Lumen Technologies, Inc.

Listed Company

LUMNCIK 0000018926NYSELarge AcceleratedTelephone Communications (No Radiotelephone)LouisianaFY ends Dec 31

Period

FY 2025

Revenue

$12.40B

Net Income

$-1.74B

Total Assets

$34.34B

Equity

$-1.12B

Shares Out

1.02B

Op. Cash Flow

$4.74B

Business

Lumen Technologies, Inc. is a networking company that connects people, data and applications by operating an interconnected global communications network. It offers integrated products and services including Private Connectivity Fabric (PCF), Edge, Network-as-a-Service, managed security, IP, SD‑WAN, cloud and unified communications, fiber and copper broadband under Quantum Fiber and CenturyLink brands, and cyberthreat intelligence via Black Lotus Labs. The company reports two segments: Business (enterprise and wholesale) and Mass Markets (residential and small business). It serves domestic and international customers via its fiber and copper network, direct sales, call centers, channel partners and digital self-service platforms.

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
OPERATING REVENUE	12,402	13,108	14,557	17,478	19,687
Cost of services and products (exclusive of depreciation and amortization)	6,638	6,703	7,144	7,868	8,488
Selling, general and administrative	3,199	2,972	3,198	3,078	2,895
Net loss on sale of businesses	0	17	121	−113	0
Depreciation and amortization	2,749	2,956	2,985	3,239	4,019
Goodwill impairment	628	0	10,700	3,271	0
Total operating expenses	13,214	12,648	24,141	17,383	15,402
OPERATING (LOSS) INCOME	−812	460	−9,584	95	4,285
Interest expense	−1,284	−1,372	−1,158	−1,332	—
Net (loss) gain on early retirement of debt (Note 7)	−740	348	618	214	—
Other income (expense), net	120	334	−113	32	−70
Total other expense, net	−1,904	−690	−653	−1,086	−1,584
LOSS BEFORE INCOME TAXES	−2,716	−230	−10,237	−991	2,701
Income tax (benefit) expense	−977	−175	61	557	668
NET LOSS	−1,739	−55	−10,298	−1,548	2,033
BASIC (in dollars per share)	−1.75	−0.06	−10.48	−1.54	1.92
DILUTED (in dollars per share)	−1.75	−0.06	−10.48	−1.54	1.91
BASIC (in shares)	995	988	983	1,008	1,060
DILUTED (in shares)	995	988	983	1,008	1,067

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	1,003	1,889	2,234	1,251	354
Accounts receivable, less allowance of $67 and $59	1,314	1,231	1,318	1,508	1,544
Assets held for sale	4,285	24	104	1,889	8,809
Other current assets, net	1,307	1,250	1,223	803	829
Total current assets	7,909	4,394	4,775	5,451	11,536
Property, plant and equipment, net of accumulated depreciation of $23,744 and $23,121	19,575	20,421	—	—	—
Goodwill	0	1,964	1,964	12,657	15,986
Intangible assets, net	4,463	4,806	5,470	6,166	6,970
Other assets, net	2,395	1,911	2,051	2,172	2,606
Total goodwill and other assets	6,858	8,681	9,485	20,995	25,562
TOTAL ASSETS	34,342	33,496	34,018	45,612	57,993
Current maturities of long-term debt	88	412	157	154	1,554
Accounts payable	1,508	749	1,134	1,044	758
Salaries and benefits	854	716	696	692	860
Income and other taxes	279	272	251	1,158	228
Current operating lease liabilities	266	253	268	344	385
Interest	149	197	168	181	278
Other current liabilities	203	179	213	277	232
Liabilities held for sale	38	0	4	451	2,257
Current portion of deferred revenue	1,005	861	647	596	—
Total current liabilities	4,390	3,639	3,534	4,897	7,169
LONG-TERM DEBT	17,353	17,494	19,831	20,418	27,428
Deferred income taxes, net	2,300	2,900	3,100	3,200	4,000
Benefit plan obligations, net	2,103	2,205	2,490	2,391	3,710
Deferred revenue	6,406	3,733	1,969	1,758	—
Other liabilities	2,937	3,071	2,650	2,611	3,797
Total deferred credits and other liabilities	13,716	11,899	10,236	9,923	11,556
COMMITMENTS AND CONTINGENCIES (Note 17)	—	—	—	—	—
Preferred stock non-redeemable, $25.00 par value, authorized 2,000 and 2,000 shares, issued and outstanding 7 and 7 shares	0	0	0	0	0
Common stock, no par value, authorized 2,200,000 and 2,200,000 shares, issued and outstanding 1,025,446 and 1,014,768 shares	19,185	19,149	1,008	1,002	1,024
Accumulated other comprehensive loss	−601	−723	−810	−1,099	−2,158
Accumulated deficit	−19,701	−17,962	−17,907	−7,609	−5,998
Total stockholders' (deficit) equity	−1,117	464	417	10,374	11,777
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	34,342	33,496	34,018	45,612	57,993

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	2,749	2,956	2,985	3,239	4,019
Impairment of long-lived assets	109	83	27	5	0
Deferred income taxes	−705	−209	8	—	—
Provision for uncollectible accounts	70	72	100	133	105
Debt modification costs and related fees	0	−79	0	0	—
Gain on sale of investment	0	−205	0	0	—
Unrealized loss on investments	0	10	97	191	−138
Stock-based compensation	48	29	52	98	120
Accounts receivable	−168	19	102	−158	−8
Accounts payable	632	−202	−97	98	−261
Accrued income and other taxes	20	−189	−1,185	972	−69
Other current assets and liabilities, net	98	304	−549	−372	−353
Retirement benefits	30	−181	−1	46	163
Change in deferred revenue	2,673	1,763	230	6	—
Changes in other noncurrent assets and liabilities, net	−525	655	500	252	283
Other, net	78	−107	−7	19	17
Net cash provided by operating activities	4,738	4,333	2,160	4,735	6,501
Capital expenditures	−4,367	−3,231	−3,100	−3,016	−2,900
Proceeds from sale of businesses	0	15	1,746	8,369	0
Proceeds from sale of property, plant and equipment, and other assets	47	366	165	120	135
Other, net	15	20	−12	3	53
Net cash used in investing activities	−4,305	−2,830	−1,201	5,476	−2,712
Net proceeds from issuance of long-term debt	8,158	1,325	0	0	1,881
Payments of long-term debt	−8,818	−2,678	−185	−8,093	−3,598
Net proceeds from (payments on) revolving line of credit	0	−200	200	−200	50
Dividends paid	−1	−3	−11	−780	−1,087
Debt issuance and extinguishment costs and related fees	−645	−283	−14	0	—
Other, net	−13	−12	−8	−40	−53
Net cash used in financing activities	−1,319	−1,851	−18	−9,313	−3,807
Net (decrease) increase in cash, cash equivalents and restricted cash	−886	−348	941	898	−18
Income taxes (paid) refunded, net	−18	242	−1,303	−76	−112
Interest paid (net of capitalized interest of $154, $176 and $111)	−1,219	−1,245	−1,138	−1,365	−1,487

Filings

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