This page shows Lumen Technologies Inc (LUMN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Lumen Technologies Inc has an operating margin of -6.6%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is down from 3.5% the prior year.
Lumen Technologies Inc's revenue declined 5.4% year-over-year, from $13.1B to $12.4B. This contraction results in a growth score of 24/100.
Lumen Technologies Inc's current ratio of 1.80 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.
While Lumen Technologies Inc generated $4.7B in operating cash flow, capex of $4.4B consumed most of it, leaving $371.0M in free cash flow. This results in a low score of 32/100, reflecting heavy capital investment rather than weak cash generation.
Lumen Technologies Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Lumen Technologies Inc generates $-2.72 in operating cash flow ($4.7B OCF vs -$1.7B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Lumen Technologies Inc earns $-0.6 in operating income for every $1 of interest expense (-$812.0M vs $1.3B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Lumen Technologies Inc generated $12.4B in revenue in fiscal year 2025. This represents a decrease of 5.4% from the prior year.
Lumen Technologies Inc's EBITDA was $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 43.3% from the prior year.
Lumen Technologies Inc reported -$1.7B in net income in fiscal year 2025. This represents a decrease of 3061.8% from the prior year.
Lumen Technologies Inc earned $-1.75 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2816.7% from the prior year.
Cash & Balance Sheet
Lumen Technologies Inc generated $371.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 66.3% from the prior year.
Lumen Technologies Inc held $1.0B in cash against $17.4B in long-term debt as of fiscal year 2025.
Lumen Technologies Inc had 1.03B shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Margins & Returns
Lumen Technologies Inc's gross margin was 46.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.4 percentage points from the prior year.
Lumen Technologies Inc's operating margin was -6.6% in fiscal year 2025, reflecting core business profitability. This is down 10.1 percentage points from the prior year.
Lumen Technologies Inc's net profit margin was -14.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.6 percentage points from the prior year.
Capital Allocation
Lumen Technologies Inc invested $4.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 35.2% from the prior year.
LUMN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B-1.5% | $3.1B-0.2% | $3.1B-2.8% | $3.2B-4.4% | $3.3B+3.4% | $3.2B-1.4% | $3.3B-0.7% | $3.3B |
| Cost of Revenue | $1.6B-4.3% | $1.7B+4.7% | $1.6B-3.7% | $1.7B-1.1% | $1.7B+0.8% | $1.7B+2.4% | $1.7B+0.1% | $1.7B |
| Gross Profit | $1.4B+1.9% | $1.4B-5.5% | $1.5B-1.8% | $1.5B-7.9% | $1.6B+6.1% | $1.5B-5.3% | $1.6B-1.4% | $1.6B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $940.0M+13.4% | $829.0M+9.8% | $755.0M+11.9% | $675.0M-5.1% | $711.0M+2.2% | $696.0M-6.2% | $742.0M-9.8% | $823.0M |
| Operating Income | -$200.0M-72.4% | -$116.0M+80.8% | -$603.0M-663.6% | $107.0M-30.5% | $154.0M+22.2% | $126.0M-6.7% | $135.0M+200.0% | $45.0M |
| Interest Expense | $280.0M-12.2% | $319.0M-5.6% | $338.0M-2.6% | $347.0M-2.8% | $357.0M+1.7% | $351.0M-5.9% | $373.0M+28.2% | $291.0M |
| Income Tax | -$507.0M-164.1% | -$192.0M+17.9% | -$234.0M-431.8% | -$44.0M+78.4% | -$204.0M-750.0% | -$24.0M-400.0% | $8.0M-82.2% | $45.0M |
| Net Income | -$2.0M+99.7% | -$621.0M+32.1% | -$915.0M-355.2% | -$201.0M-336.5% | $85.0M+157.4% | -$148.0M-202.0% | -$49.0M-186.0% | $57.0M |
| EPS (Diluted) | N/A | $-0.62+32.6% | $-0.92-360.0% | $-0.20 | N/A | $-0.15-200.0% | $-0.05-183.3% | $0.06 |
LUMN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $34.3B+0.2% | $34.3B+4.0% | $33.0B-1.7% | $33.5B+0.1% | $33.5B-1.5% | $34.0B+3.2% | $32.9B-0.7% | $33.2B |
| Current Assets | $7.9B-9.2% | $8.7B+12.5% | $7.7B+80.9% | $4.3B-2.7% | $4.4B-7.2% | $4.7B+26.0% | $3.8B-4.4% | $3.9B |
| Cash & Equivalents | $1.0B-58.2% | $2.4B+53.1% | $1.6B-17.5% | $1.9B+0.6% | $1.9B-28.4% | $2.6B+76.6% | $1.5B-5.4% | $1.6B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.3B+4.0% | $1.3B-0.2% | $1.3B+7.3% | $1.2B-4.1% | $1.2B+0.5% | $1.2B-5.3% | $1.3B-2.1% | $1.3B |
| Goodwill | $0 | $0 | $0-100.0% | $2.0B0.0% | $2.0B0.0% | $2.0B0.0% | $2.0B0.0% | $2.0B |
| Total Liabilities | $35.5B0.0% | $35.5B+5.6% | $33.6B+1.0% | $33.2B+0.7% | $33.0B-1.8% | $33.6B+3.6% | $32.5B-0.6% | $32.7B |
| Current Liabilities | $4.4B+11.6% | $3.9B+8.3% | $3.6B+2.5% | $3.5B-2.6% | $3.6B-7.6% | $3.9B+5.4% | $3.7B-2.0% | $3.8B |
| Long-Term Debt | $17.4B-1.3% | $17.6B+0.1% | $17.6B+1.3% | $17.3B-0.9% | $17.5B-3.6% | $18.1B-1.5% | $18.4B-1.0% | $18.6B |
| Total Equity | -$1.1B+4.8% | -$1.2B-97.1% | -$595.0M-305.9% | $289.0M-37.7% | $464.0M+35.7% | $342.0M-26.6% | $466.0M-7.5% | $504.0M |
| Retained Earnings | -$19.7B0.0% | -$19.7B-3.3% | -$19.1B-5.0% | -$18.2B-1.1% | -$18.0B+0.5% | -$18.0B-0.8% | -$17.9B-0.3% | -$17.9B |
LUMN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $562.0M-77.6% | $2.5B+340.5% | $570.0M-47.9% | $1.1B+59.2% | $688.0M-66.1% | $2.0B+297.7% | $511.0M-53.6% | $1.1B |
| Capital Expenditures | $1.6B+57.9% | $1.0B+16.8% | $891.0M+12.6% | $791.0M-13.6% | $915.0M+7.6% | $850.0M+12.9% | $753.0M+5.6% | $713.0M |
| Free Cash Flow | -$1.1B-173.6% | $1.5B+557.9% | -$321.0M-205.6% | $304.0M+233.9% | -$227.0M-119.2% | $1.2B+588.4% | -$242.0M-162.2% | $389.0M |
| Investing Cash Flow | -$1.6B-59.3% | -$1.0B-17.6% | -$873.0M-13.5% | -$769.0M+7.5% | -$831.0M-3.2% | -$805.0M-62.3% | -$496.0M+28.9% | -$698.0M |
| Financing Cash Flow | -$324.0M+50.2% | -$651.0M-2070.0% | -$30.0M+90.4% | -$314.0M+48.5% | -$610.0M-653.1% | -$81.0M+19.0% | -$100.0M+90.6% | -$1.1B |
| Dividends Paid | N/A | N/A | N/A | $1.0M | $0 | $0 | $0-100.0% | $3.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LUMN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.5%+1.6pp | 44.9%-2.6pp | 47.5%+0.5pp | 47.0%-1.8pp | 48.8%+1.3pp | 47.5%-1.9pp | 49.4%-0.4pp | 49.8% |
| Operating Margin | -6.6%-2.8pp | -3.8%+15.7pp | -19.5%-22.9pp | 3.4%-1.3pp | 4.6%+0.7pp | 3.9%-0.2pp | 4.1%+2.8pp | 1.4% |
| Net Margin | -0.1%+20.0pp | -20.1%+9.5pp | -29.6%-23.3pp | -6.3%-8.9pp | 2.5%+7.1pp | -4.6%-3.1pp | -1.5%-3.2pp | 1.7% |
| Return on Equity | N/A | N/A | N/A | -69.5%-87.9pp | 18.3%+61.6pp | -43.3%-32.7pp | -10.5%-21.8pp | 11.3% |
| Return on Assets | -0.0%+1.8pp | -1.8%+1.0pp | -2.8%-2.2pp | -0.6%-0.9pp | 0.3%+0.7pp | -0.4%-0.3pp | -0.1%-0.3pp | 0.2% |
| Current Ratio | 1.80-0.4 | 2.21+0.1 | 2.13+0.9 | 1.210.0 | 1.210.0 | 1.20+0.2 | 1.01-0.0 | 1.03 |
| Debt-to-Equity | -15.54-0.5 | -14.99+14.5 | -29.52-89.5 | 59.98+22.3 | 37.70-15.3 | 53.05+13.5 | 39.51+2.6 | 36.89 |
| FCF Margin | -35.6%-83.2pp | 47.6%+58.0pp | -10.4%-19.9pp | 9.6%+16.4pp | -6.8%-43.5pp | 36.7%+44.1pp | -7.4%-19.2pp | 11.8% |
Note: Shareholder equity is negative (-$1.1B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Lumen Technologies Inc's annual revenue?
Lumen Technologies Inc (LUMN) reported $12.4B in total revenue for fiscal year 2025. This represents a -5.4% 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 Lumen Technologies Inc's revenue growing?
Lumen Technologies Inc (LUMN) revenue declined by 5.4% year-over-year, from $13.1B to $12.4B in fiscal year 2025.
Is Lumen Technologies Inc profitable?
No, Lumen Technologies Inc (LUMN) reported a net income of -$1.7B in fiscal year 2025, with a net profit margin of -14.0%.
What is Lumen Technologies Inc's EBITDA?
Lumen Technologies Inc (LUMN) had EBITDA of $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Lumen Technologies Inc have?
As of fiscal year 2025, Lumen Technologies Inc (LUMN) had $1.0B in cash and equivalents against $17.4B in long-term debt.
What is Lumen Technologies Inc's gross margin?
Lumen Technologies Inc (LUMN) had a gross margin of 46.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lumen Technologies Inc's operating margin?
Lumen Technologies Inc (LUMN) had an operating margin of -6.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Lumen Technologies Inc's net profit margin?
Lumen Technologies Inc (LUMN) had a net profit margin of -14.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Lumen Technologies Inc's free cash flow?
Lumen Technologies Inc (LUMN) generated $371.0M in free cash flow during fiscal year 2025. This represents a -66.3% 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 Lumen Technologies Inc's operating cash flow?
Lumen Technologies Inc (LUMN) generated $4.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lumen Technologies Inc's total assets?
Lumen Technologies Inc (LUMN) had $34.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lumen Technologies Inc's capital expenditures?
Lumen Technologies Inc (LUMN) invested $4.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Lumen Technologies Inc's current ratio?
Lumen Technologies Inc (LUMN) had a current ratio of 1.80 as of fiscal year 2025, which is generally considered healthy.
What is Lumen Technologies Inc's debt-to-equity ratio?
Lumen Technologies Inc (LUMN) had a debt-to-equity ratio of -15.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lumen Technologies Inc's return on assets (ROA)?
Lumen Technologies Inc (LUMN) had a return on assets of -5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Lumen Technologies Inc's debt-to-equity ratio negative or unusual?
Lumen Technologies Inc (LUMN) has negative shareholder equity of -$1.1B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Lumen Technologies Inc's Piotroski F-Score?
Lumen Technologies Inc (LUMN) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 Lumen Technologies Inc's earnings high quality?
Lumen Technologies Inc (LUMN) has an earnings quality ratio of -2.72x, 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 Lumen Technologies Inc cover its interest payments?
Lumen Technologies Inc (LUMN) has an interest coverage ratio of -0.6x, 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 Lumen Technologies Inc?
Lumen Technologies Inc (LUMN) scores 24 out of 100 on our Financial Profile, indicating weak 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.