(UNAUDITED)
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Table of Contents
TELUS Corporation
Selected Consolidated Data
Segmented Data
Segmented Data (Historical Trend)
TELUS technology solutions
Operations
Operations (Historical Trend)
Operating Statistics
Operating Statistics (Historical Trend)
TELUS health
Operations
Operations (Historical Trend)
TELUS digital experience
Operations
Operations (Historical Trend)
Non-GAAP and other specified financial measures and definitions
2
3
4
5
6
7
8
9
10
11
12
13-14
Selected Consolidated Data
Third Quarter, 2026
$ in millions except shares, per share amounts, and ratios | Q3/26 | Q2/26 | Q1/26 | Quarterly Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Net income (loss) | (660) | (1,830) | 144 | 290 | 431 | (245) | 301 |
Adjusted Net income1 | 251 | 254 | 356 | 311 | 370 | 342 | 388 |
Basic earnings (loss) per share ($) | (0.42) | (1.17) | 0.09 | 0.19 | 0.32 | - | 0.21 |
Adjusted basic earnings per share ($)1 | 0.16 | 0.16 | 0.23 | 0.20 | 0.24 | 0.22 | 0.26 |
Dividends declared per common share ($) | 0.1875 | 0.4184 | 0.4184 | 0.4184 | 0.4163 | 0.4163 | 0.4023 |
Return on common equity2 | (14%) | (6%) | 6% | 7% | 8% | 6% | 8% |
Earnings coverage | (0.3) | 0.5 | 1.9 | 2.1 | 2.1 | 2.0 | 2.1 |
EBITDA interest coverage ratio3 | 4.8 | 4.9 | 5.1 | 5.0 | 5.2 | 5.2 | 5.3 |
Cash provided by operating activities | 1,485 | 1,342 | 1,050 | 1,130 | 1,493 | 1,166 | 1,077 |
Free cash flow4 | 396 | 545 | 583 | 574 | 611 | 535 | 488 |
Long-term debt (including current maturities of long-term debt) | 29,784 | 30,231 | 30,131 | 30,539 | 28,989 | 32,194 | 28,724 |
Net debt5 | 25,981 | 25,963 | 25,889 | 25,189 | 25,663 | 27,293 | 28,682 |
Net debt : EBITDA - excluding restructuring and other costs (times)6 | 3.6 | 3.5 | 3.5 | 3.4 | 3.5 | 3.7 | 3.9 |
Outstanding shares at end of period (M) | 1,590 | 1,575 | 1,561 | 1,549 | 1,535 | 1,525 | 1,514 |
Basic weighted average shares outstanding (M) | 1,589 | 1,574 | 1,561 | 1,548 | 1,535 | 1,525 | 1,514 |
Sept YTD 2026 | Annual 2025 |
(2,346) | 777 |
861 | 1,411 |
(1.51) | 0.73 |
0.55 | 0.92 |
1.0243 | 1.6533 |
(14%) | 7% |
(0.3) | 2.1 |
4.8 | 5.0 |
3,877 | 4,866 |
1,524 | 2,208 |
29,784 | 30,539 |
25,981 | 25,189 |
3.6 | 3.4 |
1,590 | 1,549 |
1,575 | 1,531 |
Third Quarter, 2026
$ in millions | Quarter 3 2026 2025 Change % Change | |
Operating revenues and other income | ||
TELUS technology solutions | 3,322 3,285 37 | 1% |
TELUS health | 528 517 11 | 2% |
TELUS digital experience | 731 821 (90) | (11)% |
Less: Intersegment revenues | (100) (116) 16 | (14)% |
Service revenues | 4,481 4,507 (26) | (1)% |
Equipment revenue | 539 560 (21) | (4)% |
Operating revenues | 5,020 5,067 (47) | (1)% |
Other income | 6 39 (33) | (85)% |
Total operating revenues and other income | 5,026 5,106 (80) | (2)% |
EBITDA7 | ||
TELUS technology solutions | 1,494 1,657 (163) | (10)% |
TELUS health | 77 85 (8) | (10)% |
TELUS digital experience | 1 30 (29) | (99)% |
Eliminations | (23) (19) (4) | 21% |
Consolidated | 1,549 1,753 (204) | (12)% |
EBITDA margin | ||
TELUS technology solutions | 38.7% 42.8% (4.1) pts. | |
TELUS health | 14.5% 16.2% (1.7) pts. | |
TELUS digital experience | 0.1% 3.6% (3.5) pts. | |
Consolidated | 30.8% 34.3% (3.5) pts. | |
Sept YTD 2026 2025 Change % Change | |
9,857 9,806 51 | 1% |
1,587 1,505 82 | 5% |
2,306 2,462 (156) | (6)% |
(343) (332) (11) | 3% |
13,407 13,441 (34) | -% |
1,522 1,675 (153) | (9)% |
14,929 15,116 (187) | (1)% |
39 129 (90) | (70)% |
14,968 15,245 (277) | (2)% |
4,480 4,853 (373) | (8)% |
220 251 (31) | (13)% |
34 119 (85) | (72)% |
(75) (47) (28) | 60% |
4,659 5,176 (517) | (10)% |
39.3% 41.9% (2.6) pts. | |
13.8% 16.5% (2.7) pts. | |
1.4% 4.8% (3.4) pts. | |
31.1% 34.0% (2.9) pts. | |
1,629 1,717 (88) | (5)% |
92 97 (5) | (5)% |
62 67 (5) | (9)% |
(23) (19) (4) | 21% |
1,760 1,862 (102) | (5)% |
42.2% 44.3% (2.1) pts. | |
17.3% 18.4% (1.1) pts. | |
8.4% 8.2% 0.2 pts. | |
35.0% 36.5% (1.5) pts. | |
619 534 85 | 16% |
12 36 (24) | (67)% |
631 570 61 | 11% |
52 56 (4) | (7)% |
41 42 (1) | (2)% |
(23) (16) (7) | 44% |
701 652 49 | 8% |
16% 14% 2 pts. | |
10% 11% (1) pt. | |
6% 5% 1 pt. | |
14% 12% 2 pts. | |
998 1,147 (149) | (13)% |
40 41 (1) | (2)% |
21 25 (4) | (16)% |
- (3) 3 | (100)% |
1,059 1,210 (151) | (12)% |
4,950 5,047 (97) | (2)% |
284 279 5 | 2% |
215 236 (21) | (9)% |
(75) (47) (28) | 60% |
5,374 5,515 (141) | (3)% |
43.4% 43.5% (0.1) pts. | |
17.8% 18.4% (0.6) pts. | |
9.2% 9.6% (0.4) pts. | |
35.9% 36.2% (0.3) pts. | |
1,797 1,611 186 | 12% |
47 65 (18) | (28)% |
1,844 1,676 168 | 10% |
149 159 (10) | (6)% |
112 126 (14) | (11)% |
(75) (44) (31) | 70% |
2,030 1,917 113 | 6% |
16% 14% 2 pts. | |
9% 10% (1) pt. | |
5% 5% - pts. | |
13% 12% 1 pt. | |
3,106 3,371 (265) | (8)% |
135 120 15 | 13% |
103 110 (7) | (6)% |
- (3) 3 | (100)% |
3,344 3,598 (254) | (7)% |
Adjusted EBITDA8
TELUS technology solutions TELUS health
TELUS digital experience Eliminations Consolidated
Adjusted EBITDA margin9 TELUS technology solutions TELUS health
TELUS digital experience Consolidated
Capital expenditures
TELUS technology solutions operations
TELUS technology solutions real estate development TELUS technology solutions
TELUS health
TELUS digital experience Eliminations Consolidated
Capital expenditure intensity10 TELUS technology solutions TELUS health
TELUS digital experience Consolidated
Adjusted EBITDA less capital expenditures
TELUS technology solutions TELUS health
TELUS digital experience Eliminations Consolidated
Segmented Data - Historical TrendThird Quarter, 2026
$ in millions | Q3/26 | Q2/26 | Q1/26 | Quarterly Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Operating revenues and other income | |||||||
TELUS technology solutions | 3,322 | 3,261 | 3,274 | 3,305 | 3,285 | 3,254 | 3,267 |
TELUS health | 528 | 535 | 524 | 538 | 517 | 516 | 472 |
TELUS digital experience | 731 | 773 | 802 | 864 | 821 | 827 | 814 |
Less: Intersegment revenues | (100) | (127) | (116) | (136) | (116) | (106) | (110) |
Service revenues | 4,481 | 4,442 | 4,484 | 4,571 | 4,507 | 4,491 | 4,443 |
Equipment revenues | 539 | 478 | 505 | 659 | 560 | 540 | 575 |
Operating revenues | 5,020 | 4,920 | 4,989 | 5,230 | 5,067 | 5,031 | 5,018 |
Other income | 6 | 9 | 24 | 31 | 39 | 51 | 39 |
Total operating revenues and other income | 5,026 | 4,929 | 5,013 | 5,261 | 5,106 | 5,082 | 5,057 |
Service revenues % change on prior year | |||||||
TELUS technology solutions service revenues | 1% | -% | -% | ||||
TELUS health service revenues | 2% | 4% | 11% | 13% | 18% | 16% | 13% |
TELUS digital experience service revenues | (11)% | (7)% | (1)% | ||||
Service revenues | (1)% | (1)% | 1% | 1% | 2% | 3% | 3% |
EBITDA | |||||||
TELUS technology solutions | 1,494 | 1,563 | 1,423 | 1,613 | 1,657 | 1,585 | 1,611 |
TELUS health | 77 | 75 | 68 | 97 | 85 | 91 | 75 |
TELUS digital experience | 1 | (17) | 50 | 59 | 30 | 18 | 71 |
Eliminations | (23) | (33) | (19) | (23) | (19) | (15) | (13) |
Consolidated | 1,549 | 1,588 | 1,522 | 1,746 | 1,753 | 1,679 | 1,744 |
EBITDA margin | |||||||
TELUS technology solutions | 38.7% | 41.7% | 37.6% | 40.4% | 42.8% | 41.3% | 41.5% |
TELUS health | 14.5% | 14.0% | 12.9% | 18.0% | 16.2% | 17.5% | 15.8% |
TELUS digital experience | 0.1% | (2.2%) | 6.2% | 6.8% | 3.6% | 2.3% | 8.7% |
Consolidated | 30.8% | 32.2% | 30.4% | 33.2% | 34.3% | 33.1% | 34.5% |
Sept YTD 2026 | Annual 2025 |
9,857 | 13,111 |
1,587 | 2,043 |
2,306 | 3,326 |
(343) | (468) |
13,407 | 18,012 |
1,522 | 2,334 |
14,929 | 20,346 |
39 | 160 |
14,968 | 20,506 |
1% | |
5% | 15% |
(6)% | |
-% | 2% |
4,480 | 6,466 |
220 | 348 |
34 | 178 |
(75) | (70) |
4,659 | 6,922 |
39.3% | 41.5% |
13.8% | 16.9% |
1.4% | 5.4% |
31.1% | 33.8% |
1,629 | 1,639 | 1,682 | 1,658 | 1,717 | 1,640 | 1,690 |
92 | 99 | 93 | 101 | 97 | 98 | 84 |
62 | 72 | 81 | 103 | 67 | 89 | 80 |
(23) | (33) | (19) | (23) | (19) | (15) | (13) |
1,760 | 1,777 | 1,837 | 1,839 | 1,862 | 1,812 | 1,841 |
(5)% | -% | -% | ||||
(5)% | 1% | 11% | ||||
(9)% | (20)% | 2% | ||||
(5)% | (2)% | -% | -% | 1% | 1% | (1)% |
42.2% | 43.8% | 44.4% | 41.5% | 44.3% | 42.7% | 43.6% |
17.3% | 18.4% | 17.7% | 18.7% | 18.4% | 18.9% | 17.8% |
8.4% | 9.2% | 10.0% | 11.9% | 8.2% | 10.8% | 9.8% |
35.0% | 36.0% | 36.6% | 35.0% | 36.5% | 35.7% | 36.4% |
619 | 614 | 564 | 513 | 534 | 570 | 507 |
12 | 19 | 16 | 27 | 36 | 21 | 8 |
631 | 633 | 580 | 540 | 570 | 591 | 515 |
52 | 44 | 53 | 84 | 56 | 59 | 44 |
41 | 34 | 37 | 45 | 42 | 43 | 41 |
(23) | (33) | (19) | (20) | (16) | (15) | (13) |
701 | 678 | 651 | 649 | 652 | 678 | 587 |
16% | 16% | 15% | 13% | 14% | 15% | 13% |
10% | 8% | 10% | 16% | 11% | 11% | 9% |
6% | 4% | 5% | 5% | 5% | 5% | 5% |
14% | 13% | 13% | 12% | 12% | 13% | 11% |
998 | 1,006 | 1,102 | 1,118 | 1,147 | 1,049 | 1,175 |
40 | 55 | 40 | 17 | 41 | 39 | 40 |
21 | 38 | 44 | 58 | 25 | 46 | 39 |
- | - | - | (3) | (3) | - | - |
1,059 | 1,099 | 1,186 | 1,190 | 1,210 | 1,134 | 1,254 |
4,950 | 6,705 |
284 | 380 |
215 | 339 |
(75) | (70) |
5,374 | 7,354 |
(2)% | |
2% | |
(9)% | |
(3)% | -% |
43.4% | 43.0% |
17.8% | 18.5% |
9.2% | 10.2% |
35.9% | 35.9% |
1,797 | 2,124 |
47 | 92 |
1,844 | 2,216 |
149 | 243 |
112 | 171 |
(75) | (64) |
2,030 | 2,566 |
16% | 14% |
9% | 12% |
5% | 5% |
13% | 12% |
3,106 | 4,489 |
135 | 137 |
103 | 168 |
- | (6) |
3,344 | 4,788 |
Adjusted EBITDA
TELUS technology solutions TELUS health
TELUS digital experience Eliminations Consolidated
Adjusted EBITDA % change on prior year
TELUS technology solutions TELUS health
TELUS digital experience Consolidated
Adjusted EBITDA margin TELUS technology solutions TELUS health
TELUS digital experience
Consolidated
Capital expenditures
TELUS technology solutions operations
TELUS technology solutions real estate development TELUS technology solutions
TELUS health
TELUS digital experience Eliminations Consolidated
Capital expenditure intensity TELUS technology solutions TELUS health
TELUS digital experience Consolidated
Adjusted EBITDA less capital expenditures
TELUS technology solutions TELUS health
TELUS digital experience
Eliminations Consolidated
Operations
Third Quarter, 2026
$ in millions | 2026 | Quarter 3 2025 Change | % Change | ||
Operating revenues and other income | |||||
Mobile network revenue | 1,780 | 1,755 | 25 | 1% | |
Mobile equipment and other service revenues | 516 | 518 | (2) | -% | |
Fixed data services | 1,186 | 1,163 | 23 | 2% | |
Fixed voice services | 155 | 167 | (12) | (7)% | |
Fixed equipment and other service revenues | 123 | 143 | (20) | (14)% | |
Agriculture and consumer goods services | 94 | 92 | 2 | 2% | |
Operating revenues (arising from contracts with customers) | 3,854 | 3,838 | 16 | -% | |
Other income | - | 29 | (29) | (100)% | |
Total external revenue | 3,854 | 3,867 | (13) | -% | |
Intersegment revenues | 5 | 6 | (1) | (17)% | |
Total operating revenues and other income | 3,859 | 3,873 | (14) | -% | |
Goods and services purchased | 1,757 | 1,622 | 135 | 8% | |
Employee benefits expense | 608 | 594 | 14 | 2% | |
Total operating expense(A) | 2,365 | 2,216 | 149 | 7% | |
EBITDA7 | 1,494 | 1,657 | (163) | (10)% | |
EBITDA margin | 38.7% | 42.8% | (4.1) | pts. | |
Add: Restructuring and other costs included in total operating expense | 135 | 60 | 75 | n/m | |
Adjusted EBITDA8 | 1,629 | 1,717 | (88) | (5)% | |
Adjusted EBITDA margin9 | 42.2% | 44.3% | (2.1) | pts. | |
Operations capital expenditures | 619 | 534 | 85 | 16% | |
Real estate development capital expenditures | 12 | 36 | (24) | (67)% | |
Capital expenditures | 631 | 570 | 61 | 11% | |
Capital expenditure intensity10 | 16% | 14% | 2 | pts. | |
Adjusted EBITDA less capital expenditures | 998 | 1,147 | (149) | (13)% | |
2026 | Sept YTD 2025 Change | % Change | ||
5,273 | 5,210 | 63 | 1% | |
1,423 | 1,540 | (117) | (8)% | |
3,536 | 3,501 | 35 | 1% | |
473 | 507 | (34) | (7)% | |
382 | 427 | (45) | (11)% | |
272 | 275 | (3) | (1)% | |
11,359 | 11,460 | (101) | (1)% | |
20 | 118 | (98) | (83)% | |
11,379 | 11,578 | (199) | (2)% | |
16 | 17 | (1) | (6)% | |
11,395 | 11,595 | (200) | (2)% | |
4,963 | 4,858 | 105 | 2% | |
1,952 | 1,884 | 68 | 4% | |
6,915 | 6,742 | 173 | 3% | |
4,480 | 4,853 | (373) | (8)% | |
39.3% 470 | 41.9% 194 | (2.6) 276 | pts. | n/m |
4,950 | 5,047 | (97) | (2)% | |
43.4% | 43.5% | (0.1) | pts. | |
1,797 | 1,611 | 186 | 12% | |
47 | 65 | (18) | (28)% | |
1,844 | 1,676 | 168 | 10% | |
16% | 14% | 2 | pts. | |
3,106 | 3,371 | (265) | (8)% | |
(A)Includes restructuring and other costs.
Operations - Historical Trend
Third Quarter, 2026
Quarterly | Sept YTD | Annual | ||||||||
$ in millions | Q3/26 | Q2/26 | Q1/26 | Q4/25 | Q3/25 | Q2/25 | Q1/25 | 2026 | 2025 | |
Operating revenues and other income | ||||||||||
Mobile network revenue | 1,780 | 1,743 | 1,750 | 1,764 | 1,755 | 1,723 | 1,732 | 5,273 | 6,974 | |
Mobile equipment and other service revenues | 516 | 433 | 474 | 617 | 518 | 498 | 524 | 1,423 | 2,157 | |
Fixed data services | 1,186 | 1,175 | 1,175 | 1,178 | 1,163 | 1,170 | 1,168 | 3,536 | 4,679 | |
Fixed voice services | 155 | 157 | 161 | 164 | 167 | 170 | 170 | 473 | 671 | |
Fixed equipment and other service revenues | 123 | 135 | 124 | 126 | 143 | 141 | 143 | 382 | 553 | |
Agriculture and consumer goods services | 94 | 90 | 88 | 108 | 92 | 85 | 98 | 272 | 383 | |
Operating revenues (arising from contracts with customers) | 3,854 | 3,733 | 3,772 | 3,957 | 3,838 | 3,787 | 3,835 | 11,359 | 15,417 | |
Other income | - | 8 | 12 | 29 | 29 | 50 | 39 | 20 | 147 | |
Total external revenue | 3,854 | 3,741 | 3,784 | 3,986 | 3,867 | 3,837 | 3,874 | 11,379 | 15,564 | |
Intersegment revenues | 5 | 5 | 6 | 6 | 6 | 5 | 6 | 16 | 23 | |
Total operating revenues and other income | 3,859 | 3,746 | 3,790 | 3,992 | 3,873 | 3,842 | 3,880 | 11,395 | 15,587 | |
Mobile network revenue % change on prior year | 1% | 1% | 1% | -% | (1)% | (1)% | (1)% | 1% | -% | |
Fixed data services revenue % change on prior year | 2% | -% | 1% | 2% | 2% | 4% | 4% | 1% | 3% | |
Service revenues % change on prior year | 1% | -% | -% | 1% | ||||||
Goods and services purchased | 1,757 | 1,597 | 1,609 | 1,773 | 1,622 | 1,620 | 1,616 | 4,963 | 6,631 | |
Employee benefits expense | 608 | 586 | 758 | 606 | 594 | 637 | 653 | 1,952 | 2,490 | |
Total operating expense(A) | 2,365 | 2,183 | 2,367 | 2,379 | 2,216 | 2,257 | 2,269 | 6,915 | 9,121 | |
EBITDA | 1,494 | 1,563 | 1,423 | 1,613 | 1,657 | 1,585 | 1,611 | 4,480 | 6,466 | |
EBITDA margin | 38.7% | 41.7% | 37.6% | 40.4% | 42.8% | 41.3% | 41.5% | 39.3% | 41.5% | |
Add: Restructuring and other costs included in total operating expense | 135 | 76 | 259 | 45 | 60 | 55 | 79 | 470 | 239 | |
Adjusted EBITDA | 1,629 | 1,639 | 1,682 | 1,658 | 1,717 | 1,640 | 1,690 | 4,950 | 6,705 | |
Adjusted EBITDA % change on prior year | (5)% | -% | -% | (2)% | ||||||
Adjusted EBITDA margin | 42.2% | 43.8% | 44.4% | 41.5% | 44.3% | 42.7% | 43.6% | 43.4% | 43.0% | |
Operations capital expenditures | 619 | 614 | 564 | 513 | 534 | 570 | 507 | 1,797 | 2,124 | |
Real estate development capital expenditures | 12 | 19 | 16 | 27 | 36 | 21 | 8 | 47 | 92 | |
Capital expenditures | 631 | 633 | 580 | 540 | 570 | 591 | 515 | 1,844 | 2,216 | |
Capital expenditure intensity | 16% | 16% | 15% | 13% | 14% | 15% | 13% | 16% | 14% | |
Adjusted EBITDA less capital expenditures | 998 | 1,006 | 1,102 | 1,118 | 1,147 | 1,049 | 1,175 | 3,106 | 4,489 | |
(A)Includes restructuring and other costs.
Operating Statistics(A)Third Quarter, 2026
2026 | Quarte 2025 | r 3 Change | % | Change | |
Mobile Phone11 | |||||
Additions (thousands) Gross additions | 395 | 419 | (24) | (6)% | |
Net additions | 84 | 82 | 2 | 2% | |
ARPU ($)12 | $57.22 | $57.21 | $0.01 | -% | |
Churn, per month (%)13 | 1.01% | 1.11% | (0.10) | pts. | |
Connected Device (thousands)14 | |||||
Net additions | 289 | 169 | 120 | 71% | |
Internet (thousands)15 | |||||
Net additions | 10 | 40 | (30) | (75)% | |
Total telecom net additions (thousands) | 383 | 291 | 92 | 32% |
2026 | Sept YTD 2025 | Change | % Change | |
1,171 | 1,134 | 37 | 3% | |
113 | 157 | (44) | (28)% | |
$56.71 | $56.97 | ($0.26) | (0.5)% | |
1.14% | 1.07% | 0.07 | pts. | |
705 | 429 | 276 | 64% | |
51 | 88 | (37) | (42)% | |
869 | 674 | 195 | 29% | |
2026 | September 30 2025 Change | % Change | |
10,419 | 10,274 | 145 | 1% |
5,072 | 4,158 | 914 | 22% |
2,838 | 2,782 | 56 | 2% |
18,329 | 17,214 | 1,115 | 6% |
Telecom subscribers (thousands) Mobile phone subscribers11(B) Connected device subscribers14(C) Internet subscribers15(D)
Total telecom subscribers (thousands)
(A)Effective January 1, 2026 with retrospective application to January 1, 2025, we have revised our subscriber reporting to apply a product-intensive focus on our core bundling foundation of mobility and internet and thus will no longer report TV, security and automation and residential voice subscribers. This change concentrates our disclosure on our core bundling foundation and enables us to better serve our customers, while supporting the migration from legacy products and services to integrated IP streaming, mobile-first connectivity, and smart home solutions.
(B)Effective January 1, 2026, on a prospective basis, we reduced our mobile phone subscriber base by 18,000 subscribers to remove a subset of our public services customers that are now subject to dynamic pricing auction models. We believe adjusting our base for these low-margin customers provides a more meaningful reflection of the underlying performance of our mobile phone business and our focus on profitable growth. As a result of this change, associated operating statistics (ARPU and churn) have also been adjusted.
(C)Effective January 1, 2026, on a prospective basis, we adjusted our connected device subscriber base to remove 78,000 subscribers, due to a review of our subscriber base.
(D)Effective January 1, 2026, we removed 30,000 internet subscribers from our base, primarily consisting of low-margin subscribers associated with temporary work camps and similar facilities. This adjustment also reflects a minor change in our internet subscriber count following a subscriber base review.
Operating Statistics - Historical Trend(A)Third Quarter, 2026
Q3/26 | Q2/26 | Q1/26 | Quarterly Q4/25 | Q3/25 | Q2/25 | Q1/25 | |
Mobile Phone | |||||||
Additions (thousands) | |||||||
Gross additions | 395 | 348 | 428 | 499 | 419 | 376 | 339 |
Net additions | 84 | 17 | 12 | 50 | 82 | 55 | 20 |
ARPU ($) | $57.22 | $56.36 | $56.56 | $57.10 | $57.21 | $56.58 | $57.13 |
ARPU % change on prior year | 0.0% | (0.4%) | (1.0%) | (1.6%) | (2.8%) | (3.3%) | (3.7%) |
Churn, per month (%) | 1.01% | 1.08% | 1.35% | 1.46% | 1.11% | 1.06% | 1.06% |
Connected Device (thousands) | |||||||
Net additions | 289 | 187 | 229 | 287 | 169 | 112 | 148 |
Internet (thousands) | |||||||
Net additions | 10 | 20 | 21 | 35 | 40 | 27 | 21 |
Total telecom net additions (thousands) | 383 | 224 | 262 | 372 | 291 | 194 | 189 |
Sept YTD 2026 | Annual 2025 |
1,171 | 1,633 |
113 | 207 |
$56.71 | $57.01 |
(0.5%) | (2.8%) |
1.14% | 1.17% |
705 | 716 |
51 | 123 |
869 | 1,046 |
Q3/26 | Q2/26 | Q1/26 | As at Q4/25 | Q3/25 | Q2/25 | Q1/25 |
10,419 | 10,335 | 10,318 | 10,324 | 10,274 | 10,192 | 10,137 |
5,072 | 4,783 | 4,596 | 4,445 | 4,158 | 3,989 | 3,877 |
2,838 | 2,828 | 2,808 | 2,817 | 2,782 | 2,742 | 2,715 |
18,329 | 17,946 | 17,722 | 17,586 | 17,214 | 16,923 | 16,729 |
As at Sept. 30, 2026 Dec. 31, 2025 | |
10,419 | 10,324 |
5,072 | 4,445 |
2,838 | 2,817 |
18,329 | 17,586 |
Telecom subscribers (thousands) Mobile phone subscribers(B) Connected device subscribers(C) Internet subscribers(D)
Total telecom subscribers (thousands)
(A)Effective January 1, 2026 with retrospective application to January 1, 2025, we have revised our subscriber reporting to apply a product-intensive focus on our core bundling foundation of mobility and internet and thus will no longer report TV, security and automation and residential voice subscribers. This change concentrates our disclosure on our core bundling foundation and enables us to better serve our customers, while supporting the migration from legacy products and services to integrated IP streaming, mobile-first connectivity, and smart home solutions.
(B)Effective January 1, 2026, on a prospective basis, we reduced our mobile phone subscriber base by 18,000 subscribers to remove a subset of our public services customers that are now subject to dynamic pricing auction models. We believe adjusting our base for these low-margin customers provides a more meaningful reflection of the underlying performance of our mobile phone business and our focus on profitable growth. As a result of this change, associated operating statistics (ARPU and churn) have also been adjusted.
(C)Effective January 1, 2026, on a prospective basis, we adjusted our connected device subscriber base to remove 78,000 subscribers, due to a review of our subscriber base.
(D)Effective January 1, 2026, we removed 30,000 internet subscribers from our base, primarily consisting of low-margin subscribers associated with temporary work camps and similar facilities. This adjustment also reflects a minor change in our internet subscriber count following a subscriber base review.
OperationsThird Quarter, 2026
$ in millions | 2026 | Quarter 3 2025 | Change | % Change | |
Operating revenues and other income | |||||
Service | 527 | 516 | 11 | 2% | |
Equipment | 2 | 1 | 1 | 100% | |
Operating revenues (arising from contracts with customers) | 529 | 517 | 12 | 2% | |
Other income | - | 10 | (10) | (100)% | |
Total external revenue | 529 | 527 | 2 | -% | |
Intersegment revenues | 1 | 1 | - | -% | |
Total operating revenues and other income | 530 | 528 | 2 | -% | |
Goods and services purchased | 182 | 176 | 6 | 3% | |
Employee benefits expense | 271 | 267 | 4 | 1% | |
Total operating expense(A) | 453 | 443 | 10 | 2% | |
EBITDA7 | 77 | 85 | (8) | (10)% | |
EBITDA margin | 14.5% | 16.2% | (1.7) | pts. | |
Add: Restructuring and other costs included in total operating expense | 15 | 12 | 3 | n/m | |
Adjusted EBITDA8 | 92 | 97 | (5) | (5)% | |
Adjusted EBITDA margin9 | 17.3% | 18.4% | (1.1) | pts. | |
Capital expenditures | 52 | 56 | (4) | (7)% | |
Capital expenditure intensity10 | 10% | 11% | (1) | pt. | |
Adjusted EBITDA less capital expenditures | 40 | 41 | (1) | (2)% | |
2026 | Sept YTD 2025 Change | % Change | |
1,582 | 1,500 | 82 | 5% |
4 | 4 | - | -% |
1,586 | 1,504 | 82 | 5% |
1 | 11 | (10) | (91)% |
1,587 | 1,515 | 72 | 5% |
5 | 5 | - | -% |
1,592 | 1,520 | 72 | 5% |
535 | 504 | 31 | 6% |
837 | 765 | 72 | 9% |
1,372 | 1,269 | 103 | 8% |
220 | 251 | (31) | (13)% |
13.8% | 16.5% | (2.7) pts. | |
64 | 28 | 36 | n/m |
284 | 279 | 5 | 2% |
17.8% | 18.4% | (0.6) pts. | |
149 | 159 | (10) | (6)% |
9% | 10% | (1) pt. | |
135 | 120 | 15 | 13% |
2026 | September 30 2025 Change | % Change | |
154.5 | 160.6 | (6.1) | (4)% |
Key performance indicator
Healthcare lives covered (millions)19
(A)Includes restructuring and other costs.
Operations - Historical Trend
Third Quarter, 2026
$ in millions | Q3/26 | Q2/26 | Q1/26 | Quarterly Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Operating revenues and other income | |||||||
Service | 527 | 533 | 522 | 536 | 516 | 514 | 470 |
Equipment | 2 | 1 | 1 | 1 | 1 | 2 | 1 |
Operating revenues (arising from contracts with customers) | 529 | 534 | 523 | 537 | 517 | 516 | 471 |
Other income | - | - | 1 | 1 | 10 | 1 | - |
Total external revenue | 529 | 534 | 524 | 538 | 527 | 517 | 471 |
Intersegment revenues | 1 | 2 | 2 | 2 | 1 | 2 | 2 |
Total operating revenues and other income | 530 | 536 | 526 | 540 | 528 | 519 | 473 |
Service revenues % change on prior year | 2% | 4% | 11% | 13% | 18% | 16% | 13% |
Goods and services purchased | 182 | 184 | 169 | 167 | 176 | 163 | 165 |
Employee benefits expense | 271 | 277 | 289 | 276 | 267 | 265 | 233 |
Total operating expense(A) | 453 | 461 | 458 | 443 | 443 | 428 | 398 |
EBITDA | 77 | 75 | 68 | 97 | 85 | 91 | 75 |
EBITDA margin | 14.5% | 14.0% | 12.9% | 18.0% | 16.2% | 17.5% | 15.8% |
Add: Restructuring and other costs included in total operating expense | 15 | 24 | 25 | 4 | 12 | 7 | 9 |
Adjusted EBITDA | 92 | 99 | 93 | 101 | 97 | 98 | 84 |
Adjusted EBITDA % change on prior year | (5)% | 1% | 11% | ||||
Adjusted EBITDA margin | 17.3% | 18.4% | 17.7% | 18.7% | 18.4% | 18.9% | 17.8% |
Capital expenditures | 52 | 44 | 53 | 84 | 56 | 59 | 44 |
Capital expenditure intensity | 10% | 8% | 10% | 16% | 11% | 11% | 9% |
Adjusted EBITDA less capital expenditures | 40 | 55 | 40 | 17 | 41 | 39 | 40 |
Sept YTD 2026 | Annual 2025 |
1,582 4 | 2,036 5 |
1,586 1 | 2,041 12 |
1,587 5 | 2,053 7 |
1,592 | 2,060 |
5% | 15% |
535 | 671 |
837 | 1,041 |
1,372 | 1,712 |
220 | 348 |
13.8% | 16.9% |
64 | 32 |
284 | 380 |
2% | |
17.8% | 18.5% |
149 | 243 |
9% | 12% |
135 | 137 |
154.5 158.9 169.6 | 161.2 160.6 157.1 76.5 |
154.5 | 161.2 |
Key performance indicators
Healthcare lives covered (millions)19(B)
(A)Includes restructuring and other costs.
(B)During the second quarter of 2025, we added 79.3 million healthcare lives covered as a result of the Workplace Options acquisition and a prospective change to the definition of healthcare lives covered to include clients who utilize TELUS Health services indirectly.
OperationsThird Quarter, 2026
$ in millions | 2026 | Quarter 3 2025 | Change | % Change | |
Operating revenues and other income | |||||
Operating revenues (arising from contracts with customers) | 637 | 712 | (75) | (11)% | |
Other income | 6 | - | 6 | n/m | |
Total external revenue | 643 | 712 | (69) | (10)% | |
Intersegment revenues | 94 | 109 | (15) | (14)% | |
Total operating revenues and other income | 737 | 821 | (84) | (10)% | |
Goods and services purchased | 173 | 211 | (38) | (18)% | |
Employee benefits expense | 563 | 580 | (17) | (3)% | |
Total operating expense(A) | 736 | 791 | (55) | (7)% | |
EBITDA7 | 1 | 30 | (29) | (99)% | |
EBITDA margin | 0.1% | 3.6% | (3.5) | pts. | |
Add: Restructuring and other costs included in total operating expense | 61 | 37 | 24 | n/m | |
Adjusted EBITDA8 | 62 | 67 | (5) | (9)% | |
Adjusted EBITDA margin9 | 8.4% | 8.2% | 0.2 | pts. | |
Capital expenditures | 41 | 42 | (1) | (2)% | |
Capital expenditure intensity10 | 6% | 5% | 1 | pt. | |
Adjusted EBITDA less capital expenditures | 21 | 25 | (4) | (16)% | |
Average CAD:USD FX rate(B) | 0.71 | 0.73 | (0.02) | (3)% | |
2026 | Sept YTD 2025 Change | % Change | ||
1,984 | 2,152 | (168) | (8)% | |
18 | - | 18 | n/m | |
2,002 | 2,152 | (150) | (7)% | |
322 | 310 | 12 | 4% | |
2,324 | 2,462 | (138) | (6)% | |
530 | 540 | (10) | (2)% | |
1,760 | 1,803 | (43) | (2)% | |
2,290 | 2,343 | (53) | (2)% | |
34 | 119 | (85) | (72)% | |
1.4% | 4.8% | (3.4) | pts. | |
181 | 117 | 64 | n/m | |
215 | 236 | (21) | (9)% | |
9.2% | 9.6% | (0.4) | pts. | |
112 | 126 | (14) | (11)% | |
5% | 5% | - | pts. | |
103 | 110 | (7) | (6)% | |
0.72 | 0.71 | 0.01 | 1% | |
(A)Includes restructuring and other costs.
(B)Represents a simple average of monthly average FX rates within the time period, per Bank of Canada posted rates.
Operations - Historical Trend
Third Quarter, 2026
$ in millions | Q3/26 | Q2/26 | Q1/26 | Quarterly Q4/25 | Q3/25 | Q2/25 | Q1/25 |
Operating revenues and other income | |||||||
Operating revenues (arising from contracts with customers) | 637 | 653 | 694 | 736 | 712 | 728 | 712 |
Other income | 6 | 1 | 11 | 1 | - | - | - |
Total external revenue | 643 | 654 | 705 | 737 | 712 | 728 | 712 |
Intersegment revenues | 94 | 120 | 108 | 128 | 109 | 99 | 102 |
Total operating revenues and other income | 737 | 774 | 813 | 865 | 821 | 827 | 814 |
Service revenues % change on prior year | (11)% | (7)% | (1)% | ||||
Goods and services purchased | 173 | 182 | 175 | 201 | 211 | 166 | 163 |
Employee benefits expense | 563 | 609 | 588 | 605 | 580 | 643 | 580 |
Total operating expense(A) | 736 | 791 | 763 | 806 | 791 | 809 | 743 |
EBITDA | 1 | (17) | 50 | 59 | 30 | 18 | 71 |
EBITDA margin | 0.1% | (2.2%) | 6.2% | 6.8% | 3.6% | 2.3% | 8.7% |
Add: Restructuring and other costs included in total operating expense | 61 | 89 | 31 | 44 | 37 | 71 | 9 |
Adjusted EBITDA | 62 | 72 | 81 | 103 | 67 | 89 | 80 |
Adjusted EBITDA % change on prior year | (9)% | (20)% | 2% | ||||
Adjusted EBITDA margin | 8.4% | 9.2% | 10.0% | 11.9% | 8.2% | 10.8% | 9.8% |
Capital expenditures | 41 | 34 | 37 | 45 | 42 | 43 | 41 |
Capital expenditure intensity | 6% | 4% | 5% | 5% | 5% | 5% | 5% |
Adjusted EBITDA less capital expenditures | 21 | 38 | 44 | 58 | 25 | 46 | 39 |
Average CAD:USD FX rate(B) | 0.71 | 0.72 | 0.73 | 0.72 | 0.73 | 0.72 | 0.70 |
Sept YTD 2026 | Annual 2025 |
1,984 18 | 2,888 1 |
2,002 322 | 2,889 438 |
2,324 | 3,327 |
(6)% | |
530 | 741 |
1,760 | 2,408 |
2,290 | 3,149 |
34 | 178 |
1.4% | 5.4% |
181 | 161 |
215 | 339 |
(9)% | |
9.2% | 10.2% |
112 | 171 |
5% | 5% |
103 | 168 |
0.72 | 0.72 |
(A)Includes restructuring and other costs.
(B)Represents a simple average of monthly average FX rates within the time period, per Bank of Canada posted rates.
Non-GAAP and other specified financial measures and definitions of key operating indicators Third Quarter, 2026Adjusted Net income and adjusted basic earnings per share (EPS): These are non-GAAP measures that do not have standardized meanings prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. Adjusted Net income excludes the effects of restructuring and other costs, real estate rationalization-related restructuring impairments, income tax-related adjustments, long-term debt prepayment premium, and other adjustments. Adjusted basic EPS is calculated as adjusted Net income divided by the basic weighted-average number of Common Shares outstanding. These measures should not be considered as alternatives to Net income and basic EPS in measuring TELUS' performance.
Please refer to the 2026 Q3 Management's Discussion & Analysis Section 11.1 for an explanation of how these measures provide useful information to investors and the purposes for which management uses these measures, as well as quantitative reconciliations. MD&A is made available on SEDAR+ (https://www.sedarplus.com).
Return on common equity is Net income attributed to equity shares for a 12-month trailing period, divided by the average Common equity for the 12-month period.
EBITDA interest coverage ratio is defined as EBITDA (excluding restructuring and other costs), divided by net interest cost. Net interest cost is defined as financing costs, excluding capitalized long-term debt interest, employee defined benefit plans net interest, unrealized changes in virtual power purchase agreements forward element when accounted for as held for trading, and recoveries on redemption and repayment of debt, calculated on a 12-month trailing basis. Expenses recorded for the long-term debt prepayment premium, if any, are included in net interest cost. This measure is similar to the coverage ratio covenant in TELUS' credit facilities.
Free cash flow is a supplementary indicator of our operating performance, and there is no generally accepted industry definition of free cash flow. It should not be considered an alternative to the measures in the condensed interim consolidated statements of cash flows. Free cash flow excludes certain working capital changes (such as trade receivables and trade payables), proceeds from divested assets and other sources and uses of cash, as found in the condensed interim consolidated statements of cash flows. It provides an indication of the amount of cash generated by operations that is available after capital expenditures and may be used for discretionary purposes, among other things, to pay dividends, repay debt, purchase shares or make other investments. Free cash flow may be supplemented from time to time by proceeds from divested assets or financing activities.
Net debt is defined as Long-term Debt (including current maturities of long-term debt) plus debt issue costs netted against long-term debt, Accumulated other comprehensive income amounts arising from financial instruments used to manage interest rate and currency risks associated with U.S. dollar-denominated debt (excluding tax effects) and Short-term borrowings, less junior subordinated notes equity credit, net derivative assets and Cash and temporary investments. Net debt is a useful measure because it represents the amount of Short-term borrowings and long-term debt obligations that are not covered by available Cash and temporary investments. The nearest IFRS measure to net debt is Long-term debt, including Current maturities of Long-term debt.
Net debt : EBITDA excluding restructuring and other costs is defined as Net debt as at the end of the period divided by the 12-month trailing EBITDA excluding restructuring and other costs. Historically, Net debt : EBITDA excluding restructuring and other costs is similar to the leverage ratio covenant in TELUS' credit facilities.
7EBITDA (earnings before interest, income taxes, depreciation and amortization) is an indicator we issue guidance on and report EBITDA because it is a key measure used to evaluate performance at a consolidated level. EBITDA is commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance and ability to incur and service debt, and as a valuation metric. EBITDA should not be considered an alternative to Net income in measuring TELUS' performance, nor should it be used as a measure of cash flow. EBITDA as calculated by TELUS is equivalent to Operating revenues and other income less the total of Goods and services purchased expense and Employee benefits expense.
Please refer to the 2026 Q3 Management's Discussion & Analysis Section 11.1 for the quantitative reconciliation of Net Income to EBITDA. MD&A is made available on SEDAR+ (https://www.sedarplus.com).
8 Adjusted EBITDA is calculated by excluding items of an unusual nature that do not reflect our ongoing operations and should not, in our opinion, be considered in a long-term valuation metric or should not be included in an assessment of our ability to service or incur debt.
Non-GAAP and other specified financial measures and definitions of key operating indicators, continued Third Quarter, 20269 Adjusted EBITDA margin is a non-GAAP ratio that does not have any standardized meaning prescribed by IFRS Accounting Standards and is therefore unlikely to be comparable to similar measures presented by other issuers. We report EBITDA margin and Adjusted EBITDA margin for our TTech, TELUS Health and TELUS Digital segments as these are key measures used to evaluate performance at the operating segment level.
Please refer to the 2026 Q3 Management's Discussion & Analysis Section 11.1 for the composition of this measure and explanation of how these measures provide useful information to investors and for which purposes management uses these measures. MD&A is made available on SEDAR+ (https://www.sedarplus.com).
Capital expenditure intensity is calculated as capital expenditures excluding real estate development divided by total Operating revenues and other income.
Mobile phone subscriber means a subscriber on an active TELUS service plan with a recurring revenue-generating portable unit (e.g. feature phones and smartphones) where TELUS provides voice, text and/or data connectivity.
Mobile phone Average revenue per subscriber per month (ARPU) is calculated as network revenue derived from monthly service plan, roaming and usage charges; divided by the average number of mobile phone subscribers on the network during the period, and is expressed as a rate per month.
Mobile phone churn is calculated as the number of subscribers deactivated during a given period divided by the average number of subscribers on the network during the period, and is expressed as a rate per month. Mobile phone churn refers to the aggregate average of both prepaid and postpaid mobile phone churn. A TELUS, Koodo or Public Mobile brand prepaid mobile phone subscriber is deactivated when the subscriber has no usage for 90 days following expiry of the prepaid credits.
Connected device subscriber means a subscriber on an active TELUS service plan with a recurring revenue-generating portable unit (e.g. tablets, internet keys, Internet of Things, wearables and connected cars) that is supported by TELUS and is intended for limited or no cellular voice capability.
Internet subscriber means a subscriber on an active TELUS internet plan with a recurring revenue-generating unit where TELUS provides internet connectivity.
Healthcare lives covered means the number of users (primary members and their dependents) enrolled in various health programs supported by TELUS Health services (e.g. virtual care, health benefits management, preventive care, personal health security and employee and family assistance programs). This count includes clients who utilize TELUS Health services either directly or indirectly. It is probable that some members and their dependents will be a user of multiple TELUS Health services.