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Lumen Technologies vs Telephone & Data Systems: revenue, profit, margins and growth compared

Lumen Technologies brought in $12.4B of revenue in fiscal 2025, Telephone & Data Systems $1.2B in fiscal 2025. Revenue changed by -5.4% at Lumen Technologies and -5.3% at Telephone & Data Systems on the year before, so Telephone & Data Systems grew faster. Lumen Technologies kept -14.0% of its revenue as net profit, Telephone & Data Systems -0.5%. Free cash flow was $371M at Lumen Technologies and $199.4M at Telephone & Data Systems.

Side by side, latest fiscal year

LUMNTDS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$12.4B$1.2B
Revenue growth-5.4%-5.3%
Net income-$1.7B-$6.2M
Net margin-14.0%-0.5%
Free cash flow$371M$199.4M
Free cash flow margin3.0%16.2%
Earnings per share (diluted)-$1.75-$0.65
Cash$1B$766M
Debt$17.4B$828.6M
Price to earningsn/an/a
Market value$5.9B$4.1B
Dividend yieldn/a0.45%
Rank by revenue in sector#8 of 51 · Telecommunications#24 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: $12.4BTDS FY2018: $5.1BTDS FY2019: $5.2BTDS FY2020: $5.2BTDS FY2021: $5.3BTDS FY2022: $5.4BTDS FY2023: $1.4BTDS FY2024: $1.3BTDS FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $12.4BTDS $1.2B
Net income
LUMN FY2018: -$1.7BLUMN FY2019: -$5.3BLUMN FY2020: -$1.2BLUMN FY2021: $2BLUMN FY2022: -$1.5BLUMN FY2023: -$10.3BLUMN FY2024: -$55MLUMN FY2025: -$1.7BTDS FY2018: $135MTDS FY2019: $121MTDS FY2020: $226MTDS FY2021: $156MTDS FY2022: $62MTDS FY2023: -$500MTDS FY2024: -$27.7MTDS FY2025: -$6.2MFY18FY19FY20FY21FY22FY23FY24FY25
LUMN -$1.7BTDS -$6.2M
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%TDS FY2018: 2.6%TDS FY2019: 2.3%TDS FY2020: 4.3%TDS FY2021: 2.9%TDS FY2022: 1.1%TDS FY2023: -36.9%TDS FY2024: -2.1%TDS FY2025: -0.5%FY18FY19FY20FY21FY22FY23FY24FY25
LUMN -14.0%TDS -0.5%
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%TDS FY2019: +1.3%TDS FY2020: +0.9%TDS FY2021: +2.0%TDS FY2022: +1.6%TDS FY2023: -75.0%TDS FY2024: -4.3%TDS FY2025: -5.3%FY19FY20FY21FY22FY23FY24FY25
LUMN -5.4%TDS -5.3%
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: $371MTDS FY2018: $241MTDS FY2019: $59MTDS FY2020: $194MTDS FY2021: -$28MTDS FY2022: -$6MTDS FY2023: $498.1MTDS FY2024: $780.4MTDS FY2025: $199.4MFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $371MTDS $199.4M

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

Questions about Lumen Technologies and Telephone & Data Systems

Which is bigger by revenue, Lumen Technologies or Telephone & Data Systems?

Lumen Technologies is bigger by revenue: $12.4B in fiscal 2025, against $1.2B for Telephone & Data Systems in fiscal 2025.

Which keeps more of its revenue as profit, Lumen Technologies or Telephone & Data Systems?

Lumen Technologies had a net margin of -14.0% in fiscal 2025; Telephone & Data Systems had -0.5% in fiscal 2025.

Which grew revenue faster, Lumen Technologies or Telephone & Data Systems?

In their latest fiscal years revenue changed by -5.4% at Lumen Technologies and -5.3% at Telephone & Data Systems.

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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