Bell (BCE Inc.) reported a major profit jump in the third quarter of 2025, driven largely by its new U.S. acquisition and a one-time gain from selling its minority stake in Maple Leaf Sports & Entertainment. Still, signs of slowdown in its core Canadian operations suggest the gains may not last.
The company posted net earnings of $4.56 billion, up sharply from a loss of $1.19 billion a year earlier. Profit attributable to shareholders was $4.50 billion, or $4.84 per share. Excluding one-time items, adjusted profit rose a modest 6.5% to $733 million, while total revenue edged up 1.3% to $6.05 billion. Free cash flow climbed 21% to $1 billion, and operating cash flow rose 4% to $1.9 billion.
CEO Mirko Bibic said Bell’s focus on putting customers first, expanding its fibre and wireless networks, using AI for enterprise solutions, and building a stronger digital-media business “is yielding results.”
Much of the growth came from Bell’s new $5 billion U.S. segment deal, Ziply Fiber, which contributed $160 million in revenue and $71 million in adjusted EBITDA for the quarter.
However, Bell’s underlying business told a more mixed story. Subscriber growth continued to slow, with 68,018 mobile phone activations in the quarter, down 33% from 102,196 a year earlier. Postpaid activations plunged 65% to 11,511, compared to 33,111 in Q3 2024.
High-speed internet additions also fell, with 26,111 new customers in the quarter versus 42,415 last year—a 38% drop overall. Within Canada, the decline was even sharper, down nearly 50% to 21,426 from 42,415.
Meanwhile, Bell lost 16,218 TV (IPTV) subscribers, a reversal from a gain of 9,197 in the same quarter of 2024. The company’s landline losses continued as well, with 45,990 residential NAS lines cut, though that was a slight improvement from 47,674 lost a year earlier.
The Bell Media division also struggled, with revenue down 6.4% to $732 million and profit slipping 6.7%. The segment took a $976 million impairment charge tied to weaker ad markets across its TV, radio, and out-of-home advertising businesses. Bell said traditional ad demand continues to decline as audiences shift toward streaming and digital platforms.
At the same time, Bell faced rising costs. Operating expenses increased 1.2%, interest costs rose 3.9% following the Ziply Fiber acquisition, and income tax payments climbed to $495 million. The company also recorded $82 million in severance and integration expenses, up from $49 million a year earlier.
While Bell’s profit headline looked impressive, much of the gain came from the $5.2 billion MLSE sale rather than its day-to-day operations.
In Canada, its core network and media businesses remain under pressure from slower growth, shrinking legacy services, and higher costs. Bibic said the company remains focused on executing its three-year plan, announced in October, aimed at steady growth through disciplined spending and stronger broadband and enterprise performance.
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