Cogeco revenue slips in Q4 as US subscriber losses weigh on results

what happened

Canadian telecom operator Cogeco Communications reported that fourth-quarter revenue fell 1.9%, though the figure came in slightly above analyst estimates. Revenue reached C$695.50 million against a consensus of C$692.79 million, according to Reuters, which cited LSEG and company data.

The decline came from the American business, where a smaller subscriber base and customers moving to internet-only plans amid intense competition cut sales. The Canadian segment grew, helped by new high-speed internet customers and wireless sales. Adjusted earnings per share dropped 1.9% year on year, while a transformation program delivered cost savings that offset part of the revenue loss.

For fiscal 2027 the company expects revenue to fall by low to mid single digits and adjusted EBITDA to decline by mid to high single digits, both in constant currency. It projects free cash flow of C$500 million to C$550 million. The quarterly dividend was raised 2% to C$1.007 per share.

why it matters

For investors, the key signal is the outlook rather than the quarterly print. Expected declines in revenue and EBITDA point to continued pressure from competition in the US market. The dividend increase, however, suggests management remains confident in cash generation. The story matters mainly for Cogeco shares and for sentiment toward the Canadian telecom sector.

market impact

Cogeco shares: a weak fiscal 2027 outlook weighs, while the slight revenue beat and dividend rise offer support

• ↔Cogeco Communications mixed — weak fiscal 2027 revenue and EBITDA guidance against a slight revenue beat and dividend increase

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