FEBRUARY 12, 2026
TELUS reports strong and industry leading operational and financial results for the fourth quarter and full year 2025; establishes compelling and industry-best 2026 financial targets
Industry-leading fourth quarter total Mobile and Fixed customer growth of 377,000, including 50,000 mobile phone, 287,000 connected devices and 35,000 internet net additions driven by continued demand for our premium bundled services nationally
Delivered positive mobile network revenue growth reflecting improving ARPU performance
Full year basic Earnings Per Share growth of 9 per cent; Net income attributable to Common Shares higher by 12 per cent; Cash from Operations of $4.9 billion stable over the prior year
Full year basic Earnings Per Share growth of 9 per cent; Net income attributable to Common Shares higher by 12 per cent; Cash from Operations of $4.9 billion stable over the prior year
Strong TTech EBITDA growth of 4 per cent in 2025 combined with margin expansion of 230 basis points
Strong TTech EBITDA growth of 4 per cent in 2025 combined with margin expansion of 230 basis points
Delivered on key annual financial targets for 2025: TTech Adjusted EBITDA, including our health segment, increased 3.1 per cent; Exceeded full-year Consolidated Free Cash Flow guidance, reaching a record $2.2 billion, up 11 per cent
Delivered on key annual financial targets for 2025: TTech Adjusted EBITDA, including our health segment, increased 3.1 per cent; Exceeded full-year Consolidated Free Cash Flow guidance, reaching a record $2.2 billion, up 11 per cent
Executing comprehensive balance sheet deleveraging strategy: Concluded 2025 with Net Debt to Adjusted EBITDA of 3.4-times, targeting 3.3-times or lower by year-end 2026 and approximately 3.0-times by year-end 2027
Executing comprehensive balance sheet deleveraging strategy: Concluded 2025 with Net Debt to Adjusted EBITDA of 3.4-times, targeting 3.3-times or lower by year-end 2026 and approximately 3.0-times by year-end 2027
Establishing industry-leading 2026 financial targets: Consolidated Service Revenues and Adjusted EBITDA to increase by 2 to 4 per cent and 2 to 4 per cent, respectively; Consolidated Capital Expenditures of approximately $2.3 billion or 10 per cent decrease; Consolidated Free Cash Flow of approximately $2.45 billion or 10 per cent growth
Establishing industry-leading 2026 financial targets: Consolidated Service Revenues and Adjusted EBITDA to increase by 2 to 4 per cent and 2 to 4 per cent, respectively; Consolidated Capital Expenditures of approximately $2.3 billion or 10 per cent decrease; Consolidated Free Cash Flow of approximately $2.45 billion or 10 per cent growth
Vancouver, B.C. – TELUS Corporation today released its unaudited results for the fourth quarter of 2025. Consolidated operating revenues and other income was $5.3 billion, compared with $5.4 billion in the prior year, as higher Consolidated service revenue growth of 1 per cent was offset by lower Mobile equipment revenue and Other income. Consolidated service revenue growth was driven by: (i) growth in health services, reflecting business acquisitions and growth in payor and provider solutions; (ii) mobile, residential internet, and security and automation subscriber growth; and (iii) higher external revenues in TELUS Digital inclusive of favourable foreign exchange rates. These factors were partially offset by: (i) mobile phone ARPU declining at a decelerating rate; (ii) lower business-to-business (B2B) data services revenue; (iii) lower agriculture and consumer goods services revenues attributable to the divestiture of non-core assets; and (iv) declines in fixed legacy voice revenues due to technological substitution. See ‘Fourth Quarter 2025 Operating Highlights’ within this news release for a discussion on TELUS’ reportable segment results for TTech, TELUS Health and TELUS Digital.
“In the fourth quarter of 2025, TELUS delivered strong, quality customer growth and robust financial performance, powered by our team’s relentless focus on operational excellence,” said Darren Entwistle, President and CEO. “Our commitment to profitable customer growth, powered by our world-leading TELUS PureFibre and 5G+ broadband networks, drove industry-leading mobile and fixed customer net additions of 377,000 in the fourth quarter. This growth was driven by 50,000 mobile phone and 35,000 internet customer net additions, while achieving a quarterly record of 287,000 connected device net additions. Notably, this performance culminated into our fourth consecutive year of surpassing one million combined mobility and fixed customer additions, with 2025 customer additions of 1,081,000 – a testament to the compelling value of our comprehensive bundled offerings, our strategic national expansion of TELUS PureFibre connectivity and our team’s passion for delivering customer service excellence. Indeed, TELUS continues to drive best-in-class loyalty, with postpaid mobile phone churn of 0.97 per cent for the full year, marking our twelfth consecutive year below the one per cent threshold.”
“TELUS Health delivered another strong quarter of growth, achieving revenue and Adjusted EBITDA growth of 13 per cent and 10 per cent, respectively, fueled by strategic investments, continuous product innovation and disciplined execution across our global platforms. We successfully delivered $431 million in LifeWorks annualized synergies, exceeding our original target by nearly three-times, comprising $334 million in cost efficiencies and $97 million in cross-selling revenue, demonstrating our ability to execute on transformational integrations. Furthermore, we expanded our global reach to more than 161 million lives covered, solidifying our position as the world leader in workforce digital health and well-being solutions. Indeed, our recently announced strategic joint commercial initiative with M42’s Abu Dhabi Health Data Services, marks a significant milestone in our expansion into high-growth markets globally. This collaboration combines our proven global expertise with their regional clinical excellence and AI capabilities to deliver comprehensive workforce health solutions across the Middle East and broader region. As we continue to expand our operational footprint, our engagement with financial advisors to explore strategic partnership opportunities for TELUS Health demonstrates tangible progress on our well-articulated commitments to the investment community. As a world-class digital health provider with expanding global reach, AI-driven innovation and strong profit and cash flow growth, TELUS Health is well-positioned to attract strategic partnerships that unlock significant value for our shareholders.”
“Following the privatization of TELUS Digital, we are accelerating our enterprise-wide AI and data capabilities, enabling strategic cross-promotion of our industry-leading AI product set throughout our entire business portfolio, while enhancing TELUS Digital’s capacity to drive growth opportunities across its external client base. This positions TELUS for differentiated growth, with our AI-enabling capabilities generating approximately $800 million in revenue in 2025, with a target of circa $2 billion in 2028 across TELUS Digital and TELUS Business Solutions, including contributions from our Sovereign AI Factories. In parallel, the integration of TELUS Digital is expected to unlock meaningful operational efficiencies, delivering annual cash synergies of approximately $150 million to $200 million, with approximately $150 million being realized within 2026.”
Darren further commented, “Our strong financial and operational performance are underpinned by our world-class networks, data-centric growth assets and customer experience leadership. This positions us well to deliver on our 2026 targets announced today, including Consolidated Service Revenues and Adjusted EBITDA growth of up to 4 per cent and 4 per cent, respectively; Consolidated Free Cash Flow of approximately $2.45 billion; and moderating Consolidated Capital Expenditures of approximately $2.3 billion. Underpinning our outlook is a focused growth strategy centred on amplifying profitable revenue expansion, complemented by ongoing focus on cost efficiency and an unwavering commitment to customer service excellence – positioning TELUS to deliver sustainable, value-accretive growth.”
“Notably, 2025 marked the 25th anniversary of our iconic TELUS brand and the 20th year that our team members have participated in our annual TELUS Day of Giving,” Darren continued. “During this milestone year, our TELUS family volunteered 1.5 million hours in our local communities around the world. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of giving – equivalent to 19 million hours – in the global communities where our team members live, work and serve – more than any other company on the planet.”
“Our fourth quarter and full-year results demonstrate strong operational execution and financial discipline, closing out 2025 with strong momentum across all key metrics and significant progress on our deleveraging commitments,” said Doug French, Executive Vice-President and CFO. “During the seasonally competitive fourth quarter, we responded in a highly tactical and disciplined manner that is evident in our financial results. We delivered positive network revenue while ARPU demonstrated accelerated sequential improvement – reinforcing the effectiveness of our go-to-market strategy. Furthermore, TTech Adjusted EBITDA excluding lower mobile equipment margin from lower contracted volumes, increased by 2.7 per cent and free cash flow increased 7 per cent supported by positive cash flow impacts from lower contracted volumes on disciplined device financing, in addition to lower cash restructuring. For the full year, TTech service revenue, including our health segment, increased 2 per cent. Notably, TTech Adjusted EBITDA, including our health segment, increased 3.1 per cent, within our guidance range and demonstrating our team’s disciplined execution and rigorous cost management, in a dynamic operating environment. Consolidated Cash from Operations of $4.9 billion was stable over last year while Free Cash Flow surpassed our annual guidance, reaching a record $2.2 billion, up 11 per cent over the prior year, reflecting our focus on EBITDA expansion through margin accretive growth, operational efficiency and effectiveness and moderating capital expenditures. Capital expenditures, excluding real estate, was $2.5 billion for the year, representing a capital intensity of 12 per cent as we work towards our target of approximately 10 per cent.”
“Importantly, we are executing our capital allocation and deleveraging strategy, moving ahead of plan with our leverage ratio improving to 3.4-times at year-end 2025. Our comprehensive approach consists of multiple value-creating initiatives. This includes our Terrion partnership with La Caisse, which reduced net debt by $1.26 billion or by 0.17-times, advancing strategic partnerships for TELUS Health and TELUS Agriculture & Consumer Goods and accelerating real estate and copper monetization. Combined with our three-year Free Cash Flow growth target of minimum 10 per cent compounded annual growth through 2028, these initiatives support our deleveraging targets of 3.3-times or lower by year-end 2026 and 3.0-times by the end of 2027, while delivering sustainable shareholder value."
“Looking ahead, our 2026 outlook reinforces our commitment to delivering strong shareholder value. We are confident in our ability to deliver sustained, profitable growth supported by our robust asset mix, diversified business portfolio and proven operational excellence. Our financial guidance reflects continued Free Cash Flow expansion driven by strong EBITDA growth, further capital intensity moderation, and ongoing efficiency and synergy realization. As part of our capital allocation strategy and focus on deleveraging, we are maintaining our dividend at the current level, and we have systematically reduced the discount on our dividend reinvestment program to 1.75 per cent for dividends declared in February and May 2026 while we continue to assess a more accelerated step down, reflecting our commitment to disciplined capital allocation,” concluded Doug.
To view the full release in PDF format, please download
here
.