BCE INC (BCE): Financial results for FY2026
BCE INC (BCE) furnished an SEC Form 6-K — earnings release. Exhibit 99.5 NOTICE OF RELIANCE SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 CONTINUOUS DISCLOSURE OBLIGATIONS To: Alberta Securities Commission British Columbia Securities Commission Manitoba Securities Commission Financial and Consumer Services Commission, New Brunswick Office of
How this was made
The 30-second read
Why it matters
The release supplies the first public numbers for the fiscal year, allowing analysts to update models.
Market read
Provides fresh earnings data for a major telecom, influencing valuation and sector sentiment.
What to watch
Potential impact of currency fluctuations and regulatory changes on future earnings.
BCE reported higher consolidated operating revenues for the three- and nine-month periods ended September 30, 2026, while net earnings attributable to owners were lower than the corresponding 2025 periods.
Consolidated operating revenues were higher in both reported periods, but net earnings from continuing operations attributable to owners and net earnings attributable to owners were lower in both periods. The filing is a selected-summary-financial-information notice and contains no operating commentary or outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| BCE Inc. consolidated operating revenues — three months ended September 30other | $6.18B | – | – |
| BCE Inc. consolidated operating revenues — nine months ended September 30other | $18.53B | – | – |
| BCE Inc. consolidated net earnings from continuing operations attributable to owners — three months ended September 30other | $670M | – | – |
| BCE Inc. consolidated net earnings from continuing operations attributable to owners — nine months ended September 30other | $1.92B | – | – |
| BCE Inc. consolidated net earnings attributable to owners — three months ended September 30other | $670M | – | – |
| BCE Inc. consolidated net earnings attributable to owners — nine months ended September 30other | $1.92B | – | – |
| Bell Canada consolidated operating revenues — three months ended September 30other | $6.18B | – | – |
| Bell Canada consolidated operating revenues — nine months ended September 30other | $18.53B | – | – |
| Bell Canada consolidated net earnings (loss) from continuing operations attributable to owners — three months ended September 30other | $675M | – | – |
| Bell Canada consolidated net earnings (loss) from continuing operations attributable to owners — nine months ended September 30other | $1.93B | – | – |
| Bell Canada consolidated net earnings (loss) attributable to owners — three months ended September 30other | $675M | – | – |
| Bell Canada consolidated net earnings (loss) attributable to owners — nine months ended September 30other | $1.93B | – | – |
What drove it
- The selected summary financial information states that BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary Bell Canada under public debt issued by Bell Canada.
- The summary financial information is prepared in accordance with IFRS Accounting Standards and generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises.
- BCE Inc. accounts for investments in all subsidiaries under the equity method in the BCE Inc. credit-supporter column.
- The consolidating-adjustments column eliminates intercompany balances between BCE Inc., Bell Canada and other subsidiaries and includes other adjustments to arrive at BCE Inc. consolidated information.
Concerns
- BCE Inc. consolidated net earnings from continuing operations attributable to owners were 670 (in millions of Canadian dollars) for the three months ended September 30, 2026, compared with 4,540 (in millions of Canadian dollars) for the same period in 2025.
- BCE Inc. consolidated net earnings from continuing operations attributable to owners were 1,920 (in millions of Canadian dollars) for the nine months ended September 30, 2026, compared with 5,830 (in millions of Canadian dollars) for the same period in 2025.
- The filing provides selected summary financial information only and does not provide management discussion of the revenue or earnings comparisons.
What to watch
- The unaudited consolidated interim financial report for the nine months ended September 30, 2026, which the notice says should be read with this selected summary financial information.
- The relationship between BCE Inc.'s consolidated earnings attributable to owners and Bell Canada's reported earnings attributable to owners.
- Changes in BCE Inc. consolidated total current liabilities, reported as 12,024 (in millions of Canadian dollars) at September 30, 2026, compared with 12,856 (in millions of Canadian dollars) at December 31, 2025.
Balance sheet and cash flow
- BCE Inc. consolidated total current assets as at September 30, 2026: 7,444 (in millions of Canadian dollars); as at December 31, 2025: 7,407 (in millions of Canadian dollars).
- BCE Inc. consolidated total non-current assets as at September 30, 2026: 73,778 (in millions of Canadian dollars); as at December 31, 2025: 72,758 (in millions of Canadian dollars).
- BCE Inc. consolidated total current liabilities as at September 30, 2026: 12,024 (in millions of Canadian dollars); as at December 31, 2025: 12,856 (in millions of Canadian dollars).
- BCE Inc. consolidated total non-current liabilities as at September 30, 2026: 44,722 (in millions of Canadian dollars); as at December 31, 2025: 43,999 (in millions of Canadian dollars).
- BCE Inc. total current assets as at September 30, 2026: 547 (in millions of Canadian dollars); as at December 31, 2025: 1,156 (in millions of Canadian dollars).
- BCE Inc. total non-current assets as at September 30, 2026: 24,333 (in millions of Canadian dollars); as at December 31, 2025: 22,970 (in millions of Canadian dollars).
- BCE Inc. total current liabilities as at September 30, 2026: 596 (in millions of Canadian dollars); as at December 31, 2025: 965 (in millions of Canadian dollars).
- BCE Inc. total non-current liabilities as at September 30, 2026: 143 (in millions of Canadian dollars); as at December 31, 2025: 141 (in millions of Canadian dollars).
- Bell Canada consolidated total current assets as at September 30, 2026: 7,563 (in millions of Canadian dollars); as at December 31, 2025: 7,451 (in millions of Canadian dollars).
- Bell Canada consolidated total non-current assets as at September 30, 2026: 66,972 (in millions of Canadian dollars); as at December 31, 2025: 65,939 (in millions of Canadian dollars).
- Bell Canada consolidated total current liabilities as at September 30, 2026: 12,340 (in millions of Canadian dollars); as at December 31, 2025: 13,265 (in millions of Canadian dollars).
- Bell Canada consolidated total non-current liabilities as at September 30, 2026: 44,028 (in millions of Canadian dollars); as at December 31, 2025: 43,303 (in millions of Canadian dollars).
- Subsidiaries of BCE Inc. other than Bell Canada total current assets as at September 30, 2026: 328 (in millions of Canadian dollars); as at December 31, 2025: 255 (in millions of Canadian dollars).
- Subsidiaries of BCE Inc. other than Bell Canada total non-current assets as at September 30, 2026: 21 (in millions of Canadian dollars); as at December 31, 2025: 21 (in millions of Canadian dollars).
- Subsidiaries of BCE Inc. other than Bell Canada total current liabilities as at September 30, 2026: 82 (in millions of Canadian dollars); as at December 31, 2025: 81 (in millions of Canadian dollars).
- Subsidiaries of BCE Inc. other than Bell Canada total non-current liabilities as at September 30, 2026: —; as at December 31, 2025: —.
- Consolidating adjustments to total current assets as at September 30, 2026: (994) (in millions of Canadian dollars); as at December 31, 2025: (1,455) (in millions of Canadian dollars).
- Consolidating adjustments to total non-current assets as at September 30, 2026: (17,548) (in millions of Canadian dollars); as at December 31, 2025: (16,172) (in millions of Canadian dollars).
- Consolidating adjustments to total current liabilities as at September 30, 2026: (994) (in millions of Canadian dollars); as at December 31, 2025: (1,455) (in millions of Canadian dollars).
- Consolidating adjustments to total non-current liabilities as at September 30, 2026: 551 (in millions of Canadian dollars); as at December 31, 2025: 555 (in millions of Canadian dollars).
Analysis
This Form 6-K is a notice of reliance under Section 13.4 of National Instrument 51-102 and provides unaudited selected summary financial information rather than an earnings press release. The information is prepared in accordance with IFRS Accounting Standards and is presented in millions of Canadian dollars.
BCE Inc. consolidated operating revenues were 6,182 for the three months ended September 30, 2026, compared with 6,049 for the corresponding 2025 period. For the nine months ended September 30, 2026, consolidated operating revenues were 18,526, compared with 18,064 in 2025. The filing provides no segment revenue, subscriber, volume, pricing, or other operating data to explain these comparisons.
The earnings comparison is materially weaker than the revenue comparison. BCE Inc. consolidated net earnings from continuing operations attributable to owners were 670 for the three-month period versus 4,540 in 2025, and 1,920 for the nine-month period versus 5,830 in 2025. Net earnings attributable to owners were reported at the same amounts for each respective period. The notice does not disclose the items driving the lower earnings.
Bell Canada reported operating revenues of 6,182 for the three-month period and 18,526 for the nine-month period. Bell Canada net earnings attributable to owners were 675 for the three-month period, compared with a net loss attributable to owners of (90) in 2025, and 1,925 for the nine-month period, compared with 1,211 in 2025. These figures are presented within a consolidating structure and should be read alongside the BCE Inc. credit-supporter, other-subsidiary, and consolidating-adjustment columns.
At September 30, 2026, BCE Inc. consolidated total current assets were 7,444 and total non-current assets were 73,778, while total current liabilities were 12,024 and total non-current liabilities were 44,722. The filing contains no cash flow statement, debt balance, capital-return disclosure, forward guidance, or executive commentary. Accordingly, the reported revenue and earnings comparisons are the principal available indicators, while the causes of the earnings decline and the forward outlook are not disclosed in this document.
Not in the filing
stated, not guessed- Gross profit and gross margin.
- Operating income or operating margin.
- Basic and diluted earnings per share.
- Non-GAAP or adjusted measures.
- Operating cash flow, free cash flow, capital expenditures, and cash taxes.
- Cash and cash equivalents.
- Debt balances and debt maturities.
- Dividends, share repurchases, and other capital returns.
- Operating segments and segment revenue.
- Subscriber, customer, volume, pricing, churn, or other operating KPIs.
- Management commentary on demand, costs, margins, earnings drivers, or outlook.
- Forward guidance for revenue, margins, expenses, tax rate, cash flow, capital expenditures, or other metrics.
- Prior-quarter comparisons.
- Executive quotes.
- Percentage year-over-year and quarter-over-quarter changes for reported metrics.
- A full-year 2026 earnings presentation despite the filing metadata identifying the period as FY2026.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BCE Inc., the parent of Bell Canada, filed a Form 6‑K providing unaudited FY2026 interim financials.
Ticker impact
BCE Inc. filed its FY2026 earnings release with detailed financial tables via a Form 6‑K.
likely modest pressure as investors digest mixed earnings and adjust forecasts
First‑report earnings data for a large telecom; market will price the disclosed results.
Market effects
Telecom sector may see re‑rating based on BCE's performance.
Canadian market could react to the earnings surprise.
Limited; primarily affects North American telecom investors.
Counterpoint
If earnings beat expectations, the stock could rally despite broader market softness.
Key entities
- CompanyBCE Inc.
Canadian telecom holding company, ticker BCE.
