Rogers Stock: Buy, Sell, or Hold in 2026?

Rogers looks like a classic “boring winner” but price wars, debt, and heavy network spending can still bite.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published February 4, 9:15 pm EST

| More on: RCI.B

Key Points

Rogers has scale and bundling, plus strong free cash flow that supports its dividend.
The big worry is intense discounting and falling ARPU, which can slowly erode profits.
Debt is still high and telecom networks need constant spending, so stability matters more than flashy growth.

Telecom stocks can look simple, but the buy decision depends on a few unglamorous checks. You want steady demand, but also pricing power, manageable debt, and a regulator that does not change the rules. Watch churn, subscriber adds, and average revenue per user, because small moves there can swing profit. Then watch capital spending. Networks eat cash, so free cash flow matters more than headline revenue. So, where does Rogers Communications (TSX:RCI.B) sit?

man looks worried about something on his phone — Source: Getty Images

Buy

If you want a buy case for Rogers stock, it starts with scale and stickiness. The one-stop communications and media operator runs wireless, cable, and sports and media, so it can sell a bundle instead of one phone plan. Over the last year, it leaned into MLSE and expanded its channel lineup, which helped drive a big jump in media revenue in the latest quarter. Live sports can keep subscribers loyal when competitors wave discounts. Rogers also said it plans to buy the remaining 25% of MLSE by 2026, which would deepen that content moat.

The buy case also leans on cash generation and network execution. In the fourth quarter of 2025, Rogers stock reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.7 billion, adjusted diluted earnings per share (EPS) of $1.51, and free cash flow of $1 billion. Plus it declared a $0.50 dividend. It highlighted a satellite-to-mobile launch and 5G advanced deployment, which signals it still invests to protect coverage and reliability. If it keeps translating that into lower churn and steadier pricing, the stock can reward patient buyers.

Sell

Now the sell case. Rogers stock operates in a Canadian market that can turn promotional fast, and management called out “unsustainable” discounting from peers that continued into January. It also pointed to slower population growth tied to immigration policy changes, which can cool the pool of new subscribers. In its fourth-quarter materials, annual revenue per unit (ARPU) fell 2.8% year over year to $56.43. If discounting drags on, you can end up owning a cash cow that produces less milk each year.

The sell case also includes leverage and complexity. Rogers stock ended 2025 with an adjusted debt leverage ratio of about 3.9, which limits flexibility if the competitive cycle turns ugly. It still needs heavy network spending and wants to keep investing in content, so it cannot cut its way to growth. If rates stay higher for longer, debt costs can cap upside even when the business stays stable.

Hold

The hold case sits in the middle, and it rests on the idea that the core business still works even if growth cools. Wireless service revenue stayed flat year over year in the fourth quarter, while wireless adjusted EBITDA rose 1% to $1.4 billion and produced a 67% margin. Cable also posted a 59% adjusted EBITDA margin, up 30 basis points. Not thrilling, but it shows discipline, which often matters more than flash in telecom.

Holding also makes sense because Rogers stock now has more levers than a plain telecom, but those levers take time to play out. It added 37,000 postpaid wireless subscribers in the quarter and 22,000 retail internet net additions, even in a cooler market, and it used sports and new channels to lift media results. If you own it today, you can hold for the dividend and watch whether pricing stabilizes, rather than forcing a sell in a noisy moment. In fact, here’s what even $7,000 could bring in.

COMPANY	RECENT PRICE	NUMBER OF SHARES	ANNUAL DIVIDEND	ANNUAL TOTAL PAYOUT	FREQUENCY	TOTAL INVESTMENT
RCI.B	$50.82	137	$2.00	$274.00	Quarterly	$6,952.34

Bottom line

For most investors, Rogers stock could be a buy if you want Canadian cash flow, a real dividend, and a company that can defend its base with bundles and network quality over time. It could also be a pass if you hate price wars, regulatory noise, and leverage in a capital-heavy sector. Valuation screens can look reasonable for a large telecom, but you should anchor on adjusted results and free cash flow, not one-off accounting swings.