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TELUS provides mobile and home internet connections to Canadian consumers, businesses and public-sector organizations. Customers pay monthly bills for network access and usage, and buy devices from the company. Mobile and fixed telecommunications generate most of its revenue, with services contributing far more than equipment sales. Its consumer brands include TELUS, Koodo and Public Mobile, while PureFibre delivers fibre internet.
Outside telecommunications, TELUS Health sells care, health software and employee well-being and benefits services to employers, healthcare payors, providers and individuals worldwide. TELUS Digital earns fees by running customer support and building or improving clients’ digital systems, including apps and AI solutions. Services to other TELUS businesses are Digital’s largest single revenue source; external revenue also depends on how much work clients commission.
The telecommunications business depends on retaining subscribers, the prices they pay, and continued investment in network capacity and licensed spectrum. Canadian rules require Canadian ownership and control of its regulated carrier businesses and require wholesale access to eligible fibre networks. Healthcare rules also constrain where and how TELUS Health can provide and charge for virtual care.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
TELUS’s results hinge chiefly on Canadian mobile and broadband pricing and subscriber growth, so also watch Videotron, an important Canadian rival missing from this list.
Rogers competes directly with TELUS for Canadian consumers and businesses buying mobile service, broadband, television and home security. Watch its mobile subscriber gains and internet offers for signs of the pressure TELUS faces in winning and keeping customers.
BCE, Inc.’s Bell both competes with TELUS for Canadian mobile, broadband and business customers and sells it access to fibre lines that TELUS can use to serve its own customers. Bell’s fibre expansion and wholesale-access decisions matter to TELUS’s PureFibre reach in Ontario and Quebec.
Concentrix Corporation competes with TELUS Digital for business contracts to handle customer service, run digital operations and modernize technology. Its customer-service and transformation work is a useful gauge of competition for TELUS Digital, rather than TELUS’s Canadian mobile business.
Verizon and TELUS both earn money from consumers and businesses paying for mobile service and fixed broadband, leaving both exposed to customer retention, pricing and the shift away from older services. Verizon’s mobile customer retention and broadband growth offer a U.S. comparison for TELUS’s connectivity business.
AT&T and TELUS share similar economics in different home markets: customers pay for mobile service, handsets in instalments and fixed broadband. Watch AT&T’s handset promotions and combined mobile-and-fibre offerings alongside TELUS’s efforts to recover phone costs and bundle mobile with home internet.
T-Mobile US is a U.S. benchmark for TELUS’s wireless growth and network investment, not a Canadian rival: both earn revenue from mobile subscriptions and devices. Watch T-Mobile’s ability to attract and retain paying mobile customers alongside its network investment.
TELUS depends on Ericsson’s core network technology to deploy its standalone 5G mobile network across Canada. Ericsson’s work on that rollout matters to the faster speeds, low latency and connected-device services TELUS can offer customers.
TELUS relies on Nokia for important network infrastructure and selected it as a 5G equipment supplier. Nokia sells equipment that carries data and connects customers to networks, making its telecom infrastructure business relevant to TELUS’s network upgrades.
TaskUs, Inc. competes with TELUS Digital for companies paying others to handle digital customer service, trust and safety, and AI data work. Its AI services rose from 14% of service revenue in 2024 to 18% in 2025, a line to watch against TELUS Digital’s AI training and data services.
TTEC Holdings, Inc. competes with TELUS Digital for businesses paying to outsource customer care and build or operate customer-service technology. Watch TTEC Engage’s customer-care revenue separately from TTEC Digital’s technology services to see the two areas of overlap.
Accenture competes with TELUS beyond telecom, pursuing business spending on technology and outsourced operations against TELUS Digital and on consumer-goods technology against TELUS’s software and analytics business. Its consulting and managed-services work is the relevant comparison, not Canadian mobile subscriptions.
TELUS relies on Cisco’s networking technology to upgrade its networks and deliver services to customers. Cisco sells network hardware, software and support; its networking products are the relevant part of its business for watching this supplier tie.
TELUS buys software and services from Amdocs Limited to support the systems used to run its telecommunications business. Amdocs earns money from providers such as TELUS by implementing, maintaining and operating software and systems, rather than selling mobile plans to consumers.
Nokia Corporation earningsNOK
Nokia's report will show how telecom operators' demand for network equipment is changing, offering a signal on the supplier market TELUS relies on for network upgrades.
Watch sales and order trends in Nokia's network-infrastructure business. Stronger demand would show telecom operators are still buying network equipment, supporting an active supplier market for TELUS's upgrades; weaker demand could point to slower industry investment. The figures do not establish TELUS's own orders, costs, or delivery timing, so they indicate the state of the supplier market, not equipment already secured by TELUS.
Rogers Communications, Inc. earningsRCI
Rogers's report will show how customer competition and promotions in Canadian mobile and broadband affect TELUS.
Compare Rogers's mobile and internet customer trends and offer commentary with TELUS's connection growth. If Rogers keeps adding customers while TELUS's additions weaken, competition is tilting against TELUS; if both grow, the market may be supporting both rather than TELUS simply losing customers.
BCE, Inc. earningsBCE
BCE's report will show how Bell's fibre build-out and wholesale access affect TELUS's ability to serve broadband customers in Ontario and Quebec.
Read changes in Bell's fibre footprint alongside whether TELUS can access those lines on workable terms. More coverage with usable access would let TELUS reach more broadband customers over Bell's network; if Bell expands but TELUS cannot use the lines, Bell's competitive reach grows without giving TELUS the same expansion opportunity.
Telus Corporation earningsThis company
TELUS's report will show whether growth in mobile and home-internet customers is bringing in enough service revenue to offset lower mobile pricing and phone volumes.
Read mobile and home-internet customer growth alongside mobile service revenue, average revenue per mobile user (ARPU), and equipment revenue. More customers and higher service revenue, even with weaker ARPU or equipment revenue, would show subscriber growth and home internet are carrying the telecom business; more customers but flat or falling service revenue would show pricing and customer spending are eroding the gains.
TaskUs, Inc. earningsTASK
TaskUs's report will show demand for outsourced customer service, trust-and-safety, and AI data work—services it competes with TELUS Digital to provide.
Compare TaskUs's revenue and client-demand trends with TELUS Digital's external revenue, client service volumes, and new business. Growth at both would suggest demand for these outsourced services is holding up; TaskUs growing while TELUS Digital weakens could reflect cuts by TELUS Digital clients or business going to a competitor—the comparison alone cannot settle which.
