- Company name
- Quebecor
- Sector
- Telecommunications & media
- About
- Quebecor is a Canadian telecommunications and media company based in Montreal. Its main subsidiary, Videotron, provides mobile, internet, television and fixed phone services in Quebec and also sells the Fizz brand. In 2023, Videotron bought Freedom Mobile, which serves customers in Ontario, Western Canada and Atlantic Canada, so Quebecor now sells mobile services across Canada. Quebecor also owns TVA Group, a television broadcaster, and other media and entertainment businesses. The Péladeau family controls the company through multiple voting Class A shares, and the Class B shares trade on the Toronto Stock Exchange.
- Thesis
- The market prices Quebecor for strong price competition in Canadian wireless and for the cost of its national expansion. The market fears that price cuts by the large carriers will lower revenue per user. Quebecor must also invest to grow Freedom in Western Canada and to expand Fizz. The results show progress: in Q3 2026, mobile ARPU grew 2.9%, the fourth increase in a row, mobile connections grew by a record 136,700, and adjusted EBITDA grew 12.5%. The consolidated net debt leverage ratio fell to 2.69x at September 30, 2026, and Quebecor says it is the lowest of Canada's major telecom companies. For the gap to close, mobile ARPU must keep growing, Quebecor must keep adding mobile subscribers outside Quebec without large price cuts, and leverage must stay below 3x while it raises its dividend and buys back shares. The Q4 2026 report, estimated for early February 2027, is the next test. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a new price war in Canadian wireless.
- Risks
- Canadian wireless is very competitive. If the large carriers cut prices, mobile revenue per user and margins fall.
The expansion of Freedom and Fizz outside Quebec needs investment in networks and marketing. Slow subscriber growth would make the return on this investment low.
Federal and CRTC decisions on wholesale access, spectrum and prices affect costs and competition in Canadian telecom.
The Péladeau family controls the company through multiple voting shares, and the media businesses earn little. Class B shareholders have limited influence on decisions.
- Balance sheet
- Cash: CA$135M
Debt: CA$6.6B
Net debt: CA$6.4B
Net debt / EBITDA: 2.7× (medium)
Quebecor holds most of its debt at Videotron. At September 30, 2026, long-term debt was C$5.94 billion and short-term borrowings were C$645.8 million. Cash was C$135.3 million, and lease liabilities were C$423.3 million. Consolidated net debt, as Quebecor defines it, was C$6.78 billion, and the consolidated net debt leverage ratio was 2.69x, down from 2.87x at June 30, 2026. Videotron repaid C$200 million of the third tranche of its term credit facility in Q3 2026 and C$100 million more on October 6, 2026, so C$100 million is left. In April 2026, it set up a US$1.00 billion commercial paper program, backed by its revolving credit facility. Free cash flow was C$422.3 million in Q3 2026, and the quarterly dividend is C$0.45 per share.
As of Sep 30, 2026.
- Checkpoints
- Nov 5, 2026: Q3 2026 earnings: mobile ARPU and subscribers. Passed. Watch: Mobile ARPU growth and positive net mobile additions with leverage below 3x pass; falling ARPU fails. Outcome: Mobile ARPU rose 2.9%, mobile connections grew by a record 136,700, and leverage fell to 2.69x.
Feb 5, 2027 (estimate): Q4 2026 results: free cash flow. Pending. Watch: Higher free cash flow in 2026 than in 2025 and a stable leverage ratio pass; lower free cash flow fails.
- Recent events
- Nov 5, 2026: Quebecor reported Q3 2026 results. Revenues rose 3.5% to C$1.45 billion, and adjusted EBITDA rose 12.5% to C$706.7 million. Net income attributable to shareholders was C$296.4 million (C$1.33 per share), and adjusted net income was C$294.1 million (C$1.32 per share). Free cash flow was C$422.3 million. Mobile ARPU rose 2.9%, and mobile connections grew by a record 136,700. In the first nine months of 2026, Quebecor bought back 3,899,900 Class B shares for C$237.6 million.
Nov 4, 2026: Quebecor declared a quarterly dividend of C$0.45 per share. Quebecor also reported a new 12-year sublicence with Rogers for the French-language broadcast rights of NHL games.
Oct 6, 2026: Videotron repaid C$100 million more of the third tranche of its term credit facility, after it repaid C$200 million in Q3 2026. C$100 million of the tranche is left.
Sep 30, 2026: Quebecor said that it will hold its Q3 2026 results call on November 5, 2026.
Aug 6, 2026: Quebecor reported Q2 2026 results. Revenues rose 4.3% to C$1.44 billion, and adjusted EBITDA rose 3.7% to C$627.4 million. Net income attributable to shareholders was C$270.9 million (C$1.21 per share), up 24.4%, and adjusted net income was C$241.3 million (C$1.07 per share). Free cash flow rose 11.7% to C$418.7 million. Mobile ARPU rose 2.5%, and mobile connections grew by 53,200.
Aug 6, 2026: Quebecor raised its quarterly dividend by 12.5% to C$0.45 per share and renewed its normal course issuer bid until August 14, 2027, for up to 1,000,000 Class A and 7,000,000 Class B shares. In the first half of 2026, it bought back and cancelled 3,124,900 Class B shares for C$184.9 million.
Jul 8, 2026: Videotron repaid C$100 million more of the third tranche of its term credit facility. In Q2 2026, it had repaid the C$500 million second tranche and C$300 million of the C$700 million third tranche.
Apr 1, 2026: Videotron set up a US commercial paper program of up to US$1.00 billion, with maturities of up to 364 days. Its revolving credit facility serves as a liquidity backstop.