Revenue growth has shifted to a sharp 20.8% contraction in 2026Q1, while gross margins have compressed significantly to 20.9% from previous levels exceeding 45%.
| 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 | 20.68B | 21.69B | 20.6B | 19.31B | 15.4B | 14.65B | 13.92B | 11.62B | 15.1B | 14.37B | 13.7B | 13.41B | 12.85B | 12.71B | 12.49B | 12.35B | 12.14B | 11.73B | 11.34B | 10.12B | 8.84B | 7.33B | 5.61B | 4.79B | 4.32B | 3.91B | 3.61B | 3.11B | 2.84B | 2.7B | 2.48B |
| Revenue Growth % | -0.01% | 5.29% | 6.71% | 25.41% | 5.06% | 5.31% | 19.72% | -23% | 5.06% | 4.87% | 2.15% | 4.39% | 1.13% | 1.76% | 1.13% | 1.68% | 3.5% | 3.49% | 11.97% | 14.53% | 20.51% | 30.77% | 17.04% | 10.84% | 10.49% | 8.35% | 16.2% | 9.46% | 5.34% | 8.55% | -7.82% |
| Cost of Goods Sold | 12.29B | 16.68B | 10.99B | 10.73B | 9B | 8.77B | 8.06B | 8.75B | 9.11B | 8.87B | 8.67B | 8.44B | 7.87B | 7.8B | 7.73B | 7.68B | 7.57B | 1.38B | 1.3B | 961.37M | 956.43M | 940M | 797.86M | 642.24M | 3.18B | 2.96B | 2.69B | 2.21B | 1.98B | 1.86B | 1.78B |
| COGS % of Revenue | - | 76.89% | 53.32% | 55.56% | 58.48% | 59.83% | 57.91% | 75.29% | 60.37% | 61.71% | 63.28% | 62.9% | 61.23% | 61.36% | 61.9% | 62.22% | 62.35% | 11.76% | 11.5% | 9.5% | 10.82% | 12.82% | 14.23% | 13.4% | 73.59% | 75.66% | 74.59% | 71.24% | 69.88% | 69.01% | 71.7% |
| Gross Profit | 8.39B | 5.01B | 9.62B | 8.58B | 6.39B | 5.89B | 5.86B | 2.87B | 5.98B | 5.5B | 5.03B | 4.98B | 4.98B | 4.91B | 4.76B | 4.66B | 4.57B | 10.35B | 10.03B | 9.16B | 7.88B | 6.39B | 4.81B | 4.15B | 1.14B | 952.52M | 917.72M | 893.81M | 855.11M | 835.31M | 702.75M |
| Gross Margin % | 40.57% | 23.11% | 46.68% | 44.44% | 41.52% | 40.17% | 42.09% | 24.71% | 39.63% | 38.29% | 36.72% | 37.1% | 38.77% | 38.64% | 38.1% | 37.78% | 37.65% | 88.24% | 88.5% | 90.5% | 89.18% | 87.18% | 85.77% | 86.6% | 26.41% | 24.34% | 25.41% | 28.76% | 30.12% | 30.99% | 28.3% |
| Gross Profit Growth % | - | -47.86% | 12.07% | 34.22% | 8.6% | 0.51% | 103.95% | -52% | 8.74% | 9.36% | 1.08% | -0.1% | 1.49% | 3.2% | 1.99% | 2.03% | -55.84% | 3.18% | 9.5% | 16.24% | 23.27% | 32.92% | 15.92% | 263.49% | 19.85% | 3.79% | 2.68% | 4.53% | 2.37% | 18.86% | -19.34% |
| Operating Expenses | 3.64B | 0 | 4.61B | 4.12B | 2.58B | 2.58B | 5.86B | 0 | 5.98B | 5.5B | 5.03B | 4.98B | 4.98B | 1.98B | 1.99B | 1.8B | 4.57B | 10.35B | 10.03B | 9.16B | 7.88B | 6.39B | 4.81B | 4.15B | 1.14B | 952.52M | 917.72M | 893.81M | 855.11M | 835.31M | 702.75M |
| OpEx % of Revenue | - | - | 22.39% | 21.34% | 16.73% | 17.64% | 42.09% | - | 39.63% | 38.29% | 36.72% | 37.1% | 38.77% | 15.61% | 15.95% | 14.57% | 37.65% | 88.24% | 88.5% | 90.5% | 89.18% | 87.18% | 85.77% | 86.6% | 26.41% | 24.34% | 25.41% | 28.76% | 30.12% | 30.99% | 28.3% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 2.18B | 1.85B | 0 | 2.09B | 2.11B | 2.07B | 1.98B | 1.94B | 1.94B | 1.81B | 1.74B | 6.07B | 5.92B | 5.9B | 6.03B | 5.01B | 4.18B | 3.08B | 2.7B | 0 | 0 | 0 | 0 | 0 | 21.16M | 18.77M |
| SG&A % of Revenue | - | - | - | - | - | 14.88% | 13.27% | - | 13.84% | 14.69% | 15.13% | 14.72% | 15.1% | 15.27% | 14.52% | 14.11% | 50.02% | 50.45% | 52.08% | 59.52% | 56.65% | 57.05% | 54.85% | 56.36% | - | - | - | - | - | 0.78% | 0.76% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 4.74B | 5.01B | 5B | 4.46B | 3.82B | 3.3B | 0 | 2.87B | 3.77B | 3.36B | 2.75B | 2.7B | 2.84B | 2.93B | 2.77B | 2.87B | 2.93B | 2.7B | 2.37B | 1.53B | 1.29B | 721M | 641.59M | 408.63M | 166.64M | -41.91M | 176.33M | 286.31M | 285.45M | 301.5M | 229M |
| Operating Margin % | 22.94% | 23.11% | 24.28% | 23.1% | 24.79% | 22.53% | - | 24.71% | 24.99% | 23.38% | 20.11% | 20.13% | 22.09% | 23.03% | 22.15% | 23.21% | 24.15% | 23.04% | 20.9% | 15.15% | 14.6% | 9.83% | 11.44% | 8.53% | 3.85% | -1.07% | 4.88% | 9.21% | 10.05% | 11.19% | 9.22% |
| Operating Income Growth % | - | 0.22% | 12.17% | 16.85% | 15.6% | - | -100% | -23.87% | 12.26% | 21.96% | 2.04% | -4.86% | -3.01% | 5.78% | -3.46% | -2.29% | 8.47% | 14.1% | 54.49% | 18.8% | 79.03% | 12.38% | 57.01% | 145.22% | 497.59% | -123.77% | -38.41% | 0.3% | -5.32% | 31.66% | -23.76% |
| EBITDA | 9.35B | 9.9B | 9.68B | 8.65B | 6.45B | 5.96B | 5.71B | 4.85B | 6.04B | 5.57B | 5.1B | 5.06B | 5.05B | 4.88B | 4.66B | 4.69B | 4.64B | 4.61B | 4.28B | 3.22B | 2.94B | 2.21B | 1.73B | 1.45B | 1.15B | 879.01M | 907.11M | 893.81M | 855.11M | 814.15M | 683.98M |
| EBITDA Margin % | 45.22% | 45.62% | 46.99% | 44.81% | 41.92% | 40.63% | 41.04% | 41.72% | 40.02% | 38.74% | 37.24% | 37.75% | 39.28% | 38.38% | 37.31% | 38% | 38.26% | 39.27% | 37.71% | 31.84% | 33.25% | 30.13% | 30.92% | 30.24% | 26.56% | 22.47% | 25.12% | 28.76% | 30.12% | 30.21% | 27.55% |
| EBITDA Growth % | -3.86% | 2.23% | 11.92% | 34.04% | 8.38% | 4.27% | 17.76% | -19.72% | 8.53% | 9.09% | 0.75% | 0.32% | 3.53% | 4.68% | -0.7% | 0.99% | 0.82% | 7.77% | 32.65% | 9.65% | 33% | 27.44% | 19.69% | 26.2% | 30.61% | -3.1% | 1.49% | 4.53% | 5.03% | 19.03% | -6.39% |
| D&A (Non-Cash Add-back) | 4.61B | 4.88B | 4.68B | 4.19B | 2.64B | 2.65B | 2.69B | 1.98B | 2.27B | 2.21B | 2.35B | 2.36B | 2.21B | 1.95B | 1.89B | 1.83B | 1.71B | 1.9B | 1.91B | 1.69B | 1.65B | 1.49B | 1.09B | 1.04B | 981.46M | 920.92M | 730.78M | 607.49M | 569.66M | 512.65M | 454.98M |
| EBIT | 9.65B | 9.84B | 4.43B | 3.42B | 3.69B | 2.94B | 3.02B | 2.77B | 3.52B | 3.26B | 1.91B | 2.56B | 2.61B | 2.99B | 3.02B | 2.77B | 2.78B | 2.63B | 2B | 1.53B | 1.29B | 656M | 641.59M | 408.63M | 166.64M | -41.91M | 176.33M | 286.31M | 285.45M | 301.5M | 229M |
| Net Interest Income | -1.99B | -2.23B | -2.28B | -2.01B | -1.18B | -795M | -820.85M | -795.1M | -675.85M | -747.78M | -724.3M | -711.17M | -722.63M | -673.17M | -664.52M | -645.69M | -682.74M | -647.51M | -502.92M | -576.68M | -619.57M | -708.48M | -580.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.72M | 0 | 5M | 50M | 45.59M | 42.32M | 39.09M | 35.95M | 31.9M | 5.07M | 36.27M | 28.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 7.74B | 7.62B | 2.31B | 1.37B | 2.29B | 2.13B | 2.17B | 2.12B | 2.82B | 2.53B | 1.16B | 1.82B | 1.85B | 2.27B | 2.35B | 2.13B | 2.11B | 1.98B | 1.43B | 885.89M | 678.01M | -43M | -63.69M | 164.76M | 237.3M | -391.24M | 188.91M | 914.06M | 625.39M | -620.01M | -302.04M |
| Pretax Margin % | 37.44% | 35.12% | 11.19% | 7.07% | 14.87% | 14.51% | 15.61% | 18.28% | 18.66% | 17.61% | 8.46% | 13.56% | 14.37% | 17.83% | 18.78% | 17.29% | 17.41% | 16.88% | 12.58% | 8.75% | 7.67% | -0.59% | -1.14% | 3.44% | 5.49% | -10% | 5.23% | 29.41% | 22.03% | -23% | -12.16% |
| Income Tax | 728.37M | 719.41M | 572M | 517M | 609M | 569M | 580M | 549.06M | 758M | 685M | 324M | 477M | 506M | 596M | 620M | 545M | 612M | 502M | 424M | 249.28M | 55.92M | 2M | 3.45M | -22.86M | -74.73M | 43.05M | 47.46M | 73.64M | -9.44M | -80.63M | -44.4M |
| Effective Tax Rate % | 9.41% | 9.44% | 24.8% | 37.85% | 26.61% | 26.75% | 26.7% | 25.84% | 26.91% | 27.08% | 27.96% | 26.22% | 27.4% | 26.31% | 26.44% | 25.53% | 28.95% | 25.35% | 29.73% | 28.14% | 8.25% | -4.65% | -5.41% | -13.87% | -31.49% | -11% | 25.13% | 8.06% | -1.51% | 13% | 14.7% |
| Net Income | 6.97B | 6.89B | 1.73B | 849M | 1.68B | 1.56B | 1.59B | 1.58B | 2.06B | 1.84B | 835M | 1.34B | 1.34B | 1.67B | 1.69B | 1.56B | 1.5B | 1.48B | 1B | 636.61M | 622.09M | -45M | -67.14M | 129.19M | 312.03M | -434.29M | 141.44M | 840.42M | 634.83M | -539.39M | -278.33M |
| Net Margin % | 33.7% | 31.75% | 8.42% | 4.4% | 10.91% | 10.63% | 11.44% | 13.55% | 13.64% | 12.84% | 6.09% | 10% | 10.44% | 13.14% | 13.56% | 12.66% | 12.37% | 12.6% | 8.84% | 6.29% | 7.04% | -0.61% | -1.2% | 2.7% | 7.22% | -11.1% | 3.92% | 27.04% | 22.36% | -20.01% | -11.21% |
| Net Income Growth % | 296.41% | 297.25% | 104.24% | -49.46% | 7.83% | -2.14% | 1.05% | -23.48% | 11.6% | 120.96% | -37.78% | 0.07% | -19.65% | -1.42% | 8.32% | 4.06% | 1.62% | 47.5% | 57.4% | 2.33% | 1482.42% | 32.98% | -151.97% | -58.6% | 171.85% | -407.04% | -83.17% | 32.39% | 217.7% | -93.79% | 1.77% |
| Net Income (Continuing) | 7.01B | 6.9B | 1.73B | 849M | 1.68B | 1.56B | 1.59B | 1.58B | 2.06B | 1.84B | 835M | 1.34B | 1.34B | 1.67B | 1.73B | 1.59B | 1.5B | 1.48B | 1B | 636.61M | 622.09M | -45M | -67.14M | 129.19M | 312.03M | -434.29M | 141.44M | 840.42M | 634.83M | -539.39M | -257.64M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32M | -27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20.69M |
| Minority Interest | 6.36B | 6.54B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 193.34M | 132.54M | 224.82M | 114.43M | 149.31M | 0 | 0 | 0 |
| EPS (Diluted) | 12.83 | 12.73 | 3.20 | 1.62 | 3.32 | 3.07 | 3.13 | 3.98 | 4.00 | 3.57 | 1.62 | 2.60 | 2.56 | 3.22 | 3.24 | 2.86 | 2.59 | 2.38 | 1.57 | 0.99 | 0.97 | -0.08 | -0.03 | 0.17 | 0.42 | -1.08 | 0.21 | 1.85 | 1.46 | -1.52 | -0.86 |
| EPS Growth % | 294.48% | 297.81% | 97.53% | -51.2% | 8.14% | -1.92% | -21.36% | -0.5% | 12.04% | 120.37% | -37.69% | 1.56% | -20.5% | -0.62% | 13.29% | 10.42% | 8.82% | 51.59% | 58.59% | 2.06% | 1353.23% | -179.42% | -116.29% | -59.52% | 138.89% | -614.29% | -88.65% | 26.71% | 196.05% | -76.74% | 3.37% |
| EPS (Basic) | - | 12.76 | 3.25 | 1.62 | 3.33 | 3.09 | 3.15 | 3.99 | 4.00 | 3.58 | 1.62 | 2.61 | 2.60 | 3.24 | 3.26 | 2.88 | 2.61 | 2.38 | 1.57 | 1.00 | 0.99 | -0.08 | -0.03 | 0.18 | 0.53 | -1.08 | 0.22 | 2.15 | 1.70 | -1.52 | -0.86 |
| Diluted Shares Outstanding | 543M | 540.67M | 536M | 524M | 506M | 506M | 506M | 513M | 515M | 515M | 515M | 517M | 517M | 518M | 522M | 547M | 580M | 621M | 638M | 642M | 641.9M | 577.3M | 477M | 466.81M | 497.6M | 402.56M | 467.82M | 462.76M | 414.25M | 355.95M | 322.33M |
| Basic Shares Outstanding | 540M | 538.2M | 534M | 524M | 505M | 505M | 505M | 512M | 515M | 515M | 515M | 515M | 515M | 515M | 519M | 543M | 576M | 621M | 638M | 638M | 631.8M | 577.3M | 477M | 453.48M | 497.6M | 402.56M | 446.56M | 379.61M | 357.16M | 355.95M | 322.33M |
| Dividend Payout Ratio | - | 15.17% | 42.62% | 113.07% | 60.12% | 64.83% | 63.51% | 64.49% | 47.98% | 53.55% | 118.32% | 72.8% | 69.35% | 52.49% | 47.43% | 48.5% | 48.87% | 47.63% | 55.79% | 33.14% | 7.56% | - | - | 34.53% | 10.58% | - | 30.54% | 3.1% | 4.73% | - | - |
High leverage and integration
As indicated by the most recent quarterly data, Rogers Communications experienced a significant revenue decline of 20.8% in 2026Q1, marking a stark reversal from the double-digit growth observed in late 2025 and highlighting potential volatility in the company's top-line performance following recent large-scale asset integrations.
The sudden contraction in revenue suggests that the initial momentum from the Shaw acquisition may be fading or that competitive pricing pressures are finally eroding the top line. Investors should monitor whether this decline represents a structural shift in market share or merely a temporary adjustment in the timing of equipment sales and service contract renewals.
According to the provided income statement data, the company's gross margin fell to 20.9% in 2026Q1, a substantial drop from the 40% to 49% range maintained throughout 2024 and 2025, suggesting that the cost of delivering services and hardware is currently outpacing the company's ability to maintain pricing power.
This margin compression appears to reflect the high fixed-cost nature of the telecommunications business combined with aggressive promotional activity required to defend market share. The convergence of gross and operating margins at 20.9% implies that the company is struggling to achieve operational efficiency, which warrants further investigation into the sustainability of its current cost structure.
Based on financial filings, Rogers has exhibited extreme volatility in net income, ranging from a 107.6% net margin in 2025Q3 to a low of 3.0% in 2025Q2, which indicates that reported earnings are heavily influenced by non-operating items rather than core operational profitability.
The massive fluctuations in net income suggest that one-time gains or charges, likely related to the Shaw merger and subsequent restructuring, are obscuring the underlying earnings power of the business. Analysts should look past these headline figures to focus on normalized operating income to gauge the true health of the recurring subscription model.
As reported in recent financial statements, the company's shift from high-growth revenue periods to a sharp contraction in 2026Q1 raises concerns regarding the long-term viability of its debt-heavy capital allocation strategy, particularly as interest expenses likely weigh on the bottom line in a high-rate environment.
Short-sellers may focus on the discrepancy between the company's aggressive expansion and the recent deterioration in margins as evidence that the Shaw acquisition has not yet delivered the promised synergies. The risk remains that the company may be forced to prioritize debt service over necessary network reinvestment, potentially weakening its competitive position against more agile peers.
Quick answers to the most common questions about buying RCI stock.
For fiscal year 2025, Rogers Communications Inc. (RCI) reported total revenue of $21.69B. This represents a 773.7% increase compared to $2.48B in 1996.
Rogers Communications Inc. (RCI) is profitable, generating $6.89B in net income for the fiscal year ending 2025 with a net profit margin of 31.8%.
Rogers Communications Inc. (RCI) reported an operating income of $5.01B, resulting in an operating profit margin of 23.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Rogers Communications Inc. (RCI) generated $5.01B in gross profit for the year, representing a gross profit margin of 23.1%. This demonstrates the company's core pricing power and production efficiency.