Debt due within one year (Tables)

12 Months Ended

Dec. 31, 2025


For the year ended December 31	Note	Weighted average interest rate at December 31, 2025		2025	2024
Notes payable (1)	30	2.40	%	2,566	2,203
Loans secured by receivables (2)	30	3.29	%	1,594	1,600
Supplier finance arrangements due within one year	26	4.00	%	70	73
Long-term debt due within one year (3)	26	4.10	%	1,925	3,793





Total debt due within one year				6,155	7,669

(1)Includes commercial paper of $1,861 million in U.S. dollars ($2,550 million in Canadian dollars) and $1,522 million in U.S. dollars ($2,190 million in Canadian dollars) as at December 31, 2025 and December 31, 2024, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations with forward currency contracts. See Note 30, Financial and capital management, for additional details.

(2)Loans secured by receivables totaled $1,163 million in U.S. dollars ($1,594 million in Canadian dollars) and $1,112 million in U.S. dollars ($1,600 million in Canadian dollars) as at December 31, 2025 and December 31, 2024, respectively, and have been hedged for foreign currency fluctuations with forward currency contracts. See Note 30, Financial and capital management, for additional details.

(3)Included in long-term debt due within one year is the current portion of lease liabilities of $933 million and $1,088 million as at December 31, 2025 and December 31, 2024, respectively.


For the year ended December 31			Note	Weighted average interest rate at December 31, 2025		Maturity	2025	2024
	Debt securities
		1997 trust indenture (1)		4.42	%	2026-2055	17,502	20,273
		1976 trust indenture		9.38	%	2027-2054	975	975

		2016 U.S. trust indenture (2)		4.37	%	2032-2054	7,840	9,445
		1996 trust indenture (subordinated)		8.21	%	2026-2031	275	275
		2025 Canadian trust indenture (subordinated)		5.63	%	2055	1,250	—
		2025 U.S. trust indenture (subordinated) (3)		6.94	%	2055	3,088	—
	Lease liabilities			4.24	%	2026-2069	4,309	4,591

	Bell Mobility trade loan (4)						—	863
	Unsecured committed term loan facility (5)			4.40	%	2026-2029	668	—
	Unsecured term loan facility (6)			5.38	%	2032	686	—
	Supplier finance arrangements			4.00	%	2026-2030	165	197
	Other						312	243
Total debt							37,070	36,862
	Net unamortized discount						(8)	(29)
	Unamortized debt issuance costs						(163)	(132)
	Less amounts due within one year:
		Supplier finance arrangements	25				(70)	(73)
		Long-term debt	25				(1,925)	(3,793)
Total long-term debt							34,904	32,835

(1)At December 31, 2025 and 2024, $1,995 million and $1,300 million, respectively, have been swapped from fixed to floating using interest rate swaps. As at December 31, 2025 and 2024, $525 million has been swapped from fixed to floating with forward interest rate swaps starting in 2028. See Note 30, Financial and capital management, for additional details.

(2)At December 31, 2025 and 2024, notes issued under the 2016 U.S. trust indenture totaled $5,706 million and $6,550 million in U.S. dollars, respectively, and have been hedged for foreign currency fluctuations with cross currency interest rate swaps. See Note 30, Financial and capital management, for additional details.

(3)At December 31, 2025, notes issued under the 2025 U.S. trust indenture (subordinated) totaled $2,250 million in U.S. dollars, and have been hedged for foreign currency and interest rate fluctuations with foreign exchange swaps, interest rate swaps and cross currency interest rate swaps. See Note 30, Financial and capital management, for additional details.

(4)In 2025, Bell Mobility Inc. (Bell Mobility) early redeemed the $600 million in U.S. dollars loan incurred under the Bell Mobility trade loan agreement. The loan agreement had been hedged for foreign currency fluctuations. See Note 30, Financial and capital management, for additional details.

(5)At December 31, 2025, loans incurred under the unsecured committed term loan facility totaled $487 million in U.S. dollars and have been hedged for foreign currency fluctuations with cross currency swaps. See Note 30, Financial and capital management, for additional details.

(6)At December 31, 2025, loans incurred under the unsecured term loan facility totaled $500 million in U.S. dollars to partially hedge the U.S. currency exposure related to our net investment in Ziply Fiber. See Note 30, Financial and capital management, for additional details.

Details of securitized trade receivables

The following table provides further details on our securitized receivables program during 2025 and 2024.


For the year ended December 31	2025		2024
Average interest rate throughout the year	3.78	%	5.50	%
Securitized receivables	3,470		3,405
Maximum amount available under our securitization program	2,300		2,300

Summary of total bank credit facilities

The table below is a summary of our total bank credit facilities at December 31, 2025.


	Total available	Drawn	Letters of credit	Commercial paper outstanding	Net available
Committed credit facilities
Unsecured revolving and expansion credit facilities (1) (2)	4,000	—	—	2,550	1,450
Unsecured committed term loan facility	960	668	—	—	292
Unsecured term loan facility	686	686	—	—	—
Unsecured non-revolving credit facilities	641	55	—	—	586
Other	106	—	71	—	35
Total committed credit facilities	6,393	1,409	71	2,550	2,363
Non-committed credit facilities
Bell Canada	1,840	—	604	—	1,236

Total non-committed credit facilities	1,840	—	604	—	1,236
Total committed and non-committed credit facilities	8,233	1,409	675	2,550	3,599

(1)Bell Canada’s $2.7 billion committed revolving credit facility expires in December 2030 and its $1.3 billion committed expansion credit facility expires in December 2028.

(2)As of December 31, 2025, Bell Canada’s outstanding commercial paper included $1,861 million in U.S. dollars ($2,550 million in Canadian dollars). All of Bell Canada’s commercial paper outstanding is included in Debt due within one year.