Bell posted a 6.6% rise in net income for the second quarter of 2025, even as it faced continued pressure in its wireless business.
BCE Inc. earned $644 million in Q2, up from $604 million a year ago. Profit attributable to shareholders was $579 million, or $0.63 per share — a 7.8% increase. However, adjusted earnings fell 16.9% to $592 million, and adjusted EPS dropped 19.2%.
Revenue increased 1.3% year-over-year to $6.1 billion. Free cash flow rose 5% to $1.15 billion, while capital spending dropped 22% to $763 million. Operating cash flow declined 8.9%.
CEO Mirko Bibic said Bell is “executing our strategic plan,” and highlighted that “Q2 further represents the first quarter of year-over-year improvement in our mobile phone postpaid customer churn in nearly three years.”
Bell added 94,479 mobile phone subscribers in the quarter, but postpaid activations dropped 43% to 44,547. The decline was tied to a slower market, fewer bring-your-own-device customers, and weaker immigration-driven population growth.
Mobile ARPU (average revenue per user) fell 0.7% to $57.61 due to increased discounts, more users on unlimited data plans, and lower U.S. roaming fees. Bell now has 10.38 million total mobile phone customers, up 0.4% year-over-year. Postpaid churn improved to 1.06%, down from 1.18% a year ago.
Bell Media revenue rose 3.8% to $843 million, driven by growth in digital subscriptions. Crave subscriptions climbed 29% to 4.1 million, with direct-to-consumer subscribers up 72% and sports streaming subs up 7%.
Despite this, advertising revenue fell 3.1% due to weak demand in traditional TV and the sale of 45 radio stations earlier this year. Digital media revenue was up 9%, and Bell Media’s adjusted EBITDA rose 7.8% to $235 million.
Fibre Internet subscriber growth slowed sharply, with 26,583 net additions in Q2 — down from 60,229 a year ago. Bell’s total retail Internet base declined 2.2% year-over-year. Bell lost 15,851 IPTV (Fibe TV) subscribers, a steeper drop compared to a loss of 1,313 in Q2 2024. The IPTV base is now down 1.1% annually.
Bell updated its 2025 guidance following the $5 billion acquisition of Ziply Fiber in the U.S. Revenue is now expected to grow between 0% and 2%, with adjusted EBITDA forecast in the same range. Adjusted EPS is expected to fall 10–13% for the full year, due to higher interest costs, more shares outstanding, and discounting in broadband and wireless plans.
Bell says it will host an Investor Day on October 14 to outline its long-term strategy.
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