# Rogers Q3 2026 Earnings: Sports Assets Monetization

> Rogers reports 65% higher free cash flow as it sells minority stake in sports assets.
- Title: Rogers Q3 2026 Earnings: Sports Assets Monetization | Shortify
- Summary: Rogers reports 65% higher free cash flow as it sells minority stake in sports assets. Rogers Communications Inc. reported $5.44 billion Q3 revenue with 2%…
- Keywords: rogers, rci, mlse, sports assets, free cash flow, capital expenditures, wireless revenue, cable revenue, media revenue, debt leverage ratio, capital intensity, sports entertainment
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/10/23/rogers-rci-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-10-23T15:52:47+00:00
- Read time: 2 min
- Topics: rogers, rci, mlse, sports assets, free cash flow, capital expenditures, wireless revenue, cable revenue, media revenue, debt leverage ratio, capital intensity, sports entertainment
## Q3 Revenue
Rogers reported $5.44 billion revenue, a 2% increase year over year driven by Media segment growth.
## Total Service Revenue
Total service revenue reached $4.78 billion, up 1% as Media and Cable growth was partially offset by Wireless decline.
## Adjusted EBITDA
Adjusted EBITDA grew to $2.54 billion, a 1% increase reflecting efficiency initiatives across all segments.
## Free Cash Flow
Free cash flow reached $1.37 billion, a 65% increase year over year from significantly lower capital expenditures.
## Capital Expenditures
Capital expenditures dropped to $524 million, declining 46% following deprioritization or sale of network projects.
## Capital Intensity
Capital intensity ratio fell to 9.6%, an 840 basis point reduction year over year and the lowest in over two decades.
## Net Income
Net income decreased $5.27 billion compared to prior year due to a one-time $5 billion non-cash gain from MLSE investment.
## Adjusted Net Income
Adjusted net income fell $5.27 billion to $701 million, a 3% decline from higher finance costs.
## Wireless Service Revenue
Wireless service revenue dropped $2.03 billion, a 1% decline from lower fee revenue after CRTC regulatory changes.
## Wireless ARPU
Mobile phone ARPU fell to $55.22, a 2.6% decrease due to loss of service fees and competitive intensity.
## Postpaid Mobile Churn
Postpaid mobile phone churn rose to 1.03%, increasing 4 basis points after price adjustments.
## Cable Service Revenue
Cable service revenue held steady at $1.98 billion year over year as retail internet growth offset Home Phone and Video declines.
## Cable Adjusted EBITDA
Cable adjusted EBITDA margin expanded to 59%, up 40 basis points from cost reduction efforts.
## Retail Internet Net Additions
Retail internet net additions dropped to 10,000, down from 29,000 last year due to market activity.
## Media Revenue
Media revenue grew to $821 million, a 9% increase from higher Toronto Blue Jays attendance and Warner Bros. Discovery channels.
## MLSE Acquisition
Rogers completed acquisition of remaining 25% stake in MLSE for $4.35 billion on Oct. 1, 2026.
## Debt Leverage Ratio
Debt leverage ratio improved to 3.7x from 4.0x at end of 2025 as balance sheet strengthened.
## Available Liquidity
Available liquidity reached $8.3 billion, including $3.15 billion in cash as of Sept. 30, 2026.
## 2026 Financial Guidance
Management reaffirmed targets for total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, and free cash flow of $4.1 billion to $4.3 billion.
## Sports Monetization Plan
Rogers targets sale of minority interest in sports assets to third-party investors by first half of 2027 to improve balance sheet.
## Key takeaway

Rogers Communications Inc. reported $5.44 billion Q3 revenue with 2% YoY growth, $1.37 billion free cash flow up 65% from prior year, and plans to sell a minority interest in its sports assets by early 2027.