TELUS internet additions in Q4 2026

TELUS internet additions showed significant declines during Q3 2026. Q3 2026 internet net additions were 10,000, a 75% year-over-year decline from 40,000 in Q3 2025 ^[1][2][3]. Year-to-date additions through Q3 2026 totaled 51,000, a 42% decrease from 88,000 in the first nine months of 2025 ^[1][2][3]. This follows Q4 2025 net additions of 35,000, a 2,000 year-over-year reduction from Q4 2024's 37,000, driven by higher churn and competitive pressure partially offset by strong residential fibre loading ^[4][5][6]. The internet subscriber base reached 2.838 million at the end of Q3 2026, a 2% year-over-year increase from 2.782 million, despite the removal of 30,000 low-margin internet subscribers (temporary work camps) effective January 1, 2026 ^[1][2][7]. Management attributes the decline in net additions to a deliberate shift toward premium and profitable loading, which resulted in lower gross additions partially mitigated by lower churn ^[3][7][8]. Fixed data services revenues increased by CAD 23 million in Q3 2026 ^[3][7][8].

TELUS responded to financial pressures with significant strategic actions. In Q3 2026, consolidated service revenue declined 1% to CAD 4.5 billion, and adjusted EBITDA fell 5% to CAD 1.8 billion (2% excluding one-time items) ^[7][8]. Free cash flow dropped 35% to CAD 396 million, and the company reported a net loss of CAD 660 million, primarily due to an CAD 800 million non-cash TELUS Health goodwill impairment ^[7][8]. In response, TELUS announced a multi-year efficiency program targeting approximately CAD 900 million in annualized cash savings by the end of 2028, including roughly CAD 250 million in structural savings fully effective from 2027, with an expected investment of CAD 150 million ^[7][8]. The company also cut its quarterly dividend by 55% to CAD 0.1875 per share (CAD 0.75 annualized) in July 2026, projected to generate approximately CAD 2.7 billion in cumulative cash savings through 2028 for debt reduction; the DRIP discount was also removed ^[9][10]. Net debt to Adjusted EBITDA stood at 3.6x at Q3 2026 quarter-end, with a commitment to achieve 3.0x or lower by year-end 2028 through operational improvements, asset monetization (including TELUS Health and Agriculture & Consumer Goods divestitures), and disciplined capital allocation ^[7][8][9]. Full-year 2026 guidance was reaffirmed after Q3 results, expecting consolidated service revenue flat to down 2%, consolidated Adjusted EBITDA to decline 2% to 4%, and free cash flow guidance remaining at CAD 1.8 billion, a cut from CAD 2.45 billion in Q2 2026 ^[7][9][10].

Analysts maintain a cautious outlook for TELUS amid market pressures. Desjardins Securities analyst Jerome Dubreuil lowered his TELUS price target to CAD 13.00 from CAD 13.50, maintaining a Hold rating, ahead of Q3 results, citing slower population growth, strong competition, and CRTC-related activation-fee pressure ^[11][9]. Morningstar's Martin Szumski observed stabilized wireless trends and suggested that a sale of non-telecom assets should benefit the company ^[11][9]. TELUS expects about CAD 500 million in cumulative revenue over the next three years from digital infrastructure opportunities, such as data-center connectivity and sovereign AI services, supported by a pipeline exceeding CAD 1 billion in total contract value and 38 MW of secured power ^[8]. Q4 2026 earnings are expected to be released around February 11, 2027, with an analyst consensus EPS of CAD 0.12 ^[12][13][14]. On November 6, 2026, the stock traded at CAD 12.81 (TSX) / USD 9.11 (NYSE), down 3.29% for the day after missing Q3 EPS estimates ^[12][13][14].