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TELUS
TELUS (T) investor relations material
TELUS Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved industry-leading customer growth in 2025, surpassing 1,081,000 total additions for the fourth consecutive year, with best-in-class postpaid mobile phone churn at 0.97%.
Record free cash flow of CAD 2.2 billion for 2025, up 11% year-over-year, exceeding guidance.
Health segment revenue grew 15% and adjusted EBITDA rose 22%, covering 161.2 million lives globally, with successful LifeWorks integration and global expansion.
AI-enabling revenue reached $800 million in 2025, growing 35% year-over-year, with digital segment Q4 revenue up 3% and AI capabilities revenue up 44%.
CEO transition announced: Darren Entwistle to retire June 30, 2026, with Victor Dodig appointed effective July 1, 2026, ensuring leadership continuity.
Financial highlights
Fiscal 2025 consolidated operating revenues were $20.3 billion, up 1% year-over-year; adjusted EBITDA was $7.4 billion, flat year-over-year.
Q4 2025 operating revenues were $5.2–$5.3 billion, down 2% year-over-year; Q4 free cash flow was $574 million, up 7%.
TTech adjusted EBITDA, including health, increased 3.1% for 2025, with margin expansion to 40.9% in Q4.
Capital expenditures totaled $2.5 billion in 2025, up 1% year-over-year; capital intensity at 12%, trending toward 10% by 2028.
Q4 delivered 377,000 total telecom customer net additions, including 337,000 in wireless and 40,000 in wireline.
Outlook and guidance
2026 guidance targets 2–4% growth in consolidated service revenues and adjusted EBITDA, free cash flow of approximately CAD 2.45 billion (10% growth), and capital expenditures of approximately CAD 2.3 billion (10% decrease).
Free cash flow CAGR of at least 10% expected from 2026–2028, supporting deleveraging and dividend sustainability.
Double-digit EBITDA growth expected for both digital and health segments in 2026.
Net debt to EBITDA targeted at 3.3x or lower by end of 2026 and 3.0x or better by end of 2027.
TELUS Health strategic partnership update
AI revenue growth drivers to $2B by 2028
Mobile ARPU decline mitigation strategy
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Next TELUS earnings date
Q1 20268 May, 2026
TELUS
Next TELUS earnings date
Q1 20268 May, 2026
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Frequently asked questions
TELUS Corporation is a telecommunications company providing a wide range of services including wireless, data, internet, television, and healthcare technology solutions. The company serves consumers, businesses, and healthcare providers primarily across Canada. TELUS operates within the telecommunications and information technology sectors. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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