Lumen Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Lumen Technologies, Inc. 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	17,470	17,656	22,580	21,458	20,712	19,687	17,478	14,557	13,108	12,402
Cost of revenue	7,774	8,203	9,999	9,134	8,934	8,488	7,868	7,144	6,703	6,638
Gross profit	9,696	9,453	12,581	12,324	11,778	11,199	9,610	7,413	6,405	5,764
Selling, general and administrative	3,447	3,508	4,165	3,715	3,464	2,895	3,078	3,198	2,972	3,199
Operating expenses	15,137	15,647	22,873
Operating income	2,333	2,009	570	-2,726	962	4,285	95	-9,584	460	-812
Interest expense	1,318	1,481	2,177	2,021	1,668	1,522	1,332	1,158	1,372	1,284
Other non-operating income	-1,313	-1,469	-2,133	-2,040	-1,744	-1,584	-1,086	-653	-690	-1,904
Pre-tax income	1,020	540	-1,563	-4,766	-782	2,701	-991	-10,237	-230	-2,716
Income tax	394	-849	170	503	450	668	557	61	-175	-977
Net income	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
EBITDA	6,249	5,945	5,690	2,103	5,672	8,304	3,334	-6,599	3,416	1,937
EPS, basic	1.16	2.21	-1.63	-4.92	-1.14	1.92	-1.54	-10.48	-0.06	-1.75
EPS, diluted	1.16	2.21	-1.63	-4.92	-1.14	1.91	-1.54	-10.48	-0.06	-1.75
Shares, basic (weighted)	540	628	1,066	1,071	1,079	1,060	1,008	983	988	995
Shares, diluted (weighted)	541	629	1,066	1,071	1,079	1,067	1,008	983	988	995
Dividend per share	2.16	2.16	2.16	1.00	1.00	1.00	0.75	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	222	551	488	1,690	406	354	1,251	2,234	1,889	1,003
Receivables	2,017	2,557	2,398	2,259	1,962	1,544	1,508	1,318	1,231	1,314
Other current assets	547	941	918	819	808	829	803	1,223	1,250	1,307
Total current assets	5,162	4,194	3,820	4,768	3,176	11,536	5,451	4,775	4,394	7,909
Property, plant and equipment	17,039	26,852	26,408	26,079	26,338	20,895	19,166	19,758	20,421	19,575
Lease right-of-use assets				1,686	1,699	1,451	1,340	1,230	1,119	1,291
Goodwill	19,650	30,475	28,031	21,534	18,870	15,986	12,657	1,964	1,964	0
Intangible assets		10,876	8,911	9,567	8,219	6,970	6,166	5,470	4,806	4,463
Other non-current assets	836	1,286	1,192	2,794	2,791	2,606	2,172	2,051	1,911	2,395
Total assets	47,017	75,611	70,256	64,742	59,394	57,993	45,612	34,018	33,496	34,342
Accounts payable	1,179	1,555	1,933	1,724	1,134	758	1,044	1,134	749	1,508
Accrued liabilities	802	890	1,104	1,037	1,008	860	692	696	716	854
Deferred revenue		892	832	804	753	617	596	647	861	1,005
Short-term debt	1,503	443	652	2,300	2,427	1,554	154	157	412	88
Total current liabilities	5,349	4,857	5,531	7,258	6,634	7,169	4,897	3,534	3,639	4,390
Long-term debt	18,185	37,283	35,409	32,394	29,410	27,428	20,418	19,831	17,494	17,353
Lease liabilities				1,342	1,405	1,171	1,088	1,040	959	1,113
Other non-current liabilities	1,086	2,389	2,642	4,108	4,290	3,797	2,611	2,650	3,071	2,937
Total liabilities	33,618	52,120	50,428	51,272	48,232	46,216	35,238	33,601	33,032	35,459
Total debt	19,993	37,726	36,061	34,694	31,837	28,982	20,572	19,988	17,906	17,441
Paid-in capital	14,970	23,314	22,852	21,874	20,909	18,972	18,080	18,126	0
Retained earnings	-1	1,103	-1,643	-6,814	-8,031	-5,998	-7,609	-17,907	-17,962	-19,701
Other comprehensive income	-2,117	-1,995	-2,461	-2,680	-2,813	-2,158	-1,099	-810	-723	-601
Shareholders' equity	13,399	23,491	19,828	13,470	11,162	11,777	10,374	417	464	-1,117
Total equity	13,399	23,491	19,828	13,470	11,162	11,777	10,374	417	464	-1,117
Total liabilities and equity	47,017	75,611	70,256	64,742	59,394	57,993	45,612	34,018	33,496	34,342
Shares outstanding	547	1,069	1,080	1,090	1,097	1,024	1,002	1,008	1,015	1,025

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	626	1,389	-1,733	-5,269	-1,232	2,033	-1,548	-10,298	-55	-1,739
Depreciation and amortization	3,916	3,936	5,120	4,829	4,710	4,019	3,239	2,985	2,956	2,749
Stock-based compensation	80	111	186	162	175	120	98	52	29	48
Deferred income tax	6	-931	522	440	366	598	-1,230	8	-209	-705
Change in receivables	-266	31	25	-5	115	-8	-158	102	19	-168
Change in payables	109	-123	124	-261	-543	-261	98	-97	-202	632
Cash from operations	4,608	3,878	7,032	6,680	6,524	6,501	4,735	2,160	4,333	4,738
Capital expenditures	-2,981	-3,106	-3,175	-3,628	-3,729	-2,900	-3,016	-3,100	-3,231	-4,367
Acquisitions	0	-7,289	0	0
Cash from investing	-2,994	-8,871	-3,078	-3,570	-3,564	-2,712	5,476	-1,201	-2,830	-4,305
Debt issued	2,161	8,398	130	3,707	4,361	1,881	0	0	1,325	8,158
Debt repaid	-2,462	-1,963	-1,936	-4,157	-7,315	-3,598	-8,093	-185	-2,678	-8,818
Stock issued	6
Share buybacks	-16	-17		0	0	-1,000	-200	0	0
Dividends paid	-1,167	-1,453	-2,312	-1,100	-1,109	-1,087	-780	-11	-3	-1
Cash from financing	-1,518	5,356	-4,023	-1,911	-4,250	-3,807	-9,313	-18	-1,851	-1,319
Exchange rate effect	0	-2
Net change in cash	96	363	-69	1,199	-1,290	-18	898	941	-348	-886
Free cash flow	1,627	772	3,857	3,052	2,795	3,601	1,719	-940	1,102	371
Interest paid	1,301	1,401	2,138	2,028	1,627	1,487	1,365	1,138	1,245	1,219
Income taxes paid	397	392	-674	-34	-28	112	76	1,303	-242	18

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.8%	Gross profit / revenue.
Operating margin	1.7%	Operating income / revenue.
EBITDA margin	24.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.8%	Pre-tax income / revenue.
Net margin	-8.7%	Net income / revenue.
FCF margin	7.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.4%	Cash from operations / revenue.
Return on assets (ROA)	-3.3%	Net income / average total assets.
Return on invested capital (ROIC)	1.6%	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	28.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	38.3%	Capital expenditures / revenue.
D&A / revenue	22.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-15.7%	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	-13.3%	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	-276.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-43.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-16.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-19.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.0%	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	-6.2%	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	-66.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-40.0%	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	-33.2%	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	-340.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.0%	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	-10.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.96x	Current assets / current liabilities.
Quick ratio	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.44x	(Cash + short-term investments) / current liabilities.
Debt / assets	42.9%	Total debt / total assets.
Liabilities / assets	104.8%	Total liabilities / total assets.
Net debt	$11.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.94x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.19x	Operating income / interest expense.
Working capital	-$154.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$5.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	0.58x	Revenue / average property, plant and equipment.
Receivables turnover	8.59x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	84.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.78	Revenue / diluted weighted shares.
FCF per share	$0.83	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.35	Cash from operations / diluted weighted shares.
Book value per share	-$1.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.37	Tangible book value / shares outstanding.
Cash per share	$1.82	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.89B	Share price x shares outstanding.
Enterprise value	$17.22B	Market cap + total debt - cash - short-term investments.
P/S	0.50x	Market cap / revenue.
P/FCF	7.04x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.10x	Market cap / cash from operations, when positive.
EV/Sales	1.46x	Enterprise value / revenue.
EV/EBIT	87.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.98x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.2%	Free cash flow / market cap.
Earnings yield	-17.4%	Net income / market cap (the inverse of P/E).

What was Lumen Technologies, Inc.'s revenue in fiscal 2025?

Lumen Technologies, Inc. reported revenue of $12.40B for fiscal 2025, 5.4% lower than the year before.

Was Lumen Technologies, Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.74B.

How much free cash flow did Lumen Technologies, Inc. generate in fiscal 2025?

Cash from operations of $4.74B minus capital expenditures of $4.37B left free cash flow of $371.0M.

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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