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- 2024 annual report
- Performance at a glance

Performance at a glance
Key highlights of the year
Operations
+0.7%
Operating revenues
2024 : $20.1 billion
2023 : $20.0 billion
2023 : $20.0 billion
+8.2%
Net income
2024 : $938 million
2023 : $867 million
2023 : $867 million
+2.6%
Adjusted EBITDA1
2024 : $7.3 billion
2023 : $7.1 billion
2023 : $7.1 billion
+16%
Basic EPS
2024 : $0.67
2023 : $0.58
2023 : $0.58
+9.5%
Adjusted basic EPS1
2024 : $1.04
2023 : $0.95
2023 : $0.95
+7.0%
Dividends declared per share
2024 : $1.5566
2023 : $1.4544
2023 : $1.4544
Financial Resources
+3.4%
Total assets
2024 : $58.0 billion
2023 : $56.1 billion
2023 : $56.1 billion
+7.7%
Cash from operations
2024 : $4.8 billion
2023 : $4.5 billion
2023 : $4.5 billion
+12%
Free cash flow1
2024 : $2.0 billion
2023 : $1.8 billion
2023 : $1.8 billion
-6.6%
Capital expenditures
2024 : $2.6 billion
2023 : $2.8 billion
2023 : $2.8 billion
-2 pts
Capital expenditure intensity2
2024 : 12%
2023 : 14%
2023 : 14%
+1.2 pts
Return on common equity3
2024 : 6.3%
2023 : 5.1%
2023 : 5.1%
Connections4
+346,000
Mobile phone subscribers
2024: 10.15 million
2023: 9.80 million
2023: 9.80 million
+615,000
Connected device subscribers
2024 : 3.73 million
2023 : 3.11 million
2023 : 3.11 million
+134,000
Internet subscribers
2024 : 2.76 million
2023 : 2.63 million
2023 : 2.63 million
+92,000
TV net additions
TV subscribers5
2024 : 1.39 million
2023 : 1.39 million
2023 : 1.39 million
+64,000
Security subscribers
2024 : 1.12 million
2023 : 1.06 million
2023 : 1.06 million
+6.7 million
Healthcare lives covered
2024 : 76.2 million
2023 : 69.5 million
2023 : 69.5 million
Financial and operating highlights
Operations
($ 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 |