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Telecom services · Communication Services · Fiscal year ends Dec 31
Lumen Technologies reported revenue of $11.3B in the fiscal year ended Dec 2025, down 6.6% from the year before. Operating income was −$812M, an operating margin of −7.2%, and net income was −$1.7B. Operating cash flow of $4.7B less capital expenditure of $4.4B left free cash flow of $371M. Net debt was $16.4B.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 17,795 | 16,108 | 13,521 | 12,129 | 11,331 |
| Cost of revenue | 8,488 | 7,868 | 7,144 | 6,703 | 6,638 |
| Gross profit | 9,307 | 8,240 | 6,377 | 5,426 | 4,693 |
| Selling, general & admin | 2,895 | 3,078 | 3,198 | 2,972 | 3,199 |
| Operating income | 4,285 | 95.0 | −9,584 | 460 | −812 |
| Interest expense | 1,522 | 1,332 | 1,158 | 1,372 | 1,284 |
| Pre-tax income | 2,701 | −991 | −10,237 | −230 | −2,716 |
| Income tax | 668 | 557 | 61.0 | −175 | −977 |
| Net income | 2,033 | −1,548 | −10,298 | −55.0 | −1,739 |
| Diluted EPS | 1.91 | −1.54 | −10.48 | −0.06 | −1.75 |
| Diluted shares | 1,067 | 1,008 | 983 | 988 | 995 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 354 | 1,251 | 2,234 | 1,889 | 1,003 |
| Receivables | 1,544 | 1,508 | 1,318 | 1,231 | 1,314 |
| Current assets | 11,536 | 5,451 | 4,775 | 4,394 | 7,909 |
| Net PP&E | 20,895 | 19,166 | 19,758 | 20,421 | 19,575 |
| Goodwill | 15,986 | 12,657 | 1,964 | 1,964 | 0.0 |
| Total assets | 57,993 | 45,612 | 34,018 | 33,496 | 34,342 |
| Payables | 758 | 1,044 | 1,134 | 749 | 1,508 |
| Deferred revenue | 617 | 596 | 698 | 733 | 647 |
| Current liabilities | 7,169 | 4,897 | 3,534 | 3,639 | 4,390 |
| Long-term debt | 27,428 | 20,418 | 19,831 | 17,494 | 17,353 |
| Total liabilities | 46,216 | 35,238 | 33,601 | 33,032 | 35,459 |
| Shareholders' equity | 11,777 | 10,374 | 417 | 464 | −1,117 |
| Backlog (remaining obligations) | 6,200 | 7,400 | 6,800 | 6,400 | 6,000 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 6,501 | 4,735 | 2,160 | 4,333 | 4,738 |
| Capital expenditure | 2,900 | 3,016 | 3,100 | 3,231 | 4,367 |
| Free cash flow | 3,601 | 1,719 | −940 | 1,102 | 371 |
| Depreciation & amortisation | 4,019 | 3,239 | 2,985 | 2,956 | 2,749 |
| Stock-based compensation | 120 | 98.0 | 52.0 | 29.0 | 48.0 |
| Share buybacks | 1,000 | 200 | 0.0 | 0.0 | – |
| Dividends paid | 1,087 | 780 | 11.0 | 3.0 | 1.0 |
| Dividend per share | 1.00 | 0.75 | 0.00 | 0.00 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −9.5% | −16.1% | −10.3% | −6.6% |
| Operating income growth (YoY) | – | −97.8% | −10188.4% | – | −276.5% |
| EPS growth (YoY) | – | −180.6% | – | – | – |
| Gross margin | 52.3% | 51.2% | 47.2% | 44.7% | 41.4% |
| Operating margin | 24.1% | 0.6% | −70.9% | 3.8% | −7.2% |
| Net margin | 11.4% | −9.6% | −76.2% | −0.5% | −15.3% |
| Return on equityBlank when equity is negative | 17.3% | −14.9% | −2469.5% | −11.9% | – |
| ROCEEBIT ÷ (assets − current liabilities) | 8.4% | 0.2% | −31.4% | 1.5% | −2.7% |
| Free cash flow margin | 20.2% | 10.7% | −7.0% | 9.1% | 3.3% |
| Cash conversion (CFO ÷ net income) | 3.20x | −3.06x | −0.21x | −78.8x | −2.72x |
| Receivable days | 32 | 34 | 36 | 37 | 42 |
| Payable days | 33 | 48 | 58 | 41 | 83 |
| Interest cover | 2.82x | 0.07x | −8.28x | 0.34x | −0.63x |
| Debt ÷ equity | 2.33x | 1.97x | 47.6x | 37.7x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 27,074 | 19,167 | 17,597 | 15,605 | 16,350 |
| Current ratio | 1.61x | 1.11x | 1.35x | 1.21x | 1.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.