Rogers Communications Inc. (RCI) produced C$1.37 billion of free cash flow (cash left after operating costs and capital spending) in the third quarter. That is 65% more than the C$829 million it generated a year earlier, according to its management's discussion and analysis for the quarter ended September 30, 2026.

Most of that gain came from spending less, not from selling more.

Capital expenditures fell to C$524 million from C$964 million. That C$440 million cut accounts for about 81% of the C$541 million rise in free cash flow, as calculated by Trend & Ticker. Capital intensity, or spending as a share of revenue, dropped to 9.6% from 18.0%.

Third quarter results against the same quarter of 2025, in Canadian dollars:

• Revenue rose 2% to C$5.44 billion.
• Service revenue rose 1% to C$4.78 billion.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 1% to C$2.54 billion, a 46.6% margin versus 47.0%.
• Adjusted diluted EPS fell to C$1.29 from C$1.37.
• Net income fell to C$495 million from C$5.77 billion, a prior year figure that included a C$5 billion non-cash revaluation gain tied to Maple Leaf Sports & Entertainment.

Phone subscriber growth nearly stops

The wireless unit added just 6,000 net postpaid phone subscribers, compared with 62,000 a year before. Gross additions slipped to 347,000 from 385,000, while monthly postpaid phone churn rose to 1.03% from 0.99%.

Mobile phone ARPU (average monthly revenue per user) fell C$1.48 to C$55.22, a 2.6% decline, as calculated by Trend & Ticker. Wireless service revenue dipped 1% to C$2.03 billion.

In April, Rogers revised its 2026 capital expenditure guidance range, pointing to stronger competition and recent regulatory decisions, the filing says.

Cable service revenue was flat at C$1.98 billion, with 10,000 retail internet net additions against 29,000 a year earlier. Media was the fastest grower, with revenue up 9% to C$821 million.

MLSE payment lands in the fourth quarter

The debt leverage ratio improved to 3.7 times at September 30 from 4.0 times at the end of 2025. That reading predates the October 1 closing of the MLSE minority interest deal, which Rogers paid for with C$4.35 billion in cash.

The company also plans to redeem C$2.0 billion of subordinated notes due 2081 in December and wants outside investors to take a minority stake in Rogers Sports, with a target date in the first half of 2027.

The board declared a 50 cent quarterly dividend, payable on January 5, 2027, to shareholders of record on December 8.