TELUS Corporation (TU): Business Model Canvas [Dec-2025 Updated]

You're digging into TELUS Corporation's strategy as of late 2025, and honestly, the story isn't just about phone bills anymore; it's a full-blown transformation into a digital services powerhouse. As an analyst who's seen these shifts before, I can tell you the core telecom business is funding a massive bet on health and agriculture tech, aiming to hit a Free Cash Flow target of about $2.15 billion this year while pouring $2.5 billion into network upgrades. The real test is integrating those big acquisitions, like realizing $427 million in annualized synergies from LifeWorks by year-end, to make those global digital platforms-covering 76.5 million lives in health alone-actually pay off. Let's break down exactly how TELUS Corporation is structuring this complex, dual-engine model across all nine building blocks below.

TELUS Corporation (TU) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel TELUS Corporation's dual-engine growth strategy, blending telecom infrastructure with high-growth digital health and customer experience services. These partnerships are critical for scaling both network capabilities and specialized vertical solutions.

Technology Providers for 5G Network Deployment and Infrastructure

The foundation of TELUS Corporation's connectivity value proposition rests on its infrastructure partners. The company has committed significant capital to ensure its 5G network remains world-leading.

TELUS Corporation has selected key technology vendors to support the 5G rollout, building on its commitment to network superiority. This effort is part of a broader, sustained capital deployment plan.

• Technology providers selected for 5G network build: Ericsson and Nokia.
• TELUS Corporation committed to invest a further $40 billion over three years (from 2020) to support 5G network rollout.
• TELUS Corporation is investing more than $70 billion across Canada through 2029 to enhance connectivity and support AI leadership.
• A specific $2-billion investment across Ontario and Quebec over five years is supported by strategic build partnerships.

Global Healthcare Providers (Hospitals, Clinics) for TELUS Health Integration

TELUS Health's expansion relies on integrating its digital platforms with established healthcare ecosystems globally. The acquisition of Workplace Options significantly broadened its reach into provider networks.

The integration strategy targets improved health outcomes through digital and data analytics capabilities, leveraging new scale from recent M&A activity.

TELUS Health's Q1 2025 revenue growth was 12%, and Adjusted EBITDA growth was 30%. Still, the traditional TV segment faces headwinds, with lower TV services revenues noted due to technological substitution.

Strategic Collaboration with Zendesk for Agentic AI-Powered Service

The collaboration with Zendesk focuses on fusing TELUS Digital's expertise with Zendesk's platform to deliver advanced customer experience (CX) solutions, heavily featuring generative AI.

This partnership involves integrating TELUS Digital's global CXM talent pool with Zendesk's CRM and CCaaS technologies. The scale of this talent pool is substantial.

• TELUS Digital CXM talent integrated: 78,000 team members.
• Global presence of this talent: across 31 countries.
• TELUS Digital's GenAI platform available on Zendesk marketplace: Fuel iX™.
• Performance improvement for a client using the joint solution: 5 percentage point increase in First Contact Resolution.
• Efficiency gain for a client using the joint solution: 50 percent reduction in after-contact work time.

Private Equity Investors for Co-investing in Healthcare Vertical Acquisitions

TELUS Health strategically partners with private equity to accelerate growth and scale globally, particularly in the wellbeing space. The deal structure involves a significant equity investment alongside the acquisition cost.

The partnership with GTCR for the Workplace Options acquisition is a prime example of this strategy in action.

The combined entity aims to realize significant synergies, with a goal of $427,000,000 in combined annualized synergies by the end of 2025, stemming from prior acquisitions like LifeWorks.

Content Producers for Bundled TV and Entertainment Services

While TELUS Corporation continues to offer TV services, the partnership strategy here is less about specific producer deals and more about navigating the industry shift toward streaming, which impacts traditional TV revenue.

The media and entertainment market shows a clear trend that affects TELUS Corporation's traditional TV offerings.

• Projected global programming spend for 2025: $206 billion.
• Projected value of online video (AVOD, FAST, social video) in 2025: $435 billion.
• Traditional TV (free and pay) projected value in 2025: $314 billion, showing a decline.

Finance: draft 13-week cash view by Friday.

TELUS Corporation (TU) - Canvas Business Model: Key Activities

You're looking at the core engine driving TELUS Corporation's dual-sector strategy-the actual work they do every day to build the business. This isn't just about selling phones; it's about building infrastructure and scaling digital services. Here's the breakdown of what TELUS is actively executing as of late 2025.

Expanding and Maintaining the PureFibre and 5G Broadband Networks

The foundation of TELUS Corporation remains network superiority. They are pouring capital into making sure their wireline and wireless assets are best-in-class, which directly supports their customer growth.

The company is executing a $\mathbf{\$2 \text{-billion}}$ investment announced in July 2025 to expand their global-leading broadband services across Ontario and Quebec over the next five years. This is part of a much larger $\mathbf{\$70 \text{ billion}}$ commitment across Canada through 2029, building on the more than $\mathbf{\$276 \text{ billion}}$ TELUS has committed since 2000. The total commitment to develop infrastructure across Canada is now $\mathbf{\$73 \text{ billion}}$ by 2028.

The 5G network expansion is hitting key population coverage targets. You can see the progress here:

This network build is also driving subscriber additions; TELUS reported total mobile and fixed customer growth of $\mathbf{218,000}$ in the first quarter of 2025, with $\mathbf{168,000}$ being mobile phone and connected device additions.

Executing Digital Transformation and AI/SaaS Integration Across All Segments

TELUS Corporation is aggressively integrating data and artificial intelligence across its entire operation, not just in TELUS Digital. They completed a massive data overhaul, moving from siloed on-premise systems to a modern, cloud-based platform built on Google BigQuery.

This transformation resulted in a unified enterprise data hub capable of storing $\mathbf{13 \text{ to } 14 \text{ petabytes}}$ of structured customer data. Honestly, the impact is already showing up on the bottom line; their data strategy supported an EBITDA contribution target of $\mathbf{\$150 \text{ million}}$ in the past year alone.

Internally, TELUS is deploying its proprietary GenAI engine, Fuel iX™. This includes deploying secure copilots for $\mathbf{50,000}$ employees, which has reportedly saved $\mathbf{500,000 \text{ hours}}$ of time.

Realizing \$427 Million in Annualized Synergies from the LifeWorks Acquisition by Year-End 2025

The integration of LifeWorks is a primary focus for realizing cost and revenue upside. TELUS Corporation is clearly tracking against its stated goal for this integration.

As of the first quarter of 2025, the company had already realized $\mathbf{\$376 \text{ million}}$ in combined annualized synergies. That $\mathbf{\$376 \text{ million}}$ is broken down into $\mathbf{\$306 \text{ million}}$ from cost efficiencies and $\mathbf{\$70 \text{ million}}$ from successful cross-selling strategies.

You should note that TELUS remains on track to meet the full $\mathbf{\$427 \text{ million}}$ target by the end of 2025. The health tech segment, which includes the integrated LifeWorks business, saw operating revenue and Adjusted EBITDA growth of $\mathbf{18\%}$ and $\mathbf{24\%}$ respectively in Q3 2025.

Developing and Deploying Global Digital Health and Agriculture Technology Solutions

The growth businesses are key value drivers. TELUS Health is expanding its global footprint, while TELUS Agriculture focuses on data management across farmed land.

For TELUS Health, as of the end of the first quarter of 2025, the number of healthcare lives covered stood at $\mathbf{76.5 \text{ million}}$, which was an increase of $\mathbf{7\%}$ over the preceding twelve months. The health tech segment delivered $\mathbf{12\%}$ revenue growth in Q3 2025, driven by telehealth and AI diagnostics adoption.

In TELUS Agriculture & Consumer Goods, the operational scope is vast; the division will bring together service providers that operate across $\mathbf{100 \text{ million acres}}$ in Canada and in many key agriculture nations worldwide.

Key operational metrics for the health segment include:

• Healthcare lives covered as of end of Q1 2025: $\mathbf{76.5 \text{ million}}$
• Year-over-year growth in lives covered (Q1 2025): $\mathbf{7\%}$
• Health services revenue growth (Q1 2025): $\mathbf{13\%}$
• TELUS Health EBITDA growth (Q1 2025): $\mathbf{90\%}$

Acquiring and Integrating Strategic Companies like Workplace Options and Gerent

The acquisition of Workplace Options was a major 2025 activity to bolster the global health and wellbeing offering. TELUS Corporation finalized this deal for approximately $\mathbf{\$500 \text{ million}}$ in cash, which was net of around $\mathbf{\$100 \text{ million}}$ in assumed debt ($\mathbf{US\$350 \text{ million}}$ cash, $\mathbf{US\$70 \text{ million}}$ assumed debt).

This integration immediately expanded the global reach. The combined entity now establishes a vast network of over $\mathbf{180,000}$ providers across more than $\mathbf{200}$ countries and territories. Furthermore, TELUS Health is now positioned to support clients covering more than $\mathbf{150 \text{ million}}$ lives globally.

The integration leverages TELUS Corporation's AI expertise, which is expected to provide a unique competitive advantage in delivering consistent Employee and Family Assistance Programs (EFAP) and Wellbeing Solutions.

TELUS Corporation (TU) - Canvas Business Model: Key Resources

The Key Resources for TELUS Corporation as of late 2025 are centered on its foundational network assets, strategic digital intellectual property, and its human capital, all underpinned by a targeted financial structure.

The physical infrastructure includes an extensive PureFibre and 5G network infrastructure. For instance, in the second quarter of 2025, this network supported 27,000 Internet net additions, reflecting the ongoing expansion of the PureFibre offering across the country. The company has a history of significant network build-out, having previously aimed to bring its gigabit PureFibre Internet network to more than 3.5 million Canadian premises by the end of 2021.

A critical intangible asset is the valuable wireless spectrum licenses. TELUS Corporation has invested over $4 billion in spectrum purchases since 2019 to support its 5G strategy. Specific major capital outlays for these licenses include:

The company's growth in digital assets is significant, encompassing global digital platforms and intellectual property across its specialized divisions. TELUS Health is a major component, reporting that as of the end of the second quarter of 2025, the global lives covered reached 157.1 million, growing to over 160 million by the third quarter of 2025. Furthermore, to consolidate its digital capabilities, TELUS Corporation completed the acquisition of full ownership of TELUS Digital for an aggregate consideration of approximately $539 million.

The highly skilled TELUS Digital and TELUS International global workforce is essential for operating and innovating these platforms. The full ownership of TELUS Digital is intended to accelerate the integration of AI-driven platforms and SaaS innovation across the enterprise, including the health and agriculture segments. The company's success is also supported by a strong balance sheet, which is targeting a specific financial outcome for the current fiscal year. TELUS Corporation expects to generate approximately $2.15 billion in Free Cash Flow for 2025. Looking ahead, the preliminary Free Cash Flow target for 2026 is set at $2.4 billion, supported by a moderating Consolidated Capital Expenditures target of approximately $2.3 billion for 2026.

TELUS Corporation (TU) - Canvas Business Model: Value Propositions

You're looking at the core offerings that TELUS Corporation is pushing to the market as of late 2025. These aren't just services; they are the specific, measurable outcomes they promise to customers and stakeholders.

Leading broadband speed and reliability through PureFibre and 5G networks is a cornerstone. The network performance drives loyalty, evidenced by a postpaid mobile phone churn rate of only 0.90% in the second quarter of 2025. The wireline segment saw growth surge by 73% in Q2 2025, adding 27,000 Internet customers that quarter. The 5G network coverage reached over 88% of the Canadian population as of June 30, 2025, covering more than 32.6 million Canadians. Internet connections stood at over 2.7 million customer connections at the end of Q1 2025, marking a 2% growth over the prior twelve months.

The commitment to comprehensive global digital health and well-being solutions is backed by significant scale. As of the end of Q1 2025, TELUS Health supported 76.5 million lives, which was a 7% increase year-over-year. By Q3 2025, this reach had extended further, serving over 160 million lives globally. The segment delivered strong financial results in Q3 2025, with Operating Revenue growth of 18% and Adjusted EBITDA growth of 24%. The company is tracking toward its synergy goal, having realized $376 million in combined annualized synergies from the LifeWorks acquisition by Q1 2025, with a target of $427 million by year-end 2025. Furthermore, the May 2025 acquisition of Workplace Options added service to 88 million employees across 200 countries and territories.

Integrated digital customer experience and AI-powered IT solutions, delivered via TELUS Digital, focus on efficiency and scale. TELUS Digital operates in 32 countries and employed 78,424 team members as of March 31, 2025, a 5% year-over-year increase in headcount. Their Fuel iX platform is designed to enhance agent performance, specifically by reducing onboarding time by 25% through personalized training. Operating revenues for TELUS Digital grew by 8% year-over-year in Q2 2025. This segment's growth in Q1 2025 was primarily driven by its AI & Data Solutions service line.

The value derived from bundled services (Mobile, Internet, TV, Security) is clear in customer acquisition metrics. In Q2 2025, TELUS achieved total Mobile and Fixed customer growth of 198,000, driven by strong demand for these combined offerings. The subscriber base metrics as of Q1 2025 illustrate the scale of these services:

Finally, the data-driven software-as-a-service (SaaS) for the agriculture and consumer goods value chain shows material revenue expansion. In the first quarter of 2025, this business demonstrated a 20% revenue increase, supported by enhanced profitability. The estimated annual revenue for this specific business unit is cited around $85.9M.

Here's a quick look at the growth drivers across the digital segments in Q3 2025:

• TELUS Health Adjusted EBITDA Growth: 24%
• TELUS Digital Operating Revenue Growth: Driven by higher external revenues
• TELUS Agriculture & Consumer Goods Revenue Change: Lower due to divestiture of non-core assets

The company's overall capital expenditure guidance for 2025, excluding real estate, was set at approximately $2.5 billion.

TELUS Corporation (TU) - Canvas Business Model: Customer Relationships

You're looking at how TELUS Corporation keeps its customers engaged and loyal across its diverse services, from core telecom to its global Health and Agriculture segments. Honestly, the numbers here tell a story of intense focus on service quality to maintain that stickiness.

For large enterprise clients, the relationship model definitely leans toward high-touch service, even if we don't have a specific account manager headcount. We see this reflected in the specialized focus areas for TELUS Digital, which includes B2B Sales Outsourcing and Enterprise Data & AI Transformation, suggesting dedicated, complex support structures for business customers. Furthermore, the focus on customer success within CRM implementation underscores a commitment to deep, ongoing value delivery for key accounts, aiming to align all employees around making those customers successful.

Retention is clearly a top priority, directly supported by proactive service efforts. The postpaid mobile phone churn rate for the full year 2024 was a remarkably low 0.99 per cent, marking the eleventh consecutive year below the one per cent threshold. As of the second quarter of 2025, this performance improved further, with postpaid mobile phone churn hitting 0.90 per cent. This low churn implies an industry-leading customer loyalty rate for that segment, effectively translating that 0.90 per cent Q2 2025 churn into a 99.10 per cent retention rate for that period.

The drive for personalized offers is backed by customer expectation data that TELUS Digital has studied. For instance, 70 per cent of customers say it is important for a brand to know their history, including past purchases and service interactions. To meet this, 62 per cent of customers would actually choose a personalized experience over one that took less time. This shows that the investment in knowing the customer pays off in loyalty.

Self-serve digital tools and automation are essential for efficient interaction, especially given the scale of TELUS Health, which covered over 157 million global lives as of Q2 2025. While general industry statistics suggest that over 60 per cent of US consumers prefer automated self-service options for simple inquiries, TELUS Digital's focus on digital customer experience priorities for 2025 points to optimizing self-help tools to make them more intuitive. This high-tech approach complements the high-touch service model.

Here's a quick look at how TELUS measures customer loyalty through churn:

The social capitalism philosophy, encapsulated by the mandate to give where TELUS lives, is quantified through significant financial and time commitments. Since the year 2000, TELUS, its team members, and retirees have contributed $1.8 billion in cash, in-kind contributions, time, and programs. This includes 2.4 million days of volunteerism across Canada and globally. For a more recent example of this commitment, TELUS announced the 2025 winners of its #StandWithOwners contest, investing over $1 million into Canadian small businesses. Also, in 2024, the company donated $5 million in cash and in-kind support specifically for wildfire relief efforts. The dedication of the TELUS Digital team alone saw them volunteer more than 106,000 hours in 2024.

These community investments align with the broader business strategy, as evidenced by the strong performance in their growth areas:

• TELUS Agriculture & Consumer Goods revenue grew 16 per cent in Q4 2024.
• TELUS Health saw accelerated revenue growth of 10 per cent in Q4 2024.
• The company expects consolidated Free Cash Flow of approximately $2.15 billion in 2025.

Finance: draft 13-week cash view by Friday.

TELUS Corporation (TU) - Canvas Business Model: Channels

Company-owned and third-party retail stores and kiosks.

• The company expanded its Tree Tote program in over 200 corporate stores nationwide in Q2 2025.

Direct sales force for large business, government, and enterprise clients.

TELUS Digital acquired GerentTM, a U.S.-based Salesforce-focused consultancy, in April 2025 to augment enterprise-scale implementation and integration projects. TELUS Consumer Goods announced a partnership with Tastewise in May 2025, integrating it into Sales Enablement software for foodservice sales teams to improve targeting and sales efficiency.

Digital channels: website, mobile apps, and online sales portals.

• Total mobile and fixed customer additions in Q3 2025 reached 288,000.
• Total connections across mobile and fixed services reached ~21 million as of Q3 2025, a 5% year-over-year increase.
• Postpaid mobile phone churn was 0.91% in Q3 2025.
• Residential internet connections were over 2.7 million as of Q1 2025.
• Security and automation subscriber base was more than 1.1 million as of Q1 2025.

Global distribution networks for TELUS Health and TELUS Agriculture software.

TELUS Health extended its reach to over 160 million lives covered worldwide as of Q3 2025. In Q1 2025, TELUS Health covered 76.5 million lives. TELUS Agriculture & Consumer Goods revenue increased by 20% in Q1 2025.

Call centers and digital support for customer service and upselling.

The LifeWorks integration delivered $417 million in combined annualized synergies as of Q3 2025, with $88 million attributed to successful cross-selling strategies. The privatization of TELUS Digital is expected to contribute CAD 150-200 million in annualized synergies.

TELUS Corporation (TU) - Canvas Business Model: Customer Segments

You're mapping out TELUS Corporation's customer base as of late 2025, and the picture is one of deep penetration in Canada alongside significant global expansion in specialized tech verticals. The segments are distinct, each served by tailored offerings.

Canadian Consumers (Mobile, Internet, TV, Home Security)

This is the foundational base, heavily reliant on bundled services over the PureFibre and wireless broadband networks. You see consistent, though moderating, growth here. For the third quarter of 2025, TELUS Corporation added a total of 288,000 net customer additions, which was down 59,000 from the same period last year, reflecting a greater emphasis on profitable loading and competitive pressures. The residential voice subscriber base continued its decline, dropping by 5 per cent to 986,000 subscribers as of the end of Q3 2025. The growth is clearly shifting to fixed data and connected devices.

Here's a quick look at the connection counts and recent net additions for the core fixed services, based on the latest available quarterly data:

The mobile segment remains critical, though Average Revenue Per User (ARPU) has seen pressure; for instance, mobile phone ARPU declined by 3.3 per cent year-over-year to $56.58 in Q2 2025. Still, postpaid mobile phone churn remained industry-leading at 0.90 per cent in Q2 2025.

Global Enterprise and Mid-Market clients seeking digital experience solutions

This group is served primarily through TELUS Digital, which focuses on digital customer experiences and AI innovation, serving external clients globally. Revenue from the tech and games industry vertical, which includes a leading social media client, saw a 12 per cent increase year-over-year in Q2 2025, adding $44 million in revenue for that quarter. TELUS Digital's external client base spans key verticals including financial technology, gaming, technology, communications and media, and health.

Employers, payors, and providers in the global healthcare market

TELUS Health is a major growth engine, focusing on digital health platforms, payor technology, pharmacy management, and Electronic Medical Records (EMRs). The reach here is measured in lives covered globally. As of the end of the third quarter of 2025, healthcare lives covered stood at 160.6 million worldwide. This represents an increase of 84.6 million over the past 12 months, heavily influenced by the acquisition of Workplace Options and a prospective change in definition. The segment is delivering strong financial results, with Q3 2025 operating revenue growth at 18 per cent and Adjusted EBITDA growth at 24 per cent.

Agricultural producers and consumer goods companies worldwide

TELUS Agriculture & Consumer Goods utilizes cloud-based solutions and data insights to optimize the connection between producers and consumers. This segment serves a diverse client base, including growers, producers, agronomists, advisors, processors, and retailers. While a divestiture of non-core assets impacted Q2 2025 results, the business showed organic improvement throughout 2024 and 2025, following strong revenue growth of 16 per cent in the fourth quarter of 2024.

Government and public sector organizations

TELUS Corporation serves this segment by providing its advanced suite of broadband services, alongside specialized digital and health solutions, to the public sector across Canada and internationally. You won't find specific subscriber counts here, but this forms a distinct, stable part of the overall revenue base.

Finance: draft 13-week cash view by Friday.

TELUS Corporation (TU) - Canvas Business Model: Cost Structure

You're looking at the major drains on TELUS Corporation's cash flow, which is pretty typical for a massive infrastructure player. The cost structure is dominated by the need to keep the network current and competitive.

High capital intensity from network build remains a huge factor. For 2025, TELUS Corporation is targeting Consolidated Capital Expenditures, excluding real estate, at approximately $2.5 billion. This spending is for enhancing 4G and 5G wireless coverage and expanding the TELUS PureFibre footprint, so it's foundational, but it ties up capital.

The day-to-day running costs are significant too. For the twelve months ending September 30, 2025, TELUS Corporation's total operating expenses were reported at $12.891 billion. This figure inherently covers the significant network operating and maintenance expenses you'd expect from running pervasive broadband networks.

Then there are the people costs. Employee salaries and benefits are a major component, especially as TELUS Corporation pushes into digital and AI. We saw workforce adjustments continue into 2025; for example, approximately 700 voluntary severance packages were offered in February 2025 as part of streamlining operations. The company noted that Employee benefits expense increased in the first half of 2025, reflecting team member base expansion in areas like TELUS Digital and higher average salaries.

Costs associated with customer acquisition and equipment subsidies are an ongoing pressure point, often linked to competitive pricing. Management cited rising costs of subscriber growth and retention as a pressure point when setting expectations for 2025. While specific 2025 subsidy amounts aren't broken out, the need to offer competitive deals directly impacts the cost to serve.

Finally, you have the costs tied to internal optimization. TELUS Corporation is actively engaged in integration and restructuring costs from ongoing cost efficiency programs. The company expected total cash restructuring and other disbursements to be approximately $500 million in 2025. This reflects efforts to right-size the organization amid digital transformation and economic challenges.

Here's a quick look at some of the key cost-related financial metrics and targets for TELUS Corporation in 2025:

Finance: draft 13-week cash view by Friday.

TELUS Corporation (TU) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how TELUS Corporation brings in money as of late 2025. It's a mix of traditional telecom services and newer, high-growth digital ventures. Here's the quick math on the latest reported figures, primarily from the third quarter of 2025 (Q3 2025) and trailing twelve months (TTM) data.

Mobile and Fixed service revenue forms the backbone, driven by subscriptions for voice, data, internet, and TV. Consolidated service revenue growth was 2 per cent in Q3 2025, though overall consolidated operating revenues were flat at $5.1 billion for the quarter, offset by lower equipment revenue. For the twelve months ending September 30, 2025, TELUS Corporation's total revenue was $14.624B, representing a 0.34 per cent decline year-over-year. Within fixed services in Q3 2025, consumer data revenue grew by more than 4 per cent, with residential internet revenue specifically up 6 per cent due to customer growth and higher internet Average Revenue Per User (ARPU).

Digital Health service revenue, reported under the TELUS Health segment, shows strong expansion, fueled by acquisitions like Workplace Options in May 2025. Health services revenues in Q2 2025 increased by $72 million or 16 per cent, following a 13 per cent increase, or $54 million, in Q1 2025. By the end of Q1 2025, healthcare lives covered reached 76.5 million, marking a 7 per cent increase over the prior twelve months. TELUS Health is executing its global growth strategy, delivering Operating Revenue growth of 18 per cent in Q3 2025.

Digital Experience solutions revenue comes largely from the TELUS Digital segment and the separately tracked TELUS International. TELUS Digital operating revenues increased by 5 per cent in Q3 2025, or $33 million. This growth was uneven across verticals:

• Revenue from the tech and games industry vertical increased by $31 million or 8 per cent in Q1 2025.
• The communications and media industry vertical saw a 16 per cent increase, or $35 million, in Q3 2025.
• The eCommerce and fintech industry vertical saw a decrease of $6 million or 7 per cent in Q3 2025.

TELUS International, which operates in digital customer experience and IT services, reported revenue of $2.71 Billion USD for the 2025 Trailing Twelve Months (TTM).

Agriculture & Consumer Goods software and data subscriptions revenue streams are currently seeing a headwind. In Q3 2025, agriculture and consumer goods services revenues saw declines, which the company attributed to the divestiture of non-core assets.

Equipment sales revenue is a variable component. In Q3 2025, lower Mobile equipment revenue was a factor that offset higher Consolidated service revenue growth, contributing to the flat consolidated operating revenue figure compared to the prior year. In Q1 2025, health equipment revenues decreased by $3 million or 75 per cent due to the prior period having a pharmacy hardware upgrade program.

Here's a snapshot of some of the key reported financial metrics around the revenue streams as of late 2025:

The underlying service revenue growth is definitely the main story here, even if equipment sales are soft. The current quarterly dividend stands at $0.4184 per share.