Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He graduated with a degree in Business Administration, has over a decade of writing experience, and grew his personal portfolio 153% from 2020 to 2024.
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Rogers Communications (TSX: RCI.B) reports second-quarter 2026 earnings before the market opens on Wednesday, July 22, with an investment community teleconference scheduled for 8:00 a.m. ET the same day. As one of Canada’s largest telecom operators heads into the release, analyst consensus expects modest revenue growth alongside a year-over-year earnings decline — a combination that has investors watching several key metrics to gauge whether the company’s post-Shaw integration and deleveraging plan remain on track.
For Rogers earnings Q2 2026, the Street is looking for adjusted earnings per share around $0.79 to $0.82 and revenue around $3.91 billion (estimates as of July 20, 2026). While revenue is expected to tick higher, the consensus points to a slight year-over-year earnings decline, continuing the pressure telecom operators have faced from elevated capital spending and competitive pricing.
What Analysts Expect
Rogers has a track record of beating consensus estimates — the company topped Street expectations in each of the last four quarters, most recently delivering $0.74 per share against a $0.73 forecast. That streak has supported investor confidence heading into this week’s report, though the expected year-over-year decline suggests the market is pricing in some headwinds.
What to Watch in the Q2 Report
Wireless subscriber growth and competitive pricing pressure. In the first quarter of 2026, Rogers added roughly 40,000 combined mobile phone and internet net subscribers and posted adjusted EBITDA growth in its wireless segment. Investors will be looking for whether that momentum continued through Q2, or whether intensifying competition from rivals pressured both subscriber additions and pricing power.
Free cash flow and capital-expenditure reduction. Management’s 2026 guidance called for roughly a 30 percent reduction in capital expenditures and higher free cash flow. Confirmation that capex is indeed trending down — and that cash generation is improving — would support the company’s broader deleveraging narrative.
Debt reduction and sports-media monetization. Rogers’ 2023 acquisition of Shaw (a deal valued at approximately C$26 billion, including roughly C$6 billion of assumed Shaw debt) left the company with an elevated debt load. The pace of deleveraging is a top investor concern. Management has said it plans to monetize sports and media assets valued around C$25 billion to accelerate debt reduction; any update on timing or progress will be closely watched.
Dividend safety. With the stock trading around C$46.54 and paying an annual dividend of C$2.00 per share (data as of July 20, 2026), Rogers offers a yield of roughly 3.9 percent. Investors will be listening for management commentary on dividend sustainability, particularly if free cash flow or debt-reduction targets face any delays.
How the Stock Could React
If Rogers beats expectations and reaffirms its full-year guidance — particularly on free cash flow and deleveraging — the stock could rally toward the analyst consensus price target of C$59.25 (as of July 20, 2026). Conversely, a miss on subscriber growth or weaker-than-expected progress on debt reduction could put pressure on shares, especially given that the Street is already expecting a year-over-year earnings decline.
Earnings Season Context
Rogers kicks off a busy week for Canadian corporate earnings. Teck Resources reports on July 23 and CN Rail on July 24, kicking off a heavy stretch of second-quarter earnings reports on the TSX. For investors tracking Canada’s largest companies, this week’s TSX earnings calendar offers a snapshot of how the country’s corporate sector is navigating the mid-year economy.
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Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He holds a degree in Business Administration and has over a decade of writing experience. Nick began investing just before the COVID-19 market crash in March 2020, growing his personal portfolio 153% by 2024. In 2022, he founded Best Canadian Stocks to make data-driven investing accessible to all Canadians. His goal is to help all of his readers achieve financial freedom, maximize their spending power, and reach their financial goals. Whether you're maximizing your TFSA, building an RRSP to save for retirement, or looking to buy your first stock, Nick has your back. His work covers Canadian equities, dividend investing, tax-advantaged accounts, and personal finance.
