11:44 AM EDT, 10/24/2025 (MT Newswires) -- Rogers Communications (RCI-B.TO) third-quarter results beat forecasts while 2025 FCF guidance was revised up to $3.2 billion to $3.3 billion, driven by capital efficiencies.

RBC Capital analyst Drew McReynolds also notes that capex was trimmed to $3.7 billion from $3.8 billion previously, with management expecting capex intensity levels to continue to decline in 2026, thus providing a constructive backdrop for FCF growth/generation (and in return organic de-levering).

"Our forecast factors in a gradual decline in capex intensity from 19.6% in 2024 to 17.2% in 2025E and easing to 15.4% by 2030E. Our 2026E-2030E forecast factors in annual capex of $3.6B-$3.7B, which in our view, leaves the potential for downside surprises to capex (and in turn upside surprises to FCF) over the medium-term."

Maintain Outperform, $59 price target.

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