Rogers revenue hits $4.9B as MLSE acquisition transforms media segment

Rogers Communications (NYSE:RCI) delivered a robust performance for the first quarter of 2026, characterized by double-digit revenue growth and a significant expansion in cash flow.

The Toronto-based telecommunications and media giant reported total service revenue of $4.9 billion, a 10% increase over the prior year, as it continues to capitalize on its expanded wireless footprint and its recent move to consolidate ownership in the sports and entertainment sector.

The company’s Media segment emerged as a standout performer, with revenue surging 82% following the closing of the Maple Leaf Sports & Entertainment (MLSE) transaction.

Rogers, which already holds a controlling interest in the sports conglomerate, announced it expects to acquire the remaining 25% of MLSE within the 2026 calendar year.

This strategic consolidation is central to the company’s effort to integrate high-value live sports content with its national distribution network.

Financial efficiency remained a focal point for the quarter, with adjusted EBITDA rising 5% to $2.36 billion.

Net income for the period was $482 million, while free cash flow saw a substantial 32% jump to $776 million.

This strong cash generation allowed Rogers to improve its debt leverage to 3.8x, continuing its deleveraging trajectory following the Shaw Communications merger.

Bolstered by the quarter's results, Rogers updated its full-year 2026 financial guidance.

The company lowered its capital expenditure outlook to a range of $2.5 billion to $2.7 billion and raised its free cash flow target to between $4.1 billion and $4.3 billion.