LUMN

MKT CAP:$9B

Lumen Technologies, Inc.

Market Cap

$9B

Communication Services·Telecommunications Services·🇺🇸 United States·NYSE

Communication·Telecommunications·🇺🇸·NYSE

Stock Price

$8.93+$1.24 (+16.06%)

Apr 24, 2026

Company Details

Lumen Technologies, Inc., a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United...

CEO

Kathleen E. Johnson

IPO Date

Mar 17, 1980

Website

www.lumen.com

Key Metrics TTM

Revenue

$12.4B

-5.4% YoY

Net Income

-$1.7B

EPS (Diluted)

-$1.74

Free Cash Flow

$371M

Revenue / Share

$12.45

Gross Margin

24.3%

Operating Margin

-1.5%

Net Margin

-14.0%

FCF Margin

3.0%

P/S

0.7x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 20, 2026

$12.4B-5.4%EPS -$1.75

Q4 2025

Feb 20, 2026

$3.0B-8.7%EPS -$0.00

Q3 2025

Oct 30, 2025

$3.1B-4.2%EPS -$0.62

Q2 2025

Jul 31, 2025

$3.1B-5.4%EPS -$0.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$4.7B	$2.7B	$1.1B
Q2 22	$4.6B	$1.7B	$912M
Q3 22	$4.4B	$1.5B	$791M
Q4 22	$3.8B	$2.0B	-$3.3B
Q1 23	$3.7B	$1.9B	$390M
Q2 23	$3.7B	$1.9B	-$8.4B
Q3 23	$3.6B	$1.8B	$223M
Q4 23	$3.5B	$1.0B	$133M
Q1 24	$3.3B	$1.6B	$45M
Q2 24	$3.3B	$872M	$130M
Q3 24	$3.2B	$1.5B	$126M
Q4 24	$3.3B	$1.6B	$154M
Q1 25	$3.2B	$1.5B	$107M
Q2 25	$3.1B	$1.5B	-$603M
Q3 25	$3.1B	$1.4B	-$116M
Q4 25	$3.0B	-$1.3B	$428M

Valuation

Quarter	P/S	P/E
Q1 22	0.6x	5.2x
Q2 22	0.6x	5.8x
Q3 22	0.4x	3.8x
Q4 22	0.3x	—
Q1 23	0.2x	—
Q2 23	0.1x	—
Q3 23	0.1x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.1x	—
Q3 24	0.5x	—
Q4 24	0.4x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.5x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1.4B	$798M
Q2 22	$1.4B	$635M
Q3 22	$1.1B	$278M
Q4 22	$841M	$8M
Q1 23	$595M	-$45M
Q2 23	-$100M	-$896M
Q3 23	$881M	$38M
Q4 23	$784M	-$37M
Q1 24	$1.1B	$389M
Q2 24	$511M	-$242M
Q3 24	$2.0B	$1.2B
Q4 24	$688M	-$227M
Q1 25	$1.1B	$304M
Q2 25	$570M	-$321M
Q3 25	$2.5B	$1.5B
Q4 25	$562M	-$1.1B

Capital Expenditures

Quarter	CapEx
Q1 22	$577M
Q2 22	$761M
Q3 22	$845M
Q4 22	$833M
Q1 23	$640M
Q2 23	$796M
Q3 23	$843M
Q4 23	$821M
Q1 24	$713M
Q2 24	$753M
Q3 24	$850M
Q4 24	$915M
Q1 25	$791M
Q2 25	$891M
Q3 25	$1.0B
Q4 25	$1.6B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-7.0%	-11.1%
Q2 22	-6.3%	-5.6%
Q3 22	-10.2%	-4.2%
Q4 22	-21.6%	+92.2%
Q1 23	-20.1%	-6.8%
Q2 23	-20.6%	+226.5%
Q3 23	-17.1%	-5.0%
Q4 23	-7.4%	-52.2%
Q1 24	-12.0%	-3.1%
Q2 24	-10.7%	-74.0%
Q3 24	-11.5%	-9.4%
Q4 24	-5.3%	-6.2%
Q1 25	-3.3%	-5.2%
Q2 25	-5.4%	+17.8%
Q3 25	-4.2%	+3.5%
Q4 25	-8.7%	-17.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$23M	0.5%
Q2 22	$25M	0.5%
Q3 22	$23M	0.5%
Q4 22	$27M	0.7%
Q1 23	$14M	0.4%
Q2 23	$9M	0.2%
Q3 23	$16M	0.4%
Q4 23	$13M	0.4%
Q1 24	$14M	0.4%
Q2 24	-$3M	-0.1%
Q3 24	$10M	0.3%
Q4 24	$8M	0.2%
Q1 25	$10M	0.3%
Q2 25	$12M	0.4%
Q3 25	$13M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$800M
Q2 22	—	—	$776M
Q3 22	—	—	$757M
Q4 22	$590M	$62M	—
Q1 23	$760M	—	—
Q2 23	$829M	—	—
Q3 23	$830M	—	—
Q4 23	$809M	$87M	—
Q1 24	$862M	—	—
Q2 24	$779M	—	—
Q3 24	$696M	—	—
Q4 24	$711M	—	—
Q1 25	$675M	—	—
Q2 25	$755M	—	—
Q3 25	$829M	—	—
Q4 25	—	—	$940M

Revenue Segments

Quarter	Business Segment	Mass Market Segment
Q1 22	$3.4B	$1.3B
Q2 22	$3.4B	$1.2B
Q3 22	$3.2B	$1.2B
Q4 22	$3.0B	$795M
Q1 23	$3.0B	$782M
Q2 23	$2.9B	$764M
Q3 23	$2.9B	$747M
Q4 23	$2.8B	$729M
Q1 24	$2.6B	$699M
Q2 24	$2.6B	$691M
Q3 24	$2.5B	$685M
Q4 24	$2.7B	$670M
Q1 25	$2.5B	$658M
Q2 25	$2.5B	$615M
Q3 25	$2.5B	$631M
Q4 25	$2.4B	$603M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$368M	$0	$368M
Q2 22	$361M	$0	$361M
Q3 22	$253M	$0	$253M
Q4 22	$1.3B	$0	$1.3B
Q1 23	$1.1B	$0	$1.1B
Q2 23	$411M	$0	$411M
Q3 23	$311M	$0	$311M
Q4 23	$2.2B	$0	$2.2B
Q1 24	$1.6B	$0	$1.6B
Q2 24	$1.5B	$0	$1.5B
Q3 24	$2.6B	$0	$2.6B
Q4 24	$1.9B	$0	$1.9B
Q1 25	$1.9B	$0	$1.9B
Q2 25	$1.6B	$0	$1.6B
Q3 25	$2.4B	$0	$2.4B
Q4 25	$1.0B	$0	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	1.02B	-0.0%	-7.0%
Q2 22	1.02B	+0.1%	-7.0%
Q3 22	1.02B	+0.0%	-4.9%
Q4 22	996M	-2.1%	-2.0%
Q1 23	982M	-1.3%	-3.2%
Q2 23	983M	+0.1%	-3.3%
Q3 23	984M	+0.0%	-3.3%
Q4 23	984M	+0.0%	-1.2%
Q1 24	986M	+0.3%	+0.4%
Q2 24	987M	+0.1%	+0.4%
Q3 24	989M	+0.2%	+0.5%
Q4 24	988M	-0.1%	+0.4%
Q1 25	991M	+0.4%	+0.5%
Q2 25	991M	0.0%	+0.4%
Q3 25	996M	+0.5%	+0.7%
Q4 25	996M	+0.0%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$129.9K	36K
Q2 22	$128.1K	36K
Q3 22	$121.9K	36K
Q4 22	$131.0K	29K
Q1 23	$128.9K	29K
Q2 23	$126.2K	29K
Q3 23	$125.6K	29K
Q4 23	$125.6K	28K
Q1 24	$117.5K	28K
Q2 24	$116.7K	28K
Q3 24	$115.0K	28K
Q4 24	$133.2K	25K
Q1 25	$127.3K	25K
Q2 25	$123.7K	25K
Q3 25	$123.5K	25K
Q4 25	$126.7K	24K

Revenue / Employee