TELUS Corporation

TSX:T Stock Report

Market Cap: CA$19.6b

TELUS Future Growth

Future criteria checks 3/6

TELUS is forecast to grow earnings and revenue by 96% and 0.4% per annum respectively. EPS is expected to grow by 68.7% per annum. Return on equity is forecast to be 8.7% in 3 years.

Key information

96.0%

Earnings growth rate

68.73%

EPS growth rate

Telecom earnings growth26.2%
Revenue growth rate0.4%
Future return on equity8.71%
Analyst coverage

Good

Last updated14 Sep 2026

Recent future growth updates

Recent updates

Narrative Update • Sep 17

T: Dividend Reset And Impairment Charges Will Lay Groundwork For Future Upside

Analysts have revised their TELUS price target from CA$16.50 to CA$14.31 to reflect updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News for TELUS TELUS Digital was recognized as a Leader in the Everest Group Customer Experience Management Services PEAK Matrix Assessment 2026 for the Americas for the eighth consecutive year, highlighting its AI capabilities, global delivery network and diversified industry expertise.
Narrative Update • Sep 03

T: Fibre Expansion And Content Safety Initiatives Will Support Future Upside

Analysts have reduced their price target on TELUS from CA$26.29 to CA$17.00, citing updated assumptions for revenue growth, profit margins and future P/E that they view as better reflecting current conditions for the business. What’s in the News for TELUS TELUS was removed from the S&P/TSX Canadian Dividend Aristocrats Index, which may affect how some dividend focused investors view the stock.
Narrative Update • Aug 18

T: Dividend Reset And Writedown Will Drive Weaker Future Return Potential

Analysts have reduced their fair value estimate for TELUS from CA$15.50 to CA$11.50, citing a softer revenue growth outlook, a modestly higher discount rate, and a lower assumed future P/E multiple, partly offset by slightly stronger long term profit margin expectations. What's in the News for TELUS TELUS cut its quarterly dividend by 55% to CA$0.1875 per share, or CA$0.75 on an annualized basis, with the board declaring this payout for October 1, 2026, to holders of record on September 10, 2026.
Narrative Update • Aug 04

T: Deleveraging Plan And Dividend Reset Will Support Future Upside Potential

Analysts have trimmed their TELUS price target from CA$20.28 to CA$16.50 as they factor in more subdued revenue growth expectations, slightly lower profit margins and a modestly higher discount rate, while keeping future P/E assumptions broadly similar. What's in the News for TELUS Telus reported a Q2 2026 loss of $1.8b and a 27% decline in adjusted earnings, and cut its quarterly dividend by 55% to $0.1875 per share to support debt reduction and a revised growth plan.
Narrative Update • Jul 21

T: Dividend Strains And AI Expansion Will Shape Future Returns And Risks

Analysts have reduced their TELUS price target from CA$17.00 to CA$15.50 as they incorporate updated assumptions regarding revenue growth, profit margins, the discount rate, and future P/E expectations. What’s in the News for TELUS Dividend sustainability is under scrutiny as TELUS pays out cash close to the upper end of its long term payout targets, with dividend growth paused while management focuses on debt reduction and faces competitive pricing pressures and middling or declining earnings growth.
Narrative Update • Jul 07

T: Rural Fibre Expansion And AI Networking Will Support Future Upside

Analysts have trimmed their fair value estimate for TELUS to about CA$26.29 from roughly CA$28.36, reflecting a slightly higher discount rate, a modestly adjusted revenue growth outlook, a lower projected profit margin, and a marginally higher future P/E assumption. What’s in the News for TELUS Canada Infrastructure Bank agreed to lend $49.3 million to TELUS to support a $379 million broadband build out in British Columbia, extending fibre to about 17,000 rural and Indigenous households, including roughly 380 Indigenous households.
Narrative Update • Jun 23

T: AI Infrastructure Expansion And Ontario Investment Will Support Future Upside Potential

Analysts have maintained their CA$20.28 price target on TELUS. The slight adjustment in discount rate and future P/E assumptions reflects updated views on the company's risk profile and valuation inputs, rather than a change in overall fair value.
Analysis Article • Jun 19

TELUS (TSX:T) Stock Could Be 19.5% Undervalued After Its Arrcus AI Network Push

Interest in TELUS (TSX:T) stock has picked up after the company began working with Arrcus on a proof of concept for an AI policy aware networking fabric targeting secure, sovereign inferencing across Canada. See our latest analysis for TELUS. Despite the AI networking proof of concept and recent Optik TV expansions in Quebec and Ontario, TELUS’s share price has been under pressure. The 90 day share price return has declined 9.53%, and the 1 year total shareholder return has fallen 18.38%...
Narrative Update • Jun 05

T: AI Safety Investments And Infrastructure Expansion Will Support Future Upside Potential

Analysts now see TELUS's fair value at about CA$20.28, slightly below the previous CA$20.65. The new estimate reflects updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations.
Narrative Update • May 09

T: New Spectrum And AI Alliances Will Drive Future Upside Potential

Analysts have modestly adjusted their CA$ fair value estimate for TELUS to CA$20.65 from CA$20.59, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News CEO transition set for 2026, with long-serving CEO Darren Entwistle retiring on June 30, 2026, and Victor Dodig, currently an independent director and former CIBC CEO, appointed CEO Designate and scheduled to take over on July 1, 2026 (Executive Changes).
Narrative Update • Apr 22

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).
Narrative Update • Apr 08

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.
Narrative Update • Mar 24

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).
Narrative Update • Mar 09

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.
Narrative Update • Feb 22

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.
Narrative Update • Feb 08

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.
Narrative Update • Jan 24

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.
Narrative Update • Jan 10

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.
Narrative Update • Dec 18

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).
Narrative Update • Dec 04

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).
Narrative Update • Nov 20

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.
Analysis Article • Nov 10

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

TELUS Corporation ( TSE:T ) has announced that it will be increasing its dividend from last year's comparable payment...

Earnings and Revenue Growth Forecasts

TSX:T - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202820,2921,0952,5424,8657
12/31/202720,2109602,0844,80116
12/31/202620,105-1,4061,8494,59316
6/30/202620,206-9192,0255,015N/A
3/31/202620,3179281,9034,839N/A
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
3/31/202014,7631,668N/A4,314N/A
12/31/201914,5891,746N/A3,927N/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

Analyst Future Growth Forecasts

Earnings vs Savings Rate: T is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.1%).

Earnings vs Market: T is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: T is expected to become profitable in the next 3 years.

Revenue vs Market: T's revenue (0.4% per year) is forecast to grow slower than the Canadian market (4.3% per year).

High Growth Revenue: T's revenue (0.4% 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 (8.7%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/21 02:16
End of Day Share Price 2026/09/21 00:00
Earnings2026/06/30
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 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 33 analysts. 16 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