$TU

TELUS CORP

CIK:0000868675|SEC Filings

consolidated statements of income and other comprehensive income - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
OPERATING REVENUES
Service	$ 18,012	$ 17,588
Equipment	2,334	2,551
Operating revenues (arising from contracts with customers)	20,346	20,139
Other income	160	247
Operating revenues and other income	20,506	20,386
OPERATING EXPENSES
Goods and services purchased	7,706	7,639
Employee benefits expense	5,878	5,907
Depreciation	2,454	2,513
Amortization of intangible assets	1,605	1,523
Impairment of goodwill	500
Total	18,143	17,582
OPERATING INCOME	2,363	2,804
Financing costs	1,161	1,576
INCOME BEFORE INCOME TAXES	1,202	1,228
Income taxes	425	290
NET INCOME	777	938
Items that may subsequently be reclassified to income
Change in unrealized fair value of derivatives designated as cash flow hedges	51	(101)
Foreign currency translation adjustment arising from translating financial statements of foreign operations	(19)	133
Total items that may subsequently be reclassified to income	32	32
Items never subsequently reclassified to income
Change in measurement of investment financial assets	6	(20)
Employee defined benefit plan re-measurements	16	5
Total items never subsequently reclassified to income	22	(15)
Total	54	17
COMPREHENSIVE INCOME	831	955
NET INCOME ATTRIBUTABLE TO:
Common Shares	1,113	993
Non-controlling interests	(336)	(55)
NET INCOME	777	938
COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Common Shares	1,178	937
Non-controlling interests	(347)	18
COMPREHENSIVE INCOME	$ 831	$ 955
NET INCOME PER COMMON SHARE
Basic	$ 0.73	$ 0.67
Diluted	$ 0.72	$ 0.67
TOTAL WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	1,531	1,488
Diluted	1,535	1,493

consolidated statements of cash flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
OPERATING ACTIVITIES
Net income	$ 777	$ 938
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	4,059	4,036
Impairment of goodwill	500
Deferred income taxes	(72)	(167)
Share-based compensation expense, net	144	151
Net employee defined benefit plans expense	60	73
Employer contributions to employee defined benefit plans	(23)	(22)
Gain on contributions of real estate to joint ventures	(44)	(110)
(Income) loss from equity accounted investments	(1)	18
Gain on purchase of long-term debt	(303)
Other	(126)	(91)
Net change in non-cash operating working capital	(105)	21
Cash provided by operating activities	4,866	4,847
INVESTING ACTIVITIES
Cash payments for capital assets, excluding spectrum licences	(2,515)	(2,750)
Cash payments for spectrum licences		(637)
Cash payments for acquisitions, net	(531)	(359)
Advances to, and investments in, real estate joint ventures and associates	(3)	(18)
Real estate joint venture receipts	1	109
Proceeds on disposition	114	21
Investment in portfolio investments and other	(106)	(66)
Cash used by investing activities	(3,040)	(3,700)
FINANCING ACTIVITIES
Dividends paid to holders of Common Shares	(1,628)	(1,562)
Purchase of Common Shares for cancellation	(40)
Issue (repayment) of short-term borrowings, net	13	825
Long-term debt issued	12,773	6,455
Redemptions and repayment of long-term debt	(11,631)	(6,818)
Equity of subsidiary issued to non-controlling interest	1,261
Shares of subsidiary purchased from non-controlling interests, net	(713)	(25)
Financing activity transaction costs and other	(109)	(17)
Cash used by financing activities	(74)	(1,142)
CASH POSITION
Increase in cash and temporary investments, net	1,752	5
Cash and temporary investments, net, beginning of period	869	864
Cash and temporary investments, net, end of period	2,621	869
SUPPLEMENTAL DISCLOSURE OF OPERATING CASH FLOWS
Interest paid	(1,384)	(1,330)
Interest received	53	33
Income taxes paid, net	$ (480)	$ (358)

consolidated statements of financial position - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and temporary investments, net	$ 2,621	$ 869
Accounts receivable	3,797	3,689
Income and other taxes receivable	173	146
Inventories	482	629
Contract assets	457	465
Costs incurred to obtain or fulfill contracts with customers	413	366
Prepaid maintenance and other	421	403
Current derivative assets	8	65
Total	8,372	6,632
Non-current assets
Property, plant and equipment, net	17,503	17,337
Intangible assets, net	20,328	20,593
Goodwill, net	10,460	10,564
Contract assets	274	325
Other long-term assets	2,676	2,577
Total	51,241	51,396
Assets	59,613	58,028
Current liabilities
Short-term borrowings	920	922
Accounts payable and accrued liabilities	3,494	3,630
Income and other taxes payable	141	142
Dividends payable	649	605
Advance billings and customer deposits	1,053	1,039
Provisions	300	241
Current maturities of long-term debt	3,102	3,246
Current derivative liabilities	30	11
Total	9,689	9,836
Non-current liabilities
Provisions	661	686
Long-term debt	27,437	25,608
Other long-term liabilities	955	869
Deferred income taxes	4,292	4,231
Total	33,345	31,394
Liabilities	43,034	41,230
Owners' equity
Common equity	15,775	15,620
Non-controlling interests	804	1,178
Total	16,579	16,798
Total	59,613	58,028
Contingent liabilities