TELUS is positioned to deliver sustained, profitable growth supported by its robust asset mix, diversified business portfolio and proven operational excellence. TELUS Health delivered 13 percent revenue and Adjusted EBITDA growth, with strategic partnerships like the Terrion initiative driving deleveraging and real estate monetization.
Cyborg Score Rationale
TELUS achieved record 2025 free cash flow of $2.2B and recorded 1,081,000 combined customer additions for the year. 2026 targets include Consolidated Service Revenues and Adjusted EBITDA growth of 2–4%, Consolidated CapEx of approximately $2.3B, and Consolidated Free Cash Flow of approximately $2.45B. However, dividend sustainability concerns and leadership transition present near-term risks.
Top Insights
After 26 years as CEO, Darren Entwistle will retire on June 30, 2026, with Victor Dodig (former CIBC CEO) appointed as successor effective July 1, 2026
Terrion partnership with La Caisse reduced net debt by $1.26 billion (0.17-times), advancing strategic partnerships and accelerating real estate and copper monetization
Health services coverage expanded to 161.2 million lives with strong acquisition-driven growth in payor and provider solutions
TELUS operates two segments: Technology Solutions (core telecom) and Digitally-Led Customer Experiences (AI-powered solutions through TELUS Digital)
Named Competitors
BCE — Canada's largest telecom provider
Rogers Communications — Major Canadian wireless and wireline provider
Shaw Communications — Canadian cable and telecom services
Recent Developments
(February 2026) Victor Dodig appointed as President and CEO effective July 1, 2026, becoming CEO Designate immediately and joining leadership team May 1, 2026
(February 2026) Record 2025 consolidated free cash flow of $2.2B (up 11%) with 377,000 Q4 net additions and health coverage expanded to 161.2M lives
(January 2026) TELUS completed full redemption of its outstanding C$600 million 3.75% Notes
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