The company reported a net loss of $1.8 billion for the second quarter of 2026, largely driven by a $2.1 billion non-cash impairment charge related to its TELUS Digital unit. Consolidated service revenue dipped 1% to $4.4 billion, reflecting broader challenges in the digital services sector and decelerating mobile growth. To combat these headwinds, CEO Victor Dodig confirmed a pivot toward three core priorities: strengthening the financial foundation, honing operational discipline, and focusing capital deployment on high-return segments like wireless and fiber networks.

Beyond the dividend reduction—which lowers the annualized payout to $0.75 per share—TELUS will terminate the discount on its dividend reinvestment plan effective October 1, 2026. These moves are projected to generate approximately $2.7 billion in cumulative cash savings through 2028, earmarked specifically for debt reduction. The company has also revised its full-year guidance, now anticipating consolidated Adjusted EBITDA to decline between 2% and 4%, while capital expenditures are expected to rise to $2.6 billion to account for inflation and ongoing investments in sovereign AI data centers.