long-term debt (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| long-term debt |
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| Schedule of details of long-term debt |
| | | | | | | | | | | | | June 30, | | December 31, | As at (millions) | | Note | | 2026 | | 2025 | Senior unsecured | | | | | | | | | TELUS Corporation senior notes | | (b) | | $ | 17,247 | | $ | 18,191 | TELUS Corporation commercial paper | | (c) | | | 2,093 | | | 952 | Other | | (e) | | | 34 | | | 295 | Junior unsecured | | | | | | | | | TELUS Corporation junior subordinated notes | | (f) | | | 7,403 | | | 7,250 | Secured | | | | | | | | | Other | | (g) | | | 479 | | | 537 | | | | | | 27,256 | | | 27,225 | Lease liabilities | | (h) | | | 2,975 | | | 3,314 | Long-term debt | | | | $ | 30,231 | | $ | 30,539 | Current | | | | $ | 3,802 | | $ | 3,102 | Non-current | | | | | 26,429 | | | 27,437 | Long-term debt | | | | $ | 30,231 | | $ | 30,539 |
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| Schedule of long-term debt maturities |
Anticipated requirements for long-term debt repayments, calculated for long-term debt owed as at June 30, 2026, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | | | | Composite long-term debt denominated in | | Canadian dollars | | U.S. dollars | | currencies | | | | | | Long-term | | | | | | | | Long-term | | | | | Currency swap agreement | | | | | | | | | | | | debt, | | | | | | | | debt, | | | | | amounts to be exchanged | | | | | | | | | | | | excluding | | Leases 1 | | | | | excluding | | Leases | | | | | | | | | | | Leases | | | | Years ending December 31 (millions) | | leases | | (Note 19) | | Total | | leases | | (Note 19) | | (Receive) 2 | | Pay | | Total | | (Note 19) | | Total | 2026 (remainder of year) | | $ | 321 | | $ | 201 | | $ | 522 | | $ | 2,094 | | $ | 21 | | $ | (2,094) | | $ | 2,038 | | $ | 2,059 | | $ | 32 | | $ | 2,613 | 2027 | | | 50 | | | 374 | | | 424 | | | 1,563 | | | 34 | | | (1,564) | | | 1,459 | | | 1,492 | | | 57 | | | 1,973 | 2028 | | | 1,952 | | | 334 | | | 2,286 | | | — | | | 33 | | | — | | | — | | | 33 | | | 47 | | | 2,366 | 2029 | | | 1,404 | | | 265 | | | 1,669 | | | — | | | 37 | | | — | | | — | | | 37 | | | 39 | | | 1,745 | 2030 | | | 1,652 | | | 219 | | | 1,871 | | | — | | | 39 | | | (995) | | | 962 | | | 6 | | | 28 | | | 1,905 | 2031 - 2035 | | | 5,251 | | | 463 | | | 5,714 | | | 1,279 | | | 32 | | | (3,553) | | | 3,364 | | | 1,122 | | | 72 | | | 6,908 | Thereafter | | | 6,283 | | | 609 | | | 6,892 | | | 5,587 | | | — | | | (2,713) | | | 2,204 | | | 5,078 | | | 3 | | | 11,973 | Future cash outflows in respect of composite long-term debt principal repayments | | | 16,913 | | | 2,465 | | | 19,378 | | | 10,523 | | | 196 | | | (10,919) | | | 10,027 | | | 9,827 | | | 278 | | | 29,483 | Future cash outflows in respect of associated interest and like carrying costs 3 | | | 11,500 | | | 750 | | | 12,250 | | | 10,145 | | | 68 | | | (3,386) | | | 3,390 | | | 10,217 | | | 89 | | | 22,556 | Undiscounted contractual maturities (Note 4(b)) | | $ | 28,413 | | $ | 3,215 | | $ | 31,628 | | $ | 20,668 | | $ | 264 | | $ | (14,305) | | $ | 13,417 | | $ | 20,044 | | $ | 367 | | $ | 52,039 |
| 1 | Where applicable, cash flows reflect foreign exchange rates as at June 30, 2026. Maturities and gross cash flows for the TELUS Corporation junior subordinated notes reflect the initial fixed rate reset date. |
| 2 | Future cash outflows in respect of associated interest and like carrying costs for sustainability-linked notes, commercial paper, amounts drawn under our credit facilities (if any), other (unsecured) and junior subordinated notes have been calculated based upon the rates in effect as at June 30, 2026. |
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| TELUS Corporation senior notes |
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| long-term debt |
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| Schedule of long-term debt maturities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Redemption present | | | | | | | | | | | | Principal face amount | | value spread | | | | | | | | | | | | | | | Outstanding | | | | | | | | | | | | | Effective | | Originally | | at financial | | Basis | | Cessation | TELUS Corporation senior note series | | Issued | | Maturity | | Issue price | | interest rate 1 | | issued | | statement date | | points 2 | | date | 3.75% Notes, Series CV | | December 2015 | | March 2026 3 | | $ | 992.14 | | 3.84 | % | $ | 600 | million | | $ | NIL | | | 53.5 | | Dec. 10, 2025 | 2.75% Notes, Series CZ | | July 2019 | | July 2026 4 | | $ | 998.73 | | 2.77 | % | $ | 800 | million | | $ | 300 | million 4 | | 33 | | May 8, 2026 | 2.80% U.S. Dollar Notes 5 | | September 2016 | | February 2027 | | US$ | 991.89 | | 2.89 | % | US$ | 600 | million | | US$ | 600 | million | | 20 | | Nov. 16, 2026 | 3.70% U.S. Dollar Notes 5 | | March 2017 | | September 2027 | | US$ | 998.95 | | 3.71 | % | US$ | 500 | million | | US$ | 500 | million | | 20 | | June 15, 2027 | 2.35% Notes, Series CAC | | May 2020 | | January 2028 | | $ | 997.25 | | 2.39 | % | $ | 600 | million | | $ | 600 | million | | 48 | | Nov. 27, 2027 | 3.625% Notes, Series CX | | March 2018 | | March 2028 | | $ | 989.49 | | 3.75 | % | $ | 600 | million | | $ | 600 | million | | 37 | | Dec. 1, 2027 | 4.80% Notes, Series CAO | | February 2024 | | December 2028 | | $ | 998.95 | | 4.83 | % | $ | 700 | million | | $ | 700 | million | | 28 | | Nov. 15, 2028 | 3.30% Notes, Series CY | | April 2019 | | May 2029 | | $ | 991.75 | | 3.40 | % | $ | 1.0 | billion | | $ | 1.0 | billion | | 43.5 | | Feb. 2, 2029 | 5.00% Notes, Series CAI | | September 2022 | | September 2029 | | $ | 995.69 | | 5.07 | % | $ | 350 | million | | $ | 350 | million | | 46.5 | | July 13, 2029 | 3.15% Notes, Series CAA | | December 2019 | | February 2030 | | $ | 996.49 | | 3.19 | % | $ | 600 | million | | $ | 600 | million | | 39.5 | | Nov. 19, 2029 | 5.60% Notes, Series CAM | | September 2023 | | September 2030 | | $ | 998.85 | | 5.62 | % | $ | 500 | million | | $ | 500 | million | | 46 | | July 9, 2030 | 2.05% Notes, Series CAD | | October 2020 | | October 2030 | | $ | 997.93 | | 2.07 | % | $ | 500 | million | | $ | 500 | million | | 38 | | July 7, 2030 | 4.95% Notes, Series CAP | | February 2024 | | February 2031 | | $ | 997.07 | | 5.00 | % | $ | 600 | million | | $ | 600 | million | | 34.5 | | Dec. 18, 2030 | 4.65% Notes, Series CAQ | | August 2024 | | August 2031 | | $ | 999.11 | | 4.66 | % | $ | 700 | million | | $ | 700 | million | | 38.5 | | June 13, 2031 | 2.85% Sustainability-Linked Notes, Series CAF | | June 2021 | | November 2031 | | $ | 997.52 | | 2.88 | % 6 | $ | 750 | million | | $ | 750 | million | | 34 | | Aug. 13, 2031 | 3.40% U.S. Dollar Sustainability-Linked Notes 5 | | February 2022 | | May 2032 | | US$ | 997.13 | | 3.43 | % 6 | US$ | 900 | million | | US$ | 900 | million | | 25 | | Feb. 13, 2032 | 5.25% Sustainability-Linked Notes, Series CAG | | September 2022 | | November 2032 | | $ | 996.73 | | 5.29 | % 6 | $ | 1.1 | billion | | $ | 1.1 | billion | | 51.5 | | Aug. 15, 2032 | 4.95% Sustainability-Linked Notes, Series CAJ | | March 2023 | | March 2033 | | $ | 998.28 | | 4.97 | % 6 | $ | 500 | million | | $ | 500 | million | | 54.5 | | Dec. 28, 2032 | 5.75% Sustainability-Linked Notes, Series CAK | | September 2023 | | September 2033 | | $ | 997.82 | | 5.78 | % 6 | $ | 850 | million | | $ | 850 | million | | 52 | | June 8, 2033 | 5.10% Sustainability-Linked Notes, Series CAN | | February 2024 | | February 2034 | | $ | 996.44 | | 5.15 | % 6 | $ | 500 | million | | $ | 500 | million | | 38.5 | | Nov. 15, 2033 | 4.40% Notes, Series CL | | April 2013 | | April 2043 | | $ | 997.68 | | 4.41 | % | $ | 600 | million | | $ | 129 | million 7 | | 47 | | Oct. 1, 2042 | 5.15% Notes, Series CN | | November 2013 | | November 2043 | | $ | 995.00 | | 5.18 | % | $ | 400 | million | | $ | 400 | million | | 50 | | May 26, 2043 | 4.85% Notes, Series CP | | Multiple 8 | | April 2044 | | $ | 987.91 | 8 | 4.93 | % 8 | $ | 500 | million 8 | | $ | 900 | million 8 | | 46 | | Oct. 5, 2043 | 4.75% Notes, Series CR | | September 2014 | | January 2045 | | $ | 992.91 | | 4.80 | % | $ | 400 | million | | $ | 400 | million | | 51.5 | | July 17, 2044 | 4.40% Notes, Series CU | | March 2015 | | January 2046 | | $ | 999.72 | | 4.40 | % | $ | 500 | million | | $ | 60 | million 7 | | 60.5 | | July 29, 2045 | 4.70% Notes, Series CW | | Multiple 9 | | March 2048 | | $ | 998.06 | 9 | 4.71 | % 9 | $ | 325 | million 9 | | $ | 89 | million 7, 9 | | 58.5 | | Sept. 6, 2047 | 4.60% U.S. Dollar Notes 5 | | June 2018 | | November 2048 | | US$ | 987.60 | | 4.68 | % | US$ | 750 | million | | US$ | 561 | million 7 | | 25 | | May 16, 2048 | 4.30% U.S. Dollar Notes 5 | | May 2019 | | June 2049 | | US$ | 990.48 | | 4.36 | % | US$ | 500 | million | | US$ | 371 | million 7 | | 25 | | Dec. 15, 2048 | 3.95% Notes, Series CAB | | Multiple 10 | | February 2050 | | $ | 997.54 | 10 | 3.97 | % 10 | $ | 400 | million 10 | | $ | 73 | million 7, 10 | | 57.5 | | Aug. 16, 2049 | 4.10% Notes, Series CAE | | April 2021 | | April 2051 | | $ | 994.70 | | 4.13 | % | $ | 500 | million | | $ | 49 | million 7 | | 53 | | Oct. 5, 2050 | 5.65% Notes, Series CAH | | September 2022 | | September 2052 | | $ | 996.13 | | 5.68 | % | $ | 550 | million | | $ | 550 | million | | 61.5 | | Mar. 13, 2052 | 5.95% Notes, Series CAL | | September 2023 | | September 2053 | | $ | 992.67 | | 6.00 | % | $ | 400 | million | | $ | 400 | million | | 61.5 | | Mar. 8, 2053 |
| 1 | The effective interest rate represents the yield the notes would provide to an initial debt holder if held to maturity and, in respect of sustainability-linked notes, if no trigger events or MFN step-ups occur. |
| 2 | For Canadian dollar-denominated notes, the redemption price is the greater of (i) the present value of the notes discounted at the Government of Canada yield plus the redemption present value spread calculated over the period to the cessation date, or (ii) 100% of the principal amount thereof. |
For U.S. dollar-denominated notes, the redemption price is the greater of (i) the present value of the notes discounted at the U.S. Adjusted Treasury Rate (at the U.S. Treasury Rate for the 3.40% U.S. Dollar Sustainability-Linked Notes) plus the redemption present value spread calculated over the period to the cessation date, or (ii) 100% of the principal amount thereof. | 3 | On December 16, 2025, we exercised our right to, and did, early redeem, on January 16, 2026, all of our 3.75% Notes, Series CV. |
| 4 | On March 9, 2026, we exercised our right to, and did, early redeem, on May 8, 2026, $500 million of our 2.75% Notes, Series CZ. |
| 5 | We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert the principal payments and interest obligations to Canadian dollar obligations as follows: |
| | | | | | | | | | | | | Canadian dollar | | | | | | Interest rate | | equivalent | | Exchange | TELUS Corporation senior note series | | fixed at | | principal | | rate | 2.80% U.S. Dollar Notes | | 2.95 | % | $ | 792 million | | $ | 1.3205 | 3.70% U.S. Dollar Notes | | 3.41 | % | $ | 667 million | | $ | 1.3348 | 3.40% U.S. Dollar Sustainability-Linked Notes | | 3.89 | % | $ | 1.1 billion | | $ | 1.2753 | 4.60% U.S. Dollar Notes | | 4.41 | % | $ | 728 million | | $ | 1.2985 | 4.30% U.S. Dollar Notes | | 4.27 | % | $ | 498 million | | $ | 1.3435 |
| 6 | If we have not obtained a sustainability performance target verification assurance certificate for the fiscal year ending December 31, 2030, the sustainability-linked notes will incur increased interest rates from the trigger date through to their individual maturities. The interest rate on certain sustainability-linked notes may also increase (MFN step-up) if we fail to meet additional sustainability and/or environmental, social or governance targets specified in a sustainability-linked bond; the interest rate on these notes, however, in no event can exceed the initial rate by more than the combined MFN step-up and trigger event limit, whether as a result of not obtaining a sustainability performance target verification assurance certificate and/or any targets provided for in one or more future sustainability-linked bonds. Similarly, if we redeem any sustainability-linked notes without having obtained a sustainability performance target verification assurance certificate at the end of the fiscal year immediately preceding the redemption date, any interest accrued will be determined using the following rates: |
| | | | | | | | | | | | | | Sustainability performance | | | | | | | | target verification | | | | | | | | assurance certificate | | | | | | | | | | | | Post- | | | | Redemption | | | | | | | | trigger | | Aggregate | | interest | | | | | | | | event | | MFN step-up | | accrual rate | | | | Fiscal | | Trigger | | interest | | and trigger | | if certificate | | TELUS Corporation senior note series | | year | | date | | rate | | event limit | | not obtained | | 2.85% Sustainability-Linked Notes, Series CAF | | 2030 | | Nov. 14, 2030 | | 3.85 | % | N/A | | 3.85 | % | 3.40% U.S. Dollar Sustainability-Linked Notes | | 2030 | | Nov. 14, 2030 | | 4.40 | % | 1.50 | % | 4.40 | % | 5.25% Sustainability-Linked Notes, Series CAG | | 2030 | | Nov. 15, 2030 | | 6.00 | % | 1.50 | % | 6.00 | % | 4.95% Sustainability-Linked Notes, Series CAJ | | 2030 | | Mar. 28, 2031 | | 5.70 | % | 1.50 | % | 5.70 | % | 5.75% Sustainability-Linked Notes, Series CAK | | 2030 | | Apr. 30, 2031 | | 6.35 | % | 1.20 | % | 6.35 | % | 5.10% Sustainability-Linked Notes, Series CAN | | 2030 | | Feb. 15, 2031 | | 5.60 | % | 1.00 | % | 5.60 | % |
| 7 | In the year ended December 31, 2025, we acquired TELUS Corporation senior notes pursuant to our tender offers, as set out in the following table. |
| | | | | | | | | | | | | | | | Tender offer principal face | | | | | amount acquired (millions) | TELUS Corporation senior note series | | Maturity | | June 2025 | | Dec. 2025 | | Total | 4.40% Notes, Series CL | | April 2043 | | | — | | $ | 471 | | $ | 471 | 4.40% Notes, Series CU | | Jan. 2046 | | $ | 267 | | $ | 173 | | $ | 440 | 4.70% Notes, Series CW | | Mar. 2048 | | | — | | $ | 386 | | $ | 386 | 4.60% U.S. Dollar Notes | | Nov. 2048 | | US$ | 189 | | | — | | US$ | 189 | 4.30% U.S. Dollar Notes | | June 2049 | | US$ | 129 | | | — | | US$ | 129 | 3.95% Notes, Series CAB | | Feb. 2050 | | $ | 695 | | $ | 32 | | $ | 727 | 4.10% Notes, Series CAE | | April 2051 | | $ | 422 | | $ | 29 | | $ | 451 |
| 8 | $500 million of 4.85% Notes, Series CP were issued in April 2014 at an issue price of $998.74 and an effective interest rate of 4.86%. This series of notes was reopened in December 2015 and a further $400 million of notes were issued at an issue price of $974.38 and an effective interest rate of 5.02%. |
| 9 | $325 million of 4.70% Notes, Series CW were issued in March 2017 at an issue price of $990.65 and an effective interest rate of 4.76%. This series of notes was reopened in February 2018 and a further $150 million of notes were issued in March 2018 at an issue price of $1,014.11 and an effective interest rate of 4.61%. |
| 10 | $400 million of 3.95% Notes, Series CAB were issued in December 2019 at an issue price of $991.54 and an effective interest rate of 4.00%. This series of notes was reopened in May 2020 and a further $400 million of notes were issued at an issue price of $1,003.53 and an effective interest rate of 3.93%. |
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| TELUS Corporation credit facility |
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| long-term debt |
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| Schedule of details of long-term debt |
| | | | | | | | | June 30, | | December 31, | As at (millions) | | 2026 | | 2025 | Net available | | $ | 657 | | $ | 1,798 | Backstop of commercial paper | | | 2,093 | | | 952 | Gross available revolving $2.75 billion bank credit facility | | $ | 2,750 | | $ | 2,750 |
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| TELUS Corporation junior subordinated notes |
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| long-term debt |
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| Schedule of long-term debt maturities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal face amount | | | | | | | | | | | | | | | | | | Outstanding | | | | | | | | | | | | | | Initial effective | | Originally | | at financial | | No-call period | | Rate reset | | TELUS Corporation junior subordinated note series | | Issued | | Maturity | | Issue price | | interest rate 1 | | issued | | statement date | | cessation date | | minimum 2 | | 6.25% Fixed-to-Fixed Rate, Series CAR | | Multiple | 3 | July 2055 | | $ | 1,006.41 | 3 | 6.09 | % 3 | $1.1 billion | 3 | $1.5 billion | 3 | July 21, 2030 | | 6.25 | % | 6.75% Fixed-to-Fixed Rate, Series CAS | | Multiple | 4 | July 2055 | | $ | 1,020.45 | 4 | 6.46 | % 4 | $500 million | 4 | $925 million | 4 | July 21, 2035 | | 6.75 | % | U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series A 5 | | June 2025 | | Oct. 2055 | | US$ | 1,000.00 | | 6.625 | % | US$700 million | | US$700 million | | Oct. 15, 2030 | | 6.625 | % | U.S. Dollar 7.000% Fixed-to-Fixed Rate, Series B 5 | | June 2025 | | Oct. 2055 | | US$ | 1,000.00 | | 7.000 | % | US$800 million | | US$800 million | | Oct. 15, 2035 | | 7.000 | % | U.S. Dollar 6.375% Fixed-to-Fixed Rate, Series C 5 | | Dec. 2025 | | June 2056 | | US$ | 1,000.00 | | 6.375 | % | US$800 million | | US$800 million | | June 9, 2031 | | 6.375 | % | U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series D 5 | | Dec. 2025 | | June 2056 | | US$ | 1,000.00 | | 6.625 | % | US$700 million | | US$700 million | | June 9, 2036 | | 6.625 | % | 5.375% Fixed-to-Fixed Rate, Series CAT | | Dec. 2025 | | June 2056 | | $ | 1,000.00 | | 5.375 | % | $400 million | | $400 million | | June 9, 2031 | | 5.375 | % | 5.875% Fixed-to-Fixed Rate, Series CAU | | Dec. 2025 | | June 2056 | | $ | 1,000.00 | | 5.875 | % | $400 million | | $400 million | | June 9, 2036 | | 5.875 | % |
| 1 | The effective interest rate represents the minimum yield the notes would provide to an initial debt holder if held to maturity. |
| 2 | For the Canadian dollar – denominated notes, the rate reset is based upon a spread to the Five Year Government of Canada Bond Yield at the rate reset date, but is subject to a rate reset minimum. |
For the U.S. Dollar - denominated notes the rate reset is based upon a spread to Five-Year U.S. Treasury Rate at the rate reset date, but is subject to a reset minimum. | 3 | $1.1 billion of 6.25% Fixed-to-Fixed Rate, Series CAR Notes were issued in April 2025 at an issue price of $999.65 and an initial effective interest rate of 6.25%. This series of notes was reopened in June 2025 and a further $375 million of notes were issued at an issue price of $1,026.25 and an initial effective interest rate of 5.61%. |
| 4 | $500 million of 6.75% Fixed-to-Fixed Rate, Series CAS Notes were issued in April 2025 at an issue price of $999.59 and an initial effective interest rate of 6.75%. This series of notes was reopened in June 2025 and a further $425 million of notes were issued at an issue price of $1,045.00 and an initial effective interest rate of 6.13%. |
| 5 | We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that, during the first no-call periods, effectively convert the principal payments and interest obligations to Canadian dollar obligations as follows: |
| | | | | | | | | | | First no-call | | Canadian dollar | | | | | | period interest | | equivalent | | Exchange | TELUS Corporation junior subordinated note series | | rate fixed at | | principal | | rate | U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series A | | 5.79 | % | $ | 1.0 billion | | $ | 1.3743 | U.S. Dollar 7.000% Fixed-to-Fixed Rate, Series B | | 6.42 | % | $ | 1.1 billion | | $ | 1.3743 | U.S. Dollar 6.375% Fixed-to-Fixed Rate, Series C | | 5.64 | % | $ | 1.1 billion | | $ | 1.3957 | U.S. Dollar 6.625% Fixed-to-Fixed Rate, Series D | | 6.07 | % | $ | 1.0 billion | | $ | 1.3955 |
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