NYSE : TU
TELUS Corporation — Financial statements
Communication Services · Telecom Services · Canada
Last price 8.87 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 14.09B
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Financial statements
TELUS Corporation (TU) reported revenue of 20.21B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 20.21B | 20.35B | 20.14B | 20.00B | 18.29B | 16.84B |
| Cost of Revenue | 13.01B | 13.16B | 13.06B | 12.97B | 11.77B | 10.81B |
| Gross Profit | 7.20B | 7.18B | 7.08B | 7.03B | 6.52B | 6.03B |
| Amortization of Goodwill & Intangibles | 1.64B | 1.60B | 1.52B | 1.55B | 1.23B | 1.09B |
| Other Operating Expenses | -66.00M | -61.00M | -13.00M | -18.00M | -11.00M | -4.00M |
| Operating Expenses | 3.99B | 3.98B | 3.94B | 4.01B | 3.43B | 3.21B |
| Operating Income | 3.21B | 3.20B | 3.13B | 3.02B | 3.09B | 2.83B |
| Interest Expense | -1.58B | -1.51B | -1.41B | -2.40B | -859.00M | -779.00M |
| Interest & Investment Income | 80.00M | 56.00M | 39.00M | 29.00M | 21.00M | 20.00M |
| Earnings From Equity Investments | -26.00M | -7.00M | -10.00M | |||
| Currency Exchange Gain (Loss) | 110.00M | 54.00M | 36.00M | -3.00M | 25.00M | 3.00M |
| Other Non Operating Income (Expenses) | -231.00M | 1.14B | 193.00M | |||
| EBT Excluding Unusual Items | 1.82B | 1.80B | 1.57B | 1.76B | 2.46B | 2.06B |
| Merger & Restructuring Charges | -724.00M | -450.00M | -572.00M | -754.00M | -208.00M | -141.00M |
| Impairment of Goodwill | -1.64B | -500.00M | ||||
| Gain (Loss) on Sale of Investments | 90.00M | 101.00M | 104.00M | 19.00M | 34.00M | 4.00M |
| Gain (Loss) on Sale of Assets | 410.00M | |||||
| Asset Writedown | -500.00M | -7.00M | ||||
| Other Unusual Items | 148.00M | 250.00M | 124.00M | 68.00M | 37.00M | -47.00M |
| Pretax Income | -801.00M | 1.20B | 1.23B | 1.09B | 2.32B | 2.28B |
| Income Tax Expense | 164.00M | 425.00M | 290.00M | 222.00M | 604.00M | 580.00M |
| Earnings From Continuing Operations | -965.00M | 777.00M | 938.00M | 867.00M | 1.72B | 1.70B |
| Minority Interest in Earnings | 46.00M | 336.00M | 55.00M | -26.00M | -103.00M | -43.00M |
| Net Income | -919.00M | 1.11B | 993.00M | 841.00M | 1.61B | 1.66B |
| Net Income to Common | -919.00M | 1.11B | 993.00M | 841.00M | 1.61B | 1.66B |
| Shares Outstanding (Basic) | 1.56B | 1.53B | 1.49B | 1.45B | 1.40B | 1.35B |
| Shares Outstanding (Diluted) | 1.56B | 1.53B | 1.49B | 1.46B | 1.40B | 1.35B |
| EPS (Basic) | -0.59 | 0.73 | 0.67 | 0.58 | 1.16 | 1.23 |
| EPS (Diluted) | -0.60 | 0.72 | 0.67 | 0.58 | 1.15 | 1.22 |
| Free Cash Flow | 2.40B | 2.35B | 2.10B | 1.32B | 1.16B | 1.29B |
| Free Cash Flow Per Share | 1.54 | 1.53 | 1.41 | 0.90 | 0.83 | 0.96 |
| Dividend Per Share | 1.67 | 1.65 | 1.56 | 1.45 | 1.36 | 1.27 |
| Gross Margin | 35.63% | 35.30% | 35.14% | 35.15% | 35.63% | 35.81% |
| Operating Margin | 15.87% | 15.74% | 15.56% | 15.08% | 16.87% | 16.78% |
| Profit Margin | -4.55% | 5.47% | 4.93% | 4.20% | 8.83% | 9.83% |
| Free Cash Flow Margin | 11.87% | 11.55% | 10.41% | 6.58% | 6.36% | 7.67% |
| EBITDA | 4.96B | 5.65B | 5.67B | 5.62B | 5.41B | 4.99B |
| EBITDA Margin | 24.57% | 27.77% | 28.18% | 28.10% | 29.55% | 29.65% |
| D&A For EBITDA | 1.76B | 2.45B | 2.54B | 2.60B | 2.32B | 2.17B |
| EBIT | 3.21B | 3.20B | 3.13B | 3.02B | 3.09B | 2.83B |
| EBIT Margin | 15.87% | 15.74% | 15.56% | 15.08% | 16.87% | 16.78% |
| Effective Tax Rate | 35.36% | 23.62% | 20.39% | 26.01% | 25.46% | |
| Revenue as Reported | 20.31B | 20.51B | 20.39B | 20.12B | 18.41B | 17.26B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.39B | 2.62B | 869.00M | 864.00M | 974.00M | 723.00M |
| Trading Asset Securities | 10.00M | 1.00M | 18.00M | 27.00M | 2.00M | |
| Cash & Short-Term Investments | 1.40B | 2.62B | 870.00M | 882.00M | 1.00B | 725.00M |
| Accounts Receivable | 3.54B | 3.79B | 3.79B | 3.76B | 3.45B | 2.88B |
| Other Receivables | 635.00M | 633.00M | 506.00M | 487.00M | 430.00M | 451.00M |
| Receivables | 4.18B | 4.43B | 4.30B | 4.25B | 3.88B | 3.33B |
| Inventory | 461.00M | 482.00M | 629.00M | 484.00M | 537.00M | 448.00M |
| Prepaid Expenses | 601.00M | 421.00M | 403.00M | 385.00M | 352.00M | 288.00M |
| Other Current Assets | 467.00M | 421.00M | 430.00M | 315.00M | 321.00M | 244.00M |
| Total Current Assets | 7.11B | 8.37B | 6.63B | 6.31B | 6.09B | 5.03B |
| Property, Plant & Equipment | 17.77B | 17.46B | 17.29B | 17.25B | 17.08B | 15.93B |
| Long-Term Investments | 1.25B | 1.16B | 1.06B | 826.00M | 609.00M | 497.00M |
| Goodwill | 8.90B | 10.46B | 10.56B | 10.06B | 9.13B | 7.27B |
| Other Intangible Assets | 19.93B | 20.33B | 20.59B | 19.72B | 19.24B | 17.48B |
| Long-Term Accounts Receivable | 815.00M | 860.00M | 955.00M | 940.00M | 891.00M | 844.00M |
| Long-Term Deferred Tax Assets | 77.00M | 74.00M | 18.00M | 38.00M | 19.00M | 35.00M |
| Long-Term Deferred Charges | 372.00M | 370.00M | 301.00M | 218.00M | 154.00M | 109.00M |
| Other Long-Term Assets | 594.00M | 528.00M | 616.00M | 680.00M | 736.00M | 671.00M |
| Total Assets | 56.81B | 59.61B | 58.03B | 56.14B | 54.07B | 47.98B |
| Accounts Payable | 1.15B | 982.00M | 1.13B | 996.00M | 1.38B | 1.21B |
| Accrued Expenses | 2.44B | 2.62B | 2.50B | 2.61B | 2.57B | 2.49B |
| Short-Term Debt | 1.23B | 920.00M | 922.00M | 104.00M | 104.00M | 114.00M |
| Current Portion of Long-Term Debt | 3.55B | 2.43B | 3.25B | 3.45B | 2.56B | 2.44B |
| Current Portion of Leases | 254.00M | 678.00M | 558.00M | 504.00M | ||
| Current Income Taxes Payable | 140.00M | 141.00M | 142.00M | 126.00M | 112.00M | 104.00M |
| Current Unearned Revenue | 844.00M | 893.00M | 838.00M | 736.00M | 679.00M | 652.00M |
| Other Current Liabilities | 1.08B | 1.02B | 1.06B | 894.00M | 884.00M | 751.00M |
| Total Current Liabilities | 10.68B | 9.69B | 9.84B | 9.48B | 8.29B | 8.27B |
| Long-Term Debt | 23.78B | 24.95B | 22.81B | 21.49B | 20.18B | 16.63B |
| Long-Term Leases | 2.72B | 2.64B | 2.88B | 2.06B | 2.34B | 1.37B |
| Long-Term Unearned Revenue | 225.00M | 203.00M | 166.00M | 90.00M | 90.00M | 93.00M |
| Pension & Post-Retirement Benefits | 559.00M | 551.00M | 533.00M | 529.00M | 460.00M | 709.00M |
| Long-Term Deferred Tax Liabilities | 4.07B | 4.29B | 4.23B | 4.39B | 4.46B | 4.04B |
| Other Long-Term Liabilities | 687.00M | 716.00M | 770.00M | 801.00M | 600.00M | 806.00M |
| Total Liabilities | 42.72B | 43.03B | 41.23B | 38.83B | 36.41B | 31.92B |
| Common Stock | 14.56B | 14.10B | 13.12B | 12.32B | 11.40B | 9.64B |
| Additional Paid-In Capital | 1.64B | 1.58B | 1.08B | 997.00M | 956.00M | 1.01B |
| Retained Earnings | -2.91B | 98.00M | 1.52B | 2.83B | 4.10B | 4.26B |
| Comprehensive Income & Other | -12.00M | 4.00M | -105.00M | -44.00M | 110.00M | 203.00M |
| Total Common Equity | 13.28B | 15.78B | 15.62B | 16.11B | 16.57B | 15.12B |
| Minority Interest | 808.00M | 804.00M | 1.18B | 1.19B | 1.09B | 943.00M |
| Shareholders' Equity | 14.09B | 16.58B | 16.80B | 17.30B | 17.66B | 16.06B |
| Total Liabilities & Equity | 56.81B | 59.61B | 58.03B | 56.14B | 54.07B | 47.98B |
| Total Debt | 31.53B | 31.61B | 29.86B | 27.66B | 25.18B | 21.06B |
| Net Cash (Debt) | -30.14B | -28.99B | -28.99B | -26.78B | -24.18B | -20.33B |
| Net Cash Per Share | -19.37 | -18.89 | -19.42 | -18.38 | -17.23 | -15.05 |
| Filing Date Shares Outstanding | 1.59B | 1.56B | 1.51B | 1.48B | 1.44B | 1.37B |
| Total Common Shares Outstanding | 1.57B | 1.55B | 1.50B | 1.47B | 1.43B | 1.37B |
| Working Capital | -3.57B | -1.32B | -3.20B | -3.17B | -2.19B | -3.24B |
| Book Value Per Share | 8.43 | 10.19 | 10.39 | 10.98 | 11.58 | 11.03 |
| Tangible Book Value | -15.54B | -15.01B | -15.54B | -13.67B | -11.80B | -9.64B |
| Tangible Book Value Per Share | -9.87 | -9.69 | -10.33 | -9.31 | -8.25 | -7.03 |
| Land | 82.00M | 85.00M | 88.00M | 83.00M | 83.00M | 75.00M |
| Buildings | 4.10B | 4.02B | 3.98B | 3.83B | 3.75B | 3.54B |
| Machinery | 1.96B | 1.90B | 1.87B | 1.84B | 1.77B | 1.52B |
| Construction In Progress | 999.00M | 721.00M | 505.00M | 689.00M | 815.00M | 771.00M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -919.00M | 1.11B | 993.00M | 841.00M | 1.61B | 1.66B |
| Depreciation & Amortization | 2.52B | 3.00B | 3.00B | 3.00B | 2.64B | 2.46B |
| Other Amortization | 1.54B | 1.04B | 959.00M | 995.00M | 802.00M | 750.00M |
| Loss (Gain) From Sale of Assets | -410.00M | |||||
| Asset Writedown & Restructuring Costs | 2.15B | 518.00M | 82.00M | 73.00M | 9.00M | 7.00M |
| Loss (Gain) on Equity Investments | -1.00M | 18.00M | 26.00M | 7.00M | 10.00M | |
| Stock-Based Compensation | 148.00M | 144.00M | 151.00M | 117.00M | 122.00M | 139.00M |
| Other Operating Activities | -649.00M | -844.00M | -372.00M | -2.00M | -166.00M | 44.00M |
| Change in Accounts Receivable | 32.00M | -33.00M | -74.00M | -188.00M | -303.00M | -298.00M |
| Change in Inventory | 24.00M | 147.00M | -145.00M | 53.00M | -89.00M | -41.00M |
| Change in Accounts Payable | 135.00M | -113.00M | 307.00M | -268.00M | 173.00M | 289.00M |
| Change in Unearned Revenue | -34.00M | 11.00M | 73.00M | 74.00M | -12.00M | 62.00M |
| Change in Income Taxes | -39.00M | -39.00M | 41.00M | -72.00M | 50.00M | -77.00M |
| Change in Other Net Operating Assets | 106.00M | -78.00M | -181.00M | -151.00M | -12.00M | -17.00M |
| Operating Cash Flow | 5.01B | 4.87B | 4.85B | 4.50B | 4.81B | 4.39B |
| Capital Expenditures | -2.62B | -2.52B | -2.75B | -3.18B | -3.65B | -3.10B |
| Sale of Property, Plant & Equipment | 50.00M | 114.00M | 21.00M | 12.00M | 16.00M | 508.00M |
| Cash Acquisitions | -70.00M | -531.00M | -359.00M | -1.29B | -1.55B | -468.00M |
| Sale (Purchase) of Intangibles | -373.00M | -637.00M | -29.00M | -2.22B | ||
| Investment in Securities | -151.00M | -108.00M | -75.00M | -264.00M | -234.00M | -194.00M |
| Other Investing Activities | 100.00M | 4.00M | 4.00M | 4.00M | ||
| Investing Cash Flow | -3.16B | -3.04B | -3.70B | -4.75B | -5.41B | -5.47B |
| Short-Term Debt Issued | 13.00M | 825.00M | 10.00M | |||
| Long-Term Debt Issued | 12.77B | 6.46B | 9.22B | 10.27B | 4.89B | |
| Total Debt Issued | 7.67B | 12.79B | 7.28B | 9.22B | 10.27B | 4.90B |
| Short-Term Debt Repaid | -2.00M | -17.00M | ||||
| Long-Term Debt Repaid | -11.63B | -6.82B | -7.69B | -8.05B | -4.97B | |
| Total Debt Repaid | -10.55B | -11.63B | -6.82B | -7.69B | -8.07B | -4.97B |
| Net Debt Issued (Repaid) | -2.88B | 1.16B | 462.00M | 1.53B | 2.21B | -71.00M |
| Issuance of Common Stock | 1.30B | |||||
| Repurchase of Common Stock | -40.00M | -40.00M | ||||
| Common Dividends Paid | -1.69B | -1.63B | -1.56B | -1.31B | -1.19B | -1.04B |
| Other Financing Activities | 456.00M | 439.00M | -42.00M | -77.00M | -169.00M | 769.00M |
| Financing Cash Flow | -4.15B | -74.00M | -1.14B | 139.00M | 848.00M | 953.00M |
| Net Cash Flow | -2.29B | 1.75B | 5.00M | -110.00M | 251.00M | -125.00M |
| Free Cash Flow | 2.40B | 2.35B | 2.10B | 1.32B | 1.16B | 1.29B |
| Free Cash Flow Margin | 11.87% | 11.55% | 10.41% | 6.58% | 6.36% | 7.67% |
| Free Cash Flow Per Share | 1.54 | 1.53 | 1.41 | 0.90 | 0.83 | 0.96 |
| Levered Free Cash Flow | 2.40B | 2.76B | 1.82B | 735.38M | 1.02B | -214.25M |
| Unlevered Free Cash Flow | 3.38B | 3.71B | 2.70B | 2.24B | 1.56B | 272.62M |
| Free Cash Flow After Leases | 2.40B | 2.35B | 2.10B | 1.32B | 1.16B | 1.29B |
| Cash Interest Paid | 1.58B | 1.38B | 1.33B | 1.20B | 816.00M | 744.00M |
| Cash Income Tax Paid | 311.00M | 480.00M | 358.00M | 389.00M | 519.00M | 601.00M |
| Change in Working Capital | 224.00M | -105.00M | 21.00M | -552.00M | -193.00M | -82.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.09B | 20.46B | 20.32B | 26.12B | 27.55B | 32.03B |
| Enterprise Value | 36.26B | 42.21B | 40.75B | 47.28B | 45.90B | 47.65B |
| Last Close Price | 8.87 | 12.38 | 11.79 | 14.45 | 14.80 | 17.28 |
| PE Ratio | 25.21 | 29.45 | 41.02 | 23.09 | 24.49 | |
| PS Ratio | 0.99 | 1.38 | 1.45 | 1.73 | 2.04 | 2.41 |
| PB Ratio | 1.42 | 1.69 | 1.74 | 1.99 | 2.11 | 2.52 |
| P/FCF Ratio | 8.21 | 11.93 | 13.95 | 26.20 | 32.03 | 31.40 |
| P/OCF Ratio | 3.93 | 5.77 | 6.03 | 7.67 | 7.75 | 9.24 |
| EV/Sales Ratio | 2.55 | 2.84 | 2.91 | 3.12 | 3.40 | 3.58 |
| EV/EBITDA Ratio | 10.37 | 10.24 | 10.33 | 11.11 | 11.49 | 12.08 |
| EV/EBIT Ratio | 16.06 | 18.07 | 18.72 | 20.70 | 20.13 | 21.35 |
| EV/FCF Ratio | 21.14 | 24.62 | 27.96 | 47.41 | 53.37 | 46.71 |
| Debt / Equity Ratio | 2.24 | 1.91 | 1.78 | 1.60 | 1.43 | 1.31 |
| Debt / EBITDA Ratio | 5.79 | 5.10 | 4.87 | 4.60 | 4.40 | 3.99 |
| Debt / FCF Ratio | 13.15 | 13.45 | 14.24 | 21.00 | 21.63 | 16.31 |
| Net Debt / Equity Ratio | 2.14 | 1.75 | 1.73 | 1.55 | 1.37 | 1.27 |
| Net Debt / EBITDA Ratio | 6.07 | 5.13 | 5.11 | 4.76 | 4.47 | 4.07 |
| Net Debt / FCF Ratio | 12.57 | 12.33 | 13.83 | 20.33 | 20.77 | 15.75 |
| Asset Turnover | 0.34 | 0.35 | 0.35 | 0.36 | 0.36 | 0.37 |
| Inventory Turnover | 27.50 | 23.70 | 23.47 | 25.41 | 23.91 | 25.28 |
| Quick Ratio | 0.52 | 0.73 | 0.53 | 0.54 | 0.59 | 0.49 |
| Current Ratio | 0.67 | 0.86 | 0.67 | 0.67 | 0.73 | 0.61 |
| Return on Equity (ROE) | -6.39% | 4.66% | 5.50% | 4.96% | 10.19% | 11.86% |
| Return on Assets (ROA) | 3.41% | 3.40% | 3.43% | 3.42% | 3.78% | 3.87% |
| Return on Invested Capital (ROIC) | 7.09% | 4.53% | 5.33% | 5.59% | 5.84% | 6.13% |
| Return on Capital Employed (ROCE) | 7.00% | 6.40% | 6.50% | 6.50% | 6.70% | 7.10% |
| Earnings Yield | -4.87% | 3.97% | 3.40% | 2.44% | 4.33% | 4.08% |
| FCF Yield | 12.17% | 8.38% | 7.17% | 3.82% | 3.12% | 3.19% |
| Dividend Yield | 11.79% | 9.13% | 8.01% | 6.19% | 5.20% | 4.30% |
| Payout Ratio | 146.27% | 157.30% | 156.36% | 73.56% | 63.14% | |
| Buyback Yield / Dilution | -2.77% | -2.81% | -2.47% | -3.85% | -3.85% | -5.71% |
| Total Shareholder Return | 9.02% | 6.31% | 5.54% | 2.34% | 1.35% | -1.42% |