Performance at a glance

Key highlights of the year

Operations

+0.7%

Operating revenues

2024 : $20.1 billion
2023 : $20.0 billion

+8.2%

Net income

2024 : $938 million
2023 : $867 million

+2.6%

Adjusted EBITDA1

2024 : $7.3 billion
2023 : $7.1 billion

+16%

Basic EPS

2024 : $0.67
2023 : $0.58

+9.5%

Adjusted basic EPS1

2024 : $1.04
2023 : $0.95

+7.0%

Dividends declared per share

2024 : $1.5566
2023 : $1.4544

Financial Resources

+3.4%

Total assets

2024 : $58.0 billion
2023 : $56.1 billion

+7.7%

Cash from operations

2024 : $4.8 billion
2023 : $4.5 billion

+12%

Free cash flow1

2024 : $2.0 billion
2023 : $1.8 billion

-6.6%

Capital expenditures

2024 : $2.6 billion
2023 : $2.8 billion

-2 pts

Capital expenditure intensity2

2024 : 12%
2023 : 14%

+1.2 pts

Return on common equity3

2024 : 6.3%
2023 : 5.1%

Connections4

+346,000

Mobile phone subscribers

2024: 10.15 million
2023: 9.80 million

+615,000

Connected device subscribers

2024 : 3.73 million
2023 : 3.11 million

+134,000

Internet subscribers

2024 : 2.76 million
2023 : 2.63 million

+92,000

TV net additions

TV subscribers5

2024 : 1.39 million
2023 : 1.39 million

+64,000

Security subscribers

2024 : 1.12 million
2023 : 1.06 million

+6.7 million

Healthcare lives covered

2024 : 76.2 million
2023 : 69.5 million

Financial and operating highlights

Operations

($ in millions except per share amounts)
2024
2023
% change
Operating revenues
$ 20,139
$ 20,005
0.7
Operating income
$ 2,804
$ 2,362
18.7
Net income
$ 938
$ 867
8.2
Earnings before interest, taxes, depreciation and amortization (EBITDA)1
$ 6,840
$ 6,431
6.4
Adjusted EBITDA1
$ 7,333
$ 7,149
2.6
Adjusted EBITDA margin1 (%)
36.0
35.5
-
Basic EPS
$ 0.67
$ 0.58
15.5
Adjusted basic EPS1
$ 1.04
$ 0.95
9.5
Dividends declared per share
$ 1.5566
$ 1.4544
7.0

TELUS technology solutions (TTech) segment

($ in millions)
2024
2023
% change
Operating revenues
$ 17,407
$ 17,106
1.8
Adjusted EBITDA1
$ 6,724
$ 6,375
5.5
Adjusted EBITDA margin1 (%)
38.2
37.1
-

TELUS digital experience (TELUS Digital) segment

($ in millions)
2024
2023
% change
Operating revenues
$ 2,732
$ 2,899
(5.8)
Adjusted EBITDA
$ 659
$ 774
(14.8)
Adjusted EBITDA margin1 (%)
17.7
21.0
-

Financial position

($ in millions)
2024
2023
% change
Total assets
$ 58,023
$ 56,136
3.4
Long-term debt
$ 28,854
$ 27,349
5.5
Net debt1
$ 28,569
$ 26,494
7.8
Return on common equity3 (%)
6.3
5.1
-

Liquidity and capital resources

($ in millions)
2024
2023
% change
Cash from operations
$ 4,847
$ 4,499
7.7
Capital expenditures
$ 2,635
$ 2,822
(6.6)
Capital expenditure intensity2 (%)
12
14
-
Free cash flow1
$ 1,982
$ 1,770
12.0
Net debt to EBITDA – excluding restructuring and other costs1
3.90
3.71
-

Telecom subscriber and health connections4

(thousands)
2024
2023
% change
Mobile phone subscribers
10,147
9,801
3.5
Connected device subscribers
3,729
3,114
19.7
Internet subscribers
2,760
2,626
5.1
TV subscribers5
1,389
1,394
(0.4)
Security subscribers
1,120
1,056
6.1
Residential voice subscribers
1,030
1,065
(3.3)
Healthcare lives covered
76,200
69,500
9.6

Item 1 of 2

Resources

2024 Annual report

Resources

2024 Sustainability and ESG report

Resources

2025 Information circular

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