BCE Inc. (BCE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.7	$0.65	-7.1%	—	—	—
Q3 26	$0.58	$0.63	+8.6%	—	—	—
Q2 26	$0.62	$0.69	+11.3%	—	—	—
Q1 26	$0.71	$0.63	-11.3%	—	—	—
Q4 25	$0.62	$0.69	+11.3%	—	—	—
Q3 25	$0.71	$0.79	+11.3%	—	—	—
Q2 25	$0.77	$0.97	+26.0%	—	—	—
Q1 25	$0.79	$0.78	-1.3%	—	—	—
Q4 24	$0.7	$0.72	+2.9%	—	—	—
Q3 24	$0.73	$0.76	+4.1%	—	—	—
Q2 24	$0.81	$0.81	0.0%	—	—	—
Q1 24	$0.8	$0.79	-1.3%	—	—	—
Q4 23	$0.77	$0.85	+10.4%	—	—	—
Q3 23	$0.72	$0.71	-1.4%	—	—	—
Q2 23	$0.84	$0.88	+4.8%	—	—	—
Q1 23	$0.84	$0.87	+3.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.79	—	—	$24.5B	—
FY24	—	$0.18	—	—	$17.9B	—
FY23	—	$2.28	—	—	$24.7B	—
FY22	—	$2.98	—	—	$24.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$21.7B	$22.8B	$23.5B	$23.8B	$22.9B	$23.4B	$24.2B	$24.7B	$17.9B	$24.5B
YoY change	+0.95%	+4.78%	+3.12%	+1.38%	-3.82%	+2.47%	+3.09%	+2.06%	-27.6%	+37%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	21.7B	22.8B	23.5B	23.8B	22.9B	23.4B	24.2B	24.7B	17.9B	24.5B
Cost of revenue	6.7B	7B	7.3B	7.4B	7B	7.3B	7.6B	7.9B	5.6B	7.7B
Gross profit	15B	15.7B	16.1B	16.4B	15.9B	16.2B	16.5B	16.7B	12.2B	16.7B
Gross margin	69.1%	69.2%	68.7%	69.1%	69.6%	68.9%	68.4%	67.9%	68.4%	68.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.3B	4.4B	4.5B	4.5B	4.3B	4.4B	4.4B	4.4B	3.1B	4B
Operating expenses	6.2B	6.5B	6.6B	6.4B	6.3B	6.3B	6.3B	6.3B	4.5B	6.1B
Operating income	5.3B	5.4B	5.5B	5.7B	5.2B	5.3B	5.5B	5.5B	4.1B	5.4B
Operating margin	24.3%	23.9%	23.5%	23.8%	22.7%	22.5%	22.7%	22.3%	22.7%	22.2%
Non-operating income, net	-114M	-292M	-484M	-121M	-782M	-246M	-510M	-876M	-2.2B	3.9B
Pretax income	4.2B	4.1B	4B	4.4B	3.3B	3.9B	3.9B	3.3B	696.5M	7.7B
Income tax	1.1B	1.1B	995M	1.1B	792M	1B	967M	996M	422.2M	1.2B
Net income	3.1B	3B	3B	3.3B	2.7B	2.9B	2.9B	2.3B	274.4M	6.5B
Net margin	14.2%	13.4%	12.7%	13.7%	11.8%	12.3%	12.1%	9.43%	1.54%	26.6%
EBITDA	8.8B	9.3B	9.5B	10B	9.6B	9.9B	10.2B	10.1B	7.8B	10.8B
EPS	3.33	3.12	3.1	3.37	2.76	2.99	2.98	2.28	0.18	6.79
Diluted EPS	3.33	3.11	3.1	3.37	2.76	2.99	2.98	2.28	0.18	6.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.1B	6.5B	6B	6B	4.3B	4.7B	5.9B	6.1B	6B	6.4B	6.2B	6.2B
Cost of revenue	1.8B	2.3B	1.9B	1.8B	1.2B	1.7B	1.9B	1.9B	1.8B	2.2B	2B	1.9B
Gross profit	4.2B	4.2B	4.1B	4.2B	3B	3B	4B	4.2B	4.3B	4.3B	4.2B	4.3B
Gross margin	69.7%	64.6%	68.8%	69.9%	70.9%	64.4%	68.1%	68.6%	70.8%	66.4%	68.3%	69.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.1B	1.1B	1B	736.6M	752.1M	1B	992M	974M	1B	1B	998M
Operating expenses	1.6B	1.6B	1.6B	1.5B	1.1B	1.1B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B
Operating income	1.4B	1.3B	1.3B	1.4B	1B	991.4M	1.3B	1.4B	1.5B	1.3B	1.3B	1.3B
Operating margin	23.6%	20.3%	21.7%	23.8%	24.5%	21.1%	21.7%	22.8%	24%	20.2%	20.7%	21.5%
Non-operating income, net	-154M	-322M	-312M	-208M	-1.6B	-213.6M	26M	-102M	4B	-51M	24M	-15M
Pretax income	950M	645M	623M	835M	-844.9M	497.5M	940M	884M	5B	833M	906M	893M
Income tax	243M	210M	166M	231M	3.6M	128M	257M	240M	495M	201M	239M	264M
Net income	707M	435M	457M	604M	-848.4M	369.5M	683M	644M	4.6B	632M	667M	629M
Net margin	11.6%	6.72%	7.6%	10.1%	-19.9%	7.86%	11.5%	10.6%	75.3%	9.87%	10.8%	10.2%
EBITDA	2.7B	2.4B	2.7B	2.7B	1.8B	2B	2.6B	2.6B	2.8B	2.7B	2.7B	2.8B
EPS	0.7	0.42	0.44	0.59	-1.36	—	0.68	0.63	4.84	0.64	0.66	0.6
Diluted EPS	0.7	0.42	0.44	0.59	-1.36	—	0.68	0.63	4.84	0.64	0.66	0.6

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	54.6B	62.4B	51.6B	60.7B	56.2B	68.5B	58.2B	51.6B	—	—	19.2B
Enterprise value	72.6B	82B	72.4B	84.9B	82B	97.2B	89.1B	85.8B	—	—	45.5B
Shares outstanding	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	667.5M	928.6M	928.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.7	20.5	17.4	18.6	20.8	23.7	19.9	22.2	—	—	4.41
P/S	2.51	2.74	2.2	2.55	2.46	2.92	2.41	2.09	—	—	0.79
P/B	2.89	3.02	2.49	2.83	2.64	2.99	2.59	2.51	—	—	1.34
EV/EBITDA	8.26	8.86	7.62	8.51	8.55	9.85	8.7	8.49	—	—	7.4
EV/Sales	3.34	3.6	3.09	3.57	3.58	4.15	3.69	3.48	—	—	2.6
Earnings yield	5.65%	4.89%	5.76%	5.36%	4.8%	4.22%	5.03%	4.51%	—	—	22.7%
FCF yield	5.26%	5.33%	6.5%	6.57%	6.16%	1.57%	5.55%	6.16%	—	—	9.6%
PEG	—	—	—	—	—	—	—	—	—	—	-0.93

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	69.1%	69.2%	68.7%	69.1%	69.6%	68.9%	68.4%	67.9%	68.4%	68.4%	69.3%
Operating margin	24.3%	23.9%	23.5%	23.8%	22.7%	22.5%	22.7%	22.3%	22.7%	22.2%	22.1%
Net margin	14.2%	13.4%	12.7%	13.7%	11.8%	12.3%	12.1%	9.43%	1.54%	26.6%	25.9%
ROE	16.3%	14.8%	14.4%	15.2%	12.7%	12.6%	13%	11.3%	2.16%	27.9%	30.5%
ROA	5.99%	5.47%	5.21%	5.41%	4.45%	4.33%	4.22%	3.23%	0.51%	8.13%	4.42%
ROIC	10.5%	10%	9.96%	9.19%	8.37%	7.52%	7.7%	7.03%	3.91%	7.15%	6.89%
Return on tangible assets	32%	36.2%	31.7%	26.9%	20.4%	20%	19.3%	13.8%	1.93%	33.9%	34.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.57	0.53	0.56	0.56	0.69	0.68	0.57	0.65	0.6	0.58	0.73
Quick ratio	0.53	0.49	0.51	0.52	0.63	0.63	0.51	0.61	0.57	0.55	0.69
Debt / equity	1	0.98	1.03	1.14	1.22	1.26	1.38	1.75	2.33	1.76	1.73
Debt / assets	0.37	0.36	0.37	0.4	0.43	0.43	0.45	0.5	0.55	0.51	0.52
Net debt / EBITDA	2.05	2.12	2.19	2.43	2.68	2.91	3.02	3.38	3.64	3.76	3.74
Interest coverage	5.33	5.01	4.71	4.66	3.82	4.54	4.3	3.19	1.56	5.34	5.21
Effective tax rate	26.4%	26%	25.1%	25.9%	24.3%	26.5%	24.8%	30%	60.6%	15.5%	15.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	17.5	18	18.2	17.4	17.8	18.3	18.8	26.8	26.4	26.6
EPS (basic)	3.33	3.12	3.1	3.37	2.76	2.99	2.98	2.28	0.18	6.79	6.79
EPS (diluted)	3.33	3.11	3.1	3.37	2.76	2.99	2.98	2.28	0.18	6.79	4.76
Book value per share	15	15.9	15.8	16.4	16.2	17.4	17	15.7	19	25.1	15.7
FCF per share	2.27	2.56	2.57	3.04	2.64	0.82	2.44	2.43	2.81	3.54	2.85
Cash per share	0.68	0.48	0.33	0.11	0.17	0.22	0.11	1.35	2.16	0.34	0.51
Capex per share	—	—	—	—	—	—	—	—	—	3.98	4.43

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	15.1%	16.7%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	52.9%	60.8%
Payout ratio	78.7%	86.5%	95.1%	91.2%	115.1%	112.6%	117.8%	157.6%	1K%	33.4%	26%
Dividend yield	4.45%	4.23%	5.48%	4.89%	5.52%	4.75%	5.92%	7.1%	—	—	6.12%

Yield

6.12%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.315

ex-dividend Sep 15, 2026

Payout ratio

26%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.315
Jun 15, 2026	$0.313
Mar 16, 2026	$0.319

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.1B	$6.5B	$6B	$6B	$4.3B	$4.7B	$5.9B	$6.1B	$6B	$6.4B	$6.2B	$6.2B
YoY change	+0.93%	+0.53%	-0.71%	-1.01%	-30%	-27.4%	-1.35%	+1.33%	+42.2%	+36.3%	+4.01%	+1.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	853M	625M	425M	145M	224M	289M	149M	1.8B	1.4B	320M
Receivables	2.9B	3.1B	3B	2.9B	3.3B	3.7B	4B	3.8B	3.1B	3.9B
Inventory	403M	380M	432M	427M	439M	482M	656M	465M	307.3M	389M
Total current assets	5.8B	5.7B	5.8B	5.5B	5.7B	6.2B	6.5B	7.9B	6.5B	7.4B
Property, plant & equipment	81B	85.5B	89.1B	95.2B	97B	99.2B	101.1B	30.4B	21.9B	33.5B
Goodwill & intangibles	41.9B	47.4B	47.7B	48B	47.4B	52.3B	54.2B	55.1B	39.6B	60.9B
Total assets	51.5B	55.8B	57.1B	60.1B	60.7B	66.8B	69.3B	71.9B	53.8B	80.2B
Accounts payable	2.3B	2.4B	2.5B	2.6B	2.6B	2.9B	3.6B	3.3B	2.2B	2.8B
Short-term debt	2.3B	2.1B	1.5B	1.9B	2.1B	1.9B	3.3B	4.8B	5.6B	6.2B
Total current liabilities	10.1B	10.7B	10.4B	9.8B	8.3B	9.1B	11.5B	12.1B	10.9B	12.9B
Long-term debt	16.6B	18.2B	19.8B	22.4B	23.9B	27B	27.8B	31.1B	24B	34.9B
Total liabilities	32.6B	35.2B	36.4B	38.7B	39.3B	43.8B	46.8B	51.4B	41.1B	56.9B
Shareholders' equity	18.9B	20.6B	20.7B	21.4B	21.3B	22.9B	22.5B	20.6B	12.7B	23.3B
Total debt	18.8B	20.3B	21.2B	24.3B	26B	29B	31.1B	36B	29.6B	41.1B
Net debt	18B	19.7B	20.8B	24.2B	25.8B	28.7B	30.9B	35.2B	28.5B	40.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	619M	1.8B	1.7B	2.4B	1.9B	1.4B	1.1B	510M	465M	320M	1.4B	479M
Receivables	3.8B	3.8B	3.9B	3.9B	2.9B	3.1B	4B	4B	4.1B	3.9B	4.3B	4.2B
Inventory	636M	465M	458M	410M	272.1M	307.3M	422M	453M	378M	389M	326M	449M
Total current assets	6.7B	7.9B	7.9B	8.6B	6.3B	6.5B	7.8B	7.1B	7B	7.4B	8.4B	7.5B
Property, plant & equipment	—	30.4B	—	—	—	21.9B	—	—	—	33.5B	—	—
Goodwill & intangibles	55B	55.1B	55.5B	58B	38.6B	39.6B	54B	53.8B	61.3B	60.9B	61.8B	62B
Total assets	70.4B	71.9B	72.6B	74.2B	51.8B	53.8B	72.2B	71.1B	78.6B	80.2B	81.4B	81B
Accounts payable	4.4B	3.3B	4.3B	4.3B	2.9B	2.2B	4.1B	4.3B	4.2B	2.8B	4.1B	4.2B
Short-term debt	5.2B	4.8B	6.4B	6.6B	5.3B	5.6B	5.3B	5B	5.8B	6.2B	5.5B	4.3B
Total current liabilities	11.8B	12.1B	13B	13.1B	10.1B	10.9B	12.1B	11.6B	12.2B	12.9B	11.4B	10.3B
Long-term debt	29.5B	31.1B	31.3B	32.9B	23.2B	24B	33.9B	32.5B	35.2B	34.9B	37.4B	37.5B
Total liabilities	49.1B	51.4B	52.2B	54.2B	39B	41.1B	54.5B	52.8B	55.8B	56.9B	57.7B	56.9B
Shareholders' equity	21.3B	20.6B	20.4B	20B	12.8B	12.7B	17.6B	18.4B	22.8B	23.3B	23.7B	24.2B
Total debt	34.7B	36B	37.7B	39.5B	28.6B	29.6B	39.2B	37.6B	41B	41.1B	43B	41.8B
Net debt	34.1B	35.2B	36.7B	37.9B	27.2B	28.5B	38.1B	37B	40.5B	40.7B	41.6B	41.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.1B	3B	3B	3.2B	2.5B	2.9B	2.9B	2.3B	274.4M	6.5B
Depreciation & amortization	3.5B	3.8B	4B	4.3B	4.4B	4.6B	4.7B	4.9B	3.7B	5.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	473M	285M	325M	-157M	-390.7M	-657M
Operating cash flow	7.6B	8.3B	8.3B	9.3B	8.9B	9.5B	9.8B	9.4B	5.1B	7B
Capital expenditure	—	—	—	—	—	—	—	—	—	-3.7B
Investing cash flow	-813M	-1.7B	-427M	-44M	-144M	-84M	-381M	-17M	-446.3M	-3.6B
Dividends paid	-2.4B	-2.6B	-2.8B	-3B	-3.1B	-3.3B	-3.4B	-3.7B	-2.8B	-2.2B
Share repurchases	-106M	0	-175M	0	—	0	-125M	-140M	-67.3M	-182M
Financing cash flow	-1.8B	-1.9B	-3.1B	-5.1B	-3.9B	-628M	-2.7B	-1.3B	-1.1B	-4.4B
Net change in cash	4.9B	4.7B	4.7B	4.2B	4.9B	8.8B	6.7B	8.1B	3.6B	-1B
Free cash flow	2.9B	3.3B	3.4B	4B	3.5B	1.1B	3.2B	3.2B	1.9B	3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	707M	435M	457M	604M	-848.4M	369.5M	683M	644M	4.6B	632M	667M	629M
Depreciation & amortization	1.2B	1.3B	1.3B	1.3B	896.9M	914.5M	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	88M	311M	-551M	75M	-95.5M	201.2M	-569M	—	—	—	-269M	—
Operating cash flow	2.6B	2.5B	1.9B	2.5B	167.4M	1.9B	2.2B	1.9B	1.9B	1.6B	1.1B	2.2B
Capital expenditure	—	—	—	—	—	—	—	-763M	-891M	-1.3B	-841M	-1.1B
Investing cash flow	-14M	-5M	-92M	-446M	-57.7M	6.6M	390M	-750M	-1.2B	-1.2B	-904M	-1.1B
Dividends paid	-918M	-928M	-929M	-955M	-678.9M	-704.6M	-641M	-646M	-436M	-454M	-444M	-444M
Share repurchases	-27M	-50M	-38M	-38M	0	-11.7M	-37M	-39M	-67M	-39M	-32M	-30M
Financing cash flow	-1B	528M	58M	479M	-384.7M	-2.5B	-1.7B	-1.7B	-718M	-769M	766M	-1.9B
Net change in cash	1.5B	3.1B	1.8B	2.5B	-275M	-583.1M	868M	-510M	-11M	-426M	1B	-866M
Free cash flow	799M	1.3B	26M	745M	623.3M	668.7M	842M	1.2B	1B	244M	308M	1.1B

Date	Ratio
Jul 11, 2006	1009:1000
May 23, 1997	2:1

BCE Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history