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Lumen Technologies

LUMN NYSE Alternative Carriers Financials FY2016–FY2025

Lumen Technologies' revenue fell 5.4% to $12.4 billion in fiscal 2025. Its operating margin was −6.5%, down from 3.5% a year earlier. Free cash flow was $371 million, down 66.3%. It paid out $1 million in dividends and buybacks, 0% of free cash flow. The diluted share count rose 0.7%.

Last close · Oct 23, 2026

$4.57

2.5%
Value it Compare
Revenue Total sales reported in the income statement.
$12.4B
5.4% vs prior year
Operating margin Operating income as a share of revenue.
−6.6%
10.1 pts
Net income Profit after all expenses, interest and tax.
−$1.7B
Free cash flow Cash from operations minus capital spending.
$371M
66.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−3.9%
6.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Lumen Technologies does

Lumen Technologies sells networking and communications services, mostly to businesses. It runs a large fiber-optic network across North America and Asia Pacific, and sells connectivity, edge computing, network-as-a-service and cybersecurity products to customers that range from small offices to global enterprises. Its Lumen brand serves enterprise and wholesale customers.

At the end of 2025 Lumen had two segments. The Business segment serves domestic and global customers. The Mass Markets segment serves households and small businesses in the United States, mainly under the CenturyLink brand, which relies on older copper-based services that the company manages for cash flow.

In February 2026 Lumen completed the sale of its Mass Markets fiber-to-the-home business in 11 states to AT&T, which narrows the company toward business customers. It sells through direct sales staff, call centers and channel partners. It also reports declining revenues, and it describes legal matters over lead-sheathed cables.

Legal name
LUMEN TECHNOLOGIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 20, 2026
Accession · CIK
0000018926-26-000014
0000018926

Revenue and margins

Lumen Technologies had $12.4B of revenue in fiscal 2025, down 5.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $371M in fiscal 2025, 3.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Lumen Technologies returned $1.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Lumen Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$16.8B and divides by 994.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Lumen Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $354M$1.3B$2.2B$1.9B$1.0B
Debt incl. finance leases $29.2B$20.7B$20.1B$18.5B$17.8B
Net debt / EBITDA 3.5x5.9x—4.9x8.7x
Debt / equity 2.5x2.0x———
Interest coverage 2.8x0.1x−8.3x0.3x−0.6x
Current ratio 1.6x1.1x1.4x1.2x1.8x
Quick ratio 1.6x1.1x1.4x1.2x1.8x
Total assets $58.0B$45.6B$34.0B$33.5B$34.3B
Total liabilities $46.2B$35.2B$33.6B$33.0B$35.5B
Shareholders' equity $11.8B$10.4B$417M$464M−$1.1B
Net debt (− = net cash) $28.8B$19.5B$17.9B$16.6B$16.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.1M

1 insider

Sold, 12 months

$0.4M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 6, 2026 Kathleen E JohnsonChief Executive Officer, Director Bought 100,000 $6.13 $0.6M Form 4
Feb 20, 2026 Diankha LinearDirector Sold 45,000 $7.89 $0.4M Form 4
Feb 5, 2026 Kathleen E JohnsonPresident & CEO, Director Bought 78,685 $6.35 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 5 / 94 / 94 / 9
Accruals ratio −31.3%−13.0%−19.1%
Altman Z'' −3.36−1.49−1.39

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Lumen Technologies LUMN $4.6B −5.4% −6.6% 3.0% −3.9% — 4
Uniti Group UNIT $1.3B 91.5% 11.7% −19.6% 4.0% 1.0x — Compare →
Cogent Communications CCOI $362M −5.8% −10.4% −20.3% −3.8% — 4 Compare →
Iridium Communications IRDM $4.8B 4.9% 27.1% 34.4% 8.7% 29.4x 7 Compare →
EchoStar ECHO $31.3B −5.2% −118.1% −7.1% −39.9% — 1 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $17.5B $17.7B $22.6B $21.5B $20.7B $19.7B $17.5B $14.6B $13.1B $12.4B
Gross profit $9.7B $9.5B $12.6B $12.3B $11.8B $11.2B $9.6B $7.4B $6.4B $5.8B
Operating income $2.3B $2.0B $570M −$2.7B $962M $4.3B $95.0M −$9.6B $460M −$812M
Interest expense $1.3B $1.5B $2.2B $2.0B $1.7B $1.5B $1.3B $1.2B $1.4B $1.3B
Pretax income $1.0B $540M −$1.6B −$4.8B −$782M $2.7B −$991M −$10.2B −$230M −$2.7B
Income tax $394M −$849M $170M $503M $450M $668M $557M $61.0M −$175M −$977M
Net income $626M $1.4B −$1.7B −$5.3B −$1.2B $2.0B −$1.5B −$10.3B −$55.0M −$1.7B
Diluted EPS $1.16 $2.21 −$1.63 −$4.92 −$1.14 $1.91 −$1.54 −$10.48 −$0.06 −$1.75
Diluted shares 0.54B 0.63B 1.07B 1.07B 1.08B 1.07B 1.01B 0.98B 0.99B 0.99B
Cash flow
Cash from operations $4.6B $3.9B $7.0B $6.7B $6.5B $6.5B $4.7B $2.2B $4.3B $4.7B
Capital expenditure $3.0B $3.1B $3.2B $3.6B $3.7B $2.9B $3.0B $3.1B $3.2B $4.4B
Free cash flow $1.6B $772M $3.9B $3.1B $2.8B $3.6B $1.7B −$940M $1.1B $371M
Depreciation and amortization $3.9B $3.9B $5.1B $4.8B $4.7B $4.0B $3.2B $3.0B $3.0B $2.7B
Stock-based compensation $80.0M $111M $186M $162M $175M $120M $98.0M $52.0M $29.0M $48.0M
Acquisitions $0.0M $7.3B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $16.0M $17.0M $0.0M $0.0M $0.0M $1.0B $200M $0.0M $0.0M $0.0M
Dividends paid $1.2B $1.5B $2.3B $1.1B $1.1B $1.1B $780M $11.0M $3.0M $1.0M
Dividends and buybacks $1.2B $1.5B $2.3B $1.1B $1.1B $2.1B $980M $11.0M $3.0M $1.0M
Balance sheet
Cash and short-term investments $222M $551M $488M $1.7B $406M $354M $1.3B $2.2B $1.9B $1.0B
Total debt $19.7B $37.7B $36.1B $34.7B $31.8B $29.2B $20.7B $20.1B $18.5B $17.8B
Finance lease liabilities $0.0M $0.0M $0.0M $220M $293M $270M $250M $231M $215M $202M
Current assets $5.2B $4.2B $3.8B $4.8B $3.2B $11.5B $5.5B $4.8B $4.4B $7.9B
Current liabilities $5.3B $4.9B $5.5B $7.3B $6.6B $7.2B $4.9B $3.5B $3.6B $4.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $17.0B $26.9B $26.4B $26.1B $26.3B $20.9B $19.2B $19.8B $20.4B $19.6B
Total assets $47.0B $75.6B $70.3B $64.7B $59.4B $58.0B $45.6B $34.0B $33.5B $34.3B
Total liabilities $33.6B $52.1B $50.4B $51.3B $48.2B $46.2B $35.2B $33.6B $33.0B $35.5B
Shareholders' equity $13.4B $23.5B $19.8B $13.5B $11.2B $11.8B $10.4B $417M $464M −$1.1B
Margins
Gross margin 55.5% 53.5% 55.7% 57.4% 56.9% 56.9% 55.0% 50.9% 48.9% 46.5%
Operating margin 13.4% 11.4% 2.5% −12.7% 4.6% 21.8% 0.5% −65.8% 3.5% −6.6%
EBITDA margin 35.8% 33.7% 25.2% 9.8% 27.4% 42.2% 19.1% −45.3% 26.1% 15.6%
Net margin 3.6% 7.9% −7.7% −24.6% −6.0% 10.3% −8.9% −70.7% −0.4% −14.0%
FCF margin 9.3% 4.4% 17.1% 14.2% 13.5% 18.3% 9.8% −6.5% 8.4% 3.0%
Returns
Return on capital 4.3% 4.3% 0.8% −4.2% 1.7% 7.8% 0.2% −31.4% 2.1% −3.9%
Return on capital employed 5.5% 3.6% 0.8% −4.5% 1.8% 8.3% 0.2% −26.9% 1.5% −2.7%
Return on equity 4.6% 7.5% −8.0% −31.7% −10.0% 17.7% −14.0% −190.9% — —
Return on assets 1.3% 2.3% −2.4% −7.8% −2.0% 3.5% −3.0% −25.9% −0.2% −5.1%
Growth
Revenue growth −2.4% 1.1% 27.9% −5.0% −3.5% −5.0% −11.2% −16.7% −10.0% −5.4%
Net income growth −28.7% 121.9% −224.8% — — — −176.1% — — —
EPS growth −26.6% 90.5% −173.8% — — — −180.6% — — —
FCF growth −28.7% −52.6% 399.6% −20.9% −8.4% 28.8% −52.3% −154.7% — −66.3%
Share count change −2.6% 16.3% 69.5% 0.5% 0.7% −1.1% −5.6% −2.4% 0.5% 0.7%
Financial health
Net debt / EBITDA 3.1x 6.3x 6.3x 15.7x 5.5x 3.5x 5.9x — 4.9x 8.7x
Debt / equity 1.5x 1.6x 1.8x 2.6x 2.9x 2.5x 2.0x — — —
Interest coverage 1.8x 1.4x 0.3x −1.4x 0.6x 2.8x 0.1x −8.3x 0.3x −0.6x
Current ratio 1.0x 0.9x 0.7x 0.7x 0.5x 1.6x 1.1x 1.4x 1.2x 1.8x
Quick ratio 1.0x 0.9x 0.7x 0.7x 0.5x 1.6x 1.1x 1.4x 1.2x 1.8x
Capital allocation
Capex / revenue 17.1% 17.6% 14.1% 16.9% 18.0% 14.7% 17.3% 21.3% 24.7% 35.2%
Stock comp / revenue 0.5% 0.6% 0.8% 0.8% 0.8% 0.6% 0.6% 0.4% 0.2% 0.4%
Payouts / FCF 72.7% 190.4% 59.9% 36.0% 39.7% 58.0% 57.0% — 0.3% 0.3%
Quality scores
Piotroski F-score 7.0 5.0 4.0 4.0 5.0 9.0 4.0 5.0 4.0 4.0
Altman Z'' 0.7 0.6 0.2 −0.6 −0.5 0.9 −0.1 −3.4 −1.5 −1.4
Accruals ratio −8.4% −4.1% −12.0% −17.7% −12.5% −7.6% −12.1% −31.3% −13.0% −19.1%

Source: SEC EDGAR XBRL filings (CIK 0000018926). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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