TELUS Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,113	993	841	1,615	1,655
Depreciation & Amortization	3,000	2,995	3,001	2,641	2,459
Other Amortization	1,041	959	995	802	750
Loss (Gain) From Sale of Assets	-	-	-	-	-410
Asset Writedown & Restructuring Costs	518	82	73	9	7
Loss (Gain) on Equity Investments	-1	18	26	7	10
Stock-Based Compensation	144	151	117	122	139
Other Operating Activities	-844	-372	-2	-166	44
Change in Accounts Receivable	-33	-74	-188	-303	-298
Change in Inventory	147	-145	53	-89	-41
Change in Accounts Payable	-113	307	-268	173	289
Change in Unearned Revenue	11	73	74	-12	62
Change in Income Taxes	-39	41	-72	50	-77
Change in Other Net Operating Assets	-78	-181	-151	-12	-17
Operating Cash Flow	4,866	4,847	4,499	4,811	4,388
Operating Cash Flow Growth	0.39%	7.74%	-6.49%	9.64%	-4.07%
Capital Expenditures	-2,515	-2,750	-3,182	-3,647	-3,097
Sale of Property, Plant & Equipment	114	21	12	16	508
Cash Acquisitions	-531	-359	-1,289	-1,547	-468
Sale (Purchase) of Intangibles	-	-637	-29	-	-2,219
Investment in Securities	-108	-75	-264	-234	-194
Other Investing Activities	-	100	4	4	4
Investing Cash Flow	-3,040	-3,700	-4,748	-5,408	-5,466
Short-Term Debt Issued	13	825	-	-	10
Long-Term Debt Issued	12,773	6,455	9,223	10,271	4,891
Total Debt Issued	12,786	7,280	9,223	10,271	4,901
Short-Term Debt Repaid	-	-	-2	-17	-
Long-Term Debt Repaid	-11,631	-6,818	-7,690	-8,049	-4,972
Total Debt Repaid	-11,631	-6,818	-7,692	-8,066	-4,972
Net Debt Issued (Repaid)	1,155	462	1,531	2,205	-71
Issuance of Common Stock	-	-	-	-	1,300
Repurchase of Common Stock	-40	-	-	-	-
Common Dividends Paid	-1,628	-1,562	-1,315	-1,188	-1,045
Other Financing Activities	439	-42	-77	-169	769
Financing Cash Flow	-74	-1,142	139	848	953
Net Cash Flow	1,752	5	-110	251	-125
Free Cash Flow	2,351	2,097	1,317	1,164	1,291
Free Cash Flow Growth	12.11%	59.23%	13.14%	-9.84%	-26.31%
Free Cash Flow Margin	11.55%	10.41%	6.58%	6.36%	7.67%
Free Cash Flow Per Share	1.53	1.41	0.90	0.83	0.96
Cash Interest Paid	1,384	1,330	1,196	816	744
Cash Income Tax Paid	480	358	389	519	601
Levered Free Cash Flow	2,761	1,819	735.38	1,020	-214.25
Unlevered Free Cash Flow	3,705	2,697	2,236	1,557	272.63
Change in Working Capital	-105	21	-552	-193	-82

Source: S&P Global Market Intelligence. Standard template. Financial Sources.