Core Insights - Rogers Communications (RCI) reported third-quarter 2025 adjusted earnings of 99 cents per share, exceeding the Zacks Consensus Estimate by 7.61% but down 3.5% year over year [1] - Revenues reached $3.88 billion, surpassing the consensus mark by 1.16% and increasing 4.3% year over year, primarily driven by growth in the Media segment [1][7] - The company raised its 2025 free cash flow guidance to C$3.2 billion-C$3.3 billion, reflecting improved cash generation [7] Financial Performance - Adjusted earnings per share decreased 3.5% year over year to $0.99, while revenues rose 3.3% to $3.88 billion [7] - Total revenues in Canadian dollars increased 4.3% year over year to C$5.35 billion [1] - Adjusted EBITDA decreased 1.2% year over year to C$2.52 billion, with a margin contraction of 260 basis points to 47% [9] Segment Performance Wireless Segment - Wireless revenues, accounting for 49.8% of total revenues, increased 1.6% year over year to C$2.66 billion, with service revenues falling 0.3% to C$2.06 billion [2] - Monthly mobile phone ARPU was C$56.7, down 3.2% year over year [2] - The prepaid mobile phone subscriber base grew by 44K year over year to 1.21 million, while postpaid subscribers increased by 262K to 10.96 million [3] Cable Segment - Cable revenues, making up 37% of total revenues, rose 0.6% year over year to C$1.98 billion [5] - Retail Internet subscribers increased by 228K year over year to nearly 4.475 million [5] - Segment operating expenses declined 1.1% year over year to C$828 million, with adjusted EBITDA increasing 1.8% to C$1.15 billion [6] Media Segment - Media revenues surged 26.1% year over year to C$753 million, while operating expenses increased 47.1% to C$678 million [8] Balance Sheet & Cash Flow - As of September 30, 2025, available liquidity was C$6.4 billion, down from C$11.8 billion as of June 30, 2025 [10] - The debt leverage ratio stood at 3.9 times, influenced by the MLSE transaction [11] - Cash flow from operating activities decreased 20% year over year to C$1.52 billion [11] Guidance - For 2025, RCI expects total service revenues to grow between 3% and 5%, and adjusted EBITDA to rise between 0% and 3% [13] - Capital expenditures are projected at approximately C$3.7 billion, slightly below prior guidance [13]

Customer Awareness & Trust - The company needs to improve customer awareness regarding included services [1] - Customers currently lack trust in the cable company, potentially due to past experiences with misleading promotions [2] - The industry conditioned people to think that included services are only free trial periods [2] - The company is trying to communicate that certain services are included as part of the customer's existing service, not a free trial [2] User Experience & Marketing - The company delayed marketing efforts until the user experience was deemed satisfactory, and improvements are ongoing [2] - The primary focus is on making service activation easy for customers [2] Industry Challenges - The cable company faces an image problem, being perceived negatively due to billing practices and service-related inconveniences [3]

Core Insights - Warren Buffett plans to retire at the end of the year after leading Berkshire Hathaway for 60 years, achieving a 19.9% compounded annual gain since 1965 compared to the S&P 500's 10.4% gain [1][2] Berkshire Hathaway's Performance - Berkshire Hathaway has seen an overall gain of 5,550,000% since Buffett took over, while the market gained 39,000% [2] Investment Strategy - Buffett has invested in five Japanese trading houses: Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo, which operate in diverse sectors such as industrial metals, energy, and healthcare [5][6] - These companies share similarities with Berkshire Hathaway's origins and have shown strong financial performance, leading Buffett to express admiration for their management and capital deployment [6][7] - Berkshire's holdings in these Japanese companies represent a small portion of its total portfolio, valued at $1.05 trillion, with the trading houses collectively valued at $28.6 billion, or 2.7% of Berkshire's holdings [7][8] Future Prospects - Berkshire Hathaway is likely to increase its stakes in the Japanese trading houses as the companies relax their ownership ceilings, providing U.S. investors with opportunities for diversification and consistent dividends [8][9] Stock to Avoid - Charter Communications has seen a 21% decline in stock value this year, primarily due to disappointing earnings, reporting revenue of $13.7 billion, a mere 0.6% increase year-over-year, and earnings per share of $9.18, below the expected $9.58 [11][12] - The company struggles with revenue growth, with projections of only 2% growth over the next two years, and its cable service revenue dropped by 9.9% [13] - Charter does not pay dividends, contrasting with Buffett's investment philosophy of favoring dividend-paying stocks [14][15]

Core Insights - Rogers Communications (RCI) reported Q2 2025 adjusted earnings of 82 cents per share, exceeding the Zacks Consensus Estimate by 2.5% but down 3.5% year over year [1][7] - Total revenues reached $3.77 billion, missing the consensus mark by 0.39% and reflecting a year-over-year increase of 1.3% [1][7] - The company experienced growth in service revenues across Wireless, Cable, and Media segments [7] Revenue Breakdown - Total revenues increased 2.4% year over year to C$5.22 billion, driven by growth in Wireless, Cable, and Media services [2] - Wireless revenues accounted for 48.7% of total revenues, increasing 3% year over year to C$2.54 billion, with service revenues rising 0.6% to C$2 billion [3] - Cable revenues, representing 37.7% of total revenues, grew 0.2% year over year to C$1.97 billion, while equipment revenues decreased significantly by 56.3% to C$7 million [5] - Media revenues, making up 15.5% of total revenues, increased 9.8% year over year to C$808 million [8] Subscriber Metrics - As of June 30, 2025, the prepaid mobile phone subscriber base increased by 92K to 1.16 million, with a monthly churn rate of 3.23% [3] - The postpaid wireless subscriber base reached 10.91 million, with net additions of 312K subscribers year over year and a churn rate of 1.0% [4] - Retail Internet subscribers totaled nearly 4.446 million, reflecting a net increase of 232K subscribers year over year [5] - Smart Home Monitoring subscribers reached 141K, an increase of 40K, while Home Phone subscribers decreased by 111K to nearly 1.45 million [6] Financial Performance - Adjusted EBITDA rose 1.6% year over year to C$2.36 billion, with a margin contraction of 40 basis points to 45.3% [9] - Free cash flow surged 38.9% year over year to C$925 million, driven by increased adjusted EBITDA and lower capital intensity [12] - Operating expenses increased 3.1% to C$2.85 billion, with a slight increase in operating costs as a percentage of revenues [9] Balance Sheet and Cash Flow - As of June 30, 2025, RCI had C$11.8 billion in available liquidity, including C$7 billion in cash and cash equivalents [10] - The debt leverage ratio was 3.6 times, nearing pre-Shaw acquisition levels, indicating accelerated deleveraging progress [11] - Cash flow from operating activities was C$1.60 billion, an increase of 8.4% year over year [11] Guidance - For 2025, RCI expects total service revenues to grow between 3% and 5%, with adjusted EBITDA growth projected between 0% and 3% [13]