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LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
LONG-TERM DEBT SHORT-TERM BORROWINGS
As at December 31
(In millions of dollars)20252024
Receivables securitization program2,000 2,000 
US commercial paper program (net of the discount on issuance)— 452 
Non-revolving credit facility borrowings (net of the discount on issuance)
2,000 507 
Total short-term borrowings4,000 2,959 
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2025 and 2024.
Year ended December 31, 2025Year ended December 31, 2024
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Proceeds received from receivables securitization400 800 
Repayment of receivables securitization(400)(400)
Net proceeds received from receivables securitization— 400 
Proceeds received from US commercial paper517 1.410 729 2,009 1.373 2,759 
Repayment of US commercial paper(835)1.413 (1,180)(1,819)1.371 (2,494)
Net (repayment of) proceeds received from US commercial paper(451)265 
Proceeds received from non-revolving credit facilities (Cdn$) 1
2,000 — 
Proceeds received from non-revolving credit facilities (US$) 1
5,397 1.386 7,479 2,899 1.378 3,996 
Repayment of non-revolving credit facilities (US$)(5,749)1.393 (8,007)(2,547)1.383 (3,523)
Net proceeds received from non-revolving credit facilities1,472 473 
Net proceeds received from short-term borrowings1,021 1,138 
1    Borrowings under our non-revolving facility matured and are (were, for the US$ facility) reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

RECEIVABLES SECURITIZATION PROGRAM
We participate in a receivables securitization program with a group of Canadian financial institutions that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4 billion.

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended in 2025 to an expiration date of July 31, 2028. The buyers' interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade receivables have no claim on any of our other assets.
As at December 31
(In millions of dollars)20252024
Receivables sold to buyer as security3,251 3,186 
Short-term borrowings from buyer(2,000)(2,000)
Overcollateralization1,251 1,186 
Years ended December 31
(In millions of dollars)20252024
Receivables securitization program, beginning of year2,000 1,600 
Net proceeds received from receivables securitization— 400 
Receivables securitization program, end of year2,000 2,000 

US COMMERCIAL PAPER PROGRAM
We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2025 and 2024.
Year ended December 31, 2025Year ended December 31, 2024
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
US commercial paper, beginning of year314 1.439 452 113 1.327 150 
Net (repayment of) proceeds received from US commercial paper(318)1.418 (451)190 1.395 265 
Discounts on issuance 1
4 
n/m
6 11 1.364 15 
Loss (gain) on foreign exchange 1
(7)22 
US commercial paper, end of year— — — 314 1.439 452 
n/m - not meaningful
1    Included in "finance costs".

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 19). We did not designate these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITIES
In March 2024, we borrowed US$185 million ($250 million) under our $500 million non-revolving credit facility. In April 2024, we borrowed an additional US$184 million ($250 million) under the facility, resulting in it being fully drawn. In April 2025, we repaid the outstanding balance of US$349 million ($500 million) and terminated the facility. The related debt derivatives were also settled concurrently.

In July 2025, we entered into two non-revolving credit facilities with an aggregate limit of $2 billion and borrowed $2 billion under these facilities maturing in July 2026.

Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2025 and 2024.
Years ended December 31
(In millions of dollars)20252024
Non-revolving credit facility, beginning of year507 — 
Net proceeds received from non-revolving credit facilities1,472 473 
Loss on foreign exchange 1
21 34 
Non-revolving credit facility, end of year2,000 507 
1    Included in "finance costs".

Concurrent with the US dollar-denominated credit facility borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 19). These debt derivatives were not designated as hedges for accounting purposes.
LONG-TERM DEBT
As at December 31
(In millions of dollars, except interest rates)Par call dateDue date Principal amountInterest rate20252024
Bank credit facilities (Cdn$ portion)Floating415 — 
Term loan facilityFloating— 1,001 
Canada Infrastructure Bank credit facility
20521.000 %134 64 
Senior notesMar 2025US1,000 2.950 %— 1,439 
Senior notesApr 20251,250 3.100 %— 1,250 
Senior notesDec 2025US700 3.625 %— 1,007 
Senior notesn/aSep 2026500 5.650 %500 500 
Senior notesAug 2026Nov 2026US500 2.900 %686 718 
Senior notes 1
Dec 2026Mar 2027300 3.800 %300 300 
Senior notesJan 2027Mar 20271,500 3.650 %1,500 1,500 
Senior notesFeb 2027Mar 2027US1,300 3.200 %1,784 1,871 
Senior notesAug 2028Sep 20281,000 5.700 %1,000 1,000 
Senior notes 1
Aug 2028Nov 2028500 4.400 %500 500 
Senior notesJan 2029Feb 2029US1,250 5.000 %1,716 1,799 
Senior notesFeb 2029Apr 20291,000 3.750 %1,000 1,000 
Senior notesFeb 2029May 2029700 3.250 %700 1,000 
Senior notes 1
Sep 2029Dec 2029159 3.300 %159 500 
Senior notesJul 2030Sep 2030500 5.800 %500 500 
Senior notes 1
Sep 2030Dec 2030210 2.900 %210 500 
Senior notesDec 2031Mar 2032US2,000 3.800 %2,745 2,878 
Senior notesJan 2032Apr 20321,000 4.250 %1,000 1,000 
Senior debentures 2
n/aMay 2032US200 8.750 %275 288 
Senior notesJun 2033Sep 20331,000 5.900 %1,000 1,000 
Senior notes
Nov 2033Feb 2034US1,250 5.300 %1,716 1,799 
Senior notesn/aAug 2038US350 7.500 %480 504 
Senior notesn/aNov 2039500 6.680 %500 500 
Senior notes 1
n/aNov 20391,450 6.750 %1,450 1,450 
Senior notesFeb 2040Aug 2040800 6.110 %800 800 
Senior notesSep 2040Mar 2041400 6.560 %400 400 
Senior notesSep 2041Mar 2042US750 4.500 %1,029 1,079 
Senior notesSep 2042Mar 2043US382 4.500 %524 719 
Senior notesApr 2043Oct 2043US650 5.450 %892 935 
Senior notesSep 2043Mar 2044US752 5.000 %1,032 1,511 
Senior notesAug 2047Feb 2048US506 4.300 %694 1,079 
Senior notesNov 2048May 2049US630 4.350 %865 1,799 
Senior notesMay 2049Nov 2049US541 3.700 %743 1,439 
Senior notes 1
Jun 2049Dec 204926 4.250 %26 300 
Senior notesSep 2051Mar 2052US2,000 4.550 %2,745 2,878 
Senior notesOct 2051Apr 20521,000 5.250 %1,000 1,000 
Subordinated notes 3
Feb 2030Apr 2055US1,100 7.000 %1,510 — 
Subordinated notes 3
Feb 2035Apr 2055US1,000 7.125 %1,373 — 
Subordinated notes 3
Feb 2030Apr 20551,000 5.625 %1,000 — 
Subordinated notes 3
Dec 2026Dec 20812,000 5.000 %2,000 2,000 
Subordinated notes 3
Mar 2027Mar 2082US750 5.250 %1,029 1,079 
37,932 42,886 
Deferred transaction costs and discounts(795)(951)
Deferred government grant liability
(79)(39)
Less current portion    (1,186)(3,696)
Total long-term debt    35,872 38,200 
1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2025 and 2024.
2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2025 and 2024.
3    The subordinated notes can be redeemed at par on the noted par call date or on any subsequent interest payment date.
Each of the above senior notes and debentures are unsecured and, as at December 31, 2025, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 19).

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2025 and 2024.
Year ended December 31, 2025Year ended December 31, 2024
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)216 64 
Credit facility borrowings (US$)1,325 1.367 1,811 — — — 
Total credit facility borrowings2,027 64 
Credit facility repayments (Cdn$)(30)— 
Credit facility repayments (US$)(1,325)1.361 (1,803)— — — 
Total credit facility repayments(1,833)— 
Net borrowings under credit facilities194 64 
Term loan facility net borrowings (US$) 1
1 n/m6 8 n/m18 
Term loan facility net repayments (US$)
(697)1.380 (962)(2,553)1.352 (3,452)
Net repayments under term loan facility(956)(3,434)
Senior note issuances (US$)— — — 2,500 1.347 3,367 
Total senior note issuances— 3,367 
Senior note repayments (Cdn$)(2,397)(1,100)
Senior note repayments (US$)(3,112)1.390 (4,326)— — — 
Total senior note repayments(6,723)(1,100)
Net (repayment) issuance of senior notes(6,723)2,267 
Subordinated note issuances (Cdn$)1,000 — 
Subordinated note issuances (US$)2,100 1.432 3,007 — — — 
Total subordinated note issuances4,007 — 
Net repayment of long-term debt(3,478)(1,103)
1    Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.
Years ended December 31
(In millions of dollars)
Note
20252024
Long-term debt, beginning of year
41,896 40,855 
Net (repayment) issuance of long-term debt(3,478)(1,103)
Discount on principal amount of senior notes repurchased in connection with tender offer(504)— 
Increase in government grant liability related to Canada Infrastructure Bank facility
(43)(39)
Long-term debt assumed through the MLSE Transaction
298 — 
(Gain) loss on foreign exchange(1,272)2,094 
Deferred transaction costs derecognized (incurred)31 (52)
Amortization of deferred transaction costs130 141 
Long-term debt, end of year
37,058 41,896 
Current1,186 3,696 
Long-term35,872 38,200 
Long-term debt, end of year
37,058 41,896 

WEIGHTED AVERAGE INTEREST RATE
As at December 31, 2025, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 4.78% (2024 - 4.61%).

BANK CREDIT AND LETTER OF CREDIT FACILITIES
Our $4.3 billion revolving credit facilities are available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facilities ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the adjusted term Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA).

In April 2024, we amended our revolving credit facility to further extend the maturity date of the $3 billion tranche to April 2029, from January 2028, and the $1 billion tranche to April 2027, from January 2026.

In September 2025, we amended the terms of our revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to September 2030, from April 2029, and the $1 billion tranche to September 2028, from April 2027.

In February 2024, we used the proceeds from the issuance of US$2.5 billion of senior notes (see "Issuance of senior and subordinated notes and related debt derivatives" below) to repay $3.4 billion of our $6 billion term loan facility. In June 2025, we repaid the $1 billion outstanding under the April 2026 tranche of the term loan and terminated the facility.

We have an $815 million senior unsecured non-revolving credit facility with a fixed 1% interest rate with Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. In 2023, we amended the terms of the facility to, among other things, increase the limit from $665 million. As at December 31, 2025, we had drawn $134 million on the credit facility and have recognized a government grant liability of $79 million related to this loan.

The benefit of a below-market loan from a government entity is accounted for as a government grant and is equal to the difference between (i) the present value of the cash flows at the time of borrowing based on a market interest rate and (ii) the proceeds received. We recognize the difference within "other current liabilities" (when the grant will be recognized within one year of the date of the financial statements) or "other long-term liabilities" on our Consolidated Statements of Financial Position. The liability is subsequently measured at amortized cost using the effective interest method. The interest expense on the liability will be represented by the accretion of the loan liability over time. The government grant will be recognized as a reduction of the interest expense over the term of the loan.

In July 2025, to partially fund the MLSE Transaction, we borrowed US$1.3 billion ($1.8 billion) under our revolving credit facility (which was subsequently repaid using the proceeds from the network transaction) and US$1.5 billion ($2 billion) under two new $1 billion non-revolving credit facilities that mature in July 2026 (the borrowings under which are recognized within "short-term borrowings" on our consolidated statement of financial position).

Through the MLSE Transaction, we assumed MLSE's revolving and non-revolving credit facilities. The revolving credit facility has a borrowing limit of $260 million and matures in June 2028. During the year ended December 31, 2025, we borrowed $115 million under the MLSE revolving credit facility. The non-revolving credit facility has a borrowing limit of $300 million,
is fully drawn (reflected in "Long-term debt assumed through the MLSE Transaction" in the table above), and matures in June 2028. MLSE had entered into an interest rate swap to convert the floating interest rate on the borrowings under the non-revolving credit facility to a fixed interest rate (see note 19 for more information). Both of MLSE's credit facilities are secured by a first charge on Scotiabank Arena and all personal property of MLSE, subject to certain exceptions.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES
We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

The US$1 billion subordinated note issued in February 2025 can be redeemed at par on its ten-year anniversary or on any subsequent interest payment date. Each of our other subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of the subordinated notes due in 2081 and 2082 would automatically convert into preferred shares. The subordinated notes issued in February 2025 do not contain a conversion feature.

ISSUANCE OF SENIOR AND SUBORDINATED NOTES AND RELATED DEBT DERIVATIVES
Below is a summary of the senior and subordinated notes we issued in 2025 and 2024.
(In millions of dollars, except interest rates and discounts)
Issue price per $1,000 principal amount
Total gross proceeds 1 (Cdn$)
Transaction costs and
discounts 2 (Cdn$)
Date issued Principal amountDue dateInterest rate
2025 issuances
February 12, 2025 (subordinated) 3
US1,100 20557.000 %1,000.00 1,575 21
February 12, 2025 (subordinated) 3
US1,000 20557.125 %1,000.00 1,432 19
February 12, 2025 (subordinated) 3
1,000 20555.625 %999.83 1,000 11
2024 issuances
February 9, 2024 (senior)US1,250 20295.000 %997.14 1,684 20
February 9, 2024 (senior)US1,250 20345.300 %991.19 1,683 30
1    Gross proceeds before transaction costs, discounts, and premiums.
2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
3    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.

2025
In February 2025, we issued three tranches of subordinated notes, consisting of:
•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;
•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and
•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivatives to convert the interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances. We used the proceeds to repay debt and to fund a portion of the MLSE Transaction.

2024
In February 2024, we issued senior notes with an aggregate principal amount of US$2.5 billion, consisting of US$1.25 billion of 5.00% senior notes due 2029 and US$1.25 billion of 5.30% senior notes due 2034. Concurrent with the issuance, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46 billion ($3.32 billion). We used the proceeds from this issuance to repay $3.4 billion of our term loan facility such that only $1 billion remained outstanding under the April 2026 tranche.
REPAYMENT OF SENIOR NOTES AND RELATED DERIVATIVE SETTLEMENTS
2025
In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives. In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes.

In July 2025, we purchased $1,205 million principal amount of our Canadian dollar-denominated senior notes and US$1,738 million principal amount of our US dollar-denominated senior notes, paying the note holders $1,147 million and US$1,411 million, respectively, plus accrued interest, for the purchase of those senior notes. In connection with our purchase of the US dollar-denominated senior notes, we also partially settled the associated debt derivatives. See note 19 for more information on the settlement of debt derivatives. We recognized a gain on settlement of $151 million in "finance costs" as a result.


In December 2025, we repaid the entire outstanding principal of our US$700 million 3.625% senior notes and settled the associated debt derivatives at maturity. As a result we repaid $937 million, including $25 million received on settlement of the associated debt derivatives.

2024
In January 2024, we repaid the entire outstanding principal of our $500 million 4.35% senior notes at maturity. In March 2024, we repaid the entire outstanding principal of our $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes.

PRINCIPAL REPAYMENTS
Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2025. This reflects repayment of our subordinated notes on their respective at-par redemption dates.
(In millions of dollars) 
20263,186 
20274,614 
20281,915 
20293,575 
20303,220 
Thereafter21,422 
Total long-term debt37,932 

TERMS AND CONDITIONS
As at December 31, 2025 and 2024, we were in compliance with all financial covenants and financial ratios in our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2025, these public debt securities were assigned an investment-grade rating by each of the specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.