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NYSE: BCE NYSE Integrated Telecommunication Services Next results ~November 5, 2026

C Fundamentals grade

BCE Inc is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 45% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 45% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

BCE Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds172 adding, 182 cuttingOf 43 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter BCE files

Where BCE stands after its latest Filing

Revenue for the twelve months was $17.5bn, down 1.7% on a year earlier, a smaller fall than the 2.5% decline a quarter earlier. That puts it 15 of 16 for growth among the integrated telecommunication services companies we cover. Free-cash-flow margin held at 13.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 5 financial-health checks.

Our model value for BCE is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

BCE Inc's trailing-twelve-month revenue fell 1.7% year on year, with a free-cash-flow margin of 13.5%. Where it stands out: net margin of 26.6% ranks 1 of 16 integrated telecommunication services companies we cover. Where it lags: revenue growth of -1.7% ranks 15 of 16 integrated telecommunication services companies we cover.

Our discounted-cash-flow model values the business at ~$31 per share in the base case (~$16–$50 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 4.5% while net income grew 1603.1%: a 1599pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in BCE Inc's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 1.7% over the last 12 months.
  • Weak cash conversion. Free cash flow was 51% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.5% ranks 12 of 13 integrated telecommunication services companies we cover (median 26.0%).
  • Below peers: days sales outstanding. Days sales outstanding of 68 days ranks 10 of 12 integrated telecommunication services companies we cover (median 33 days).

Latest results

Earnings per share
$0.65 against an average estimate of $0.70: missed by 6.7%
Next report
November 5, 2026

BCE's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.4%
  • 1 week+2.1%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.5B
Net margin
26.6%
EPS (TTM, diluted)
$5.02

Growth

Revenue growth
−1.7%
Change in growth rate
+0.8 pts
Share count change
+1.8%

Cash

Free cash flow (TTM)
$2.4B
FCF margin
13.5%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BCE from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

BCE Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 45% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value BCE Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$53 ~$54–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$39 ~$26–$61 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$37 ~$32–$45 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BCE Inc with Integrated Telecommunication Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open.

Analysts' consensus

No analyst estimates are published for BCE Inc: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.70 $0.65 −6.7%
Mar 2026 $0.58 $0.63 +8.5%
Dec 2025 $0.62 $0.69 +10.8%
Sept 2025 $0.71 $0.79 +10.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

19 analysts, Nov 2026
Buy1263%
Hold632%
Sell15%

Monthly trend

  1. Nov 202657619
  2. Oct 202665719
  3. Sep 202656719

Counts of recommendations published by analysts covering BCE Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
4.89
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
53%
of shares
Held by insiders
0.0%
of shares
Employees
38,683
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

BCE Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) BCE Inc
$16B $17B $18B $19B FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY16 Q4: $16.4B Revenue (TTM), FY17 Q4: $17.5B Revenue (TTM), FY18 Q4: $18.1B Revenue (TTM), FY19 Q4: $17.9B Revenue (TTM), FY20 Q4: $17.1B Revenue (TTM), FY21 Q4: $18.7B Revenue (TTM), FY22 Q4: $18.6B Revenue (TTM), FY23 Q4: $18.3B Revenue (TTM), FY24 Q4: $17.8B Revenue (TTM), FY25 Q4: $17.5B $17.5B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY16 Q4 $16.4B
FY17 Q4 $17.5B
FY18 Q4 $18.1B
FY19 Q4 $17.9B
FY20 Q4 $17.1B
FY21 Q4 $18.7B
FY22 Q4 $18.6B
FY23 Q4 $18.3B
FY24 Q4 $17.8B
FY25 Q4 $17.5B
Revenue growth, TTM YoY BCE Inc
-5% 0% 5% 10% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY17 Q4: 6.7% Revenue growth, TTM YoY, FY18 Q4: 3.5% Revenue growth, TTM YoY, FY19 Q4: -1.0% Revenue growth, TTM YoY, FY20 Q4: -4.8% Revenue growth, TTM YoY, FY21 Q4: 9.7% Revenue growth, TTM YoY, FY22 Q4: -0.7% Revenue growth, TTM YoY, FY23 Q4: -1.6% Revenue growth, TTM YoY, FY24 Q4: -2.5% Revenue growth, TTM YoY, FY25 Q4: -1.7% -1.7%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 6.7%
FY18 Q4 3.5%
FY19 Q4 -1.0%
FY20 Q4 -4.8%
FY21 Q4 9.7%
FY22 Q4 -0.7%
FY23 Q4 -1.6%
FY24 Q4 -2.5%
FY25 Q4 -1.7%
FCF margin (TTM) BCE Inc
12% 14% 16% 18% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY16 Q4: 13.2% FCF margin (TTM), FY17 Q4: 14.6% FCF margin (TTM), FY18 Q4: 14.5% FCF margin (TTM), FY19 Q4: 16.7% FCF margin (TTM), FY20 Q4: 15.5% FCF margin (TTM), FY21 Q4: 13.5% FCF margin (TTM), FY22 Q4: 13.4% FCF margin (TTM), FY23 Q4: 13.6% FCF margin (TTM), FY24 Q4: 12.7% FCF margin (TTM), FY25 Q4: 13.5% 13.5%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY16 Q4 13.2%
FY17 Q4 14.6%
FY18 Q4 14.5%
FY19 Q4 16.7%
FY20 Q4 15.5%
FY21 Q4 13.5%
FY22 Q4 13.4%
FY23 Q4 13.6%
FY24 Q4 12.7%
FY25 Q4 13.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 16.4 17.5 18.1 17.9 17.1 18.7 18.6 18.3 17.8 17.5
Gross profit 11.3 12.1 12.4 12.4 11.9 12.9 12.7 12.4 12.2 12.0
Net income 2.3 2.4 2.3 2.5 2.0 2.3 2.3 1.7 0.3 4.7
Diluted EPS $2.52 $2.47 — — $2.06 $2.39 $2.29 $1.69 $0.13 $4.86
Growth (year on year)
Revenue — +6.7% +3.5% −1.0% −4.8% +9.7% −0.7% −1.6% −2.5% −1.7%
Net income — +0.8% −2.4% +6.8% −17.9% +14.7% −2.5% −23.4% −84.1% —
Diluted EPS — −2.0% — — — +15.9% −4.0% −26.3% −92.2% —
Margins
Gross margin 69.1% 69.1% 68.7% 69.1% 69.6% 68.9% 68.4% 67.9% 68.4% 68.4%
Net margin 14.2% 13.4% 12.7% 13.7% 11.8% 12.3% 12.1% 9.4% 1.5% 26.6%
Free-cash-flow margin 13.2% 14.6% 14.5% 16.7% 15.5% 13.5% 13.4% 13.6% 12.7% 13.5%
Cash flow
Cash from operations 5.0 5.7 5.7 6.0 5.8 6.4 6.4 5.9 5.1 5.0
Capital spending 2.9 3.1 3.1 3.0 3.1 3.9 3.9 3.4 2.8 2.6
Free cash flow 2.2 2.6 2.6 3.0 2.6 2.5 2.5 2.5 2.3 2.4
Balance sheet
Total debt — 15.4 14.9 17.9 19.5 21.9 21.8 26.0 22.8 25.5
Diluted shares 870m 895m 899m 901m 904m 907m 912m 912m 912m 929m
Returned to shareholders
Buybacks 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2
Total returned 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · December 31, 2025
What it owns · $58.5bn
Short-term assets $5.4bnLonger-term assets $53.1bn
What it owes, and who funded it · $58.3bn
Short-term liabilities $9.4bnLonger-term liabilities $32.1bnShareholders' equity $16.8bn
  • Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $9.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.4bn short-term assets against $32.1bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Debt is 152% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 114% to 152% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.0bn of operating cash flow against $25.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From BCE Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$155M
Returned to shareholders
7%
of free cash flow
Buybacks, last 3 fiscal years
$492M
Diluted share count
+1.8%
year over year
Total shareholder yield
0.8%
dividends 0.0% + buybacks 0.8% of market value
R&D spending
0.2%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in integrated telecommunication services
Last 12 months unless stated BCE TU CHT AMX TIGO TIMB Median
Revenue, last 12 months $17.5bn $14.7bn $7.6bn $49.2bn $5.8bn $4.8bn $4.6bn
Revenue growth, last 12 months −1.7% −1.4% 5.9% 3.1% 0.3% 0.5% 3.3%
Gross margin 68.4% 88.3% 36.8% 62.1% 77.5% 53.9% 61.2%
Operating margin — 11.5% 20.6% 20.3% 28.2% 23.8% 20.3%
Operating margin, 3-year average — 16.6% 20.8% 16.8% 19.6% — 16.7%
Net margin 26.6% 5.4% 16.4% 8.8% 22.6% 16.2% 10.5%
Cash from operations / revenue 28.6% 23.7% 32.8% 28.9% 29.8% 50.5% 28.5%
Free-cash-flow margin 13.5% 10.4% 21.1% 16.7% 18.6% 33.4% 13.9%
Free-cash-flow margin, 3-year average 13.8% 9.4% 19.7% 13.5% 9.3% — 10.2%
Stock pay / revenue — 0.7% — — 0.2% 0.1% 0.8%
Change in share count 1.8% 2.8% 0.0% −1.9% −2.6% −0.2% 0.5%

Median of all 16 companies we cover in integrated telecommunication services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 integrated telecommunication services companies
Measure Company Peer median Rank
Revenue growth Growth -1.7% 3.5% 15 of 16
Change in growth rate Growth +0.8pp +0.9pp 9 of 16
Gross margin Profitability 68.4% 62.1% 3 of 8
Net margin Profitability 26.6% 10.7% 1 of 16
Free-cash-flow margin Cash generation 13.5% 13.8% 9 of 15
Long-term debt as % of assets Balance sheet 43.5% 26.0% 12 of 13
Change in share count Balance sheet 1.8% 0.0% 11 of 15
Days sales outstanding Balance sheet 68 days 33 days 10 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$9.7B
Institutions reporting
386
Shares held vs prior quarter
▲ 5.3%
Positions opened / closed
39 / 51

Top buyers and sellers, Q2 2026: 172 institutions bought and 182 sold ; the biggest buyer was Viking Global Investors LP (+8.4M shares) and the biggest seller Federation Des Caisses Desjardins Du Quebec (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Royal Bank Of Canada $1.4B 64.0M 14.2% ▲ 8.1%
Bank Of Montreal $853M 39.6M 8.8% ▲ 10.1%
Fil Ltd $833M 38.7M 8.6% ▲ 3.3%
Caisse De Depot Et Placement Du Quebec $734M 34.1M 7.6% 0.0%
National Bank Of Canada $499M 23.2M 5.1% ▲ 9.0%
CIBC World Market Inc. $464M 21.6M 4.8% ▼ 7.7%
Bank Of Nova Scotia $387M 18.0M 4.0% ▲ 3.8%
Morgan Stanley $244M 11.4M 2.5% ▲ 88.6%
Federation Des Caisses Desjardins Du Quebec $231M 10.8M 2.4% ▼ 35.3%
Vanguard Capital Management LLC $194M 9.0M 2.0% ▲ 1.4%
Viking Global Investors LP $181M 8.4M 1.9% New
Letko, Brosseau & Associates Inc $164M 7.6M 1.7% ▲ 0.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BCE Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in BCE Inc disclosed in the last 12 months; 12 earlier trades on record.

  • Zoe Lofgren(D-CA 18):Sale (full), $1,001 - $15,000, traded May 25, 2023, filed June 6, 2023
  • John H. Rutherford(R-FL 4):Sale (full), $1,001 - $15,000, traded March 16, 2022, filed April 19, 2022
  • John H. Rutherford(R-FL 4):Sale (partial), $1,001 - $15,000, traded February 17, 2022, filed March 16, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on BCE Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

BCE Inc in brief

What does BCE Inc do?
BCE Inc is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.
What is BCE Inc's stock ticker?
BCE Inc trades under the ticker BCE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BCE Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, BCE Inc reported revenue of $17.5B, 1.7% lower than a year earlier, according to its SEC filings.
What is BCE Inc's free cash flow?
BCE Inc's free-cash-flow margin is 13.5% of revenue over the trailing twelve months, ranking 9 of the 15 integrated telecommunication services companies we cover.
Who are BCE Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Royal Bank Of Canada, Bank Of Montreal and Fil Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is BCE Inc buying back stock, and does it pay a dividend?
BCE Inc spent $155M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.8% over the year.
How much debt does BCE Inc have?
BCE Inc's debt-to-equity ratio is 151.6%, from its latest balance sheet (113.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are BCE Inc's competitors?
In our Integrated Telecommunication Services peer group, the companies closest to BCE Inc are Telus Corp, Chunghwa Telecom Co LTD, America Movil SAB DE Cv/, Millicom International Cellular SA and TIM S.a. The side-by-side comparison below sets their revenue, margins and growth against BCE Inc's.
When is BCE Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — BCE Inc announces its own schedule.