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Dec 31, 2025
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TELUS Q4 2025 Earnings Report
TELUS reported strong operational and financial results for the fourth quarter of 2025, with industry-leading customer growth and solid financial performance.
Key Takeaways
TELUS delivered strong fourth quarter 2025 results, marked by industry-leading customer growth of 377,000, including significant mobile phone and connected device additions. The company achieved positive mobile network revenue growth and maintained stable Cash from Operations year-over-year, while exceeding its full-year Consolidated Free Cash Flow guidance. TELUS also established compelling financial targets for 2026, focusing on continued service revenue and Adjusted EBITDA growth, alongside a decrease in capital expenditures.
Total Mobile and Fixed customer growth reached 377,000 in Q4 2025, driven by strong demand for bundled services.
Full year basic Earnings Per Share grew by 9%, with Net income attributable to Common Shares increasing by 12%.
TTech EBITDA showed strong growth of 4% in 2025, accompanied by a 230 basis point margin expansion.
Consolidated Free Cash Flow guidance was exceeded for the full year, reaching a record $2.2 billion, up 11%.
Revenue by Segment
Forward Guidance
TELUS has set industry-leading financial targets for 2026, anticipating continued growth in service revenues and Adjusted EBITDA, alongside a significant decrease in capital expenditures and strong free cash flow growth.
Positive Outlook
- Consolidated Service Revenues are targeted to increase by 2% to 4%.
- Consolidated Adjusted EBITDA is targeted to increase by 2% to 4%.
- Consolidated Free Cash Flow is projected to grow by 10% to approximately $2.45 billion.
- Consolidated Capital Expenditures are targeted to decrease by 10% to approximately $2.3 billion.
- The company aims to achieve a Net Debt to Adjusted EBITDA ratio of 3.3-times or lower by year-end 2026 and approximately 3.0-times by year-end 2027.
Challenges Ahead
- Decelerated growth in Canadian population from slowing immigration is expected to continue into 2026, impacting subscriber base growth.
- Ongoing intense mobile products and services competition and fixed products and services competition in both consumer and business markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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