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Lumen Technologies vs Shenandoah Telecommunications: revenue, profit, margins and growth compared

Lumen Technologies brought in $12.4B of revenue in fiscal 2025, Shenandoah Telecommunications $357.9M in fiscal 2025. Revenue changed by -5.4% at Lumen Technologies and +9.1% at Shenandoah Telecommunications on the year before, so Shenandoah Telecommunications grew faster. Lumen Technologies kept -14.0% of its revenue as net profit, Shenandoah Telecommunications -9.2%. Free cash flow was $371M at Lumen Technologies and -$257.9M at Shenandoah Telecommunications.

Side by side, latest fiscal year

LUMNSHEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$12.4B$357.9M
Revenue growth-5.4%+9.1%
Net income-$1.7B-$32.9M
Net margin-14.0%-9.2%
Free cash flow$371M-$257.9M
Free cash flow margin3.0%-72.1%
Earnings per share (diluted)-$1.75-$0.71
Cash$1B$27.3M
Debt$17.4B$642.4M
Price to earningsn/an/a
Market value$5.9B$627.6M
Dividend yieldn/a0.94%
Rank by revenue in sector#8 of 51 · Telecommunications#32 of 51 · Telecommunications

Over the years

Revenue
LUMN FY2018: $22.6BLUMN FY2019: $21.5BLUMN FY2020: $20.7BLUMN FY2021: $19.7BLUMN FY2022: $17.5BLUMN FY2023: $14.6BLUMN FY2024: $13.1BLUMN FY2025: $12.4BSHEN FY2018: $192.7MSHEN FY2019: $206.9MSHEN FY2020: $220.8MSHEN FY2021: $245.2MSHEN FY2022: $248.9MSHEN FY2023: $269.1MSHEN FY2024: $328.1MSHEN FY2025: $357.9MFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $12.4BSHEN $357.9M
Net income
LUMN FY2018: -$1.7BLUMN FY2019: -$5.3BLUMN FY2020: -$1.2BLUMN FY2021: $2BLUMN FY2022: -$1.5BLUMN FY2023: -$10.3BLUMN FY2024: -$55MLUMN FY2025: -$1.7BSHEN FY2018: $46.6MSHEN FY2019: $55.5MSHEN FY2020: $125.7MSHEN FY2021: $998.8MSHEN FY2022: -$8.4MSHEN FY2023: $8MSHEN FY2024: $193.8MSHEN FY2025: -$32.9MFY18FY19FY20FY21FY22FY23FY24FY25
LUMN -$1.7BSHEN -$32.9M
Net margin
LUMN FY2018: -7.7%LUMN FY2019: -24.6%LUMN FY2020: -5.9%LUMN FY2021: 10.3%LUMN FY2022: -8.9%LUMN FY2023: -70.7%LUMN FY2024: -0.4%LUMN FY2025: -14.0%SHEN FY2018: 24.2%SHEN FY2019: 26.8%SHEN FY2020: 56.9%SHEN FY2021: 407.3%SHEN FY2022: -3.4%SHEN FY2023: 3.0%SHEN FY2024: 59.1%SHEN FY2025: -9.2%FY18FY19FY20FY21FY22FY23FY24FY25
LUMN -14.0%SHEN -9.2%
Revenue growth
LUMN FY2019: -5.0%LUMN FY2020: -3.5%LUMN FY2021: -4.9%LUMN FY2022: -11.2%LUMN FY2023: -16.7%LUMN FY2024: -10.0%LUMN FY2025: -5.4%SHEN FY2019: +7.4%SHEN FY2020: +6.7%SHEN FY2021: +11.1%SHEN FY2022: +1.5%SHEN FY2023: +8.1%SHEN FY2024: +21.9%SHEN FY2025: +9.1%FY19FY20FY21FY22FY23FY24FY25
LUMN -5.4%SHEN +9.1%
Free cash flow
LUMN FY2018: $3.9BLUMN FY2019: $3.1BLUMN FY2020: $2.8BLUMN FY2021: $3.6BLUMN FY2022: $1.7BLUMN FY2023: -$940MLUMN FY2024: $1.1BLUMN FY2025: $371MSHEN FY2018: $209MSHEN FY2019: $192.1MSHEN FY2020: $182.4MSHEN FY2021: -$411MSHEN FY2022: -$114.1MSHEN FY2023: -$141.3MSHEN FY2024: -$256.5MSHEN FY2025: -$257.9MFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $371MSHEN -$257.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Lumen Technologies and Shenandoah Telecommunications

Which is bigger by revenue, Lumen Technologies or Shenandoah Telecommunications?

Lumen Technologies is bigger by revenue: $12.4B in fiscal 2025, against $357.9M for Shenandoah Telecommunications in fiscal 2025.

Which keeps more of its revenue as profit, Lumen Technologies or Shenandoah Telecommunications?

Lumen Technologies had a net margin of -14.0% in fiscal 2025; Shenandoah Telecommunications had -9.2% in fiscal 2025.

Which grew revenue faster, Lumen Technologies or Shenandoah Telecommunications?

In their latest fiscal years revenue changed by -5.4% at Lumen Technologies and +9.1% at Shenandoah Telecommunications.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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