Q2 25 EPS
$0.63
MISS 11.39%
Est. $0.71
Q2 25 Revenue
$6.09B
BEAT +2.25%
Est. $5.95B
vs S&P Since Q2 25
-23.6%
TRAILING MARKET
BCE -6.4% vs S&P +17.2%
Market Reaction
Did BCE Beat Earnings? Q2 2025 Results
BCE delivered a mixed second quarter, swinging to a headline profit but falling short on the bottom line where it matters most to investors. The Canadian telecom reported adjusted EPS of $0.63, missing the $0.71 consensus estimate by 11.39%, even as … Read more BCE delivered a mixed second quarter, swinging to a headline profit but falling short on the bottom line where it matters most to investors. The Canadian telecom reported adjusted EPS of $0.63, missing the $0.71 consensus estimate by 11.39%, even as revenue of $6.08 billion cleared expectations by 2.25% and grew 1.3% year over year. The top-line beat was largely driven by a 17.4% surge in product revenues, fueled by the delivery of BCE's first AI data centre in Kamloops under its new Bell AI Fabric initiative, though that strength was undercut by a 0.9% decline in adjusted EBITDA to $2.67 billion, compressing margins by 100 basis points. The quarter was also defined by transformational balance sheet activity, including the completed $3.65 billion Ziply Fiber acquisition funded by BCE's $4.70 billion MLSE stake sale, a deal expected to generate a $5.20 billion gain in Q3. Looking ahead, BCE updated its 2025 guidance to reflect Ziply's integration while flagging ongoing wireless pricing pressure, legacy voice erosion, and slowing Canadian economic growth as persistent headwinds.
Key Takeaways
- • Bell AI Fabric delivery of first AI facility drove significant wireline product revenue growth of 73.6%
- • Higher wireless device sales from greater upgrade volumes and contracted activations
- • Continued growth in mobile phone and connected device average subscriber bases with flow-through of rate increases
- • Bell Media DTC streaming revenue growth from higher Crave and sports subscribers
- • F1 Canadian Grand Prix 2025 revenue contribution
- • Cost reduction initiatives from workforce reductions, store closures, and technology/automation efficiencies
- • Capital expenditure reductions of CAD $215 million in Q2 2025 year over year
- • Early debt redemption gains of CAD $91 million in Q2 2025 and CAD $266 million in Q1 2025 from tender offers
BCE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BCE Revenue by Segment
With YoY comparisons, source: SEC Filings
BCE Earnings Trends
BCE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BCE EPS Trend
Earnings per share: estimate vs actual
BCE Revenue Trend
Quarterly revenue: estimate vs actual
BCE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.58 | $0.46 | -20.35% | $4.53B | -25.59% |
| Q4 25 BEAT FY | $0.54 | $0.69 | +28.04% | $6.40B | -1.99% |
| FY Full Year | $2.72 | $2.80 | +3.07% | $24.47B | -0.51% |
| Q3 25 MISS | $0.71 | $0.58 | -18.28% | $4.43B | -27.19% |
| Q2 25 MISS | $0.71 | $0.63 | -11.39% | $6.09B | +2.25% |
| Q1 25 MISS | $0.62 | $0.51 | -18.48% | $4.34B | -26.77% |