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Lumen Technologies
(NYSE:LUMN)
Lumen Technologies (LUMN) vs. SPDR S&P 500 ETF (SPY)
Lumen Technologies Business Overview & Revenue Model
Lumen Technologies Earnings Call Summary
Lumen Technologies Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.40B | 13.11B | 14.56B | 17.48B | 19.69B |
| Gross Profit | 3.02B | 6.41B | 7.41B | 9.61B | 11.20B |
| EBITDA | 1.32B | 4.10B | -6.09B | 3.58B | 8.52B |
| Net Income | -1.74B | -55.00M | -10.30B | -1.55B | 2.03B |
Balance Sheet | |||||
| Total Assets | 34.34B | 33.50B | 34.02B | 45.61B | 57.99B |
| Cash, Cash Equivalents and Short-Term Investments | 1.00B | 1.89B | 2.23B | 1.25B | 354.00M |
| Total Debt | 17.71B | 19.12B | 21.30B | 22.00B | 31.17B |
| Total Liabilities | 35.46B | 33.03B | 33.60B | 35.24B | 46.15B |
| Stockholders Equity | -1.12B | 464.00M | 417.00M | 10.37B | 11.84B |
Cash Flow | |||||
| Free Cash Flow | 371.00M | 1.10B | -940.00M | 1.72B | 3.60B |
| Operating Cash Flow | 4.74B | 4.33B | 2.16B | 4.74B | 6.50B |
| Investing Cash Flow | -4.30B | -2.83B | -1.20B | 5.48B | -2.71B |
| Financing Cash Flow | -1.32B | -1.85B | -18.00M | -9.31B | -3.81B |
Lumen Technologies Technical Analysis
Lumen Technologies Risk Analysis
Lumen Technologies Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $5.06B | 9.02 | 25.20% | 7.78% | 0.59% | 8.86% | |
74 Outperform | $5.62B | 10.12 | 7.60% | 5.57% | 19.02% | 9.26% | |
68 Neutral | $4.97B | -5.39 | -2.95% | 0.40% | 15.38% | -292.52% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $4.22B | 15.83 | 5.11% | 42.91% | -25.64% | ― | |
56 Neutral | $4.70B | -757.27 | 2.65% | 0.39% | -22.79% | 79.90% | |
55 Neutral | $7.10B | -967.74 | ― | ― | -4.56% | 23.46% |
Lumen Technologies Corporate Events
On Feb. 3, 2026, Lumen Technologies reported solid fourth-quarter and full-year 2025 results and highlighted the completion of its $5.75 billion transaction with AT&T, which reduced total debt by more than $4.8 billion, lowered net leverage below 4x, cut annual interest expense by nearly 45% and reduced capex by over $1 billion, boosting financial flexibility. For 2025, Lumen generated $12.4 billion in revenue, $3.36 billion in Adjusted EBITDA excluding special items and $1.04 billion in free cash flow (excluding special items), while posting a net loss of $1.74 billion, and it delivered Q4 revenue of $3.04 billion, a small net loss, and Adjusted EBITDA at the high end of guidance despite an earlier RDOF-related impact. Operationally, the company exceeded its cost-reduction target with over $400 million in run-rate savings exiting 2025 and set sights on $700 million in savings by the end of 2026 and $1 billion by the end of 2027, underpinning expected Adjusted EBITDA growth and its AI-focused network modernization strategy; at the same time, North America enterprise growth revenue reached 52% in the fourth quarter, PCF sales approached $13 billion, and NaaS customers rose 29%, signaling traction in its shift toward higher-value enterprise services even as overall revenues declined year over year.
The most recent analyst rating on (LUMN) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
Lumen Technologies announced a leadership change in its revenue organization, with Executive Vice President and Chief Revenue Officer Ashley Haynes-Gaspar set to leave her role and provide transition services through March 6, 2026. Effective February 4, 2026, Jeffery S. Sharritts will assume the position of Executive Vice President, Chief Revenue Officer, marking a significant shift in the company’s commercial leadership as it manages continuity in its go-to-market operations, with Haynes-Gaspar receiving agreed compensation and equity treatment in connection with her departure subject to her continued service through the transition period.
The most recent analyst rating on (LUMN) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On February 2, 2026, Lumen Technologies completed the $5.75 billion cash sale of its Mass Markets consumer fiber-to-the-home business in 11 states, including the Quantum Fiber brand, to AT&T. The deal transfers a network that serves more than 1 million fiber customers and reaches over 4 million enabled locations, while Lumen retains its national and regional fiber backbone, central offices, associated real estate, enterprise and wholesale fiber customers, and copper-based consumer services. Lumen plans to deploy roughly $4.8 billion of the proceeds and cash on hand to retire all of its super priority debt and redeem certain secured notes, moves that are expected to cut annual interest expense by about $300 million and reduce total debt to under $13 billion, leaving net debt below four times adjusted EBITDA. Management framed the divestiture as a strategic inflection point that sharpens Lumen’s focus as a pure-play, enterprise-focused technology infrastructure provider, supporting its push to expand a high-capacity, low-latency fiber network, ‘cloudify’ its digital platform, and deepen partnerships with technology and data-center players in the AI-driven networking market.
The most recent analyst rating on (LUMN) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On January 9, 2026, Level 3 Financing, a wholly owned subsidiary of Lumen Technologies, completed an upsized $650 million issuance of additional 8.500% Senior Notes due 2036, bringing the total size of this series to $1.9 billion, with proceeds primarily used to fund the purchase of existing second-lien notes tendered in recently concluded cash tender offers and to cover related interest, fees and expenses, with any remaining funds earmarked for general corporate purposes. The new senior unsecured notes, which carry guarantees from the parent and key domestic subsidiaries and include customary covenants, redemption options and change-of-control protections, are part of a broader balance-sheet restructuring that also saw, as of December 23, 2025 and January 8, 2026, the execution of supplemental indentures and consent-driven amendments that strip most restrictive covenants and collateral from several series of existing second-lien notes, signaling Lumen’s move to simplify its debt stack, increase financial flexibility and shift value from secured to unsecured creditors within its capital structure.
The most recent analyst rating on (LUMN) stock is a Sell with a $7.00 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On January 5, 2026, Lumen Technologies announced that its wholly owned subsidiary Level 3 Financing planned a private offering of additional 8.500% Senior Notes due 2036, later pricing $650 million of these notes, up from the initially targeted $600 million, as a further issuance to the $1.25 billion already sold on December 23, 2025. The proceeds are intended primarily to finance the purchase of remaining outstanding Second Lien Notes targeted in cash tender offers launched on December 8, 2025, and any excess will go to transaction costs and general corporate purposes, marking another step in Lumen’s ongoing liability management efforts that could reshape its debt profile and interest-cost structure for stakeholders.
The most recent analyst rating on (LUMN) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On December 23, 2025, Level 3 Financing, an indirect wholly owned subsidiary of Lumen Technologies, completed an upsized $1.25 billion offering of 8.500% senior unsecured notes due 2036, governed by a new indenture that sets standard covenants, default provisions, and optional redemption features, with the notes guaranteed on a senior unsecured basis by Level 3 Parent and certain material domestic subsidiaries. The company used the proceeds, together with cash on hand, to fund tender offers for existing second-lien notes and related costs, and in connection with early tender results and consent solicitations announced on December 22, 2025, it entered into supplemental indentures to strip substantially all restrictive covenants, remove certain events of default, and release collateral securing several series of second-lien notes, signaling an ongoing liability management effort that shifts portions of its capital structure from secured to effectively unsecured obligations, with implications for creditor protections and the company’s financial flexibility.
The most recent analyst rating on (LUMN) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On December 22, 2025, Lumen Technologies announced early results and significant amendments to its previously launched cash tender offers and consent solicitations for four series of Level 3 Financing’s Existing Second Lien Notes due 2029–2031. The company removed the former $1.5 billion aggregate cap and shifted to an “any and all” structure for these second-lien issues, allowing all notes validly tendered up to the expiration date to receive the stated total consideration, while modifying withdrawal deadlines and adding a $1.75 billion financing condition specifically for most of the 2029 Notes. As of the December 19 early tender deadline, about $2.124 billion in aggregate principal of these notes had been validly tendered and not withdrawn, with approximately $1.5 billion already accepted for purchase, indicating strong bondholder participation and underscoring Lumen’s active balance sheet management and efforts to reshape its secured debt profile.
The most recent analyst rating on (LUMN) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On December 8, 2025, Lumen Technologies announced that its subsidiary, Level 3 Financing, planned to offer $750 million in Senior Notes due 2036 in a private offering. Concurrently, Level 3 Financing initiated cash tender offers to purchase up to $1 billion of its existing Second Lien Notes, with plans to use the proceeds from the new offering to fund these purchases and cover related expenses. The offering size was later increased to $1.25 billion, allowing Level 3 Financing to raise the aggregate purchase price to $1.5 billion. This strategic financial maneuver aims to optimize the company’s debt structure and potentially improve its market position by eliminating restrictive covenants and releasing collateral on existing notes.
The most recent analyst rating on (LUMN) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.
On December 1, 2025, Lumen Technologies announced the resignation of David Ward, their Executive Vice President, Chief Technology and Product Officer, who will join Salesforce, Inc. as President and Chief Architect. James Fowler, previously an Executive Vice President and Chief Technology Officer at Nationwide Mutual Insurance Company, will succeed Ward effective January 5, 2026. Fowler, who has extensive experience from his previous roles at General Electric and AT&T, resigned from Lumen’s Board to assume this new role, indicating a strategic leadership transition for the company.
The most recent analyst rating on (LUMN) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.