TELUS Corporation (TU) Balance Sheet

NYSE: TUAssets, liabilities, debt and equity over 10 years.

TU balance sheet, 2025

December 31, 2025 · Canadian dollars

C$59.61B assets = C$43.03B liabilities + C$16.58B equity

Both columns are drawn to the same scale: what TU owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TU financial health

Current ratio0.86

Tight · current assets cover current liabilities 0.86×

Debt / equity1.99

High leverage · C$1.99 of debt for each $1 of equity

Equity / assets26.5%

Balanced · of assets funded by shareholders

Cash / debt8.3%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles51.6%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TU balance sheet trends, 2016–2025

TELUS Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	C$27.73B2016	C$59.61B2025	+8.9%/yr
Total liabilities	C$19.79B2016	C$43.03B2025	+9.0%/yr
Shareholders’ equity	C$7.92B2016	C$15.78B2025	+8.0%/yr
Cash & short-term investments	C$432.0M2016	C$2.62B2025	+22.2%/yr
Total debt	C$13.03B2016	C$31.46B2025	+10.3%/yr
Net cash (debt)	−C$12.60B2016	−C$28.84B2025	−C$16.2B
Working capital	−C$2.48B2016	−C$1.32B2025	+C$1.2B
Current ratio	0.502016	0.862025	+0.36
Debt / equity	1.652016	1.992025	+0.35
Shares outstanding	1.19B2016	1.53B2025	+2.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TU assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TU liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TU debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TU balance sheet in Canadian dollars

TELUS Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	C$2.62B	C$869.0M	C$864.0M	C$974.0M	C$723.0M	C$848.0M	C$535.0M	C$414.0M	C$509.0M	C$432.0M
Cash & equivalents	C$2.62B	C$869.0M	C$864.0M	C$974.0M	C$723.0M	C$848.0M	C$535.0M	C$414.0M	C$509.0M	C$432.0M
Short-term investments	—	—	C$18.0M	C$26.0M	C$2.0M	C$2.0M	C$1.0M	C$1.0M	C$18.0M	C$11.0M
Receivables	C$4.43B	C$4.32B	C$4.25B	C$3.88B	C$3.33B	C$2.94B	C$2.83B	C$2.46B	C$2.47B	C$1.48B
Inventory	C$482.0M	C$629.0M	C$484.0M	C$537.0M	C$448.0M	C$407.0M	C$437.0M	C$376.0M	C$378.0M	C$318.0M
Other current assets	C$842.0M	C$834.0M	C$718.0M	C$700.0M	C$534.0M	C$486.0M	C$555.0M	C$588.0M	C$0	C$244.0M
Total current assets	C$8.37B	C$6.65B	C$6.31B	C$6.09B	C$5.03B	C$4.68B	C$4.35B	C$3.84B	C$2.88B	C$2.47B
Property, plant & equipment (net)	C$17.46B	C$17.29B	C$17.25B	C$17.08B	C$15.93B	C$15.01B	C$14.23B	C$12.09B	C$11.37B	C$10.46B
Goodwill & intangible assets	C$30.79B	C$31.14B	C$29.78B	C$28.35B	C$24.77B	C$22.26B	C$18.14B	C$15.69B	C$14.88B	C$14.15B
Long-term investments	C$1.16B	C$1.06B	C$826.0M	C$609.0M	C$497.0M	C$306.0M	C$113.0M	C$75.0M	C$56.0M	C$83.0M
Other non-current assets	C$1.83B	C$1.89B	C$1.97B	C$1.91B	C$1.77B	C$1.07B	C$1.13B	C$1.37B	C$365.0M	C$557.0M
Total assets	C$59.61B	C$58.02B	C$56.14B	C$54.05B	C$47.99B	C$43.33B	C$37.98B	C$33.06B	C$29.55B	C$27.73B
Liabilities
Accounts payable	C$982.0M	C$1.13B	C$996.0M	C$1.38B	C$1.21B	C$855.0M	C$892.0M	C$686.0M	C$717.0M	C$578.0M
Short-term debt	C$4.02B	C$4.17B	C$4.10B	C$2.65B	C$3.04B	C$1.53B	C$1.43B	C$936.0M	C$1.50B	C$1.43B
Deferred revenue	C$1.05B	C$838.0M	C$736.0M	C$679.0M	C$652.0M	C$592.0M	C$545.0M	C$561.0M	C$541.0M	C$25.0M
Total current liabilities	C$9.69B	C$9.83B	C$9.48B	C$8.28B	C$8.27B	C$5.91B	C$5.57B	C$4.84B	C$5.19B	C$4.95B
Long-term debt	C$27.44B	C$25.61B	C$23.36B	C$22.50B	C$17.93B	C$18.86B	C$17.14B	C$13.27B	C$12.26B	C$11.60B
Lease obligations	—	—	—	—	—	—	C$0	C$0	C$0	C$0
Other long-term liabilities	C$5.91B	C$5.79B	C$6.00B	C$5.63B	C$5.73B	C$5.94B	C$4.61B	C$4.61B	C$4.30B	C$3.24B
Total liabilities	C$43.03B	C$41.23B	C$38.83B	C$36.41B	C$31.92B	C$30.70B	C$27.32B	C$22.72B	C$21.59B	C$19.79B
Shareholders' equity
Common stock & paid-in capital	C$14.10B	C$13.12B	C$12.32B	C$11.40B	C$9.64B	C$7.68B	C$5.66B	C$5.39B	C$5.21B	C$5.03B
Retained earnings (deficit)	C$98.0M	C$1.52B	C$2.83B	C$4.10B	C$4.26B	C$3.71B	C$4.37B	C$4.47B	C$3.79B	C$2.47B
Treasury stock	—	—	—	—	—	—	C$0	C$0	C$0	C$0
Accumulated other comprehensive income	C$4.0M	−C$105.0M	−C$44.0M	C$110.0M	C$203.0M	C$117.0M	C$119.0M	C$12.0M	C$51.0M	C$42.0M
Minority interest	C$804.0M	C$1.18B	C$1.19B	C$1.09B	—	—	C$0	C$0	C$0	C$0
Total shareholders' equity	C$15.78B	C$15.62B	C$16.11B	C$16.57B	C$15.12B	C$12.04B	C$10.55B	C$10.26B	C$9.42B	C$7.92B
Key figures
Total debt	C$31.46B	C$29.78B	C$27.45B	C$25.14B	C$20.97B	C$20.39B	C$18.57B	C$14.20B	C$13.76B	C$13.03B
Net cash (debt)	−C$28.84B	−C$28.91B	−C$26.59B	−C$24.17B	−C$20.24B	−C$19.54B	−C$18.04B	−C$13.79B	−C$13.25B	−C$12.60B
Working capital	−C$1.32B	−C$3.18B	−C$3.17B	−C$2.19B	−C$3.24B	−C$1.23B	−C$1.22B	−C$1.00B	−C$2.31B	−C$2.48B
Tangible book value	−C$15.01B	−C$15.52B	−C$13.67B	−C$11.78B	−C$9.65B	−C$10.22B	−C$7.59B	−C$5.43B	−C$5.46B	−C$6.23B
Shares outstanding	1.53B	1.49B	1.46B	1.40B	1.35B	1.28B	1.20B	1.19B	1.19B	1.19B
Current ratio	0.86	0.68	0.67	0.74	0.61	0.79	0.78	0.79	0.56	0.50
Quick ratio	0.73	0.53	0.54	0.59	0.49	0.64	0.60	0.59	0.57	0.39
Debt / equity	1.99	1.91	1.70	1.52	1.39	1.69	1.76	1.38	1.46	1.65
Equity / assets	26.5%	26.9%	28.7%	30.7%	31.5%	27.8%	27.8%	31.0%	31.9%	28.6%

TELUS Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23
Assets
Cash & short-term investments	C$1.39B	C$1.30B	C$2.62B	C$1.31B	C$1.01B	C$869.0M	C$814.0M	C$927.0M	C$2.16B	C$864.0M
Cash & equivalents	C$1.39B	C$1.30B	C$2.62B	C$1.31B	C$1.01B	C$869.0M	C$814.0M	C$927.0M	C$2.16B	C$864.0M
Short-term investments	—	—	—	—	—	—	—	C$3.0M	C$8.0M	C$18.0M
Receivables	C$4.18B	C$4.44B	C$4.43B	C$2.99B	C$4.19B	C$4.32B	C$4.02B	C$4.05B	C$4.04B	C$4.25B
Inventory	C$461.0M	C$458.0M	C$482.0M	C$326.7M	C$566.0M	C$629.0M	C$492.0M	C$530.0M	C$539.0M	C$484.0M
Other current assets	C$1.08B	C$968.0M	C$842.0M	C$677.1M	C$953.0M	C$834.0M	C$796.0M	C$909.0M	C$852.0M	C$718.0M
Total current assets	C$7.11B	C$7.17B	C$8.37B	C$5.30B	C$6.72B	C$6.65B	C$6.12B	C$6.42B	C$7.60B	C$6.31B
Property, plant & equipment (net)	C$17.77B	C$17.56B	C$17.46B	C$12.66B	C$17.30B	C$17.29B	C$17.21B	C$17.23B	C$17.18B	C$17.25B
Goodwill & intangible assets	C$28.82B	C$31.03B	C$30.79B	C$22.21B	C$31.06B	C$31.14B	C$30.85B	C$30.87B	C$29.84B	C$29.78B
Long-term investments	C$1.25B	C$1.22B	C$1.16B	C$1.12B	C$1.05B	C$1.06B	C$1.02B	C$937.0M	C$887.0M	C$826.0M
Other non-current assets	C$1.86B	C$1.88B	C$1.83B	C$967.4M	C$1.85B	C$1.89B	C$1.78B	C$1.86B	C$2.10B	C$1.97B
Total assets	C$56.81B	C$58.85B	C$59.61B	C$42.26B	C$57.98B	C$58.02B	C$56.99B	C$57.31B	C$57.61B	C$56.14B
Liabilities
Accounts payable	C$1.15B	C$994.0M	C$982.0M	C$774.0M	C$1.14B	C$1.13B	C$1.02B	C$998.0M	C$964.0M	C$996.0M
Short-term debt	C$5.03B	C$5.01B	C$4.02B	C$2.96B	C$5.10B	C$4.17B	C$3.54B	C$4.38B	C$5.02B	C$4.10B
Deferred revenue	C$844.0M	C$908.0M	C$1.05B	C$613.9M	C$870.0M	C$838.0M	C$752.0M	C$800.0M	C$778.0M	C$736.0M
Total current liabilities	C$10.68B	C$10.71B	C$9.69B	C$7.00B	C$10.49B	C$9.83B	C$8.89B	C$9.68B	C$10.08B	C$9.48B
Long-term debt	C$26.43B	C$26.04B	C$27.44B	C$25.79B	C$24.95B	C$25.61B	C$25.39B	C$24.82B	C$24.45B	C$23.36B
Other long-term liabilities	C$5.61B	C$5.74B	C$5.91B	C$0	C$5.76B	C$5.79B	C$5.78B	C$5.76B	C$5.84B	C$6.00B
Total liabilities	C$42.72B	C$42.49B	C$43.03B	C$29.68B	C$41.20B	C$41.23B	C$40.06B	C$40.27B	C$40.38B	C$38.83B
Shareholders' equity
Common stock & paid-in capital	C$14.56B	C$14.32B	C$14.10B	C$9.88B	C$13.33B	C$13.12B	C$12.84B	C$12.65B	C$12.52B	C$12.32B
Retained earnings (deficit)	−C$2.91B	−C$406.0M	C$98.0M	C$359.0M	C$1.23B	C$1.52B	C$1.79B	C$2.11B	C$2.44B	C$2.83B
Accumulated other comprehensive income	−C$12.0M	C$40.0M	C$4.0M	−C$19.4M	−C$61.0M	−C$105.0M	C$7.0M	−C$4.0M	C$20.0M	−C$44.0M
Minority interest	C$808.0M	C$807.0M	C$804.0M	C$1.65B	—	—	—	—	—	—
Total shareholders' equity	C$13.28B	C$15.56B	C$15.78B	C$11.40B	C$15.61B	C$15.62B	C$15.77B	C$15.81B	C$16.01B	C$16.11B
Key figures
Total debt	C$31.46B	C$31.05B	C$31.46B	C$21.48B	C$30.05B	C$29.78B	C$28.93B	C$29.20B	C$29.47B	C$27.45B
Net cash (debt)	−C$30.07B	−C$29.75B	−C$28.84B	−C$20.16B	−C$29.04B	−C$28.91B	−C$28.11B	−C$28.27B	−C$27.31B	−C$26.59B
Working capital	−C$3.57B	−C$3.54B	−C$1.32B	−C$1.70B	−C$3.76B	−C$3.18B	−C$2.77B	−C$3.27B	−C$2.48B	−C$3.17B
Tangible book value	−C$15.54B	−C$15.47B	−C$15.01B	−C$10.82B	−C$15.45B	−C$15.52B	−C$15.08B	−C$15.06B	−C$13.84B	−C$13.67B
Shares outstanding	1.57B	1.56B	1.54B	1.54B	1.52B	1.50B	1.50B	1.49B	1.48B	1.47B
Current ratio	0.67	0.67	0.86	0.76	0.64	0.68	0.69	0.66	0.75	0.67
Quick ratio	0.52	0.54	0.73	0.61	0.50	0.53	0.54	0.51	0.62	0.54
Debt / equity	2.37	2.00	1.99	1.88	1.93	1.91	1.83	1.85	1.84	1.70
Equity / assets	23.4%	26.4%	26.5%	27.0%	26.9%	26.9%	27.7%	27.6%	27.8%	28.7%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed December 31, 2025); data from EODHD.

TU financial position

At the end of fiscal 2025 (December 31, 2025), TELUS had total assets of C$59.6 billion (up 2.7% from a year earlier), total liabilities of C$43.0 billion and shareholders' equity of C$15.8 billion. It held C$2.6 billion in cash and short-term investments against C$31.5 billion of debt, net debt of C$28.8 billion. Its current ratio was 0.86. In the latest quarter (ended June 30, 2026) total assets were C$56.8 billion and equity C$13.3 billion.

Related: TU income statement, TU cash flow statement, TU key metrics. See the TU stock overview for the latest quote and news.

TU balance sheet FAQ

What are TELUS's total assets?

TELUS reported total assets of C$59.6 billion at the end of fiscal 2025 (December 31, 2025), compared with C$58.0 billion a year earlier.

How much debt does TELUS have?

TELUS had C$31.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.99.

How much cash does TELUS have?

TELUS held C$2.6 billion in cash and short-term investments at the end of fiscal 2025; with C$31.5 billion of debt that is net debt of C$28.8 billion.

What is TELUS's book value?

TELUS's shareholders' equity (book value) was C$15.8 billion at the end of fiscal 2025.

What is TELUS's current ratio?

TELUS had current assets of C$8.4 billion and current liabilities of C$9.7 billion, a current ratio of 0.86 (current liabilities exceed current assets).

How much goodwill does TELUS have?

TELUS carried C$30.8 billion of goodwill and intangible assets, 51.6% of total assets, at the end of fiscal 2025.