Lumen Technologies (LUMN) Financials

$11.02 +1.62 (+17.23%)

As of 11:56 AM Eastern

Annual Income Statements for Lumen Technologies

This table shows Lumen Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	878	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
Consolidated Net Income / (Loss)	878	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
Net Income / (Loss) Continuing Operations	878	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
Total Pre-Tax Income	1,316	1,020	540	-1,563	-4,766	-782	2,701	-991	-10,237	-230	-2,716
Total Operating Income	2,579	2,333	2,009	570	-2,726	962	4,285	95	-9,584	460	-812
Total Gross Profit	10,122	9,696	9,453	12,581	12,324	11,778	11,199	9,610	7,413	6,405	5,764
Total Revenue	17,900	17,470	17,656	22,580	21,458	20,712	19,687	17,478	14,557	13,108	12,402
Operating Revenue	17,900	17,470	17,656	22,580	21,458	20,712	19,687	17,478	14,557	13,108	12,402
Total Cost of Revenue	7,778	7,774	8,203	9,999	9,134	8,934	8,488	7,868	7,144	6,703	6,638
Operating Cost of Revenue	7,778	7,774	8,203	9,999	9,134	8,934	8,488	7,868	7,144	6,703	6,638
Total Operating Expenses	7,543	7,363	7,444	12,011	15,050	10,816	6,914	9,515	16,997	5,945	6,576
Selling, General & Admin Expense	3,354	3,447	3,508	4,165	3,715	3,464	2,895	3,078	3,198	2,972	3,199
Depreciation Expense	4,189	3,916	3,936	5,120	4,829	4,710	4,019	3,239	2,985	2,956	2,749
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	-113	121	17	0.00
Impairment Charge	-	0.00	0.00	2,726	6,506	2,642	0.00	3,271	10,693	0.00	628
Total Other Income / (Expense), net	-1,263	-1,313	-1,469	-2,133	-2,040	-1,744	-1,584	-1,086	-653	-690	-1,904
Interest Expense	1,312	1,318	1,481	2,177	2,021	1,668	1,514	1,118	540	1,024	2,024
Other Income / (Expense), net	49	5.00	12	44	-19	-76	-70	32	-113	334	120
Income Tax Expense	438	394	-849	170	503	450	668	557	61	-175	-977
Basic Earnings per Share	$1.58	$1.16	$2.21	($1.63)	($4.92)	($1.14)	$1.92	($1.54)	($10.48)	($0.06)	($1.75)
Weighted Average Basic Shares Outstanding	554.28M	539.55M	627.81M	1.07B	1.07B	1.08B	1.06B	1.01B	983.08M	987.68M	994.55M
Diluted Earnings per Share	$1.58	$1.16	$2.21	($1.63)	($4.92)	($1.14)	$1.91	($1.54)	($10.48)	($0.06)	($1.75)
Weighted Average Diluted Shares Outstanding	555.09M	540.68M	628.69M	1.07B	1.07B	1.08B	1.07B	1.01B	983.08M	987.68M	994.55M
Weighted Average Basic & Diluted Shares Outstanding	555.70M	3.68B	628.50M	1.04B	1.09B	1.10B	1.02B	1.00B	1.01B	1.01B	1.02B

This table shows Lumen Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-78	-1,995	57	-49	-148	85	-201	-915	-621	-2.00	-200
Consolidated Net Income / (Loss)	-78	-1,995	57	-49	-148	85	-201	-915	-621	-2.00	-200
Net Income / (Loss) Continuing Operations	-78	-1,995	57	-49	-148	85	-201	-915	-621	-2.00	-200
Total Pre-Tax Income	-85	-2,142	102	-41	-172	-119	-245	-1,149	-813	-509	177
Total Operating Income	223	-1,776	45	135	126	154	107	-603	-116	-200	602
Total Gross Profit	1,791	1,780	1,638	1,615	1,529	1,623	1,495	1,468	1,387	1,414	1,464
Total Revenue	3,641	3,517	3,290	3,268	3,221	3,329	3,182	3,092	3,087	3,041	2,899
Operating Revenue	3,641	3,517	3,290	3,268	3,221	3,329	3,182	3,092	3,087	3,041	2,899
Total Cost of Revenue	1,850	1,737	1,652	1,653	1,692	1,706	1,687	1,624	1,700	1,627	1,435
Operating Cost of Revenue	1,850	1,737	1,652	1,653	1,692	1,706	1,687	1,624	1,700	1,627	1,435
Total Operating Expenses	1,568	3,556	1,593	1,480	1,403	1,469	1,388	2,071	1,503	1,614	862
Selling, General & Admin Expense	791	896	823	742	696	711	675	755	829	940	794
Depreciation Expense	755	751	748	743	707	758	713	688	674	674	664
Other Operating Expenses / (Income)	22	9.00	22	-5.00	0.00	-	0.00	0.00	0.00	-	-596
Total Other Income / (Expense), net	-308	-366	57	-176	-298	-273	-352	-546	-697	-309	-425
Interest Expense	295	290	16	370	352	286	382	574	714	354	451
Other Income / (Expense), net	-13	-76	73	194	54	13	30	28	17	45	26
Income Tax Expense	-7.00	-147	45	8.00	-24	-204	-44	-234	-192	-507	377
Basic Earnings per Share	($0.08)	($2.04)	$0.06	($0.05)	($0.15)	$0.08	($0.20)	($0.92)	($0.62)	($0.01)	($0.20)
Weighted Average Basic Shares Outstanding	983.55M	983.08M	984.86M	987.24M	988.79M	987.68M	991.27M	994.54M	996.00M	994.55M	998.89M
Diluted Earnings per Share	($0.08)	($2.04)	$0.06	($0.05)	($0.15)	$0.08	($0.20)	($0.92)	($0.62)	($0.01)	($0.20)
Weighted Average Diluted Shares Outstanding	983.55M	983.08M	986.26M	987.24M	988.79M	987.68M	991.27M	994.54M	996.00M	994.55M	998.89M
Weighted Average Basic & Diluted Shares Outstanding	1.01B	1.01B	1.02B	1.02B	1.01B	1.01B	1.03B	1.03B	1.03B	1.02B	1.03B

This table details how cash moves in and out of Lumen Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1.00	96	363	-69	1,199	-1,290	-18	898	941	-348	-886
Net Cash From Operating Activities	5,153	4,608	3,878	7,032	6,680	6,524	6,501	4,735	2,160	4,333	4,738
Net Cash From Continuing Operating Activities	5,153	4,608	3,878	7,032	6,680	6,524	6,501	4,735	2,152	4,333	4,738
Net Income / (Loss) Continuing Operations	878	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
Consolidated Net Income / (Loss)	878	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
Depreciation Expense	4,189	3,916	3,936	5,120	4,829	4,710	4,019	3,239	2,985	2,956	2,749
Non-Cash Adjustments To Reconcile Net Income	259	312	374	3,092	6,741	3,111	79	3,411	10,472	-421	1,595
Changes in Operating Assets and Liabilities, net	-170	-248	-1,821	553	379	-65	370	-367	-1,007	1,853	2,133
Net Cash From Investing Activities	-2,853	-2,994	-8,871	-3,078	-3,570	-3,564	-2,712	5,476	-1,201	-2,830	-4,305
Net Cash From Continuing Investing Activities	-2,853	-2,994	-8,871	-3,078	-3,570	-3,564	-2,712	5,476	-1,201	-2,830	-4,305
Purchase of Property, Plant & Equipment	-2,872	-2,981	-3,106	-3,175	-3,628	-3,729	-2,900	-3,016	-3,100	-3,231	-4,367
Sale of Property, Plant & Equipment	31	30	1,529	158	93	153	135	120	165	366	47
Divestitures	-	-	-	-	-	0.00	0.00	8,369	1,746	15	0.00
Other Investing Activities, net	-8.00	-43	-5.00	-	-35	12	53	3.00	-12	20	15
Net Cash From Financing Activities	-2,301	-1,518	5,356	-4,023	-1,911	-4,250	-3,807	-9,313	-18	-1,851	-1,319
Net Cash From Continuing Financing Activities	-2,301	-1,518	5,356	-4,023	-1,911	-4,250	-3,807	-9,313	-18	-1,851	-1,319
Repayment of Debt	-1,273	-2,512	-1,980	-1,936	-4,218	-7,402	-3,601	-8,333	-207	-3,173	-9,476
Payment of Dividends	-1,198	-1,167	-1,453	-2,312	-1,100	-1,109	-1,087	-780	-11	-3.00	-1.00
Issuance of Debt	989	2,161	8,433	275	3,407	4,261	1,881	0.00	200	1,325	8,158
Cash Interest Paid	1,310	1,301	1,401	2,138	2,028	1,627	1,487	1,365	1,138	1,245	1,219
Cash Income Taxes Paid	63	397	392	-674	-34	-28	112	76	1,303	-242	18

This table details how cash moves in and out of Lumen Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-119	1,898	-656	-85	1,146	-753	12	-333	833	-1,398	622
Net Cash From Operating Activities	881	784	1,102	511	2,032	688	1,095	570	2,511	562	1,323
Net Cash From Continuing Operating Activities	881	784	1,102	511	2,032	688	1,095	570	2,511	562	1,323
Net Income / (Loss) Continuing Operations	-78	-1,995	57	-49	-148	85	-201	-915	-621	-2.00	-200
Consolidated Net Income / (Loss)	-78	-1,995	57	-49	-148	85	-201	-915	-621	-2.00	-200
Depreciation Expense	755	751	748	743	707	758	713	688	674	674	664
Non-Cash Adjustments To Reconcile Net Income	83	1,973	-315	-174	29	39	58	894	424	219	-345
Changes in Operating Assets and Liabilities, net	121	55	612	-9.00	1,444	-194	525	-97	2,034	-329	1,204
Net Cash From Investing Activities	-827	1,031	-698	-496	-805	-831	-769	-873	-1,027	-1,636	4,050
Net Cash From Continuing Investing Activities	-827	1,031	-698	-496	-805	-831	-769	-873	-1,027	-1,636	4,050
Purchase of Property, Plant & Equipment	-843	-821	-713	-753	-850	-915	-791	-891	-1,041	-1,644	-943
Sale of Property, Plant & Equipment	9.00	130	12	252	19	83	14	17	13	3.00	16
Other Investing Activities, net	4.00	-21	3.00	5.00	11	1.00	8.00	1.00	1.00	5.00	4,977
Net Cash From Financing Activities	-173	83	-1,060	-100	-81	-610	-314	-30	-651	-324	-4,751
Net Cash From Continuing Financing Activities	-173	83	-1,060	-100	-81	-610	-314	-30	-651	-324	-4,751
Repayment of Debt	-172	-116	-2,382	100	-281	-610	-2,593	-2,013	-3,310	-1,561	-5,407
Issuance of Debt	-	200	1,325	-200	200	-	2,279	1,982	2,659	1,238	656
Cash Interest Paid	325	252	339	232	306	368	280	396	308	235	249
Cash Income Taxes Paid	19	14	-724	142	157	183	1.00	6.00	5.00	6.00	3.00

This table presents Lumen Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	47,604	47,017	75,611	70,256	64,742	59,394	57,993	45,612	34,018	33,496	34,342
Total Current Assets	2,650	5,162	4,194	3,820	4,768	3,176	11,536	5,451	4,775	4,394	7,909
Cash & Equivalents	126	222	551	488	1,690	406	354	1,251	2,234	1,889	1,003
Accounts Receivable	1,943	2,017	2,557	2,398	2,259	1,962	1,544	1,508	1,318	1,231	1,314
Other Current Assets	573	547	941	918	819	808	829	803	1,223	1,250	1,307
Other Current Nonoperating Assets	8.00	2,376	140	12	-	0.00	8,809	1,889	-	24	4,285
Plant, Property, & Equipment, net	18,069	17,039	26,852	26,408	26,079	26,338	20,895	19,166	19,758	20,421	19,575
Total Noncurrent Assets	26,885	24,816	44,565	40,028	33,895	29,880	25,562	20,995	9,485	8,681	6,858
Intangible Assets	5,483	4,328	12,773	10,779	9,567	8,219	6,970	6,166	5,470	4,806	4,463
Other Noncurrent Operating Assets	660	838	1,317	1,218	2,794	2,791	2,606	2,172	2,051	1,911	2,395
Total Liabilities & Shareholders' Equity	47,604	47,017	75,611	70,256	64,742	59,394	57,993	45,612	34,018	33,496	34,342
Total Liabilities	33,544	33,618	52,120	50,428	51,272	48,232	46,153	35,238	33,601	33,032	35,459
Total Current Liabilities	4,604	5,349	4,857	5,531	7,258	6,634	7,169	4,897	3,534	3,639	4,390
Short-Term Debt	1,503	1,503	443	652	2,300	2,427	1,554	154	157	412	88
Accounts Payable	968	1,179	1,555	1,933	1,724	1,134	758	1,044	1,134	749	1,508
Current Deferred Revenue	743	672	892	832	804	753	617	596	647	861	1,005
Current Deferred & Payable Income Tax Liabilities	318	301	370	337	311	314	228	1,158	251	272	279
Current Employee Benefit Liabilities	602	802	890	1,104	1,037	1,008	860	692	696	716	854
Other Current Liabilities	220	213	344	357	802	707	617	621	481	432	469
Other Current Nonoperating Liabilities	250	679	363	316	280	291	2,535	632	168	197	187
Total Noncurrent Liabilities	28,940	28,269	47,263	44,897	44,014	41,598	38,984	30,341	30,067	29,393	31,069
Long-Term Debt	18,722	18,185	37,283	35,409	32,394	29,410	27,428	20,418	19,831	17,494	17,353
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	1,758	1,969	3,733	6,406
Noncurrent Deferred & Payable Income Tax Liabilities	3,569	3,471	2,413	2,527	2,918	3,342	4,049	3,163	3,127	2,890	2,270
Noncurrent Employee Benefit Liabilities	5,511	5,527	5,178	4,319	4,594	4,556	3,710	2,391	2,490	2,205	2,103
Other Noncurrent Operating Liabilities	1,138	1,086	2,389	2,642	4,108	4,290	3,797	2,611	2,650	3,071	2,937
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,060	13,399	23,491	19,828	13,470	11,162	11,840	10,374	417	464	-1,117
Total Preferred & Common Equity	14,060	13,399	23,491	19,828	13,470	11,162	11,840	10,374	417	464	-1,117
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	14,060	13,399	23,491	19,828	13,470	11,162	11,840	10,374	417	464	-1,117
Common Stock	15,722	15,517	24,383	23,932	22,964	22,006	19,996	19,082	19,134	19,149	19,185
Retained Earnings	272	-1.00	1,103	-1,643	-6,814	-8,031	-5,998	-7,609	-17,907	-17,962	-19,701
Accumulated Other Comprehensive Income / (Loss)	-1,934	-2,117	-1,995	-2,461	-2,680	-2,813	-2,158	-1,099	-810	-723	-601

This table presents Lumen Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	54,817	45,530	36,168	35,921	33,173	32,943	33,989	33,538	32,976	34,286	30,622
Total Current Assets	9,382	5,405	4,873	4,646	3,935	3,760	4,736	4,277	7,737	8,707	4,121
Cash & Equivalents	252	1,148	411	311	1,580	1,495	2,640	1,900	1,568	2,401	1,625
Accounts Receivable	1,457	1,432	1,473	1,411	1,322	1,294	1,225	1,180	1,266	1,263	1,603
Other Current Assets	894	879	984	982	1,033	971	871	1,197	1,211	1,256	893
Other Current Nonoperating Assets	6,779	1,946	2,005	1,942	-	-	-	-	3,692	3,787	0.00
Plant, Property, & Equipment, net	20,713	19,321	19,432	19,606	19,908	20,089	20,344	20,568	18,665	19,107	19,926
Total Noncurrent Assets	24,722	20,804	11,863	11,669	9,330	9,094	8,909	8,693	6,574	6,472	6,575
Intangible Assets	6,436	6,034	5,899	5,744	5,290	5,127	4,967	4,660	4,525	4,411	4,240
Other Noncurrent Operating Assets	2,368	2,113	2,100	2,061	2,076	2,003	1,978	2,069	2,049	2,061	2,335
Total Liabilities & Shareholders' Equity	54,817	45,530	36,168	35,921	33,173	32,943	33,989	33,538	32,976	34,286	30,622
Total Liabilities	42,240	34,535	33,884	33,702	32,669	32,477	33,647	33,249	33,571	35,459	31,939
Total Current Liabilities	8,715	4,848	3,963	3,920	3,816	3,738	3,940	3,545	3,632	3,932	4,171
Short-Term Debt	3,474	153	154	155	86	192	415	330	331	94	35
Accounts Payable	1,009	1,131	1,171	1,015	1,162	995	905	773	831	1,089	1,227
Current Deferred Revenue	624	607	627	643	665	670	808	876	882	1,000	1,055
Current Deferred & Payable Income Tax Liabilities	275	1,303	234	287	761	597	434	305	285	323	587
Current Employee Benefit Liabilities	788	590	605	733	578	605	700	563	588	760	635
Other Current Liabilities	569	504	500	470	454	460	442	461	454	497	519
Other Current Nonoperating Liabilities	1,976	560	672	617	110	219	236	237	261	169	113
Total Noncurrent Liabilities	33,525	29,687	29,921	29,782	28,853	28,739	29,707	29,704	29,939	31,527	27,768
Long-Term Debt	21,764	19,743	19,899	19,740	18,591	18,411	18,142	17,334	17,565	17,578	12,925
Noncurrent Deferred Revenue	-	1,808	1,850	1,902	2,021	2,112	3,541	4,226	4,450	6,200	8,008
Noncurrent Deferred & Payable Income Tax Liabilities	4,595	3,200	3,204	3,192	3,143	3,142	3,138	2,731	2,496	2,314	1,887
Noncurrent Employee Benefit Liabilities	3,192	2,358	2,335	2,322	2,457	2,437	2,249	2,177	2,152	2,140	1,966
Other Noncurrent Operating Liabilities	3,974	2,578	2,633	2,626	2,641	2,637	2,637	3,236	3,276	3,295	2,982
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,577	10,995	2,284	2,219	504	466	342	289	-595	-1,173	-1,317
Total Preferred & Common Equity	12,577	10,995	2,284	2,219	504	466	342	289	-595	-1,173	-1,317
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12,577	10,995	2,284	2,219	504	466	342	289	-595	-1,173	-1,317
Common Stock	19,256	19,099	19,108	19,125	19,153	19,151	19,155	19,152	19,162	19,173	19,165
Retained Earnings	-4,477	-7,035	-15,771	-15,849	-17,850	-17,899	-18,047	-18,163	-19,078	-19,699	-19,901
Accumulated Other Comprehensive Income / (Loss)	-2,202	-1,069	-1,053	-1,057	-799	-786	-766	-700	-679	-647	-581

This table displays calculated financial ratios and metrics derived from Lumen Technologies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.73%	-2.40%	1.06%	27.89%	-4.97%	-3.48%	-4.95%	-11.22%	-16.71%	-9.95%	-5.39%
EBITDA Growth	-0.21%	-8.19%	-4.78%	-3.74%	-63.66%	168.52%	47.14%	-59.12%	-299.41%	155.87%	-45.15%
EBIT Growth	8.55%	-11.04%	-13.56%	-69.62%	-547.07%	132.28%	375.73%	-96.99%	-7,735.43%	108.19%	-187.15%
NOPAT Growth	2.65%	-16.79%	260.91%	-92.28%	-578.25%	135.29%	378.95%	-97.94%	-10,188.42%	104.80%	-276.52%
Net Income Growth	13.73%	-28.70%	121.89%	-224.77%	-204.04%	76.62%	265.02%	-176.14%	-565.25%	99.47%	-3,061.82%
EPS Growth	16.18%	-26.58%	90.52%	-173.76%	-201.84%	76.83%	267.54%	-180.63%	-580.52%	99.43%	-2,816.67%
Operating Cash Flow Growth	-0.67%	-10.58%	-15.84%	81.33%	-5.01%	-2.34%	-0.35%	-27.17%	-54.38%	100.60%	9.35%
Free Cash Flow Firm Growth	-30.59%	56.87%	-626.25%	122.74%	26.10%	-35.45%	162.25%	-51.13%	-41.77%	-41.51%	142.28%
Invested Capital Growth	-3.51%	-9.40%	95.34%	-8.51%	-16.06%	-8.28%	-20.26%	-16.83%	-35.51%	-9.06%	-32.61%
Revenue Q/Q Growth	0.21%	-1.06%	6.22%	-1.77%	1.86%	-0.87%	-1.39%	-5.65%	-1.91%	-1.41%	-2.27%
EBITDA Q/Q Growth	2.78%	-6.81%	6.81%	-28.59%	498.47%	-32.22%	44.53%	-55.69%	15.27%	117.52%	-16.48%
EBIT Q/Q Growth	11.50%	-13.47%	7.50%	-79.36%	49.20%	-74.91%	209.93%	-97.03%	11.46%	164.82%	-87.03%
NOPAT Q/Q Growth	5.48%	-19.45%	387.62%	-93.52%	49.65%	-74.19%	250.38%	-97.93%	13.60%	131.29%	-77.29%
Net Income Q/Q Growth	20.60%	-32.10%	342.36%	-196.49%	33.34%	-196.25%	366.10%	-176.29%	9.44%	97.42%	-5.27%
EPS Q/Q Growth	20.61%	-31.36%	281.03%	-169.66%	33.51%	-195.00%	369.01%	-177.00%	8.71%	97.25%	-5.42%
Operating Cash Flow Q/Q Growth	-1.04%	-2.14%	2.16%	13.16%	-1.29%	-3.36%	-1.14%	-13.92%	-2.57%	-2.17%	-2.59%
Free Cash Flow Firm Q/Q Growth	-28.95%	77.66%	-659.95%	137.18%	9.98%	-19.43%	-6.96%	26.67%	-24.96%	-32.87%	-14.61%
Invested Capital Q/Q Growth	-0.68%	-7.76%	59.88%	-5.99%	-4.71%	-6.84%	0.14%	-13.19%	-10.45%	1.11%	7.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.55%	55.50%	53.54%	55.72%	57.43%	56.87%	56.89%	54.98%	50.92%	48.86%	46.48%
EBITDA Margin	38.07%	35.81%	33.74%	25.39%	9.71%	27.02%	41.82%	19.26%	-46.11%	28.61%	16.59%
Operating Margin	14.41%	13.35%	11.38%	2.52%	-12.70%	4.64%	21.77%	0.54%	-65.84%	3.51%	-6.55%
EBIT Margin	14.68%	13.38%	11.45%	2.72%	-12.79%	4.28%	21.41%	0.73%	-66.61%	6.06%	-5.58%
Profit (Net Income) Margin	4.91%	3.58%	7.87%	-7.67%	-24.55%	-5.95%	10.33%	-8.86%	-70.74%	-0.42%	-14.02%
Tax Burden Percent	66.72%	61.37%	257.22%	110.88%	110.55%	157.54%	75.27%	156.21%	100.60%	23.91%	64.03%
Interest Burden Percent	50.08%	43.63%	26.72%	-254.56%	173.62%	-88.26%	64.08%	-780.32%	105.57%	-28.97%	392.49%
Effective Tax Rate	33.28%	38.63%	-157.22%	0.00%	0.00%	0.00%	24.73%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.91%	4.37%	11.23%	0.68%	-3.73%	1.50%	8.37%	0.21%	-28.68%	1.84%	-4.08%
ROIC Less NNEP Spread (ROIC-NNEP)	0.80%	0.14%	-2.47%	-5.14%	-13.44%	-4.36%	3.96%	-7.78%	-48.63%	-0.37%	-12.28%
Return on Net Nonoperating Assets (RNNOA)	1.13%	0.19%	-3.70%	-8.69%	-27.92%	-11.51%	9.31%	-14.15%	-162.18%	-14.32%	536.70%
Return on Equity (ROE)	6.04%	4.56%	7.53%	-8.00%	-31.65%	-10.00%	17.68%	-13.94%	-190.86%	-12.49%	532.62%
Cash Return on Invested Capital (CROIC)	8.49%	14.23%	-53.34%	9.58%	13.74%	10.14%	30.92%	18.59%	14.50%	11.33%	34.89%
Operating Return on Assets (OROA)	5.44%	4.94%	3.30%	0.84%	-4.07%	1.43%	7.18%	0.25%	-24.36%	2.35%	-2.04%
Return on Assets (ROA)	1.82%	1.32%	2.27%	-2.38%	-7.81%	-1.98%	3.46%	-2.99%	-25.86%	-0.16%	-5.13%
Return on Common Equity (ROCE)	6.04%	4.56%	7.53%	-8.00%	-31.65%	-10.00%	17.68%	-13.94%	-190.86%	-12.49%	532.62%
Return on Equity Simple (ROE_SIMPLE)	6.24%	4.67%	5.91%	-8.74%	-39.12%	-11.04%	17.17%	-14.92%	-2,469.54%	-11.85%	0.00%
Net Operating Profit after Tax (NOPAT)	1,721	1,432	5,168	399	-1,908	673	3,225	67	-6,709	322	-568
NOPAT Margin	9.61%	8.20%	29.27%	1.77%	-8.89%	3.25%	16.38%	0.38%	-46.09%	2.46%	-4.58%
Net Nonoperating Expense Percent (NNEP)	4.11%	4.23%	13.70%	5.82%	9.72%	5.86%	4.41%	7.99%	19.95%	2.21%	8.21%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.21%	-32.88%	1.75%	-3.48%
Cost of Revenue to Revenue	43.45%	44.50%	46.46%	44.28%	42.57%	43.13%	43.11%	45.02%	49.08%	51.14%	53.52%
SG&A Expenses to Revenue	18.74%	19.73%	19.87%	18.45%	17.31%	16.72%	14.71%	17.61%	21.97%	22.67%	25.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.14%	42.15%	42.16%	53.19%	70.14%	52.22%	35.12%	54.44%	116.76%	45.35%	53.02%
Earnings before Interest and Taxes (EBIT)	2,628	2,338	2,021	614	-2,745	886	4,215	127	-9,697	794	-692
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,814	6,256	5,957	5,734	2,084	5,596	8,234	3,366	-6,712	3,750	2,057
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.53	0.56	0.49	0.60	0.85	0.83	1.01	0.52	4.43	11.61	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.41	0.43	0.65	0.53	0.53	0.45	0.61	0.31	0.13	0.41	0.64
Price to Earnings (P/E)	8.45	12.06	8.32	0.00	0.00	0.00	5.91	0.00	0.00	0.00	0.00
Dividend Yield	15.98%	15.64%	19.98%	19.59%	9.57%	11.84%	8.53%	19.16%	0.00%	0.00%	0.00%
Earnings Yield	11.83%	8.29%	12.02%	0.00%	0.00%	0.00%	16.93%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.80	0.87	0.80	0.85	0.95	0.95	1.19	0.87	1.07	1.28	2.17
Enterprise Value to Revenue (EV/Rev)	1.54	1.55	2.76	2.10	2.07	1.96	2.06	1.41	1.35	1.63	1.97
Enterprise Value to EBITDA (EV/EBITDA)	4.04	4.32	8.18	8.28	21.30	7.27	4.93	7.34	0.00	5.71	11.87
Enterprise Value to EBIT (EV/EBIT)	10.47	11.56	24.11	77.34	0.00	45.93	9.64	194.66	0.00	26.96	0.00
Enterprise Value to NOPAT (EV/NOPAT)	15.99	18.87	9.43	119.01	0.00	60.44	12.60	371.75	0.00	66.48	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.34	5.86	12.56	6.75	6.65	6.24	6.25	5.22	9.07	4.94	5.15
Enterprise Value to Free Cash Flow (EV/FCFF)	9.25	5.79	0.00	8.51	6.31	8.96	3.41	4.25	5.78	10.79	5.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.44	1.47	1.61	1.82	2.58	2.85	2.45	1.98	47.93	38.59	-15.61
Long-Term Debt to Equity	1.33	1.36	1.59	1.79	2.40	2.63	2.32	1.97	47.56	37.70	-15.54
Financial Leverage	1.41	1.39	1.50	1.69	2.08	2.64	2.35	1.82	3.33	38.75	-43.69
Leverage Ratio	3.33	3.45	3.32	3.37	4.05	5.04	5.10	4.66	7.38	76.63	-103.89
Compound Leverage Factor	1.67	1.50	0.89	-8.57	7.04	-4.45	3.27	-36.39	7.79	-22.20	-407.74
Debt to Total Capital	58.99%	59.50%	61.63%	64.52%	72.03%	74.04%	71.00%	66.48%	97.96%	97.47%	106.84%
Short-Term Debt to Total Capital	4.38%	4.54%	0.72%	1.17%	4.78%	5.64%	3.81%	0.50%	0.77%	2.24%	0.54%
Long-Term Debt to Total Capital	54.61%	54.96%	60.90%	63.36%	67.26%	68.40%	67.19%	65.98%	97.19%	95.23%	106.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	41.01%	40.50%	38.37%	35.48%	27.97%	25.96%	29.00%	33.52%	2.04%	2.53%	-6.84%
Debt to EBITDA	2.97	3.15	6.33	6.29	16.65	5.69	3.52	6.11	-2.98	4.77	8.48
Net Debt to EBITDA	2.95	3.11	6.24	6.20	15.84	5.62	3.48	5.74	-2.65	4.27	7.99
Long-Term Debt to EBITDA	2.75	2.91	6.26	6.18	15.54	5.26	3.33	6.07	-2.95	4.67	8.44
Debt to NOPAT	11.75	13.75	7.30	90.38	-18.18	47.28	8.99	309.35	-2.98	55.61	-30.68
Net Debt to NOPAT	11.68	13.60	7.19	89.15	-17.30	46.68	8.88	290.54	-2.65	49.74	-28.92
Long-Term Debt to NOPAT	10.88	12.70	7.21	88.74	-16.98	43.67	8.50	307.04	-2.96	54.33	-30.53
Altman Z-Score	0.65	0.67	0.46	0.43	0.13	0.25	0.68	0.27	-1.17	-0.16	-0.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.58	0.97	0.86	0.69	0.66	0.48	1.61	1.11	1.35	1.21	1.80
Quick Ratio	0.45	0.42	0.64	0.52	0.54	0.36	0.26	0.56	1.01	0.86	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,974	4,665	-24,548	5,582	7,039	4,543	11,915	5,823	3,390	1,983	4,863
Operating Cash Flow to CapEx	181.38%	156.15%	245.91%	233.08%	188.97%	182.44%	235.12%	163.50%	73.59%	151.24%	109.68%
Free Cash Flow to Firm to Interest Expense	2.27	3.54	-16.58	2.56	3.48	2.72	7.87	5.21	6.28	1.94	2.40
Operating Cash Flow to Interest Expense	3.93	3.50	2.62	3.23	3.31	3.91	4.29	4.24	4.00	4.23	2.34
Operating Cash Flow Less CapEx to Interest Expense	1.76	1.26	1.55	1.84	1.56	1.77	2.47	1.64	-1.44	1.43	0.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.37	0.29	0.31	0.32	0.33	0.34	0.34	0.37	0.39	0.37
Accounts Receivable Turnover	9.11	8.82	7.72	9.11	9.22	9.81	11.23	11.45	10.30	10.28	9.75
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.98	1.00	0.80	0.85	0.82	0.79	0.83	0.87	0.75	0.65	0.62
Accounts Payable Turnover	7.09	7.24	6.00	5.73	5.00	6.25	8.97	8.73	6.56	7.12	5.88
Days Sales Outstanding (DSO)	40.08	41.37	47.28	40.05	39.61	37.19	32.50	31.87	35.43	35.49	37.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	51.48	50.40	60.83	63.66	73.07	58.38	40.68	41.80	55.64	51.27	62.05
Cash Conversion Cycle (CCC)	-11.40	-9.03	-13.55	-23.61	-33.46	-21.19	-8.18	-9.93	-20.21	-15.78	-24.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,401	31,168	60,884	55,701	46,754	42,884	34,194	28,438	18,339	16,678	11,223
Invested Capital Turnover	0.51	0.53	0.38	0.39	0.42	0.46	0.51	0.56	0.62	0.75	0.89
Increase / (Decrease) in Invested Capital	-1,253	-3,233	29,716	-5,183	-8,947	-3,870	-8,690	-5,756	-10,099	-1,661	-5,431
Enterprise Value (EV)	27,518	27,017	48,727	47,485	44,397	40,698	40,633	24,722	19,600	21,406	24,407
Market Capitalization	7,419	7,551	11,557	11,916	11,393	9,267	12,005	5,401	1,846	5,389	7,969
Book Value per Share	$25.61	$24.51	$21.97	$18.35	$12.36	$10.17	$11.56	$10.03	$0.41	$0.46	($1.09)
Tangible Book Value per Share	($22.16)	($19.35)	($18.48)	($17.57)	($16.17)	($14.52)	($10.86)	($8.17)	($6.96)	($6.21)	($5.44)
Total Capital	34,285	33,087	61,217	55,889	48,164	42,999	40,822	30,946	20,405	18,370	16,324
Total Debt	20,225	19,688	37,726	36,061	34,694	31,837	28,982	20,572	19,988	17,906	17,441
Total Long-Term Debt	18,722	18,185	37,283	35,409	32,394	29,410	27,428	20,418	19,831	17,494	17,353
Net Debt	20,099	19,466	37,170	35,569	33,004	31,431	28,628	19,321	17,754	16,017	16,438
Capital Expenditures (CapEx)	2,841	2,951	1,577	3,017	3,535	3,576	2,765	2,896	2,935	2,865	4,320
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-577	1,094	-776	-1,551	-1,880	-1,437	5,567	-543	-836	-722	2,604
Debt-free Net Working Capital (DFNWC)	-451	1,316	-220	-1,059	-190	-1,031	5,921	708	1,398	1,167	3,607
Net Working Capital (NWC)	-1,954	-187	-663	-1,711	-2,490	-3,458	4,367	554	1,241	755	3,519
Net Nonoperating Expense (NNE)	843	806	3,779	2,132	3,361	1,905	1,192	1,615	3,589	377	1,171
Net Nonoperating Obligations (NNO)	20,341	17,769	37,393	35,873	33,284	31,722	22,354	18,064	17,922	16,214	12,340
Total Depreciation and Amortization (D&A)	4,186	3,918	3,936	5,120	4,829	4,710	4,019	3,239	2,985	2,956	2,749
Debt-free, Cash-free Net Working Capital to Revenue	-3.22%	6.26%	-4.40%	-6.87%	-8.76%	-6.94%	28.28%	-3.11%	-5.74%	-5.51%	21.00%
Debt-free Net Working Capital to Revenue	-2.52%	7.53%	-1.25%	-4.69%	-0.89%	-4.98%	30.08%	4.05%	9.60%	8.90%	29.08%
Net Working Capital to Revenue	-10.92%	-1.07%	-3.76%	-7.58%	-11.60%	-16.70%	22.18%	3.17%	8.53%	5.76%	28.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.58	$1.16	$2.21	($1.63)	($4.92)	($1.14)	$1.92	($1.54)	($10.48)	($0.06)	($1.75)
Adjusted Weighted Average Basic Shares Outstanding	554.28M	539.55M	627.81M	1.07B	1.07B	1.08B	1.06B	1.01B	983.08M	987.68M	994.55M
Adjusted Diluted Earnings per Share	$1.58	$1.16	$2.21	($1.63)	($4.92)	($1.14)	$1.91	($1.54)	($10.48)	($0.06)	($1.75)
Adjusted Weighted Average Diluted Shares Outstanding	555.09M	540.68M	628.69M	1.07B	1.07B	1.08B	1.07B	1.01B	983.08M	987.68M	994.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	543.85M	546.58M	1.07B	1.08B	1.09B	1.10B	1.02B	1.00B	1.01B	1.01B	1.02B
Normalized Net Operating Profit after Tax (NOPAT)	1,721	1,432	1,406	2,307	2,646	2,523	3,225	2,384	776	322	-129
Normalized NOPAT Margin	9.61%	8.20%	7.97%	10.22%	12.33%	12.18%	16.38%	13.64%	5.33%	2.46%	-1.04%
Pre Tax Income Margin	7.35%	5.84%	3.06%	-6.92%	-22.21%	-3.78%	13.72%	-5.67%	-70.32%	-1.75%	-21.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.00	1.77	1.36	0.28	-1.36	0.53	2.78	0.11	-17.96	0.78	-0.34
NOPAT to Interest Expense	1.31	1.09	3.49	0.18	-0.94	0.40	2.13	0.06	-12.42	0.31	-0.28
EBIT Less CapEx to Interest Expense	-0.16	-0.47	0.30	-1.10	-3.11	-1.61	0.96	-2.48	-23.39	-2.02	-2.48
NOPAT Less CapEx to Interest Expense	-0.85	-1.15	2.42	-1.20	-2.69	-1.74	0.30	-2.53	-17.86	-2.48	-2.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	136.45%	186.42%	104.61%	-133.41%	-20.88%	-90.02%	53.47%	-50.39%	-0.11%	-5.45%	-0.06%
Augmented Payout Ratio	229.73%	186.42%	104.61%	-133.41%	-20.88%	-90.02%	102.66%	-63.31%	-0.11%	-5.45%	-0.06%

This table displays calculated financial ratios and metrics derived from Lumen Technologies' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,024,369,609.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,024,369,609.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.20
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-17.06%	-7.45%	-11.99%	-10.73%	-11.54%	-5.35%	-3.28%	-5.39%	-4.16%	-8.65%	-8.89%
EBITDA Growth	-54.03%	52.36%	-20.04%	114.00%	-8.08%	184.01%	-1.85%	-89.46%	-35.17%	-43.89%	52.00%
EBIT Growth	-83.73%	40.39%	-66.29%	103.91%	-14.29%	109.02%	16.10%	-274.77%	-155.00%	-192.81%	358.39%
NOPAT Growth	-81.72%	45.92%	-91.42%	101.60%	-43.50%	108.67%	197.85%	-546.67%	-192.06%	-229.87%	-1,008.18%
Net Income Growth	-113.49%	35.00%	-88.85%	99.44%	-89.74%	104.26%	-452.63%	-1,767.35%	-319.59%	-102.35%	0.50%
EPS Growth	-114.04%	32.89%	-88.46%	99.44%	-87.50%	103.92%	-433.33%	-1,740.00%	-313.33%	-112.50%	0.00%
Operating Cash Flow Growth	-21.55%	-6.78%	85.21%	611.00%	130.65%	-12.24%	-0.64%	11.55%	23.57%	-18.31%	20.82%
Free Cash Flow Firm Growth	455.09%	156.16%	82.82%	-58.08%	-67.27%	-80.03%	-85.98%	75.12%	45.75%	195.12%	266.25%
Invested Capital Growth	-37.49%	-35.51%	-37.54%	-13.60%	-19.45%	-9.06%	-8.02%	-30.86%	-36.47%	-32.61%	-37.81%
Revenue Q/Q Growth	-0.55%	-3.41%	-6.45%	-0.67%	-1.44%	3.35%	-4.42%	-2.83%	-0.16%	-1.49%	-4.67%
EBITDA Q/Q Growth	112.60%	-214.09%	178.66%	23.79%	-17.26%	4.28%	-8.11%	-86.71%	408.85%	-9.74%	148.94%
EBIT Q/Q Growth	102.50%	-981.90%	106.37%	178.81%	-45.29%	-7.22%	-17.96%	-519.71%	82.78%	-56.57%	505.16%
NOPAT Q/Q Growth	102.65%	-896.41%	102.02%	275.79%	-6.67%	22.22%	-30.52%	-663.55%	80.76%	-72.41%	-385.88%
Net Income Q/Q Growth	99.11%	-2,457.69%	102.86%	-185.96%	-202.04%	157.43%	-336.47%	-355.22%	32.13%	99.68%	-9,900.00%
EPS Q/Q Growth	99.10%	-2,450.00%	102.94%	-183.33%	-200.00%	153.33%	-350.00%	-360.00%	32.61%	98.39%	-1,900.00%
Operating Cash Flow Q/Q Growth	981.00%	-11.01%	40.56%	-53.63%	297.65%	-66.14%	59.16%	-47.95%	340.53%	-77.62%	135.41%
Free Cash Flow Firm Q/Q Growth	80.12%	-28.80%	20.50%	-72.88%	40.65%	-56.55%	-15.43%	238.85%	17.06%	-10.83%	3.55%
Invested Capital Q/Q Growth	-0.56%	-10.45%	-3.42%	0.46%	-7.30%	1.11%	-2.33%	-24.48%	-14.81%	7.09%	-9.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.19%	50.61%	49.79%	49.42%	47.47%	48.75%	46.98%	47.48%	44.93%	46.50%	50.50%
EBITDA Margin	26.50%	-31.31%	26.32%	32.80%	27.54%	27.79%	26.71%	3.65%	18.63%	17.07%	44.57%
Operating Margin	6.12%	-50.50%	1.37%	4.13%	3.91%	4.63%	3.36%	-19.50%	-3.76%	-6.58%	20.77%
EBIT Margin	5.77%	-52.66%	3.59%	10.07%	5.59%	5.02%	4.31%	-18.60%	-3.21%	-5.10%	21.66%
Profit (Net Income) Margin	-2.14%	-56.72%	1.73%	-1.50%	-4.59%	2.55%	-6.32%	-29.59%	-20.12%	-0.07%	-6.90%
Tax Burden Percent	91.76%	93.14%	55.88%	119.51%	86.05%	-71.43%	82.04%	79.63%	76.38%	0.39%	-112.99%
Interest Burden Percent	-40.48%	115.66%	86.44%	-12.46%	-95.56%	-71.26%	-178.83%	199.83%	821.21%	328.39%	28.18%
Effective Tax Rate	0.00%	0.00%	44.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	212.99%
Return on Invested Capital (ROIC)	2.39%	-22.00%	0.47%	2.07%	1.97%	2.42%	1.80%	-11.63%	-2.47%	-4.10%	-21.53%
ROIC Less NNEP Spread (ROIC-NNEP)	1.17%	-26.18%	0.65%	1.26%	0.60%	2.29%	0.14%	-14.90%	-6.36%	-3.13%	-18.03%
Return on Net Nonoperating Assets (RNNOA)	3.05%	-87.30%	1.96%	16.34%	8.02%	88.76%	5.79%	3,490.01%	212.73%	136.70%	481.33%
Return on Equity (ROE)	5.44%	-109.30%	2.43%	18.41%	9.99%	91.18%	7.59%	3,478.37%	210.25%	132.61%	459.80%
Cash Return on Invested Capital (CROIC)	16.97%	14.50%	16.04%	9.58%	15.98%	11.33%	10.51%	35.49%	42.22%	34.89%	44.94%
Operating Return on Assets (OROA)	1.89%	-19.25%	1.29%	4.00%	2.13%	1.95%	1.68%	-7.24%	-1.19%	-1.86%	8.18%
Return on Assets (ROA)	-0.70%	-20.74%	0.62%	-0.60%	-1.75%	0.99%	-2.46%	-11.51%	-7.48%	-0.02%	-2.61%
Return on Common Equity (ROCE)	5.44%	-109.30%	2.43%	18.41%	9.99%	91.18%	7.59%	3,478.37%	210.25%	132.61%	459.80%
Return on Equity Simple (ROE_SIMPLE)	-512.48%	0.00%	-2,133.33%	-443.13%	-624.27%	0.00%	-108.30%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	156	-1,243	25	95	88	108	75	-422	-81	-140	-680
NOPAT Margin	4.29%	-35.35%	0.76%	2.89%	2.74%	3.24%	2.35%	-13.65%	-2.63%	-4.60%	-23.46%
Net Nonoperating Expense Percent (NNEP)	1.22%	4.18%	-0.18%	0.81%	1.37%	0.13%	1.66%	3.26%	3.88%	-0.97%	-3.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-6.09%	-	-	-	0.59%	0.42%	-2.44%	-0.49%	-0.86%	-5.84%
Cost of Revenue to Revenue	50.81%	49.39%	50.21%	50.58%	52.53%	51.25%	53.02%	52.52%	55.07%	53.50%	49.50%
SG&A Expenses to Revenue	21.72%	25.48%	25.02%	22.71%	21.61%	21.36%	21.21%	24.42%	26.85%	30.91%	27.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.07%	101.11%	48.42%	45.29%	43.56%	44.13%	43.62%	66.98%	48.69%	53.07%	29.73%
Earnings before Interest and Taxes (EBIT)	210	-1,852	118	329	180	167	137	-575	-99	-155	628
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	965	-1,101	866	1,072	887	925	850	113	575	519	1,292
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.65	4.43	3.12	2.40	21.11	11.61	13.75	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.10	0.13	0.11	0.08	0.54	0.41	0.31	0.35	0.49	0.64	0.59
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.07	1.05	1.02	1.40	1.28	1.21	1.69	2.06	2.17	1.82
Enterprise Value to Revenue (EV/Rev)	1.42	1.35	1.32	1.33	1.74	1.63	1.52	1.62	1.70	1.97	1.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	10.11	13.42	5.71	5.29	7.50	8.75	11.87	7.38
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	26.96	24.28	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	66.48	54.02	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.48	9.07	7.00	5.56	5.22	4.94	4.56	4.75	4.43	5.15	3.72
Enterprise Value to Free Cash Flow (EV/FCFF)	4.65	5.78	5.05	9.91	7.83	10.79	11.05	3.90	3.78	5.02	3.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	8.97	47.93	37.06	39.92	54.26	38.59	61.12	-30.08	-15.07	-15.61	-9.84
Long-Term Debt to Equity	8.90	47.56	36.89	39.51	53.05	37.70	59.98	-29.52	-14.99	-15.54	-9.81
Financial Leverage	2.60	3.33	3.01	12.96	13.44	38.75	41.88	-234.29	-33.46	-43.69	-26.70
Leverage Ratio	6.13	7.38	6.84	25.13	27.30	76.63	84.12	-511.00	-82.16	-103.89	-62.41
Compound Leverage Factor	-2.48	8.53	5.92	-3.13	-26.08	-54.61	-150.44	-1,021.11	-674.71	-341.15	-17.59
Debt to Total Capital	89.97%	97.96%	97.37%	97.56%	98.19%	97.47%	98.39%	103.44%	107.11%	106.84%	111.31%
Short-Term Debt to Total Capital	0.70%	0.77%	0.45%	1.01%	2.20%	2.24%	1.84%	1.91%	0.57%	0.54%	0.30%
Long-Term Debt to Total Capital	89.26%	97.19%	96.92%	96.55%	95.99%	95.23%	96.55%	101.53%	106.54%	106.30%	111.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	10.03%	2.04%	2.63%	2.44%	1.81%	2.53%	1.61%	-3.44%	-7.11%	-6.84%	-11.31%
Debt to EBITDA	-2.51	-2.98	-2.70	10.32	10.76	4.77	4.73	6.45	7.18	8.48	5.19
Net Debt to EBITDA	-2.47	-2.65	-2.47	9.49	9.23	4.27	4.22	5.88	6.20	7.99	4.54
Long-Term Debt to EBITDA	-2.49	-2.95	-2.68	10.22	10.52	4.67	4.64	6.33	7.14	8.44	5.17
Debt to NOPAT	-2.56	-2.98	-2.69	-19.36	-18.03	55.61	48.34	-118.36	-55.12	-30.68	-58.40
Net Debt to NOPAT	-2.52	-2.65	-2.46	-17.80	-15.47	49.74	43.14	-107.99	-47.63	-28.92	-51.08
Long-Term Debt to NOPAT	-2.54	-2.96	-2.67	-19.16	-17.63	54.33	47.44	-116.17	-54.83	-30.53	-58.25
Altman Z-Score	-0.14	-0.41	-0.28	-0.29	-0.18	-0.22	-0.26	-0.25	-0.17	-0.20	-0.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.19	1.35	1.03	1.01	1.20	1.21	1.21	2.13	2.21	1.80	0.99
Quick Ratio	0.44	1.01	0.76	0.75	0.98	0.86	0.87	0.78	0.93	0.53	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12,438	8,856	10,671	2,895	4,071	1,769	1,496	5,069	5,934	5,291	5,479
Operating Cash Flow to CapEx	105.64%	113.46%	157.20%	102.00%	244.52%	82.69%	140.93%	65.22%	244.26%	34.25%	142.72%
Free Cash Flow to Firm to Interest Expense	42.16	30.54	666.95	7.82	11.57	6.18	3.92	8.83	8.31	14.95	12.15
Operating Cash Flow to Interest Expense	2.99	2.70	68.88	1.38	5.77	2.41	2.87	0.99	3.52	1.59	2.93
Operating Cash Flow Less CapEx to Interest Expense	0.16	0.32	25.06	0.03	3.41	-0.50	0.83	-0.53	2.08	-3.05	0.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.37	0.36	0.40	0.38	0.39	0.39	0.39	0.37	0.37	0.38
Accounts Receivable Turnover	10.35	10.30	10.25	9.91	10.09	10.28	10.39	10.02	10.20	9.75	8.71
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.74	0.75	0.72	0.69	0.67	0.65	0.64	0.66	0.64	0.62	0.60
Accounts Payable Turnover	7.15	6.56	6.09	6.36	7.01	7.12	6.96	7.35	6.74	5.88	6.39
Days Sales Outstanding (DSO)	35.27	35.43	35.62	36.82	36.18	35.49	35.12	36.43	35.78	37.45	41.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	51.07	55.64	59.96	57.36	52.03	51.27	52.41	49.67	54.18	62.05	57.16
Cash Conversion Cycle (CCC)	-15.80	-20.21	-24.34	-20.54	-15.85	-15.78	-17.29	-13.24	-18.40	-24.60	-15.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,478	18,339	17,711	17,793	16,495	16,678	16,290	12,302	10,480	11,223	10,131
Invested Capital Turnover	0.56	0.62	0.61	0.71	0.72	0.75	0.76	0.85	0.94	0.89	0.92
Increase / (Decrease) in Invested Capital	-12,282	-10,099	-10,646	-2,800	-3,983	-1,661	-1,421	-5,491	-6,015	-5,431	-6,159
Enterprise Value (EV)	21,015	19,600	18,671	18,225	23,136	21,406	19,738	20,821	21,551	24,407	18,454
Market Capitalization	1,431	1,846	1,574	1,117	7,219	5,389	3,974	4,493	6,280	7,969	7,119
Book Value per Share	$2.20	$0.41	$0.51	$0.46	$0.34	$0.46	$0.29	($0.58)	($1.14)	($1.09)	($1.29)
Tangible Book Value per Share	($7.33)	($6.96)	($6.85)	($6.53)	($6.48)	($6.21)	($6.25)	($4.99)	($5.44)	($5.44)	($5.42)
Total Capital	22,114	20,405	19,181	19,069	18,899	18,370	17,953	17,301	16,499	16,324	11,643
Total Debt	19,895	19,988	18,677	18,603	18,557	17,906	17,664	17,896	17,672	17,441	12,960
Total Long-Term Debt	19,740	19,831	18,591	18,411	18,142	17,494	17,334	17,565	17,578	17,353	12,925
Net Debt	19,584	17,754	17,097	17,108	15,917	16,017	15,764	16,328	15,271	16,438	11,335
Capital Expenditures (CapEx)	834	691	701	501	831	832	777	874	1,028	1,641	927
Debt-free, Cash-free Net Working Capital (DFCFNWC)	570	-836	-1,375	-1,281	-1,429	-722	-838	2,868	2,468	2,604	-1,640
Debt-free Net Working Capital (DFNWC)	881	1,398	205	214	1,211	1,167	1,062	4,436	4,869	3,607	-15
Net Working Capital (NWC)	726	1,241	119	22	796	755	732	4,105	4,775	3,519	-50
Net Nonoperating Expense (NNE)	234	752	-32	144	236	23	276	493	540	-138	-480
Net Nonoperating Obligations (NNO)	18,259	17,922	17,207	17,327	16,153	16,214	16,001	12,897	11,653	12,340	11,448
Total Depreciation and Amortization (D&A)	755	751	748	743	707	758	713	688	674	674	664
Debt-free, Cash-free Net Working Capital to Revenue	3.84%	-5.74%	-9.75%	-9.34%	-10.75%	-5.51%	-6.45%	22.36%	19.45%	21.00%	-13.53%
Debt-free Net Working Capital to Revenue	5.94%	9.60%	1.45%	1.56%	9.11%	8.90%	8.17%	34.59%	38.37%	29.08%	-0.12%
Net Working Capital to Revenue	4.89%	8.53%	0.84%	0.16%	5.99%	5.76%	5.63%	32.01%	37.63%	28.37%	-0.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	($2.04)	$0.06	($0.05)	($0.15)	$0.08	($0.20)	($0.92)	($0.62)	($0.01)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	983.55M	983.08M	984.86M	987.24M	988.79M	987.68M	991.27M	994.54M	996.00M	994.55M	998.89M
Adjusted Diluted Earnings per Share	($0.08)	($2.04)	$0.06	($0.05)	($0.15)	$0.08	($0.20)	($0.92)	($0.62)	($0.01)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	983.55M	983.08M	986.26M	987.24M	988.79M	987.68M	991.27M	994.54M	996.00M	994.55M	998.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.01B	1.01B	1.02B	1.02B	1.01B	1.01B	1.03B	1.03B	1.03B	1.02B	1.03B
Normalized Net Operating Profit after Tax (NOPAT)	156	-1,243	25	95	88	108	75	18	-81	-140	421
Normalized NOPAT Margin	4.29%	-35.35%	0.76%	2.89%	2.74%	3.24%	2.35%	0.57%	-2.63%	-4.60%	14.54%
Pre Tax Income Margin	-2.33%	-60.90%	3.10%	-1.25%	-5.34%	-3.57%	-7.70%	-37.16%	-26.34%	-16.74%	6.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.71	-6.39	7.38	0.89	0.51	0.58	0.36	-1.00	-0.14	-0.44	1.39
NOPAT to Interest Expense	0.53	-4.29	1.57	0.26	0.25	0.38	0.20	-0.74	-0.11	-0.40	-1.51
EBIT Less CapEx to Interest Expense	-2.12	-8.77	-36.44	-0.46	-1.85	-2.33	-1.68	-2.52	-1.58	-5.07	-0.66
NOPAT Less CapEx to Interest Expense	-2.30	-6.67	-42.24	-1.10	-2.11	-2.53	-1.84	-2.26	-1.55	-5.03	-3.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.09%	-0.11%	-0.06%	-0.24%	-0.19%	-5.45%	-0.32%	0.00%	0.00%	-0.06%	0.00%
Augmented Payout Ratio	-0.09%	-0.11%	-0.06%	-0.24%	-0.19%	-5.45%	-0.32%	0.00%	0.00%	-0.06%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are key takeaways from Lumen Technologies (LUMN) based on the quarterly statements from the last four years. The bullets are grouped by potential impact, with positives first, then neutral, then negatives.

Four straight quarters of positive net cash from continuing operating activities in 2025, with Q1 about $1.10B, Q2 about $0.57B, Q3 about $2.51B, and Q4 about $0.56B. This shows the company is generating operating cash despite earnings volatility.
Q4 2025 saw a debt issuance of about $1.24B, which boosts liquidity to fund operations and strategic needs.
Revenue in 2025 remains anchored near a $3.0B per-quarter level (Q1: $3.182B, Q2: $3.092B, Q3: $3.087B, Q4: $3.041B), indicating a relatively stable revenue base.
Net income is volatile and largely negative across most periods, though there was a positive quarter in 2024. Profitability remains a concern going forward.
Earnings per share are predominantly negative across periods (e.g., Q3 2025 EPS -0.62, Q2 2025 EPS -0.92, Q4 2025 EPS -0.01), signaling ongoing earnings quality challenges.
Investing cash flows are typically negative due to capital expenditures, which reduces cash availability in the near term but may support long‑term asset growth.
Liabilities are sizable and debt remains elevated (long-term debt around $17.5B–$18.0B; total liabilities in the mid‑$30B range), indicating a leveraged balance sheet.
Equity metrics show deficits (retained earnings in the negative range and, in some periods, negative total equity), which can be a risk factor for shareholders.
Persistent quarterly net losses across multiple periods (for example, Q1 2025 around -$201M; Q2 2025 around -$915M; Q3 2025 around -$621M; Q4 2025 around -$2M) underline ongoing profitability challenges.
Interest expense runs high (roughly $300M–$710M per quarter across periods), which heavily compresses net income and cash flow from operations.

05/14/26 11:48 AM ETAI Generated. May Contain Errors.

Lumen Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lumen Technologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Lumen Technologies' net income appears to be on an upward trend, with a most recent value of -$1.74 billion in 2025, falling from $878 million in 2015. The previous period was -$55 million in 2024. See where experts think Lumen Technologies is headed by visiting Lumen Technologies' forecast page.

Lumen Technologies' total operating income in 2025 was -$812 million, based on the following breakdown:

Total Gross Profit: $5.76 billion
Total Operating Expenses: $6.58 billion

Over the last 10 years, Lumen Technologies' total revenue changed from $17.90 billion in 2015 to $12.40 billion in 2025, a change of -30.7%.

Lumen Technologies' total liabilities were at $35.46 billion at the end of 2025, a 7.3% increase from 2024, and a 5.7% increase since 2015.

In the past 10 years, Lumen Technologies' cash and equivalents has ranged from $126 million in 2015 to $2.23 billion in 2023, and is currently $1.00 billion as of their latest financial filing in 2025.

Over the last 10 years, Lumen Technologies' book value per share changed from 25.61 in 2015 to -1.09 in 2025, a change of -104.3%.

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Financial statements for NYSE:LUMN last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Lumen Technologies (LUMN) Financials

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Lumen Technologies (LUMN) Financials

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Key Financial Trends

Lumen Technologies Financials - Frequently Asked Questions

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How has Lumen Technologies' revenue changed over the last 10 years?

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How has Lumen Technologies' book value per share changed over the last 10 years?

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