Cash from operating activities was $5.1 billion for the six months ended June 30, 2026, an increase of $1.2 billion compared to 2025
We repurchased 6.9 million shares for $2.0 billion in the second quarter
Consolidated total borrowings decreased $1.3 billion since year-end to $19.2 billion
On February 2, 2026, Moody's upgraded our long-term rating from A3 to A2, our short-term rating from P-2 to P-1 and maintained our positive outlook
two findings, in the order they were read
Disclosed borrowings fell to $19.2 billion with a $1.3 billion decrease from year-end, consistent with the stated reason citing that same figure.
before · MD&A · 2026-03-31 → 2026-06-30
“Consolidated total borrowings were $20.3 billion and $20.5 billion at March 31, 2026 and December 31, 2025, respectively. The decrease of $0.2 billion”
→ after