Rogers Communications Inc. (RCI): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine room of a major North American telecom, and honestly, figuring out the Business Model Canvas for Rogers Communications Inc. after the massive Shaw and MLSE acquisitions is key to understanding their next five years. As someone who's spent two decades in this game, I can tell you their strategy isn't subtle: it's about leveraging unparalleled network scale-backed by a planned $3.7 billion to $4.0 billion in 2025 capital expenditures-to sell bundled services alongside exclusive content like the NHL and NBA rights. That's how you get postpaid churn down to a razor-thin 0.99% in Q3 2025. See the full breakdown below to understand how these activities fuel their projected $3.2 billion to $3.3 billion in Free Cash Flow this year.

Rogers Communications Inc. (RCI) - Canvas Business Model: Key Partnerships

You're looking at how Rogers Communications Inc. is structuring its external relationships to support its strategy as of late 2025. These aren't just vendor agreements; they're capital moves and content lock-ins that define near-term financial flexibility and market positioning.

The Institutional Investors partnership was a major balance sheet event. Rogers closed a definitive agreement for a CDN$7 billion equity investment in June 2025, led by Blackstone and backed by major Canadian pension funds like CPP Investments and La Caisse. This move was specifically designed to de-lever. For context, Rogers exited Q3 2025 with a leverage ratio of 4.6x, which was elevated partly due to the recent \$4.7 billion (C$) acquisition of a stake in Maple Leaf Sports & Entertainment Ltd. (MLSE). The equity deal is expected to reduce the debt leverage ratio significantly; the April agreement projected a 0.7x reduction. The new subsidiary, which holds a portion of the wireless backhaul transport infrastructure, is expected to distribute up to approximately \$0.4 billion annually to Blackstone in the first five years post-closing.

Here's a quick look at the structure of that capital partnership:

Metric	Value/Stake	Notes
Total Equity Investment	CDN$7 billion	Closed June 20, 2025
Blackstone Equity Interest in Subsidiary	49.9%	Non-controlling interest
Rogers Equity Interest in Subsidiary	50.1%	Rogers maintains 80% voting interest
Expected Annual Distribution to Blackstone (First 5 Yrs)	Approx. \$0.4 billion	Annualized cash flow expectation
Expected Leverage Reduction Post-Transaction	0.7x	Projected impact on debt leverage ratio

Content rights remain a bedrock partnership, especially with the Sports Leagues. Rogers Communications Inc. secured the national media rights for the NHL in a new 12-year agreement valued at \$11 billion (CDN), set to begin in the 2026-27 season. That's a massive commitment, but it's more than double the previous 12-year deal, which was worth \$5.2 billion (CDN). Honestly, the appreciation of live sports content is clear; viewership for the NHL on Rogers platforms grew by 50% over the last decade of the expiring deal.

The partnership with Comcast is about bringing specific technology to the Canadian market. Rogers announced a ten-year agreement to introduce Comcast's Xfinity products, kicking off with Rogers Xfinity Streaming and Rogers Xfinity Storm-Ready WiFi, which is Canada's first home Internet backup solution. This deal was announced alongside the Q1 2025 results.

For customer acquisition and inclusion, the Nova Credit program is key. This partnership, launched in late 2024, lets newcomers finance new devices and build Canadian credit history. They recognize credit history from nine specific countries at launch. Newcomers approved for the Rogers Red credit card can get 0% interest financing on new devices for up to 48 months.

On the network side, the collaboration with Nokia and AWS focuses on resilience. While specific 2025 financial results for a joint trial aren't public, the industry trend is clear: Rogers is trialing cloud-based network technology, building on its 5G SA core network launched in 2021. This move is intended to improve network reliability and resiliency, which is critical given the operational focus on network stability.

You can see the scale of the major content and capital partnerships here:

• The NHL deal locks up premium sports content through the 2037-38 season.
• The Blackstone-led equity investment provided \$6.7 billion (US) / \$7 billion (CDN) in proceeds to strengthen the balance sheet.
• The Comcast deal is a ten-year technology licensing/product partnership.
• The Nova Credit program offers device financing up to 48 months at 0% interest.

Finance: draft 13-week cash view by Friday.

Rogers Communications Inc. (RCI) - Canvas Business Model: Key Activities

You're looking at the core operational engine for Rogers Communications Inc. as of late 2025, focusing on the actions that drive their service delivery and asset value.

Network Investment

Rogers Communications Inc. is executing significant capital deployment to maintain and enhance its national network footprint and capacity.

The guidance for capital expenditures in 2025 was set between $3.7 billion and $4.0 billion. This investment is directed across the Wireless and Cable segments, supporting network evolution and service expansion.

Here's a look at the capital deployed in the first three quarters of 2025:

Period	Capital Expenditures (Reported)
Q1 2025	$978 million
Q2 2025	$831 million
Q3 2025	$964 million

The Q3 2025 figure reflects continued investment, with the majority focused on the network, including fibre deployments and upgrades to the DOCSIS 3.1 platform to evolve to DOCSIS 4.0.

Shaw Integration

The integration of Shaw Communications Inc. assets remains a key activity, driving operational improvements and financial deleveraging.

Rogers Communications Inc. has made good progress toward integrating Shaw and realizing synergies, which supports improving leverage. The company achieved its Shaw deleveraging target of a 3.5x debt leverage ratio approximately nine months ahead of the initial target date of Q2 2026. The total expected cost synergies from the Shaw acquisition are close to $1 billion, with the remaining portion expected from operational improvements, including backhaul in the west, and supply cost savings.

The combined entity maintains a strong local employee base in Western Canada, with the integrated teams totaling 10,000 people strong across Alberta, British Columbia, Manitoba, and Saskatchewan.

• Additional Network Investments Commitment in Western Canada: $5.5 billion over five years.
• Connectivity Investment Commitment: $1 billion over five years.
• 5G Coverage Expansion in Western Canada: Over $860 million invested in the first two years of the five-year commitment.

5G/Broadband Rollout

Expanding 5G coverage is a critical activity, heavily reliant on the deployment of acquired mid-band spectrum licenses.

Rogers Communications Inc. is actively expanding its 5G+ service, which is powered by a combination of 3800 MHz and 3500 MHz spectrum, complementing the low-band 600 MHz spectrum for consistent coverage.

The acquisition of 3800 MHz spectrum licenses was a major investment:

3800 MHz Spectrum Metric	Value
Total Purchase Price	$475 million
MHz Acquired	40.5 MHz
Regions Covered	172 regions

This mid-band spectrum deployment is key for augmenting capacity and delivering faster speeds and more capacity to consumers and businesses.

Content Monetization

Managing and monetizing premium sports and media assets, particularly following the full consolidation of Maple Leaf Sports & Entertainment (MLSE), is a core activity.

Rogers Communications Inc. estimates its portfolio of sports and media assets, including MLSE, is worth in excess of $15 billion. The company is pursuing options to surface this unrecognized market value for shareholders.

The Q3 2025 Media segment results reflect this asset base:

• Q3 2025 Media Revenue: $753 million, up 26% year-over-year.
• Pro Forma Estimated Full Year 2025 Media Revenue (including MLSE): Approximately $4 billion.
• Pro Forma Estimated Full Year 2025 Media Adjusted EBITDA (including MLSE): Approximately $0.25 billion.

The acquisition of the additional 37.5% stake in MLSE was completed for a purchase price of $4.7 billion in cash, making Rogers the 75% majority owner.

Customer Base Management

Driving customer loyalty and managing the subscriber base through disciplined market execution is central to Wireless segment performance.

Rogers Communications Inc. achieved industry-leading customer loyalty metrics in Q3 2025, underpinned by a focus on efficiency and financial discipline.

The postpaid churn rate for Q3 2025 hit a low of 0.99%, which was down 13 basis points and marked the lowest churn in over two years. This performance supported a Wireless service revenue of $2.1 billion in the quarter.

Subscriber metrics as of September 30, 2025, include:

Wireless Subscriber Metric (Q3 2025 End)	Amount
Postpaid Wireless Subscribers	10.96 million
Postpaid Net Additions (YoY)	262K
Wireless Adjusted EBITDA Margin	67%

The company added 62,000 postpaid mobile phone net additions in Q3 2025 alone.

Rogers Communications Inc. (RCI) - Canvas Business Model: Key Resources

National Network and Spectrum Licenses: Rogers Communications Inc. maintains a foundational asset in its coast-to-coast wireline infrastructure and what it markets as Canada's largest 5G network.

The capacity and resilience of this network are significantly augmented by extensive spectrum holdings, including the newly deployed 3800 MHz band, which works alongside existing mid-band and low-band frequencies.

Here's a look at the spectrum deployment and investment:

Spectrum Band	Acquisition Status/Use	Investment/Holding Detail	Coverage/Capacity Impact
3800 MHz	Newly deployed, complements 3500 MHz	Acquired 40.5 MHz for $475 million at $0.32 cents per MHz/POP	Adds speed and capacity, covers urban, rural, and Indigenous communities
3500 MHz	Industry-leading 5G spectrum	Held nationally, complementary to 3800 MHz	Provides speed and capacity for 5G services
600 MHz	Low-band 5G spectrum	Existing holding	Carries wireless data across long distances and through dense buildings

The company also trialed cloud-based network technology as a global first for additional mobile network resilience with Nokia and AWS. Capital expenditures for the full year 2025 are projected to be approximately $3,700 million.

MLSE Majority Stake: Rogers Communications Inc. solidified its position in Canadian sports media by acquiring a 75% controlling interest in Maple Leaf Sports & Entertainment (MLSE), effective July 1, 2025, following the purchase of BCE's stake for C$4.7 billion in cash. This asset now joins the wholly-owned Toronto Blue Jays. TD Cowen estimates the gross value of Rogers' sports teams, representing this 75% MLSE stake plus full ownership of the Blue Jays, at $13.9 billion, with an adjusted value of $10.5 billion. The company plans to acquire the remaining 25% minority interest within the next 18 months or so.

Financial Capital: The company's financial strength supports ongoing network investment and shareholder returns. For the full year 2025, Rogers Communications Inc. projects Free Cash Flow to reach $3.2 billion to $3.3 billion. As of September 30, 2025, the trailing twelve-month revenue stood at $15 billion. The Q3 2025 reported Free Cash Flow was $829 million.

Brand Portfolio: Rogers Communications Inc. utilizes a multi-brand strategy across its segments. The primary consumer-facing brands include:

• Rogers: Flagship wireless, cable, and media services.
• Fido: Wireless services.
• chatr: Wireless services.
• Sportsnet: Sports media network, part of the Media segment.

The media unit also includes ownership stakes in conventional television stations like Citytv and OMNI Television.

Rogers Communications Inc. (RCI) - Canvas Business Model: Value Propositions

You're looking at the core benefits Rogers Communications Inc. (RCI) offers its customers as of late 2025. This isn't just about selling connectivity; it's about delivering recognized quality, exclusive access, and social responsibility through specific, measurable offerings.

Most Reliable Network: Industry-recognized as Canada's most reliable 5G and Internet

Rogers Communications Inc. emphasizes network quality, backed by third-party validation. The company was recognized as Canada's most reliable wireless network by Opensignal in a February 2025 report, based on data from October 1 to December 29, 2024. Furthermore, umlaut ranked Rogers as the most reliable 5G wireless network in Canada in June 2025, marking the seventh consecutive year winning umlaut's 'Best in Test' wireless benchmark award.

Here's a snapshot of the network performance metrics cited in recent benchmarking:

Metric	Value	Source/Context
Overall Average Upload Speed	12.4Mbps	Opensignal, Feb 2025 Report
5G Average Upload Speed	29Mbps	Opensignal, Feb 2025 Report
5G Network Community Reach	More than 2,500 communities	Rogers 2025 Investment Data
Network Investment (2025 Capital)	$4 billion	Planned 2025 Capital Investment

The company states it has invested over $40 billion in its networks over the last decade.

National Bundling: Seamless packages of wireless, Ignite TV, and Internet services

Rogers Communications Inc. provides integrated service bundles across its core offerings. In the third quarter of 2025, the Cable segment reported revenue of $2 billion. The company continues to drive subscriber growth in this area, reporting 29,000 retail Internet net additions in Q3 2025. The Cable segment maintained a strong adjusted EBITDA margin of 58% in Q2 2025.

The value proposition here is convenience and integration, linking:

• Wireless services with national coverage.
• Ignite TV and other video/home phone services.
• Retail Internet with unlimited data options for some programs.

Exclusive Content: Control of premium sports programming through MLSE and Sportsnet

Control over premium sports content is a key differentiator following strategic acquisitions. Rogers Communications Inc. became the 75% majority owner of Maple Leaf Sports & Entertainment (MLSE) effective July 1, 2025, after acquiring an additional 37.5% stake for $4.7 billion. This expands its portfolio which already includes the Toronto Blue Jays and Sportsnet.

The financial impact of this content control is significant:

• Estimated pro forma 2025 Media revenue including MLSE is approximately $3.9 billion.
• Media segment revenue increased 26% to $753 million in Q3 2025.
• Sportsnet reached 25.7 million Canadians during the Stanley Cup Playoffs.
• The company estimates the value of its sports and media assets now exceeds $15 billion.

Rogers has invested more than $15 billion in Canadian sports over the past decade.

Accessible Connectivity: Connected for Success low-cost programs for over 2.5 million eligible Canadians

Rogers Communications Inc. offers programs aimed at digital inclusion. The Connected for Success 5G Mobile Plan is designed to provide affordable 5G wireless service to over 2.5 million eligible Canadians.

Specifics of the mobile offering include:

• A $25 5G plan with 3GB of data and no overage charges.
• A no-cost 5G smartphone with financing terms.

For Internet access, the related Connecting Families initiative offers plans starting from $9.99/month +taxes for 25 Mbps download speed with unlimited data, free installation, and modem rental for eligible participants.

Network Innovation: Launch of Rogers Satellite for three times more geographic coverage

The launch of Rogers Satellite represents a major step in coverage expansion. This satellite-to-mobile text messaging service expands wireless coverage to over 5.4 million square kilometres. This coverage area is stated to be more than 2.5 times that served by other Canadian wireless providers. The service initially supports text messaging and text-to-911. Following the beta trial, the service is expected to be included in the Rogers Ultimate Plan at no extra cost or available to others for $15/month.

The service leverages low-earth orbit (LEO) satellites and Rogers' national wireless spectrum, enabling compatibility with most modern smartphones.

Rogers Communications Inc. (RCI) - Canvas Business Model: Customer Relationships

You're looking at how Rogers Communications Inc. manages the connection with its vast customer base as of late 2025, which is heavily focused on digital efficiency balanced with high-value retention efforts.

Dedicated Account Teams

For high-value enterprise and business customers, Rogers Communications Inc. is strategically exploring partnerships to expand its enterprise offerings, which includes providing connectivity and managed services to businesses. This approach is a key component of their customer acquisition strategies for that segment.

Digital Self-Service

Rogers Communications Inc. is pushing for simpler online interactions. The company launched the all-new 5G mobile plans that unlock more savings when households combine lines, and they became the first Internet provider in Canada to deliver WiFi 7, all supporting digital engagement. Furthermore, in Q2 2025, Rogers Communications Inc. launched Rogers Support Search to make it faster and easier for customers to find answers on Rogers.com. This aligns with the broader industry trend where 62% of organizations plan to optimize their self-help and unassisted tools to make them more intuitive in 2025.

• The company is focused on enhancing digital channels to simplify processes.
• Digital self-service adoption is fueled by a desire for convenience, speed, and control over the customer experience.

Personalized Service

The strategy involves using data analytics and AI to tailor the experience. This mirrors a wider trend, as 63% of Canadian SMBs are focused on improving customer service satisfaction through AI investments in 2025. The goal is to foster loyalty by delivering tailored promotions and personalized communication.

High-Touch Retention

Retention efforts are clearly paying off, as evidenced by the performance in the third quarter of 2025. The focus on responsive customer service and improved customer base management directly translates into lower customer turnover. This is a clear sign that service and reliability improvements are resonating with the customer base.

The key metric here is churn, and Rogers Communications Inc. achieved its lowest churn in over two years in Q3 2025. The postpaid mobile phone churn rate for Q3 2025 was 0.99%, a reduction of 13 basis points from the prior year's Q3 rate of 1.12%. This low churn rate supports the industry-leading Wireless margin of 67% reported in Q3 2025. Here's the quick math on the postpaid base from the end of Q3 2025.

Metric	Value / Amount	Period / Date
Postpaid Churn Rate	0.99%	Q3 2025
Postpaid Net Additions	62,000	Q3 2025
Total Postpaid Subscribers	10.96 million	As of September 30, 2025
Wireless Service Revenue	$2.1 billion	Q3 2025
Wireless Adjusted EBITDA Margin	67%	Q3 2025
Blended Mobile Phone ARPU	$56.70	Q3 2025

The company added 62,000 postpaid mobile phone net additions in Q3 2025, contributing to a total postpaid wireless subscriber base of 10.96 million as of September 30, 2025. The blended mobile phone ARPU (Average Revenue Per User) was $56.70 in Q3 2025, which was down 3% from the prior year. Finance: draft 13-week cash view by Friday.

Rogers Communications Inc. (RCI) - Canvas Business Model: Channels

You're looking at how Rogers Communications Inc. (RCI) gets its products-wireless, internet, TV, and media-into the hands of customers. This is all about the touchpoints, from a physical store visit to a click online.

The scale of activity across these channels is substantial, as reflected in the financial results. For the third quarter ended September 30, 2025, Wireless service revenue was reported at $2,059 million, and Cable service revenue stood at $1,974 million. The effectiveness of these channels in driving new business is evident in the subscriber additions for that quarter: Rogers added 111,000 total mobile phone net additions. For the Cable side, which heavily relies on retail and online channels for Internet sales, there were 29,000 retail Internet net additions.

Customer retention, a key indicator of channel quality in service and support, saw postpaid mobile phone churn at a low of 0.99% for the third quarter of 2025. The company also declared a quarterly dividend of $0.50 per share on January 29, 2025, which speaks to the overall financial health supported by these distribution efforts.

While the exact number of physical locations for Rogers, Fido, and Chatr is not explicitly stated in the latest reports, the scale of the operation is implied by the segment revenues and the focus on digital self-service. For instance, the company launched Rogers Xfinity StreamSaver, bringing three popular streaming apps together in one plan, which is a direct digital channel enhancement.

Here is a look at some metrics from the second quarter of 2025, which reflect the volume flowing through various parts of the business that utilize these channels:

Metric Category (Q2 2025 Data)	2025 Value (CAD)	2024 Value (CAD)
Channel Volume Indicator 1	5,216	5,093
Channel Volume Indicator 2	10,192	9,994
Channel Volume Indicator 3	4,668	4,599
Channel Volume Indicator 4	9,115	8,956
Channel Volume Indicator 5	2,362	2,325
Channel Volume Indicator 6	4,616	4,539

Retail Stores: Rogers, Fido, and Chatr branded physical locations across Canada.

• The physical footprint supports sales and support for the Wireless and Cable segments.
• The company emphasizes booking appointments online to manage in-store traffic.
• Chatr top-up cards are available through a wide network of third-party retailers, including major grocery stores like Loblaws and gas stations like Esso.

Online Portals: E-commerce websites and mobile applications for sales and support.

• The online channel supports device purchases with options like free in-store pickup.
• Worry-free returns within 15 days at no cost are offered for online orders.
• The company offers online account management and support features via its mobile application.

Direct Sales Force: Targeting enterprise and small/medium business (SMB) customers.

• Wireless operations serve businesses and the public sector.
• The enterprise segment contributes to the Wireless service revenue of $2,059 million in Q3 2025.

Call Centers: Customer service and technical support operations.

• Call centers handle support for Wireless, Internet, TV, and Home Phone services.
• The postpaid mobile phone churn rate of 0.99% in Q3 2025 reflects the effectiveness of support channels, including call centers.

Third-Party Retailers: Selling devices and plans through national retail partners.

• Third-party sales contribute to the Wireless equipment revenue, which increased by 9% in Q3 2025 due to higher device upgrades by existing customers.
• Chatr specifically lists numerous third-party locations for top-up card purchases.

Rogers Communications Inc. (RCI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Rogers Communications Inc. as of late 2025, focusing on the hard numbers reported through the third quarter of the fiscal year. It's a mix of massive consumer scale and strategic high-value assets.

Mass Market Consumers: Subscribers to wireless, high-speed Internet, and TV services

This segment drives the bulk of the service revenue, and the latest figures show continued, albeit moderating, growth in core connectivity services, even as traditional TV sees declines. The wireless segment accounted for half of Rogers Communications Inc.'s revenue in the first quarter of 2025, bringing in C$2.54 billion in service revenue.

Here is a snapshot of the key subscriber metrics from the first three quarters of 2025:

Metric	Q1 2025 (As of Mar 31)	Q2 2025 (As of Jun 30)	Q3 2025 (As of Sep 30)
Total Mobile Phone Net Additions (Quarterly)	34,000	61,000	111,000 total (62,000 postpaid)
Retail Internet Net Additions (Quarterly)	23,000	26,000	26,000
Postpaid Churn (Monthly)	1.01%	1.00%	2.80% (down from 3.14% prior year)
Mobile Phone Blended ARPU (Monthly)	$56.94	$55.45	$56.70
Cable Revenue	Down 1% YOY	Up 1% YOY	$1.98 billion (up from $1.97 billion prior year)

You can see the competitive intensity is still a factor, as evidenced by the mobile phone ARPU decreases year-to-date in Q3. Also, the trend of declining Television and Satellite subscribers continues, with customers migrating to Rogers Xfinity TV or over-the-top providers.

Low-Income Canadians: Targeted by the Connected for Success affordability programs

Rogers Communications Inc. has a specific program aimed at this group, intending to reach over 2.5 million Canadians. The Connected for Success 5G Mobile Plan is priced at $25 and includes 3GB of 5G data with no overage charges.

The program also offers a no-cost 5G smartphone, such as the Samsung Galaxy A14 or Motorola G 5G, with financing over a 24-month term. Eligibility is tied to specific government support programs.

• Individuals receiving provincial income support or disability benefits.
• Seniors receiving the federal Guaranteed Income Supplement (GIS).
• Rent-geared-to-income tenants of non-profit housing partners.
• Recipients of the federal Resettlement Assistance Program (RAP).
• Families receiving the Maximum Canada Child Benefit through Connecting Families.

The low-cost internet access component of Connected for Success is available to subsidized tenants, seniors, and individuals receiving disability and income support across Canada.

Small and Medium Businesses (SMBs): Seeking connectivity, cloud, and IT solutions

While specific 2025 subscriber counts for the SMB segment aren't broken out in the public reports, Rogers Communications Inc. noted it continues to expand its presence nationally within this area. The focus for SMBs in 2025 is heavily on digital transformation, with data suggesting that 97% of small businesses using AI see benefits like increased efficiency and higher sales.

For connectivity assurance, solutions like automatic Wireless Backup are highlighted for keeping business operational if the main internet connection fails.

Large Enterprise/Government: Requiring advanced data networking and IP services

Specific financial metrics for the Large Enterprise and Government segment are not detailed separately in the public quarterly releases, which focus primarily on Wireless, Cable, and Media revenue breakdowns. This segment is implicitly served by the advanced network investments Rogers Communications Inc. is making, such as the $978 million in capital expenditures in Q1 2025, focusing on mobile networks and hybrid fibre-coaxial upgrades.

Sports and Media Audiences: Fans consuming exclusive content via Sportsnet and MLSE

This segment became significantly more important following a major transaction in 2025. Rogers Communications Inc. became the 75% majority owner of Maple Leaf Sports & Entertainment (MLSE) on July 1, 2025, after acquiring BCE's 37.5% stake for a purchase price of $4.7 billion in cash.

The estimated financial impact of these world-class assets for the full calendar year 2025 is substantial:

• Estimated pro forma Media revenue (including MLSE): approximately $3.9 billion.
• Estimated pro forma Media adjusted EBITDA (including MLSE): approximately $250 million.
• Estimated value of total sports and media assets: in excess of $15 billion.

Media revenue growth was strong, rising 10% in Q2 2025 to $808 million, fueled by strong NHL playoff audiences on Sportsnet and higher revenues from the Toronto Blue Jays. In Q3 2025, Media revenue rose to $753 million, up from $597 million a year ago, also citing the MLSE deal and higher Blue Jays attendance.

Rogers Communications Inc. (RCI) - Canvas Business Model: Cost Structure

You're looking at the major drains on Rogers Communications Inc.'s cash flow as of late 2025. Honestly, for a company this size, the cost structure is dominated by massive, long-term infrastructure commitments and content licensing battles. Here's the quick math on where the money is going.

Capital Expenditures

Capital Expenditures (CapEx) remain a huge fixed cost, necessary to keep the network competitive. Rogers Communications Inc. has updated its full-year 2025 guidance for capital expenditures to be at the low end of the range, projected at approximately $3.8 billion. This spending is heavily weighted toward network upgrades and expansion, which is the lifeblood of the Wireless and Cable segments. For context, in the second quarter of 2025 alone, capital expenditures were $831 million, representing a 17% decrease from the prior year's second quarter spend. This resulted in consolidated capital intensity dropping to 16% for the second quarter of 2025.

Programming Costs

For the Media segment, Programming Costs are a volatile but significant expense. Operating costs for Media were up 9% year-over-year in the second quarter of 2025, directly reflecting these higher content expenses. These increases were notably tied to the launch of the Warner Bros. Discovery suite of channels and higher costs associated with the Toronto Blue Jays, which include player payroll and game day related costs. Media adjusted EBITDA only increased by $5 million in Q2 2025, partially because of these rising programming costs.

Network Operating Costs

Network Operating Costs cover the day-to-day running of the massive infrastructure, including power, maintenance, and the amortization of spectrum licenses. In the second quarter of 2025, consolidated operating costs showed a decrease, falling 3% year-to-date, driven by ongoing cost efficiency initiatives. However, the absolute figure for consolidated operating costs in Q2 2025 was C$2.85 billion, which was an increase of 3.1% compared to the prior year's second quarter.

You can see the breakdown of the cost pressures in the second quarter:

• Operating costs were up 9% in the Media segment.
• Operating expenses in the Wireless segment rose 5.6% year-over-year in Q2 2025.
• Marketing and advertising activities increased, partially offsetting operating cost decreases.

Sales and Marketing

Costs related to acquiring and keeping subscribers, including device subsidies, fall under Sales and Marketing. While a specific dollar amount for this line item isn't cleanly isolated, the impact is visible within the overall operating costs. The year-to-date decrease in operating costs was partially offset by increased costs associated with marketing and advertising activities in the second quarter. This suggests continued investment in promotions to drive subscriber growth, especially in the competitive Wireless market.

Debt Servicing

Servicing the substantial debt load is a critical, non-operational cost. Rogers Communications Inc. has made significant progress on deleveraging, which directly impacts interest expense. The debt leverage ratio stood at 3.6 times as of June 30, 2025, achieving the deleveraging target nine months ahead of schedule. This improved leverage profile led to lower interest paid, which was a contributing factor to the 39% year-over-year surge in Free Cash Flow to $925 million in Q2 2025. The company expects to distribute approximately $0.4 billion annually to the Blackstone-led fund over the first five years of the network investment, which has an effective cost of roughly 6.25% over that period, though this is offset by the lower interest expense from debt repayments.

Here is a summary of key financial metrics relevant to the cost structure as of Q2 2025 or latest guidance:

Cost/Metric Category	Financial Figure	Period/Context
2025 Capital Expenditures Guidance	Approximately $3.8 billion	Full Year 2025 Guidance
Q2 2025 Capital Expenditures	$831 million	Q2 2025
Consolidated Operating Costs	C$2.85 billion	Q2 2025
Media Operating Cost Increase	9%	Year-over-Year Q2 2025	Wireless Operating Expense Increase	5.6%	Year-over-Year Q2 2025
Debt Leverage Ratio	3.6 times	As of June 30, 2025
Expected Annual Blackstone Distribution	Approximately $0.4 billion	Over first five years

Finance: draft 13-week cash view by Friday.

Rogers Communications Inc. (RCI) - Canvas Business Model: Revenue Streams

You're looking at how Rogers Communications Inc. (RCI) pulls in its cash as of late 2025. It's a mix of subscriptions, equipment sales, and media rights, especially now with Maple Leaf Sports & Entertainment Ltd. (MLSE) fully consolidated.

Wireless Service Revenue is the bread and butter, coming from monthly subscription fees across Rogers, Fido, and Chatr. For the third quarter of 2025, this segment brought in $2.1 billion in service revenue. The focus on customer loyalty is clear; the postpaid mobile phone churn rate for Q3 2025 was 0.99%, the lowest in over two years.

Cable Service Revenue covers Internet, TV (like Ignite TV), and Home Phone. In the third quarter of 2025, this revenue stream was reported at $2 billion. The margin for this segment remains strong, reported at 58% for Q3 2025.

Media Revenue saw a significant boost following the majority acquisition of MLSE. Rogers confirmed its estimated pro forma 2025 Media revenue, including MLSE for the full year, is approximately $4 billion. For the third quarter of 2025 alone, Media revenue surged 26% to $753 million, helped by the Toronto Blue Jays regular season success and the MLSE consolidation.

Wireless Equipment Revenue comes from selling mobile devices and accessories. In the first quarter of 2025, this revenue line actually decreased by 3%, mainly due to lower device sales to new and existing subscribers. However, in Q3 2025, equipment revenue jumped 9% as part of the overall wireless revenue increase to $2.66 billion.

Business Services Revenue includes enterprise solutions, data networking, and cloud services for businesses. While this is a key component, specific standalone revenue figures for this category were not explicitly detailed in the latest quarterly segment breakdowns provided, which focus on Wireless, Cable, and Media.

Here's a quick look at the reported revenue for the major segments in the third quarter of 2025:

Revenue Stream Component	Q3 2025 Revenue Amount	Year-over-Year Change (Q3 2025 vs Q3 2024)
Wireless Service Revenue	$2.1 billion	Essentially flat (or up 1% in Adjusted EBITDA)
Cable Service Revenue	$2 billion	Up 1%
Media Revenue (Actual)	$753 million	Up 26%

The full-year expectation for Media revenue is a key figure to watch:

• Pro forma 2025 Media Revenue (including MLSE): approximately $4 billion.
• Pro forma 2025 Media Adjusted EBITDA (including MLSE): approximately $0.25 billion.

The company reaffirmed its guidance for total service revenue growth for the full year 2025 to be between 3% and 5%.