BCE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BCE INC files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	21,719	22,757	23,468	23,793	22,883	23,449	24,174	24,673	24,409	24,468
Cost of revenue	6,705	7,014	7,349	7,356	6,967	7,284	7,641	7,926	7,705	7,720
Gross profit	15,014	15,743	16,119	16,437	15,916	16,165	16,533	16,747	16,704	16,748
Research and development	147	119	106	109	47	57	57	90	66	60
Pre-tax income	4,197	4,119	3,968	4,353	3,265	3,936	3,893	3,323	952	7,707
Income tax	1,110	1,069	995	1,129	792	1,044	967	996	577	1,193
Income from continuing operations				3,224	2,473	2,892	2,926	2,327	375	6,514
Net income to minority interests	56	56	44	62	65	52	58	64	31	54
Net income	3,087	3,050	2,973	3,253	2,699	2,892	2,926	2,327	375	6,514
EPS, basic	3.33	3.12	3.10	3.37	2.76	2.99	2.98	2.28	0.18	6.79
EPS, diluted	3.33	3.20	3.10	3.37	2.76	2.99	2.98	2.28	0.18	6.79

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Receivables	2,979	3,129	3,006	3,038	3,528	3,949	4,138	4,031	4,489	4,474
Inventory	403	380	432	427	439	482	656	465	420	389
Total current assets	4,855	5,655	5,793	5,520	5,688	6,198	6,487	7,898	8,923	7,407
Property, plant and equipment	22,341	24,029	27,101	27,636	27,513	28,235	29,256
Goodwill	8,958	10,428	10,658	10,667	10,604	10,572	10,906	10,942	10,261	13,231
Intangible assets	11,998	13,258	13,205	13,352	13,102	15,570	16,183	16,609	16,786	17,234
Total assets	50,108	55,802	57,100	60,146	60,665	66,764	69,329	71,940	73,485	80,165
Accounts payable	4,326	3,875	3,941	3,954	3,935	4,455	5,221	4,729	4,507	4,392
Total current liabilities	10,108	10,732	10,429	9,777	8,271	9,113	11,469	12,107	14,846	12,856
Total liabilities	32,254	35,177	36,411	38,738	39,336	43,823	46,814	51,383	56,125	56,855
Paid-in capital	1,160	1,162	1,170	1,178	1,174	1,157	1,172	1,258	1,278	1,308
Retained earnings	-6,040	-4,938	-4,937	-4,632	-4,681	-3,400	-3,649	-5,513	-8,441	-3,642
Shareholders' equity	17,540	20,302	20,363	21,074	20,989	22,635	22,178	20,229	17,071	23,020
Minority interests	314	323	326	334	340	306	337	328	289	290
Total equity	18,916	20,625	20,689	21,408	21,329	22,941	22,515	20,557	17,360	23,310
Total liabilities and equity	50,108	55,802	57,100	60,146	60,665	66,764	69,329	71,940	73,485	80,165

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,087	3,050	2,973	3,253	2,699	2,892	2,926	2,327	375	6,514
Depreciation and amortization	3,508	3,844	4,014	4,344	4,404	4,609	4,723	4,918	5,041	5,238
Cash from operations	6,643	7,358	7,384	7,958	7,754	8,008	8,365	7,946	6,988	6,993
Capital expenditures	-3,771	-4,034	-3,971	-3,974	-4,202	-4,852	-5,133	-4,581	-3,897	-3,700
Cash from investing	-4,584	-5,437	-4,386	-4,036	-3,540	-7,018	-5,517	-5,781	-4,438	-3,600
Stock issued	99	117	11	240	26	261	171	18	0
Share buybacks	-106	-224	-222	-142	-263	-297	-255	-223	-235	-216
Dividends paid	-2,511	-2,692	-2,856	-3,008	-3,147	-3,306	-3,508	-3,717	-3,827	-2,305
Cash from financing	-1,819	-2,149	-3,198	-4,202	-4,135	-925	-2,988	-1,542	-1,750	-4,646
Exchange rate effect									0	1
Free cash flow	2,872	3,324	3,413	3,984	3,552	3,156	3,232	3,365	3,091	3,293
Interest paid	882	965	990	1,079	1,112	1,080	1,197	1,486	1,759	1,808
Income taxes paid	565	675	650	725	846	913	749	700	783	737

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	68.4%	Gross profit / revenue.
Pre-tax margin	31.5%	Pre-tax income / revenue.
Net margin	26.6%	Net income / revenue.
FCF margin	13.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.6%	Cash from operations / revenue.
Effective tax rate	15.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
R&D / revenue	0.2%	Research and development expense / revenue.
Capex / revenue	15.1%	Capital expenditures / revenue.
D&A / revenue	21.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,637.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	30.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3,672.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	31.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	34.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.58x	Current assets / current liabilities.
Liabilities / assets	70.9%	Total liabilities / total assets.
Working capital	-CA$5.45B	Current assets - current liabilities.
Goodwill and intangibles / assets	38.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-CA$7.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Inventory turnover	19.1x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	5.46x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	210 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-124 days	Days inventory + days sales outstanding - days payables.
FCF conversion	50.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	52.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$6.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$6.79	Net income per basic share, as reported (split-adjusted).
Payout ratio	35.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	70.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.6%	Share buybacks / free cash flow, when free cash flow is positive.

What was BCE INC's revenue in fiscal 2025?

BCE INC reported revenue of CA$24.47B for fiscal 2025, 0.2% higher than the year before.

Was BCE INC profitable in fiscal 2025?

Yes. Net income was CA$6.51B, a net margin of 26.6%.

How much free cash flow did BCE INC generate in fiscal 2025?

Cash from operations of CA$6.99B minus capital expenditures of CA$3.70B left free cash flow of CA$3.29B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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