Rogers Communications Inc. reported its unaudited financial and operating results for the fourth quarter ended December 31, 2024, capping three consecutive years of industry-leading performance. Total revenue and total service revenue increased by 3% and 2% respectively, driven by growth in Wireless and Media, and stabilized revenue in Cable.
Consolidated adjusted EBITDA increased 9% this quarter, with the adjusted EBITDA margin rising by 250 basis points, primarily due to ongoing productivity and cost efficiencies. Wireless adjusted EBITDA grew 6% to a 66% margin, while Cable adjusted EBITDA increased 5% to a 59% margin, both reflecting cost efficiencies.
Net income increased by 70% and adjusted net income by 26% this quarter, primarily due to higher adjusted EBITDA. The company generated free cash flow of C$878 million, an increase from C$823 million in the prior year, and maintained C$4.8 billion of available liquidity.
For the full year 2024, Rogers achieved over C$20 billion in annual revenue. The company provided its 2025 outlook, anticipating single-digit total service revenue and adjusted EBITDA growth, strong free cash flow, and continued network investments and expansion across Canada.
Rogers also provided an update on its MLSE Transaction, noting that it received clearance from the Competition Bureau in December 2024, but still requires sports league and CRTC approvals. Additionally, the company announced a non-binding term sheet for a proposed C$7 billion structured equity investment, with proceeds expected to reduce debt and strengthen the balance sheet.
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