BCE financial statements

The full income statement, balance sheet, and cash-flow statement for BCE Inc. (BCE), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 901.0M2018-12 898.2M2019-12 903.9M2020-12 904.4M2021-12 909.0M2022-12 912.0M2023-12 912.3M2024-12 912.3M2025-12 929.1M+3.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	17.5B YoY-1.7%	17.8B YoY-2.6%	18.3B YoY-1.6%	18.6B YoY-0.7%	18.7B YoY+9.6%
Cost of revenue	5.53B YoY-1.7%	5.62B YoY-4.3%	5.87B YoY+0.1%	5.87B YoY+1.0%	5.81B YoY+11.9%
Research & development	42.9M YoY-10.8%	48.1M YoY-27.8%	66.7M YoY+52.3%	43.8M YoY-3.7%	45.5M YoY+29.7%
Pre-tax income	5.52B YoY+694.3%	694M YoY-71.8%	2.46B YoY-17.7%	2.99B YoY-4.8%	3.14B YoY+29.0%
Income tax	854M YoY+102.8%	421M YoY-43.0%	738M YoY-0.7%	743M YoY-10.8%	833M YoY+41.0%
Net income	4.66B YoY+1604.2%	274M YoY-84.1%	1.72B YoY-23.3%	2.25B YoY-2.6%	2.31B YoY+14.6%
	$4.86 YoY+3600.9%	$0.13 YoY-92.2%	$1.69 YoY-26.2%	$2.29 YoY-4.0%	$2.39 YoY+15.9%
EPS (basic)	$4.86 YoY+3600.9%	$0.13 YoY-92.2%	$1.69 YoY-26.2%	$2.29 YoY-4.0%	$2.39 YoY+15.9%
	929M YoY+1.8%	912M YoY+0.0%	912M YoY+0.1%	912M YoY+0.6%	906M YoY+0.2%
	929M YoY+1.8%	912M YoY+0.0%	912M YoY+0.0%	912M YoY+0.6%	907M YoY+0.3%
Dividends per share	$1.65 YoY-43.2%	$2.91 YoY+1.5%	$2.87 YoY+1.4%	$2.83 YoY+1.2%	$2.79 YoY+12.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.41B YoY-13.0%	6.21B YoY+4.2%	5.97B YoY+24.5%	4.79B YoY-1.5%	4.86B YoY+9.1%
Accounts receivable	3.27B YoY+4.5%	3.13B YoY+2.7%	3.05B YoY-0.4%	3.06B YoY-1.4%	3.10B YoY+12.1%
Inventory	284M YoY-2.9%	292M YoY-16.7%	351M YoY-27.5%	485M YoY+28.1%	378M YoY+10.0%
	58.5B YoY+14.4%	51.2B YoY-5.8%	54.3B YoY+6.1%	51.2B YoY-2.3%	52.4B YoY+10.2%
Property, plant & equipment	—	—	—	21.6B YoY-2.5%	22.2B YoY+2.8%
Goodwill	9.66B YoY+35.2%	7.15B YoY-13.5%	8.27B YoY+2.6%	8.06B YoY-2.9%	8.30B YoY-0.2%
Total non-current assets	53.1B YoY+18.1%	45.0B YoY-7.1%	48.4B YoY+4.2%	46.4B YoY-2.3%	47.5B YoY+10.3%
	9.39B YoY-9.2%	10.3B YoY+13.0%	9.15B YoY+7.9%	8.47B YoY+18.5%	7.15B YoY+10.3%
Short-term & current debt	—	—	2.45B YoY+97.6%	1.24B YoY+59.7%	777M YoY+1.7%
	41.5B YoY+6.2%	39.1B YoY+0.7%	38.8B YoY+12.2%	34.6B YoY+0.5%	34.4B YoY+11.6%
Long-term debt	25.5B YoY+11.4%	22.9B YoY-2.8%	23.5B YoY+14.6%	20.5B YoY-3.3%	21.2B YoY+13.3%
	16.8B YoY+41.4%	11.9B YoY-22.2%	15.3B YoY-6.7%	16.4B YoY-7.8%	17.8B YoY+8.0%
Total equity incl. non-controlling	17.0B YoY+40.8%	12.1B YoY-22.1%	15.5B YoY-6.6%	16.6B YoY-7.6%	18.0B YoY+7.7%
	—	—	912M YoY+0.0%	912M YoY+0.3%	909M YoY+0.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.01B YoY-1.8%	5.10B YoY-13.4%	5.89B YoY-8.4%	6.43B YoY+0.6%	6.39B YoY+10.5%
Depreciation & amortization	3.75B YoY+1.9%	3.68B YoY+0.9%	3.64B YoY+0.4%	3.63B YoY-1.3%	3.68B YoY+12.0%
Intangible amortization	986M YoY+5.3%	936M YoY+7.7%	869M YoY+6.4%	817M YoY+4.2%	784M YoY+13.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	5.59B YoY+99.8%	2.80B YoY-27.3%	3.85B YoY+156.8%	1.50B YoY-62.3%	3.98B YoY-11.2%
Long-term debt repaid	7.22B YoY+199.8%	2.41B YoY+75.0%	1.38B YoY-11.4%	1.55B YoY-29.2%	2.20B YoY-41.2%
Common stock issued	0.00	0.00 YoY-100.0%	13.3M YoY-89.8%	131M YoY-36.9%	208M YoY+973.9%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	1.56B YoY-43.8%	2.77B YoY+2.0%	2.72B YoY+2.6%	2.65B YoY+1.9%	2.60B YoY+12.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	22.1B YoY+4.7%	21.1B YoY-41.1%	35.9B YoY-10.1%	40.0B YoY-15.5%	47.3B YoY+22.2%
P/E	4.7× YoY-93.9%	77.3× YoY+383.8%	16.0× YoY-7.7%	17.3× YoY-15.5%	20.5× YoY+6.6%
P/S	1.3× YoY+6.4%	1.2× YoY-38.6%	1.9× YoY-9.4%	2.1× YoY-15.5%	2.5× YoY+11.5%
P/B	1.3× YoY-26.0%	1.8× YoY-18.8%	2.2× YoY-2.5%	2.2× YoY-15.5%	2.7× YoY+13.2%
	21.1% YoY+1528.4%	1.3% YoY-79.3%	6.3% YoY+8.4%	5.8% YoY+18.4%	4.9% YoY-6.2%
	6.9% YoY-44.7%	12.6% YoY+72.4%	7.3% YoY+13.2%	6.4% YoY+19.9%	5.4% YoY-7.5%
Source filing	40-F	40-F	40-F	40-F	40-F

About this data

Source: BCE's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BCE filings on SEC EDGAR → Not investment advice.