Q1 26 EPS
$0.46
MISS 20.35%
Est. $0.58
Q1 26 Revenue
$4.53B
MISS 25.59%
Est. $6.09B
Did BCE Beat Earnings? Q1 2026 Results
BCE Inc. Posted a mixed first quarter for 2026, with consolidated revenue climbing 4.0% to $4.53 billion but adjusted earnings per share slipping to $0.46 from $0.51 a year ago, as the company absorbed the financial weight of its Ziply Fiber acquisit… Read more BCE Inc. Posted a mixed first quarter for 2026, with consolidated revenue climbing 4.0% to $4.53 billion but adjusted earnings per share slipping to $0.46 from $0.51 a year ago, as the company absorbed the financial weight of its Ziply Fiber acquisition completed last August. The U.S. Wireline segment added $171.80 million in revenue during the quarter, yet its lower margins diluted BCE's overall adjusted EBITDA margin by 0.4 points to 42.7%, even as adjusted EBITDA itself grew 2.9% to $1.93 billion. Net earnings of $489.71 million represented a 2.3% decline, chiefly because Q1 2025 had benefited from $227.60 million in other income tied to early debt redemption gains that did not repeat. Free cash flow edged up 0.8% to $590.30 million despite a significant tax payment headwind. Looking ahead, BCE updated its 2026 guidance to incorporate roughly $1.7 billion in incremental capital expenditures for a new Saskatchewan AI data centre, with management projecting the project will be leverage-neutral on a run-rate adjusted EBITDA basis.
Key Takeaways
- • Ziply Fiber acquisition contributing $234 million in revenue and $102 million in adjusted EBITDA
- • Bell AI Fabric delivery driving 73.9% growth in wireline product revenues
- • Postpaid mobile phone gross activations up 20.6% from increased promotional activity
- • DTC streaming subscriber growth driving 11.8% increase in Bell Media subscriber revenues
- • Growth in AI-powered solutions business (Ateko, Bell Cyber, Bell AI Fabric)
- • Higher Internet revenues from FTTP subscriber base growth and residential rate increases
- • Digital advertising revenue growth of 7.9% at Bell Media from ad-supported Crave tiers and connected TV
BCE YoY Financials
Q1 2026 vs Q1 2025, 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | $0.46 | — | — | — | — |
| 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% |