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Consolidated statements of cash flows - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities        
Net earnings $ 629 $ 644 $ 1,296 $ 1,327
Adjustments to reconcile net earnings to cash flows from operating activities        
Severance, acquisition and other costs 50 41 44 288
Depreciation and amortization 1,376 1,287 2,732 2,559
Post-employment benefit plans cost 10 19 27 48
Net interest expense 454 427 884 824
Impairment of assets 6 8 11 17
Net losses on investments 2 8 3 10
Net early debt redemption gains [1] (89) (91) (89) (357)
Income taxes 264 240 503 497
Contributions to post-employment benefit plans (9) (12) (27) (30)
Payments under other post-employment benefit plans (18) (15) (32) (29)
Severance and other costs paid (60) (198) (146) (279)
Interest paid (330) (308) (954) (869)
Income taxes paid (net of refunds) (16) (50) (563) (124)
Acquisition and other costs paid (8) (6) (10) (14)
Net change in operating assets and liabilities [1] (99) (47) (368) (350)
Cash flows from operating activities 2,162 1,947 3,311 3,518
Cash flows used in investing activities        
Capital expenditures (1,080) (763) (1,921) (1,492)
Decrease in short-term investments 0 0 0 400
Business acquisitions (17) (24) (24) (23)
Business dispositions 0 36 1 38
Increase in investments [1] (26) (9) (74) (17)
Other investing activities [1] (4) 10 (13) 5
Cash flows used in investing activities (1,127) (750) (2,031) (1,089)
Cash flows used in financing activities        
(Decrease) increase in notes payable (1,149) 405 (1,971) (726)
Issue of long-term debt 2,647 318 5,036 4,755
Repayment of long-term debt (2,812) (1,725) (3,110) (5,981)
Purchase of shares for settlement of share-based payments (33) (32) (95) (96)
Repurchase of preferred shares (30) (39) (62) (76)
Cash dividends paid on common shares (408) (608) (816) (1,210)
Cash dividends paid on preferred shares (36) (38) (72) (77)
Cash dividends paid by subsidiaries to non-controlling interest (12) 0 (24) (13)
Other financing activities (101) (20) (116) (67)
Cash flows used in financing activities (1,934) (1,739) (1,230) (3,491)
Effect of currency exchange rate changes on cash and cash equivalents 2 0 2 0
Net (decrease) increase in cash (890) (542) 56 (1,065)
Cash at beginning of period 1,367 1,049 314 1,572
Cash at end of period 477 507 477 507
Supplemental Cash Flow Information        
Net (decrease) increase in cash equivalents (7) 0 (4) 3
Cash equivalents at beginning of period 9 3 6 0
Cash equivalents at end of period 2 3 2 3
Initial adoption of Amendments to IFRS 9 and IFRS 7 on January 1, 2026        
Cash flows used in financing activities        
Cash at beginning of period $ 0 $ 0 $ 107 $ 0
[1] We have presented amounts from the previous period to make them consistent with the presentation for the current period.