BCE Inc. (BCE) financial statements: income statement, balance sheet and cash flow
BCE Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), BCE Inc. reported revenue of $24.5B (+0.2% year on year) and net income of $6.5B (+1637.1% year on year).
Income statement
BCE Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Operating revenues
$24.5B
$24.4B
$24.7B
$24.2B
Operating costs
($13.8B)
($13.8B)
($14.3B)
($14.0B)
Severance, acquisition and other costs
($517.0M)
($454.0M)
($200.0M)
($94.0M)
Depreciation
($3.9B)
($3.8B)
($3.7B)
($3.7B)
Amortization
($1.4B)
($1.3B)
($1.2B)
($1.1B)
Interest expense
($1.8B)
($1.7B)
($1.5B)
($1.1B)
Net return on post-employment benefit plans
$102.0M
$66.0M
$108.0M
—
Impairment of assets
($1.0B)
($2.2B)
($143.0M)
($279.0M)
Net gains on investments
$5.2B
—
—
—
Other income (expense)
$287.0M
($305.0M)
($466.0M)
($115.0M)
Income taxes
($1.2B)
($577.0M)
($996.0M)
($967.0M)
Common shareholders
$6.3B
$163.0M
$2.1B
$2.7B
Preferred shareholders
$155.0M
$181.0M
$187.0M
$152.0M
Non-controlling interest
$54.0M
$31.0M
$64.0M
$58.0M
Net earnings
$6.5B
$375.0M
$2.3B
$2.9B
Net earnings per common share - basic (in cad per share)
$6.79
$0.18
$2.28
$2.98
Net earnings per common share - diluted (in cad per share)
$6.79
$0.18
$2.28
$2.98
Weighted average number of common shares outstanding - basic (millions) (in shares)
929.1M
912.3M
912.2M
911.5M
BCE Inc. income statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Jun 30, 2023 · YTD
Operating revenues
$12.3B
$12.0B
$12.0B
$12.1B
Operating costs
($7.0B)
($6.8B)
($6.8B)
($6.9B)
Severance, acquisition and other costs
($44.0M)
($288.0M)
($251.0M)
($149.0M)
Depreciation
($2.0B)
($1.9B)
($1.9B)
($1.9B)
Amortization
($764.0M)
($669.0M)
($641.0M)
($579.0M)
Interest expense
($913.0M)
($865.0M)
($842.0M)
($703.0M)
Net return on post-employment benefit plans
$73.0M
$51.0M
$33.0M
$54.0M
Impairment of assets
($11.0M)
($17.0M)
($73.0M)
($34.0M)
Net losses on investments
($3.0M)
—
—
—
Other income
$96.0M
$270.0M
($139.0M)
($190.0M)
Income taxes
($503.0M)
($497.0M)
($397.0M)
($543.0M)
Net earnings
$1.3B
$1.3B
$1.1B
$1.2B
Common shareholders
$1.2B
$1.2B
$939.0M
$1.1B
Preferred shareholders
$76.0M
$81.0M
$93.0M
$92.0M
Non-controlling interest
$46.0M
$37.0M
$29.0M
$39.0M
Net earnings per common share - basic (in CAD per share)
$1.26
$1.31
$1.03
$1.16
Net earnings per common share - diluted (in CAD per share)
$1.26
$1.31
$1.03
$1.16
Weighted average number of common shares outstanding - basic (millions) (in shares)
932.5M
925.6M
912.3M
912.2M
Balance sheet
BCE Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash
$314.0M
$1.6B
$547.0M
$99.0M
Cash equivalents
$6.0M
$0
$225.0M
$50.0M
Short-term investments
$0
$400.0M
$1.0B
—
Trade and other receivables
$4.5B
$4.5B
$4.0B
$4.1B
Inventory
$389.0M
$420.0M
$465.0M
$656.0M
Contract assets
$575.0M
$477.0M
$443.0M
$436.0M
Contract costs
$849.0M
$702.0M
$633.0M
$540.0M
Prepaid expenses
$379.0M
$259.0M
$230.0M
$244.0M
Other current assets
$414.0M
$524.0M
$264.0M
$324.0M
Assets held for sale
$7.0M
$80.0M
$60.0M
$0
Total current assets
$7.4B
$8.9B
$7.9B
$6.5B
Contract assets
$272.0M
$282.0M
$292.0M
$288.0M
Contract costs
$959.0M
$888.0M
$779.0M
$603.0M
Property, plant and equipment
$33.5B
$30.0B
$30.4B
$29.3B
Intangible assets
$17.2B
$16.8B
$16.6B
$16.2B
Deferred tax assets
$178.0M
$136.0M
$96.0M
$84.0M
Investments in associates and joint ventures
$396.0M
$341.0M
$323.0M
$608.0M
Post-employment benefit assets
$4.3B
$3.6B
$2.9B
$3.6B
Other non-current assets
$2.6B
$2.3B
$1.7B
$1.4B
Goodwill
$13.2B
$10.3B
$10.9B
$10.9B
Total non-current assets
$72.8B
$64.6B
$64.0B
$62.8B
Total assets
$80.2B
$73.5B
$71.9B
$69.3B
Trade payables and other liabilities
$4.4B
$4.5B
$4.7B
$5.2B
Contract liabilities
$872.0M
$774.0M
$811.0M
$857.0M
Interest payable
$435.0M
$392.0M
$332.0M
$281.0M
Dividends payable
$425.0M
$933.0M
$910.0M
$867.0M
Current tax liabilities
$567.0M
$42.0M
$268.0M
$106.0M
Debt due within one year
$6.2B
$7.7B
$5.0B
$4.1B
Liabilities held for sale
$10.0M
$529.0M
$15.0M
$0
Total current liabilities
$12.9B
$14.8B
$12.1B
$11.5B
Contract liabilities
$374.0M
$350.0M
$277.0M
$228.0M
Long-term debt
$34.9B
$32.8B
$31.1B
$27.8B
Deferred tax liabilities
$6.1B
$5.2B
$4.9B
$5.0B
Post-employment benefit obligations
$1.2B
$1.2B
$1.3B
$1.3B
Other non-current liabilities
$1.5B
$1.6B
$1.7B
$1.1B
Total non-current liabilities
$44.0B
$41.3B
$39.3B
$35.3B
Total liabilities
$56.9B
$56.1B
$51.4B
$46.8B
Stated capital
$24.8B
$24.4B
$28.4B
$28.6B
Contributed surplus
$1.3B
$1.3B
$1.3B
$1.2B
Accumulated other comprehensive income (loss)
$573.0M
($159.0M)
($42.0M)
($55.0M)
Deficit
($3.6B)
($8.4B)
($5.5B)
($3.6B)
Total equity attributable to BCE shareholders
$23.0B
$17.1B
$20.2B
$22.2B
Non-controlling interest
$290.0M
$289.0M
$328.0M
$337.0M
Total equity
$23.3B
$17.4B
$20.6B
$22.5B
Total liabilities and equity
$80.2B
$73.5B
$71.9B
$69.3B
BCE Inc. balance sheet, quarters
Line item
Jun 30, 2026
Jun 30, 2025
Jun 30, 2024
Jun 30, 2023
Cash
$477.0M
$507.0M
$1.4B
$450.0M
Cash equivalents
$2.0M
$3.0M
$250.0M
$450.0M
Trade and other receivables
$4.2B
$4.0B
$3.9B
$3.8B
Inventory
$449.0M
$453.0M
$410.0M
$656.0M
Contract assets
$546.0M
$485.0M
$418.0M
$403.0M
Contract costs
$902.0M
$713.0M
$683.0M
$559.0M
Prepaid expenses
$491.0M
$399.0M
$405.0M
$395.0M
Other current assets
$504.0M
$409.0M
$274.0M
$282.0M
Assets held for sale
$0
$87.0M
$85.0M
—
Total current assets
$7.5B
$7.1B
$8.6B
$7.0B
Contract assets
$241.0M
$259.0M
$261.0M
$243.0M
Contract costs
$912.0M
$955.0M
$804.0M
$683.0M
Property, plant and equipment
$33.0B
$29.5B
$30.1B
$29.9B
Intangible assets
$17.7B
$16.7B
$17.6B
$16.4B
Deferred tax assets
$172.0M
$138.0M
$121.0M
$108.0M
Investments in associates and joint ventures
$1.5B
$335.0M
$322.0M
$322.0M
Post-employment benefit assets
$4.7B
$3.7B
$3.4B
$3.2B
Other non-current assets
$1.9B
$2.2B
$1.7B
$1.2B
Goodwill
$13.3B
$10.2B
$11.4B
$11.0B
Total non-current assets
$73.5B
$64.1B
$65.7B
$63.1B
Total assets
$81.0B
$71.1B
$74.2B
$70.0B
Trade payables and other liabilities
$4.2B
$4.3B
$4.3B
$4.3B
Contract liabilities
$837.0M
$677.0M
$749.0M
$793.0M
Interest payable
$451.0M
$419.0M
$397.0M
$305.0M
Dividends payable
$427.0M
$425.0M
$937.0M
$900.0M
Current tax liabilities
$160.0M
$229.0M
$75.0M
$207.0M
Debt due within one year
$4.3B
$5.0B
$6.6B
$6.0B
Liabilities held for sale
$0
$500.0M
$35.0M
—
Total current liabilities
$10.3B
$11.6B
$13.1B
$12.6B
Contract liabilities
$452.0M
$374.0M
$297.0M
$257.0M
Long-term debt
$37.5B
$32.5B
$32.9B
$28.3B
Deferred tax liabilities
$6.3B
$5.5B
$5.3B
$4.9B
Post-employment benefit obligations
$1.1B
$1.2B
$1.2B
$1.3B
Other non-current liabilities
$1.2B
$1.6B
$1.4B
$1.2B
Total non-current liabilities
$46.6B
$41.2B
$41.1B
$36.0B
Total liabilities
$56.9B
$52.8B
$54.2B
$48.6B
Stated capital
$24.7B
$24.9B
$24.4B
$24.6B
Contributed surplus
$1.3B
$1.3B
$1.3B
$1.2B
Accumulated other comprehensive (loss) income
($55.0M)
$240.0M
($15.0M)
($105.0M)
Deficit
($2.1B)
($8.4B)
($6.0B)
($4.6B)
Total equity attributable to BCE shareholders
$23.9B
$18.1B
$19.7B
$21.1B
Non-controlling interest
$314.0M
$310.0M
$317.0M
$328.0M
Total equity
$24.2B
$18.4B
$20.0B
$21.4B
Total liabilities and equity
$81.0B
$71.1B
$74.2B
$70.0B
Cash flow statement
BCE Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings
$6.5B
$375.0M
$2.3B
$2.9B
Severance, acquisition and other costs
$517.0M
$454.0M
$200.0M
$94.0M
Depreciation and amortization
$5.2B
$5.0B
$4.9B
$4.7B
Post-employment benefit plans cost
$96.0M
$142.0M
$98.0M
$198.0M
Net interest expense
$1.7B
$1.6B
$1.4B
$1.1B
Impairment of assets
$1.0B
$2.2B
$143.0M
$279.0M
Net gains on investments
($5.2B)
($57.0M)
($80.0M)
($24.0M)
Net early debt redemption gains
($249.0M)
—
—
—
Net equity losses from investments in associates and joint ventures
$0
$247.0M
$581.0M
—
Income taxes
$1.2B
$577.0M
$996.0M
$967.0M
Contributions to post-employment benefit plans
($49.0M)
($52.0M)
($52.0M)
($140.0M)
Payments under other post-employment benefit plans
($59.0M)
($61.0M)
($64.0M)
($64.0M)
Severance and other costs paid
($425.0M)
($330.0M)
($178.0M)
($129.0M)
Interest paid
($1.8B)
($1.8B)
($1.5B)
($1.2B)
Income taxes paid (net of refunds)
($737.0M)
($783.0M)
($700.0M)
($749.0M)
Acquisition and other costs paid
($87.0M)
($52.0M)
($8.0M)
($10.0M)
Net change in operating assets and liabilities
($657.0M)
($534.0M)
($100.0M)
$404.0M
Cash flows from operating activities
$7.0B
$7.0B
$7.9B
$8.4B
Capital expenditures
($3.7B)
($3.9B)
($4.6B)
($5.1B)
Decrease in short-term investments
$400.0M
—
—
—
Business acquisitions
($4.9B)
($624.0M)
($222.0M)
($429.0M)
Business dispositions
$102.0M
$0
$209.0M
$52.0M
Increase in investments
($83.0M)
—
—
—
Decrease in investments
$4.7B
—
—
—
Spectrum licences
($3.0M)
($531.0M)
($183.0M)
($3.0M)
Other investing activities
($95.0M)
$14.0M
($4.0M)
($4.0M)
Cash flows used in investing activities
($3.6B)
($4.4B)
($5.8B)
($5.5B)
Increase in notes payable
$452.0M
$1.9B
($646.0M)
$111.0M
Issue of long-term debt
$7.8B
$3.8B
$5.2B
$2.0B
Repayment of long-term debt
($10.1B)
($3.3B)
($1.9B)
($2.0B)
Purchase of shares for settlement of share-based payments
-216.0M
-235.0M
-223.0M
-255.0M
Repurchase of preferred shares
-182.0M
-92.0M
-140.0M
-125.0M
Cash dividends paid on common shares
-2.0B
-3.6B
-3.5B
-3.3B
Cash dividends paid on preferred shares
-151.0M
-187.0M
-182.0M
-136.0M
Cash dividends paid by subsidiaries to non-controlling interest
($51.0M)
($68.0M)
($47.0M)
($39.0M)
Other financing activities
($189.0M)
($31.0M)
($24.0M)
($31.0M)
Cash flows used in financing activities
($4.6B)
($1.8B)
($1.5B)
($3.0B)
Effect of exchange rate changes on cash and cash equivalents
$1.0M
—
—
—
Net (decrease) increase in cash
($1.3B)
$1.0B
$448.0M
($190.0M)
Cash at beginning of year
$1.6B
$547.0M
$99.0M
$289.0M
Cash at end of year
$314.0M
$1.6B
$547.0M
$99.0M
Net increase (decrease) in cash equivalents
$6.0M
($225.0M)
$175.0M
$50.0M
Cash equivalents at beginning of year
$0
$225.0M
$50.0M
$0
Cash equivalents at end of year
$6.0M
$0
$225.0M
$50.0M
BCE Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Jun 30, 2025 · YTD
Jun 30, 2024 · YTD
Jun 30, 2023 · YTD
Net earnings
$1.3B
$1.3B
$1.1B
$1.2B
Severance, acquisition and other costs
$44.0M
$288.0M
$251.0M
$149.0M
Depreciation and amortization
$2.7B
$2.6B
$2.5B
$2.4B
Post-employment benefit plans cost
$27.0M
$48.0M
$75.0M
$52.0M
Net interest expense
$884.0M
$824.0M
$785.0M
$676.0M
Impairment of assets
$11.0M
$17.0M
$73.0M
$34.0M
Net losses on investments
$3.0M
$10.0M
$8.0M
($79.0M)
Net early debt redemption gains
($89.0M)
—
—
—
Income taxes
$503.0M
$497.0M
$397.0M
$543.0M
Contributions to post-employment benefit plans
($27.0M)
($30.0M)
($28.0M)
($28.0M)
Payments under other post-employment benefit plans
($32.0M)
($29.0M)
($31.0M)
($32.0M)
Severance and other costs paid
($146.0M)
($279.0M)
($144.0M)
($64.0M)
Interest paid
($954.0M)
($869.0M)
($835.0M)
($709.0M)
Income taxes paid (net of refunds)
($563.0M)
($124.0M)
($466.0M)
($364.0M)
Acquisition and other costs paid
($10.0M)
($14.0M)
($26.0M)
($5.0M)
Net change in operating assets and liabilities
($368.0M)
($707.0M)
($639.0M)
($699.0M)
Cash flows from operating activities
$3.3B
$3.5B
$3.3B
$3.6B
Capital expenditures
($1.9B)
($1.5B)
($2.0B)
($2.4B)
Decrease in short-term investments
$0
$400.0M
—
—
Business acquisitions
($24.0M)
($23.0M)
($517.0M)
($221.0M)
Business dispositions
$1.0M
$38.0M
$0
$208.0M
Increase in investments
($74.0M)
—
—
—
Other investing activities
($13.0M)
($12.0M)
($21.0M)
$15.0M
Cash flows used in investing activities
($2.0B)
($1.1B)
($2.8B)
($2.5B)
(Decrease) increase in notes payable
($2.0B)
($726.0M)
$1.4B
($184.0M)
Issue of long-term debt
$5.0B
$4.8B
$3.8B
$2.7B
Repayment of long-term debt
($3.1B)
($6.0B)
($2.6B)
($645.0M)
Purchase of shares for settlement of share-based payments
-95.0M
-96.0M
-144.0M
-135.0M
Repurchase of preferred shares
-62.0M
-76.0M
-76.0M
-63.0M
Cash dividends paid on common shares
-816.0M
-1.2B
-1.8B
-1.7B
Cash dividends paid on preferred shares
-72.0M
-77.0M
-91.0M
-101.0M
Cash dividends paid by subsidiaries to non-controlling interest
($24.0M)
($13.0M)
($42.0M)
($22.0M)
Other financing activities
($116.0M)
($67.0M)
($14.0M)
($15.0M)
Cash flows used in financing activities
($1.2B)
($3.5B)
$393.0M
($314.0M)
Effect of currency exchange rate changes on cash and cash equivalents