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Telus (TU) Q3 2025 Earnings
Reported Nov 7, 2025 at 7:10 AM ET · SEC Source
Q3 25 EPS
$0.32
BEAT +67.98%
Est. $0.19
Q3 25 Revenue
$5.11B
MISS 1.88%
Est. $5.20B
vs S&P Since Q3 25
-36.6%
TRAILING MARKET
TU -25.3% vs S&P +11.3%
Market Reaction
Did TU Beat Earnings? Q3 2025 Results
TELUS delivered a sharply split quarter in Q3 2025, posting earnings that well exceeded expectations even as revenue came in slightly light. The Canadian telecom reported EPS of $0.32, beating the $0.19 consensus estimate by 67.98%, though revenue of… Read more TELUS delivered a sharply split quarter in Q3 2025, posting earnings that well exceeded expectations even as revenue came in slightly light. The Canadian telecom reported EPS of $0.32, beating the $0.19 consensus estimate by 67.98%, though revenue of $5.11 billion missed the $5.20 billion consensus by 1.88%, growing just 1.3% year-over-year. The EPS outperformance was largely driven by a $222 million gain on the repurchase of $1.80 billion in senior notes through tender offers, a one-time tailwind that meaningfully inflated the bottom line rather than reflecting organic operational strength. The quarter was otherwise defined by transformation, with TELUS completing the formation of Terrion, a tower infrastructure joint venture that helped reduce net debt by $2.40 billion to $25.70 billion and improved leverage to 3.5x. TELUS Health remained a bright spot, with Adjusted EBITDA surging 24%, while TELUS Digital continued to struggle amid macroeconomic headwinds. Looking ahead, TELUS is targeting a net debt to EBITDA ratio of roughly 3.0x by 2027 and raised its dividend 4%, though at least one analyst has flagged concerns about long-term dividend sustainability.
Key Takeaways
- • Mobile, residential internet, and security and automation subscriber growth
- • Cost reduction efforts including workforce reductions and increased adoption of TELUS Digital solutions across TTech
- • Higher residential internet revenue per customer
- • TELUS Health revenue growth from Workplace Options acquisition and organic payor and provider solutions growth
- • Gain on purchase of long-term debt of $222 million from tender offers
- • Hedge accounting change eliminating VPPA unrealized losses from financing costs
- • TELUS Health healthcare lives covered grew to 160.6 million, up 84.6 million year-over-year
- • TELUS Digital intersegment revenues continued to increase, comprising approximately 26% of total TELUS Digital revenues
- • Favourable foreign currency impact from strengthening U.S. dollar, British pound and European euro against Canadian dollar
TU YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
TU Revenue by Segment
With YoY comparisons, source: SEC Filings
TU Earnings Trends
TU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TU EPS Trend
Earnings per share: estimate vs actual
TU Revenue Trend
Quarterly revenue: estimate vs actual
TU Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.16 | $0.23 | +45.57% | $5.01B | -0.89% |
| Q4 25 BEAT FY | $0.18 | $0.20 | +10.86% | $5.26B | -2.71% |
| FY Full Year | $0.70 | — | — | — | — |
| Q3 25 BEAT | $0.19 | $0.32 | +67.98% | $5.11B | -1.88% |
| Q2 25 MISS | $0.17 | $0.16 | -6.03% | $3.75B | -25.52% |