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capital structure financial policies (Tables) | 6 Months Ended
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Jun. 30, 2026
capital structure financial policies |
Disclosure of financial objectives that support the entity's long-term strategy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at, or for the 12-month periods ended, June 30 ($ in millions) | ​ ​ ​ | Objective | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Components of debt and coverage ratios |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Net debt 1 |  | ​ | ​ | ​ | ​ | $ | 25,963 | ​ | $ | 27,293
EBITDA – excluding restructuring and other costs 2 |  | ​ | ​ | ​ | ​ | $ | 7,315 | ​ | $ | 7,333
Net interest cost 3 (Note 9) |  | ​ | ​ | ​ | ​ | $ | 1,497 | ​ | $ | 1,404
Debt ratio |  | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Net debt to EBITDA – excluding restructuring and other costs |  | 2.5 | – | 3.0 4 | ​ |  | 3.5 | ​ |  | 3.7
Coverage ratios |  | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Earnings coverage 5 |  | ​ | ​ | ​ | ​ |  | 0.5 | ​ |  | 2.0
EBITDA – excluding restructuring and other costs interest coverage 6 |  | ​ | ​ | ​ | ​ |  | 4.9 | ​ |  | 5.2
​
1 | Net debt and total managed capitalization are calculated as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at June 30 | ​ ​ ​ | Note | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Long-term debt |  | 26 | ​ | $ | 30,231 | ​ | $ | 32,194
TELUS Corporation junior subordinated notes equity credit deducted in calculating net debt | ​ | 26(f) | ​ | ​ | (3,702) | ​ | ​ | (2,207)
Debt issuance costs netted against long-term debt |  | ​ | ​ | ​ | 159 | ​ |  | 172
Derivative (assets) liabilities used to manage interest rate and currency risks associated with U.S. dollar-denominated debt, net |  | ​ | ​ | ​ | (155) | ​ |  | 220
Accumulated other comprehensive income (loss) amounts arising from financial instruments used to manage interest rate and currency risks associated with U.S. dollar-denominated debt — excluding tax effects |  | ​ | ​ | ​ | (408) | ​ |  | (326)
Cash and temporary investments, net |  | ​ | ​ | ​ | (1,387) | ​ |  | (3,682)
Short-term borrowings |  | 22 | ​ | ​ | 1,225 | ​ |  | 922
Net debt |  | ​ | ​ | ​ | 25,963 | ​ | ​ | 27,293
Common equity | ​ | ​ | ​ | ​ | 13,281 | ​ | ​ | 15,220
Non-controlling interests | ​ | ​ | ​ | ​ | 808 | ​ | ​ | 882
Add: TELUS Corporation junior subordinated notes equity credit deducted in calculating net debt | ​ | ​ | ​ | ​ | 3,702 | ​ | ​ | 2,207
Less: accumulated other comprehensive (income) loss amounts included above in common equity and non-controlling interests | ​ | ​ | ​ | ​ | 12 | ​ | ​ | 59
Total managed capitalization | ​ | ​ | ​ | $ | 43,766 | ​ | $ | 45,661
​
2 | EBITDA – excluding restructuring and other costs is calculated as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Restructuring | ​ | EBITDA –
​ | ​ | ​ | ​ | ​ | and other | ​ | excluding
​ | ​ | EBITDA | ​ | costs | ​ | restructuring
​ | ​ ​ ​ | (Note 5) | ​ ​ ​ | (Note 16) | ​ ​ ​ | and other costs
Add | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six-month period ended June 30, 2026 | ​ | $ | 3,110 | ​ | $ | 504 | ​ | $ | 3,614
Year ended December 31, 2025 | ​ |  | 6,922 | ​ | ​ | 432 | ​ | ​ | 7,354
Deduct | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six-month period ended June 30, 2025 | ​ | ​ | (3,423) | ​ | ​ | (230) | ​ | ​ | (3,653)
EBITDA – excluding restructuring and other costs | ​ | $ | 6,609 | ​ | $ | 706 | ​ | $ | 7,315
​
3 | Net interest cost is defined as financing costs, excluding employee defined benefit plans net interest, unrealized changes in virtual power purchase agreements forward element when accounted for as held for trading, recoveries on long-term debt prepayment premium and recoveries on repayment of debt, calculated on a 12-month trailing basis (expenses recorded for long-term debt prepayment premium, if any, are included in net interest cost) (see Note 9).
4 | Our long-term objective range for this ratio is 2.5 – 3.0 times, reflecting a shift of 0.3 in the range, as announced on July 31, 2026, to better align with our long-term optimal leverage range. The ratio as at June 30, 2026, is outside the long-term objective range. We may permit, and have permitted, this ratio to go outside the objective range (for long-term investment opportunities). We have an objective of achieving a ratio of circa 3.0 times in 2028. We are in compliance with the leverage ratio covenant in our credit facilities, which states that we may not permit our net debt to operating cash flow ratio to exceed 4.25:1.00 (see Note 26(d)); the calculation of the debt ratio is substantially similar to the calculation of the leverage ratio covenant in our credit facilities.
5 | Earnings coverage is defined in Canadian Securities Administrators National Instrument 41-101 as net income before borrowing costs and income tax expense, divided by borrowing costs (interest on long-term debt (including dividend obligations on preferred shares that are required to be accounted for as financial liabilities); interest on short-term borrowings and other; and long-term debt prepayment premium), and adding back capitalized interest, all such amounts excluding those attributable to non-controlling interests.
6 | EBITDA – excluding restructuring and other costs interest coverage is defined as EBITDA – excluding restructuring and other costs, divided by net interest cost. This measure is substantially similar to the coverage ratio covenant in our credit facilities.
Disclosure of the dividend payout ratio | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the 12-month periods ended June 30 | ​ ​ ​ | Objective | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
Determined using most comparable IFRS Accounting Standards measures | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ratio of TELUS Corporation Common Share dividends declared to cash provided by operating activities (Note 2(b)) – less capital expenditures |  | ​ |  | 109 | % | 107 | %
Determined using management measures | ​ | ​ | ​ | ​ | ​ | ​ | ​
TELUS Corporation Common Share dividend payout ratio – net of dividend reinvestment plan effects |  | 45%–60% 1 |  | 74 | % | 75 | %
​
1 | Our objective range for the TELUS Corporation Common Share dividend payout ratio is 45%-60% of free cash flow on a trailing 12-months basis, reflecting a shift from 60-75% of free cash flow on a prospective basis. The reset of the dividend payout ratio, as announced on July 31, 2026, is expected to generate cumulative cash savings that will be directed towards deleveraging.
​ Our calculation of TELUS Corporation Common Share dividends declared, net of dividend reinvestment plan effects, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
For the 12-month periods ended June 30 (millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
TELUS Corporation Common Share dividends declared | ​ | $ | 2,600 | ​ | $ | 2,427
Amount of TELUS Corporation Common Share dividends declared reinvested in TELUS Corporation Common Shares | ​ | ​ | (879) | ​ |  | (824)
TELUS Corporation Common Share dividends declared - net of dividend reinvestment plan effects | ​ | $ | 1,721 | ​ | $ | 1,603
Schedule of calculation of free cash flow, and the reconciliation to cash provided by operating activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the 12-month periods ended June 30 (millions) | ​ ​ ​ | ​ | ​ | 2026 | ​ | 2025
​ | ​ | ​ | ​ | Cash provided | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Cash provided | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | by operating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | by operating | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | activities | ​ | ​ | ​ | ​ | Free cash | ​ | activities | ​ | ​ | ​ | ​ | Free cash
​ | ​ | Note | ​ ​ ​ | (Note 2(b)) | ​ ​ ​ | Difference | ​ ​ ​ | flow | ​ ​ ​ | (Note 2(b)) | ​ ​ ​ | Difference | ​ ​ ​ | flow
EBITDA | ​ | 5 | ​ | $ | 6,609 | ​ | $ | — | ​ | $ | 6,609 | ​ | $ | 6,949 | ​ | $ | — | ​ | $ | 6,949
Restructuring and other costs, net of disbursements |  | ​ | ​ | ​ | 273 |  | ​ | — | ​ | ​ | 273 | ​ | ​ | (26) |  | ​ | — | ​ | ​ | (26)
Effects of contract asset, acquisition and fulfilment and TELUS Easy Payment mobile device financing |  | ​ | ​ | ​ | 19 |  | ​ | — | ​ | ​ | 19 | ​ | ​ | (157) |  | ​ | — | ​ | ​ | (157)
Effect of non-discretionary lease principal (a) |  | 31(b) | ​ | ​ | — |  | ​ | (473) | ​ | ​ | (473) | ​ | ​ | — |  | ​ | (698) | ​ | ​ | (698)
Items from the Consolidated statements of cash flows: |  | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Share-based compensation, net of employee share purchase plan cash outflows |  | 14 | ​ | ​ | 148 |  | ​ | 5 | ​ | ​ | 153 | ​ | ​ | 164 |  | ​ | 13 | ​ | ​ | 177
Net employee defined benefit plans expense |  | 15 | ​ | ​ | 62 |  | ​ | — | ​ | ​ | 62 | ​ | ​ | 68 |  | ​ | — | ​ | ​ | 68
Employer contributions to employee defined benefit plans |  | ​ | ​ | ​ | (22) |  | ​ | — | ​ | ​ | (22) | ​ | ​ | (18) |  | ​ | — | ​ | ​ | (18)
Gain on contributions of real estate to joint ventures | ​ | 7, 21 | ​ | ​ | (51) | ​ | ​ | 51 | ​ | ​ | — | ​ | ​ | (65) | ​ | ​ | 65 | ​ | ​ | —
(Income) loss from equity accounted investments, net |  | ​ | ​ | ​ | — |  | ​ | — | ​ | ​ | — | ​ | ​ | 6 |  | ​ | — | ​ | ​ | 6
Gain on purchase of long-term debt | ​ | ​ | ​ | ​ | (303) | ​ | ​ | 303 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Interest paid | ​ | ​ | ​ | ​ | (1,585) | ​ | ​ | — | ​ | ​ | (1,585) | ​ | ​ | (1,360) | ​ | ​ | — | ​ | ​ | (1,360)
Interest received |  | ​ | ​ | ​ | 76 |  | ​ | — | ​ | ​ | 76 | ​ | ​ | 34 |  | ​ | — | ​ | ​ | 34
Other | ​ | ​ | ​ | ​ | (137) | ​ | ​ | 137 | ​ | ​ | — | ​ | ​ | (133) | ​ | ​ | 133 | ​ | ​ | —
Other working capital items | ​ | ​ | ​ | ​ | 237 | ​ | ​ | (237) | ​ | ​ | — | ​ | ​ | (250) | ​ | ​ | 250 | ​ | ​ | —
Capital expenditures (excluding acquisition from related party) |  | 5 | ​ | ​ | — |  | ​ | (2,630) | ​ | ​ | (2,630) | ​ | ​ | — |  | ​ | (2,391) | ​ | ​ | (2,391)
Capital expenditure for acquisition from related party | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (93) | ​ | ​ | (93)
Related party construction credit facility repayment made concurrent with capital expenditure for acquisition from related party and similar | ​ | ​ | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | 94 | ​ | ​ | 94
​ | ​ | ​ | ​ | ​ | 5,326 | ​ | ​ | (2,818) | ​ | ​ | 2,508 | ​ | ​ | 5,212 | ​ | ​ | (2,627) | ​ | ​ | 2,585
Income taxes paid, net of refunds (b) | ​ | ​ | ​ | ​ | (311) | ​ | ​ | 116 | ​ | ​ | (195) | ​ | ​ | (460) | ​ | ​ | — | ​ | ​ | (460)
​ | ​ | ​ | ​ | $ | 5,015 | ​ | $ | (2,702) | ​ | $ | 2,313 | ​ | $ | 4,752 | ​ | $ | (2,627) | ​ | $ | 2,125
​
(a) | As set out in this note, we may issue new debt to replace existing debt with different characteristics. As a part of managing our capital structure, we chose to replace lease principal of $849 (2025 – $NIL) through discretionary prepayment.
(b) | As part of managing our capital structure, we paid incremental income taxes in connection with issuing subsidiary equity and such amount has been excluded from the free cash flow amount shown in this table.

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- Definition The disclosure of the dividend payout ratio, a historical measure calculated as the sum of the last four quarterly dividends declared per Common Share, as recorded in the financial statements, net of dividend reinvestment plan effects, divided by the sum of free cash flow amounts for the most recent four quarters for interim reporting periods (divided by annual free cash flow if the reported amount is in respect of a fiscal year). + References No definition available. + Details
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