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Q4 25 EPS
$0.69
BEAT +28.04%
Est. $0.54
Q4 25 Revenue
$6.40B
MISS 1.99%
Est. $6.53B
vs S&P Since Q4 25
-23.1%
TRAILING MARKET
BCE -15.0% vs S&P +8.1%
Full Year 2025 Results
FY 25 EPS
$2.80
BEAT +3.07%
Est. $2.72
FY 25 Revenue
$24.47B
MISS 0.51%
Est. $24.59B
Market Reaction
Did BCE Beat Earnings? Q4 2025 Results
BCE delivered a mixed but ultimately encouraging fourth quarter, with disciplined cost management driving an earnings beat even as revenue fell slightly short. The Canadian telecom giant posted adjusted EPS of $0.69, clearing the $0.62 consensus esti… Read more BCE delivered a mixed but ultimately encouraging fourth quarter, with disciplined cost management driving an earnings beat even as revenue fell slightly short. The Canadian telecom giant posted adjusted EPS of $0.69, clearing the $0.62 consensus estimate by 11.29%, while revenue of $6.40 billion came in 1.91% below expectations and slipped 0.3% year over year. The standout story behind the EPS beat was a record Q4 adjusted EBITDA margin of 41.6%, the highest in over 30 years, achieved through a 2.0% reduction in operating costs via workforce reductions, lower product costs, and technology-driven efficiencies. The August 2025 Ziply Fiber acquisition added $232 million in quarterly revenue at a healthy 43.1% margin, partially offsetting softness in Canadian wireless activations and a 46% decline in domestic fibre internet net additions amid aggressive competitor promotions. Shares fell roughly 2.9% following the announcement, a reaction that may resonate with investors watching other earnings-season narratives closely. Looking ahead, BCE's 2026 guidance targets 1-5% revenue growth and 4-10% free cash flow growth, while adjusted EPS is expected to decline 5-11% due to higher depreciation and interest costs.
Key Takeaways
- • Ziply Fiber acquisition contributing incremental revenue and adjusted EBITDA
- • Highest Q4 adjusted EBITDA margin in over 30 years at 41.6%
- • 2.0% reduction in operating costs through workforce reductions and automation
- • Postpaid churn improved 17 basis points to 1.49%, third consecutive quarter of YoY improvement
- • Internet revenue growth of 16.6% driven by Ziply Fiber contribution
- • AI-powered solutions revenue up 31% in Q4
- • Crave subscriptions up 26% to 4.6 million
- • Full-year free cash flow grew 10% to $3.2 billion
BCE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BCE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Bell's disciplined focus on its four strategic priorities – putting the customer first; delivering the best fibre and wireless networks; leading in enterprise with AI-powered solutions; and building a digital media and content powerhouse – delivered strong results in 2025.”
— Mirko Bibic, Q4 2025 Earnings Press Release
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% |