Despite all of the volatility this year, the Telstra Group Ltd (ASX: TLS) share price has delivered positive returns for shareholders in the last five years, as the chart below shows.
According to CMC Invest, it has delivered an average total shareholder return (TSR) of 10.8%.
A sizeable portion of those returns has been the dividend payments, but the ASX telco share has also delivered adequate capital gains for investors.
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How many Telstra shares we could buy in 2021
Five years ago, Australia's economy was still dealing with the fallout of the COVID-19 pandemic.
The Telstra share price is now far above where it was trading during the COVID-19 period as investors price in the progress the company has made in recent years.
Five years ago, an Australian investor with $10,000 would have been able to buy 2,801 Telstra shares.
What about now?
Since June 2021, the Telstra share price has risen by just over 40% to $5.08, at the time of writing.
There has been a bit of volatility in the last few weeks, leading to the ASX telco share dropping 8% since 19 May 2026. Its returns would look even more impressive if it had maintained that valuation.
If someone were to invest $10,000 today into the ASX telco share, they'd be able to buy 1,968 Telstra shares.
What caused the Telstra share price to rise?
I think the company's underlying growth has been a key factor in the company's success over the long-term.
The most recent update from the ASX telco share was the FY26 half-year result which showed the ongoing performance of the mobile business – there has been steady progression of this segment over the long-term.
In HY26, average revenue per user (ARPU) grew by 5.1% year-over-year, while mobile handheld users increased by 135,000 compared to the second half of FY25 (this includes postpaid, prepaid and wholesale subscribers).
This helped the business report an 11.2% increase in earnings per share (EPS), while cash EPS jumped 19.7%.
Telstra's strong 5G network has enabled it to enact regular price increases and boost revenue and operating leverage.
Its regular dividend growth has also been a useful contributor to stronger returns for investors. Rising payouts are welcome in this era of higher inflation, with the current environment giving the company more justification for increasing prices because of its own higher costs.
The ongoing digitalisation of the Australian economy makes me believe that Telstra can continue to be a solid performer, particularly if its revenue can continue rising.
For me, it's one of the most appealing ASX blue-chip shares to buy.
