QWEST CORP

Listed Company

CTBBCIK 0000068622NYSENon-AcceleratedTelephone Communications (No Radiotelephone)ColoradoFY ends Dec 31

Period

FY 2025

Revenue

$4.75B

Net Income

$-1.33B

Total Assets

$15.82B

Equity

$10.92B

Shares Out

Op. Cash Flow

$1.76B

Business

QWEST CORP is a networking company that provides connectivity services to link people, data and applications quickly, securely and efficiently. It offers a broad array of integrated products and services, including lower-speed copper broadband, fiber broadband, local and long-distance voice, optical wavelength services, ethernet, private line, equipment, IT and professional services, and affiliate application and network support. The company organizes offerings for Mass Markets (Other Broadband, Voice and Other, Fiber Broadband) and Business customers (Harvest, Nurture, Grow). It primarily serves customers in the United States through direct sales, inbound call centers, channel partners, retail partners and digital marketing.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenue	4,748	5,508	5,915	6,449	6,951
Cost of services and products (exclusive of depreciation and amortization)	1,449	1,505	1,608	1,646	1,722
Selling, general and administrative	456	438	478	454	354
Net loss on disposal group held for sale	235	0	0	—	—
Operating expenses - affiliates	920	761	796	734	758
Depreciation and amortization	685	753	823	860	1,009
Goodwill impairment	2,012	0	2,405	0	0
Total operating expenses	5,757	3,457	6,110	3,694	3,843
OPERATING (LOSS) INCOME	−1,009	2,051	−195	2,755	3,108
Interest expense	−91	−62	−95	—	—
Other income, net	36	1	5	7	−6
Total other income (expense), net	34	−37	−75	−165	−292
(LOSS) INCOME BEFORE INCOME TAXES	−975	2,014	−270	2,590	2,816
Income tax expense	352	527	561	671	709
NET (LOSS) INCOME	−1,327	1,487	−831	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	39	26	10	8	2
Accounts receivable, less allowance of $37 and $29	199	227	261	347	301
Assets held for sale	2,587	0	—	—	—
Other current assets, net	77	152	144	120	187
Total current assets	4,505	1,307	415	1,044	490
Property, plant and equipment, net of accumulated depreciation of $8,910 and $8,910	7,446	8,865	8,700	8,273	8,180
Goodwill	3,638	6,955	6,955	9,360	9,360
Intangible assets, net	111	84	103	138	199
Other assets, net	120	151	164	141	141
Total goodwill and other assets	3,869	7,190	7,222	9,639	9,700
TOTAL ASSETS	15,820	17,362	16,337	18,956	18,370
Current maturities of long-term debt	0	239	1	2	0
Accounts payable	152	221	362	231	206
Salaries and benefits	129	130	130	127	138
Income and other taxes	110	106	96	89	94
Other current liabilities	109	117	121	130	182
Liabilities held for sale	10	0	—	—	—
Current portion of deferred revenue	143	153	162	167	174
Total current liabilities	653	966	933	746	2,036
LONG-TERM DEBT	1,688	1,688	2,156	—	2,156
Deferred income taxes, net	1,461	1,336	1,318	1,282	1,276
Other liabilities	703	685	679	654	670
Total deferred credits and other liabilities	2,563	2,465	2,492	2,488	2,543
COMMITMENTS AND CONTINGENCIES (Note 15)	—	—	—	—	—
Common stock - one share without par value, owned by Qwest Services Corporation	10,050	10,050	10,050	10,050	10,050
Retained earnings	866	2,193	706	3,517	1,585
Total stockholder's equity	10,916	12,243	10,756	13,567	11,648
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	15,820	17,362	16,337	18,956	18,370

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	685	753	823	860	1,009
Deferred income taxes	125	37	22	20	27
Provision for uncollectible accounts	39	45	66	60	27
Accounts receivable	−23	−11	20	−68	36
Accounts payable	−50	14	14	−29	−41
Accrued income and other taxes	4	10	7	−5	−1
Other current assets and liabilities, net	57	−49	−97	−26	−176
Changes in other assets and liabilities, net	26	−8	17	−28	−13
Changes in affiliate obligations, net	−49	−55	−62	−90	−12
Other, net	28	−29	5	−15	5
Net cash provided by operating activities	1,762	2,194	2,389	2,626	3,033
Capital expenditures	−824	−1,047	−1,062	−849	−797
Changes in advances to affiliates	236	—	569	—	0
Changes in advances to affiliates	—	−902	—	−576	0
Net increase in note receivable - affiliates	−937	0	0	—	—
Proceeds from sale of property, plant and equipment and other assets	13	58	27	76	46
Net cash used in investing activities	−1,512	−1,891	−466	−1,349	−751
Payments of long-term debt	−238	−226	−2	−1	−1,186
Dividends paid	0	0	−1,980	0	−570
Changes in advances from affiliates	0	−61	61	−55	−537
Net cash used in financing activities	−238	−287	−1,921	−1,271	−2,293
Net increase in cash, cash equivalents and restricted cash	12	16	2	6	−11
Income taxes paid, net	−199	−497	−509	−673	−697
Interest paid, including affiliate interest (net of capitalized interest of $35, $75 and $54)	−98	−63	−97	−113	−188
Dividend to parent in exchange for advances to affiliates	0	0	−1,980	0	0

Filings

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