v3.25.4
CAPITAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Share Capital, Reserves And Other Equity Interest [Abstract]  
Disclosure of key metrics and ratios
 
As at December 31
(In millions of dollars, except ratios)20252024
Adjusted net debt 1,2
38,856 43,330 
Divided by: trailing 12-month adjusted EBITDA9,820 9,617 
Debt leverage ratio4.0 4.5 
1    For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.
2    For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.
As a result of closing the network transaction (see note 28), we have revised the calculation of free cash flow to deduct distributions paid to non-controlling interests to reflect the unavailability of this cash flow to repay debt or reinvest in our company.
 Years ended December 31
(In millions of dollars)Note20252024
 
Adjusted EBITDA
59,820 9,617 
Deduct:
Capital expenditures 1
8, 333,707 4,041 
Interest on borrowings, net and capitalized interest121,924 1,986 
Cash income taxes 2
700 545 
Distributions paid by subsidiaries to non-controlling interests28133 — 
 
Free cash flow
3,356 3,045 
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.
2    Cash income taxes are net of refunds received.
 Years ended December 31
(In millions of dollars)Note20252024
   
Cash provided by operating activities6,059 5,680 
Add (deduct):
Capital expenditures8, 33(3,707)(4,041)
Interest on borrowings, net and capitalized interest12(1,924)(1,986)
Interest paid, net2,070 2,087 
Restructuring, acquisition and other11 439 406 
Program rights amortization10 (86)(63)
Change in net operating assets and liabilities33 592 876 
Distributions paid by subsidiaries to non-controlling interests28 (133)— 
Post-employment benefit contributions, net of expense
27 (75)(82)
Cash flows relating to other operating activities
128 166 
Other investment losses (income)13 (7)2 
 
Free cash flow3,356 3,045 
As at December 31, 2025Total sourcesDrawnLetters of creditNet available
(In millions of dollars)Note
Cash and cash equivalents1,344 — — 1,344 
Bank credit facilities 1:
Revolving25 4,260 115 10 4,135 
Non-revolving22 2,300 2,300 — — 
Outstanding letters of credit25 45 — 45 — 
Receivables securitization 1
22 2,400 2,000 — 400 
Total10,349 4,415 55 5,879 
1    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.

As at December 31, 2024Total sourcesDrawnLetters of credit
US CP program 1
Net available
(In millions of dollars)Note
Cash and cash equivalents898 — — — 898 
Bank credit facilities 2:
Revolving25 4,000 — 10 455 3,535 
Non-revolving22 500 500 — — — 
Outstanding letters of credit25 3 — 3 — — 
Receivables securitization 2
22 2,400 2,000 — — 400 
Total
7,801 2,500 13 455 4,833 
1    The US CP program amounts are gross of the discount on issuance.
2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our then outstanding US CP borrowings that were backstopped by our revolving credit facility.