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Lumen Technologies, Inc., a networking company, provides integrated products and services to business and mass customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber and conduit, edge cloud, internet protocol (IP), voice over IP, managed security, software-defined wide area networks, unified communications and collaboration, and optical services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice and private line; other legacy services, such as Synchronous Optical Network (SONET) based ethernet, legacy data hosting services, and conferencing services; and managed and professional service solutions, as well as sells communications equipment. The company also provides high speed and lower speed broadband service to residential and small business customers; local and long-distance voice services, professional services, and other ancillary services; and federal broadband and state support programs. It serves its products and services under the Lumen, CenturyLink, Black Lotus Labs, and Quantum Fiber brand name. The company was formerly known as CenturyLink, Inc. and changed its name to Lumen Technologies, Inc. in September 2020. Lumen Technologies, Inc. was incorporated in 1968 and is headquartered in Monroe, Louisiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.4B | $1.3B | $-1.7B | $371M | 155.7% | -5.4% | 3061.8% |
| 2024 | $13.1B | $4.1B | $-55M | $1.1B | -11.9% | -10.0% | -99.5% |
| 2023 | $14.6B | $-6.1B | $-10.3B | $-940M | -2469.5% | -16.7% | 565.2% |
| 2022 | $17.5B | $3.6B | $-1.5B | $1.7B | -14.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 17,478 | 14,557 | 13,108 | 12,402 |
| Operating Revenue | - | 17,478 | 14,557 | 13,108 | 12,402 |
| Cost Of Revenue | - | 7,868 | 7,144 | 6,703 | 6,638 |
| Gross Profit | - | 9,610 | 7,413 | 6,405 | 5,764 |
| Operating Expense | - | 6,317 | 6,183 | 5,928 | 5,948 |
| Selling General And Administration | - | 3,078 | 3,198 | 2,972 | 3,199 |
| Total Expenses | - | 14,185 | 13,327 | 12,631 | 12,586 |
| Operating Income | - | 3,293 | 1,230 | 477 | -184 |
| Total Operating Income As Reported | - | 95 | -9,584 | 460 | -812 |
| EBITDA | - | 3,580 | -6,094 | 4,098 | 1,317 |
| Normalized EBITDA | - | 6,564 | 4,209 | 3,597 | 2,671 |
| EBIT | - | 341 | -9,079 | 1,142 | -1,432 |
| Interest Income | - | 24 | 41 | 119 | 75 |
| Interest Expense | - | 1,332 | 1,158 | 1,372 | 1,284 |
| Net Interest Income | - | -1,332 | -1,117 | -1,253 | -1,209 |
| Other Non Operating Income Expenses | - | 32 | -47 | 45 | 31 |
| Other Income Expense | - | -2,952 | -10,350 | 546 | -1,323 |
| Interest Income Non Operating | - | 24 | 41 | 119 | 75 |
| Interest Expense Non Operating | - | 1,332 | 1,158 | 1,372 | 1,284 |
| Net Non Operating Interest Income Expense | - | -1,332 | -1,117 | -1,253 | -1,209 |
| Pretax Income | - | -991 | -10,237 | -230 | -2,716 |
| Tax Provision | - | 557 | 61 | -175 | -977 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -626.64 | -2,163.63 | 105.21 | -487.44 |
| Net Income Continuous Operations | - | -1,548 | -10,298 | -55 | -1,739 |
| Net Income From Continuing And Discontinued Operation | - | -1,548 | -10,298 | -55 | -1,739 |
| Net Income From Continuing Operation Net Minority Interest | - | -1,548 | -10,298 | -55 | -1,739 |
| Net Income | - | -1,548 | -10,298 | -55 | -1,739 |
| Net Income Common Stockholders | - | -1,548 | -10,298 | -55 | -1,739 |
| Net Income Including Noncontrolling Interests | - | -1,548 | -10,298 | -55 | -1,739 |
| Normalized Income | - | 809.36 | -2,158.63 | -450.79 | -872.44 |
| Diluted NI Availto Com Stockholders | - | -1,548 | -10,298 | -55 | -1,739 |
| Basic Average Shares | - | 1,007.52 | 983.08 | 987.68 | 994.55 |
| Diluted Average Shares | - | 1,007.52 | 983.08 | 987.68 | 994.55 |
| Reconciled Depreciation | - | 3,239 | 2,985 | 2,956 | 2,749 |
| Reconciled Cost Of Revenue | - | 7,868 | 7,144 | 6,703 | 6,638 |
| Total Unusual Items | - | -2,984 | -10,303 | 501 | -1,354 |
| Total Unusual Items Excluding Goodwill | - | -2,984 | -10,303 | 501 | -1,354 |
| Special Income Charges | - | -2,984 | -10,196 | 331 | -1,368 |
| Gain On Sale Of Business | - | 73 | -121 | -17 | 0 |
| Other Special Charges | - | -214 | -618 | -348 | 740 |
| Impairment Of Capital Assets | - | 3,271 | 10,693 | 0 | 628 |
| Gain On Sale Of Security | - | -180 | -107 | 170 | 14 |
| Depreciation Amortization Depletion Income Statement | - | 3,239 | 2,985 | 2,956 | 2,749 |
| Depreciation And Amortization In Income Statement | - | 3,239 | 2,985 | 2,956 | 2,749 |
| General And Administrative Expense | - | 3,078 | 3,198 | 2,972 | 3,199 |
| Other Gand A | - | 3,078 | 3,198 | 2,972 | 3,199 |
| Salaries And Wages | 295 | -1 | 158 | 152 | - |
| Gain On Sale Of Ppe | 0 | -700 | - | - | - |
| Amortization | - | 1,106 | 1,053 | 1,066 | 1,003 |
| Amortization Of Intangibles Income Statement | - | 1,106 | 1,053 | 1,066 | 1,003 |
| Depreciation Income Statement | - | 2,133 | 1,932 | 1,890 | 1,746 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lumen Technologies, Inc.this co. | LUMN | $10.2B | -5.87 | -9.13 | 155.7% | 20.43 |
| Madison Square Garden Sports Corp. | MSGS | $9.3B | -413.16 | -32.94 | 8.0% | 1357.01 |
| Versant Media Group, Inc. | VSNT | $5.7B | 6.12 | 0.55 | 9.0% | 2.94 |
| Iridium Communications Inc. | IRDM | $5.5B | 48.13 | 11.90 | 24.7% | 16.17 |
| Sphere Entertainment Co. | SPHR |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.1B |
| 152.34 |
| 2.28 |
| 1.5% |
| 11.94 |
| Telephone and Data Systems, Inc. | TDS | $4.5B | -724.07 | 1.21 | -0.2% | 9.31 |
| Cinemark Holdings, Inc. | CNK | $3.6B | 26.04 | 8.88 | 34.1% | 12.02 |
| IAC Inc. | IAC | $3.1B | -30.21 | 0.66 | -2.2% | 21.38 |
| John Wiley & Sons, Inc. | WLY | $2.3B | 26.88 | 3.01 | 11.2% | 8.95 |
| Peer Median | - | 16.08 | 1.75 | 8.5% | 11.98 | |