v3.25.4
Financial and capital management (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Fair value details of financial instruments measured at amortized cost
The following table provides the fair value details of other financial instruments measured at amortized cost in the statements of financial position.
  December 31, 2025 December 31, 2024
Classification Fair value methodology Note Carrying value Fair value Carrying value
Fair value (1)
Debt securities and other debt Debt due within one year and long-term debt Quoted market price of debt 25, 26 31,236  31,286  31,247  30,022 
(1)We have presented amounts from the previous period to make them consistent with the presentation of the current period.
Disclosure of fair value measurement of assets
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
    Fair value
  Classification Note Carrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
December 31, 2025        
Publicly-traded and privately-held investments (3)
Other non-current assets 22 1,198  105  —  1,093 
Derivative financial instruments Other current assets, trade payables and other liabilities, other non-current assets and liabilities (513) —  (513) — 
Investments Other non-current assets 22 246  —  246  — 
December 31, 2024        
Publicly-traded and privately-held investments (3)
 Other non-current assets 22 877  35  —  842 
Derivative financial instruments Other current assets, trade payables and other liabilities, other non-current assets and liabilities (368) —  (368) — 
Investments Other non-current assets 22 225  —  225  — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income in the statements of comprehensive income and are reclassified from Accumulated other comprehensive income (loss) to the Deficit in the statements of financial position when realized.
Disclosure of fair value measurement of liabilities
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
    Fair value
  Classification Note Carrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
December 31, 2025        
Publicly-traded and privately-held investments (3)
Other non-current assets 22 1,198  105  —  1,093 
Derivative financial instruments Other current assets, trade payables and other liabilities, other non-current assets and liabilities (513) —  (513) — 
Investments Other non-current assets 22 246  —  246  — 
December 31, 2024        
Publicly-traded and privately-held investments (3)
 Other non-current assets 22 877  35  —  842 
Derivative financial instruments Other current assets, trade payables and other liabilities, other non-current assets and liabilities (368) —  (368) — 
Investments Other non-current assets 22 225  —  225  — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income in the statements of comprehensive income and are reclassified from Accumulated other comprehensive income (loss) to the Deficit in the statements of financial position when realized.
Change in allowance for doubtful accounts
The following table provides the change in allowance for doubtful accounts for trade receivables.
  Note 2025 2024
Balance, January 1 (120) (118)
Additions (1)
 (235) (169)
Usage and reversals 191  167 
Balance, December 31 13  (164) (120)
(1)Includes $38 million from the acquisition of Ziply Fiber in 2025. See Note 4, Business acquisitions and disposition for additional details.
The following table provides the change in allowance for doubtful accounts for contract assets.
  Note 2025 2024
Balance, January 1 (18) (18)
Additions (18) (20)
Usage and reversals 24  20 
Balance, December 31 (12) (18)
Current (7) (6)
Non-current (5) (12)
Balance, December 31 15 (12) (18)
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments
The following table provides further details on trade receivables, net of allowance for doubtful accounts.
At December 31 2025 2024
Trade receivables not past due 3,321  3,346 
Trade receivables past due
Under 60 days 383  484 
60 to 120 days 171  240 
Over 120 days 74  115 
Trade receivables, net of allowance for doubtful accounts 3,949  4,185 
Maturity analysis for recognized financial liabilities
The following table is a maturity analysis for recognized financial liabilities at December 31, 2025 for each of the next five years and thereafter.
At December 31, 2025 Note 2026 2027 2028 2029 2030 Thereafter Total
Total debt, excluding lease liabilities 26 1,064  2,042  2,404  2,028  2,075  23,148  32,761 
Lease liabilities (1)
 26 1,091  693  483  396  390  2,196  5,249 
Notes payable 25 2,566  —  —  —  —  —  2,566 
Loan secured by receivables 25 1,594  —  —  —  —  —  1,594 
Interest payable on long-term debt, notes payable
    and loan secured by receivables		 1,675  1,533  1,470  1,363  1,272  17,258  24,571 
Net payments (receipts) on cross currency interest
    rate swaps and interest rate swaps		 15  (7) (13) (27) 74  (491) (449)
Total 8,005  4,261  4,344  3,760  3,811  42,111  66,292 
(1)Includes imputed interest of $940 million.
Details on outstanding foreign currency forward contracts and cross currency basis swaps
The following table provides further details on our outstanding foreign currency forward contracts and options as at December 31, 2025.
Type of hedge Buy
 currency		 Amount to receive Sell
 currency		 Amount
 to pay		 Maturity Hedged item
Cash flow (1)
 USD 1,167  CAD 1,604  2026 Loans
Cash flow USD 1,874  CAD 2,602  2026 Commercial paper
Cash flow USD 641  CAD 852  2026 Anticipated purchases
Cash flow PHP 3,299  CAD 79  2026 Anticipated purchases
Cash flow USD 440  CAD 589  2027 Anticipated purchases
Economic - call options USD 120  CAD 158  2026 Anticipated purchases
Economic - options (2)
 USD 10  CAD 13  2026 Anticipated purchases
Economic - call options CAD 348  USD 240  2026 Anticipated purchases
Economic - put options USD 161  CAD 212  2026 Anticipated purchases
Economic - put options CAD 148  USD 110  2026 Anticipated purchases
Economic - call options USD 150  CAD 197  2027 Anticipated purchases
Economic - put options USD 120  CAD 158  2027 Anticipated purchases
Economic - options (2)
 USD 100  CAD 135  2027 Anticipated purchases
Economic - call options CAD 360  USD 240  2028 Anticipated purchases
(1)Forward contracts to hedge loans secured by receivables under our securitization program. See Note 25, Debt due within one year, for additional information.
(2)Foreign currency options with a leverage provision and a profit cap limitation.
Summary of key ratios
The following table provides a summary of our key ratio.
At December 31 2025 2024
Net debt leverage ratio 3.78  3.81