BCE (BCE) | Financial Analysis & Statements
BCE Inc. Large-cap Communication Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
6.4B
Gross Profit
4.3B
66.38%
Operating Income
1.3B
20.21%
Net Income
632.0M
9.87%
EPS (Diluted)
$0.64
Balance Sheet Metrics
Total Assets
80.2B
Total Liabilities
56.9B
Shareholders Equity
23.3B
Debt to Equity
2.44
Cash Flow Metrics
Operating Cash Flow
2.7B
Free Cash Flow
244.0M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
BCE Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 24.5B | 17.9B | 24.7B | 24.2B | 23.4B |
| Cost of Goods Sold | 7.7B | 5.6B | 7.9B | 7.6B | 7.3B |
| Gross Profit | 16.7B | 12.2B | 16.7B | 16.5B | 16.2B |
| Gross Margin % | 68.4% | 68.4% | 67.9% | 68.4% | 68.9% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 4.0B | 3.1B | 4.4B | 4.4B | 4.4B |
| Other Operating Expenses | 2.1B | 1.4B | 1.9B | 1.9B | 1.8B |
| Total Operating Expenses | 6.1B | 4.5B | 6.3B | 6.3B | 6.3B |
| Operating Income | 5.4B | 4.1B | 5.5B | 5.5B | 5.3B |
| Operating Margin % | 22.2% | 22.7% | 22.3% | 22.7% | 22.5% |
| Non-Operating Items | |||||
| Interest Income | 79.0M | 90.0M | 216.0M | 106.0M | 11.0M |
| Interest Expense | 1.8B | 1.3B | 1.5B | 1.2B | 1.1B |
| Other Non-Operating Income | 3.9B | -2.2B | -876.0M | -510.0M | -246.0M |
| Pre-tax Income | 7.7B | 696.5M | 3.3B | 3.9B | 3.9B |
| Income Tax | 1.2B | 422.2M | 996.0M | 967.0M | 1.0B |
| Effective Tax Rate % | 15.5% | 60.6% | 30.0% | 24.8% | 26.5% |
| Net Income | 6.5B | 274.4M | 2.3B | 2.9B | 2.9B |
| Net Margin % | 26.6% | 1.5% | 9.4% | 12.1% | 12.3% |
| Key Metrics | |||||
| EBITDA | 10.8B | 7.8B | 10.1B | 10.2B | 9.9B |
| EPS (Basic) | $6.79 | $0.18 | $2.28 | $2.98 | $2.99 |
| EPS (Diluted) | $6.79 | $0.18 | $2.28 | $2.98 | $2.99 |
| Basic Shares Outstanding | 933000000 | 667475172 | 1311013840 | 1324409500 | 1316853900 |
| Diluted Shares Outstanding | 933000000 | 667475172 | 1311013840 | 1324409500 | 1316853900 |
Income Statement Trend
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BCE Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 320.0M | 1.2B | 772.0M | 149.0M | 289.0M |
| Short-term Investments | 0 | 292.7M | 1.0B | 0 | - |
| Accounts Receivable | 3.9B | 3.1B | 3.8B | 4.0B | 3.7B |
| Inventory | 389.0M | 307.3M | 465.0M | 656.0M | 482.0M |
| Other Current Assets | 414.0M | 383.4M | 264.0M | 324.0M | 253.0M |
| Total Current Assets | 7.4B | 6.5B | 7.9B | 6.5B | 6.2B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 90.5B | 63.1B | 84.5B | 81.0B | 79.8B |
| Goodwill | 43.7B | 27.3B | 38.5B | 38.0B | 36.7B |
| Intangible Assets | 17.2B | 12.3B | 16.6B | 16.2B | 15.6B |
| Long-term Investments | 73.0M | 163.9M | 116.0M | 233.0M | 274.0M |
| Other Non-Current Assets | 2.8B | 1.8B | 2.2B | 1.9B | 1.6B |
| Total Non-Current Assets | 72.8B | 47.2B | 64.0B | 62.8B | 60.6B |
| Total Assets | 80.2B | 53.8B | 71.9B | 69.3B | 66.8B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 2.8B | 2.2B | 3.3B | 3.6B | 2.9B |
| Short-term Debt | 6.2B | 5.6B | 4.8B | 3.3B | 1.9B |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 672.0M | 851.6M | 826.0M | 1.7B | 1.5B |
| Total Current Liabilities | 12.9B | 10.9B | 12.1B | 11.5B | 9.1B |
| Non-Current Liabilities | |||||
| Long-term Debt | 34.9B | 24.0B | 31.1B | 27.8B | 27.0B |
| Deferred Tax Liabilities | 6.1B | 3.8B | 4.9B | 5.0B | 4.7B |
| Other Non-Current Liabilities | 262.0M | 163.9M | 555.0M | 331.0M | 306.0M |
| Total Non-Current Liabilities | 44.0B | 30.2B | 39.3B | 35.3B | 34.7B |
| Total Liabilities | 56.9B | 41.1B | 51.4B | 46.8B | 43.8B |
| Equity | |||||
| Common Stock | 21.5B | 15.3B | 20.9B | 20.8B | 20.7B |
| Retained Earnings | -3.6B | -6.2B | -5.5B | -3.6B | -3.4B |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 23.3B | 12.7B | 20.6B | 22.5B | 22.9B |
| Key Metrics | |||||
| Total Debt | 41.1B | 29.6B | 36.0B | 31.1B | 29.0B |
| Working Capital | -5.4B | -4.3B | -4.2B | -5.0B | -2.9B |
Balance Sheet Composition
BCE Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 6.5B | 274.4M | 2.3B | 2.9B | 2.9B |
| Depreciation & Amortization | 5.2B | 3.7B | 4.9B | 4.7B | 4.6B |
| Stock-Based Compensation | - | - | - | - | - |
| Working Capital Changes | -657.0M | -390.7M | -157.0M | 325.0M | 285.0M |
| Operating Cash Flow | 13.9B | 5.1B | 9.4B | 9.8B | 9.5B |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | -4.8B | -456.5M | -13.0M | -377.0M | -12.0M |
| Investment Purchases | -83.0M | - | - | - | - |
| Investment Sales | 5.1B | - | - | - | - |
| Investing Cash Flow | 103.0M | -446.3M | -17.0M | -381.0M | -84.0M |
| Financing Activities | |||||
| Share Repurchases | -182.0M | -67.3M | -140.0M | -125.0M | 0 |
| Dividends Paid | -2.2B | -2.8B | -3.7B | -3.4B | -3.3B |
| Debt Issuance | 7.8B | 2.8B | 5.2B | 2.0B | 5.0B |
| Debt Repayment | -10.1B | -2.4B | -1.9B | -2.0B | -2.8B |
| Financing Cash Flow | -4.4B | -1.1B | -1.3B | -2.7B | -628.0M |
| Free Cash Flow | 3.3B | 1.9B | 3.2B | 3.2B | 1.1B |
| Net Change in Cash | 9.6B | 3.6B | 8.1B | 6.7B | 8.8B |
Cash Flow Trend
BCE Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
4.85
Forward P/E
12.04
Price to Book
1.56
Price to Sales
0.91
PEG Ratio
12.04
Profitability Ratios
Profit Margin
26.40%
Operating Margin
19.50%
Return on Equity
32.03%
Return on Assets
4.42%
Financial Health
Current Ratio
0.58
Debt to Equity
176.14
Beta
0.62
Per Share Data
EPS (TTM)
$4.93
Book Value per Share
$15.35
Revenue per Share
$26.34
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| BCE | 22.3B | 4.85 | 1.56 | 32.03% | 26.40% | 176.14 |
| T-Mobile US | 209.1B | 19.53 | 3.55 | 18.18% | 12.45% | 208.85 |
| Verizon | 193.9B | 11.63 | 1.91 | 17.07% | 12.43% | 174.78 |
| AT&T | 182.9B | 8.62 | 1.67 | 18.37% | 16.94% | 123.27 |
| Comcast | 100.4B | 6.20 | 1.18 | 20.92% | 15.00% | 106.86 |
| EchoStar | 33.9B | 11.86 | 5.89 | -111.35% | -96.62% | 532.73 |
Financial data is updated regularly. All figures are in the company's reporting currency.






