Revenue growth remains largely stagnant within a saturated market, while operating margins have struggled to exceed the low 20% range despite significant capital investment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 24.7B | 24.47B | 24.41B | 24.67B | 24.17B | 23.45B | 22.88B | 18.35B | 23.47B | 22.72B | 21.72B | 21.51B | 21.04B | 20.4B | 19.98B | 19.5B | 18.07B | 17.73B | 17.7B | 17.87B | 17.71B | 19.1B | 19.19B | 19.06B | 19.77B | 21.71B | 18.09B | 14.21B | 27.45B | 34.52B | 28.17B |
| Revenue Growth % | 1.54% | 0.24% | -1.07% | 2.06% | 3.09% | 2.47% | 24.72% | -21.82% | 3.3% | 4.6% | 0.95% | 2.24% | 3.15% | 2.11% | 2.47% | 7.9% | 1.88% | 0.21% | -0.94% | 0.86% | -7.28% | -0.46% | 0.72% | -3.61% | -8.95% | 19.99% | 27.29% | -48.22% | -20.46% | 22.54% | 14.39% |
| Cost of Goods Sold | 16.14B | 7.72B | 7.71B | 17.25B | 7.64B | 7.28B | 6.97B | 12.5B | 13.65B | 13.15B | 6.71B | 6.6B | 12.51B | 5.96B | 11.95B | 11.63B | 5.17B | 4.53B | 4.39B | 4.09B | 4.02B | 4.05B | 11.63B | 11.63B | 12.11B | 11.86B | 10.65B | 8.52B | 18.23B | 21.9B | 18.58B |
| COGS % of Revenue | - | 31.55% | 31.57% | 69.91% | 31.61% | 31.06% | 30.45% | 68.1% | 58.16% | 57.87% | 30.87% | 30.67% | 59.43% | 29.2% | 59.83% | 59.63% | 28.64% | 25.51% | 24.8% | 22.92% | 22.7% | 21.19% | 60.59% | 61.03% | 61.28% | 54.62% | 58.84% | 59.95% | 66.41% | 63.44% | 65.95% |
| Gross Profit | 8.56B | 16.75B | 16.7B | 7.42B | 16.53B | 16.16B | 15.92B | 5.85B | 9.82B | 9.57B | 15.01B | 14.92B | 8.54B | 14.44B | 8.03B | 7.87B | 12.89B | 13.21B | 13.31B | 13.77B | 13.69B | 15.06B | 7.56B | 7.43B | 7.66B | 9.85B | 7.45B | 5.69B | 9.22B | 12.62B | 9.59B |
| Gross Margin % | 34.64% | 68.45% | 68.43% | 30.09% | 68.39% | 68.94% | 69.55% | 31.9% | 41.84% | 42.13% | 69.13% | 69.33% | 40.57% | 70.8% | 40.17% | 40.37% | 71.36% | 74.49% | 75.2% | 77.08% | 77.3% | 78.81% | 39.41% | 38.97% | 38.72% | 45.38% | 41.16% | 40.05% | 33.59% | 36.56% | 34.05% |
| Gross Profit Growth % | - | 0.26% | 125.03% | -55.1% | 2.28% | 1.56% | 171.92% | -40.38% | 2.58% | -36.25% | 0.66% | 74.72% | -40.9% | 79.97% | 1.98% | -38.96% | -2.39% | -0.74% | -3.36% | 0.57% | -9.06% | 99.08% | 1.84% | -2.99% | -22.31% | 32.31% | 30.81% | -38.26% | -26.93% | 31.58% | 17.53% |
| Operating Expenses | -2.17B | 11.33B | 11.16B | 1.92B | 11.06B | 10.88B | 15.92B | 1.49B | 16.12B | 15.74B | 15.01B | 14.92B | 14.78B | 14.44B | 3.39B | 9.51B | 7.18B | 13.21B | 13.27B | 13.66B | 13.64B | 13.5B | 3.36B | 3.32B | 3.15B | 4.57B | 3.78B | 3.02B | 6.42B | 11.43B | 9.59B |
| OpEx % of Revenue | - | 46.3% | 45.7% | 7.8% | 45.74% | 46.4% | 69.55% | 8.1% | 68.69% | 69.29% | 69.13% | 69.33% | 70.23% | 70.8% | 16.96% | 48.76% | 39.76% | 74.49% | 74.99% | 76.44% | 76.98% | 70.68% | 17.52% | 17.43% | 15.91% | 21.05% | 20.89% | 21.27% | 23.39% | 33.1% | 34.05% |
| Selling, General & Admin | -420.51M | 3.98B | 4.2B | 1.83B | 4.42B | 4.42B | 4.34B | 1.4B | 4.54B | 4.41B | 4.31B | 4.5B | 4.58B | 4.53B | 4.44B | 650M | 262M | 6.12B | 6.27B | 6.66B | 512.58M | 6.66B | 0 | 175.19M | 0 | 0 | 0 | 0 | 2.23B | 4.62B | 2.47B |
| SG&A % of Revenue | - | 16.26% | 17.2% | 7.43% | 18.27% | 18.87% | 18.99% | 7.65% | 19.35% | 19.42% | 19.84% | 20.92% | 21.78% | 22.22% | 22.22% | 3.33% | 1.45% | 34.51% | 35.41% | 37.3% | 2.89% | 34.86% | - | 0.92% | - | - | - | - | 8.13% | 13.38% | 8.77% |
| Research & Development | 0 | 0 | 66M | 90M | 0 | 0 | 0 | 84.06M | 106M | 0 | 147M | 134M | 167M | 201M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23M | 687.31M | 2.91B | 0 |
| R&D % of Revenue | - | - | 0.27% | 0.36% | - | - | - | 0.46% | 0.45% | - | 0.68% | 0.62% | 0.79% | 0.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.16% | 2.5% | 8.43% | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 10.73B | 5.42B | 5.55B | 5.5B | 5.48B | 5.28B | 0 | 4.37B | 5.52B | 5.44B | 5.28B | 5.13B | 4.85B | 4.54B | 4.5B | 4.37B | 3.8B | 3.72B | 3.74B | 3.81B | 3.65B | 3.78B | 4.12B | 4.04B | 4.39B | 2.9B | 3.26B | 2.67B | 2.8B | 4.62B | 3.69B |
| Operating Margin % | 43.45% | 22.15% | 22.73% | 22.29% | 22.65% | 22.53% | - | 23.8% | 23.53% | 23.94% | 24.31% | 23.85% | 23.05% | 22.23% | 22.5% | 22.4% | 21.02% | 20.96% | 21.13% | 21.32% | 20.63% | 19.8% | 21.46% | 21.22% | 22.22% | 13.34% | 18.04% | 18.78% | 10.2% | 13.38% | 13.08% |
| Operating Income Growth % | - | -2.31% | 0.89% | 0.42% | 3.63% | - | -100% | -20.91% | 1.53% | 2.99% | 2.9% | 5.77% | 6.97% | 0.87% | 2.93% | 15.01% | 2.15% | -0.59% | -1.83% | 4.25% | -3.4% | -8.14% | 1.84% | -7.94% | 51.61% | -11.22% | 22.27% | -4.69% | -39.35% | 25.29% | 20.58% |
| EBITDA | 16.05B | 10.66B | 10.59B | 10.42B | 10.2B | 9.89B | 8.82B | 7.72B | 9.54B | 9.28B | 8.79B | 8.55B | 8.3B | 7.92B | 7.89B | 7.63B | 6.92B | 7.09B | 7B | 6.99B | 6.78B | 6.84B | 7.17B | 7.11B | 7.42B | 6.41B | 6.89B | 5.67B | 6.3B | 8.51B | 7.12B |
| EBITDA Margin % | 64.99% | 43.56% | 43.38% | 42.22% | 42.19% | 42.19% | 38.57% | 42.05% | 40.63% | 40.86% | 40.46% | 39.75% | 39.46% | 38.8% | 39.48% | 39.13% | 38.31% | 39.97% | 39.58% | 39.15% | 38.29% | 35.82% | 37.38% | 37.29% | 37.51% | 29.54% | 38.1% | 39.89% | 22.95% | 24.67% | 25.27% |
| EBITDA Growth % | 51.71% | 0.65% | 1.65% | 2.14% | 3.09% | 12.1% | 14.37% | -19.07% | 2.73% | 5.62% | 2.77% | 2.99% | 4.9% | 0.34% | 3.39% | 10.2% | -2.34% | 1.21% | 0.15% | 3.12% | -0.9% | -4.61% | 0.97% | -4.18% | 15.63% | -6.97% | 21.6% | -10.03% | -25.98% | 19.6% | 18.14% |
| D&A (Non-Cash Add-back) | 5.32B | 5.24B | 5.04B | 4.92B | 4.72B | 4.61B | 4.4B | 3.35B | 4.01B | 3.84B | 3.51B | 3.42B | 3.45B | 3.38B | 3.39B | 3.26B | 3.13B | 3.37B | 3.26B | 3.18B | 3.13B | 3.06B | 3.06B | 3.06B | 3.02B | 3.52B | 3.63B | 3B | 3.5B | 3.9B | 3.43B |
| EBIT | 10.66B | 9.48B | 2.7B | 4.84B | 5.04B | 5.05B | 4.42B | 4.28B | 5.04B | 5.15B | 5.17B | 4.67B | 4.68B | 4.3B | 4.63B | 5.12B | 4.5B | 3.17B | 2.62B | 3.81B | 3.65B | 3.78B | 4.12B | 4.04B | 4.39B | 3.54B | 3.26B | 2.67B | 2.8B | 4.62B | 3.69B |
| Net Interest Income | -1.83B | -1.7B | -1.52B | -1.3B | -1.12B | -1.1B | -1.16B | -1.19B | -1.07B | -1.03B | -969M | -1.02B | -1.03B | -1.08B | -996M | -1.8B | -1.68B | -709M | -694M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | -36.96M | 79M | 222M | 216M | 22M | 11M | 0 | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21M | 0 | 14M | 97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 7.67B | 7.71B | 952M | 3.32B | 3.89B | 3.94B | 3.27B | 3.36B | 3.97B | 4.12B | 4.2B | 3.65B | 3.65B | 3.22B | 3.64B | 3.29B | 2.82B | 2.45B | 1.82B | 4.97B | 2.17B | 2.81B | 2.3B | 2.98B | 3.49B | 5.34B | 1.63B | 6.42B | 6.15B | 2.94B | 2.27B |
| Pretax Margin % | 31.05% | 31.5% | 3.9% | 13.47% | 16.1% | 16.79% | 14.27% | 18.3% | 16.91% | 18.13% | 19.32% | 16.98% | 17.33% | 15.76% | 18.2% | 16.89% | 15.62% | 13.81% | 10.31% | 27.84% | 12.26% | 14.69% | 11.99% | 15.64% | 17.66% | 24.6% | 9.03% | 45.18% | 22.38% | 8.51% | 8.06% |
| Income Tax | 1.17B | 1.19B | 577M | 996M | 967M | 1.04B | 792M | 870.64M | 995M | 1.07B | 1.11B | 924M | 929M | 828M | 760M | 720M | 632M | 368M | 469M | 725M | 85.04M | 893.13M | 710.34M | 1.14B | 1.61B | 1.7B | 1.32B | 963.54M | 1.55B | 1.52B | 1.12B |
| Effective Tax Rate % | 15.32% | 15.48% | 60.61% | 29.97% | 24.84% | 26.52% | 24.26% | 25.94% | 25.08% | 25.95% | 26.45% | 25.29% | 25.47% | 25.75% | 20.9% | 21.86% | 22.4% | 15.02% | 25.7% | 14.57% | 3.92% | 31.83% | 30.87% | 38.12% | 46.26% | 31.74% | 80.92% | 15% | 25.19% | 51.84% | 49.25% |
| Net Income | 6.28B | 6.46B | 344M | 2.26B | 2.87B | 2.84B | 2.63B | 2.46B | 2.93B | 2.99B | 3.03B | 2.68B | 2.5B | 2.11B | 2.6B | 2.34B | 2.19B | 1.74B | 943M | 4.06B | 2.01B | 1.96B | 1.59B | 1.82B | 2.41B | 434.57M | 4.86B | 5.46B | 4.6B | -1.54B | 1.15B |
| Net Margin % | 25.44% | 26.4% | 1.41% | 9.17% | 11.86% | 12.11% | 11.51% | 13.41% | 12.48% | 13.18% | 13.96% | 12.45% | 11.88% | 10.32% | 12.99% | 12% | 12.15% | 9.8% | 5.33% | 22.71% | 11.33% | 10.27% | 8.3% | 9.52% | 12.18% | 2% | 26.86% | 38.4% | 16.75% | -4.45% | 4.09% |
| Net Income Growth % | 1010.17% | 1777.91% | -84.8% | -21.09% | 0.99% | 7.82% | 7.04% | -15.99% | -2.17% | -1.22% | 13.18% | 7.12% | 18.71% | -18.84% | 10.9% | 6.61% | 26.29% | 84.31% | -76.76% | 102.12% | 2.31% | 23.12% | -12.21% | -24.62% | 454.09% | -91.06% | -10.96% | 18.73% | 399.33% | -233.33% | 47.31% |
| Net Income (Continuing) | 6.49B | 6.51B | 375M | 2.33B | 2.93B | 2.89B | 2.47B | 2.49B | 2.97B | 3.05B | 3.09B | 2.73B | 2.72B | 2.39B | 2.88B | 2.57B | 2.19B | 1.75B | 1.03B | 3.96B | 1.88B | 1.82B | 1.45B | 1.82B | 1.87B | 3.65B | 311.94M | 5.46B | 4.6B | 1.41B | 1.15B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 226M | 22.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 536.67M | -3.21B | 4.55B | 0 | 0 | 0 | 0 |
| Minority Interest | 293.76M | 290M | 289M | 328M | 337M | 306M | 266.88M | 257.57M | 326M | 323M | 314M | 306M | 293M | 1.24B | 850M | 981M | 986M | 1.05B | 1.08B | 1.1B | 2.18B | 2.9B | 2.91B | 3.4B | 3.6B | 5.7B | 3.76B | 2.46B | 1.36B | 5.61B | 4.75B |
| EPS (Diluted) | 6.74 | 6.78 | 0.18 | 2.28 | 2.98 | 2.99 | 2.53 | 3.37 | 3.26 | 3.20 | 3.33 | 2.98 | 2.97 | 2.54 | 3.39 | 2.88 | 2.85 | 2.11 | 1.01 | 4.87 | 2.25 | 2.04 | 1.72 | 1.89 | 2.62 | 0.46 | 7.04 | 8.37 | 7.02 | -2.42 | 1.70 |
| EPS Growth % | 1509.52% | 3666.67% | -92.11% | -23.49% | -0.33% | 18.18% | -24.93% | 3.37% | 1.88% | -3.9% | 11.74% | 0.34% | 16.93% | -25.07% | 17.71% | 1.05% | 35.07% | 108.91% | -79.26% | 116.44% | 10.29% | 18.6% | -8.99% | -27.86% | 469.57% | -93.47% | -15.89% | 19.23% | 390.08% | -242.35% | 51.79% |
| EPS (Basic) | - | 6.78 | 0.18 | 2.28 | 2.98 | 2.99 | 2.53 | 3.37 | 3.26 | 3.20 | 3.33 | 2.98 | 2.98 | 2.55 | 3.39 | 2.88 | 2.85 | 2.11 | 1.02 | 4.88 | 2.25 | 2.04 | 1.72 | 1.90 | 2.66 | 0.46 | 7.43 | 8.37 | 7.02 | -2.42 | 1.70 |
| Diluted Shares Outstanding | 932.5M | 928.57M | 912.3M | 912.2M | 912M | 906.7M | 904.4M | 901.4M | 898.9M | 894.9M | 870.3M | 848.3M | 794.6M | 776.4M | 774.6M | 771.8M | 759.5M | 772.9M | 807.2M | 806.14M | 861.4M | 926.8M | 924.6M | 920.3M | 894.43M | 806.31M | 679.13M | 640.78M | 641.76M | 635.64M | 633.12M |
| Basic Shares Outstanding | 932.5M | 928.57M | 912.3M | 912.2M | 911.5M | 906.3M | 904.3M | 900.8M | 898.6M | 894.3M | 869.1M | 847.1M | 795.62M | 777.56M | 774.76M | 771.4M | 759M | 772.9M | 805.8M | 804.8M | 861.4M | 926.8M | 924.6M | 920.3M | 880.98M | 806.31M | 670M | 640.78M | 641.76M | 635.64M | 633.12M |
| Dividend Payout Ratio | - | 33.7% | 1050.29% | 154.04% | 85.19% | 110.28% | 112.95% | 114.56% | 91.46% | 83.9% | 76.05% | 80.99% | 75.72% | 85.23% | 64.86% | 64.96% | 60.05% | 90.33% | 101.06% | 31.33% | 62.45% | 75.1% | 86.67% | 70.19% | 62.68% | 319.78% | 24.44% | 20.73% | 23.8% | - | 96.53% |
Regulatory and Interest Rate Exposure
According to the provided quarterly financial data, BCE's revenue growth has remained largely stagnant, fluctuating between -1.8% and 4.3% over the last ten quarters, which suggests that the company is struggling to find meaningful top-line expansion within the highly saturated Canadian telecommunications landscape.
The lack of consistent revenue growth indicates that BCE is primarily defending its existing market share rather than capturing new segments. Investors should monitor whether the company can leverage its fiber infrastructure to drive higher ARPU, as current figures suggest that volume-based growth is increasingly difficult to achieve.
As reported in the income statement history, BCE's gross margins have exhibited extreme volatility, swinging from a negative 27.5% in 2025Q4 to a peak of 70.8% in 2025Q3, which complicates the assessment of the company's underlying pricing power and operational efficiency.
This erratic margin profile suggests that non-recurring accounting adjustments or significant shifts in cost recognition are masking the true profitability of the core business. Analysts should look past these headline figures to determine if the underlying cost of service is truly being managed effectively against competitive pricing pressures.
Based on the reported figures, BCE's operating income has failed to scale consistently with gross profit, with operating margins hovering in the low 20% range despite significant capital investment, suggesting that the company's high fixed-cost structure is limiting its ability to improve profitability.
The inability to expand operating margins significantly implies that the benefits of the fiber buildout are being offset by rising SG&A and content-related expenses. This trend warrants further investigation into whether management can achieve meaningful cost discipline in the face of persistent inflationary pressures.
Financial statements reveal that BCE's net income is frequently decoupled from operating performance, as evidenced by the 2025Q3 net margin of 75.1% compared to an operating margin of 24.0%, indicating that non-operating gains are significantly inflating the company's bottom-line results.
Such discrepancies suggest that investors should be cautious when relying on EPS as a proxy for operational health, as these non-recurring items may not be sustainable. The quality of earnings appears compromised by these accounting anomalies, necessitating a focus on cash-based metrics rather than reported net income.
Data from recent filings suggests that BCE's reliance on debt and the high capital intensity of its fiber network, combined with stagnant revenue, may create a precarious environment for maintaining its dividend payout, which is a primary concern for the company's retail-heavy investor base.
Short-sellers would likely focus on the potential for regulatory mandates to erode the company's competitive moat and force a re-evaluation of capital allocation priorities. The combination of high leverage and limited growth suggests that the dividend may be more vulnerable than the market currently anticipates.
Quick answers to the most common questions about buying BCE stock.
For fiscal year 2025, BCE Inc. (BCE) reported total revenue of $24.47B. This represents a 13.1% decline compared to $28.17B in 1996.
BCE Inc. (BCE) is profitable, generating $6.46B in net income for the fiscal year ending 2025 with a net profit margin of 26.4%.
BCE Inc. (BCE) reported an operating income of $5.42B, resulting in an operating profit margin of 22.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BCE Inc. (BCE) generated $16.75B in gross profit for the year, representing a gross profit margin of 68.4%. This demonstrates the company's core pricing power and production efficiency.