BCE reported strong Q3 2026 financial and operating results, powered by accelerated digital transformation at Bell Media and increased investment in enterprise AI infrastructure.
Total consolidated revenue rose 2.2% year-over-year to $6.1 billion, underpinned by Bell Media revenue increasing 9.7% in the quarter to $803 million and adjusted EBITDA growth of 8% year-over-year. That growth was spearheaded by strong sports broadcasting, expanding programmatic digital advertising, and steady subscriber expansion at Crave.
Crave’s subscriber base expanded 21% year-over-year to 5.15 million, driven by a 41% surge in direct-to-consumer streaming subscriptions. Digital video advertising revenue similarly rose 41% during the quarter, while overall advertising revenue was up 9.0% in Q3, reflecting strong sports advertising performance driven by the FIFA World Cup 2026, partly offset by continued softness in traditional advertising demand.
BCE President and Chief Executive Officer Mirko Bibic highlighted the structural shift in Bell Media’s business model over the past six years.
“Crave continues to be a real success story for Bell Media,” said Bibic during Thursday morning’s earnings call. “Digital revenues grew 20% year-over-year in Q3. And think about where we started. In 2020, digital represented just 19% of Bell Media’s revenue. Today, we’re essentially at 50%. It’s a very different business today than it was then.”
Bibic emphasized the commercial dividends of investing in Canadian original programming and subsequent program sales, citing recent international distribution deals for Crave original series Heated Rivalry, which is now available in 130 countries, and the launch of new sci-fi series, Yaga.
“It’s another way to grow Bell Media: creating content for Canadian audiences, and generating revenue through international distribution.”
Enterprise AI infrastructure rapidly expanding
Alongside its momentum in the media segment, BCE highlighted rapid expansion in its enterprise AI infrastructure vertical, anchored by Bell Business Markets (where revenue rose 9.2%) and AI-powered solutions (up 41%).
Construction continues on the initial 300-megawatt data centre capacity in Saskatchewan under the company’s “Bell AI Fabric” banner, with the first data hall expected online in the first half of 2027. BCE also signed a non-binding MOU with the Government of Saskatchewan for up to 900 MW of additional capacity, creating a potential pathway to 1.2 gigawatts in the province.
Bibic reaffirmed on the call that long-term customer commitments put Bell AI Fabric on track to become an over $500 million EBITDA business.
