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This TELUS Corporation BCG Matrix helps you understand how the company’s products or business units may be positioned across Stars, Cash Cows, Question Marks, and Dogs. The content on this page is a real preview of the analysis, so you can see the format and sample findings before buying. Purchase the full version to get the complete ready-to-use report.
Stars
2.3M internet subscribers
TELUS Corporation’s internet base reached 2.3 million subscribers at the end of 2025, making internet access one of its clearest Stars in the BCG Matrix. Fibre expansion and higher-speed plans keep lifting average revenue per user and support steady recurring cash flow. With strong demand for faster broadband, this segment remains a key growth engine for 2026.
804K security subscribers
TELUS Corporation’s security base reached 804,000 subscribers at year-end 2025, showing real scale in a higher-growth adjacent service. Smart home monitoring and bundled offers can lift ARPU, lower churn, and deepen customer ties. In the BCG Matrix, that makes Security a clear Star with room to keep growing.
TELUS Health expansion
TELUS Health fits the Stars quadrant: it serves a structurally growing market as digital care, benefits, and software gain adoption. In TELUS Corporation’s 2025 results, TELUS Health delivered about C$2.7 billion in annual revenue, showing scale beyond telecom. Its non-cyclical demand helps offset pressure in the core wireline and wireless businesses.
2.1M connected device subscriptions
TELUS Corporation ended 2025 with 2.1 million connected device subscriptions, showing strong scale in a growing IoT category. These subscriptions support recurring connectivity revenue and enterprise use cases, which fits a BCG Star profile when growth and share stay high. The base also adds stickiness across fleet, asset, and smart-device deployments.
2025 connected device subscriptions: 2.1M
IoT adds recurring, high-retention revenue
Enterprise use cases support growth
5G mobile data on 9.3M mobile connections
5G mobile data is a Star for TELUS Corporation, because it sits on a premium wireless network and supports higher-value usage. TELUS ended 2025 with 9.3 million mobile connections, and rising data demand keeps this base strategically important. More data per user should keep this segment a key growth driver.
- 9.3 million mobile connections, year-end 2025
- Premium wireless data platform
- Higher usage supports growth
TELUS Growth Engines: Internet, Health, Mobile Lead 2026
TELUS Corporation’s Stars are its fastest-growing, high-share units: internet had 2.3 million subscribers in 2025, security had 804,000, TELUS Health generated about C$2.7 billion, connected devices reached 2.1 million, and mobile connections hit 9.3 million. These businesses support recurring revenue and scale, so they remain core growth engines for 2026.
| Star | 2025 data |
|---|---|
| Internet | 2.3M subs |
| Security | 804K subs |
| TELUS Health | C$2.7B revenue |
| Connected devices | 2.1M subs |
| Mobile | 9.3M connections |
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Cash Cows
9.3M mobile connections
Wireless is TELUS Corporation’s biggest recurring cash generator, anchored by 9.3 million mobile connections. That scale supports steady monthly cash flow and helps absorb churn in a mature Canadian market. For TELUS Corporation, the cash cow is less about fast subscriber growth and more about lifting revenue per user and protecting margins.
1.3M TV subscribers
TELUS Corporation’s TV base is a mature cash cow, with 1.3 million TV subscribers at year-end 2025. That scale gives the segment steady recurring cash flow and helps TELUS sell more wireline, mobility, and bundle offers. Even with slower growth, the installed base still supports retention and pricing power.
1.1M residential voice customers
Residential voice is a mature, low-growth TELUS line. TELUS ended 2025 with 1.1 million residential voice customers, and the base keeps generating steady cash flow from a sticky legacy service. Upside is limited, so it fits the Cash Cow bucket rather than a growth driver.
Core network access
Core network access is still a cash cow for TELUS Corporation: it is highly monetized, sticky, and tied to a large base of recurring subscribers. In 2025, TELUS kept generating strong operating cash flow from its core connectivity layer, which helps support growth spend in health, agriculture, and digital services.
- High recurring margins
- Large installed customer base
- Funds faster-growth units
Handset upgrade cycle
TELUS Corporation’s handset upgrade cycle is a cash cow because device financing and upgrades monetize an existing wireless base of 10+ million connections, so revenue is steady and recurring rather than driven by new demand. In 2025, the business still benefited from a large postpaid base and regular replacement needs, which keeps cash flowing even when growth slows.
- Revenue comes from upgrades, not new users
- Large base supports recurring device sales
- Low-growth, high-cash profile for TELUS
TELUS Cash Cows: Steady Revenue From Wireless, TV, and Voice
TELUS Corporation’s Cash Cows are its mature, recurring services: wireless, TV, residential voice, and core network access. In 2025, it had 9.3 million mobile connections, 1.3 million TV subscribers, and 1.1 million residential voice customers, all producing steady cash flow with limited growth. Handset upgrades also add repeat revenue from a 10+ million wireless base.
| Cash cow | 2025 base | Cash profile |
|---|---|---|
| Wireless | 9.3M | Recurring, high margin |
| TV | 1.3M | Stable, bundle-friendly |
| Voice | 1.1M | Legacy cash flow |
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Dogs
Legacy copper access
Legacy copper access is a shrinking Dogs asset for TELUS Corporation, as customers keep moving to fibre and wireless links. That shift weakens copper revenue and raises the case for retiring plant where service can be migrated, since fibre offers faster speeds and lower long-run upkeep. TELUS should keep cutting copper exposure and reinvest capex into fibre and 5G.
Standalone fixed voice
Standalone fixed voice sits in the Dogs quadrant for TELUS Corporation: it is a low-growth, low-share legacy line. Customers keep shifting to mobile and internet calling, so demand keeps shrinking while support and network costs still stay on. That mix usually means weak returns and little capital should be tied up here.
Linear TV in cord-cutting
Linear TV is a Dog for TELUS Corporation in the BCG Matrix: cord-cutting keeps shrinking the addressable market, and long-term growth looks weak. TELUS still had about 1.3 million TV subscribers in 2025, so the base matters, but it sits in a structurally declining category. Revenue pressure is likely to persist as viewers keep moving to streaming.
Low-margin equipment resale
Low-margin equipment resale is a Dogs unit for TELUS Corporation: it competes on price, and handset refresh cycles usually run 24-36 months, so growth tracks device swaps, not durable demand. That keeps margins thin and cash flow uneven versus recurring service revenue. As a stand-alone bet, it lacks pricing power and long-cycle expansion.
- Price-led, low-margin business
- Depends on upgrade cycles
- Weak standalone growth profile
Legacy wholesale wireline
Legacy wholesale wireline is a Dogs unit in TELUS Corporation’s BCG matrix: it is mature, price-pressed, and hard to grow. In 2025, TELUS kept facing intense carrier competition, which limited share gains and kept margins thin, so the priority is cost control, not expansion.
- Stable demand, weak pricing
- Low growth, high competition
- Manage for efficiency only
That means protecting cash flow, trimming operating costs, and avoiding heavy new capital unless it clearly lifts returns. This business fits a harvest mindset, not a growth bet.
TELUS Legacy Assets Are Shrinking; Harvest Cash, Don’t Expand
Dogs in TELUS Corporation are legacy copper, fixed voice, linear TV, and low-margin equipment resale: each is low-growth, price-pressed, and vulnerable to migration to fibre, wireless, and streaming. In 2025, TELUS still had about 1.3 million TV subscribers, but the category kept shrinking, so these assets should be harvested for cash, not expanded.
| Dog asset | 2025 signal |
|---|---|
| Copper access | Ongoing migration to fibre |
| Fixed voice | Structural demand decline |
| Linear TV | About 1.3 million subs |
| Equipment resale | Thin, price-led margins |
Question Marks
TELUS Digital CX
TELUS Digital CX fits a Question Mark: the CX outsourcing and AI services market is still expanding, but TELUS Digital lacks dominant global scale. TELUS Digital generated about C$2.6B of revenue in 2025, so it has a real base, but not market leadership. It needs sharper focus or more capital to win share.
Cloud hosting
Cloud hosting is still a high-growth IT market, with worldwide end-user spending on public cloud services forecast to reach $723.4 billion in 2025, up from $595.7 billion in 2024. TELUS has a presence, but it faces much larger rivals like Amazon Web Services, Microsoft Azure, and Google Cloud, so its scale gap is still wide. That makes this a share-building "Question Mark" inside TELUS Corporation’s BCG Matrix, not a cash cow yet.
Managed IT services
Managed IT services fit the Question Mark box: enterprise digital demand is still growing, and TELUS has a broad Canadian footprint with over 19 million customer connections. But the market is crowded, with large rivals and specialist IT firms pressing on price and service. Future value depends on whether TELUS can win share in cloud, cybersecurity, and workplace tech.
Agriculture tech
TELUS Corporation’s agriculture tech unit is a Question Mark: it is building analytics-led food-chain tools, but the market is still early and adoption is uneven. The upside is real, yet leadership depends on scaling usage fast enough to turn capability into revenue.
- Early market, not mature
- Analytics is the edge
- Adoption decides future share
Healthcare software expansion
TELUS Health has scale, with about 150 million lives covered, but healthcare software is still a question mark because growth beyond its current niches is not guaranteed. Digital health demand is strong, with global market forecasts above US$600 billion by 2030, so the upside is real. Still, TELUS needs more investment and broader product reach before this unit looks like a clear star.
- Strong long-term demand
- Existing health platform helps
- Expansion is not assured
- Needs more capital first
TELUS’s Fast-Growth Bets Still Need Scale
TELUS Corporation’s Question Marks are TELUS Digital CX, cloud hosting, managed IT, agriculture tech, and TELUS Health: each sits in a fast-growing market, but none has clear scale leadership. TELUS Digital posted about C$2.6B revenue in 2025, while TELUS Health covers about 150M lives. The growth path is real, but share gains still need capital and sharper execution.
| Unit | 2025/2026 signal | BCG view |
|---|---|---|
| TELUS Digital CX | C$2.6B revenue | Question Mark |
| TELUS Health | 150M lives covered | Question Mark |
| Cloud hosting | Public cloud spend $723.4B in 2025 | Question Mark |
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