BCPPF BCE INC
Price Chart
Executive Summary
BCE reported Q1 2026 revenue growth of 4.0% to $6,168 million, driven by the Ziply Fiber acquisition, but net earnings fell 2.3% to $667 million and adjusted EPS declined 8.7% to $0.63. Organic Canadian operations (Bell CTS Canada) showed only 0.1% revenue growth and 1.0% adjusted EBITDA decline. The company also updated 2026 guidance to include $1.3 billion in incremental capex for a Saskatchewan AI data centre, slashing free cash flow guidance to $2.1-$2.3 billion.
Actionable Insight
Monitor BCE's ability to execute the AI data centre build without further free cash flow erosion and watch for any dividend policy changes given the elevated capex. The organic slowdown in Canadian operations remains a structural concern despite the Ziply Fiber contribution.
Key Facts
- Q1 2026 operating revenues $6,168M, +4.0% YoY
- Net earnings $667M, -2.3% YoY
- Adjusted EBITDA $2,631M, +2.9% YoY
- Adjusted EPS $0.63, -8.7% YoY
- Free cash flow $804M, +0.8% YoY
- Capital expenditures $841M, +15.4% YoY
- 2026 guidance updated: capital intensity 20%, free cash flow $2.1B-$2.3B
- Disposition of land mobile radio business for $675M expected Q4 2026
- Saskatchewan AI data centre requires ~$1.7B incremental capex, $1.3B in 2026
Financial Impact
Revenue grew $238M but net earnings declined $16M; free cash flow guidance cut by ~$1.2B at midpoint due to AI data centre capex
Risk Factors
- Higher-than-expected AI data centre capex could further pressure free cash flow and leverage
- Continued competitive pressure in Canadian wireless and wireline markets
- Integration risks from Ziply Fiber and other acquisitions
- Regulatory headwinds including CRTC rulings on wholesale access and fees
Market Snapshot
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000718940-26-000006 |
| Document: a2026-q1xfinancials.htm | 0000718940-26-000006 |
| Document: bceprq12026enedgar.htm | 0000718940-26-000006 |
| Document: a2026-q1xbellxselectedxsum.htm | 0000718940-26-000006 |
| Document: a2026-q1xceoandcfocertific.htm | 0000718940-26-000006 |
| Document: bceform6-kx03312026.htm | 0000718940-26-000006 |
| Document: a2026-q1xearningsxcoverage.htm | 0000718940-26-000006 |
| Document: 0000718940-26-000006-index-headers.html | 0000718940-26-000006 |
| Document: 0000718940-26-000006-index.html | 0000718940-26-000006 |
| Document: 0000718940-26-000006.txt | 0000718940-26-000006 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 5, 2026
7d ago
|
6-K
| $11.00 awaiting T+5 | awaiting T+5 | — | $11.00 (0.00%) |
|
May 28, 2026
15d ago
|
6-K
| $11.00 $11.00 | · 0.00% | ▲ +0.05% | $11.00 (0.00%) |
|
May 7, 2026
5w ago
|
6-K
| $11.00 $11.00 | · 0.00% | ▼ −1.50% | $11.00 (0.00%) |
|
Apr 22, 2026
7w ago
|
6-K
| $10.69 $11.00 | ▲ +2.89% | ▲ +2.83% | $11.00 (+2.89%) |
|
Apr 8, 2026
9w ago
|
EFFECT
| $10.69 $11.00 | ▲ +2.89% | ▼ −0.63% | $11.00 (+2.89%) |
|
Apr 7, 2026
9w ago
|
6-K
| $10.69 $11.00 | ▲ +2.89% | ▼ −2.44% | $11.00 (+2.89%) |
US Market Status
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