TELUS hits 1 million annual subscriber milestone, sets bullish cash flow targets for 2026

TELUS (NYSE:TU) closed out 2025 with industry-leading momentum, reporting fourth-quarter and full-year results characterized by a massive surge in its subscriber base and record-breaking cash generation.

The Canadian telecommunications giant added 377,000 net customers in the final three months of the year, bringing its total combined additions for 2025 to 1.08 million.

The company's consolidated operating revenue for the fourth quarter reached $5.3 billion, reflecting sustained demand for its premium bundled services across mobility and fixed-line segments.

More significantly for shareholders, TELUS achieved a record consolidated free cash flow of $2.2 billion for the full year, an 11% increase over 2024.

This financial flexibility comes as the company continues to execute a disciplined deleveraging strategy, ending the year with a net debt to Adjusted EBITDA ratio of 3.4x.

Looking ahead to 2026, TELUS established a clear roadmap for continued expansion and fiscal discipline.

The company is targeting consolidated service revenues and adjusted EBITDA growth of 2% to 4%.

Capital expenditures are expected to be approximately $2.3 billion, as the company pivots from heavy infrastructure builds toward maximizing returns on its existing fiber and 5G footprint.

Crucially, TELUS is forecasting another record year for liquidity, with a 2026 free cash flow target of approximately $2.45 billion.