Lumen Technologies, Inc. (LUMN) financial statements: income statement, balance sheet and cash flow

Lumen Technologies, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lumen Technologies, Inc. reported revenue of $12.4B (-5.4% year on year) and net income of ($1.7B) (-3061.8% year on year).

Income statement

Lumen Technologies, Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
OPERATING REVENUE	$12.4B	$13.1B	$14.6B	$17.5B
Cost of services and products (exclusive of depreciation and amortization)	$6.6B	$6.7B	$7.1B	$7.9B
Selling, general and administrative	$3.2B	$3.0B	$3.2B	$3.1B
Net loss on sale of businesses	$0	$17.0M	$121.0M	($773.0M)
Depreciation and amortization	$2.7B	$3.0B	$3.0B	$3.2B
Goodwill impairment	$628.0M	$0	$10.7B	$3.3B
Total operating expenses	$13.2B	$12.6B	$24.1B	$17.4B
OPERATING (LOSS) INCOME	($812.0M)	$460.0M	($9.6B)	$95.0M
Interest expense	($1.3B)	($1.4B)	($1.2B)	($1.3B)
Net (loss) gain on early retirement of debt (Note 7)	($740.0M)	$348.0M	—	—
Other income (expense), net	$120.0M	$334.0M	($113.0M)	$246.0M
Total other expense, net	($1.9B)	($690.0M)	($653.0M)	($1.1B)
LOSS BEFORE INCOME TAXES	($2.7B)	($230.0M)	($10.2B)	($991.0M)
Income tax (benefit) expense	($977.0M)	($175.0M)	$61.0M	$557.0M
NET LOSS	($1.7B)	($55.0M)	($10.3B)	($1.5B)
BASIC (in dollars per share)	-$1.75	-$0.06	-$10.48	-$1.54
DILUTED (in dollars per share)	-$1.75	-$0.06	-$10.48	-$1.54
BASIC (in shares)	994.5M	987.7M	983.1M	1.0B
DILUTED (in shares)	994.5M	987.7M	983.1M	1.0B

Lumen Technologies, Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
OPERATING REVENUE	$2.8B	$2.9B	$3.1B	$3.1B
Cost of services and products (exclusive of depreciation and amortization)	$1.4B	$1.4B	$1.7B	$1.6B
Selling, general and administrative	$779.0M	$794.0M	$829.0M	$755.0M
Net loss (gain) on sale of business	$31.0M	($596.0M)	$0	$0
Depreciation and amortization	$668.0M	$664.0M	$674.0M	$688.0M
Goodwill impairment	$0	—	$0	$628.0M
Total operating expenses	$2.9B	$2.3B	$3.2B	$3.7B
OPERATING (LOSS) INCOME	($88.0M)	$602.0M	($116.0M)	($603.0M)
Interest expense	($201.0M)	($225.0M)	($319.0M)	($338.0M)
Net gain (loss) on early retirement of debt (Note 5)	$6.0M	($226.0M)	($395.0M)	($236.0M)
Other income, net	$28.0M	$26.0M	$17.0M	$28.0M
Total other expense, net	($167.0M)	($425.0M)	($697.0M)	($546.0M)
LOSS BEFORE INCOME TAXES	($255.0M)	$177.0M	($813.0M)	($1.1B)
Income tax (benefit) expense	($54.0M)	$377.0M	($192.0M)	($234.0M)
NET LOSS	($201.0M)	($200.0M)	($621.0M)	($915.0M)
BASIC (in dollars per share)	-$0.20	-$0.20	-$0.62	-$0.92
DILUTED (in dollars per share)	-$0.20	-$0.20	-$0.62	-$0.92
BASIC (in shares)	1.0B	998.9M	996.0M	994.5M
DILUTED (in shares)	1.0B	998.9M	996.0M	994.5M

Balance sheet

Lumen Technologies, Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.0B	$1.9B	$2.2B	$1.3B
Accounts receivable, less allowance of $67 and $59	$1.3B	$1.2B	$1.3B	$1.5B
Assets held for sale	$4.3B	—	$104.0M	$1.9B
Other current assets, net	$1.3B	$1.3B	$1.1B	$803.0M
Total current assets	$7.9B	$4.4B	$4.8B	$5.4B
Property, plant and equipment, net of accumulated depreciation of $23,744 and $23,121	$19.6B	—	—	—
Goodwill	$0	$2.0B	$2.0B	$12.7B
Intangible assets, net	$4.5B	$4.8B	$5.5B	$6.2B
Other assets, net	$2.4B	$1.9B	$2.1B	$2.2B
Total goodwill and other assets	$6.9B	$8.7B	$9.5B	$21.0B
TOTAL ASSETS	$34.3B	$33.5B	$34.0B	$45.6B
Current maturities of long-term debt	$88.0M	$412.0M	$157.0M	$154.0M
Accounts payable	$1.5B	$749.0M	$1.1B	$950.0M
Salaries and benefits	$854.0M	$716.0M	$696.0M	$692.0M
Income and other taxes	$279.0M	$272.0M	$251.0M	$1.2B
Current operating lease liabilities	$266.0M	$253.0M	$268.0M	$344.0M
Interest	$149.0M	$197.0M	$168.0M	$181.0M
Other current liabilities	$203.0M	$179.0M	$209.0M	$277.0M
Liabilities held for sale	$38.0M	—	$4.0M	$451.0M
Current portion of deferred revenue	$1.0B	$861.0M	$647.0M	$596.0M
Total current liabilities	$4.4B	$3.6B	$3.5B	$4.8B
LONG-TERM DEBT	$17.4B	$17.5B	$19.8B	$20.4B
Deferred income taxes, net	$2.3B	$2.9B	$3.1B	$3.2B
Benefit plan obligations, net	$2.1B	$2.2B	$2.5B	$2.4B
Deferred revenue	$6.4B	$3.7B	$2.0B	—
Other liabilities	$2.9B	$3.1B	$2.6B	$4.4B
Total deferred credits and other liabilities	$13.7B	$11.9B	$10.2B	$9.9B
Preferred stock — non-redeemable, $25.00 par value, authorized 2,000 and 2,000 shares, issued and outstanding 7 and 7 shares	0	0	0	0
Common stock, no par value, authorized 2,200,000 and 2,200,000 shares, issued and outstanding 1,025,446 and 1,014,768 shares	19.2B	19.1B	1.0B	1.0B
Accumulated other comprehensive loss	($601.0M)	($723.0M)	($810.0M)	($1.1B)
Accumulated deficit	($19.7B)	($18.0B)	($17.9B)	($7.5B)
Total stockholders' (deficit) equity	($1.1B)	$464.0M	$417.0M	$10.4B
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	$34.3B	$33.5B	$34.0B	$45.6B

Lumen Technologies, Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.9B	$1.6B	$2.4B	$1.6B
Accounts receivable, net of allowance of $45 and $67	$1.4B	$1.6B	$1.3B	$1.3B
Assets held for sale	$0	$0	$3.8B	$3.7B
Other current assets, net	$856.0M	$893.0M	$1.3B	$1.2B
Total current assets	$4.1B	$4.1B	$8.7B	$7.7B
Property, plant and equipment, net of accumulated depreciation of $24,377 and $23,744	$20.3B	$19.9B	—	—
Intangible assets, net	$4.0B	$4.2B	—	—
Other assets, net	$2.3B	$2.3B	$2.1B	$2.0B
Total other assets	$6.4B	$6.6B	—	—
TOTAL ASSETS	$30.8B	$30.6B	$34.3B	$33.0B
Current maturities of long-term debt	$56.0M	$35.0M	$94.0M	$331.0M
Accounts payable	$1.0B	$1.2B	$1.1B	$831.0M
Salaries and benefits	$654.0M	$635.0M	$760.0M	$588.0M
Income and other taxes	$755.0M	$587.0M	$323.0M	$285.0M
Current operating lease liabilities	$289.0M	$290.0M	$273.0M	$275.0M
Interest	$176.0M	$113.0M	$133.0M	$151.0M
Other current liabilities	$299.0M	$229.0M	$224.0M	$179.0M
Liabilities held for sale	$0	$0	$36.0M	$110.0M
Current portion of deferred revenue	$999.0M	$1.1B	$1.0B	$882.0M
Total current liabilities	$4.3B	$4.2B	$3.9B	$3.6B
LONG-TERM DEBT	$13.2B	$12.9B	$17.6B	$17.6B
Deferred income taxes, net	$1.8B	$1.9B	$2.3B	$2.5B
Benefit plan obligations, net	$1.9B	$2.0B	$2.1B	$2.2B
Deferred revenue	$8.2B	$8.0B	$6.2B	$4.5B
Other liabilities	$3.0B	$3.0B	$3.3B	$3.3B
Total deferred credits and other liabilities	$14.9B	$14.8B	$13.9B	$12.4B
Preferred stock—non-redeemable, $25.00 par value, authorized 2,000 and 2,000 shares, issued and outstanding 7 and 7 shares	0	0	0	0
Common stock, no par value, authorized 2,200,000 and 2,200,000 shares, issued and outstanding 1,030,122 and 1,025,446 shares	19.2B	19.2B	19.2B	19.2B
Accumulated other comprehensive loss	($564.0M)	($581.0M)	($647.0M)	($679.0M)
Accumulated deficit	($20.1B)	($19.9B)	($19.7B)	($19.1B)
Total stockholders' deficit	($1.5B)	($1.3B)	($1.2B)	($595.0M)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$30.8B	$30.6B	$34.3B	$33.0B

Cash flow statement

Lumen Technologies, Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($1.7B)	($55.0M)	($10.3B)	($1.5B)
Depreciation and amortization	$2.7B	$3.0B	$3.0B	$3.2B
Net loss on sale of businesses	$0	$17.0M	$121.0M	($773.0M)
Goodwill impairment	$628.0M	$0	—	—
Impairment of long-lived assets	$109.0M	$83.0M	$10.7B	$3.3B
Deferred income taxes	($705.0M)	($209.0M)	$8.0M	($1.2B)
Provision for uncollectible accounts	$70.0M	$72.0M	$100.0M	$133.0M
Net loss (gain) on early retirement and modification of debt	$740.0M	($348.0M)	($618.0M)	—
Debt modification costs and related fees	$0	($79.0M)	—	—
Gain on sale of investment	$0	($205.0M)	—	—
Unrealized loss on investments	$0	$10.0M	$97.0M	$191.0M
Stock-based compensation	$48.0M	$29.0M	$52.0M	$98.0M
Accounts receivable	($168.0M)	$19.0M	$102.0M	($158.0M)
Accounts payable	$632.0M	($202.0M)	($97.0M)	$98.0M
Accrued income and other taxes	$20.0M	($189.0M)	($1.2B)	$972.0M
Other current assets and liabilities, net	$98.0M	$304.0M	($549.0M)	($372.0M)
Retirement benefits	$30.0M	($181.0M)	($1.0M)	$46.0M
Change in deferred revenue	$2.7B	$1.8B	—	—
Changes in other noncurrent assets and liabilities, net	($525.0M)	$655.0M	$730.0M	$258.0M
Other, net	$78.0M	($107.0M)	$20.0M	$24.0M
Net cash provided by operating activities	$4.7B	$4.3B	$2.2B	$4.7B
Capital expenditures	($4.4B)	($3.2B)	($3.1B)	($3.0B)
Proceeds from sale of businesses	$0	$15.0M	$1.7B	$8.4B
Proceeds from sale of property, plant and equipment, and other assets	$47.0M	$366.0M	$165.0M	$120.0M
Other, net	$15.0M	$20.0M	($12.0M)	$3.0M
Net cash used in investing activities	($4.3B)	($2.8B)	($1.2B)	$5.5B
Net proceeds from issuance of long-term debt	$8.2B	$1.3B	$0	$0
Payments of long-term debt	($8.8B)	($2.7B)	($185.0M)	($8.1B)
Net proceeds from (payments on) revolving line of credit	$0	($200.0M)	$200.0M	($200.0M)
Dividends paid	($1.0M)	($3.0M)	($11.0M)	($780.0M)
Debt issuance and extinguishment costs and related fees	($645.0M)	($283.0M)	—	—
Other, net	($13.0M)	($12.0M)	($22.0M)	($40.0M)
Net cash used in financing activities	($1.3B)	($1.9B)	($18.0M)	($9.3B)
Net (decrease) increase in cash, cash equivalents and restricted cash	($886.0M)	($348.0M)	$941.0M	$898.0M
Cash, cash equivalents and restricted cash at beginning of period	$1.9B	$2.2B	$1.3B	$409.0M
Cash, cash equivalents and restricted cash at end of period	$1.0B	$1.9B	$2.2B	$1.3B
Income taxes (paid) refunded, net	($18.0M)	$242.0M	($1.3B)	($76.0M)
Interest paid (net of capitalized interest of $154, $176 and $111)	($1.2B)	($1.2B)	($1.1B)	($1.4B)
Cancellation of debt	($2.3B)	$0	($1.6B)	—
Issuance of debt	$2.3B	$0	$924.0M	—
Cash and cash equivalents	$1.0B	$1.9B	$2.2B	$1.3B
Restricted cash included in Other current assets	$3.0M	$2.0M	$4.0M	$0
Restricted cash included in Other, net noncurrent assets	$8.0M	$9.0M	$10.0M	$12.0M
Total	$1.0B	$1.9B	$2.2B	$1.3B

Lumen Technologies, Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($401.0M)	($200.0M)	($1.7B)	($1.1B)
Depreciation and amortization	$1.3B	$664.0M	$2.1B	$1.4B
Net gain on sale of business	($565.0M)	($596.0M)	$0	$0
Goodwill impairment	$0	—	$628.0M	$628.0M
Deferred income taxes	($484.0M)	($383.0M)	($597.0M)	($409.0M)
Provision for uncollectible accounts	$7.0M	$12.0M	$47.0M	$31.0M
Net loss on early retirement of debt	$220.0M	$226.0M	$666.0M	$271.0M
Stock-based compensation	$31.0M	$13.0M	$35.0M	$22.0M
Accounts receivable	($68.0M)	($298.0M)	($92.0M)	($80.0M)
Accounts payable	($320.0M)	($172.0M)	$262.0M	$172.0M
Accrued income and other taxes	$927.0M	$769.0M	$92.0M	$87.0M
Other current assets and liabilities, net	($116.0M)	($264.0M)	$68.0M	($229.0M)
Retirement benefits	($130.0M)	($114.0M)	$14.0M	($1.0M)
Change in deferred revenue	$1.8B	$1.6B	$2.5B	$718.0M
Changes in other assets and liabilities, net	$65.0M	$70.0M	$102.0M	$69.0M
Other, net	$24.0M	($6.0M)	$145.0M	$101.0M
Net cash provided by operating activities	$2.3B	$1.3B	$4.2B	$1.7B
Capital expenditures	($1.8B)	($943.0M)	($2.7B)	($1.7B)
Proceeds from sale of business	$5.0B	$5.0B	—	—
Proceeds from sale of property, plant and equipment, and other assets	$21.0M	$16.0M	$44.0M	$31.0M
Other, net	$3.0M	$0	$10.0M	$9.0M
Net cash provided by (used in) investing activities	$3.2B	$4.0B	($2.7B)	($1.6B)
Net proceeds from issuance of long-term debt	$1.7B	$656.0M	$6.9B	$4.3B
Payments of long-term debt	($6.3B)	($5.4B)	($7.3B)	($4.3B)
Debt issuance and extinguishment costs and related fees	($15.0M)	$0	($641.0M)	($308.0M)
Other, net	($37.0M)	($32.0M)	($15.0M)	($13.0M)
Net cash used in financing activities	($4.6B)	($4.8B)	($995.0M)	($344.0M)
Net increase (decrease) in cash, cash equivalents and restricted cash	$873.0M	$622.0M	$512.0M	($321.0M)
Cash, cash equivalents and restricted cash at beginning of period	$1.0B	$1.0B	$1.9B	$1.9B
Cash, cash equivalents and restricted cash at end of period	$1.9B	$1.6B	$2.4B	$1.6B
Income taxes refunded (paid), net	$136.0M	($3.0M)	($12.0M)	($7.0M)
Interest paid (net of capitalized interest of $83 and $72)	($371.0M)	($249.0M)	($984.0M)	($676.0M)
Cancellation of term loans as part of refinancings (Note 5)	($2.3B)	$0	($2.3B)	($121.0M)
Issuance of term loans as part of refinancings (Note 5)	$2.3B	$0	$2.3B	$121.0M
Cash and cash equivalents	$1.9B	$1.6B	$2.4B	$1.6B
Restricted cash included in Other current assets, net	$3.0M	$3.0M	$3.0M	$2.0M
Restricted cash included in Other assets, net	$8.0M	$8.0M	$8.0M	$9.0M
Total	$1.9B	$1.6B	$2.4B	$1.6B

Lumen Technologies, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.