TU · TELUS Corporation

TELUS Corporation's Q1 2026 results showed declines across key income statement lines compared to the prior year. Operating revenues from contracts with customers totaled $4,989 million, down from $5,018 million, driven by lower equipment revenues of $505 million versus $575 million, partially offset by service revenues increasing to $4,484 million from $4,443 million. Operating expenses rose to $4,479 million from $4,305 million, with employee benefits expense up to $1,635 million from $1,466 million and amortization slightly higher at $405 million. This led to operating income falling to $534 million from $752 million, and net income to $144 million after $55 million in income taxes. Comprehensive income was $193 million, including $41 million foreign currency translation adjustment. Balance sheet reflects reduced cash to $1,302 million from $2,621 million at December 31, 2025, amid $1,144 million investing outflows including $757 million capital assets and $318 million spectrum licenses, and $1,225 million financing outflows with $2,153 million long-term debt repayments offset by $1,360 million issuances. Dividends paid totaled $653 million. Operating cash flow remained resilient at $1,050 million. The MD&A highlights ongoing risks including regulatory changes, competition, technology shifts, and economic conditions, with no specific guidance provided in the excerpts.