BCE (BCE) financial statements

Communication Services · Telecom Services · Market cap $17.1B

BCE reported revenue of 24.5B CAD in fiscal 2025, up 1.3% a year over 9 years.

Net income was 6.5B CAD.

Free cash flow was 3.3B CAD, and the company returned 2.3B CAD in dividends and 216M CAD in net buybacks.

The diluted share count rose 7% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

01020302016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CAD, from BCE's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue21.7B CAD22.7B CAD23.5B CAD23.8B CAD22.9B CAD23.4B CAD24.2B CAD24.7B CAD24.4B CAD24.5B CAD
Cost of revenue6.7B CAD7.0B CAD7.3B CAD7.4B CAD7.0B CAD7.3B CAD7.6B CAD7.9B CAD7.7B CAD7.7B CAD
Gross profit15.0B CAD15.7B CAD16.1B CAD16.4B CAD15.9B CAD16.2B CAD16.5B CAD16.7B CAD16.7B CAD16.7B CAD
Research and development147M CAD119M CAD106M CAD109M CAD47M CAD57M CAD57M CAD90M CAD66M CAD60M CAD
Interest expense888M CAD955M CAD1.0B CAD1.1B CAD1.1B CAD—1.1B CAD1.5B CAD1.7B CAD1.8B CAD
Pre-tax income4.2B CAD4.1B CAD4.0B CAD4.4B CAD3.3B CAD3.9B CAD3.9B CAD3.3B CAD952M CAD7.7B CAD
Income tax1.1B CAD1.1B CAD995M CAD1.1B CAD792M CAD1.0B CAD967M CAD996M CAD577M CAD1.2B CAD
Net income3.1B CAD3.0B CAD3.0B CAD3.3B CAD2.7B CAD2.9B CAD2.9B CAD2.3B CAD375M CAD6.5B CAD
EPS (diluted)3.33 CAD3.20 CAD——2.76 CAD2.99 CAD2.98 CAD2.28 CAD0.18 CAD6.79 CAD
Diluted shares870M895M899M901M904M907M912M912M912M929M
Gross margin69.1%69.1%68.7%69.1%69.6%68.9%68.4%67.9%68.4%68.4%
Net margin14.2%13.4%12.7%13.7%11.8%12.3%12.1%9.4%1.5%26.6%

Balance sheet

Fiscal years, in CAD, from BCE's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments603M CAD442M CAD425M CAD141M CAD224M CAD289M CAD99M CAD547M CAD1.6B CAD314M CAD
Receivables3.0B CAD3.1B CAD3.0B CAD3.0B CAD3.5B CAD3.9B CAD4.1B CAD4.0B CAD4.5B CAD4.5B CAD
Inventory403M CAD380M CAD432M CAD427M CAD439M CAD482M CAD656M CAD465M CAD420M CAD389M CAD
Total current assets4.9B CAD5.7B CAD5.8B CAD5.5B CAD5.7B CAD6.2B CAD6.5B CAD7.9B CAD8.9B CAD7.4B CAD
Property, plant and equipment22.3B CAD24.0B CAD27.1B CAD27.6B CAD27.5B CAD28.2B CAD29.3B CAD30.4B CAD30.0B CAD33.5B CAD
Goodwill9.0B CAD10.4B CAD10.7B CAD10.7B CAD10.6B CAD10.6B CAD10.9B CAD10.9B CAD10.3B CAD13.2B CAD
Total assets50.1B CAD55.8B CAD57.1B CAD60.1B CAD60.7B CAD66.8B CAD69.3B CAD71.9B CAD73.5B CAD80.2B CAD
Total current liabilities10.1B CAD10.7B CAD10.4B CAD9.8B CAD8.3B CAD9.1B CAD11.5B CAD12.1B CAD14.8B CAD12.9B CAD
Long-term debt16.6B CAD18.2B CAD19.8B CAD22.4B CAD23.9B CAD27.0B CAD27.8B CAD31.1B CAD32.8B CAD34.9B CAD
Total liabilities32.3B CAD35.2B CAD36.4B CAD38.7B CAD39.3B CAD43.8B CAD46.8B CAD51.4B CAD56.1B CAD56.9B CAD
Shareholders' equity17.5B CAD20.3B CAD20.4B CAD21.1B CAD21.0B CAD22.6B CAD22.2B CAD20.2B CAD17.1B CAD23.0B CAD
Net debt20.9B CAD23.0B CAD24.0B CAD26.2B CAD26.1B CAD29.4B CAD31.8B CAD35.6B CAD38.9B CAD40.7B CAD

Cash flow

Fiscal years, in CAD, from BCE's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow6.6B CAD7.4B CAD7.4B CAD8.0B CAD7.8B CAD8.0B CAD8.4B CAD7.9B CAD7.0B CAD7.0B CAD
Capital spending3.8B CAD4.0B CAD4.0B CAD4.0B CAD4.3B CAD6.9B CAD5.1B CAD4.8B CAD4.4B CAD3.7B CAD
Free cash flow2.9B CAD3.3B CAD3.4B CAD4.0B CAD3.5B CAD1.1B CAD3.2B CAD3.2B CAD2.6B CAD3.3B CAD
Dividends paid2.5B CAD2.7B CAD2.9B CAD3.0B CAD3.1B CAD3.3B CAD3.5B CAD3.7B CAD3.8B CAD2.3B CAD
Share buybacks (net)-106M CAD-224M CAD-222M CAD-142M CAD-263M CAD-297M CAD-255M CAD-223M CAD-235M CAD-216M CAD
Net borrowing-272M CAD358M CAD283M CAD-267M CAD1.0B CAD2.2B CAD-72M CAD3.3B CAD531M CAD-2.3B CAD
Free cash flow margin13.2%14.6%14.3%16.7%15.1%4.6%13.4%12.9%10.5%13.4%
Dividends per share2.89 CAD3.01 CAD3.18 CAD3.34 CAD3.48 CAD3.65 CAD3.85 CAD4.07 CAD4.19 CAD2.48 CAD
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Questions

What was BCE's revenue in 2025?

24.5B CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does BCE generate?

3.3B CAD in fiscal 2025 (operating cash flow minus capital spending).

From BCE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.