BT Q3 Results: Profit Drops on Sports JV Loss

BT Q3 Results

BT’s latest Q3 results show lower profit and slightly softer earnings, but management is still sticking to its full‑year guidance and long‑term cash flow targets. It is one of those quarters where the headline numbers look a bit gloomy at first glance, yet the story underneath is more “steady work in progress” than crisis.

Reported profit before tax came in at 183 million pounds, a sharp drop of 244 million pounds year‑on‑year, mainly because of a 214 million pounds share of losses from the Sports joint venture.

That sports drag is doing a lot of the damage in the profit line, which matters for headlines even if the core telecom business is quietly grinding away in the background.

Revenue – Down, but Not Collapsing

BT’s Q3 adjusted revenue slipped about 4 percent to roughly 5.0 billion pounds, reflecting weaker service revenue, lower equipment sales, and the impact of divestments. This is not an “everything is falling apart” decline, more like a reminder that mature telecom markets do not give easy growth.

Consumer revenue was down around 1 percent, business revenue by about 6 percent, and international revenue fell a steep 14 percent, while openreach managed a slight increase versus last year.

Anyone who has followed big telcos knows this pattern: legacy voice and older contracts slowly fading, new fibre and data products trying to outrun the drag. It is messy, uneven, and not particularly glamorous, but very typical of the sector right now.

EBITDA and Cost Transformation – Holding the Line

Adjusted ebitda for the quarter was around 2.1 billion pounds, down 1 percent from the prior year’s 2.103 billion pounds. However, bt points out that if last year’s one‑off other operating income is stripped out, ebitda is broadly flat because cost savings are offsetting revenue pressure.

That cost transformation theme is becoming the quiet hero of bt’s earnings narrative. A lot of big operators talk about efficiency programmes; bt’s numbers suggest those efforts are actually cushioning the blow from weaker top‑line trends. It is less exciting than a flashy new product launch, but investors usually appreciate a disciplined cost base when growth is hard to find.

Outlook – Guidance Intact and Cash Flow Ambitions

Despite the softer quarter, bt says it remains on track for its financial outlook and guidance, including an expected cash flow inflection to around 2.0 billion pounds next year and roughly 3.0 billion pounds by the end of the decade.

That long‑term cash flow story is a big part of why markets keep paying attention, even in quarters where profit drops.

For long‑term watchers of the stock, this q3 update feels like a reminder that bt is still in a multi‑year transition: investing in fibre, reshaping its portfolio, absorbing sports‑related hits, and squeezing more out of operations. It is not a dramatic turnaround chapter, more like one of those middle pages where the main character is doing the hard, unglamorous work that sets up the next act.

Disclaimer

The bt q3 results information is shared for general news and educational purposes only and should not be treated as financial, investment, or trading advice. Readers should review official company filings, reports, and consult qualified advisers before making any investment decisions based on these earnings figures or commentary.