BCE reported modest third-quarter revenue and adjusted EBITDA growth as the firm navigates the challenging wireless market. BCE is betting on Canadian data center and US broadband expansion to drive future growth, even as heavy investment and debt weigh on the balance sheet.
Migrating customers off legacy copper and onto fiber has lowered operating costs and helps reduce churn through better service and increased bundling with wireless.
Bears
Quebecor’s national expansion will likely keep wireless pricing competitive, limiting BCE’s ability to grow service revenue.
BCE is one of Canada’s “Big 3” telecom service providers, offering wireless and broadband services nationally, but with strongholds in Ontario, Quebec, and Atlantic Canada. The firm serves 10 million postpaid and nearly 1 million prepaid wireless customers, and 5 million broadband customers across a footprint reaching about 13 million homes. The firm purchased Ziply Fiber in 2025, expanding its reach to the Pacific Northwest of the US. Outside of its wireless and wireline services, BCE operates a media segment containing multiple broadcast television channels, regional radio stations, and a digital media platform. The firm completed its divestiture of its 37.5% share of Maple Leafs Sports and Entertainment to Rogers in 2025, retaining its minority position in the Montreal Canadiens.