It has been about a month since the last earnings report for Rogers Communication (RCI Quick QuoteRCI - Free Report) . Shares have added about 3.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Rogers Communication due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Rogers Communication, Inc. before we dive into how investors and analysts have reacted as of late.

Rogers Communications Q2 Earnings Beat Estimates, Revenues Rise Y/Y

Rogers Communications reported second-quarter 2025 adjusted earnings of 82 cents per share, which beat the Zacks Consensus Estimate by 2.5% but decreased 3.5% year over year.

Revenues of $3.77 billion missed the consensus mark by 0.39% and increased 1.3% year over year.

In domestic currency (Canadian dollar), adjusted earnings declined 1.7% year over year to C$1.14 per share.

Total revenues increased 2.4% year over year, reaching C$5.22 billion, driven by service revenue growth in Wireless, Cable and Media businesses.

RCI’s Q2 Wireless Details

Wireless revenues (48.7% of total revenues) increased 3% year over year to C$2.54 billion. Service revenues rose 0.6% to C$2 billion. Equipment revenues increased 13.2% to C$541 million.

Monthly mobile phone ARPU was C$55.45, down 3.1% year over year.

As of June 30, 2025, the prepaid mobile phone subscriber base totaled 1.16 million, representing an increase of 92K subscribers year over year. The monthly churn rate was 3.23% compared with 3.2% reported in the year-ago quarter.

As of June 30, 2025, the postpaid wireless subscriber base totaled 10.91 million, representing net additions of 312K subscribers year over year. The monthly churn rate was 1.0% compared with 1.07% in the year-ago quarter.

Segment operating expenses rose 5.6% year over year to C$1.24 billion.

Adjusted EBITDA increased 0.7% year over year to C$1.31 billion. Adjusted EBITDA margin contracted 120 basis points (bps) on a year-over-year basis to 51.4%.

Q2 Cable Details

Cable revenues (37.7% of total revenues) increased 0.2% year over year to C$1.97 billion.

Service revenues grew 0.7% year over year to C$1.96 billion. Equipment revenues decreased 56.3% on a year-over-year basis to C$7 million.

As of June 30, 2025, the retail Internet subscriber count was nearly 4.446 million, representing a net increase of 232K subscribers year over year.

As of June 30, 2025, total Smart Home Monitoring subscribers reached 141K, indicating an increase of 40K subscribers. The total Home Phone subscriber count was nearly 1.45 million, reflecting a loss of 111K customers in the reported quarter.

ARPA was C$135.74, lower than the C$139.62 reported in the year-ago quarter.

Segment operating expenses declined 3.2% year over year to C$821 million.

Adjusted EBITDA increased 2.8% year over year to C$1.15 billion.

Q2 Media Details

Media revenues (15.5% of total revenues) increased 9.8% year over year to C$808 million. 

Segment operating expenses increased 9.1% year over year to C$803 million. The segment reported an adjusted EBITDA of C$5 million.

Consolidated Results

Operating costs increased 3.1% to C$2.85 billion. As a percentage of revenues, operating costs expanded 40 bps to 54.7%.

Adjusted EBITDA rose 1.6% year over year to C$2.36 billion. Adjusted EBITDA margin contracted 40 bps to 45.3%.

RCI’s Balance Sheet & Cash Flow Details

As of June 30, 2025, Rogers Communications had C$11.8 billion of available liquidity, including C$7 billion in cash and cash equivalents and C$4.8 billion available under bank and other credit facilities. In comparison, the company had C$7.5 billion of available liquidity as of March 31, 2025, including C$2.7 billion in cash and cash equivalents and a combined C$4 billion available under the bank credit facility.

Rogers Communications’ debt leverage ratio was 3.6 times as of June 30, 2025, nearly returning to pre-Shaw acquisition levels. This milestone, achieved nine months ahead of the company's original timeline, underscores its accelerated deleveraging progress.

Cash flow from operating activities was C$1.60 billion compared with C$1.47 billion generated in the previous quarter and 8.4% higher year over year.

Free cash flow was C$925 million compared with C$586 million generated in the previous quarter. On a year-over-year basis, it increased 38.9%, driven by increased adjusted EBITDA, lower capital intensity and lower interest paid.

Rogers Communications paid dividends worth C$270 million and declared a C$0.50 per share dividend.

RCI’s 2025 Guidance

For 2025, RCI expects total service revenues to grow in the range of 3 to 5%. Adjusted EBITDA is expected to grow in the range of 0 to 3% and remain unchanged.

Capital expenditures are projected at approximately C$3.8 billion, while free cash flow guidance remains unchanged at C$3 and C$3.2 billion.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in estimates review.

VGM Scores

Currently, Rogers Communication has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a score of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Rogers Communication has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.