Qwest Financials

CTBB

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Qwest (CTBB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Qwest has an operating margin of -21.3%, meaning the company retains $-21 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 37.2% the prior year.

Growth

Qwest's revenue declined 13.8% year-over-year, from $5.5B to $4.7B. This contraction results in a growth score of 10/100.

Leverage

Qwest carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.90, Qwest holds $6.90 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

Qwest converts 19.8% of revenue into free cash flow ($938.0M). This strong cash generation earns a score of 74/100.

Returns

Qwest generates a -12.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 12.2% the prior year.

Piotroski F-Score Weak

3/9

Qwest passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-1.33x

For every $1 of reported earnings, Qwest generates $-1.33 in operating cash flow ($1.8B OCF vs -$1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-11.1x

Qwest earns $-11.1 in operating income for every $1 of interest expense (-$1.0B vs $91.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.7B

YoY-13.8%

5Y CAGR-8.3%

10Y CAGR-6.2%

Qwest generated $4.7B in revenue in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

EBITDA

-$324.0M

YoY-111.6%

Qwest's EBITDA was -$324.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 111.6% from the prior year.

Net Income

-$1.3B

YoY-189.2%

Qwest reported -$1.3B in net income in fiscal year 2025. This represents a decrease of 189.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$938.0M

YoY-18.2%

5Y CAGR-13.9%

10Y CAGR-3.5%

Qwest generated $938.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.2% from the prior year.

Cash & Debt

$39.0M

YoY+50.0%

5Y CAGR+22.7%

10Y CAGR+29.2%

Qwest held $39.0M in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Qwest had 0 shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

69.5%

YoY-3.2pp

5Y CAGR-3.2pp

10Y CAGR+1.5pp

Qwest's gross margin was 69.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.2 percentage points from the prior year.

Operating Margin

-21.3%

YoY-58.5pp

5Y CAGR-58.3pp

10Y CAGR-46.5pp

Qwest's operating margin was -21.3% in fiscal year 2025, reflecting core business profitability. This is down 58.5 percentage points from the prior year.

Net Margin

-28.0%

YoY-55.0pp

5Y CAGR-51.3pp

10Y CAGR-39.9pp

Qwest's net profit margin was -28.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 55.0 percentage points from the prior year.

Return on Equity

-12.2%

YoY-24.3pp

5Y CAGR-29.1pp

10Y CAGR-24.2pp

Qwest's ROE was -12.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 24.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$824.0M

YoY-21.3%

5Y CAGR-5.5%

10Y CAGR-4.1%

Qwest invested $824.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.3% from the prior year.

CTBB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.7B-13.8%	$5.5B-6.9%	$5.9B-8.3%	$6.4B-7.2%	$7.0B-5.0%	$7.3B
Cost of Revenue	$1.4B-3.7%	$1.5B-6.4%	$1.6B-2.3%	$1.6B-4.4%	$1.7B-13.7%	$2.0B
Gross Profit	$3.3B-17.6%	$4.0B-7.1%	$4.3B-10.3%	$4.8B-8.1%	$5.2B-1.7%	$5.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$456.0M+4.1%	$438.0M-8.4%	$478.0M+5.3%	$454.0M+28.2%	$354.0M-37.2%	$564.0M
Operating Income	-$1.0B-149.2%	$2.1B+1151.8%	-$195.0M-107.1%	$2.8B-11.4%	$3.1B+14.6%	$2.7B
Interest Expense	$91.0M+46.8%	$62.0M-34.7%	$95.0M-15.2%	$112.0M-38.1%	$181.0M-35.1%	$279.0M
Income Tax	$352.0M-33.2%	$527.0M-6.1%	$561.0M-16.4%	$671.0M-5.4%	$709.0M+19.2%	$595.0M
Net Income	-$1.3B-189.2%	$1.5B+278.9%	-$831.0M-143.3%	$1.9B-8.9%	$2.1B+23.4%	$1.7B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.2B-0.2%	$1.2B-3.7%	$1.2B-1.3%	$1.2B-10.4%	$1.4B+0.1%	$1.4B-1.9%	$1.4B-0.2%	$1.4B
Cost of Revenue	$353.0M-6.9%	$379.0M+4.4%	$363.0M+2.5%	$354.0M-5.1%	$373.0M-4.1%	$389.0M+4.3%	$373.0M+0.8%	$370.0M
Gross Profit	$806.0M+3.1%	$782.0M-7.2%	$843.0M-2.9%	$868.0M-12.4%	$991.0M+1.7%	$974.0M-4.1%	$1.0B-0.6%	$1.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$100.0M-35.9%	$156.0M+62.5%	$96.0M-7.7%	$104.0M+28.4%	$81.0M-27.0%	$111.0M-5.9%	$118.0M-7.8%	$128.0M
Operating Income	-$2.0B-930.0%	$243.0M-35.5%	$377.0M-2.8%	$388.0M-26.5%	$528.0M+6.0%	$498.0M-6.0%	$530.0M+7.1%	$495.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$81.0M+14.1%	$71.0M-29.7%	$101.0M+2.0%	$99.0M-23.3%	$129.0M-2.3%	$132.0M-5.7%	$140.0M+11.1%	$126.0M
Net Income	-$2.1B-1272.7%	$176.0M-36.5%	$277.0M-2.5%	$284.0M-27.4%	$391.0M+7.1%	$365.0M-3.4%	$378.0M+7.1%	$353.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CTBB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15.8B-8.9%	$17.4B+6.3%	$16.3B-13.8%	$19.0B+3.2%	$18.4B-1.5%	$18.7B
Current Assets	$4.5B+244.7%	$1.3B+214.9%	$415.0M-60.2%	$1.0B+113.1%	$490.0M-2.0%	$500.0M
Cash & Equivalents	$39.0M+50.0%	$26.0M+160.0%	$10.0M+25.0%	$8.0M+300.0%	$2.0M-85.7%	$14.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$199.0M-12.3%	$227.0M-13.0%	$261.0M-24.8%	$347.0M+15.3%	$301.0M-17.3%	$364.0M
Goodwill	$3.6B-47.7%	$7.0B0.0%	$7.0B-25.7%	$9.4B0.0%	$9.4B0.0%	$9.4B
Total Liabilities	$4.9B-4.2%	$5.1B-8.3%	$5.6B+3.6%	$5.4B-19.8%	$6.7B-21.5%	$8.6B
Current Liabilities	$653.0M-32.4%	$966.0M+3.5%	$933.0M+25.1%	$746.0M-63.4%	$2.0B-43.5%	$3.6B
Long-Term Debt	$1.7B0.0%	$1.7B-21.7%	$2.2B0.0%	$2.2B0.0%	$2.2B-35.3%	$3.3B
Total Equity	$10.9B-10.8%	$12.2B+13.8%	$10.8B-20.7%	$13.6B+16.5%	$11.6B+15.3%	$10.1B
Retained Earnings	$866.0M-60.5%	$2.2B+210.6%	$706.0M-79.9%	$3.5B+121.9%	$1.6B+3202.1%	$48.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$15.8B-11.4%	$17.9B+0.2%	$17.8B+1.5%	$17.6B+1.2%	$17.4B+2.2%	$17.0B+2.2%	$16.6B+1.2%	$16.4B
Current Assets	$4.5B+0.9%	$4.5B+0.2%	$4.5B+189.7%	$1.5B+17.8%	$1.3B+37.9%	$948.0M+55.4%	$610.0M+36.2%	$448.0M
Cash & Equivalents	$39.0M+8.3%	$36.0M+44.0%	$25.0M-37.5%	$40.0M+53.8%	$26.0M+18.2%	$22.0M+22.2%	$18.0M+28.6%	$14.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$199.0M-3.9%	$207.0M+4.5%	$198.0M-11.6%	$224.0M-1.3%	$227.0M+4.6%	$217.0M-11.8%	$246.0M-9.6%	$272.0M
Goodwill	$3.6B-35.6%	$5.7B0.0%	$5.7B-18.8%	$7.0B0.0%	$7.0B0.0%	$7.0B0.0%	$7.0B0.0%	$7.0B
Total Liabilities	$4.9B+0.6%	$4.9B-3.0%	$5.0B-0.4%	$5.0B-1.5%	$5.1B-0.3%	$5.1B-0.1%	$5.1B-3.4%	$5.3B
Current Liabilities	$653.0M-8.4%	$713.0M-17.1%	$860.0M-2.5%	$882.0M-8.7%	$966.0M-2.1%	$987.0M+34.1%	$736.0M-18.1%	$899.0M
Long-Term Debt	$1.7B0.0%	$1.7B0.0%	$1.7B0.0%	$1.7B0.0%	$1.7B-0.1%	$1.7B-12.9%	$1.9B-0.1%	$1.9B
Total Equity	$10.9B-15.9%	$13.0B+1.4%	$12.8B+2.2%	$12.5B+2.3%	$12.2B+3.3%	$11.9B+3.2%	$11.5B+3.4%	$11.1B
Retained Earnings	$866.0M-70.4%	$2.9B+6.4%	$2.8B+11.2%	$2.5B+13.0%	$2.2B+21.7%	$1.8B+25.4%	$1.4B+35.7%	$1.1B

CTBB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.8B-19.7%	$2.2B-8.2%	$2.4B-9.0%	$2.6B-13.4%	$3.0B-1.2%	$3.1B
Capital Expenditures	$824.0M-21.3%	$1.0B-1.4%	$1.1B+25.1%	$849.0M+6.5%	$797.0M-26.9%	$1.1B
Free Cash Flow	$938.0M-18.2%	$1.1B-13.6%	$1.3B-25.3%	$1.8B-20.5%	$2.2B+12.9%	$2.0B
Investing Cash Flow	-$1.5B+20.0%	-$1.9B-305.8%	-$466.0M+65.5%	-$1.3B-79.6%	-$751.0M-199.6%	$754.0M
Financing Cash Flow	-$238.0M+17.1%	-$287.0M+85.1%	-$1.9B-51.1%	-$1.3B+44.6%	-$2.3B+39.9%	-$3.8B
Dividends Paid	$0	$0-100.0%	$2.0B	$0-100.0%	$570.0M-67.0%	$1.7B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$402.0M-5.9%	$427.0M-11.0%	$480.0M+6.0%	$453.0M-17.3%	$548.0M-12.6%	$627.0M+14.4%	$548.0M+16.3%	$471.0M
Capital Expenditures	$242.0M+38.3%	$175.0M-14.2%	$204.0M+0.5%	$203.0M-25.1%	$271.0M+17.3%	$231.0M-13.8%	$268.0M-3.2%	$277.0M
Free Cash Flow	$160.0M-36.5%	$252.0M-8.7%	$276.0M+10.4%	$250.0M-9.7%	$277.0M-30.1%	$396.0M+41.4%	$280.0M+44.3%	$194.0M
Investing Cash Flow	-$398.0M-122.3%	-$179.0M+63.9%	-$496.0M-13.0%	-$439.0M+19.4%	-$545.0M+10.8%	-$611.0M-32.5%	-$461.0M-68.2%	-$274.0M
Financing Cash Flow	-$1.0M+99.6%	-$237.0M	$0	$0-100.0%	$1.0M+108.3%	-$12.0M+85.5%	-$83.0M+57.0%	-$193.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CTBB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	69.5%-3.2pp	72.7%-0.1pp	72.8%-1.7pp	74.5%-0.7pp	75.2%+2.5pp	72.7%
Operating Margin	-21.3%-58.5pp	37.2%+40.5pp	-3.3%-46.0pp	42.7%-2.0pp	44.7%+7.6pp	37.1%
Net Margin	-28.0%-55.0pp	27.0%+41.1pp	-14.1%-43.8pp	29.8%-0.6pp	30.3%+7.0pp	23.3%
Return on Equity	-12.2%-24.3pp	12.2%+19.9pp	-7.7%-21.9pp	14.1%-4.0pp	18.1%+1.2pp	16.9%
Return on Assets	-8.4%-16.9pp	8.6%+13.7pp	-5.1%-15.2pp	10.1%-1.3pp	11.5%+2.3pp	9.2%
Current Ratio	6.90+5.5	1.35+0.9	0.44-1.0	1.40+1.2	0.24+0.1	0.14
Debt-to-Equity	0.15+0.0	0.14-0.1	0.20+0.0	0.16-0.0	0.19-0.1	0.33
FCF Margin	19.8%-1.1pp	20.8%-1.6pp	22.4%-5.1pp	27.6%-4.6pp	32.2%+5.1pp	27.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	69.5%+2.2pp	67.4%-2.5pp	69.9%-1.1pp	71.0%-1.6pp	72.7%+1.2pp	71.5%-1.7pp	73.2%-0.3pp	73.4%
Operating Margin	-174.0%-195.0pp	20.9%-10.3pp	31.3%-0.5pp	31.8%-7.0pp	38.7%+2.2pp	36.5%-1.6pp	38.2%+2.6pp	35.6%
Net Margin	-178.1%-193.2pp	15.2%-7.8pp	23.0%-0.3pp	23.2%-5.4pp	28.7%+1.9pp	26.8%-0.4pp	27.2%+1.9pp	25.4%
Return on Equity	-18.9%-20.3pp	1.4%-0.8pp	2.2%-0.1pp	2.3%-0.9pp	3.2%+0.1pp	3.1%-0.2pp	3.3%+0.1pp	3.2%
Return on Assets	-13.1%-14.0pp	1.0%-0.6pp	1.6%-0.1pp	1.6%-0.6pp	2.3%+0.1pp	2.1%-0.1pp	2.3%+0.1pp	2.1%
Current Ratio	6.90+0.6	6.26+1.1	5.18+3.4	1.74+0.4	1.35+0.4	0.96+0.1	0.83+0.3	0.50
Debt-to-Equity	0.15+0.0	0.130.0	0.130.0	0.130.0	0.140.0	0.14-0.0	0.170.0	0.17
FCF Margin	13.8%-7.9pp	21.7%-1.2pp	22.9%+2.4pp	20.5%+0.2pp	20.3%-8.7pp	29.0%+8.9pp	20.2%+6.2pp	13.9%

Frequently Asked Questions

What is Qwest's annual revenue?

Qwest (CTBB) reported $4.7B in total revenue for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Qwest's revenue growing?

Qwest (CTBB) revenue declined by 13.8% year-over-year, from $5.5B to $4.7B in fiscal year 2025.

Is Qwest profitable?

No, Qwest (CTBB) reported a net income of -$1.3B in fiscal year 2025, with a net profit margin of -28.0%.

What is Qwest's EBITDA?

Qwest (CTBB) had EBITDA of -$324.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Qwest have?

As of fiscal year 2025, Qwest (CTBB) had $39.0M in cash and equivalents against $1.7B in long-term debt.

What is Qwest's gross margin?

Qwest (CTBB) had a gross margin of 69.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Qwest's operating margin?

Qwest (CTBB) had an operating margin of -21.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Qwest's net profit margin?

Qwest (CTBB) had a net profit margin of -28.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Qwest's return on equity (ROE)?

Qwest (CTBB) has a return on equity of -12.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Qwest's free cash flow?

Qwest (CTBB) generated $938.0M in free cash flow during fiscal year 2025. This represents a -18.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Qwest's operating cash flow?

Qwest (CTBB) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Qwest's total assets?

Qwest (CTBB) had $15.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Qwest's capital expenditures?

Qwest (CTBB) invested $824.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Qwest have outstanding?

Qwest (CTBB) had 0 shares outstanding as of fiscal year 2025.

What is Qwest's current ratio?

Qwest (CTBB) had a current ratio of 6.90 as of fiscal year 2025, which is generally considered healthy.

What is Qwest's debt-to-equity ratio?

Qwest (CTBB) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Qwest's return on assets (ROA)?

Qwest (CTBB) had a return on assets of -8.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Qwest's Piotroski F-Score?

Qwest (CTBB) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Qwest's earnings high quality?

Qwest (CTBB) has an earnings quality ratio of -1.33x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Qwest cover its interest payments?

Qwest (CTBB) has an interest coverage ratio of -11.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Qwest?

Qwest (CTBB) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.