share-based compensation (Tables)

6 Months Ended

Jun. 30, 2026

share-based compensation

Schedule of share-based compensation expense


Periods ended June 30 (millions)				2026									2025
							Associated			Statement						Associated			Statement
				Employee			operating			of cash			Employee			operating			of cash
				benefits			cash			flows			benefits			cash			flows
		Note		expense ¹			outflows			adjustment			expense			outflows			adjustment
THREE-MONTH
Restricted share units		(b)		$	52		$	—		$	52		$	42		$	(5)		$	37
Employee share purchase plan		(c)			2			(2)			—			5			(5)			—
				$	54		$	(2)		$	52		$	47		$	(10)		$	37
SIX-MONTH
Restricted share units		(b)		$	83		$	—		$	83		$	83		$	(5)		$	78
Employee share purchase plan		(c)			3			(3)			—			13			(13)			—
Share option awards		(d)			—			—			—			1			—			1
				$	86		$	(3)		$	83		$	97		$	(18)		$	79

1

Within employee benefits expense (see Note 8) for the three-month and six-month periods ended June 30, 2026, restricted share units expense of $16 (2025 – $NIL) and $18 (2025 – $NIL), respectively, is included in restructuring costs (see Note 16) of the TELUS technology solutions segment and the balance is presented as share-based compensation.

TELUS Corporation restricted share units

share-based compensation

Schedule of restricted share units


		June 30,		December 31,
As at		2026		2025
Restricted share units without market performance conditions
Restricted share units with service conditions only		18,985,982		12,212,381
Notional subset affected by non-market performance conditions		2,607,868		1,148,939
		21,593,850		13,361,320
Restricted share units with market performance conditions
Notional subset affected by relative total shareholder return performance condition		2,166,643		1,330,323
Number of non-vested restricted share units		23,760,493		14,691,643


		Number of restricted
		share units ¹				Weighted
						average grant-
		Non-vested		Vested		date fair value
THREE-MONTH PERIOD
Outstanding, April 1, 2026
Non-vested		14,205,590		—		$	21.48
Vested		—		52,480		$	23.58
Granted
Initial award		8,518,223		—		$	17.91
In lieu of dividends		325,622		1,229		$	17.92
Vested		(967,416)		967,416		$	20.44
Settled
In equity		—		(966,424)		$	20.63
In cash		—		(1,737)		$	22.62
Forfeited		(488,169)		—		$	20.97
Outstanding, June 30, 2026
Non-vested		21,593,850		—		$	18.48
Vested		—		52,964		$	23.52
SIX-MONTH PERIOD
Outstanding, January 1, 2026
Non-vested		13,361,320		—		$	21.88
Vested		—		53,519		$	23.69
Granted
Initial award		9,498,320		—		$	17.96
In lieu of dividends		639,597		2,460		$	17.80
Vested		(1,039,080)		1,039,080		$	20.57
Settled
In equity		—		(1,026,557)		$	20.74
In cash		—		(15,538)		$	22.62
Forfeited		(866,307)		—		$	21.21
Outstanding, June 30, 2026
Non-vested		21,593,850		—		$	18.48
Vested		—		52,964		$	23.52

1	Excluding the notional subset of restricted share units affected by the relative total shareholder return performance condition.

TELUS Corporation share options

share-based compensation

Schedule of stock options awards


Periods ended June 30, 2026		Three months					Six months
		Number of		Weighted			Number of		Weighted
		share		average share			share		average share
		options		option price ¹			options		option price¹
Outstanding, beginning of period		3,716,234		$	20.71		2,087,608		$	22.48
Granted		—		$	—		1,000,000		$	18.48
Forfeited and other		(155,946)		$	21.04		472,680		$	20.35
Outstanding, end of period		3,560,288		$	20.70		3,560,288		$	20.70
Exercisable, end of period		—			—		1,989,235		$	21.85

1	The weighted average remaining contractual life is 3.8 years.

Schedule of weighted average fair value of share option award granted


Periods ended June 30, 2026		Three months		Six months
Share option award fair value (per share option)		—		$	0.85
Risk-free interest rate		—			2.9	%
Expected lives ¹ (years)		—			4.9
Expected volatility		—			18.9	%
Dividend yield		—			9.1	%

1	The maximum contractual term of the share option awards granted in 2026 was 10 years.