Based on a recent breakdown by Yahoo! Finance, analysts say Canada’s telecom sector is heading into 2026 in recovery mode, not rebound mode. After two difficult years, the focus has shifted to stability, slower spending, and avoiding mistakes rather than chasing rapid growth.
One of the biggest themes is pricing discipline. Analysts say carriers showed more restraint in 2025, especially during back-to-school and Black Friday promotions. With fewer new subscribers entering the market, telecoms are now more focused on keeping existing customers instead of slashing prices to win new ones. The Black Friday deals this year were not as good as the ones from 2024. Even Boxing Day deals are pretty much lukewarm at best this year.
Recent reports suggest some carriers are quietly offering deep in-store discounts that undercut advertised online plans, which could slow the sector’s recovery if it becomes more widespread.
Among individual companies, Quebecor (Freedom Mobile, Videotron, Fizz) stood out in 2025 after aggressively disrupting the wireless market and posting strong share price gains. Analysts now say much of that upside may already be baked in. National Bank analyst Adam Shine said Quebecor was the “outright winner” this year as shares soared 65%.
Looking ahead to 2026, Rogers is viewed as the top overall pick by analysts from capital markets teams at RBC and National Bank of Canada, thanks to continued debt reduction and potential upside from monetizing its sports assets.
After Rogers, opinions diverge. Some RBC analysts prefer Bell, arguing its valuation looks more reasonable after a tough reset that included a dividend cut and restructuring. National Bank favours Telus, pointing to its high dividend yield (over 9%), which they believe remains sustainable despite slower growth.
What’s been your favourite telecom of 2025 and what are your plans in 2026? Will you be making any switches?
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Telus uses bell towers in Ontario, and visa versa outwest… Calling them 2 different services is misleading.