Telus Corp key statistics and ratios

In fiscal 2025, Telus Corp had return on equity of 7.1%, an operating margin of 11.5%, debt equal to 199.4% of equity and a current ratio of 0.86. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Telus Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	85.6%	85.3%	85.4%	85.7%	87.1%	87.3%	87.5%	88.1%	87.7%	88.3%
Operating margin	17.0%	20.4%	19.7%	20.3%	16.1%	17.8%	16.0%	11.7%	13.8%	11.5%
Net margin	9.6%	11.6%	11.1%	11.9%	7.8%	9.6%	8.8%	4.2%	4.9%	5.4%
Free-cash-flow margin	6.7%	10.9%	11.7%	7.9%	12.3%	7.0%	8.3%	9.3%	10.8%	10.4%
Return on equity	13.8%	16.9%	16.4%	16.8%	10.2%	12.4%	10.3%	5.1%	6.3%	7.1%
Return on assets	4.3%	5.2%	5.0%	4.9%	2.8%	3.7%	3.2%	1.5%	1.8%	1.9%
Asset turnover	0.45	0.44	0.45	0.41	0.36	0.39	0.37	0.36	0.36	0.35
Current ratio	0.70	0.77	0.79	0.78	0.79	0.61	0.74	0.67	0.67	0.86
Debt to equity	144.6%	146.1%	138.4%	176.1%	169.3%	138.7%	151.7%	170.4%	190.6%	199.4%
Interest cover (operating income ÷ interest)	4.2x	4.7x	4.2x	4.0x	3.2x	3.8x	4.6x	1.8x	1.7x	1.9x
Effective tax rate	25.6%	27.2%	25.4%	20.9%	26.4%	25.5%	26.0%	20.4%	23.6%	35.4%
Capital spending as % of revenue	18.4%	18.5%	16.6%	18.9%	17.3%	18.5%	17.9%	13.0%	12.9%	13.3%
Free cash flow ÷ net income	70.4%	93.7%	104.7%	66.2%	157.6%	72.5%	94.1%	223.2%	222.4%	192.1%
Dividends ÷ net income	87.5%	69.4%	71.3%	65.8%	77.1%	63.1%	73.6%	156.4%	157.3%	—
Dividends and buybacks ÷ free cash flow	145.1%	74.1%	74.1%	99.5%	48.9%	87.1%	78.2%	70.1%	70.7%	1.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · December 31, 2025

What it owns · $43.5bn

Short-term assets $6.1bnLonger-term assets $37.4bn

What it owes, and who funded it · $42.9bn

Short-term liabilities $7.1bnLonger-term liabilities $24.3bnShareholders' equity $11.5bn

Short-term assets cover short-term liabilities $6.1bn of assets due within a year against $7.1bn of liabilities due within a year.
Short-term assets cover long-term liabilities $6.1bn short-term assets against $24.3bn of longer-dated liabilities.
More cash than debt $1.9bn of cash against $22.9bn of debt.
Debt below 40% of shareholders' equity Debt is 199% of equity.
Debt burden no higher than five years ago Debt to equity moved from 157% to 199% over five years.
A year's operating cash flow covers at least 20% of debt $3.5bn of operating cash flow against $22.9bn of debt.
Operating profit covers interest at least five times over Operating income of $1.7bn against $869m of interest.

From Telus Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Telus Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Telus Corp.