TELUS (T) Q4 2024 earnings summary

Executive summary

• Achieved record customer growth in 2024, with over 1.2 million net new additions and strong profitability across mobility and fixed services for the third consecutive year above one million.

• Maintained industry-leading customer loyalty, with postpaid mobile phone churn below 1% for the eleventh consecutive year.

• Continued focus on operational excellence, cost efficiency, and differentiated global growth strategy, supporting profitable growth.

• Maintained industry-leading dividend growth, returning significant capital to shareholders.

Financial highlights

• Fiscal 2024 operating revenues reached $20.1B (+0.7% y/y); Q4 revenues were $5.4B (+3.5% y/y).

• Net income for 2024 was $938M (+8.2% y/y); Q4 net income was $320M (+3.2% y/y); basic EPS up 20% in Q4.

• Adjusted net income for 2024 was $1.5B (+13% y/y); Q4 adjusted net income was $380M (+11% y/y).

• Free cash flow for 2024 was $2.0B (+12% y/y); Q4 free cash flow was $534M (-10% y/y).

• TTech EBITDA grew 5.5% for 2024 and 7% in Q4, meeting target range.

Outlook and guidance

• 2025 targets: TTech operating revenue growth of 2–4%, adjusted EBITDA growth of 3–5%, and consolidated free cash flow of ~$2.15B.

• Capital expenditures (excluding real estate) to remain at ~$2.5B; additional $100M set aside for real estate initiatives.

• Dividend growth target of 7–10% annually through 2025; net debt-to-EBITDA ratio targeted at ~3x by 2027, with plans to phase out the discounted dividend reinvestment plan.