TELUS posts C$660 million loss and targets $900 million savings

TELUS Corporation (NYSE:TU) reported a third-quarter 2026 net loss of C$660 million, following an C$800 million non-cash goodwill impairment at TELUS Health, as the telecommunications company introduced a cost-saving programme targeting C$900 million in annualized savings.

Revenue and other income declined 2% year over year to C$5.026 billion, while adjusted EBITDA, a non-GAAP earnings measure, fell 5% to C$1.760 billion.

TELUS management said the company was targeting approximately C$900 million in annualized cash savings exiting 2028 as it focuses on operational efficiency and reducing debt.

Free cash flow declined 35% to C$396 million, while net debt to adjusted EBITDA increased to 3.6 times, compared with the company's target of 3 times or lower by year-end 2028.

The company also plans to monetize assets within TELUS Health and TELUS Agriculture & Consumer Goods, while reaffirming its 2026 financial guidance; its post-announcement share-price reaction was not provided in the available information.

TELUS operates telecommunications and technology businesses across Canada, providing mobile services, internet connectivity, television, healthcare technology and agricultural technology solutions.