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Qwest Corporation, an indirect wholly owned subsidiary of Lumen Technologies, provides digital networking services to business and remaining mass‑market customers over a largely fiber-based network. The company focuses on enterprise connectivity, optical and ethernet services, and legacy voice and private line offerings managed for cash flow.
A major strategic shift was the February 2, 2026 completion of the sale of its Mass Markets Fiber-to-the-Home business in 11 states to AT&T for $5.75 billion in gross cash proceeds, subject to adjustments. Qwest also exited the Rural Digital Opportunity Fund program, reversing related revenue of $11 million and recognizing $12 million of fees, followed by a $26 million repayment in January 2026.
As of December 31, 2025, Qwest employed about 9,100 people, with roughly 43% represented by CWA or IBEW unions. The filing highlights extensive business risks, including intense competition, rapid technology change and AI-related uncertainty, high debt across the Lumen group, cybersecurity threats, complex telecom regulation, climate and environmental exposure, divestiture execution challenges, and dependence on key vendors, customers, and government programs.
Qwest Corporation reported lower third‑quarter results as it prepares to divest a major fiber business. Total operating revenue was $1,161 million versus $1,363 million a year ago, with declines across Other Broadband, Voice and Other, Fiber Broadband, legacy Harvest, and Nurture, plus lower Affiliate Services. Operating income was $243 million versus $498 million; net income was $176 million versus $365 million.
The company classified the Mass Markets fiber‑to‑the‑home business as held for sale and expects to sell it with certain affiliates to AT&T for a pre‑tax total of $5.75 billion, subject to adjustments, with closing anticipated in early 2026. Assets held for sale were $2,689 million and liabilities held for sale were $13 million as of September 30, 2025. Depreciation on the disposal group was suspended, reducing Q3 depreciation by an estimated $25 million.
For the nine months, operating cash flow was $1,360 million, capital expenditures were $582 million, and interest income from affiliates rose on a $937 million note receivable. Long‑term debt was $1,689 million (fair value $1,336 million). Litigation and non‑income tax accruals totaled $70 million.