Bell’s Q4 profit jumps 25% as Crave subscriptions hit record 4.6 million

Bell released its fourth-quarter results for 2025, showing strong growth in net profit and a significant surge in Crave subscriptions despite a slight dip in overall revenue.

For the quarter ending December 31, 2025, Bell reported net earnings of $632 million, a 25.1% increase compared to the same period in 2024. Net earnings attributable to common shareholders also saw a sharp 28.9% year-over-year rise to $594 million.

Operating revenue for Q4 was $6.4 billion, down slightly by 0.3% from the previous year. This was largely due to a 15% drop in product revenue, which the company attributed to fewer mobile device sales as more customers chose to bring their own phones.

Bell’s wireless momentum remained steady, adding 56,124 net postpaid mobile phone subscribers during the quarter. Mobile phone blended ARPU (Average Revenue Per User) was $56.72 in the quarter, a 0.8% decrease compared to the same period in 2024. For the full year, blended ARPU was down 0.9%. Bell blamed competitive pressure for the drop, along with noting customers were jumping onto plans with bigger or unlimited data, to go with roaming plans that included US-Mexico data.

The company also reported a 16.6% increase in internet revenue, bolstered by the acquisition of U.S.-based Ziply Fiber. Total retail fibre internet activations for the quarter reached 49,168.

Bell Media’s streaming platform, Crave, had its most successful quarter ever. Total subscriptions jumped 26% year-over-year to reach 4.6 million. This growth was primarily driven by a 65% increase in direct-to-consumer streaming subscribers.

Looking ahead, Bell expects higher revenue and earnings growth in 2026. The company plans to focus on AI-powered solutions and the continued expansion of its fibre network, specifically through its growth strategy in the United States.