Core Insights - TELUS Corporation reported strong customer growth in Q4 2025, adding 377,000 net customers, including 50,000 mobile phone and 35,000 internet customers, driven by demand for premium bundled services [1][3][7] - The company achieved a full-year basic Earnings Per Share (EPS) growth of 9% and a net income increase of 12%, with cash from operations stable at $4.9 billion [1][4] - TELUS Health experienced significant growth, with revenue and Adjusted EBITDA increasing by 13% and 10% respectively, supported by strategic investments and acquisitions [3][9] Financial Performance - Consolidated operating revenues for Q4 2025 were $5.3 billion, a slight decrease from $5.4 billion in the previous year, primarily due to lower mobile equipment revenue [2][4] - Consolidated Free Cash Flow reached a record $2.2 billion, up 11% from the prior year, exceeding annual guidance [1][4] - The company’s Adjusted EBITDA for TTech increased by 3.1% in 2025, reflecting disciplined execution and cost management [4][6] Customer Metrics - TELUS achieved a total subscriber base of 21.2 million connections, with a 5% increase year-over-year, including a 19% rise in connected devices [8][14] - The mobile phone churn rate was 0.97% for the full year, marking the twelfth consecutive year below 1% [3][23] - Healthcare lives covered by TELUS Health reached 161.2 million, an increase of 85 million over the past year, driven by acquisitions and growth in employee assistance programs [9][21] Capital Expenditures and Debt Management - Consolidated capital expenditures for Q4 2025 were $649 million, an 18% increase from the previous year, with a focus on subscriber growth and customer experience [11][14] - The company concluded 2025 with a Net Debt to Adjusted EBITDA ratio of 3.4 times, targeting 3.3 times or lower by year-end 2026 [1][4] 2026 Financial Targets - TELUS set 2026 financial targets, aiming for 2-4% growth in Consolidated Service Revenues and Adjusted EBITDA, with a projected Free Cash Flow of approximately $2.45 billion [2][25] - Consolidated Capital Expenditures are expected to decrease by 10% to approximately $2.3 billion in 2026 [2][25] Leadership Transition - Darren Entwistle, the President and CEO, will retire on June 30, 2026, with Victor Dodig appointed as his successor effective July 1, 2026 [27]