Lumen Technologies (LUMN) FY2016 results: revenue $17.5 billion, down 2.4% on the year
Lumen Technologies, Inc. (LUMN) reported revenue of $17.5 billion for fiscal 2016, the year ended 31 December 2016, down 2.4% on the year before. Net income was $626 million, down 28.7%, and diluted earnings per share $1.16. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2017.
Revenue
$17.5 billion
-2.4% on the year
FY2009FY2016
Operating margin
13.3%
14.4% a year earlier
FY2009FY2016
Net income
$626 million
-28.7% on the year
FY2009FY2016
Diluted EPS
$1.16
-26.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
17,470
17,900
18,031
-2.4%
Cost of revenue
7,774
7,778
7,846
-0.1%
Gross profit
9,696
10,122
10,185
-4.2%
Gross margin
55.5%
56.5%
56.5%
Selling, general and administrative
3,449
3,354
3,347
+2.8%
Operating income
2,331
2,579
2,410
-9.6%
Operating margin
13.3%
14.4%
13.4%
Interest expense
1,318
1,312
1,311
+0.5%
Pre-tax income
1,020
1,316
1,110
-22.5%
Income tax
394
438
338
-10.0%
Effective tax rate
38.6%
33.3%
30.5%
Net income
626
878
772
-28.7%
Net margin
3.6%
4.9%
4.3%
Diluted EPS
$1.16
$1.58
$1.36
-26.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
4,608
5,153
5,188
-10.6%
Capital expenditure
2,981
2,872
3,047
+3.8%
Free cash flow
1,627
2,281
2,141
-28.7%
Free cash flow margin
9.3%
12.7%
11.9%
Cash from investing
-2,994
n/a
n/a
Cash from financing
-1,518
n/a
n/a
Depreciation and amortisation
3,916
4,189
4,428
-6.5%
Share-based compensation
80.0
73.0
79.0
+9.6%
Buybacks
16.0
819
650
-98.0%
Dividends paid
1,167
1,198
1,228
-2.6%
Dividend per share
$2.16
n/a
n/a
Diluted shares, weighted
541m
555m
570m
-2.6%
Shares outstanding at period end
547m
544m
569m
+0.5%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
13,399
14,060
15,023
-4.7%
Debt
19,688
20,225
20,503
-2.7%
Other liabilities
13,930
13,319
13,577
+4.6%
Total liabilities and equity
47,017
47,604
49,103
-1.2%
Fixed assets
17,039
18,069
18,433
-5.7%
Goodwill
19,650
20,742
20,755
-5.3%
Cash and equivalents
222
126
128
+76.2%
Receivables
2,017
1,943
1,988
+3.8%
Other assets
8,089
6,724
7,799
+20.3%
Total assets
47,017
47,604
49,103
-1.2%
10-K for the year ended 31 December 2016, filed 23 February 2017: the filing.