TELUS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TELUS CORP files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,799	13,408	14,368	14,658	15,463	17,258	18,412	20,116	20,386	20,506
Cost of revenue	1,840	1,975	2,100	2,100	2,000	2,200	2,300	2,400	2,500	2,400
Gross profit	10,959	11,433	12,268	12,558	13,463	15,058	16,112	17,716	17,886	18,106
Operating income	2,182	2,741	2,837	2,977	2,482	3,074	2,954	2,362	2,804	2,363
Interest expense	520	573	661	733	771	796	632	1,273	1,576	1,161
Pre-tax income	1,662	2,168	2,176	2,244	1,711	2,278	2,322	1,089	1,228	1,202
Income tax	426	590	552	468	451	580	604	222	290	425
Net income to minority interests	13	19	24	30	53	43	103	26	-55	-336
Net income	1,223	1,559	1,600	1,746	1,207	1,655	1,615	841	993	1,113
EPS, basic	1.10	1.32	1.34	1.45	0.95	1.23	1.16	0.58	0.67	0.73
EPS, diluted	1.10	1.32	1.34	1.45	0.94	1.22	1.15	0.58	0.67	0.72

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	432	509	414	535	848	723	974	864	869	2,621
Receivables	1,471	1,614	1,600	1,962	2,355	2,671	3,316	3,597	3,689	3,797
Total current assets	2,474	3,867	3,841	4,353	4,677	5,032	6,092	6,313	6,632	8,372
Property, plant and equipment	10,464	11,368	12,091	14,232	15,014	15,926	17,084
Goodwill	3,787	4,236	4,747	5,307	7,160	7,270	9,131	10,058	10,564	10,460
Intangible assets	10,364	10,658	10,934	12,846	15,048	17,485	19,239	19,721	20,593	20,328
Total assets	27,729	31,053	33,057	37,985	43,273	47,983	54,069	56,136	58,028	59,613
Accounts payable	2,330	2,460	2,570	2,749	2,971	3,705	3,952	3,391	3,630	3,494
Short-term debt	100	100	100	100	100	114	104	104	922	920
Total current liabilities	4,951	5,040	4,844	5,574	5,905	8,273	8,286	9,478	9,836	9,689
Total liabilities	19,793	21,595	22,716	27,326	30,705	31,924	36,411	38,834	41,230	43,034
Shareholders' equity	7,917	9,416	10,259	10,548	12,040	15,116	16,569	16,112	15,620	15,775
Minority interests	19	42	82	111	528	943	1,089	1,190	1,178	804
Total equity	9,033	9,458	10,179	10,659	12,568	16,059	17,658	17,302	16,798	16,579
Total liabilities and equity	27,729	31,053	33,057	37,985	43,273	47,983	54,069	56,136	58,028	59,613

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,236	1,578	1,624	1,776	1,260	1,698	1,718	867	938	777
Cash from operations	3,219	3,947	4,058	3,927	4,574	4,388	4,811	4,499	4,847	4,866
Capital expenditures	-2,358	-2,486	-2,383	-2,772	-2,672	-3,188	-3,291	-2,622	-2,639	-2,728
Cash from investing	-2,923	-3,643	-2,977	-5,044	-6,165	-5,466	-5,408	-4,748	-3,700	-3,040
Stock issued			43		1,495	1,300
Share buybacks	-179		-100							-40
Dividends paid	-1,070	-1,082	-1,141	-1,149	-930	-1,045	-1,188	-1,315	-1,562
Cash from financing	-87	-227	-1,176	1,238	1,904	953	848	139	-1,142	-74
Net change in cash	209	77	-95	121	313	-125	251	-110	5	1,752
Free cash flow	861	1,461	1,675	1,155	1,902	1,200	1,520	1,877	2,208	2,138
Interest paid	510	539	608	714	740	744	816	1,196	1,330	1,384

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	88.3%	Gross profit / revenue.
Operating margin	11.5%	Operating income / revenue.
Pre-tax margin	5.9%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	10.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.7%	Cash from operations / revenue.
Effective tax rate	35.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	13.3%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.86x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	72.2%	Total liabilities / total assets.
Interest coverage	2.04x	Operating income / interest expense.
Working capital	-CA$1.32B	Current assets - current liabilities.
Goodwill and intangibles / assets	51.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-CA$15.01B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Receivables turnover	5.48x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	542 days	365 x average accounts payable / cost of revenue.
FCF conversion	192.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	56.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$0.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$0.73	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	1.9%	Share buybacks / free cash flow, when free cash flow is positive.

What was TELUS CORP's revenue in fiscal 2025?

TELUS CORP reported revenue of CA$20.51B for fiscal 2025, 0.6% higher than the year before.

Was TELUS CORP profitable in fiscal 2025?

Yes. Net income was CA$1.11B, a net margin of 5.4%.

How much free cash flow did TELUS CORP generate in fiscal 2025?

Cash from operations of CA$4.87B minus capital expenditures of CA$2.73B left free cash flow of CA$2.14B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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