BCE

BCE Inc. (BCE) is based in Montréal, Québec. It is the largest communications company in Canada, and it operates through its subsidiary Bell Canada. Bell CTS Canada sells wireless, Internet, TV and business services, Bell CTS U.S. is Ziply Fiber, a fibre Internet provider that BCE bought on August 1, 2025, and Bell Media owns CTV, Crave and TSN.

Operating revenues were $6,182 million in Q3 2026 and adjusted EBITDA was $2,786 million, in Canadian dollars. The common shares trade on the TSX in Canadian dollars and on the NYSE. BCE files 40-F and 6-K reports with the SEC.

The price of BCE depends on whether it can return to earnings growth while it carries large debt and spends more on AI data centres and US fibre. In Q3 2026 revenue grew 2.2% and adjusted EBITDA grew 0.9%, but adjusted EBITDA of Bell CTS Canada fell 0.8%, adjusted EPS fell 6.3% and capital spending rose 49.3% to $1,330 million. Net debt was $39,554 million.

For the price to hold or rise, four things must be true. Wireless pricing must improve and the Canadian business must stop losing EBITDA. The Bell AI Fabric data centre in Saskatchewan must open its first data hall in the first half of 2027 and earn a return on its cost.

The sale of 49.9% of the tower company to La Caisse must close in Q1 2027, so that net debt leverage reaches the target of 3.5 times by the end of 2027. Free cash flow must cover the dividend of $1.75 per share. The Q4 2026 report, expected in early February 2027, with its 2027 guidance, is the next test.

1. Feb 4, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 adjusted EBITDA grows within the guided 0% to 4% and free cash flow is in the range of $2,100 million to $2,300 million, and this passes; a result below either range fails.
2. Q1 2027 · est.Pending

   Tower company sale to La Caisse closesThe sale of 49.9% of the tower company closes in Q1 2027 for about $2.45 billion and the proceeds lower debt, and this passes; a delay past Q1 2027 fails.

Every passed and failed checkpoint across all picks

• November 5, 2026BCE reported Q3 2026 results. Operating revenues rose 2.2% to $6,182 million, adjusted EBITDA rose 0.9% to $2,786 million and adjusted EPS fell to $0.74 from $0.79. Free cash flow fell to $854 million because of higher capital spending. BCE confirmed its 2026 guidance and declared a quarterly dividend of $0.4375 per common share.
• October 27, 2026Bell agreed to sell a 49.9% stake in a new wireless tower company to La Caisse for $2.45 billion. The deal values the tower company at about $4.91 billion. Bell keeps control with 50.1%, and the deal is expected to close in Q1 2027.
• October 20, 2026Ziply Fiber and Network FiberCo agreed to buy another US fibre business. BCE expects its cash share for this and an earlier small purchase to be about US$200 million, and closing is expected in Q1 2027.

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 6, 2026 · Read it on sec.gov
• 40-FAnnual report for the period ended Dec 31, 2025Filed March 6, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Jun 30, 2025Filed August 7, 2025 · Read it on sec.gov
• 40-FAnnual report for the period ended Dec 31, 2024Filed March 7, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 718940)

• Debt is large. Net debt was $39,554 million at September 30, 2026, which is about 3.7 times adjusted EBITDA of the last four quarters, and BCE targets 3.5 times by the end of 2027.
• Competition and regulation press on prices. BCE expects more wireline price competition, and a CRTC decision requires an aggregated wholesale high-speed access service on its fibre-to-the-premise network.
• AI data centres need large capital. Construction of the 300 megawatt Sherwood facility was expected to cost about $1.7 billion, and BCE expects the total to be higher with the expansion. Returns depend on tenant demand.
• Margins of the US fibre business fell. The adjusted EBITDA margin of Bell CTS U.S. was 39.9% in Q3 2026, down 4.5 points, partly because of higher payments to the Network FiberCo partners.
• A class action from 2004 about wireless system access fees was dismissed for delay on October 16, 2026, but the plaintiff filed an appeal on November 2, 2026.

At September 30, 2026, BCE had debt due within one year of $6,205 million and long-term debt of $35,308 million, which is $41,513 million in all, including lease liabilities and junior subordinated debt. Preferred shares were $3,216 million. Read more

Yield at the current rate

5.7% (current annual rate, at today’s price)

Dividend yield

5.7% (last 12 months, at today’s price of CA$30.47)

Paid per share

CA$1.752 in the last 12 months (4 payments)

Current annual rate

CA$1.752 (CA$0.438 × 4 a year)

Latest ex-dividend date

September 15, 2026, CA$0.438 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 7.0% a year. From 2015 to 2025, the dividend fell by about 1.2% a year.

Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.