TELUS Corporation

TSX:T Stock Report

Market Cap: CA$26.7b

TELUS Future Growth

Future criteria checks 1/6

TELUS is forecast to grow earnings and revenue by 10.9% and 2.8% per annum respectively. EPS is expected to grow by 9.8% per annum. Return on equity is forecast to be 11.9% in 3 years.

Key information

10.9%

Earnings growth rate

9.82%

EPS growth rate

Telecom earnings growth-2.4%
Revenue growth rate2.8%
Future return on equity11.91%
Analyst coverage

Good

Last updated01 May 2026

Recent future growth updates

Results: TELUS Corporation Exceeded Expectations And The Consensus Has Updated Its Estimates

May 13
Results: TELUS Corporation Exceeded Expectations And The Consensus Has Updated Its Estimates

Recent updates

T: Space Connectivity And 5G Spectrum Expansion Will Drive Future Upside Potential

Analysts now set a slightly lower TELUS price target of CA$20.59, down from CA$21.00, citing modest adjustments to fair value assumptions, discount rate, revenue growth, profit margin, and future P/E estimates. What's in the News CEO transition planned, with long-time Chief Executive Darren Entwistle set to retire on June 30, 2026, and Board member Victor Dodig, former CIBC President and CEO, appointed CEO Designate and scheduled to assume the role on July 1, 2026, following a multiyear succession process (Executive changes).

T: Quantum And Space Connectivity Will Drive Future Upside Potential

Analysts now set their average TELUS price target at roughly CA$21.00, slightly below the prior fair value estimate of about CA$21.38. This reflects updated views on discount rate, revenue growth, profit margins and future P/E assumptions.

T: Quantum And Space Connectivity Will Drive Future Upside Potential

Analysts now set TELUS's fair value estimate at CA$21.38, compared with CA$21.26 previously, reflecting updated assumptions for the discount rate, modest revenue growth, profit margin and future P/E levels. What's in the News TELUS launched the SmartHome Assistant, described as the world's first smart home AI assistant with Generative UI, designed to unify more than 2,000 device models into a single interface for SmartHome+ customers across Canada (Product-Related Announcements).

T: Quantum Networking And Space Connectivity Will Support Future Upside Potential

Analysts have slightly reduced their fair value estimate for TELUS, with the implied price target moving from about CA$21.44 to roughly CA$21.26 as they refresh their assumptions on discount rates, long term revenue growth, profit margins, and forward P/E expectations. What's in the News TELUS plans to partner with AST SpaceMobile to offer space based cellular broadband across remote parts of Canada.

T: Share Buybacks And Quantum Secure Networking Will Support Future Upside Potential

Analysts have trimmed their TELUS price target slightly from CA$21.71 to CA$21.44. This reflects updated views that combine more cautious revenue growth expectations with a stronger profit margin profile and a lower assumed future P/E multiple.

T: Share Buybacks And Quantum Safe Security Will Support Future Upside Potential

Analysts have kept their fair value estimate for TELUS steady at $21.71, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E that reflect modest refinements to their models rather than a change in overall view. What's in the News TELUS launched a share repurchase program authorizing the purchase of up to 28,000,000 shares, or 1.81% of shares outstanding, for a total of $500 million.

T: Quantum-Safe Security And Share Buybacks Will Support Future Upside Potential

Analysts have slightly trimmed their TELUS fair value estimate from $22.00 to about $21.71, reflecting modest tweaks to discount rate assumptions, revenue growth expectations, profit margin outlook, and future P/E inputs. What's in the News kini mobile partnered with TELUS to launch Made for Pinoys 5G prepaid plans, offering Filipino-Canadians one plan with both Philippine and Canadian numbers, international calling and texting, GCash cashbacks, and Pinoy customer support on TELUS' 5G network.

T: Quantum-Safe Network Rollout And Buybacks Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for TELUS slightly from about $22.21 to $22.00. This reflects small adjustments to assumptions on discount rate, revenue growth, profit margins and future P/E multiples.

T: Quantum-Safe Network And AI Infrastructure Will Drive Future Upside Potential

Analysts have modestly reduced their price target on TELUS, trimming fair value by about $0.86 per share as slightly higher discount rates and marginally softer long term growth and margin assumptions temper the company’s forward valuation multiple. What's in the News The board has authorized a new normal course issuer bid allowing TELUS to repurchase up to 28 million shares (about 1.81% of shares outstanding) for approximately CAD 500 million by December 16, 2026, with all repurchased shares to be cancelled (share repurchase program).

T: Quantum-Safe Network And AI Infrastructure Will Support Long-Term Opportunity

Analysts have modestly raised their price target on TELUS to approximately $23.06 from $22.97, reflecting slightly improved profit margin expectations that more than offset a small reduction in long term revenue growth assumptions. What's in the News TELUS launched a Quantum Safe VPN service using post quantum cryptography to protect government and business clients against future quantum enabled cyber threats, integrated with its Managed Next Generation Firewall platform (Product Related Announcements).

T: Rising Discount Rate Will Drive Long-Term Opportunity With New Developments

Analyst Price Target for TELUS Adjusted Slightly Lower Analysts have revised their fair value estimate for TELUS, reducing the price target from $23.38 to $22.97. This change is due to updated assumptions regarding discount rates and future profitability.

TELUS (TSE:T) Is Paying Out A Larger Dividend Than Last Year

Nov 10
TELUS (TSE:T) Is Paying Out A Larger Dividend Than Last Year

Statutory Profit Doesn't Reflect How Good TELUS' (TSE:T) Earnings Are

Aug 08
Statutory Profit Doesn't Reflect How Good TELUS' (TSE:T) Earnings Are

TELUS (TSE:T) Is Paying Out A Larger Dividend Than Last Year

May 15
TELUS (TSE:T) Is Paying Out A Larger Dividend Than Last Year

Results: TELUS Corporation Exceeded Expectations And The Consensus Has Updated Its Estimates

May 13
Results: TELUS Corporation Exceeded Expectations And The Consensus Has Updated Its Estimates
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Calculated Innovation And 5G Integration Poised To Propel Future Revenue Growth

Strategic emphasis on customer expansion and digital transformation enhances margins, boosts lifetime value, and decreases churn through PureFibre and broadband networks.

Earnings and Revenue Growth Forecasts

TSX:T - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202821,9651,5422,9366,0405
12/31/202721,4181,3282,6855,59912
12/31/202620,9131,0852,4555,05715
12/31/202520,3461,1132,3514,866N/A
9/30/202520,4471,1791,9174,813N/A
6/30/202520,4229662,2114,752N/A
3/31/202520,2911,1871,8694,974N/A
12/31/202420,1399931,4604,847N/A
9/30/202419,9649231,3645,084N/A
6/30/202419,9127791,4084,959N/A
3/31/202419,9467511,5174,688N/A
12/31/202320,0058411,2884,499N/A
9/30/202319,8728011,1044,311N/A
6/30/202319,5221,1799374,304N/A
3/31/202318,9611,4478274,437N/A
12/31/202218,2921,6151,1644,811N/A
9/30/202217,7302,011-1,1004,581N/A
6/30/202217,3361,842-7814,590N/A
3/31/202217,0721,709-7444,584N/A
12/31/202116,8381,655-9284,388N/A
9/30/202116,4381,2719454,525N/A
6/30/202116,1531,2339324,118N/A
3/31/202115,7001,1881,2934,336N/A
12/31/202015,3411,2071,7524,574N/A
9/30/202015,1061,3151,4104,370N/A
6/30/202014,8321,4411,4724,616N/A
3/31/202014,7631,6684334,314N/A
12/31/201914,5891,746333,927N/A
9/30/201914,4761,735N/A4,046N/A
6/30/201914,3801,745N/A3,964N/A
3/31/201914,2331,618N/A4,010N/A
12/31/201814,0951,600N/A4,058N/A
9/30/201813,8591,596N/A4,089N/A
6/30/201813,6601,556N/A4,156N/A
3/31/201813,4861,555N/A4,076N/A
12/31/201713,3051,559N/A3,947N/A
9/30/201713,1161,287N/A3,700N/A
6/30/201712,9491,232N/A3,599N/A
3/31/201712,7991,259N/A3,365N/A
12/31/201612,7251,223N/A3,219N/A
9/30/201612,6231,403N/A3,357N/A
6/30/201612,5391,420N/A3,350N/A
3/31/201612,5151,345N/A3,401N/A
12/31/201512,4301,382N/A3,556N/A
9/30/201512,3591,433N/A3,603N/A
6/30/201512,2181,423N/A3,615N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: T's forecast earnings growth (10.9% per year) is above the savings rate (2.9%).

Earnings vs Market: T's earnings (10.9% per year) are forecast to grow slower than the Canadian market (11% per year).

High Growth Earnings: T's earnings are forecast to grow, but not significantly.

Revenue vs Market: T's revenue (2.8% per year) is forecast to grow slower than the Canadian market (5.1% per year).

High Growth Revenue: T's revenue (2.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: T's Return on Equity is forecast to be low in 3 years time (11.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/04 06:36
End of Day Share Price 2026/05/04 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

TELUS Corporation is covered by 30 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Amman SaeedAccountability Research Corporation
David McFadgenATB Cormark
Phillip HuangBarclays