v3.26.1
Financial assets and liabilities
 6 Months Ended
Jun. 30, 2026
Financial Instruments [Abstract]  
Financial assets and liabilities Financial assets and liabilities
Fair value
The following table provides the fair value details of certain financial instruments measured at amortized cost in the statements of financial position.
  June 30, 2026December 31, 2025
ClassificationFair value methodologyCarrying valueFair valueCarrying value Fair value
Debt securities and other debt Debt due within
one year and
long-term debt		Quoted market
price of debt		33,581 33,837 31,236 31,286 
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
Fair value
  ClassificationCarrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
June 30, 2026       
Publicly-traded and
privately-held investments (3) (4)
Other non-current assets352 184 — 168 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(268)— (268)— 
InvestmentsOther non-current assets 247 — 247 — 
December 31, 2025
Publicly-traded and
privately-held investments (3)
Other non-current assets1,198 105 — 1,093 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(513)— (513)— 
InvestmentsOther non-current assets246 — 246 — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income in the consolidated statements of comprehensive income and are reclassified from Accumulated other comprehensive (loss) income to the Deficit in the statements of financial position when realized.
(4)In Q1 2026, our investment in the Montréal Canadiens was reclassified to Investments in associates and joint ventures in the statements of financial position. See Note 10, Investments in associates and joint ventures, for additional details.
Market risk
Currency exposures
In 2026, following the repurchase of a portion of certain U.S. dollar debt prior to maturity, we proportionately terminated the corresponding cross currency interest rate swaps used to hedge the U.S. currency exposure of this debt. Specifically, we terminated cross currency interest rate swaps with a notional amount of $353 million in U.S. dollars ($464 million in Canadian dollars) relating to our Series US-1 Notes, $98 million in U.S. dollars ($132 million in Canadian dollars) relating to our Series US-2 Notes, $109 million in U.S. dollars ($139 million in Canadian dollars) relating to our Series US-4 Notes, $91 million in U.S. dollars ($114 million in Canadian dollars) relating to our Series US-5 Notes, $84 million in U.S. dollars ($106 million in Canadian dollars) relating to our Series US-6 Notes and $143 million in U.S. dollars ($182 million in Canadian dollars) relating to our Series US-7 Notes. The fair value of the cross currency interest rate swaps at the date of termination was a net liability of $82 million.
In 2026, we entered into cross currency interest rate swaps with a notional amount of $650 million in U.S. dollars ($899 million in Canadian dollars) to hedge the U.S. currency exposure of our Series US-11 Notes maturing in 2036. The fair
value of the cross currency interest rate swaps at June 30, 2026 was a net asset of $6 million recognized in Other current assets, Other non-current assets and Other non-current liabilities in the statements of financial position.
In 2026, we entered into amortizing cross currency interest rate swaps with a notional amount of $213 million in U.S. dollars ($292 million in Canadian dollars) to hedge the U.S. currency exposure of other debt maturing in 2029. The fair value of the amortizing cross currency interest rate swaps at June 30, 2026 was a net asset of $9 million recognized in Other current assets, Other non-current assets and Other non-current liabilities in the statements of financial position.
See Note 11, Debt, for additional details.
The following table provides further details on our outstanding foreign currency forward contracts and options at June 30, 2026.
Type of hedgeBuy
currency		Amount to receiveSell
currency		Amount
to pay		MaturityHedged item
Cash flow (1)
USD1,132 CAD1,604 2026Loans
Cash flowUSD425 CAD589 2026Commercial paper
Cash flowUSD442 CAD587 2026Anticipated purchases
Cash flowPHP4,752 CAD110 2026Anticipated purchases
Cash flowUSD440 CAD589 2027Anticipated purchases
Cash flowUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD60 CAD79 2026Anticipated purchases
Economic - options (2)
USD10 CAD13 2026Anticipated purchases
Economic - call optionsCAD261 USD180 2026Anticipated purchases
Economic - put options USD80 CAD105 2026Anticipated purchases
Economic - put optionsCAD67 USD50 2026Anticipated purchases
Economic - call optionsUSD75 CAD99 2027Anticipated purchases
Economic - put optionsUSD60 CAD79 2027Anticipated purchases
Economic - options (2)
USD44 CAD59 2027Anticipated purchases
Economic - call optionsCAD360 USD240 2028Anticipated purchases
Economic - put optionsUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD— CAD7 2028Anticipated purchases
(1)Forward contracts to hedge loans secured by receivables under our securitization program.
(2)Foreign currency options with a leverage provision and a profit cap limitation.
A 10% depreciation (appreciation) in the value of the Canadian dollar relative to the U.S. dollar would result in a loss of $42 million (gain of $3 million) recognized in net earnings at June 30, 2026 and a gain of $16 million (gain of $13 million) recognized in Other comprehensive income at June 30, 2026, with all other variables held constant.
Interest rate exposures
In 2026, following the repurchase of a portion of our Series M-45 MTN debentures prior to maturity, we terminated the corresponding interest rate swaps with a notional amount of $200 million used to hedge the fair value of these debentures and interest rate swaps with a notional amount of $200 million to hedge the interest cost of these debentures. The fair value of the interest rate swaps at the date of termination was a net liability of $8 million, of which $5 million and $3 million is reflected in the initial fair value of the interest rate swaps relating to our Series EO Notes and Series M-45 MTN debentures, respectively.
In 2026, we entered into interest rate swaps to hedge the fair value and interest cost of debt instruments as follows:
DebtFair value hedgeHedge of interest cost
SeriesMaturityNotional amountMaturityNotional amountMaturity
E Notes2056750 2036750 2031
EH Notes2041400 2041400 2031
EO Notes2053150 2046150 2031-2032
EU Notes2054150 2046150 2032
M-45 MTN debentures204733 204733 2028
M-61 MTN debentures2053400 2046400 2031
M-68 MTN debentures2033750 2029— — 
M-70 MTN debentures2056700 2046700 2031
The fair value of these interest rate swaps at June 30, 2026 was a net liability of $1 million recognized in Other current assets, Other non-current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position and reflects an initial liability of $8 million, as described above.
See Note 11, Debt, for additional details.
A 1% increase (decrease) in interest rates would result in a loss of $24 million (gain of $12 million) recognized in net earnings and a gain of $87 million (loss of $83 million) recognized in Other comprehensive income for the six months ended June 30, 2026, with all other variables held constant.
Equity price exposures
We use equity forward contracts on BCE’s common shares to hedge economically the cash flow exposure related to the settlement of equity settled share-based compensation plans. The fair value of our equity forward contracts at June 30, 2026 and December 31, 2025 was a net liability of $219 million and $187 million, respectively, recognized in Other current assets, Trade payables and other liabilities, and Other non-current liabilities in the statements of financial position. A loss of $62 million and $29 million for the three and six months ended June 30, 2026, respectively, and a loss of $43 million and $42 million for the three and six months ended June 30, 2025, respectively, relating to the equity forward contracts is recognized in Other income (expense) in the income statements.
A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $15 million recognized in net earnings at June 30, 2026, with all other variables held constant.