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]

I think together we need to be doing more in terms of making sure the customer is aware and again third time you're on it. Uh that was impressive. Uh but we also take responsibility for that meaning hey you're a charter subscriber you have access to all of ESPN now go in authenticate and so you're going to start to see more of that.our our number one issue that we have right now with everything that Rich presented and and granted we hadn't really started marketing it until we felt like we had the user exper ...

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]