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Lumen Technologies, Inc. (LUMN) stock

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NASDAQ: LUMN Nasdaq Telephone communications (no radiotelephone) Next results ~November 4, 2026

C Fundamentals grade

Lumen Technologies, Inc. is a US-listed company in the telephone communications (no radiotelephone) industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 128% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 128% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Lumen Technologies, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling2 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds273 adding, 234 cuttingOf 54 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lumen Technologies files

Where Lumen Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $11.8bn, down 7.7% on a year earlier, a steeper fall than the 6.8% decline a quarter earlier. That puts it 97 of 115 for growth among the communication services companies we cover. Free-cash-flow margin held at 7.1%. Operating margin widened to 1.7% from -1.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 4 financial-health checks.

Our model value for Lumen Technologies is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 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.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Lumen Technologies, Inc.'s trailing-twelve-month revenue fell 7.7% year on year, with a free-cash-flow margin of 7.1%. Where it stands out: stock pay as % of revenue of 0.5% ranks 27 of 161 communication services companies we cover. Where it lags: revenue growth of -7.7% ranks 147 of 182 communication services companies we cover.

Our discounted-cash-flow model values the business at ~$8.5 per share in the base case (~$3.1–$16 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 10.8% while net income grew 13.1%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.4 points on a year ago.

Things to watch

  • Revenue shrinking. Revenue fell 7.7% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 74% and a beta of 2.5 against the S&P 500.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.07 against an average estimate of -$0.14: beat by 50.5%
Revenue
$2.81bn, down 9.3% on a year earlier
Share reaction
-5.7% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.24

Lumen Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+9.0%
  • 1 month-16.0%
  • This year-37.8%
  • 1 year-53.0%
  • 5 years-56.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.8B
Operating margin
1.7%
Net margin
-8.7%
EPS (TTM, diluted)
$-1.03

Growth

Revenue growth
−7.7%
Change in growth rate
−1.0 pts
Share count change
+0.8%

Cash

Free cash flow (TTM)
$837M
FCF margin
7.1%
Stock pay % of revenue
0.5%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lumen Technologies, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 128% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Our value per share comes from a discounted-cash-flow model of Lumen Technologies, Inc.'s free cash flow after stock-based pay ( $1.4B, FY2026 Q2 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$13.51$13.81$10.81$11.03$10.45$8.45$11.72$5.22$1.83$5.31$7.77$4.83
Market value$7.5bn$7.5bn$6.8bn$11.8bn$11.2bn$9.1bn$12.5bn$5.3bn$1.8bn$5.2bn$7.7bn$4.8bn
+ Net debt (− = net cash)$20.4bn$20.1bn$37.2bn$35.6bn$33.3bn$31.7bn$28.8bn$19.5bn$17.9bn$16.6bn$16.8bn$11.5bn
Enterprise value$27.9bn$27.6bn$44.0bn$47.3bn$44.5bn$40.9bn$41.3bn$24.8bn$19.7bn$21.9bn$24.5bn$16.3bn
Multiples
Price / sales 0.4x0.4x0.4x0.5x0.5x0.4x0.6x0.3x0.1x0.4x0.6x0.4x
Price / earnings 8.5x11.9x4.9x———6.2x—————
Price / free cash flow 3.3x4.6x8.8x3.0x3.7x3.3x3.5x3.1x—4.8x20.8x5.8x
EV / EBITDA 4.1x4.4x7.4x8.3x21.2x7.2x5.0x7.4x—6.4x12.7x5.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Lumen Technologies'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.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.4% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 53.8%, moving by 4.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.5%; its worst year was -63.7%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 9.1% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.9% over five years; stock-based pay has been a median 0.5% 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 (65 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $2.7bn and EPS of −$0.24 (range −$0.32 to −$0.18) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.83 −541% $11.1bn −10%
Next −$0.29 +65% $10.7bn −4%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.8% on 90 days ago. In the last 30 days, 0 analysts raised Lumen Technologies, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Lumen Technologies, Inc., last 90 days
−$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.80 Current fiscal year, 60 days ago: −$0.79 Current fiscal year, 30 days ago: −$0.81 Current fiscal year, 7 days ago: −$0.82 Current fiscal year, Now: −$0.83 −$0.83 Next fiscal year, 90 days ago: −$0.29 Next fiscal year, 60 days ago: −$0.27 Next fiscal year, 30 days ago: −$0.30 Next fiscal year, 7 days ago: −$0.30 Next fiscal year, Now: −$0.29 −$0.29

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.80−$0.29
60 days ago −$0.79−$0.27
30 days ago −$0.81−$0.30
7 days ago −$0.82−$0.30
Now −$0.83−$0.29

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.14 −$0.07 +50.5%
Mar 2026 −$0.12 −$0.47 −286.0%
Dec 2025 −$0.27 $0.23 +185.2%
Sept 2025 −$0.27 −$0.20 +24.7%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Lumen Technologies, Inc.'s revenue by -4.3% next year and +0.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-7.7%, weight 65%) and the company's own record (+2.0%, weight 35%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy110%
Hold880%
Sell110%

Monthly trend

  1. Oct 202618110
  2. Sep 202619111
  3. Aug 202619111
  4. Jul 202610111

Counts of recommendations published by analysts covering Lumen Technologies, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.4%
of tradable shares
Days to cover
4.22
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
8.0%
of shares
Employees
24,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −53.0%

$10.28 on October 31, 2025 to $4.83

ThenNowEffect
Revenue (last 12 months) $12.8bn $11.8bn −7.7%
P/S multiple 0.8x 0.4x −48.7%
Share count 991m 999m −0.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +331.2%

$1.12 on November 3, 2023 to $4.83

ThenNowEffect
Revenue (last 12 months) $15.6bn $11.8bn −24.1%
P/S multiple 0.1x 0.4x +472.7%
Share count 991m 999m −0.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LUMN+39%−56%−65%+190%+46%−38%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LUMN58%25%33%50%50%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LUMN−26%−60%−84%−48%−48%−60%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 95% from April 20, 2016 to November 1, 2023. Getting back needed a 1729% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.43 – $11.83
From 52-week high
−59.2%
vs 50-day average
−15.4%
vs 200-day average
−33.3%
Volatility (1 year)
74%
Beta vs S&P 500
2.50

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±24.4%
After a week
5 up, 7 down
typical move ±18.2%
After a month
8 up, 4 down
typical move ±21.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −5.7% +1.6% −1.1% +5.6%
May 5, 2026 +5.1% +2.2% −7.1% +6.1%
February 3, 2026 −25.8% −1.3% −12.9% −23.5%
October 30, 2025 −6.5% −0.8% −0.5% −24.6%
July 31, 2025 −16.8% −2.0% −17.0% +11.4%
May 1, 2025 +6.8% +2.2% +17.5% +8.8%
February 4, 2025 +2.1% +1.1% −0.8% +3.3%
November 5, 2024 +20.6% +3.7% +23.4% −13.5%
August 6, 2024 +156.0% +0.2% +93.4% +112.4%
April 30, 2024 −0.8% −1.9% +6.6% +4.9%
February 6, 2024 +12.4% +1.1% +25.6% +34.1%
October 31, 2023 −34.2% +1.7% −12.8% −12.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Lumen Technologies, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lumen Technologies, Inc.
$11B $12B $13B $14B $15B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $14.8B Revenue (TTM), FY23 Q4: $14.6B Revenue (TTM), FY24 Q1: $14.1B Revenue (TTM), FY24 Q2: $13.7B Revenue (TTM), FY24 Q3: $13.3B Revenue (TTM), FY24 Q4: $13.1B Revenue (TTM), FY25 Q1: $13B Revenue (TTM), FY25 Q2: $12.8B Revenue (TTM), FY25 Q3: $12.7B Revenue (TTM), FY25 Q4: $12.4B Revenue (TTM), FY26 Q1: $12.1B Revenue (TTM), FY26 Q2: $11.8B $11.8B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $14.8B
FY23 Q4 $14.6B
FY24 Q1 $14.1B
FY24 Q2 $13.7B
FY24 Q3 $13.3B
FY24 Q4 $13.1B
FY25 Q1 $13B
FY25 Q2 $12.8B
FY25 Q3 $12.7B
FY25 Q4 $12.4B
FY26 Q1 $12.1B
FY26 Q2 $11.8B
Revenue growth, TTM YoY Lumen Technologies, Inc.
-20% -15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -19.9% Revenue growth, TTM YoY, FY23 Q4: -16.7% Revenue growth, TTM YoY, FY24 Q1: -14.7% Revenue growth, TTM YoY, FY24 Q2: -12.0% Revenue growth, TTM YoY, FY24 Q3: -10.4% Revenue growth, TTM YoY, FY24 Q4: -10.0% Revenue growth, TTM YoY, FY25 Q1: -7.9% Revenue growth, TTM YoY, FY25 Q2: -6.5% Revenue growth, TTM YoY, FY25 Q3: -4.6% Revenue growth, TTM YoY, FY25 Q4: -5.4% Revenue growth, TTM YoY, FY26 Q1: -6.8% Revenue growth, TTM YoY, FY26 Q2: -7.7% -7.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -19.9%
FY23 Q4 -16.7%
FY24 Q1 -14.7%
FY24 Q2 -12.0%
FY24 Q3 -10.4%
FY24 Q4 -10.0%
FY25 Q1 -7.9%
FY25 Q2 -6.5%
FY25 Q3 -4.6%
FY25 Q4 -5.4%
FY26 Q1 -6.8%
FY26 Q2 -7.7%
Operating margin (TTM) Lumen Technologies, Inc.
-80% -60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -74.7% Operating margin (TTM), FY23 Q4: -65.8% Operating margin (TTM), FY24 Q1: -70.4% Operating margin (TTM), FY24 Q2: -10.0% Operating margin (TTM), FY24 Q3: -11.1% Operating margin (TTM), FY24 Q4: 3.5% Operating margin (TTM), FY25 Q1: 4.0% Operating margin (TTM), FY25 Q2: -1.7% Operating margin (TTM), FY25 Q3: -3.6% Operating margin (TTM), FY25 Q4: -6.5% Operating margin (TTM), FY26 Q1: -2.6% Operating margin (TTM), FY26 Q2: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -74.7%
FY23 Q4 -65.8%
FY24 Q1 -70.4%
FY24 Q2 -10.0%
FY24 Q3 -11.1%
FY24 Q4 3.5%
FY25 Q1 4.0%
FY25 Q2 -1.7%
FY25 Q3 -3.6%
FY25 Q4 -6.5%
FY26 Q1 -2.6%
FY26 Q2 1.7%
FCF margin (TTM) Lumen Technologies, Inc.
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -6.0% FCF margin (TTM), FY23 Q4: -6.5% FCF margin (TTM), FY24 Q1: -3.6% FCF margin (TTM), FY24 Q2: 1.1% FCF margin (TTM), FY24 Q3: 9.7% FCF margin (TTM), FY24 Q4: 8.4% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 7.3% FCF margin (TTM), FY25 Q3: 9.7% FCF margin (TTM), FY25 Q4: 3.0% FCF margin (TTM), FY26 Q1: 3.7% FCF margin (TTM), FY26 Q2: 7.1% 7.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -6.0%
FY23 Q4 -6.5%
FY24 Q1 -3.6%
FY24 Q2 1.1%
FY24 Q3 9.7%
FY24 Q4 8.4%
FY25 Q1 7.8%
FY25 Q2 7.3%
FY25 Q3 9.7%
FY25 Q4 3.0%
FY26 Q1 3.7%
FY26 Q2 7.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 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 Jun 2026
Income
Revenue 5.0 7.0 15.4 18.4 18.1 18.0 17.9 17.5 17.7 22.6 21.5 20.7 19.7 17.5 14.6 13.1 12.4 11.8
Gross profit 3.2 4.5 9.0 10.7 10.6 10.2 10.1 9.7 9.5 12.6 12.3 11.8 11.2 9.6 7.4 6.4 5.8 5.7
EBITDA 2.2 3.5 6.1 7.5 6.0 6.8 6.8 6.2 5.9 5.7 2.1 5.7 8.3 3.3 −6.6 3.4 1.9 2.9
Operating income 1.2 2.1 2.0 2.7 1.5 2.4 2.6 2.3 2.0 0.6 −2.7 1.0 4.3 0.1 −9.6 0.5 −0.8 0.2
Net income 0.6 0.9 0.6 0.8 −0.2 0.8 0.9 0.6 1.4 −1.7 −5.3 −1.2 2.0 −1.5 −10.3 −0.1 −1.7 −1.0
Diluted EPS $3.23 $3.13 $1.07 $1.25 −$0.40 $1.36 $1.58 $1.16 $2.21 −$1.63 −$4.92 −$1.14 $1.91 −$1.54 −$10.48 −$0.06 −$1.75 −$1.03
Growth (year on year)
Revenue +91.3% +41.6% +118.0% +19.7% −1.5% −0.4% −0.7% −2.4% +1.1% +27.9% −5.0% −3.5% −4.9% −11.2% −16.7% −10.0% −5.4% −7.7%
EBITDA +77.3% +58.2% +73.2% +23.8% −20.0% +14.1% −1.0% −7.7% −4.9% −4.3% −63.0% +169.7% +46.4% −59.9% −297.9% — −43.3% +8.6%
Operating income +70.9% +67.1% −1.7% +34.0% −46.4% +65.9% +7.0% −9.5% −13.9% −71.6% −578.2% — +345.4% −97.8% — — −276.5% —
Net income +76.9% +46.5% −39.6% +35.6% −130.8% — +13.7% −28.7% +121.9% −224.8% — — — −176.1% — — — —
Diluted EPS +83.5% −3.1% −65.8% +16.8% −132.0% — +16.2% −26.6% +90.5% −173.8% — — — −180.6% — — — —
Margins
Gross margin 63.8% 63.9% 58.8% 58.4% 58.5% 56.5% 56.5% 55.5% 53.5% 55.7% 57.4% 56.9% 56.9% 55.0% 50.9% 48.9% 46.5% 47.8%
EBITDA margin 44.4% 49.6% 39.4% 40.8% 33.1% 37.9% 37.8% 35.8% 33.7% 25.2% 9.8% 27.4% 42.2% 19.1% −45.3% 26.1% 15.6% 24.3%
Operating margin 24.8% 29.3% 13.2% 14.8% 8.0% 13.4% 14.4% 13.4% 11.4% 2.5% −12.7% 4.6% 21.8% 0.5% −65.8% 3.5% −6.5% 1.7%
Net margin 13.0% 13.5% 3.7% 4.2% −1.3% 4.3% 4.9% 3.6% 7.9% −7.7% −24.6% −5.9% 10.3% −8.9% −70.7% −0.4% −14.0% −8.7%
Free-cash-flow margin 16.5% 16.8% 11.7% 17.1% 13.9% 11.9% 12.7% 9.3% 4.4% 17.1% 14.2% 13.5% 18.3% 9.8% −6.5% 8.4% 3.0% 7.1%
Cash flow
Cash from operations 1.6 2.0 4.2 6.1 5.6 5.2 5.2 4.6 3.9 7.0 6.7 6.5 6.5 4.7 2.2 4.3 4.7 5.4
Capital spending 0.8 0.9 2.4 2.9 3.0 3.0 2.9 3.0 3.1 3.2 3.6 3.7 2.9 3.0 3.1 3.2 4.4 4.5
Free cash flow 0.8 1.2 1.8 3.1 2.5 2.1 2.3 1.6 0.8 3.9 3.1 2.8 3.6 1.7 −0.9 1.1 0.4 0.8
Stock-based pay 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.1
Free cash flow after stock pay 0.8 1.1 1.7 3.0 2.4 2.1 2.2 1.5 0.7 3.7 2.9 2.6 3.5 1.6 −1.0 1.1 0.3 0.8
Balance sheet
Cash 0.2 0.2 0.1 0.2 0.2 0.1 0.1 0.2 0.6 0.5 1.7 0.4 0.4 1.3 2.2 1.9 1.0 1.9
Total debt 7.8 7.3 21.8 20.6 21.0 20.8 20.5 20.3 37.7 36.1 35.0 32.2 29.2 20.7 20.1 18.5 17.8 13.4
Net debt (negative = net cash) 7.6 7.2 21.7 20.4 20.9 20.7 20.4 20.1 37.2 35.6 33.3 31.7 28.8 19.5 17.9 16.6 16.8 11.5
Diluted shares 199m 301m 534m 622m 601m 570m 555m 541m 629m 1,066m 1,071m 1,079m 1,067m 1,008m 983m 988m 995m 999m
Returned to shareholders
Dividends 0.6 0.9 1.6 1.8 1.3 1.2 1.2 1.2 1.5 2.3 1.1 1.1 1.1 0.8 0.0 0.0 0.0 —
Buybacks 0.0 0.0 0.0 0.0 1.6 0.7 0.8 0.0 0.0 — 0.0 0.0 1.0 0.2 0.0 0.0 — —
Total returned 0.6 0.9 1.6 1.8 2.9 1.9 2.0 1.2 1.5 2.3 1.1 1.1 2.1 1.0 0.0 0.0 0.0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · June 30, 2026
What it owns · $30.8bn
Short-term assets $4.1bnLonger-term assets $26.7bn
What it owes, and who funded it · $4.3bn
Short-term liabilities $4.3bnShareholders' equity $-1.5bn
  • Short-term assets cover short-term liabilities $4.1bn of assets due within a year against $4.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.9bn of cash against $13.2bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $5.4bn of operating cash flow against $13.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $198m against $1.0bn of interest.

From Lumen Technologies, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1M
Diluted share count
+0.8%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
Sales & admin spending
28.2%
of revenue
Days sales outstanding
42 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communication services
Last 12 months unless stated LUMN ECHO TU NWSA NTES SIRI Median
Revenue, last 12 months $11.8bn $14.7bn $14.7bn $9.0bn $15.7bn $8.6bn $746m
Revenue growth, last 12 months −7.7% −5.2% −1.4% 6.8% 7.1% 0.5% 3.1%
Revenue growth, 3-year average −8.8% −6.4% — 4.1% 114.4% −1.3% 4.6%
Revenue growth, latest quarter −9.3% −4.0% — 10.8% — −0.3% 3.3%
Gross margin 47.8% — 88.3% — 64.3% 52.9% 52.8%
Operating margin 1.7% −112.7% 11.5% — 31.8% 19.0% 1.7%
Operating margin, 3-year average −3.3% −40.7% 16.6% — 26.6% 7.2% 0.2%
Net margin −8.7% −38.7% 5.4% 6.3% 30.0% 10.5% 0.0%
Cash from operations / revenue 45.4% −0.6% 23.7% 13.7% 45.1% 24.8% 9.7%
Free-cash-flow margin 7.1% −4.9% 10.4% 9.0% 44.1% 18.4% 7.1%
Free-cash-flow margin, 3-year average 5.2% −4.1% 9.4% 8.2% 31.3% 14.3% 7.6%
Stock pay / revenue 0.5% 0.5% 0.7% 0.5% 3.2% 2.1% 2.4%
Change in share count 0.8% −4.6% 2.8% −2.0% −0.4% 5.2% 1.4%

Median of all 182 companies we cover in communication services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

182 communication services companies
Measure Company Peer median Rank
Revenue growth Growth -7.7% 3.1% 147 of 182
Change in growth rate Growth -1.0pp +0.2pp 112 of 182
Gross margin Profitability 47.8% 52.4% 69 of 121
Operating margin Profitability 1.7% 2.3% 89 of 175
Net margin Profitability -8.7% 0.0% 126 of 182
Free-cash-flow margin Cash generation 7.1% 7.2% 88 of 174
Stock pay as % of revenue Cash generation 0.5% 2.4% 27 of 161
Long-term debt as % of assets Balance sheet 42.7% 27.9% 84 of 119
Change in share count Balance sheet 0.8% 1.3% 72 of 156
Days sales outstanding Balance sheet 42 days 47 days 70 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Business $9.9B 79.8% ▼ 4.5%
Mass Market $2.5B 20.2% ▼ 8.6%

From Lumen Technologies, Inc.'s 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.6B
Institutions reporting
616
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
74 / 52

Top buyers and sellers, Q2 2026: 273 institutions bought and 234 sold ; the biggest buyer was FMR LLC (+13.9M shares) and the biggest seller Jpmorgan Chase & Co (−13.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 142.3M 19.5% ▲ 3.5%
Vanguard Portfolio Management LLC $472M 61.5M 8.4% ▼ 1.0%
State Street Corp $369M 48.0M 6.6% ▲ 4.3%
FMR LLC $348M 45.3M 6.2% ▲ 44.3%
Vanguard Capital Management LLC $323M 42.0M 5.8% ▲ 1.0%
Geode Capital Management, LLC $191M 24.8M 3.4% ▲ 8.6%
D. E. Shaw & Co., Inc. $134M 17.5M 2.4% ▲ 16.4%
Goldman Sachs Group Inc $130M 17.0M 2.3% ▼ 24.7%
Charles Schwab Investment Management Inc $123M 16.0M 2.2% ▼ 7.0%
Dimensional Fund Advisors LP $112M 14.6M 2.0% ▼ 2.6%
Front Street Capital Management, Inc. $93.5M 12.2M 1.7% New
Morgan Stanley $92.3M 12.0M 1.6% ▲ 1.1%

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 Lumen Technologies, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 2 trades by 1 insider, last 12 months Insider sales History → $355,050 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $757,600 net buying
Insider Date Trade Shares Price Value
Johnson Kathleen E Chief Executive Officer August 6, 2026 Buy 100,000 $6.13 $613,000
Linear Diankha Director February 20, 2026 Sell 45,000 $7.89 $355,050
Johnson Kathleen E President & CEO February 5, 2026 Buy 78,685 $6.35 $499,650

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.

Trades by members of Congress

All 8 trades and filings

No trades in Lumen Technologies, Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded July 11, 2023, filed August 13, 2023
  • Daniel S. Goldman(D-NY 10):Purchase, $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023
  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 3, 2026
  • October 30, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Lumen Technologies, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lumen Technologies, Inc. in brief

What does Lumen Technologies, Inc. do?
Lumen Technologies, Inc. is a US-listed company in the telephone communications (no radiotelephone) industry. Its financial year ends in December.
What is Lumen Technologies, Inc.'s stock ticker?
Lumen Technologies, Inc. trades under the ticker LUMN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lumen Technologies, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lumen Technologies, Inc. reported revenue of $11.8B, 7.7% lower than a year earlier, according to its SEC filings.
What is Lumen Technologies, Inc.'s free cash flow?
Lumen Technologies, Inc.'s free-cash-flow margin is 7.1% of revenue over the trailing twelve months, ranking 88 of the 174 communication services companies we cover.
Who are Lumen Technologies, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lumen Technologies, Inc.'s market cap?
On November 2, 2026, Lumen Technologies, Inc.'s market capitalisation was about $4.8B and net debt of $11.5B. Market figures come from third-party market data and may be delayed.
Does Lumen Technologies, Inc. pay a dividend?
Yes: Lumen Technologies, Inc. paid $1M in dividends over the trailing twelve months, a dividend yield of 0.02%.
Who are Lumen Technologies, Inc.'s competitors?
In our Communication Services peer group, the companies closest to Lumen Technologies, Inc. are EchoStar, Telus Corp, News Corp (Class A), Netease, Inc. and Sirius XM Holdings Inc. The side-by-side comparison below sets their revenue, margins and growth against Lumen Technologies, Inc.'s.
Are insiders buying or selling Lumen Technologies, Inc. stock?
Over the last 12 months, Lumen Technologies, Inc.'s directors and officers reported 2 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Lumen Technologies, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lumen Technologies, Inc. announces its own schedule.