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Lumen Technologies, Inc.

LUMN

Lumen Technologies, Inc. • NYSE
$8.11 ▲ 0.25% (+0.02)
Market Cap $8.32 B
52w High $11.95
52w Low $3.01
Dividend Yield 0%
P/E -4.86
Volume 5.92M
Outstanding Shares 1.03B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.087B ▼ $1.503B ▼ $-621M ▲ -20.117% ▲ $-0.62 ▲ $180M ▲
Q2-2025 $3.092B ▼ $2.071B ▲ $-915M ▼ -29.592% ▼ $-0.92 ▼ $-123M ▼
Q1-2025 $3.182B ▼ $1.388B ▼ $-201M ▼ -6.317% ▼ $-0.2 ▼ $815M ▼
Q4-2024 $3.329B ▲ $1.469B ▲ $85M ▲ 2.553% ▲ $0.086 ▲ $996M ▲
Q3-2024 $3.221B $1.403B $-148M -4.595% $-0.15 $886M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.401B ▲ $34.286B ▲ $35.459B ▲ $-1.173B ▼
Q2-2025 $1.568B ▼ $32.976B ▼ $33.571B ▲ $-595M ▼
Q1-2025 $1.9B ▲ $33.538B ▲ $33.249B ▲ $289M ▼
Q4-2024 $1.889B ▼ $33.496B ▼ $33.032B ▼ $464M ▲
Q3-2024 $2.64B $33.989B $33.647B $342M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-621M ▲ $2.511B ▲ $-1.027B ▼ $-651M ▼ $833M ▲ $1.47B ▲
Q2-2025 $-915M ▼ $570M ▼ $-873M ▼ $-30M ▲ $-333M ▼ $-321M ▼
Q1-2025 $-201M ▼ $1.095B ▲ $-769M ▲ $-314M ▲ $12M ▲ $304M ▲
Q4-2024 $85M ▲ $688M ▼ $-831M ▼ $-610M ▼ $-753M ▼ $-227M ▼
Q3-2024 $-148M $2.032B $-805M $-81M $1.146B $1.182B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Business Segment
Business Segment
 $2.66Bn ▲$2.52Bn ▼$2.49Bn ▼$2.46Bn ▼
Mass Market Segment
Mass Market Segment
 $670.00M ▲$660.00M ▼$610.00M ▼$630.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been drifting down for several years, reflecting a mix of legacy service declines and past asset sales. Profitability has been very uneven: a large accounting loss not long ago, modest operating profit more recently, and only one clearly profitable year in the past five. Recent results suggest the core business can still generate operating profit, but earnings are fragile and easily swung by charges, restructuring, and interest costs. Overall, this is a business in transition, with shrinking sales and thin profit margins that leave little room for error.

Balance Sheet

Balance Sheet The balance sheet shows a company that has shrunk considerably and now operates with a very slim equity cushion. Total assets have fallen as businesses were sold or written down, while reported shareholder equity is now extremely small compared with the size of the company and its debt. Debt has been reduced from earlier peaks but remains heavy, making leverage a central risk. Cash on hand is reasonable for day‑to‑day needs but not large relative to obligations. Financial flexibility is limited, and the company is sensitive to refinancing conditions and execution on its turnaround.

Cash Flow

Cash Flow Despite weak accounting earnings, the business still generates solid cash from operations, enough to fund its ongoing network investments and leave some free cash flow in most years. Cash generation has trended down from earlier levels but improved from a particularly weak recent year when free cash flow turned negative. Capital spending on the network has been fairly steady, indicating continued investment in infrastructure. The main message is that the network still throws off cash, but the margin of safety is narrowing and depends on disciplined spending and stable demand.

Competitive Edge

Competitive Edge Lumen’s main strength is its extensive fiber network, which would be extremely costly and time‑consuming for a new entrant to replicate. That footprint, combined with long-standing relationships with enterprise and government customers, gives it a structural base of demand and some switching costs. However, it operates in a fiercely competitive environment with major telecom carriers, cable operators, specialized fiber providers, and large cloud platforms that increasingly build their own connectivity. Lumen’s pivot toward enterprise and wholesale services and away from legacy consumer lines tightens its focus, but the company must defend share and pricing power while its financial position is constrained.

Innovation and R&D

Innovation and R&D Innovation at Lumen is centered on how the network is delivered and used rather than on traditional lab-style R&D. The company is pushing Network‑as‑a‑Service, allowing customers to turn bandwidth up and down on demand, and is building out edge computing sites to support low‑latency applications. It is also emphasizing security intelligence through its Black Lotus Labs unit and positioning its network as plumbing for AI workloads, helped by partnerships like the one with Palantir. These initiatives give Lumen a more modern, software‑driven profile, but their success depends on customer adoption and the company’s ability to execute while managing debt and legacy declines.

Summary

Lumen combines a valuable, hard‑to‑replicate fiber network with a strained financial profile and a business model in transition. Strategically, it is doing many of the right things on paper: focusing on enterprises, automating the network, offering on‑demand services, and targeting AI and edge use cases. Financially, it faces falling revenue, very thin equity, and substantial leverage, which together raise execution risk and limit room for missteps. The future story hinges on whether Lumen can stabilize its top line, grow newer, higher‑value services fast enough, and steadily reduce balance sheet risk using its still‑positive cash flows. Outcomes could diverge widely depending on how well that transition is managed.

NEWS

November 19, 2025 · 9:05 AM UTC

Lumen Launches Defender Advanced Managed Detection and Response for Microsoft Customers

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November 18, 2025 · 4:00 PM UTC

Data I/O's New LumenX2 Programming Platform and Lumen®X2-M4 Win 2025 Global Technology Award

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November 18, 2025 · 9:05 AM UTC

Lumen and Meter Team Up to Deliver WAN-to-LAN Solution Through an AI-Driven, Click-to-Buy Digital Experience for Enterprises

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November 11, 2025 · 4:15 PM UTC

Lumen Technologies Selects Amdocs to Support its Cloud Journey for Mission-Critical BSS Applications to Google Cloud Platform

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November 6, 2025 · 9:05 AM UTC

Lumen Technologies Announces 2026 Investor Day Meeting

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