Lumen Technologies, Inc. LUMN
We are a leading digital networking services company, empowering enterprise businesses to fuel growth in a multi-cloud, AI-first marketplace by connecting people, data, and applications quickly, securely, and effortlessly. We are unleashing the world's digital potential by providing a broad array of integrated products and services to our customers. As of December 31, 2025, we had two segments, comprised of our Business segment, serving domestic and global customers, and our Mass Markets segment, serving domestic customers. We operate one of the world's most interconnected communications networks. Our platform empowers our customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows our customers to rapidly evolve their IT programs to address dynamic changes. Our specific products and services are detailed below under the heading "Products and Services."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.33B | $12.13B | $13.52B | $16.11B | $17.80B | $18.80B | $19.50B | $21.04B | $17.66B | $17.47B |
| Cost of revenue | $6.64B | $6.70B | $7.14B | $7.87B | $8.49B | $8.93B | $9.13B | $10.00B | $8.20B | $7.77B |
| Gross profit | $4.69B | $5.43B | $6.38B | $8.24B | $9.31B | $9.86B | $10.37B | $11.04B | $9.45B | $9.70B |
| SG&A | $3.20B | $2.97B | $3.20B | $3.08B | $2.90B | $3.46B | $3.71B | $4.17B | $3.51B | $3.45B |
| Total operating expenses | $13.21B | $12.65B | $24.14B | $17.38B | $15.40B | $19.75B | $24.18B | $22.01B | $15.65B | $15.14B |
| Operating income | -$812.0M | $460.0M | -$9.58B | $95.0M | $4.29B | $962.0M | -$2.73B | $570.0M | $2.01B | $2.33B |
| Interest expense | $1.28B | $1.37B | $1.16B | $1.33B | $1.52B | $1.67B | $2.02B | $2.18B | $1.48B | $1.32B |
| Pre-tax income | -$2.72B | -$230.0M | -$10.24B | -$991.0M | $2.70B | -$782.0M | -$4.77B | -$1.56B | $540.0M | $1.02B |
| Income tax | $977.0M | $175.0M | $61.0M | $557.0M | $668.0M | $450.0M | $503.0M | $170.0M | $849.0M | $394.0M |
| Net income | -$1.74B | -$55.0M | -$10.30B | -$1.55B | $2.03B | -$1.23B | -$5.27B | -$1.73B | $1.39B | $626.0M |
| EPS, basic | -1.75 | -0.06 | -10.48 | -1.54 | 1.92 | -1.14 | -4.92 | -1.63 | 2.21 | 1.16 |
| EPS, diluted | -1.75 | -0.06 | -10.48 | -1.54 | 1.91 | -1.14 | -4.92 | -1.63 | 2.21 | 1.16 |
| Shares, diluted (wtd. avg.) | $994.5M | $987.7M | $983.1M | $1.01B | $1.07B | $1.08B | $1.07B | $1.07B | $628.7M | $540.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.00B | $1.89B | $2.23B | $1.31B | $354.0M | $406.0M | $1.72B | $518.0M | $587.0M | $224.0M |
| Receivables | $1.31B | $1.23B | $1.32B | $1.51B | $1.54B | $1.96B | $2.26B | $2.40B | $2.56B | $2.02B |
| Total current assets | $7.91B | $4.39B | $4.78B | $5.45B | $11.54B | $3.18B | $4.77B | $3.82B | $4.19B | $5.16B |
| Property, plant and equipment | — | $20.42B | $19.76B | $19.17B | $20.89B | $26.34B | $26.08B | $26.41B | $26.85B | $17.04B |
| Goodwill | $0 | $1.96B | $1.96B | $12.66B | $15.99B | $18.87B | $21.53B | $28.03B | $30.48B | $19.65B |
| Other intangibles | $4.46B | $4.81B | $5.47B | $6.17B | $6.97B | $8.22B | $9.57B | $8.91B | $10.88B | — |
| Total assets | $34.34B | $33.50B | $34.02B | $45.61B | $57.99B | $59.39B | $64.74B | $70.26B | $75.61B | $47.02B |
| Accounts payable | $1.51B | $749.0M | $1.13B | $1.04B | $758.0M | $1.13B | $1.72B | $1.93B | $1.55B | $1.18B |
| Total current liabilities | $4.39B | $3.64B | $3.53B | $4.90B | $7.17B | $6.63B | $7.26B | $5.53B | $4.86B | $5.35B |
| Retained earnings | -$19.70B | -$17.96B | -$17.91B | -$7.61B | -$6.00B | -$8.03B | -$6.81B | -$1.64B | $1.10B | -$1.0M |
| Total equity | -$1.12B | $464.0M | $417.0M | $10.37B | $11.78B | $11.16B | $13.47B | $19.83B | $23.49B | $13.40B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.74B | $4.33B | $2.16B | $4.74B | $6.50B | $6.52B | $6.68B | $7.03B | $3.88B | $4.61B |
| Depreciation and amortisation | $2.75B | $2.96B | $2.98B | $3.24B | $4.02B | $4.71B | $4.83B | $5.12B | $3.94B | $3.92B |
| Stock-based compensation | $48.0M | $29.0M | $52.0M | $98.0M | $120.0M | $175.0M | $162.0M | $186.0M | $111.0M | $80.0M |
| Capital expenditure | $4.37B | $3.23B | $3.10B | $3.02B | $2.90B | $3.73B | $3.63B | $3.17B | $3.11B | $2.98B |
| Investing cash flow | -$4.30B | -$2.83B | -$1.20B | $5.48B | -$2.71B | -$3.56B | -$3.57B | -$3.08B | -$8.87B | -$2.99B |
| Financing cash flow | -$1.32B | -$1.85B | -$18.0M | -$9.31B | -$3.81B | -$4.25B | -$1.91B | -$4.02B | $5.36B | -$1.52B |
| Dividends paid | $1.0M | $3.0M | $11.0M | $780.0M | $1.09B | $1.11B | $1.10B | $2.31B | $1.45B | $1.17B |
| Buybacks | — | $0 | $0 | $200.0M | $1.00B | $0 | $0 | — | $17.0M | $16.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000018926-26-000024.
Others in SIC 4813
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| VZ | VERIZON COMMUNICATIONS INC | $208.32B | 12.3x | 2.5% |
| T | AT&T INC. | $175.97B | 8.4x | 2.7% |
| TDS | TELEPHONE & DATA SYSTEMS INC /DE/ | $4.33B | — | -9.0% |
| UNIT | Uniti Group Inc. | $2.47B | 2.1x | 91.5% |
| IDT | IDT CORP | $1.71B | 22.9x | 2.1% |
| ATEX | Anterix Inc. | $1.69B | 17.9x | 7.8% |
| SHEN | SHENANDOAH TELECOMMUNICATIONS CO/VA/ | $696.5M | — | 9.1% |
| ATNI | ATN International, Inc. | $476.4M | — | -1.0% |