TELUS (TU) Company Report

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.

23 hours ago

6-K

TELUS Corporation Announces Junior Subordinated Notes Offering

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%

23 hours ago

6-K

TELUS provides updated financial outlook, pauses dividend growth, and details DRIP step-down

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.

3 days ago

6-K

TELUS updates capital allocation framework and free cash flow targets

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.

3 days ago

Press Release

TELUS Discusses Growth Strategies, AI Initiatives, and Financial Outlook

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

Transcript

TELUS CFO Discusses Growth Strategy, AI Initiatives, and Deleveraging Targets

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

Transcript

TELUS Reports Strong Q3 2025 Customer Growth and Strategic Progress

Earnings

New Projects/Investments

Dividends

TELUS achieved 288,000 total mobile and fixed customer additions in Q3 2025, reflecting 5% growth year-over-year, and maintained an industry-best post-paid mobile phone churn of 0.91%. The company delivered solid TTEC EBITDA growth of 3% and free cash flow increased by 8% to CAD 611 million.
TELUS Health achieved 18% revenue and 24% adjusted EBITDA growth, with LifeWorks integration synergies reaching CAD 417 million, nearly triple the initial target. The acquisition of TELUS Digital was completed, with expected annualized cash synergies of CAD 150 million-CAD 200 million by FY 2026.
AI-enabling capabilities are projected to grow from nearly CAD 800 million in revenue in 2025 to approximately CAD 2 billion by 2028, representing over 30% annualized growth, supported by the launch of Canada's first sovereign AI factory.
The company's leverage ratio improved to 3.5 times , and the quarterly dividend was increased by 4% to CAD 0.4184. TELUS remains on track to achieve a leverage target of three times by 2027 and to eliminate its discount dividend reinvestment plan by the end of 2027.

Nov 7, 2025, 4:00 PM

Transcript

TELUS Reports Strong Operational and Financial Results for Q3 2025

Earnings

Guidance Update

Demand Weakening

TELUS reported net income of $431 million and Basic earnings per share (EPS) of $0.32 for the third quarter of 2025, both increasing by 68% compared to the same period last year, primarily driven by a gain on the purchase of long-term debt.
TTech Adjusted EBITDA, including the health segment, achieved 3% growth, and the company generated $611 million in free cash flow, representing 8% growth.
The balance sheet continued to strengthen, with the net debt to EBITDA leverage ratio improving to 3.5-times at the end of the third quarter, with a target to reach approximately 3-times by 2027.
For the full year 2025, the target for TTech operating revenue growth (including the health segment) is expected to be at the lower end of the original target range, while targets for TTech Adjusted EBITDA, consolidated capital expenditures, and free cash flow remain unchanged.

Nov 7, 2025, 12:11 PM

6-K

TELUS Corporation Reports Strong Q3 2025 Earnings and Subscriber Growth

Earnings

Dividends

M&A

TELUS Corporation reported a 76% increase in Net income attributable to Common Shares to $493 million and a 68% increase in Basic EPS to $0.32 for the third quarter of 2025 compared to the prior year. For the first nine months of 2025, Net income attributable to Common Shares increased by 29% to $821 million, and Basic EPS increased by 26% to $0.54.
Operating revenues and other income for Q3 2025 were $5,106 million, a slight increase of $7 million from the prior year, driven by a $97 million increase in service revenues, partially offset by a $72 million decrease in equipment revenues.
The company generated $1,493 million in cash provided by operating activities and $611 million in free cash flow for Q3 2025, representing increases of 4% and 8% respectively from the prior year. The Net debt to EBITDA – excluding restructuring and other costs ratio improved to 3.5 times for the 12-month period ended September 30, 2025, down from 3.8 times a year earlier.
Dividends declared per Common Share for Q3 2025 increased by 7% to $0.4163, and the Board declared a Q4 dividend of $0.4184 per share payable on January 2, 2026.
During the 12-month period ended September 30, 2025, total telecom subscriber connections increased by 936,000 or 5%, and the company acquired 100% of Workplace Options on May 1, 2025, to expand its TELUS Health segment.

Nov 7, 2025, 12:10 PM

6-K

TELUS Completes Privatization of TELUS Digital

M&A

Delisting/Listing Issues

New Projects/Investments

TELUS Corporation has completed the acquisition of all outstanding multiple voting and subordinate voting shares of TELUS Digital not already owned by TELUS.
The transaction was valued at an aggregate consideration of approximately US$539 million, with shareholders receiving US$4.50 per share in cash and/or TELUS common shares, resulting in TELUS now owning 100% of TELUS Digital.
This integration is expected to generate approximately $150 million in annualized cash synergies through operational efficiencies.
TELUS Digital's subordinate voting shares are anticipated to be delisted from both the Toronto Stock Exchange and New York Stock Exchange shortly.

Oct 31, 2025, 11:12 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for TELUS.

Q3 2025

Nov 7, 2025

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Q2 2025

Aug 1, 2025

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