Lumen Technologies, Inc. LUMN

Communication services SIC 4813 - Telephone Communications (No Radiotelephone) NAICS Information › Telecommunications › Wired and Wireless Telecommunications (except Satellite) › Wired and Wireless Telecommunications Carriers (except Satellite) › Wired Telecommunications Carriers derived NYSE

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."

Last close 4.57 2026-10-23
Market cap $4.71B 2026-06-30 share count
52-week range 4.25 - 11.95

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF12.7x
EV/EBITDA2.4x
Dividend yield0.0%
Diluted EPS-1.75

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -1.75-0.06-10.48-1.541.92-1.14-4.92-1.632.211.16
EPS, diluted -1.75-0.06-10.48-1.541.91-1.14-4.92-1.632.211.16
Shares, diluted (wtd. avg.) 994.5M987.7M983.1M1.01B1.07B1.08B1.07B1.07B628.7M540.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B -10B 0 10B 20B 30B Revenue, FY2016: 17.5B Gross profit, FY2016: 9.7B Net income, FY2016: 626M Revenue, FY2017: 17.7B Gross profit, FY2017: 9.5B Net income, FY2017: 1.4B Revenue, FY2018: 21B Gross profit, FY2018: 11B Net income, FY2018: -1.7B Revenue, FY2019: 19.5B Gross profit, FY2019: 10.4B Net income, FY2019: -5.3B Revenue, FY2020: 18.8B Gross profit, FY2020: 9.9B Net income, FY2020: -1.2B Revenue, FY2021: 17.8B Gross profit, FY2021: 9.3B Net income, FY2021: 2B Revenue, FY2022: 16.1B Gross profit, FY2022: 8.2B Net income, FY2022: -1.5B Revenue, FY2023: 13.5B Gross profit, FY2023: 6.4B Net income, FY2023: -10.3B Revenue, FY2024: 12.1B Gross profit, FY2024: 5.4B Net income, FY2024: -55M Revenue, FY2025: 11.3B Gross profit, FY2025: 4.7B Net income, FY2025: -1.7B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $17.47B $17.66B $21.04B $19.50B $18.80B $17.80B $16.11B $13.52B $12.13B $11.33B
Gross profit $9.70B $9.45B $11.04B $10.37B $9.86B $9.31B $8.24B $6.38B $5.43B $4.69B
Net income $626.0M $1.39B -$1.73B -$5.27B -$1.23B $2.03B -$1.55B -$10.30B -$55.0M -$1.74B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Officer or director change Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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