Telus’ income down in year-end results despite increased operating revenue, attributes debt drop to Terrion deal

Telus Corp.’s fourth quarter and year-end results show a drop in net income, despite an increase in operating revenue. On Feb. 12, Telus reported a net income of $777 million for 2025, down from $938 million the previous year. The company’s operating revenue, however, was $18 billion, up from the previous year’s $17.6 billion. Net income for the final three months of 2025 was also down from the same period the year prior, decreasing from $320 million to $290 million. Telus saw a $3.4 billion decrease in net debt, which outgoing CEO Darren Entwistle partly attributed to a deal that closed in September, which gave La Caisse a 49.9 per cent stake in Telus’ wireless tower companies Terrion LP and Terrion GP Inc. The sale contributed $1.26 billion to Telus’ net debt reduction. The sale comes at a time when carriers have promised the market they would reduce debt, and some see asset deals as the only way to achieve that. Net debt to adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) ratio for 2025 was 3.4x, down from 3.9x in 2024. The company’s adjusted EBITDA for the fourth quarter was $1.82 billion, up just one per cent from the previous year. For the fourth-consecutive year, Telus surpassed one million combined mobility and fixed customer additions, totalling 1.08 million in 2025. In its fourth quarter, Telus counted 377,000 net customer additions, up 49,000 from the previous year. Mobile phone ARPU (average revenue per user) per month in 2025 was $57.01, down from 2024’s $58.67, while mobile phone churn rate per month for the year was 1.17 per cent, down from 1.2 per cent in 2024. Telus attributed the churn rate decrease to its “ongoing focus on customer retention and network quality, along with the success of our bundled offerings.” In a Thursday morning press release, Telus announced its 2026 financial targets, which included growing both consolidated service revenues and consolidated adjusted EBITDA by 2 to 4 per cent. It is also targeting a 10 per cent growth in consolidated free cash flow and a 10 per cent decrease in consolidated capital expenditures. Entwistle announced Thursday morning that he will be retiring in June, and will be replaced by ex-CIBC president Victor Dodig. “It has without a shadow of a doubt been a tremendous privilege to be part of the Telus team for the past 26 years,” Entwistle said in an investor call on Thursday. Entwistle praised Dodig’s appointment, saying the board of directors selected an “outstanding” successor. “Victor embodies Telus’ core values, embraces a commitment to putting customers first, demonstrates exceptional character and excellent business acumen, and cares deeply about creating stronger communities,” he said. news@thewirereport.ca

Telus’ income down in year-end results despite increased operating revenue, attributes debt drop to Terrion deal

Telecom |
By Wire Report Staff
|February 12, 2026

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Telus’ income down in year-end results despite increased operating revenue, attributes debt drop to Terrion deal

Telecom | By Wire Report Staff |February 12, 2026

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Telecom |
By Wire Report Staff
|February 12, 2026