Is RCI a Buy? What to Consider in 2026
Last updated July 2026
Short answer
The bull case for Rogers Communications (RCI) rests on 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 you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: 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. Whether RCI is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
Rogers Communications is a Canadian communications and media company, domiciled in Canada and dual-listed (the Class B shares trade on the NYSE under RCI and on the TSX under RCI.B). It runs three reportable segments: Wireless, which is over half of revenue and the profit engine; Cable, covering internet, TV, and home phone across a coast-to-coast footprint expanded by the roughly C$20 billion Shaw Communications acquisition that closed in 2023; and Media, a diversified portfolio of sports, broadcasting, and specialty properties that now includes Maple Leaf Sports and Entertainment (MLSE). Rogers reports its results in Canadian dollars, so US investors also carry a CAD/USD currency exposure. The investment picture centers on growth versus leverage. Q1 2026 revenue rose about 10 percent (helped heavily by adding MLSE to Media), net income jumped sharply, and the company raised free cash flow guidance while cutting capital spending. The offsetting concern is a large debt load taken on to fund Shaw; management has been deleveraging through structured financings and a planned sale of a minority stake in its sports and media assets. The stock carries a high dividend yield and a low headline P/E, which some see as value and others read as the market pricing in balance-sheet and regulatory risk in a mature, slow-growing Canadian market.
What's the case for buying RCI?
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 are the risks to 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.
How is RCI valued? (as of July 2026)
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.
- Revenue (TTM): ~C$21B
- Q1 2026 revenue: ~C$5.5B (up ~10%)
- Adjusted EBITDA (Q1 2026): ~C$2.4B
- 2026 free cash flow guidance: ~C$4.1B to C$4.3B
- Net-debt leverage: ~3.9x (improving)
- Dividend yield: ~4% to 4.5%
Rogers reports in Canadian dollars, so US investors should adjust for CAD/USD. The stock trades at a low headline P/E and a high dividend yield, which reflects both its mature cash-generative business and the market's caution on its post-Shaw debt load. Valuation debate largely tracks whether deleveraging proceeds on plan.
How do you decide if RCI is a buy?
Rather than asking whether RCI is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold RCI indirectly through an index or sector ETF before adding more.
For the full picture, see the RCI stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about RCI against your real portfolio and see your actual exposure before deciding.
The bottom line on RCI
The bottom line: Rogers Communications's story right now is Shaw integration and cable scale, with revenue (ttm) at ~C$21B. If you believe that narrative continues, the call is about sizing RCI sensibly and checking overlap with what you own; if you doubt it (the risk: 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.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
Build a basket around RCI with Walnut
Use Rogers Communications as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is RCI a good stock to buy right now?
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The case for Rogers Communications right now is Shaw integration and cable scale, with revenue (ttm) at ~C$21B. If you believe that thesis holds, RCI is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view 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. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Rogers Communications do?
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Rogers Communications is a Canadian communications and media company, domiciled in Canada and dual-listed (the Class B shares trade on the NYSE under RCI and on the TSX under RCI.B
What are the main risks of 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.
What is RCI?
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RCI is the ticker for the Class B shares of Rogers Communications, a Canadian telecom and media company. The shares trade on the NYSE under RCI and on the Toronto Stock Exchange under RCI.B.
Is Rogers a US or Canadian company?
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Rogers is a Canadian company, headquartered in Toronto and domiciled in Canada. It reports financial results in Canadian dollars and is dual-listed, so US investors buy it on the NYSE but carry CAD/USD currency exposure.
What does Rogers Communications do?
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Rogers operates three segments: Wireless (mobile service, over half of revenue), Cable (internet, TV, and home phone), and Media (sports, broadcasting, and specialty properties, now including MLSE). Wireless is the main profit driver.
How did the Shaw acquisition change Rogers?
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The roughly C$20 billion Shaw Communications deal, closed in 2023, gave Rogers a coast-to-coast cable footprint. To gain regulatory approval, Rogers sold Shaw's Freedom Mobile wireless business to Videotron. The deal also loaded the balance sheet with significant debt.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell RCI; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.