TELUS Corporation (TU) Stock Price & How to Invest

TELUS Corporation is a Vancouver-based communications technology company with roughly 100,000 team members and operations in more than 45 countries. Its core is TELUS Technology Solutions (TTech), the Canadian connectivity business, which ended the second quarter of 2026 with about 17.9 million customer connections: roughly 10.3 million mobile phone subscribers, ~2.8 million internet subscribers and ~4.8 million connected devices, on a 5G network reaching about 34.2 million Canadians (over 92% of the population) alongside the TELUS PureFibre footprint. TELUS Health administers employer benefits, virtual care, electronic medical records and pharmacy solutions for approximately 158.9 million covered lives across about 200 countries and territories. TELUS Digital, formerly the separately listed TELUS International and since taken fully private by the parent, does outsourced customer experience work and AI data annotation. Revenue runs at roughly C$20.2 billion on a trailing twelve month basis, reported in Canadian dollars under IFRS, with SEC filings made as a Canadian foreign private issuer on Form 40-F.

The investment picture changed sharply this year. Victor Dodig, who ran CIBC from 2014 to 2025, became president and CEO on July 1, 2026, succeeding Darren Entwistle after 26 years. Four weeks later TELUS reset the quarterly dividend to C$0.1875 per share, an annualized C$0.75 down about 55% from C$1.6736, and recognized a ~C$2.1 billion pre-tax non-cash impairment against the TELUS Digital cash-generating unit. That charge produced a reported quarterly net loss of about C$1.8 billion, though adjusted net income for the quarter was still positive at roughly C$254 million. Full-year guidance came down with it: service revenue growth to flat-to-negative-2% from ~2% to 4%, adjusted EBITDA growth to negative 2% to negative 4%, and free cash flow to ~C$1.8 billion from ~C$2.45 billion. The shares have fallen roughly 41% over the past year to near ~$9.83 on the NYSE, a market capitalization of about $15.6 billion against enterprise value near $37.9 billion in US dollars. The central question is arithmetic: net debt sat at ~3.5 times adjusted EBITDA, the ~3.0 times target slipped from year-end 2027 to year-end 2028, and closing that gap requires free cash flow to grow while capital intensity falls.

Leverage dominates: total debt of roughly $22.2 billion against about $984 million of cash (US dollar basis) leaves little room if adjusted EBITDA falls faster than guided, and the 2028 deleveraging target already represents one slip from the prior 2027 date. Canadian wireless price competition has not resolved, and another leg of promotional pricing would hit the ARPU and free cash flow the whole plan rests on. A board that cut the dividend once has shown it will cut again if the arithmetic demands it. Securities class actions were also filed against TELUS International (Cda) Inc., the subsidiary now reported as TELUS Digital, over disclosure about its AI data business.

3 analysts publish price targets on TU, averaging $11.67 against a $9.83 price as of August 2026, or +18.7%. The published targets run from $9.50 to $14.50, a moderate spread, and the ratings split 3 buy, 11 hold, 4 sell. Over the last six months there has been 1 raise and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full TU forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on TELUS Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Deleveraging is now the stated first priority. TELUS named three near-term priorities in July 2026, and the first is the balance sheet. The most optimistic published target, $14.50, assumes this works close to its best case.

The case against. Leverage dominates: total debt of roughly $22.2 billion against about $984 million of cash (US dollar basis) leaves little room if adjusted EBITDA falls faster than guided, and the 2028 deleveraging target already represents one slip from the prior 2027 date. The most pessimistic target, $9.50, is roughly what TU is worth if this bites instead.

Read the full bull and bear case on TU, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see TELUS Corporation's investor relations page or your broker.

• Revenue (TTM, as reported): ~C$20.2 billion
• Q2 2026 net loss (incl. ~C$2.1B non-cash impairment): ~C$1.8 billion
• Free cash flow (2026 company guidance, revised): ~C$1.8 billion
• Net debt to adjusted EBITDA (Q2 2026): ~3.5 times
• Annualized dividend after the July 2026 reset: ~C$0.75 per share (from ~C$1.6736)
• Market cap / EV / EV-to-EBITDA (US dollars): ~$15.6 billion / ~$37.9 billion / ~10.9x

TELUS reports in Canadian dollars, so the operating figures above are CAD while market capitalization and enterprise value are the US dollar values behind the NYSE quote. Trailing earnings are negative because of the second quarter impairment, which is why a trailing P/E is unavailable and screeners show a forward multiple near ~18.8x instead. On enterprise value the shares change hands around ~10.9 times trailing EBITDA and ~1.1 times sales.

Other names that sit close to TU: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get TU exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TU sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where TU fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

TU is a leveraged Canadian telecom in the middle of a reset: the cash flow is real, the dividend is roughly half what it was, and the open question is whether a new CEO gets net debt down before price competition takes another bite.

Whether TU is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TU a buy or a sell?, and where the stock could go from here in the TU stock forecast.

For income investors, whether TU pays a dividend and how the payout looks is covered in does TU pay a dividend? And to weigh TU against a peer, read the full side-by-side comparisons: TU vs BCE and TU vs RCI.