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 Forward Guidance & Outlook
BCE updated its 2026 financial guidance and 2025-2028 financial outlook on March 16, 2026 to incorporate the expected financial impact of the new Saskatchewan AI data centre project. The project is expected to require approximately $1.7 billion of incremental capital expenditures, with approximately $1.3 billion incurred in 2026, funded through debt financing and cash on hand, and is expected to be leverage-neutral on a run-rate adjusted EBITDA basis. The company assumes modest Canadian economic growth (GDP of 1.2%), subdued population growth, modest consumer spending growth, and interest rates remaining near current levels. Key assumptions include a moderated level of wireless competition, continued FTTP subscriber growth, ongoing erosion of legacy voice and TV services, continued scaling of digital advertising platforms, and continued growth in retail Internet customers at Ziply Fiber with deployment of fibre to incremental homes and businesses.
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
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% |