Rogers Communications’ media segment saw a 10% revenue growth in Q2 2025 compared to the same period last year. Playback has a breakdown of some of the highlights from the earnings report and investor call.

Overall Q2 revenue: $5.2 billion

Year-over-year (YOY) change: Up 2% from $5.1 billion

Reason for increase: Continued growth of wireless subscriber base led to a 1% in wireless service revenue. An increase in device upgrades and a shift toward higher-value devices led to a 13% increase in wireless equipment revenue. Cable revenue increased by 1% from retail internet subscription growth and base management activity, which was partially offset by declines in home phone and video subscriber bases.

Q2 media segment revenue: $808 million

YOY change: Up 10% from $736 million

Reason for increase: Higher sports-related revenue due to Sportsnet’s success with the Stanley Cup playoffs and higher revenues from the Toronto Blue Jays, which Rogers said is carrying media segment success into Q3. The company also attributed higher revenue related to the launch of the Warner Bros. Discovery (WBD) HGTV and Food Network channels.

Media segment operating costs: $803 million

YOY change: Up 9% from $736 million

Reason for increase: Higher programming costs, including those related to the launch of the HGTV and Food Network channels, and higher Toronto Blue Jays expenses.

Adjusted net income: $632 million

YOY change: Up 1% from $623 million

Reason for increase: Higher adjusted EBITDA and lower finance costs. Unadjusted net income decreased by 62% from $394 million to $148 million. That decrease is attributed to restructuring and acquisition costs, among others, which are not included in the company’s adjusted net income.

What president and CEO Tony Staffieri said about the recently closed Maple Leaf Sports & Entertainment (MLSE) deal: “Rogers, together with MLSE, is now one of the most prestigious sports and media companies globally, with terrific long term growth potential with the inclusion of MLSE’s financial results in our media segment going forward.”

On growth potential: “We estimate that, for this full calendar year, media revenue will be $3.9 billion and EBITDA $250 million. We also estimate the value of our sports and media assets now exceed $15 billion and we see significant opportunity to unlock this unrecognized value for shareholders.”

Forecasted 2025 media results: With the completed acquisition of BCE’s share of MLSE, Rogers estimates its total service revenue to grow by 3% to 5% versus its earlier estimates of 0% to 3%.

Q2 liquidity: Rogers ended its Q2 with $11.8 billion in available liquidity, an increase from $4.8 billion as of Dec. 31, 2024.

Reason for increase: CFO Glenn Brandt attributed the increase to the $7 billion equity investment, led by Blackstone.

What Brandt said about Rogers’ sports and media strategy:

“Our focus now is on two key items in our sports and media strategy: de-levering our balance sheet following the MLSE purchase and pursuing all options as we look to monetize and surface the very substantial unrecognized market value of our sports and media assets currently not at all reflected in Rogers’ stock price.”

Image courtesy of Rogers Communications