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BCE

BCE Inc.

BCE

BCE Inc. • NYSE
$23.51 ▲ 1.34% (+0.31)
Market Cap $21.72 B
52w High $27.45
52w Low $20.28
Dividend Yield 2.02%
P/E 4.95
Volume 1.22M
Outstanding Shares 924.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.049B ▼ $2.831B ▲ $4.54B ▲ 75.054% ▲ $4.83 ▲ $6.816B ▲
Q2-2025 $6.085B ▲ $2.786B ▲ $619M ▼ 10.173% ▼ $0.62 ▼ $2.613B ▼
Q1-2025 $5.93B ▼ $2.754B ▼ $671M ▲ 11.315% ▲ $0.68 ▲ $2.635B ▲
Q4-2024 $6.422B ▲ $2.78B ▲ $504M ▲ 7.848% ▲ $0.51 ▲ $2.369B ▲
Q3-2024 $5.971B $2.773B $-1.192B -19.963% $-1.36 $522M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $465M ▼ $78.583B ▲ $55.825B ▲ $22.458B ▲
Q2-2025 $510M ▼ $71.134B ▼ $52.757B ▼ $18.067B ▲
Q1-2025 $1.052B ▼ $72.162B ▼ $54.543B ▼ $17.333B ▲
Q4-2024 $1.972B ▼ $73.485B ▲ $56.125B ▲ $17.071B ▼
Q3-2024 $2.61B $72.716B $54.735B $17.678B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.555B ▲ $1.914B ▼ $-1.21B ▼ $-751M ▲ $-45M ▲ $1.02B ▼
Q2-2025 $644M ▲ $1.947B ▲ $-750M ▼ $-1.739B ▼ $-542M ▼ $1.184B ▲
Q1-2025 $466.238M ▲ $1.092B ▼ $-235.551M ▲ $-1.217B ▼ $-361.411M ▼ $585.055M ▼
Q4-2024 $350.23M ▲ $1.304B ▼ $-419.72M ▲ $-1.085B ▼ $-282.25M ▼ $635.139M ▼
Q3-2024 $-1.191B $1.842B $-1.048B $-582M $212M $875M

Revenue by Products

Product Q2-2020Q2-2021Q2-2022Q2-2023
Data
Data
 $110.00M ▲$100.00M ▼$1.97Bn ▲$2.02Bn ▲
Media
Media
 $480.00M ▲$670.00M ▲$730.00M ▲$720.00M ▼
Product Wireless
Product Wireless
 $0 ▲$0 ▲$0 ▲$630.00M ▲
Services Other
Services Other
 $60.00M ▲$70.00M ▲$80.00M ▲$70.00M ▼
Voice
Voice
 $860.00M ▲$790.00M ▼$760.00M ▼$720.00M ▼
Wireless
Wireless
 $430.00M ▲$550.00M ▲$0 ▼$1.77Bn ▲
Equipment And Other
Equipment And Other
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement BCE’s revenue has been broadly stable over the past few years, creeping up slightly and then easing a bit more recently. The core business is clearly mature rather than fast‑growing. Operating profit has held fairly steady, which suggests the underlying telecom franchise remains solid. However, net profit has dropped sharply in the most recent year, pointing to pressure from higher costs, interest, or one‑off charges. In plain terms: the company is still running a strong day‑to‑day business, but bottom‑line earnings have become noticeably weaker and more volatile.

Balance Sheet

Balance Sheet BCE has steadily grown its asset base, mainly through heavy investment in networks and infrastructure. At the same time, debt has climbed meaningfully, while shareholders’ equity has slipped in recent years. This means the company is leaning more on borrowing to fund its build‑out. Cash on hand has improved but remains small compared with the size of the business. Overall, the balance sheet supports ongoing operations, but leverage is clearly higher than it was a few years ago, which reduces financial flexibility if conditions worsen.

Cash Flow

Cash Flow The business continues to generate strong cash from operations, reflecting the resilience of subscription‑based telecom revenues. However, BCE consistently spends heavily on capital projects, such as fiber and wireless networks. This keeps free cash flow positive but not abundant, and it can swing around from year to year depending on how intense the investment cycle is. In simple terms: the cash engine is strong, but much of that cash is being plowed back into the network, leaving a modest cushion after big investment years.

Competitive Edge

Competitive Edge BCE is one of the dominant telecom players in Canada, with a very large customer base, a broad national footprint, and well‑known brands. Its extensive fiber and wireless networks, ability to bundle multiple services, and ownership of media assets give it several layers of advantage that are difficult for smaller rivals to match. The industry’s capital intensity and regulation also create barriers to new entrants. That said, BCE still faces ongoing pressure from regulators focused on pricing and competition, as well as from shifting consumer habits like cord‑cutting and streaming alternatives to traditional TV.

Innovation and R&D

Innovation and R&D Innovation at BCE is less about lab‑style R&D and more about large‑scale technology deployment. The company is investing heavily in fiber‑to‑the‑home, advanced 5G networks, and edge computing, often in partnership with major cloud providers. It is also rolling out AI and machine‑learning tools both for internal efficiency and as services for enterprise customers, supported by dedicated AI data centers and a tech‑services platform under the Ateko brand. These moves aim to turn BCE from a traditional telecom utility into a broader digital infrastructure and services provider, though the commercial payoff will depend on execution and customer adoption over the next several years.

Summary

BCE looks like a mature, infrastructure‑heavy telecom franchise: revenues are stable, operations are solid, but recent profits have been squeezed. The company is betting heavily on its networks, AI capabilities, and tech services to drive future growth, which has pushed up both capital spending and debt. Its competitive position in Canada remains strong thanks to scale, network quality, brand, and media assets, but it operates under close regulatory scrutiny and in a slowly evolving market. The key questions going forward are whether BCE can translate its large investments in fiber, 5G, and AI into stronger earnings and free cash flow, and how comfortably it can manage its higher debt load while continuing to fund both growth projects and shareholder returns.

NEWS

November 18, 2025 · 7:00 AM UTC

BCE reports results of conversion of its series R preferred shares into series Q preferred shares

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November 6, 2025 · 6:40 AM UTC

Steve Weed joins the Board of Directors of BCE Inc.

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November 6, 2025 · 6:35 AM UTC

BCE announces renewal of Normal Course Issuer Bid for Preferred Shares

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November 6, 2025 · 6:30 AM UTC

BCE reports third quarter 2025 results

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October 29, 2025 · 7:00 AM UTC

BCE Board to nominate Louis Vachon as Chair of the Board in May 2026 following the retirement of Gordon Nixon

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