Telus Corporation (TU)

TELUS reported a net loss of $1.8 billion for the second quarter ended June 30, 2026, in results dated July 31, 2026 1. The loss came from a non-cash write-down of $2.1 billion tied to TELUS Digital, its customer-service and AI-data arm, because the unit's recoverable amount fell below its carrying amount 1.

Service revenue of $4.4 billion fell 1 percent 1. Adjusted EBITDA, a measure of operating earnings before interest, taxes and depreciation, fell 2 percent to $1.8 billion 1.

The board cut the quarterly dividend by 55 percent to an annualized $0.75 per share 1. The company expects about $2.7 billion in cumulative cash savings through 2028, directed toward debt reduction 1.

Net debt stood at 3.5 times adjusted EBITDA at quarter-end, and the company aims for about 3.0 times or lower by the end of 2028, a year later than first planned 1.

Victor Dodig became chief executive on July 1, 2026, after Darren Entwistle's 26-year tenure ended 2. A fuller capital returns framework is due with third quarter 2026 results in November 1.

TELUS began as BCT.TELUS Communications Inc., incorporated on October 26, 1998, and took the TELUS Corporation name on May 3, 2000 2.

In February 2021 its TELUS International unit offered shares to the public in an initial public offering 2. The unit was renamed TELUS Digital, a rebrand completed in September 2024 2.

Health became a major line through the acquisition of LifeWorks on September 1, 2022, rebranded as TELUS Health on August 31, 2023 2. Health service revenues rose 86.7 percent in 2023 2.

Service revenues in the technology segment grew 10.0 percent in 2023 on health acquisitions, mobile subscriber growth and internet gains 2. In November 2023 it won 1,430 spectrum licences in the 3800 MHz auction, adding to its mobile airwaves 2.

Revenue and other income rose 1 percent to C$20.5 billion in 2025, while net income fell 17 percent to C$777 million 3. Service revenue rose $424 million on health acquisitions and subscriber growth, while equipment revenue fell $217 million as device offers were pared back 3.

On May 1, 2025, it acquired Workplace Options, a global employee well-being provider, for cash of about $450 million 3. It sold 49.9 percent of Terrion, its cell tower unit, to La Caisse for about $1.26 billion, closed September 10, 2025 3.

On October 31, 2025, TELUS completed the purchase of the TELUS Digital shares it did not already own, for aggregate consideration of US$539 million 3.

Mobile and internet

TELUS is a Canadian telecom company: it offers mobile phone plans, home internet, television, home security and connected-device services 3. Its technology segment reported mobile network revenue of $6,974 million and fixed data services of $4,679 million for 2025 3.

At June 30, 2026 it had 17.9 million connections, including 10.3 million mobile phones, 4.8 million connected devices and 2.8 million internet customers 1.

Revenue per mobile user was $56.36 in the second quarter, down 0.4 percent, and its 5G network covered about 34.2 million Canadians 1. Rivals in mobile include Rogers Wireless, Bell Mobility and Quebecor 3.

TELUS Health

TELUS Health offers employee assistance and mental health programs, virtual care, electronic medical records and pharmacy management 3. Its revenue was $2,060 million in 2025, up 15 percent 3. Healthcare lives covered were 158.9 million at June 30, 2026 1.

TELUS Digital

TELUS Digital offers customer experience, AI and data, and trust and safety services to business clients 2. Its revenue was $3,882 million in 2025, up 4 percent, with $1,020 million coming from other TELUS segments 3.

In the second quarter of 2026 its outside revenue fell $75 million on client ramp-downs in trust and safety work 1.

Agriculture and consumer goods

This unit is a global provider of agriculture and consumer goods technology and data solutions, serving customers across the food value chain 3. It earned $383 million in 2025 3.

Sovereign AI Factory

In September 2025 TELUS opened its first Sovereign AI Factory in Rimouski, Quebec, a data centre that keeps data inside Canada, and plans a second in Kamloops, British Columbia 3. Rivals named include Amazon Web Services, Google Cloud Platform and Azure 3.

People, rivals and pressures

TELUS had about 111,500 employees at December 31, 2025, including 85,100 at TELUS Digital and 7,800 at TELUS Health 3. Of the total, 25,200 worked in Canada 3.

The agreement with the Telecommunications Workers Union covers about 2,670 employees and expires on March 31, 2027 3. In home internet and television, cable rivals include Rogers, Cogeco Cable and Videotron 3.

The company says slower immigration has cut the pool of new customers, so carriers compete harder for each one 3.

The umbrella, in words

Telecom services are mainly run through the subsidiary TELUS Communications Inc., health through TELUS Health Inc., and digital services through TELUS Digital 2. The annual information form names three subsidiaries owning more than 10 percent of consolidated assets 2.

Terrion, the tower operator, is owned 50.1 percent by TELUS, which owns it and consolidates it; La Caisse is the other owner, with 49.9 percent 3. TELUS owns 100 percent of TELUS Digital since October 31, 2025 3.

Directors and executive officers as a group owned about 0.15 percent of common shares on February 9, 2026 2. The filings reviewed name no larger holder 2.

For 2026 the company now expects service revenue growth of flat to negative 2 percent, down from 2 percent to 4 percent 1. It expects adjusted EBITDA to fall 2 to 4 percent 1.

The company expects 2026 capital spending of about $2.6 billion, up from $2.3 billion, and free cash flow of about $1.8 billion, down from $2.45 billion 1. It remains committed to a 10 percent capital intensity target 1.

The dividend payout is now set at 45 to 60 percent of trailing 12-month free cash flow 1. The company raised its 2026 restructuring cost assumption to about $900 million from about $500 million 1.

TELUS says it is reviewing its asset portfolio and is in discussions with interested parties on non-core TELUS Health assets 1. It is also advancing the monetization of non-core real estate 1.

It plans a second Sovereign AI Factory in Kamloops, British Columbia 3. A capital returns framework and corporate strategy are due with third quarter 2026 results in November 1.