Rogers Communications (RCI) Stock Forecast: What Could Drive It in 2026
Last updated July 2026
Short answer
What is actually driving Rogers Communications (RCI) right now is Shaw integration and cable scale: The roughly C$20 billion Shaw acquisition gave Rogers a coast-to-coast cable footprint and cost-synergy potential. Revenue (TTM) is ~C$21B. If that keeps playing out, the setup is favourable; the risk to it is the dominant risk is the balance sheet: Rogers carries roughly C$45 billion of debt with a credit rating not far above investment-grade minimums, leaving little room for error. No one can predict where RCI trades, and Walnut does not publish targets, so treat this as a scenario, not a price target or prediction.
What could drive Rogers Communications (RCI) higher?
1. Shaw integration and cable scale
The roughly C$20 billion Shaw acquisition gave Rogers a coast-to-coast cable footprint and cost-synergy potential. Realizing those synergies while holding cable margins is a core lever, even as broadband subscriber growth stays modest across the Canadian market.
2. Deleveraging and free cash flow
Rogers improved net-debt leverage to about 3.9 times from 4.5 times a year earlier and completed a C$7 billion structured equity financing in 2025. A planned sale of a minority stake in its sports and media assets in the second half of 2026 could push leverage below 3.5 times, which management frames as the key catalyst.
3. Media and MLSE sports assets
Adding Maple Leaf Sports and Entertainment (MLSE) drove Media revenue up sharply and gives Rogers exposure to live sports content and franchise value. That diversifies the mix beyond traditional wireless and cable, though sports and broadcasting carry their own cyclicality.
4. Wireless pricing discipline and free cash flow guidance
Rogers raised 2026 free cash flow guidance and cut its capital spending outlook, pointing to lower capex intensity after the Shaw build-out. Wireless remains the profit engine, so sustaining pricing discipline in a three-player market matters more than raw subscriber adds.
What could weigh on RCI?
The dominant risk is the balance sheet: Rogers carries roughly C$45 billion of debt with a credit rating not far above investment-grade minimums, leaving little room for error. Canadian telecom is a mature, three-player market where population-driven subscriber growth is slowing and any slippage in pricing discipline could erode margins. Regulatory decisions on wholesale internet rates and expanded MVNO access are pending and could pressure economics. As a Canadian-domiciled company reporting in Canadian dollars, RCI also carries CAD/USD currency risk for US holders. Finally, the planned sports-and-media minority-stake sale is a catalyst that may not close on the expected terms or timeline.
Where RCI trades today
A forecast starts from where the stock actually is. These are RCI's current figures, not a projection: the drivers and risks above are what would move them.
Snapshot for RCI as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
How to think about a RCI forecast
Rather than chasing a price target, it tends to help to weigh the drivers above against the risks, decide how long you are willing to hold, and size the position so a wrong call is survivable. A “forecast” is really a probability-weighted view of those drivers playing out, not a number.
For the full picture, see the RCI guide and whether RCI is a buy. In Walnut you can pressure-test the thesis against your real portfolio.
The bottom line on the RCI outlook
The bottom line: what is driving Rogers Communications (RCI) is Shaw integration and cable scale, with revenue (ttm) at ~C$21B. If that keeps playing out the setup is favourable; the risk is the dominant risk is the balance sheet: Rogers carries roughly C$45 billion of debt with a credit rating not far above investment-grade minimums, leaving little room for error. No one can predict the price, so treat any RCI forecast as a scenario, not a target or prediction, and decide from your own thesis and time horizon. Walnut is not an investment adviser.
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FAQ
What is the forecast for Rogers Communications (RCI)?
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No one can reliably predict where RCI will trade, and Walnut does not publish price targets. What is more useful is the setup: the drivers that could push Rogers Communications higher and the risks that could weigh on it. This page lays out both so you can form your own view. Not a recommendation.
What could drive RCI higher?
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The main growth drivers are Shaw integration and cable scale; Deleveraging and free cash flow; Media and MLSE sports assets. Whether they play out is the real question, not a guaranteed path.
What are the risks to RCI?
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The dominant risk is the balance sheet: Rogers carries roughly C$45 billion of debt with a credit rating not far above investment-grade minimums, leaving little room for error. Canadian telecom is a mature, three-player market where population-driven subscriber growth is slowing and any slippage in pricing discipline could erode margins. Regulatory decisions on wholesale internet rates and expanded MVNO access are pending and could pressure economics. As a Canadian-domiciled company reporting in Canadian dollars, RCI also carries CAD/USD currency risk for US holders. Finally, the planned sports-and-media minority-stake sale is a catalyst that may not close on the expected terms or timeline.
Will RCI stock go up in 2026?
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Nobody knows, and anyone who says they do is guessing. Rogers Communications's direction depends on whether the drivers above outweigh the risks, plus the broader market. Focus on the thesis and your time horizon rather than a single-year call.
Is RCI a buy?
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That depends on your thesis, time horizon, and what you already own, not on a forecast. See the RCI "is it a buy?" page for a framework. Walnut is not an investment adviser.
How did Rogers perform in Q1 2026?
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Q1 2026 revenue rose about 10 percent to roughly C$5.5 billion, helped heavily by adding MLSE to the Media segment, and net income jumped sharply. Rogers also raised its 2026 free cash flow guidance and cut planned capital spending.
Walnut is informational, not investment advice. This page describes drivers and risks; it is not a price forecast, target, or recommendation. Markets are uncertain and past performance does not predict future results.