Wednesday, October 8, 2025

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Rogers Records $12.53 Billion Total Service Revenue In 2021

Rogers Communications (TSX: RCI.B) announced this morning its financial results for the fourth quarter and full-year 2021. The report is highlighted by an annual total service revenue of $12.53 billion, up from 2020’s $12.00 billion.

Breaking down the topline revenue figure, wireless revenue contributed $8.77 billion, cable revenue contributed $4.07 billion, and media revenue added $1.98 billion.

The firm then ended the year with $1.56 billion in net income, marginally down from $1.59 billion last year. Calibrating for financial items, adjusted EBITDA for 2021 came in at $5.89 billion, marginally up from $5.86 billion in the previous year.

The communications company also released its topline guidances for 2022, headlined by an increase of 4%-6% in total service revenue and 6%-8% in adjusted EDBITA based on its 2021 numbers. The estimated capital expenditures next year is $2.80 – $3.00 billion compared to its 2021 total capex of $2.79 billion.

For Q4 2021, the company recorded $3.23 billion in total service revenue, up from Q4 2020’s $3.02 billion. Net income and adjusted EBITDA for the quarter came in at $405 million and $1.52 billion, respectively. These are both decreases from $449 million and $1.59 billion recorded in the comparable period last year.

The firm also ended 2021 with $715 million in cash and cash equivalents coming from a $2.48 billion balance at the beginning of the year. The cash burn was mainly driven by $6.13 billion spent in investing activities and $3.40 billion spent related to acquisitions. Current assets ended at $5.83 billion while current liabilities ended at $8.62 billion.

Free cash flow for the year declined to $1.67 billion compared to last year’s $2.37 billion, mainly due to the expenses related to acquisitions. The company estimates generating free cash flow in 2022 of $1.8 – $2.0 billion.

One of the company’s huge investments is the $26 billion Shaw Communications acquisition deal. Pending regulatory approvals, the transaction is expected to close by first half of 2022.

The Canadian telco giant recently appointed interim CEO Tony Staffieri in the position permanently after months of board infighting and power grab.

Rogers Communications Class B Shares last traded at $61.80 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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