QWEST CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QWEST CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,910	8,550	8,395	8,052	7,313	6,951	6,449	5,915	5,508	4,748
Cost of revenue	2,934	2,881	2,669	2,333	1,995	1,722	1,646	1,608	1,505	1,449
Gross profit	5,976	5,669	5,726	5,719	5,318	5,229	4,803	4,307	4,003	3,299
Selling, general and administrative	1,020	925	799	659	564	354	454	478	438	456
Operating expenses	6,586	6,237	5,833
Operating income	2,324	2,313	2,660	2,884	2,711	3,108	2,755	-195	2,051	-1,009
Interest expense	478	465	448	380	279	181	112	95	62	91
Other non-operating income	-561	-522	-501	-416	-409	-292	-165	-75	-37	34
Pre-tax income	1,763	1,791	2,159	2,468	2,302	2,816	2,590	-270	2,014	-975
Income tax	678	134	494	641	595	709	671	561	527	352
Net income	1,085	1,657	1,665	1,827	1,707	2,107	1,919	-831	1,487	-1,327
EBITDA	4,015	3,896	4,096	4,248	4,026	4,117	3,615	628	2,804	-324

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5	1	5	2	14	2	8	10	26	39
Receivables	700	646	546	514	364	301	347	261	227	199
Other current assets	73	98	147	128	122	187	120	144	152	77
Total current assets	1,706	1,769	1,846	2,486	500	490	1,044	415	1,307	4,505
Property, plant and equipment	7,645	7,924	8,077	8,170	8,309	8,180	8,273	8,700	8,865	7,446
Lease right-of-use assets			0	105	67	69	68	65	64	65
Goodwill	9,354	9,360	9,360	9,360	9,360	9,360	9,360	6,955	6,955	3,638
Intangible assets			893	779	343	199	138	103	84	111
Other non-current assets	96	75	96	204	147	141	141	164	151	120
Total assets	21,149	20,869	20,583	20,999	18,659	18,370	18,956	16,337	17,362	15,820
Accounts payable	398	317	441	403	292	206	231	362	221	152
Accrued liabilities	273	238	251	276	178	138	57	52	48	44
Deferred revenue		265	212	201	183	174	167	162	153	143
Short-term debt	514	17	11	1,105	948	0	2	1	239	0
Total current liabilities	2,796	2,196	2,272	3,409	3,604	2,036	746	933	966	653
Long-term debt	6,747	7,264	5,948	4,846	2,386	2,156	2,157	2,156	1,688	1,688
Lease liabilities			0	89	76	63	58	47	49	51
Other non-current liabilities	66	82	547	712	685	670	654	679	685	703
Total liabilities	12,457	11,532	10,715	10,882	8,561	6,722	5,389	5,581	5,119	4,904
Total debt	7,261	7,281	5,959	5,951	3,334	2,156	2	1	1,927	1,688
Retained earnings	-1,358	-713	-182	67	48	1,585	3,517	706	2,193	866
Shareholders' equity	8,692	9,337	9,868	10,117	10,098	11,648	13,567	10,756	12,243	10,916
Total equity	8,692	9,337	9,868	10,117	10,098	11,648	13,567	10,756	12,243	10,916
Total liabilities and equity	21,149	20,869	20,583	20,999	18,659	18,370	18,956	16,337	17,362	15,820
Shares outstanding	0	0	0	0	0	0	0	0	0	0

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,085	1,657	1,665	1,827	1,707	2,107	1,919	-831	1,487	-1,327
Depreciation and amortization	1,691	1,583	1,436	1,364	1,315	1,009	860	823	753	685
Deferred income tax	-123	-773	48	100	41	27	20	22	37	125
Change in receivables	-92	-20	40	-19	88	36	-68	20	-11	-23
Change in payables	5	-44	69
Cash from operations	2,652	2,435	3,791	3,332	3,071	3,033	2,626	2,389	2,194	1,762
Capital expenditures	-1,259	-1,328	-1,040	-1,055	-1,091	-797	-849	-1,062	-1,047	-824
Acquisitions	0	-5	0	0
Cash from investing	-1,334	-1,436	-1,153	-1,723	754	-751	-1,349	-466	-1,891	-1,512
Debt issued	1,173	638	0	0	115	0	0
Debt repaid	-1,189	-641	-1,359	-12	-2,796	-1,186	-1	-2	-226	-238
Dividends paid	-1,300	-1,000	-1,275	-1,600	-1,725	-570	0	-1,980	0	0
Cash from financing	-1,316	-1,003	-2,634	-1,612	-3,814	-2,293	-1,271	-1,921	-287	-238
Net change in cash	2	-4	4	-3	11	-11	6	2	16	12
Free cash flow	1,393	1,107	2,751	2,277	1,980	2,236	1,777	1,327	1,147	938
Interest paid	488	467	466	378	310	188	113	97	63	98
Income taxes paid	801	907	-8	539	556	697	673	509	497	199

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $16.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.7%	Gross profit / revenue.
Operating margin	-29.5%	Operating income / revenue.
EBITDA margin	-15.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-28.3%	Pre-tax income / revenue.
Net margin	-40.1%	Net income / revenue.
FCF margin	18.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.4%	Cash from operations / revenue.
Return on equity (ROE)	-17.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-11.7%	Net income / average total assets.
Return on invested capital (ROIC)	-8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.7%	Selling, general and administrative expense / revenue.
Capex / revenue	16.1%	Capital expenditures / revenue.
D&A / revenue	14.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-17.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-9.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-149.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-111.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-189.2%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-19.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-10.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-18.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-19.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.96x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.7%	Total debt / total assets.
Liabilities / assets	32.0%	Total liabilities / total assets.
Net debt	$1.63B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$3.81B	Current assets - current liabilities.
Goodwill and intangibles / assets	23.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.93B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	0.62x	Revenue / average property, plant and equipment.
Receivables turnover	24.7x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	46.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Book value per share	$10,690,000,000.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6,933,000,000.00	Tangible book value / shares outstanding.
Cash per share	$56,000,000.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$16.0	Share price x shares outstanding.
Enterprise value	$1.63B	Market cap + total debt - cash - short-term investments.
P/S	0.00x	Market cap / revenue.
P/B	0.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.00x	Market cap / tangible book value, when positive.
P/FCF	0.00x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.00x	Market cap / cash from operations, when positive.
EV/Sales	0.36x	Enterprise value / revenue.
EV/FCF	1.95x	Enterprise value / free cash flow, when both are positive.
FCF yield	5,231,250,000.0%	Free cash flow / market cap.
Earnings yield	-11,481,250,000.0%	Net income / market cap (the inverse of P/E).

What was QWEST CORP's revenue in fiscal 2025?

QWEST CORP reported revenue of $4.75B for fiscal 2025, 13.8% lower than the year before.

Was QWEST CORP profitable in fiscal 2025?

No. It reported a net loss of $1.33B.

How much free cash flow did QWEST CORP generate in fiscal 2025?

Cash from operations of $1.76B minus capital expenditures of $824.0M left free cash flow of $938.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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