BCE

MKT CAP:$22B

BCE Inc.

Market Cap

$22B

Communication Services·Telecommunications Services·🇨🇦 Canada·NYSE

Communication·Telecommunications·🇨🇦·NYSE

Stock Price

$23.73+$0.07 (+0.30%)

Apr 22, 2026

Company Details

BCE Inc., a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through three segments: Bell Wireless, B...

CEO

Mirko Bibic

IPO Date

Nov 15, 1982

Website

www.bce.ca

Key Metrics TTM

Revenue

$17.9B

+3.1% YoY

Net Income

$3.4B

EPS (Diluted)

$3.58

Free Cash Flow

$1.1B

Revenue / Share

$19.20

Gross Margin

56.6%

Operating Margin

31.2%

Net Margin

19.2%

FCF Margin

5.9%

P/S

1.2x

P/E

6.4x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 6, 2025

$4.4B+1.3%EPS $3.53

Q3 2024

Nov 7, 2024

$4.4BEPS -$0.99

FY 2021

Mar 4, 2022

$17.1BEPS $2.19

Q4 2021

Mar 4, 2022

$4.5BEPS $0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$4.0B	$2.0B	$1.0B
Q4 16	$4.2B	$5.1B	$904M
Q1 17	$3.9B	$1.9B	$919M
Q2 17	$4.2B	$2.1B	$1.0B
Q3 17	$4.2B	$2.1B	$1.0B
Q1 18	$4.1B	$1.6B	$922M
Q2 18	$4.2B	$2.1B	$1.0B
Q3 18	$4.3B	$2.2B	$1.1B
Q4 18	$4.5B	$5.4B	$1.0B
Q1 19	$4.2B	$1.8B	$954M
Q2 19	$4.3B	$2.2B	$1.1B
Q3 19	$4.3B	$2.2B	$1.1B
Q4 19	$4.6B	$2.0B	$1.7B
Q4 21	$4.5B	$1.9B	$1.7B
Q3 24	$4.4B	$3.1B	$1.1B
Q3 25	$4.4B	$3.1B	$1.1B

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q4 16	2.4x	17.3x
Q1 17	2.5x	18.4x
Q2 17	2.5x	18.9x
Q3 17	2.6x	19.5x
Q1 18	2.3x	17.4x
Q2 18	2.2x	16.2x
Q3 18	2.2x	16.1x
Q4 18	2.1x	16.6x
Q1 19	2.3x	18.2x
Q2 19	2.4x	18.2x
Q3 19	2.5x	19.1x
Q4 19	2.4x	18.1x
Q4 21	2.7x	21.1x
Q3 24	1.8x	40.2x
Q3 25	1.2x	6.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$1.4B	$707M
Q4 16	$1.1B	$385M
Q1 17	$960M	$337M
Q2 17	$1.6B	$813M
Q3 17	$1.6B	$872M
Q1 18	$1.1B	$387M
Q2 18	$1.5B	$732M
Q3 18	$1.5B	$741M
Q4 18	$1.3B	$594M
Q1 19	$1.1B	$487M
Q2 19	$1.5B	$823M
Q3 19	$1.7B	$913M
Q4 19	$1.5B	$685M
Q4 21	$1.3B	-$1.0B
Q3 24	$1.3B	$639M
Q3 25	$1.4B	$745M

Capital Expenditures

Quarter	CapEx
Q3 16	$713M
Q4 16	$726M
Q1 17	$623M
Q2 17	$761M
Q3 17	$760M
Q1 18	$707M
Q2 18	$772M
Q3 18	$752M
Q4 18	$713M
Q1 19	$621M
Q2 19	$710M
Q3 19	$740M
Q4 19	$843M
Q4 21	$2.3B
Q3 24	$707M
Q3 25	$653M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+1.3%	+2.1%
Q2 17	+6.5%	+9.1%
Q3 17	+5.4%	+6.6%
Q1 18	-2.0%	-3.1%
Q2 18	+8.4%	+7.0%
Q3 18	+3.3%	+2.7%
Q4 18	+9.1%	+12.4%
Q1 19	+2.6%	+2.3%
Q2 19	+1.8%	+1.2%
Q3 19	+1.1%	+0.7%
Q4 19	+1.0%	-19.0%
Q4 21	+8.3%	-13.3%
Q3 24	+1.4%	+2.1%
Q3 25	+1.8%	+3.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q4 16	$0	0.0%
Q1 17	$0	0.0%
Q2 17	$0	0.0%
Q3 17	$0	0.0%
Q1 18	$0	0.0%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q4 18	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q4 21	$0	0.0%
Q3 24	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q4 16	$107M	—
Q4 18	$77M	$48M
Q4 19	$80M	—
Q4 21	$42M	—
Q3 24	—	$756M
Q3 25	—	$712M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$76M	$0	$76M
Q2 22	$436M	$0	$436M
Q3 22	$536M	$0	$536M
Q4 22	$109M	$0	$109M
Q1 23	$542M	$0	$542M
Q2 23	$658M	$0	$658M
Q3 23	$452M	$0	$452M
Q4 23	$564M	$731M	$1.3B
Q1 24	$702M	$512M	$1.2B
Q2 24	$1.2B	$548M	$1.8B
Q3 24	$1.4B	$548M	$1.9B
Q4 24	$1.1B	$292M	$1.4B
Q1 25	$769M	$0	$769M
Q2 25	$373M	$0	$373M
Q3 25	$340M	$0	$340M
Q4 25	$234M	$0	$234M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	871M	+0.1%	—
Q4 16	877M	+0.6%	—
Q1 17	877M	0.0%	+1.0%
Q2 17	901M	+2.8%	+3.5%
Q3 17	901M	+0.0%	+3.4%
Q1 18	901M	-0.1%	+2.7%
Q2 18	898M	-0.3%	+2.5%
Q3 18	898M	0.0%	-0.3%
Q4 18	898M	+0.0%	-0.3%
Q1 19	898M	0.0%	-0.2%
Q2 19	900M	+0.2%	+0.2%
Q3 19	902M	+0.2%	+0.4%
Q4 19	905M	+0.3%	+0.7%
Q4 21	910M	+0.5%	+1.2%
Q3 24	912M	+0.3%	+1.3%
Q3 25	933M	+2.2%	+3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 16	$790.3K	5K
Q4 16	$833.4K	5K
Q1 17	$779.9K	5K
Q2 17	$831.3K	5K
Q3 17	$832.7K	5K
Q1 18	$817.0K	5K
Q2 18	$845.7K	5K
Q3 18	$859.0K	5K
Q4 18	$908.4K	5K
Q1 19	$838.1K	5K
Q2 19	$860.7K	5K
Q3 19	$868.2K	5K
Q4 19	$917.1K	5K
Q4 21	$907.5K	5K
Q3 24	$872.7K	5K
Q3 25	$884.1K	5K

Revenue / Employee