Qwest Corp is a US-listed company in the telephone communications (no radiotelephone) industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
Under review: every model's value for Qwest Corp is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Qwest Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to March 2026 was $4.58bn, down 14.3% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 18.3% from 22.5% a year earlier. Operating margin narrowed to -29.5% from 36.4%. It passes 4 of our 5 financial-health checks.
Our model value for Qwest is under review, so past values are not shown until it is resolved.
Source: 10-Q filed May 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Qwest Corp's trailing-twelve-month revenue fell 14.3% year on year, with a free-cash-flow margin of 18.3%.
Our discounted-cash-flow model values the business at ~$15000000000 per share in the base case (~$11000000000–$21000000000 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Net margin compressing: TTM net margin fell to -40.1%, down 66.7pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Qwest Corp's latest figures clears our strength thresholds.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for CTGG from the sources we follow. See filings →
Our value per share comes from a discounted-cash-flow model of Qwest Corp's free cash flow after stock-based pay ( $923M, FY2026 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
Strong moat
How hard Qwest's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 23.0% of total assets over 10 years.
Gross margin has been a median 72.1%, moving by 2.8 percentage points (standard deviation) across 10 years.
Operating margin has been a median 34.8%; its worst year was -29.5%.
Free cash flow was positive in 10 of 10 years, at a median 24.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).
No analyst estimates are published for Qwest Corp: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q2 | $6.2B |
| FY23 Q3 | $6B |
| FY23 Q4 | $5.9B |
| FY24 Q1 | $5.8B |
| FY24 Q2 | $5.7B |
| FY24 Q3 | $5.6B |
| FY24 Q4 | $5.5B |
| FY25 Q1 | $5.3B |
| FY25 Q2 | $5.2B |
| FY25 Q3 | $5B |
| FY25 Q4 | $4.7B |
| FY26 Q1 | $4.6B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q2 | -8.2% |
| FY23 Q3 | -9.2% |
| FY23 Q4 | -8.3% |
| FY24 Q1 | -9.0% |
| FY24 Q2 | -7.8% |
| FY24 Q3 | -6.7% |
| FY24 Q4 | -6.9% |
| FY25 Q1 | -7.4% |
| FY25 Q2 | -9.4% |
| FY25 Q3 | -11.6% |
| FY25 Q4 | -13.8% |
| FY26 Q1 | -14.3% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q2 | 40.4% |
| FY23 Q3 | 38.6% |
| FY23 Q4 | -3.3% |
| FY24 Q1 | -5.9% |
| FY24 Q2 | -6.5% |
| FY24 Q3 | -6.3% |
| FY24 Q4 | 37.2% |
| FY25 Q1 | 36.4% |
| FY25 Q2 | 34.7% |
| FY25 Q3 | 31.0% |
| FY25 Q4 | -21.3% |
| FY26 Q1 | -29.5% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q2 | 24.3% |
| FY23 Q3 | 22.7% |
| FY23 Q4 | 22.4% |
| FY24 Q1 | 19.4% |
| FY24 Q2 | 18.9% |
| FY24 Q3 | 20.5% |
| FY24 Q4 | 20.8% |
| FY25 Q1 | 22.5% |
| FY25 Q2 | 23.3% |
| FY25 Q3 | 21.3% |
| FY25 Q4 | 19.8% |
| FY26 Q1 | 18.3% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 8,848 | 8,753 | 8,838 | 8,964 | 8,910 | 8,550 | 8,395 | 8,052 | 7,313 | 6,951 | 6,449 | 5,915 | 5,508 | 4,748 | 4,577 |
| Gross profit | 5,980 | 5,963 | 5,959 | 6,092 | 5,976 | 5,669 | 5,726 | 5,719 | 5,318 | 5,229 | 4,803 | 4,307 | 4,003 | 3,299 | 3,188 |
| EBITDA | 4,195 | 4,206 | 4,117 | 4,117 | 4,015 | 3,896 | 4,096 | 4,248 | 4,026 | 4,117 | 3,615 | 628 | 2,804 | −324 | −706 |
| Operating income | 1,905 | 2,078 | 2,112 | 2,260 | 2,324 | 2,313 | 2,660 | 2,884 | 2,711 | 3,108 | 2,755 | −195 | 2,051 | −1,009 | −1,350 |
| Net income | 849 | 964 | 970 | 1,074 | 1,085 | 1,657 | 1,665 | 1,827 | 1,707 | 2,107 | 1,919 | −831 | 1,487 | −1,327 | −1,837 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | −1.1% | +1.0% | +1.4% | −0.6% | −4.0% | −1.8% | −4.1% | −9.2% | −5.0% | −7.2% | −8.3% | −6.9% | −13.8% | −14.3% |
| EBITDA | — | +0.3% | −2.1% | 0.0% | −2.5% | −3.0% | +5.1% | +3.7% | −5.2% | +2.3% | −12.2% | −82.6% | +346.5% | −111.6% | −126.1% |
| Operating income | — | +9.1% | +1.6% | +7.0% | +2.8% | −0.5% | +15.0% | +8.4% | −6.0% | +14.6% | −11.4% | −107.1% | — | −149.2% | −169.4% |
| Net income | — | +13.5% | +0.6% | +10.7% | +1.0% | +52.7% | +0.5% | +9.7% | −6.6% | +23.4% | −8.9% | −143.3% | — | −189.2% | −229.5% |
| Margins | |||||||||||||||
| Gross margin | 67.6% | 68.1% | 67.4% | 68.0% | 67.1% | 66.3% | 68.2% | 71.0% | 72.7% | 75.2% | 74.5% | 72.8% | 72.7% | 69.5% | 69.7% |
| EBITDA margin | 47.4% | 48.1% | 46.6% | 45.9% | 45.1% | 45.6% | 48.8% | 52.8% | 55.1% | 59.2% | 56.1% | 10.6% | 50.9% | −6.8% | −15.4% |
| Operating margin | 21.5% | 23.7% | 23.9% | 25.2% | 26.1% | 27.1% | 31.7% | 35.8% | 37.1% | 44.7% | 42.7% | −3.3% | 37.2% | −21.3% | −29.5% |
| Net margin | 9.6% | 11.0% | 11.0% | 12.0% | 12.2% | 19.4% | 19.8% | 22.7% | 23.3% | 30.3% | 29.8% | −14.0% | 27.0% | −27.9% | −40.1% |
| Free-cash-flow margin | 17.0% | 16.6% | 18.5% | 15.0% | 15.6% | 12.9% | 32.8% | 28.3% | 27.1% | 32.2% | 27.6% | 22.4% | 20.8% | 19.8% | 18.3% |
| Cash flow | |||||||||||||||
| Cash from operations | 2,774 | 2,713 | 2,801 | 2,591 | 2,652 | 2,435 | 3,791 | 3,332 | 3,071 | 3,033 | 2,626 | 2,389 | 2,194 | 1,762 | 1,573 |
| Capital spending | 1,266 | 1,264 | 1,165 | 1,247 | 1,259 | 1,328 | 1,040 | 1,055 | 1,091 | 797 | 849 | 1,062 | 1,047 | 824 | 736 |
| Free cash flow | 1,508 | 1,449 | 1,636 | 1,344 | 1,393 | 1,107 | 2,751 | 2,277 | 1,980 | 2,236 | 1,777 | 1,327 | 1,147 | 938 | 837 |
| Balance sheet | |||||||||||||||
| Cash | 8 | 14 | 6 | 3 | 5 | 1 | 5 | 2 | 14 | 2 | 8 | 10 | 26 | 39 | 56 |
| Total debt | 7,625 | 7,558 | 7,343 | 7,346 | 7,391 | 7,430 | 6,077 | 6,066 | 3,391 | 2,203 | 2,204 | 2,205 | 1,976 | 1,738 | 1,739 |
| Net debt (negative = net cash) | 7,617 | 7,544 | 7,337 | 7,343 | 7,386 | 7,429 | 6,072 | 6,064 | 3,377 | 2,201 | 2,196 | 2,195 | 1,950 | 1,699 | 1,683 |
| Returned to shareholders | |||||||||||||||
| Dividends | 1,150 | 1,325 | 1,400 | 1,350 | 1,300 | 1,000 | 1,275 | 1,600 | 1,725 | 570 | 0 | 1,980 | 0 | 0 | — |
| Total returned | 1,150 | 1,325 | 1,400 | 1,350 | 1,300 | 1,000 | 1,275 | 1,600 | 1,725 | 570 | 0 | 1,980 | 0 | 0 | — |
| Quarter | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1,389 | 1,363 | 1,364 | 1,222 | 1,206 | 1,161 | 1,159 | 1,051 |
| Gross profit | 1,016 | 974 | 991 | 868 | 843 | 782 | 806 | 757 |
| EBITDA | 717 | 681 | 724 | 579 | 551 | 405 | −1,859 | 197 |
| Operating income | 530 | 498 | 528 | 388 | 377 | 243 | −2,017 | 47 |
| Net income | 378 | 365 | 391 | 284 | 277 | 176 | −2,064 | −226 |
| Growth (year on year) | ||||||||
| Revenue | −5.3% | −6.0% | −6.4% | −12.2% | −13.2% | −14.8% | −15.0% | −14.0% |
| EBITDA | −6.0% | −1.4% | — | −15.1% | −23.2% | −40.5% | −356.8% | −66.0% |
| Operating income | −5.4% | +2.9% | — | −21.6% | −28.9% | −51.2% | −482.0% | −87.9% |
| Net income | −5.0% | +7.0% | — | −19.5% | −26.7% | −51.8% | −627.9% | −179.6% |
| Margins | ||||||||
| Gross margin | 73.1% | 71.5% | 72.7% | 71.0% | 69.9% | 67.4% | 69.5% | 72.0% |
| EBITDA margin | 51.6% | 50.0% | 53.1% | 47.4% | 45.7% | 34.9% | −160.4% | 18.7% |
| Operating margin | 38.2% | 36.5% | 38.7% | 31.8% | 31.3% | 20.9% | −174.0% | 4.5% |
| Net margin | 27.2% | 26.8% | 28.7% | 23.2% | 23.0% | 15.2% | −178.1% | −21.5% |
| Free-cash-flow margin | 20.2% | 29.1% | 20.3% | 20.5% | 22.9% | 21.7% | 13.8% | 14.2% |
| Cash flow | ||||||||
| Cash from operations | 548 | 627 | 548 | 453 | 480 | 427 | 402 | 264 |
| Capital spending | 268 | 231 | 271 | 203 | 204 | 175 | 242 | 115 |
| Free cash flow | 280 | 396 | 277 | 250 | 276 | 252 | 160 | 149 |
| Last 12 months unless stated | CTGG | TME | PINS | VEON | TIMB | FWONK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4.6bn | $4.6bn | $4.7bn | $4.4bn | $4.8bn | $4.3bn | $750m |
| Revenue growth, last 12 months | −14.3% | 16.0% | 15.4% | 9.9% | 0.5% | 12.2% | 3.1% |
| Revenue growth, 3-year average | −10.3% | — | 16.6% | — | — | — | 4.3% |
| Revenue growth, latest quarter | −14.0% | — | 11.9% | — | — | −30.4% | 2.9% |
| Gross margin | 69.7% | 44.2% | 79.0% | — | 53.9% | 83.9% | 52.9% |
| Operating margin | −29.5% | 40.6% | 4.2% | 32.7% | 23.8% | 3.8% | 1.5% |
| Operating margin, 3-year average | 0.4% | 22.4% | 4.8% | 24.9% | — | 7.6% | 0.2% |
| Net margin | −40.1% | 33.6% | 3.8% | 13.4% | 16.2% | 9.4% | 0.0% |
| Cash from operations / revenue | 34.4% | 31.1% | 28.4% | 70.2% | 50.5% | 21.9% | 9.7% |
| Free-cash-flow margin | 18.3% | 30.2% | 27.0% | 54.4% | 33.4% | 19.0% | 7.1% |
| Free-cash-flow margin, 3-year average | 20.1% | 22.8% | 27.3% | — | — | 27.9% | 7.7% |
| Stock pay / revenue | — | 2.0% | 23.0% | — | 0.1% | 0.5% | 2.4% |
| Change in share count | — | −0.7% | −11.7% | −0.9% | −0.2% | −2.0% | 1.4% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Fny Investment Advisers, LLC | $50 | 3K | 100.0% | — |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Qwest Corp's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
