v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows related to operating activities      
Net income $ 972.4 $ 828.3 $ 797.5
Adjustments for:      
Depreciation of property, plant and equipment 480.2 535.2 551.2
Amortization of intangible assets 187.9 224.6 194.0
Depreciation of right-of-use assets 128.1 124.0 98.8
Impairment of assets 6.3 15.7 0.4
Amortization of financing costs 8.7 9.0 8.0
Loss on debt refinancing 13.2 0.9  
Deferred income taxes 45.2 16.2 24.6
Other (2.4) (1.1) (0.1)
Cash flows before non-cash balances 1,839.6 1,752.8 1,674.4
Net change in non-cash balances related to operating activities 186.5 2.5 (79.3)
Cash flows provided by operating activities 2,026.1 1,755.3 1,595.1
Cash flows related to investing activities      
Capital expenditures (615.3) (565.6) (536.0)
Deferred subsidies received (used) to finance capital expenditures 1.0 34.2 (39.3)
Acquisitions of spectrum licences   (298.9) (9.9)
Business acquisitions (5.5) (1.8) (2,069.6)
Proceeds from disposals of assets 2.2 0.4 1.7
Promissory note to the parent corporation     (836.0)
Redemption (acquisition) of preferred shares of an affiliated corporation 1,530.0 (1,530.0) 1,595.0
Other (0.5)   (0.3)
Cash flows provided by (used in) investing activities 911.9 (2,361.7) (1,894.4)
Cash flows related to financing activities      
Net change in bank indebtedness (3.0) 3.0 (0.4)
Net change under revolving facilities, net of financing costs   (364.0) 285.0
Issuance of long-term debt, net of financing costs 795.0 1,957.2 2,092.5
Repayment of long-term debt (1,440.9) (1,900.3)  
Settlement of hedging contracts 25.4 163.0  
Repayment of lease liabilities (126.4) (126.2) (94.8)
Dividends (569.0) (590.2) (421.1)
(Repayment) issuance of a loan from the parent corporation (1,530.0) 1,530.0 (1,595.0)
Cash flows (used in) provided by financing activities (2,848.9) 672.5 266.2
Net change in cash, cash equivalents and restricted cash 89.1 66.1 (33.1)
Cash, cash equivalents and restricted cash at beginning of the year 74.1 8.0 41.1
Cash, cash equivalents and restricted cash at end of the year $ 163.2 $ 74.1 $ 8.0