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Lumen Technologies vs AT&T: revenue, profit, margins and growth compared

Lumen Technologies brought in $12.4B of revenue in fiscal 2025, AT&T $125.6B in fiscal 2025. Revenue changed by -5.4% at Lumen Technologies and +2.7% at AT&T on the year before, so AT&T grew faster. Lumen Technologies kept -14.0% of its revenue as net profit, AT&T 17.5%. Free cash flow was $371M at Lumen Technologies and $19.4B at AT&T.

Side by side, latest fiscal year

LUMNT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$12.4B$125.6B
Revenue growth-5.4%+2.7%
Net income-$1.7B$22B
Net margin-14.0%17.5%
Free cash flow$371M$19.4B
Free cash flow margin3.0%15.5%
Earnings per share (diluted)-$1.75$3.04
Cash$1B$18.2B
Debt$17.4B$134.7B
Price to earningsn/a8.3
Market value$5.9B$173.9B
Dividend yieldn/a4.37%
Rank by revenue in sector#8 of 51 · Telecommunications#2 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: $12.4BT FY2018: $170.8BT FY2019: $181.2BT FY2020: $143.1BT FY2021: $134BT FY2022: $120.7BT FY2023: $122.4BT FY2024: $122.3BT FY2025: $125.6BFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $12.4BT $125.6B
Net income
LUMN FY2018: -$1.7BLUMN FY2019: -$5.3BLUMN FY2020: -$1.2BLUMN FY2021: $2BLUMN FY2022: -$1.5BLUMN FY2023: -$10.3BLUMN FY2024: -$55MLUMN FY2025: -$1.7BT FY2018: $19.4BT FY2019: $13.9BT FY2020: -$5.2BT FY2021: $20.1BT FY2022: -$8.5BT FY2023: $14.4BT FY2024: $10.9BT FY2025: $22BFY18FY19FY20FY21FY22FY23FY24FY25
LUMN -$1.7BT $22B
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%T FY2018: 11.3%T FY2019: 7.7%T FY2020: -3.6%T FY2021: 15.0%T FY2022: -7.1%T FY2023: 11.8%T FY2024: 8.9%T FY2025: 17.5%FY18FY19FY20FY21FY22FY23FY24FY25
LUMN -14.0%T 17.5%
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%T FY2019: +6.1%T FY2020: -21.1%T FY2021: -6.3%T FY2022: -9.9%T FY2023: +1.4%T FY2024: -0.1%T FY2025: +2.7%FY19FY20FY21FY22FY23FY24FY25
LUMN -5.4%T +2.7%
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: $371MT FY2018: $22.4BT FY2019: $29BT FY2020: $28.4BT FY2021: $26.4BT FY2022: $16.2BT FY2023: $20.5BT FY2024: $18.5BT FY2025: $19.4BFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $371MT $19.4B

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

Questions about Lumen Technologies and AT&T

Which is bigger by revenue, Lumen Technologies or AT&T?

AT&T is bigger by revenue: $125.6B in fiscal 2025, against $12.4B for Lumen Technologies in fiscal 2025.

Which keeps more of its revenue as profit, Lumen Technologies or AT&T?

Lumen Technologies had a net margin of -14.0% in fiscal 2025; AT&T had 17.5% in fiscal 2025.

Which grew revenue faster, Lumen Technologies or AT&T?

In their latest fiscal years revenue changed by -5.4% at Lumen Technologies and +2.7% at AT&T.

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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