Telus has shared its Q1 earnings today and 2025 saw a strong start when it came to net income for the company.
The telco saw $301 million in the first quarter—more than double the $140 million earned during the same period last year, an increase of 115%.
Revenue rose 3% to $5.1 billion for the quarter, though adjusted EBITDA dipped slightly by 1% to $1.84 billion. The company also raised its quarterly dividend to $0.4163 per share, up 7% from last year, and reaffirmed its full-year financial targets, including $2.15 billion in free cash flow and $2.5 billion in capital expenditures.
But while the numbers on paper were solid, the company’s core wireless segment showed signs of slowing. Telus added 168,000 wireless connections during Q1. However, just 20,000 of those were mobile phone net additions, down sharply from 45,000 a year earlier. Most of the growth came from connected devices such as IoT products, which accounted for 148,000 of the total additions.
“In the first quarter of 2025, our team’s unwavering commitment to operational excellence and cost efficiency has empowered Telus to deliver another quarter of industry-leading customer growth and strong financial performance,” said Darren Entwistle, President and CEO, in a statement.
Average revenue per user (ARPU) for mobile phones dropped to $57.13, down 3.7% from last year. Telus said the decline was blamed on ongoing pricing pressure, increased adoption of lower-cost and unlimited plans, and falling roaming and overage charges. Despite this, the company maintained a strong customer retention rate, with churn falling to 1.06%—which it says is one of the lowest in the industry. Recently, the CCTS mid-year report claimed Telus saw the highest complaints out of all telecoms.
Outside of wireless, Telus continued to see modest growth in its home services. The company added 21,000 new internet subscribers, 27,000 TV customers, and 15,000 security and automation clients. Residential voice connections declined by 13,000 as users continued to shift away from traditional landlines.
As of the end of the quarter, Telus reported a total subscriber base of 20.3 million connections, representing 6% growth over the past year. This includes gains across mobile phones, connected devices, internet, TV, and security services.
Shares of Telus are up 6.15% as of writing, trading at $22.08 per share and up 12.53% year to date. As for ‘Big 3’ rivals? Rogers shares are down 34% year to date, while Bell is down 31% in the same period.
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