A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LUMN SEC filings page.
Lumen Technologies, Inc. (LUMN) reported $11.8B in revenue over the twelve months to Jun 30, 2026, down 7.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Lumen’s dominant mechanic is capital-intensive cash generation paired with deteriorating margins and a balance sheet that has moved into negative equity.
Operating cash flow stayed near$4.7B in FY2025 versus$4.3B in FY2024, even as net income remained negative, so reported cash generation is being supported by non-cash and working-capital effects rather than bottom-line profit. The conversion weakens after reinvestment: free cash flow fell from$1.1B to$371M as capital expenditures increased sharply.
Gross margin compressed from
The balance sheet lost its equity cushion: equity moved from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lumen Technologies, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Lumen Technologies, Inc. has an operating margin of -6.6%, meaning the company loses $7 on every $100 of revenue. This results in a profitability score of 14/100. 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 12/100.
Lumen Technologies, Inc.'s current ratio of 1.80 indicates adequate short-term liquidity, earning a score of 53/100. 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 36/100, reflecting heavy capital investment rather than weak cash generation.
Lumen Technologies, Inc. scores -0.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.8B) relative to total liabilities ($35.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
Lumen Technologies, Inc. reported a net loss of $1.7B while generating $4.7B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Lumen Technologies, Inc. reported an operating loss of $812.0M against $1.3B in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Lumen Technologies, Inc. generated $2.8B in revenue in Q2 2026. This represents a decrease of 9.3% from the same quarter a year earlier. Against the prior quarter it is down 3.2%.
Lumen Technologies, Inc.'s EBITDA was $580.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 582.4% from the same quarter a year earlier. Against the prior quarter it is down 54.2%.
Lumen Technologies, Inc. reported -$201.0M in net income in Q2 2026. This represents an increase of 78.0% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.
Lumen Technologies, Inc. earned -$0.20 per diluted share (EPS) in Q2 2026. This represents an increase of 78.3% from the same quarter a year earlier. It is unchanged from the prior quarter.
Cash & Balance Sheet
Lumen Technologies, Inc. generated $69.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 121.5% from the same quarter a year earlier. Against the prior quarter it is down 81.8%.
Lumen Technologies, Inc. held $1.9B in cash against $13.2B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Lumen Technologies, Inc.'s gross margin was 49.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Lumen Technologies, Inc.'s operating margin was -3.1% in Q2 2026, reflecting core business profitability. This is up 16.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 23.9 percentage points.
Lumen Technologies, Inc.'s net profit margin was -7.2% in Q2 2026, showing the share of revenue converted to profit. This is up 22.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
Not reported for Q2 2026.
Capital Allocation
Lumen Technologies, Inc. invested $902.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is down 4.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
LUMN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8B-9.3% | $2.9B-8.9% | $3.0B-8.7% | $3.1B-4.2% | $3.1B-5.4% | $3.2B-3.3% | $3.3B-5.3% | $3.2B-11.5% |
| Cost of Revenue | $1.4B-12.9% | $1.4B-14.9% | $1.6B-4.6% | $1.7B+0.5% | $1.6B-1.8% | $1.7B+2.1% | $1.7B-1.8% | $1.7B-8.5% |
| Gross Profit | $1.4B-5.3% | $1.5B-2.1% | $1.4B-12.9% | $1.4B-9.3% | $1.5B-9.1% | $1.5B-8.7% | $1.6B-8.8% | $1.5B-14.6% |
| SG&A Expenses | $779.0M+3.2% | $794.0M+17.6% | $940.0M+32.2% | $829.0M+19.1% | $755.0M+1.8% | $675.0M-18.0% | $711.0M-20.6% | $696.0M-12.0% |
| Operating Income | -$88.0M+85.4% | $602.0M+462.6% | -$200.0M-229.9% | -$116.0M-192.1% | -$603.0M-546.7% | $107.0M+137.8% | $154.0M+108.7% | $126.0M-43.5% |
| EBITDA | $580.0M+582.4% | $1.3B+54.4% | $474.0M-48.0% | $558.0M-33.0% | $85.0M-90.3% | $820.0M+3.4% | $912.0M+189.0% | $833.0M-14.8% |
| Interest Expense | $201.0M-40.5% | $225.0M-35.2% | $280.0M-21.6% | $319.0M-9.1% | $338.0M-9.4% | $347.0M+19.2% | $357.0M+23.1% | $351.0M+19.0% |
| Income Tax | -$54.0M+76.9% | $377.0M+956.8% | -$507.0M-148.5% | -$192.0M-700.0% | -$234.0M-3025.0% | -$44.0M-197.8% | -$204.0M-38.8% | -$24.0M-242.9% |
| Net Income | -$201.0M+78.0% | -$200.0M+0.5% | -$2.0M-102.4% | -$621.0M-319.6% | -$915.0M-1767.3% | -$201.0M-452.6% | $85.0M+104.3% | -$148.0M-89.7% |
| EPS (Basic) | -$0.20+78.3% | -$0.200.0% | $0.00-100.0% | -$0.62-313.3% | -$0.92-1740.0% | -$0.20-433.3% | $0.08+103.9% | -$0.15-87.5% |
| EPS (Diluted) | -$0.20+78.3% | -$0.200.0% | $0.00-100.0% | -$0.62-313.3% | -$0.92-1740.0% | -$0.20-433.3% | $0.08+103.9% | -$0.15-87.5% |
| Diluted Shares (Avg) | 1.00B+1.0% | 999M+0.8% | N/A | 996M+0.7% | 995M+0.7% | 991M+0.5% | N/A | 989M+0.5% |
Not reported in any period shown, so not listed: R&D Expenses.
LUMN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.8B-6.7% | $30.6B-8.7% | $34.3B+2.5% | $34.3B+0.9% | $33.0B+0.1% | $33.5B+1.1% | $33.5B-1.5% | $34.0B-5.4% |
| Current Assets | $4.1B-46.9% | $4.1B-3.6% | $7.9B+80.0% | $8.7B+83.8% | $7.7B+105.8% | $4.3B+8.7% | $4.4B-8.0% | $4.7B+1.9% |
| Cash & Equivalents | $1.9B+19.6% | $1.6B-14.5% | $1.0B-46.9% | $2.4B-9.1% | $1.6B+4.9% | $1.9B+20.3% | $1.9B-15.4% | $2.6B+748.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $1.4B+8.8% | $1.6B+35.8% | $1.3B+6.7% | $1.3B+3.1% | $1.3B-2.2% | $1.2B-10.7% | $1.2B-6.6% | $1.2B-13.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | $0-100.0% | $0-100.0% | $0-100.0% | $2.0B0.0% | $2.0B0.0% | $2.0B-49.2% |
| Total Liabilities | $32.3B-3.9% | $31.9B-3.9% | $35.5B+7.3% | $35.5B+5.4% | $33.6B+3.4% | $33.2B+1.8% | $33.0B-1.7% | $33.6B-0.3% |
| Current Liabilities | $4.3B+17.4% | $4.2B+17.7% | $4.4B+20.6% | $3.9B-0.2% | $3.6B-2.8% | $3.5B-7.1% | $3.6B+3.0% | $3.9B+0.5% |
| Non-Current Liabilities | $28.0B-6.5% | $27.8B-6.5% | $31.1B+5.7% | $31.5B+6.1% | $29.9B+4.2% | $29.7B+2.9% | $29.4B-2.2% | $29.7B-0.5% |
| Long-Term Debt | $13.2B-25.1% | $12.9B-25.4% | $17.4B-0.8% | $17.6B-3.1% | $17.6B-4.6% | $17.3B-6.8% | $17.5B-11.8% | $18.1B-8.1% |
| Total Equity | -$1.5B-150.1% | -$1.3B-555.7% | -$1.1B-340.7% | -$1.2B-443.0% | -$595.0M-227.7% | $289.0M-42.7% | $464.0M+11.3% | $342.0M-84.1% |
| Retained Earnings | -$20.1B-5.4% | -$19.9B-9.6% | -$19.7B-9.7% | -$19.7B-9.2% | -$19.1B-6.6% | -$18.2B-1.8% | -$18.0B-0.3% | -$18.0B-13.9% |
Not reported in any period shown, so not listed: Inventory.
LUMN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $971.0M+70.4% | $1.3B+20.8% | $562.0M-18.3% | $2.5B+23.6% | $570.0M+11.5% | $1.1B-0.6% | $688.0M-12.2% | $2.0B+130.6% |
| Depreciation & Amortization | $668.0M-2.9% | $664.0M-6.9% | $674.0M-11.1% | $674.0M-4.7% | $688.0M-7.4% | $713.0M-4.7% | $758.0M+0.9% | $707.0M-6.4% |
| Stock-Based Compensation | N/A | $13.0M+30.0% | N/A | N/A | N/A | $10.0M-28.6% | N/A | N/A |
| Capital Expenditures | $902.0M+1.2% | $943.0M+19.2% | $1.6B+79.7% | $1.0B+22.5% | $891.0M+18.3% | $791.0M+10.9% | $915.0M+11.4% | $850.0M+0.8% |
| Free Cash Flow | $69.0M+121.5% | $380.0M+25.0% | -$1.1B-376.7% | $1.5B+24.4% | -$321.0M-32.6% | $304.0M-21.9% | -$227.0M-513.5% | $1.2B+3010.5% |
| Investing Cash Flow | -$894.0M-2.4% | $4.0B+626.7% | -$1.6B-96.9% | -$1.0B-27.6% | -$873.0M-76.0% | -$769.0M-10.2% | -$831.0M-180.6% | -$805.0M+2.7% |
| Financing Cash Flow | $174.0M+680.0% | -$4.8B-1413.1% | -$324.0M+46.9% | -$651.0M-703.7% | -$30.0M+70.0% | -$314.0M+70.4% | -$610.0M-834.9% | -$81.0M+53.2% |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $1.0M-66.7% | $0-100.0% | $0-100.0% |
Not reported in any period shown, so not listed: Share Buybacks.
LUMN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5%+2.1pp | 50.5%+3.5pp | 46.5%-2.2pp | 44.9%-2.5pp | 47.5%-1.9pp | 47.0%-2.8pp | 48.8%-1.9pp | 47.5%-1.7pp |
| Operating Margin | -3.1%+16.4pp | 20.8%+17.4pp | -6.6%-11.2pp | -3.8%-7.7pp | -19.5%-23.6pp | 3.4%+2.0pp | 4.6%+55.1pp | 3.9%-2.2pp |
| Net Margin | -7.2%+22.4pp | -6.9%-0.6pp | -0.1%-2.6pp | -20.1%-15.5pp | -29.6%-28.1pp | -6.3%-8.1pp | 2.5%+59.3pp | -4.6%-2.5pp |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -69.5%-80.9pp | 18.3%+496.7pp | -43.3%-39.6pp |
| Return on Assets | -0.7%+2.1pp | -0.7%0.0pp | 0.0%-0.3pp | -1.8%-1.4pp | -2.8%-2.6pp | -0.6%-0.8pp | 0.3%+6.1pp | -0.4%-0.2pp |
| Current Ratio | 0.96-1.2x | 0.99-0.2x | 1.80+0.6x | 2.21+1.0x | 2.13+1.1x | 1.21+0.2x | 1.21-0.1x | 1.200.0x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | 59.98+23.1x | 37.70-9.9x | 53.05+43.9x |
| Asset Turnover | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.100.0x | 0.090.0x |
| FCF Margin | 2.5%+12.8pp | 13.1%+3.6pp | -35.6%-28.8pp | 47.6%+10.9pp | -10.4%-3.0pp | 9.6%-2.3pp | -6.8%-5.8pp | 36.7%+35.7pp |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Lumen Technologies, Inc. LUMN | FY2025 | $12.4B | -$1.7B | -14.0% | $5.8B | 23/100 |
| Frontier Communications Parent, Inc. FYBR | FY2024 | $5.9B | -$322.0M | -5.4% | $9.6B | 29/100 |
| Liberty Broadband Corporation LBRDK | FY2025 | N/A | -$2.7B | N/A | $5.2B | — |
| Liberty Broadband Corporation LBRDA | FY2025 | N/A | -$2.7B | N/A | $5.2B | — |
Where Lumen Technologies, Inc. Ranks
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 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.
What is Lumen Technologies, Inc.'s P/E ratio?
Lumen Technologies, Inc. (LUMN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $5.8B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Lumen Technologies, Inc.'s price-to-sales ratio?
Lumen Technologies, Inc. (LUMN) trades at 0.5x sales, its market capitalization divided by revenue of $11.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Lumen Technologies, Inc.'s debt-to-equity ratio negative or not reported?
Lumen Technologies, Inc. (LUMN) has negative shareholder equity of -$1.1B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Lumen Technologies, Inc. (LUMN) has an Altman Z-Score of -0.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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) reported a net loss of $1.7B while generating $4.7B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $812.0M against $1.3B in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 23 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.