Research analysts who have asked questions during TELUS earnings calls.
Drew McReynolds
RBC Capital Markets
5 questions for TU
Also covers: BCE, EGLXF, QBCRF +2 more
JD
Jérome Dubreuil
Desjardins Group
5 questions for TU
Also covers: ALYAF, BCE, GIB +3 more
Maher Yaghi
Scotiabank
5 questions for TU
Also covers: BCE, QBCRF, RCI +1 more
SP
Stephanie Price
CIBC World Markets
5 questions for TU
Also covers: BCE, DCBO, DSGX +6 more
Benjamin Swinburne
Morgan Stanley
4 questions for TU
Also covers: AMT, BATRA, CCI +23 more
VV
Vince Valentini
TD Securities
4 questions for TU
Also covers: BCE, ILLMF, QBCRF +2 more
TC
Tim Casey
BMO Capital Markets
3 questions for TU
Also covers: BCE, QBCRF, RCI +1 more
KV
Kannan Venkateshwar
Barclays PLC
2 questions for TU
Also covers: DIS, NYT, SPOT +5 more
MG
Matt Griffiths
Bank of America Merrill Lynch
2 questions for TU
Also covers: RCI
SP
Sebastiano Petti
JPMorgan Chase & Co.
1 question for TU
Also covers: ATUS, BCE, CABO +14 more
SF
Simon Flannery
Morgan Stanley
1 question for TU
Also covers: ABBN.SW, AMT, BCE +11 more
Recent press releases and 8-K filings for TU.
TELUS engages financial advisors for Health business monetization
TU
M&A
New Projects/Investments
Guidance Update
- TELUS Corporation has engaged TD Securities Inc. and Jefferies Securities, Inc. as financial advisors to explore the monetisation of its TELUS Health business, including potential strategic partnerships.
- As of Q3 2025, TELUS Health serves over 160 million lives globally and generated $1.5 billion in operating revenue, $258 million in EBITDA, and $99 million in cash flow year-to-date.
- This strategy supports TELUS's deleveraging targets, aiming for a net debt to adjusted EBITDA ratio of approximately 3.4-times by year-end 2025, 3.3-times or lower by year-end 2026, and 3.0-times by the end of 2027.
3 days ago
Vocodia Announces Acquisition of Majority Stake in Privacy Pal LLC and CEO Change
TU
M&A
CEO Change
Management Change
- Vocodia Holdings Corp (OTC: VHAI) has entered into a commitment letter to acquire a 51% stake in Privacy Pal LLC, a developer of the AI privacy solution PrivacyPal.
- Upon the closing of the transaction, Jason Melo will be appointed as Chief Executive Officer of Vocodia.
- Current CEO and Co-founder Brian Podolak will transition to the role of Chief Visionary Officer, focusing on long-term product innovation and R&D strategy.
- Jason Melo brings a background in financial technology, open-source development, and enterprise AI, including co-founding Paxos and leading the team that developed Node.js.
4 days ago
TELUS Leadership Increases Shareholdings and Initiates Share Buyback
TU
Share Buyback
Executive Compensation
Guidance Update
- **TELUS leadership, including the Board of Directors and CEO Darren Entwistle, acquired 357,090 additional TELUS shares in the open market during November and December 2025, reflecting confidence in the company's value proposition and long-term growth prospects. **
- **The company repurchased 2,299,753 common shares for cancellation at an average price of $17.3932 per share, representing an 18% discount to the average share price over the past twelve months. These purchases are part of a $500 million Normal Course Issuer Bid (NCIB) that commenced on December 17, 2025. **
- **TELUS is targeting net debt to adjusted EBITDA of circa 3.3-times or lower by year-end 2026 and 3.0-times by the end of 2027, and expects a minimum 10 percent compounded annual free cash flow growth rate through 2028. **
6 days ago
TELUS closes CAD$2.9 billion junior subordinated notes offerings
TU
Debt Issuance
Guidance Update
- TELUS successfully closed its US$ and CAD$ junior subordinated notes offerings, raising a total of CAD$2.9 billion.
- A portion of the net proceeds will be used to fund a tender offer to purchase up to CAD$500 million of outstanding notes, and the remaining proceeds will be used for repayment of outstanding indebtedness, including the redemption of CAD$600 million of 3.75% Notes, Series CV due March 2026.
- The company aims to reach a leverage ratio of approximately 3.3-times by year-end 2026 and approximately 3-times by year-end 2027.
- TELUS is confident in delivering free cash flow at a compounded annual growth rate of minimum 10 per cent through 2028.
Dec 10, 2025, 5:02 PM
TELUS CORP Announces Issuance of Junior Subordinated Notes
TU
Debt Issuance
- TELUS CORP is issuing two series of junior subordinated notes: Series CAT and Series CAU, each with an aggregate principal amount of Cdn. $400,000,000.
- The Series CAT Notes will bear an initial interest rate of 5.375% per annum until June 9, 2031, and the Series CAU Notes will bear an initial interest rate of 5.875% per annum until June 9, 2036.
- Both series of notes are due to mature on June 9, 2056, with the closing date for the issuance scheduled for December 9, 2025.
Dec 5, 2025, 9:19 PM
TELUS Corporation Announces Junior Subordinated Notes Offering
TU
Debt Issuance
- TELUS Corporation is issuing U.S.$1.5 billion in junior subordinated notes, consisting of Series C and Series D notes.
- The offering was priced at 100.000% of the principal amount with a trade date of December 4, 2025, and a settlement date of December 9, 2025.
- The company may redeem the notes at its option on specific dates, including at 102% of the principal amount following a Rating Event.
| Metric | Series C Notes | Series D Notes |
|---|---|---|
| Principal Amount ($USD) | $800,000,000 | $700,000,000 |
| Initial Interest Rate (%) | 6.375% | 6.625% |
| Maturity Date | June 9, 2056 | June 9, 2056 |
| Public Offering Price (% of principal) | 100.000% | 100.000% |
Dec 5, 2025, 9:18 PM
TELUS provides updated financial outlook, pauses dividend growth, and details DRIP step-down
TU
Guidance Update
Dividends
Debt Issuance
- TELUS targets a minimum 10 per cent compounded annual growth rate for free cash flow from 2026 through 2028, with a preliminary target of $2.4 billion for 2026.
- The company will pause dividend growth but continue paying its quarterly dividend at the current level of $0.4184 per share until its share price better reflects growth prospects.
- TELUS plans to systematically step down its Discounted DRIP from 2 per cent in early 2026 to zero discount starting in 2028.
- The company aims to reduce its net debt to EBITDA leverage ratio to approximately 3-times by the end of 2027, improving from 3.5-times as of September 30, 2025, and an expected 3.3-times by the end of 2026.
Dec 3, 2025, 9:06 PM
TELUS updates capital allocation framework and free cash flow targets
TU
Guidance Update
Dividends
Debt Issuance
- TELUS will pause dividend growth while continuing to pay its quarterly dividend at $0.4184 per share.
- The company plans to systematically step down its Discounted DRIP starting in early 2026, with a discount of 1.75 per cent for dividends declared in February and May 2026, moving to 1.5 per cent for August and November 2026, 1 per cent for 2027, and zero discount starting in 2028.
- TELUS aims to reduce its net debt to EBITDA leverage ratio to approximately 3-times by the end of 2027, improving from 3.5-times as of September 30, 2025, and an expected 3.3-times by the end of 2026.
- TELUS expects to generate approximately $2.15 billion in free cash flow in 2025 and targets a minimum 10 per cent compounded annual growth rate for free cash flow from 2026 through 2028.
- The preliminary free cash flow target for 2026 is $2.4 billion, with a capital expenditure target of approximately $2.3 billion for the same year.
Dec 3, 2025, 11:45 AM
TELUS Discusses Growth Strategies, AI Initiatives, and Financial Outlook
TU
New Projects/Investments
Guidance Update
M&A
- TELUS aims to grow its AI-enabling revenue from $800 million to $2 billion over the next few years, driven by TELUS Digital AI services and B2B growth, leveraging its Canadian data centers and a partnership with NVIDIA and HP.
- The company expects a slow and steady improvement in wireless ARPU, with continued progress anticipated into 2026 towards positive growth.
- TELUS Health, now valued above $5 billion, is seeking a partner who could potentially bring in $1 billion-$3 billion to further scale the business, following the integration of Workplace Options.
- TELUS maintains its 10% capital intensity objective and plans to reduce its Dividend Reinvestment Plan (DDRIP) to zero by the end of 2027, supported by strong EBITDA growth, selective divestitures, and flat to down CapEx.
- The mobile competitive environment has been quieter than in previous years during Black Friday week, with more targeted specials and a focus on ARPU, handset subsidy, and rate plans.
Nov 24, 2025, 4:15 PM
TELUS CFO Discusses Growth Strategy, AI Initiatives, and Deleveraging Targets
TU
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- TELUS is targeting $1.2 billion in incremental AI-enabling revenue growth over the next three years, building on an initial $800 million, through TELUS Digital AI services and B2B compute solutions, while maintaining its 10% capital intensity objective.
- The mobile competitive environment has been quieter than previous Black Fridays, with ARPU recovery showing slow and steady improvement expected to continue into 2026.
- TELUS Health's valuation is now above $5 billion, with potential to reach $10 billion, and the company is seeking a partner to bring in $1 billion-$3 billion after finalizing the integration of Workplace Options.
- The company remains committed to its deleveraging targets and dividend plan, aiming to reduce the DRIP to zero by the end of 2027, supported by strong EBITDA growth, selective divestitures, and controlled capital expenditures.
Nov 24, 2025, 4:15 PM
Quarterly earnings call transcripts for TELUS.
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