Lumen Technologies (LUMN) financial statements
Lumen Technologies reported revenue of $12.4B in fiscal 2025, down 3.7% a year over 9 years.
Net income was -$1.7B and the operating margin -6.5%, against 13.4% in 2016.
Free cash flow was $371M, and the company returned $1M in dividends.
The diluted share count rose 84% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lumen Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.5B | $17.7B | $22.6B | $21.5B | $20.7B | $19.7B | $17.5B | $14.6B | $13.1B | $12.4B |
| Cost of revenue | $7.8B | $8.2B | $10.0B | $9.1B | $8.9B | $8.5B | $7.9B | $7.1B | $6.7B | $6.6B |
| Gross profit | $9.7B | $9.5B | $12.6B | $12.3B | $11.8B | $11.2B | $9.6B | $7.4B | $6.4B | $5.8B |
| Selling, general and admin | $3.4B | $3.5B | $4.2B | $3.7B | $3.5B | $2.9B | $3.1B | $3.2B | $3.0B | $3.2B |
| Operating income | $2.3B | $2.0B | $570M | -$2.7B | $962M | $4.3B | $95M | -$9.6B | $460M | -$812M |
| Interest expense | $1.3B | $1.5B | $2.2B | $2.0B | $1.7B | $1.5B | $1.3B | $1.2B | $1.4B | $1.3B |
| Pre-tax income | $1.0B | $540M | -$1.6B | -$4.8B | -$782M | $2.7B | -$991M | -$10.2B | -$230M | -$2.7B |
| Income tax | $394M | -$849M | $170M | $503M | $450M | $668M | $557M | $61M | -$175M | -$977M |
| Net income | $626M | $1.4B | -$1.7B | -$5.3B | -$1.2B | $2.0B | -$1.5B | -$10.3B | -$55M | -$1.7B |
| EPS (diluted) | $1.16 | $2.21 | -$1.63 | -$4.92 | -$1.14 | $1.91 | -$1.54 | -$10.48 | -$0.06 | -$1.75 |
| Diluted shares | 541M | 629M | 1.07B | 1.07B | 1.08B | 1.07B | 1.01B | 983M | 988M | 995M |
| Gross margin | 55.5% | 53.5% | 55.7% | 57.4% | 56.9% | 56.9% | 55.0% | 50.9% | 48.9% | 46.5% |
| Operating margin | 13.4% | 11.4% | 2.5% | -12.7% | 4.6% | 21.8% | 0.5% | -65.8% | 3.5% | -6.5% |
| Net margin | 3.6% | 7.9% | -7.7% | -24.6% | -5.9% | 10.3% | -8.9% | -70.7% | -0.4% | -14.0% |
Balance sheet
Fiscal years, from Lumen Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $222M | $551M | $488M | $1.7B | $406M | $354M | $1.3B | $2.2B | $1.9B | $1.0B |
| Receivables | $2.0B | $2.6B | $2.4B | $2.3B | $2.0B | $1.5B | $1.5B | $1.3B | $1.2B | $1.3B |
| Total current assets | $5.2B | $4.2B | $3.8B | $4.8B | $3.2B | $11.5B | $5.5B | $4.8B | $4.4B | $7.9B |
| Property, plant and equipment | $17.0B | $26.9B | $26.4B | $26.1B | $26.3B | $20.9B | $19.2B | $19.8B | $20.4B | $19.6B |
| Goodwill | $19.6B | $30.5B | $28.0B | $21.5B | $18.9B | $16.0B | $12.7B | $2.0B | $2.0B | $0 |
| Total assets | $47.0B | $75.6B | $70.3B | $64.7B | $59.4B | $58.0B | $45.6B | $34.0B | $33.5B | $34.3B |
| Total current liabilities | $5.3B | $4.9B | $5.5B | $7.3B | $6.6B | $7.2B | $4.9B | $3.5B | $3.6B | $4.4B |
| Long-term debt | $18.2B | $37.3B | $35.4B | $32.4B | $29.4B | $27.4B | $20.4B | $19.8B | $17.5B | $17.4B |
| Total liabilities | $33.6B | $52.1B | $50.4B | $51.3B | $48.2B | $46.2B | $35.2B | $33.6B | $33.0B | $35.5B |
| Shareholders' equity | $13.4B | $23.5B | $19.8B | $13.5B | $11.2B | $11.8B | $10.4B | $417M | $464M | -$1.1B |
| Net debt | $18.0B | $36.7B | $34.9B | $30.7B | $29.0B | $27.1B | $19.2B | $17.6B | $15.6B | $16.4B |
Cash flow
Fiscal years, from Lumen Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.6B | $3.9B | $7.0B | $6.7B | $6.5B | $6.5B | $4.7B | $2.2B | $4.3B | $4.7B |
| Capital spending | $3.0B | $3.1B | $3.2B | $3.6B | $3.7B | $2.9B | $3.0B | $3.1B | $3.2B | $4.4B |
| Free cash flow | $1.6B | $772M | $3.9B | $3.1B | $2.8B | $3.6B | $1.7B | -$940M | $1.1B | $371M |
| Stock-based compensation | $80M | $111M | $186M | $162M | $175M | $120M | $98M | $52M | $29M | $48M |
| Dividends paid | $1.2B | $1.5B | $2.3B | $1.1B | $1.1B | $1.1B | $780M | $11M | $3M | $1M |
| Share buybacks (net) | -$16M | -$17M | — | $0 | $0 | -$1.0B | -$200M | $0 | $0 | — |
| Net borrowing | -$301M | $6.4B | -$1.8B | -$450M | -$3.0B | -$1.7B | -$8.1B | -$185M | -$1.4B | -$660M |
| Free cash flow margin | 9.3% | 4.4% | 17.1% | 14.2% | 13.5% | 18.3% | 9.8% | -6.5% | 8.4% | 3.0% |
| Dividends per share | $2.16 | $2.31 | $2.17 | $1.03 | $1.03 | $1.02 | $0.77 | $0.01 | $0.00 | $0.00 |
Questions
What was Lumen Technologies's revenue in 2025?
$12.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lumen Technologies generate?
$371M in fiscal 2025 (operating cash flow minus capital spending).
From Lumen Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.