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MARKETS / NASDAQ / Communication services / Telephone communications / LUMN
NASDAQ · TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE) · LARGE CAP

Lumen Technologies, Inc. LUMN

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$12.4B
▼ 5.4% YoY
$-1.7B
$371.0M
▼ 66.3% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Lumen Technologies operates a communications network. As of December 31, 2025, it had two segments: its Business segment, serving domestic and global customers, and its Mass Markets segment, serving domestic customers. It conducts its operations under the Lumen brand, used for the enterprise and wholesale markets and including its PCF network architecture and Lumen Digital products, and under the CenturyLink brand, its long-standing brand for mass-marketed copper-based communications services. As of December 31, 2025, it had approximately 163,000 fiber on-net buildings and over 340,000 route miles of fiber optic cable globally. As of December 31, 2025, it employed approximately 24,000 employees globally, including approximately 3,400 outside the U.S. Lumen Technologies has grown principally through acquisitions since being incorporated in Louisiana in 1968, including the acquisitions of Embarq Corporation in 2009, Qwest Communications International Inc. in 2011, and Level 3 Communications, Inc. in 2017.

Written from the business description in Lumen Technologies, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 20 February 2026. Every sentence was checked against that document before publication.

Growth

USD 12.4B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 12.4 · Net income -1.7
10B20B-5B-10B
2008201120142017202020232025
Compound annual growth
−10.8%
−9.7%
−3.6%
+3.8%
−89.9%
−75.4%
−53.3%
−36.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −9.7% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−14 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -6.5% · Net -14.0%
10%20%-20%-40%-60%
200820162025
ROE
FY2024 · ROE -12.5%
-50%-100%-150%
200820162025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Gross margin46.5%
Operating margin-6.5%
Net margin-14.0%
EBITDAUSD 1.9B

Return on equity has no reading this year — return on capital employed, just below, still does: -3%.

Cash & shareholders

USD 1.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 0.4
1.5B3.0B-0.4B-0.8B
200820162025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.0 · Net buybacks ·
1B2BDividendsNet buybacks
2008201120142017202020232025
Dividends paidUSD 1.0M
Net buybacks·
Share of profit-0.1%
Consecutive raises·

USD 1.0M in dividends went back to shareholders in a year without profit.

Total assetsUSD 34.3B
EquityUSD -1.1B
CashUSD 1.0B
Gross debtUSD 17.4B
Net debtUSD 16.4B
Current ratio1.80×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
LUMN, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B12.413.114.617.519.720.721.522.617.717.517.918.018.118.415.47.05.02.6
Operating income $B−0.80.5−9.60.14.31.0−2.70.62.02.32.62.41.52.72.02.11.20.7
EBITDA $B1.93.4−6.63.38.35.72.15.75.96.26.86.86.07.56.13.52.21.2
Income tax $B−1.0−0.20.10.60.70.50.50.2−0.80.40.40.30.50.50.40.60.30.2
Net income $B−1.7−0.1−10.3−1.52.0−1.2−5.3−1.71.40.60.90.8−0.20.80.60.90.60.4
Free cash flow $B0.41.1−0.91.73.62.83.13.90.81.62.32.12.53.11.81.20.80.6
EPS, diluted $−1.75−0.06−10.48−1.541.91−1.14−4.92−1.632.211.161.581.36−0.401.251.073.133.233.52
Dividend / sh $◌0.000.000.751.001.001.002.162.162.16◌◌◌◌◌2.902.802.17
Payout %−0−5−0−5053−90−21−133105186136159−544233272938760
ROE %—−12.5−190.9−14.017.7−10.0−31.6−8.07.54.66.04.8−1.33.93.89.910.211.5
Shares out B1.031.011.011.001.021.101.091.081.070.550.540.570.580.630.620.300.300.10

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Lumen Technologies, Inc.vsVerizon Communications Inc.Same industry: Telephone Communications (No Radiotelephone)Lumen Technologies, Inc.vsAT&T Inc.Same industry: Telephone Communications (No Radiotelephone)Lumen Technologies, Inc.vsUniti Group Inc.Same industry: Telephone Communications (No Radiotelephone)Lumen Technologies, Inc.vsIDT Corp.Same industry: Telephone Communications (No Radiotelephone)Lumen Technologies, Inc.vsTelephone & Data Systems Inc.Same industry: Telephone Communications (No Radiotelephone)Lumen Technologies, Inc.vsShenandoah Telecommunications Co.Same industry: Telephone Communications (No Radiotelephone)Lumen Technologies, Inc.vsATN International, Inc.Same industry: Telephone Communications (No Radiotelephone)
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Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008. One check was skipped: revenue is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityTelephone Communications (No Radiotelephone)
Listed onNASDAQ
Incorporated inLouisiana
Fiscal year endsDecember 31
Data on record since2008

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