Capital intensity remains elevated with a 74.5% CapEx/Revenue ratio observed in 2025Q3, contributing to volatile free cash flow generation and inconsistent liquidity.
| 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 |
|---|
| Cash from Operations | 5.91B | 6.05B | 5.68B | 5.22B | 4.49B | 4.16B | 4.32B | 4.53B | 4.29B | 3.94B | 3.96B | 3.75B | 3.7B | 3.99B | 3.42B | 3.79B | 3.62B | 3.79B | 3.52B | 2.82B | 2.46B | 1.23B | 1.28B | 853.93M | 768.55M | 418.95M | 755.7M | 366.17M | 331.11M | 263.19M | 134.16M |
| Operating CF Margin % | - | 27.91% | 27.57% | 27.04% | 29.18% | 28.39% | 31.05% | 38.94% | 28.4% | 27.41% | 28.88% | 27.93% | 28.78% | 31.4% | 27.4% | 30.71% | 29.81% | 32.31% | 31.07% | 27.9% | 27.84% | 16.74% | 22.75% | 17.82% | 17.78% | 10.71% | 20.93% | 11.78% | 11.66% | 9.76% | 5.4% |
| Operating CF Growth % | 33.8% | 6.59% | 8.79% | 16.2% | 7.98% | -3.7% | -4.53% | 5.55% | 8.89% | -0.48% | 5.6% | 1.32% | -7.32% | 16.63% | -9.76% | 4.72% | -4.49% | 7.61% | 24.69% | 14.77% | 100.5% | -3.8% | 49.42% | 11.11% | 83.45% | -44.56% | 106.38% | 10.59% | 25.81% | 96.17% | -35.14% |
| Net Income | 6.97B | 6.89B | 1.73B | 849M | 1.68B | 1.56B | 1.59B | 2.04B | 2.06B | 1.71B | 835M | 1.38B | 1.34B | 1.67B | 1.7B | 1.56B | 1.53B | 1.48B | 1B | 636.61M | 622M | -44.66M | -13.22M | 129.19M | 312.03M | -434.29M | 141.44M | 840.42M | 634.83M | -539.39M | -278.33M |
| Depreciation & Amortization | 4.63B | 4.88B | 4.68B | 4.19B | 2.64B | 2.65B | 2.69B | 2.56B | 2.27B | 2.21B | 2.35B | 2.36B | 2.21B | 1.95B | 1.89B | 1.8B | 1.87B | 1.9B | 1.91B | 1.69B | 1.58B | 1.48B | 1.09B | 1.04B | 981.46M | 920.92M | 730.78M | 607.49M | 569.66M | 512.65M | 454.98M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 143M | 118M | 96M | 103M | 144M | 61M | 61M | 55M | 37M | 84M | 77M | 64M | 47M | -33M | -100M | 0 | 49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 173M | 0 | 572M | 517M | 609M | 569M | 0 | 712M | 758M | 635M | 324M | 466M | 506M | 596M | 610M | -748M | 288M | 287M | 421M | 250.27M | 61M | -8.58M | 0 | -24.53M | -87.13M | 27.99M | 32.53M | 63.22M | -20.43M | -89.49M | -50.71M |
| Other Non-Cash Items | -3.73B | -5.13B | -429M | 291M | -425.34M | -774M | 271M | -759M | 472M | -521M | 376M | -217M | -407M | -547M | -610M | 1.28B | 71M | -110M | 508M | 466.78M | 70M | 28.04M | 258.69M | -1.29K | 1.57K | 1.59K | -1.5K | -1.02B | -154.8K | -142.96K | -274.08K |
| Working Capital Changes | -630.62M | -591.52M | -876M | -627M | -152M | 37M | -333M | -138M | -114M | -154M | 14M | -302M | 11M | 238M | -248M | -169M | -180M | 264M | -215M | -309.86M | 75M | -324.01M | -62.09M | -130.82M | 126.12M | -51.52M | -15.08M | -129.05M | 26.16M | -92.92M | -31.11M |
| Change in Receivables | 273.1M | 0 | -707M | -362M | -355M | -78M | 455M | -174M | -133M | -161M | -141M | -185M | -81M | 58M | 15M | -86M | -163M | 93M | -166M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 158.95M | 0 | -185M | -4M | 98M | -56M | -19M | 7M | -31M | 2M | 3M | -66M | 26M | 17M | -131M | 0 | 0 | 0 | -176M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -566.42M | 0 | -208.86M | -399M | 0 | 146M | -1.94B | 167M | -257M | 26M | 170M | 10M | -20M | 0 | -140M | 0 | 0 | 0 | 115M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.88B | -8.21B | -4.46B | -20.2B | -3.26B | -6.13B | -2.56B | -4.61B | -2.94B | -2.63B | -2.46B | -3.77B | -5.95B | -3.47B | -2.83B | -2.83B | -2.2B | -2.32B | -3.34B | -2.44B | -1.65B | -1.44B | -4.08B | -970.97M | -122.79M | -2.01B | -1.67B | 536.6M | 350.62M | -1.02B | -414.42M |
| Capital Expenditures | -7.04B | -8.21B | -4.17B | -20.2B | -3.12B | -6.13B | -2.37B | -4.61B | -2.84B | -2.5B | -2.4B | -3.77B | -5.95B | -3.47B | -2.1B | -2.18B | -2.06B | -2.08B | -3.03B | -1.86B | -1.74B | -1.39B | -4.08B | -963.74M | -1.26B | -1.42B | -1.21B | -953.99M | -658.51M | -979.99M | -945.05M |
| CapEx % of Revenue | 34.03% | 37.82% | 20.25% | 104.62% | 20.28% | 41.85% | 17.02% | 39.68% | 18.84% | 17.36% | 17.5% | 28.08% | 46.31% | 27.33% | 16.79% | 17.68% | 16.93% | 17.73% | 26.72% | 18.4% | 19.73% | 18.98% | 72.84% | 20.11% | 29.19% | 36.31% | 33.58% | 30.7% | 23.19% | 36.36% | 38.06% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -198.08M | -84.93M | 192M | 131M | -132M | 113M | -86M | -14M | -100M | 49M | -58M | -186M | 102M | -143M | -31M | -116M | 132M | 155M | -117M | -37.74M | 103M | 2.18M | -45.3M | 0 | 1.28B | -327.13M | -261.27M | 1.49B | 1.01B | -38.31M | 530.63M |
| Cash from Financing | 1.22B | 2.6B | -1.13B | 2.48B | 11.36B | 203M | 227M | 175M | -933M | -1.24B | -1.58B | -145M | 128M | 1.57B | -317M | -972M | -1.84B | -1.06B | 72M | -429.04M | -731M | -139.8M | 3.06B | 79.87M | -636.07M | 1.31B | 1.2B | -887.44M | -671.83M | 433.02M | 532.68M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 6.69B | 6.65B | 0 | 0 | 0 | 0 | 0 | -655M | 0 | 0 | 0 | 0 | 0 | -21M | -350M | -1.1B | -1.31B | -1.35B | -134M | 26.81M | 74M | 100M | 302.23M | 252.01M | 5.73M | 264.43M | 939.35M | 612.41M | -130.34M | 142.96K | 114.43M |
| Dividends Paid | -1.06B | -1.05B | -739M | -960M | -1.01B | -1.01B | -1.01B | -1.02B | -988M | -988M | -988M | -977M | -930M | -876M | -803M | -758M | -734M | -704M | -559M | -210.55M | -47M | -26.21M | -56.42M | -44.61M | -33M | -33.01M | -43.2M | -26.04M | -30.03M | -26.02M | -27.41M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -655M | 0 | 0 | 0 | 0 | 0 | -21M | -350M | -1.1B | -1.31B | -1.35B | -137M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -131.58M | 0 | -90.04M |
| Other Financing | -561.97M | -553.55M | 55M | 208M | -737M | -39M | 57M | -201M | 370M | -79M | -57M | 120M | 5M | -404M | -14M | -340M | -266M | 5M | -374M | -98.32M | -20M | -73.42M | -72.26M | -6.22M | -1.12B | 140.2M | -3.15M | 144.68K | 0 | -37.74M | -44.81M |
| Net Change in Cash | 132.31M | 486.67M | 98M | -12.5B | 12.59B | -1.77B | 1.99B | 89M | 411M | 65M | -82M | -165M | -2.13B | 2.09B | 270M | -12M | -423M | 402M | 42M | -41.71M | 85M | -347.87M | 254.28M | -37.17M | 9.68M | -281.95M | 285.21M | 15.34M | -671.83M | 433.02M | 532.68M |
| Free Cash Flow | -1.09B | -2.15B | 1.51B | -14.98B | 1.37B | -1.97B | 1.95B | -86M | 1.44B | 1.44B | 1.56B | -20M | -2.25B | 517M | 1.32B | 1.61B | 1.56B | 1.71B | 493M | 961.37M | 717M | -164.27M | -2.81B | -109.81M | -493.43M | -1B | -457.04M | -587.82M | -327.4M | -716.8M | -810.88M |
| FCF Margin % | -5.29% | -9.92% | 7.32% | -77.58% | 8.9% | -13.46% | 14.03% | -0.74% | 9.57% | 10.04% | 11.38% | -0.15% | -17.53% | 4.07% | 10.61% | 13.02% | 12.88% | 14.58% | 4.35% | 9.5% | 8.11% | -2.24% | -50.09% | -2.29% | -11.41% | -25.6% | -12.66% | -18.91% | -11.53% | -26.59% | -32.66% |
| FCF Growth % | -164.59% | -242.66% | 110.07% | -1192.56% | 169.52% | -201.02% | 2369.77% | -105.96% | 0.07% | -7.44% | 7895% | 99.11% | -535.78% | -60.98% | -17.6% | 2.81% | -8.54% | 246.86% | -48.72% | 34.08% | 536.47% | 94.15% | -2457.94% | 77.74% | 50.75% | -119.19% | 22.25% | -79.54% | 54.32% | 11.6% | -106.35% |
| FCF per Share | -2.01 | -3.98 | 2.81 | -28.59 | 2.71 | -3.90 | 3.86 | -0.17 | 2.80 | 2.80 | 3.03 | -0.04 | -4.36 | 1.00 | 2.54 | 2.94 | 2.70 | 2.75 | 0.77 | 1.50 | 1.12 | -0.28 | -5.89 | -0.24 | -0.99 | -2.49 | -0.98 | -1.27 | -0.79 | -2.01 | -2.52 |
| FCF Conversion (FCF/Net Income) | -0.16x | 0.88x | 3.28x | 6.15x | 2.67x | 2.67x | 2.71x | 2.87x | 2.08x | 2.13x | 4.74x | 2.79x | 2.76x | 2.39x | 2.02x | 2.43x | 2.41x | 2.56x | 3.51x | 4.44x | 3.96x | -27.28x | -19.00x | 6.61x | 2.46x | -0.96x | 5.34x | 0.44x | 0.52x | -0.49x | -0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and integration
As reported in quarterly filings, the OCF/NI ratio has fluctuated wildly, reaching an extreme 10.17 in 2025Q2 and dropping to 0.19 in 2025Q3, which suggests that reported net income is a poor proxy for the actual cash-generating capacity of the underlying telecommunications business.
The persistent divergence between net income and operating cash flow indicates that non-cash accounting adjustments and one-time items are significantly distorting the company's profitability profile. Investors should monitor whether this volatility reflects genuine operational shifts or merely the accounting noise associated with the ongoing integration of large-scale acquisitions.
Based on the provided financial data, free cash flow margins have shown extreme instability, swinging from a negative 54.3% in 2025Q3 to a positive 17.2% in 2024Q3, highlighting the difficulty in maintaining consistent cash generation amidst the company's aggressive capital expenditure and integration requirements.
The erratic FCF trajectory suggests that the company's ability to fund its dividend and debt obligations is highly sensitive to timing differences in capital deployment. This inconsistency may complicate management's stated goal of deleveraging, as cash flow remains insufficient to reliably cover both operational needs and debt service.
According to recent financial statements, the company's capital intensity remains elevated, with CapEx/Revenue ratios peaking at 74.5% in 2025Q3, which indicates that the firm is currently prioritizing massive infrastructure investment over the immediate preservation of free cash flow for shareholders.
The high level of capital expenditure appears necessary to maintain the competitive moat of the national wireline and wireless network, yet it creates a significant drag on liquidity. Analysts should investigate whether these investments are yielding the expected returns or if they represent a defensive necessity in a saturated market.
As evidenced by the reported figures, working capital changes have been consistently negative in most periods, including a significant outflow of $667 million in 2024Q4, suggesting that the company is struggling to optimize its cash conversion cycle following the recent expansion of its asset base.
The recurring negative impact of working capital on operating cash flow may indicate inefficiencies in inventory management or delayed collections from the expanded customer base. This trend warrants further investigation to determine if these outflows are structural or temporary consequences of the integration process.
Quick answers to the most common questions about buying RCI stock.
Rogers Communications Inc. (RCI) generated $6.05B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rogers Communications Inc. (RCI) reported negative free cash flow of $2.15B in 2025, indicating capital requirements exceeded cash from operations.
Rogers Communications Inc. (RCI) spent $8.21B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rogers Communications Inc. (RCI) returned $1.05B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.