TELUS Corp

T: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|.q	LOCK\|!V	LOCK\|S$g

Telus Earnings: Good Results and Outlook in a Challenging Environment, but the Market Doesn't Care

Matthew Dolgin

Feb 12, 2026

Canadian telecom stocks have been very out of favor amid a challenging environment prompted largely by Quebecor's entrance as a national mobile competitor. Against this backdrop, Telus had a good fourth quarter, with flat services revenue and 1 percentage point of adjusted EBITDA margin expansion.

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TELUS Corp

Telus Earnings: Good Results and Outlook in a Challenging Environment, but the Market Doesn't Care

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