Rogers Communications delivers $5.1 billion Q2 revenue

• Rogers Communications reported an 8 percent increase in total service revenue to $5.1 billion while agreeing to acquire the remaining stake in MLSE.
• The company posted a $665 million net loss due to a non-cash liability revaluation charge connected to the $4.35 billion sports acquisition.
• Management intends to consolidate its sports and media assets before offering a minority stake to third-party investors.

Rogers Communications (NYSE:RCI) reported second-quarter service revenue of $5.1 billion alongside a $4.35 billion cash agreement to acquire the remaining stake in Maple Leaf Sports & Entertainment.

The business recorded a net loss of $665 million for the period, down from a net income of $148 million a year earlier, driven by a $1.034 billion non-cash liability charge.

The telecommunications provider stated that it expects the sports acquisition to close in the fourth quarter of 2026.

Media revenue jumped 53 percent to $1.2 billion during the quarter, while capital intensity fell 350 basis points to 12.4 percent, marking its lowest level since 2008.

Following the announcement, Rogers Communications' share price was down at $34.66.

Management reaffirmed its full-year 2026 guidance, targeting service revenue growth between 3 percent and 5 percent alongside adjusted EBITDA growth of 1 percent to 3 percent.

The company expects full-year free cash flow between $4.1 billion and $4.3 billion as it prepares to offer investors a minority interest in its consolidated media assets.