TELUS Corporation released its unaudited third‑quarter 2025 results on November 7, 2025, reporting a reported net income of $431 million, driven largely by a one‑time gain on the purchase of long‑term debt. Basic earnings per share rose to $0.32, a 68 % increase from the same period a year earlier. However, adjusted net income—excluding the debt‑purchase gain—was lower, and the adjusted EPS of $0.24 fell short of the consensus estimate of $0.26, marking a miss of roughly 8 %.
Consolidated operating revenue for the quarter was C$5.11 billion, essentially flat year‑over‑year and below the consensus estimate of C$5.17 billion. Adjusted EBITDA reached C$1.86 billion, up only 1 % from the prior year and below the forecasted C$1.89 billion. The modest EBITDA growth reflects a combination of lower revenue in the TTech segment and a shift in the mix toward lower‑margin services.
Customer additions totaled 288,000 across mobile and fixed lines, a decline from the same period last year. Mobile phone net additions fell 48,000 YoY, while internet customer additions were 40,000. Postpaid mobile churn remained low at 0.91 %, and the company’s 5G network now serves 32.9 million Canadians, covering 89 % of the population. TELUS Health continued to expand, with operating revenue up 18 % and adjusted EBITDA rising 24 % to C$91 million—significantly lower than the previously reported C$1.1 billion figure. TELUS Digital’s projected annual cash synergies from the remaining stake acquisition are estimated at C$150 million by the end of 2026, not the $417 million previously cited.
Capital expenditures for the quarter were C$652 million, of which C$534 million were directed to TTech operations. The net debt‑to‑EBITDA ratio improved to 3.5×, supporting the company’s deleveraging path toward a 3× target by 2027. The quarterly dividend was increased to C$0.4184 per share, payable January 2, 2026 to shareholders of record on December 11, 2025.
President and CEO Darren Entwistle highlighted the company’s “relentless focus on operational excellence” as the driver of the reported earnings. He noted variability in mobile equipment revenue and that TTech operating revenue growth is expected to be at the lower end of the 2‑4 % target range for 2025. Management maintained its guidance for free cash flow and capital expenditures, but signaled caution regarding revenue growth in the core telecom segment.
Market reaction to the results was muted. Shares closed at C$20.66 on November 7, 2025, up only 0.02 % from the prior close, reflecting investor neutrality amid the mixed performance. Analysts cited the adjusted EPS miss and flat revenue as key concerns, while noting the company’s strong customer growth and dividend increase as positive tailwinds. The underperformance relative to peers such as Rogers and BCE also contributed to the subdued market response.
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