TELUS internet additions in Q1 2027

TELUS internet net additions show a clear decelerating trend. Net additions have declined from +35,000 in Q4 2025 to +21,000 in Q1 2026, +20,000 in Q2 2026, and +10,000 in Q3 2026 ^{[1][2][3][4][5][6]}. Year-to-date additions for the first nine months of 2026 totaled 51,000, a 42% decrease from 88,000 in 2025 ^{[1][2][3][4][5][6]}. The Q3 2026 internet net adds of 10,000 missed the two-analyst average estimate of 18,070 ^[4][7]. Management stated in the Q3 2026 earnings call that this level of internet net adds reflects a deliberate strategy to prioritize sustainable margins and capital efficiency over subsidized volume ^[4].

Financial results and strategic actions reflect a focus on efficiency. TELUS reported a Q3 2026 net loss of $660M, primarily driven by an $800M non-cash goodwill impairment in TELUS Health ^[8][4][9]. Consolidated Service revenue for the quarter was $4.5B, down 1% year-over-year, and Adjusted EBITDA was $1.8B, down 5% year-over-year (-2% normalized) ^[8][4][9]. The company announced a multi-year efficiency program targeting approximately $900M in annualized cash savings exiting 2028 ^{[8][10][11][4]}. TELUS also plans to accelerate monetization of TELUS Health and TELUS Agriculture & Consumer Goods to fund debt reduction, aiming for a net debt to Adjusted EBITDA ratio of 3.0x or lower by year-end 2028 ^{[8][10][11][4]}. In July 2026, the quarterly dividend was cut by 55% to $0.1875 per share (75 cents annualized), which should generate approximately $2.7 billion in cumulative cash savings through 2028 for debt reduction ^[10][11]. S&P Global Ratings forecasts 2027 EBITDA growth of 2%-4%, flat 2027 revenues, broadband revenue growth below 1% through 2028, net leverage close to 3.8x in 2027, and capital expenditures of C$2.3 billion in 2027 ^[12]. Desjardins analyst Jerome Dubreuil cut his TELUS price target to $13.00 from $13.50 (Hold) in October 2026, citing factors including slower population growth, strong competition, and CRTC-related activation-fee pressure ^[10][13].

Market expectations for Q1 2027 internet additions are negative. A prediction market for TELUS internet net additions in Q1 2027 (ending May 7, 2027) prices the probability of additions above -20,000, above 0, or above 5,000 all at less than 1% ^[14]. This implies market expectations for negative or near-zero internet net additions in Q1 2027 ^[14]. Despite the internet subscriber trends, TELUS reported strong consumer mobility performance in Q3 2026, with mobile phone net adds of 84,000 significantly beating the 45,040 estimate ^[4][7]. Blended mobile churn of 1.01% was a three-year low ^[4][7]. Management expects the strength in the consumer mobility franchise to continue through 2027 and 2028 ^[4]. TELUS Q4 2026/FY2026 results are expected around mid-February 2027, and Q1 2027 results are anticipated around early-to-mid May 2027 ^{[15][16][17][18]}.