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Lumen Technologies Inc Financials

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

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

Profitability Growth Leverage Liquidity Cash Flow Returns 24 / 100
Financial Profile 24/100

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

Profitability
8

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.

Growth
24

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.

Liquidity
32

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.

Cash Flow
32

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.

Piotroski F-Score Neutral
4/9

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.

Earnings Quality Mixed
-2.72x

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.

Interest Coverage At Risk
-0.6x

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

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Earnings & Revenue

Revenue
$12.4B
YoY-5.4%
5Y CAGR-9.7%
10Y CAGR-3.6%

Lumen Technologies Inc generated $12.4B in revenue in fiscal year 2025. This represents a decrease of 5.4% from the prior year.

EBITDA
$1.9B
YoY-43.3%
5Y CAGR-19.3%
10Y CAGR-11.8%

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.

Net Income
-$1.7B
YoY-3061.8%

Lumen Technologies Inc reported -$1.7B in net income in fiscal year 2025. This represents a decrease of 3061.8% from the prior year.

EPS (Diluted)
$-1.75
YoY-2816.7%

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

Free Cash Flow
$371.0M
YoY-66.3%
5Y CAGR-33.2%
10Y CAGR-16.6%

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.

Cash & Debt
$1.0B
YoY-46.9%
5Y CAGR+19.8%
10Y CAGR+23.1%

Lumen Technologies Inc held $1.0B in cash against $17.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
1.03B
YoY+1.1%
5Y CAGR-1.3%
10Y CAGR+6.5%

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

Gross Margin
46.5%
YoY-2.4pp
5Y CAGR-10.4pp
10Y CAGR-10.1pp

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.

Operating Margin
-6.6%
YoY-10.1pp
5Y CAGR-11.2pp
10Y CAGR-21.0pp

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.

Net Margin
-14.0%
YoY-13.6pp
5Y CAGR-8.1pp
10Y CAGR-18.9pp

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.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$4.4B
YoY+35.2%
5Y CAGR+3.2%
10Y CAGR+4.3%

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

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.

Lumen Technologies Inc (LUMN) revenue declined by 5.4% year-over-year, from $13.1B to $12.4B in fiscal year 2025.

No, Lumen Technologies Inc (LUMN) reported a net income of -$1.7B in fiscal year 2025, with a net profit margin of -14.0%.

Lumen Technologies Inc (LUMN) reported diluted earnings per share of $-1.75 for fiscal year 2025. This represents a -2816.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lumen Technologies Inc (LUMN) had EBITDA of $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Lumen Technologies Inc (LUMN) had $1.0B in cash and equivalents against $17.4B in long-term debt.

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.

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.

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.

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.

Lumen Technologies Inc (LUMN) generated $4.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Lumen Technologies Inc (LUMN) had $34.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Lumen Technologies Inc (LUMN) invested $4.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Lumen Technologies Inc (LUMN) had 1.03B shares outstanding as of fiscal year 2025.

Lumen Technologies Inc (LUMN) had a current ratio of 1.80 as of fiscal year 2025, which is generally considered healthy.

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.

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.

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.

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.

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.

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.

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.

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