2)(4)     Cash (used in) provided by financing activities(350)3,603 (697)5,078      Change in cash and cash equivalents340 4,283 382 6,065 Cash and cash equivalents, beginning of period1,386 2,680 1,344 898      Cash and cash equivalents, end of period1,726 6,963 1,726 6,963  About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information

typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:

revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe; the cost of acquiring and retaining subscribers and deployment of new services;continued cost reductions and efficiency improvements;our debt leverage ratio and how we intend to manage that ratio;the completion and funding of the MLSE minority interest acquisition, including its timing, and the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, and proceeds therefrom; andall other statements that are not historical facts. Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:

general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability.
Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:

regulatory changes;technological changes;economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;unanticipated changes in content or equipment costs;changing conditions in the sports, media, entertainment, information, and communications industries;performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;sports-related work stoppages or cancellations and labour disputes;the integration of acquisitions;litigation and tax matters;the level of competitive intensity;the emergence of new opportunities;external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;the MLSE minority interest acquisition is subject to closing conditions and termination rights and may not be completed on the anticipated terms, in the anticipated timeline, or at all; the anticipated benefits of the MLSE minority interest acquisition may not be realized;we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds;we may fund all or a portion of the MLSE minority interest acquisition through alternate sources;new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies; changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.
These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community ContactMedia Contact  Paul CarpinoSarah Schmidt647.435.6470647.643.6397paul.carpino@[email protected]
Quarterly Investment Community Teleconference

Our second quarter 2026 results teleconference with the investment community will be held on:

July 22, 20268:00 a.m. Eastern Timewebcast available at about.rogers.com/investor-relationsmedia are welcome to participate on a listen-only basis A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at [email protected]. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

Wall Street expects a year-over-year decline in earnings on higher revenues when Rogers Communication (RCI - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis communications and media company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of -3.7%.

Revenues are expected to be $4.1 billion, up 8.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.67% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Rogers Communication?For Rogers Communication, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.25%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Rogers Communication will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Rogers Communication would post earnings of $0.73 per share when it actually produced earnings of $0.74, delivering a surprise of +1.37%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Rogers Communication doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

HomeStock IdeasLong IdeasCommunication Services

SummaryRogers Communications is a high-quality, integrated media and communications company focused on the Canadian market, now trading below 10x P/E.RCI.B offers a compelling value proposition with a 4.4% yield, strong free cash flow growth, and a $55/share price target, justifying a 'Buy' rating.The company's diversified model—combining telco and media—has delivered 82% media revenue growth and improved EBITDA, distinguishing it from failed telco-media integrations.Key upside drivers include rising cash flow, debt reduction, and potential for multiple expansion, though competition and ARPU declines cap near-term growth.Looking for more investing ideas like this one? Get them exclusively at Wolf of Value. Learn More » Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images

Rogers Communications (RCI)(RCI.B:CA) is a company I've had on my radar for some time. It's on the same part of the coverage spectrum as Millicom (TIGO

35.29K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in RCI.B:CA over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice. It may be structured as such, but it is not financial advice. Investors are required and expected to do their own due diligence and research prior to any investment. Short-term trading, options trading/investment and futures trading are potentially extremely risky investment styles. They generally are not appropriate for someone with limited capital, limited investment experience, or a lack of understanding for the necessary risk tolerance involved. I own the European/Scandinavian tickers (not the ADRs) of all European/Scandinavian companies listed in my articles. I own the Canadian tickers of all Canadian stocks I write about. Please note that investing in European/Non-US stocks comes with withholding tax risks specific to the company's domicile as well as your personal situation. Investors should always consult a tax professional as to the overall impact of dividend withholding taxes and ways to mitigate these.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Rogers Communications is buying out the final portion of the Maple Leaf Sports and Entertainment from Larry Tanenbaum's Kilmer Sports for 4.35 billion Canadian dollars.

Key Takeaways Snap-on is benefiting from its franchise network, innovation and strong customer relationships. SNA is using the RCI process to improve efficiency, lower costs and support sales and margin growth. Higher operating costs, technology investments and tariffs remain near-term challenges for SNA. Snap-on Incorporated (SNA - Free Report) is making solid progress on its strategic priorities. SNA’s strengths are rooted in its powerful brand, differentiated business model and strong customer relationships. The company benefits from a well-established franchise network that enables direct, frequent engagement with repair professionals, allowing it to closely align product development with customer needs.

SNA has been enhancing the franchise network, improving relationships with repair shop owners and managers, and expanding into critical industries in emerging markets. Management’s emphasis on the RCI process has been on track. The RCI process is designed to enhance organizational effectiveness and minimize costs, along with helping Snap-on to boost sales and margins and generate savings. Savings from the RCI initiative reflect gains from the continuous productivity and process improvement plans.

Snap-on is witnessing robust business trends, supported by the increasing complexity of modern vehicles. New models entering the market feature advanced drivetrains, evolving motor configurations and sophisticated electrical architectures that integrate a neural network of sensors, enabling driver-assisted autonomy. It remains focused on strengthening customer connections and driving innovation. Management continues to expect a resilient vehicle repair market, as the growing technological complexity of vehicles sustains demand for specialized tools, diagnostics and repair solutions.

However, Snap-on has been witnessing higher operating expenses for a while. Operating expenses, as a percentage of sales, came in at 29.6%, up 20 basis points, primarily owing to higher personnel costs and technology investments, partly offset by favorable sale volumes. SNA continues to invest in strengthening its core technology infrastructure while expanding the use of large language models across key business functions. Such costs, along with tariff pressures, might add up to extra costs and hurt overall profits.

Nevertheless, Snap-on is well-positioned, supported by its innovative hardware offerings, particularly its proprietary and comprehensive database. The company’s specialty torque business within the Commercial & Industrial Group continues to progress steadily. The company is also benefiting from a robust pipeline of new products. Management expects SNA’s markets and operations to have considerable resilience against the uncertainties of the operating landscape. It anticipates continued progress by leveraging capabilities in the automotive repair arena, as well as expanding its customer base in automotive repair and across geographies, including critical industries.

SNA’s Price Performance, Valuation and EstimatesShares of Snap-on have gained 10.7% in the past six months compared with the industry’s growth of 12.9%.

Image Source: Zacks Investment Research

From a valuation standpoint, SNA trades at a forward price-to-earnings ratio of 19.29X compared with the industry’s average of 19.08X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for SNA’s 2026 and 2027 earnings per share (EPS) indicates a year-over-year rise of 0.8% and 5.9%, respectively. The company’s EPS estimate for 2026 and 2027 has been stable in the past 30 days.

Image Source: Zacks Investment Research

Snap-on stock currently carries a Zacks Rank #4 (Sell).

Key Picks in the Consumer Discretionary SpaceColumbia Sportswear Company (COLM - Free Report) , which engages in the sourcing, marketing and distribution of outdoor and active lifestyle apparel, footwear, accessories and equipment, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

COLM delivered a trailing four-quarter earnings surprise of 44.1%, on average. The Zacks Consensus Estimate for Columbia Sportswear’s current financial-year sales indicates growth of 2.6% from the year-ago number.

Ralph Lauren Corporation (RL - Free Report) , which is a designer, marketer and distributor of premium lifestyle products, currently carries a Zacks Rank #2 (Buy).

RL delivered a trailing four-quarter earnings surprise of 9.1%, on average. The Zacks Consensus Estimate for Ralph Lauren’s current financial-year sales indicates growth of 6.7% from the year-ago number.

Gildan Activewear Inc. (GIL - Free Report) , which is a designer and marketer of premium quality branded basic activewear, currently has a Zacks Rank of 2.

GIL delivered a negative trailing four-quarter earnings surprise of 1.1%, on average. The Zacks Consensus Estimate for Gildan Activewear’s current financial-year sales indicates growth of 68.3% from the year-ago number.

June 15, 2026 14:30 ET  | Source: Rogers Communications Canada Inc.

CALGARY, Alberta, June 15, 2026 (GLOBE NEWSWIRE) -- Rogers Communications today announced a $1 million donation to support children’s charities across Alberta through the Rogers Charity Classic. 

“Year after year, Rogers Charity Classic delivers an extraordinary impact for communities, families and children across Alberta,” said Tony Staffieri, President and CEO, Rogers. “We’re proud to work with the Patron Group and other stakeholders to help bring this iconic local event to life, and to continue championing the important work of children’s charities throughout the province.” 

Last year’s tournament raised a record-setting $26.6 million in support of Rogers Birdies for Kids presented by AltaLink, helping thousands of youth each year through programs focused on counselling, sports and family support. Since its inception, the tournament has raised $164.3 million. 

Now through the end of August 2026, donations made to participating charities will be matched by up to 50% through the program’s matching pool. 

“At the core of our mission to bring golf’s greatest stars back to Calgary each year is to leverage this event in an effort to make a positive impact on the youth in our community and their families,” said Jim Riddell, Chair, Rogers Charity Classic. “This donation represents our shared commitment with Rogers to helping children overcome challenges, access new opportunities, and experience the joy and hope every child deserves.” 

Tickets are now available for the 2026 Rogers Charity Classic, taking place August 21 to 23.

In 2023, Rogers announced a five-year commitment as title sponsor of the tournament, reinforcing its dedication to strengthening communities across Alberta. Since then, the company has donated $1 million annually to kick-start each year’s fundraising drive. 

About Rogers Communications Inc.
Rogers is Canada’s communications, sports and entertainment company, and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or investors.rogers.com.

About Rogers Charity Classic
Rogers Charity Classic hosts some of greatest names in golf at the Canyon Meadows Golf and Country Club in Calgary, Alberta each year. The field consists of stars from the PGA TOUR Champions who compete for US $2.5 million in a three-round, 54-hole stroke-play tournament. Led by a philanthropic Patron Group along with title partner Rogers Communications, the annual PGA TOUR Champions stop in Canada showcases Calgary to the world through its broadcast on the Golf Channel. The Tournament has raised more than $164 million since inception and helps thousands of Alberta youth annually through support to youth-based charities. For more information, please visit rogerscharityclassic.com. Follow Rogers Charity Classic at facebook.com/rogerscharityclassic and on X.

For more information:

Rogers Communications, [email protected], 1-844-226-1338
Rogers Charity Classic, [email protected], 403-620-8731

Believe it or not, earnings season is once again upon us, and some crucial large-cap stocks like Tesla, American Express, and Intel already reported results this week.

However, the earnings party began early for the five companies we'll be discussing today, which handily beat top- and bottom-line projections.

And despite the outsized pop each company's stock received following its earnings report, there's fundamental or technical evidence that the momentum underlying the moves has the strength to carry into the second half of 2026.

Here are the five “earnings heroes” with more room to run.

GE Verona Inc.The standout number remains the backlog; management announced a 2027 backlog of more than $200 billion, a figure it didn't expect to reach until 2028. The Electrification backlog stands at $42 billion, and the company booked more than $2.4 billion in data center equipment orders in Q1 2026. The stock received seven price target boosts following the earnings release, including a new Street-high target of $1,400 from Baird.

Intuitive Surgical Inc.But ISRG's fortunes could be changing: the company had a fabulous Q1 2026, notching a 30% upside surprise on EPS and 23% YOY revenue growth. The company also expects 15% growth in procedures done using the Da Vinci machine after placing 431 new units into service in 2025.

Despite its near-monopoly, Intuitive Surgical is in the midst of a massive drawdown, losing more than 15% YTD. The post-earnings pop finally took shares back above the 50-day moving average, and there's hope this rally sticks, considering the bullish activity on the RSI and MACD. Intuitive Surgical has the earnings tailwinds; now it needs technical momentum to finally break out of this rut, and it looks like it’s about to get it.

Masco Corp.MAS shares bottomed out in March before the earnings release, but an uptrending MACD spotted the change in investor behavior right near the low. Both the MACD and RSI had been trending upward since the bottom formed, and the breakout has now taken the share price back above the 50-day and 200-day moving averages. One area of concern: the RSI is approaching extreme overbought territory, which could signal that a pullback is on the horizon.

However, BSX is showing signs of a reversal of this downswing. The company had a modest Q1 2026 EPS and revenue beat, and sales grew by more than 11% in the period. And despite lowering its organic growth guidance projections for 2026, the stock rallied through its long-term downtrend line to put up its best performance in months.

The RSI and MACD also hint at bullish energy. The MACD formed a crucial bullish cross more than two months ago in February, and the RSI appears to be finally taking a meaningful bounce above the Oversold threshold. If the drawdown is halted here, the stock has lost nearly 40% of its value since September 2025, which gives brave investors plenty of upside.

Rogers Communications Inc.RCI shares jumped 13.6% following the report, shaking off the downward momentum and retaking the 200-day moving average. The secondary indicators are also turning bullish, and a move back above the 50-day moving average could likely re-ignite the buying pressure.

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Ethernet cables are seen in front of Rogers Communications logo in this illustration taken, July 8, 2022. REUTERS/Dado Ruvic/Illustrations/File Photo Purchase Licensing Rights, opens new tab

CompaniesApril 27 - Canadian telecom operator Rogers Communications (RCIb.TO), opens new tab is offering voluntary departure packages to half ​of its 25,000 employees, the Globe and ‌Mail reported on Monday.

Here are some details:

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Rogers on Monday said employees across numerous business divisions will be offered packages, but ​did not say whether it had a ​reduction target, according to the report.

"We are taking ⁠steps to adjust our cost structure to reflect ​the business realities of the current environment. As part ​of this, some teams have chosen to offer voluntary departure and retirement programs to give some employees the choice to ​decide whether they'd like to stay with the ​company or begin a new chapter," Rogers spokesperson Zac Carreiro told ‌the ⁠Globe and Mail.

Some teams across the company including on-air talent, Sportsnet employees at Rogers Sports and Media and union employees are not eligible, the report said.

Rogers ​did not ​immediately respond ⁠to a Reuters request for comment.

Earlier this month, Rogers forecast 2026 capital expenditure about ​30% below 2025 levels, as it reins ​in ⁠spending amid a tough pricing environment.

Separately, Microsoft (MSFT.O), opens new tab is planning its first voluntary employee buyout in the Windows maker's ⁠51-year ​history for a small percentage of ​its U.S. employees, according to sources familiar with the matter.

Reporting by ​Juby Babu in Mexico City; Editing by Sahal Muhammed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today filed its Form 10-Q and reported results for the fiscal 2026 first quarter ended December 31, 2025. Summary Financials (in millions, except EPS) 1Q26 1Q25 Total revenues $70.8 $71.5 EPS $(0.57) $1.01 Non-GAAP EPS1 $0.74 $0.80 Net cash provided by operating activities $7.8 $13.3 Free cash flow1 $6.7 $12.1 Net income (loss) attributable to RCIHH common stockholders $(4.7) $9.0 Adjusted EBITDA1 $15.7 $15.7 Weighted avera.

RCI Hospitality Holdings, Inc. reported weak Q1 results across segments. RICK's organic nightclub revenues are on a decline, as young people drink less alcohol. The trend pressures RICK's earnings significantly. Bombshells hasn't stabilized yet despite significant turnaround efforts. The segment turned to an operating loss in Q1.

Company completes $22 million network build to boost connectivity for fans at soccer’s biggest event

Crew of 30 spent almost 40,000 hours planning and installing new network infrastructure

TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- As Toronto gets ready to welcome global soccer fans, Rogers today announced $22 million of upgrades to the 5G+ network at BMO Field and surrounding areas to bring visitors and local residents a world-class network experience.

“As Canada’s best 5G+ network, we’re committed to bringing fans the best experience, whether they’re at the stadium or in a fan zone,” said Mark Kennedy, Chief Technology Officer, Rogers. “These enhancements ensure our network is ready for global events like FIFA, while delivering long-term benefits for the local Toronto community.” 

5G+ networks are critical to support the large number of fans at live stadium events, delivering faster speeds, lower latency and more capacity. 

Improvements to bring the latest 5G+ technology to soccer fans in Toronto include:

Enhancing the in-stadium wireless system, the equivalent of adding 16 cell towers in downtown TorontoDeploying additional 5G+ spectrum to deliver faster speeds and more capacity for fans in the venueInstalling additional network infrastructure outside the stadium and at fan zone locations throughout the city, as well as hotels and transportation hubs including Pearson International Airport, Union Station and some TTC subway stations
The company is also deploying Cells on Wheels and Cells on Light Facilities to support high-traffic areas in downtown Toronto. These temporary cell sites deliver faster speeds, lower latency and greater reliability for customers during the tournament. 

In Vancouver, Rogers is investing $5 million to enhance network coverage in key areas across the city, including at BC Place, to boost connectivity for soccer’s biggest event.

Rogers 5G+ Ultimate plan customers can experience Priority Network Access, giving customers front of the line access to our fastest speeds available even at peak times. Priority Network Access is the first and only service of its kind in Canada for consumers. 

About Rogers Communications Inc.
Rogers is Canada’s communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or about.rogers.com/investor-relations.

For more information:
[email protected]
1-844-226-1338

HOUSTON--(BUSINESS WIRE)--On May 20, 2026, RCI Hospitality Holdings, Inc. (Nasdaq: RICK) received an anticipated letter from the Nasdaq Stock Market notifying the Company of its noncompliance with Listing Rule 5250(c)(1) requiring the timely filing of reports with the SEC. RCI has not yet filed its Form 10-Q for the second quarter ended March 31, 2026. Nasdaq's letter has no immediate effect on the Company's common stock listing. Under Nasdaq's rules, RCI has until July 20, 2026, to file its 10.

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today filed its Form 10-Q and reported results for the fiscal 2026 second quarter ended March 31, 2026. Summary Financials (in millions, except EPS) 2Q26 2Q25 6M26 6M25 Total revenues $68.7 $65.9 $139.6 $137.4 EPS $(0.04) $0.36 $(0.63) $1.38 Non-GAAP EPS1 $0.78 $0.65 $1.52 $1.46 Impairments and other charges, net $7.6 $2.1 $7.9 $(0.1) Net cash provided by operating activities $9.9 $8.5 $17.7 $21.9 Free cash flow1 $8.4 $6.9.

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced today it has declared a quarterly cash dividend of $0.08 per common share for the fiscal 2026 third quarter ending June 30, 2026. The 3Q26 dividend is payable June 30, 2026, to holders of record at the close of business June 15, 2026. This marks RCI's 42nd consecutive quarter of paying cash dividends. Over that time, the quarterly dividend has increased by 166.7% from $0.03 per share since it was initiated in the.

Company also again awarded most reliable wireless network in Canada June 04, 2026 08:00 ET  | Source: Rogers Communications Canada Inc.

TORONTO, June 04, 2026 (GLOBE NEWSWIRE) -- Rogers Communications today announced that it has once again been ranked the best and most reliable 5G+ network by umlaut.

“We are focused on delivering the best network experience to our customers along with the most coverage with Rogers Satellite,” said Mark Kennedy, Chief Technology Officer. “This award reinforces our leadership in bringing Canadians the best, most reliable 5G+ network in the country.”

Umlaut is a global leader in independent network performance benchmarking. The ranking is based on umlaut’s Mobile Certificate and Audit Report, which show Rogers wireless customers enjoy the best network performance in the country.

In addition to being awarded the “Best in Test” wireless benchmark award for the eighth straight year, Rogers scored the top performance in voice, data and reliability for wireless networks.  Rogers has led on umlaut’s most reliable wireless network ranking since it was first introduced in 2021.

“We are committed to delivering the best wireless plans and value for Canadians,” said Anne Martin-Vachon, President, Wireless. “We are proud to bring customers the best 5G+ network along with services no other Canadian carrier offers like Priority Network Access and satellite-to-mobile.”

5G+ is the latest 5G technology, delivered through mid-band spectrum. Rogers 5G+ is powered by 3800 MHz and 3500 MHz spectrum, providing customers with faster speeds and more capacity. This mid-band spectrum complements Rogers 600 MHz low-band 5G spectrum, creating consistent and reliable 5G coverage.

About Rogers Communications

Rogers is Canada’s communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or about.rogers.com/investor-relations.

For more information:
[email protected]
1-844-226-1338