v3.25.4
Long-term debt (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Summary of long-term debt
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.