Financial reports

BCE's 4th quarter results

($ millions, except per share amounts)

BCE Financial Highlights Q4 2020 Q4 2019 $ change % change
Operating revenues
$6,102 $6,275 negative $173 negative 2.8%
Adjusted EBITDA(1)Operating revenues less operating costs
$2,404 $2,484 negative $80 negative 3.2%
Adjusted EBITDA margin
39.4% 39.6% Not Applicable negative 0.2 pt
Net earnings attributable to common shareholders
$889 $672
Adjusted EPS (2)Net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and non-controlling interest (NCI)
$0.81 $0.86 negative 5 cents negative 5.8%
Free Cash Flow (3)Cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI.
$92 $874 negative $782 negative 89.5%