Rogers Communications
Rogers is Canada's largest wireless carrier and cable/internet provider, now also owns pro sports teams via MLSE.
On the record
Checkpoint: MLSE full-ownership close (Kilmer 25% stake, C$4.35B), plus planned minority stake sale to deleverage
The call
Rogers sits behind Canada's foreign-ownership wall with top spectrum and cable assets, now betting big on sports IP while carrying more debt to do it.
Rogers owns most of Canada's phone networks, cable lines, and spectrum, plus the Toronto Maple Leafs and Raptors through its MLSE stake. No foreign company can legally enter Canada to compete, and building rival networks takes decades and billions of dollars, so Rogers' core business is extremely hard to replace. The real pressure comes from Quebecor's Freedom Mobile pushing down prices Canadians pay for service, and from AI replacing some customer service jobs, not from anyone replacing Rogers itself. One thing that could shift the picture is if Rogers sells off its sports business stake in 2027 at a lower price than expected, signaling financial weakness, or if the government forces Rogers to lease its fiber lines to smaller competitors on cheap terms.
Why
01
AI pressure: None apparent. AI is a cost-cutting tool for Rogers call centers and IT support, not a force taking its wireless or cable customers. Could AI do the core job? Unlikely.
02
Bigger players: Quebecor/Videotron (Freedom Mobile). Quebecor is expanding Freedom Mobile nationally and pressuring pricing, but hasn't taken material share from Rogers yet. Could a giant copy it? No, they are blocked.
03
What protects it. Canadian law bars foreign ownership of telecom networks, and Rogers holds the spectrum, cable plant, and now all of MLSE's teams.
What would change this call
Quebecor reports national wireless subscriber net-adds in quarterly filings through 2026. Shows whether Freedom Mobile is converting Rogers customers at meaningful scale.
MLSE minority stake sale price and timing versus H1 2027 target. Reveals whether Rogers can deleverage as planned or faces financial strain.
CRTC wholesale FTTP/MVNO ruling outcome in 2026. Would show if regulation forces cheaper network access for rivals, eroding Rogers' infrastructure moat.
MLSE minority stake sale price and timing versus H1 2027 target. Reveals whether Rogers can deleverage as planned or faces financial strain.
CRTC wholesale FTTP/MVNO ruling outcome in 2026. Would show if regulation forces cheaper network access for rivals, eroding Rogers' infrastructure moat.
Key numbers
- >30% Canadian wireless share, 12.2M subscribers
- FY2025 revenue CA$21.71B, adj. EBITDA CA$9.82B
- Q2 2026 net loss $665-726M on $1.03B MLSE charge
Named risks
- High leverage from MLSE acquisitions at 3.8x as of June 2026, dependent on planned H1 2027 minority stake sale to deleverage.
- Customer backlash from AI-driven customer service and call-centre layoffs, reported Nov 2025.
- MLSE 25% Kilmer Sports acquisition still pending league approvals, expected close Q4 2026.
- CRTC wholesale FTTP and MVNO rulings in 2026 could raise network access costs.
- Labor and public relations friction from radio station closures, criticized by Unifor in Jul 2026.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Bell Canada (BCE) | contesting | Chief national rival across wireless/cable/media; Rogers bought Bell's 37.5% MLSE stake for $4.7B in Jul 2025 |
| Quebecor/Freedom Mobile | gaining on | National wireless expansion pressuring Rogers pricing power, per analyst note dated 2026-01-29 |
| Telus | contesting | Scored 847 vs Rogers' 898 in Umlaut's Jun 2026 Canada mobile benchmark |
| Starlink | gaining on | Emerging rural/remote broadband competitor noted in Jun 2026 consumer press coverage |
Questions people ask
- Is Rogers Communications profitable in 2026?
- Rogers posted a Q2 2026 net loss of $665 to $726 million (quarter ended June 30, 2026), driven by a $1.03 billion non-cash charge from revaluing its MLSE stake. Underlying operations were healthy: adjusted EBITDA hit $2.442 billion (up 3%) and free cash flow reached $982 million (up 6%) for the same quarter.
- Is Rogers Communications laying off employees?
- Yes. In April 2026 Rogers offered voluntary departure packages to roughly 10,000 employees, about half its non-MLSE workforce. In July 2026 it separately cut 230 jobs and closed six radio stations in Vancouver, Calgary, Halifax and Kitchener.
- Could AI replace Rogers Communications customer service jobs?
- Rogers has been laying off call-centre staff while relying more on AI tools, per CBC reporting from November 2025, with some former employees saying they spent time training AI systems. Customers reported longer hold times and more complaints, suggesting mixed execution rather than clean replacement.
- Who owns Rogers Communications?
- Rogers is publicly traded on the Toronto Stock Exchange (RCI.A/RCI.B) and NYSE (RCI), but the Rogers family retains control through the Rogers Control Trust, administered by Scotiabank, as disclosed in the company's 2025 Annual Information Form filed March 2026.
- Who is Rogers Communications' biggest competitor?
- Bell Canada (BCE) is Rogers' chief national rival across wireless, cable and media, and formerly co-owned Maple Leaf Sports & Entertainment with Rogers until Rogers bought Bell's 37.5% stake for $4.7 billion in July 2025. Quebecor's Freedom Mobile is also pressuring wireless pricing.
- How much debt did Rogers Communications take on for the MLSE sports deal?
- Rogers' leverage ratio stood at 3.8x as of June 30, 2026, down slightly from 3.9x, after paying $4.7 billion for Bell's MLSE stake in July 2025 and agreeing to pay $4.35 billion more for Kilmer Sports' 25% stake in July 2026. It plans to sell a minority stake in the combined sports/media entity by H1 2027 to pay down debt.
Timeline
- 2026-07-22Q2 2026 results: revenue $5.615B up 8%, net loss $665-726M on $1.03B MLSE charge
- 2026-07-07Rogers Sports & Media cuts 230 jobs, closes six radio stations
- 2026-07-06Agrees to buy remaining 25% of MLSE from Kilmer Sports for C$4.35B
- 2026-06-12Umlaut benchmark ranks Rogers #1 in Canada mobile network, ahead of Bell and Telus
- 2026-04-28Offers voluntary buyout packages to about 10,000 employees, roughly half workforce
- 2026-02-28Cuts IT support roles across multiple provinces
- 2025-12-31FY2025 closed; sold customer-facing data centre business to InfraRed for $184M
- 2025-07-31Closes $4.7B deal for Bell's 37.5% MLSE stake; ends Foundever contract, ~900 jobs cut
- 2023-04-03Completes C$26B Shaw Communications acquisition, divests Freedom Mobile to Quebecor
Revision history
25 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Company Information
- Q4 2025 Results presentation
- Rogers Q2 Earnings: Service Revenue Up 8% to $5.1B (2026-07-22)
- Rogers posts solid Q2 2026 results, shares rise premarket (2026-07-22)
- Rogers reports Q2 loss as it took charge related to MLSE deal (2026-07-22)
- Shaw/Rogers Business Acquisition Report (2023-04-03)
- Rogers to take full ownership of MLSE (2026-07-06)
- Rogers to Become 100% Owner of MLSE (2026-07-06)
- Rogers vs. Bell vs. Telus (2026-06-12)
- 'Unlikely' thousands of Rogers employees will take buyouts (2026-04-28)
- Buyouts could signal further industry cuts to come (2026-04-28)
- Rogers cuts 230 jobs, closes radio stations (2026-07-07)