Lumen Technologies (LUMN) FY2023 results: revenue $14.6 billion, down 16.7% on the year
Lumen Technologies, Inc. (LUMN) reported revenue of $14.6 billion for fiscal 2023, the year ended 31 December 2023, down 16.7% on the year before. Net income was -$10.3 billion, and diluted earnings per share $-10.48. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$14.6 billion
-16.7% on the year
FY2016FY2023
Operating margin
-65.8%
0.5% a year earlier
FY2016FY2023
Net income
-$10.3 billion
FY2016FY2023
Diluted EPS
-$10.48
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,160
4,735
6,501
-54.4%
Capital expenditure
3,100
3,016
2,900
+2.8%
Free cash flow
-940
1,719
3,601
Free cash flow margin
-6.5%
9.8%
18.3%
Cash from investing
-1,201
5,476
-2,712
Cash from financing
-18.0
-9,313
-3,807
Depreciation and amortisation
2,985
3,239
4,019
-7.8%
Share-based compensation
52.0
98.0
120
-46.9%
Buybacks
0.0
200
1,000
Dividends paid
11.0
780
1,087
-98.6%
Dividend per share
$0.00
$0.75
$1.00
Diluted shares, weighted
983m
1,008m
1,067m
-2.4%
Shares outstanding at period end
1,008m
1,002m
1,024m
+0.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
417
10,374
11,777
-96.0%
Debt
19,988
20,572
28,982
-2.8%
Operating lease liabilities
1,040
1,088
1,171
-4.4%
Finance lease liabilities
215
234
251
-8.1%
Other liabilities
12,358
13,313
15,812
-7.2%
Total liabilities and equity
34,018
45,581
57,993
-25.4%
Fixed assets
19,758
19,166
20,895
+3.1%
Goodwill
1,964
12,657
15,986
-84.5%
Intangible assets
5,470
6,166
6,970
-11.3%
Cash and equivalents
2,234
1,251
354
+78.6%
Receivables
1,318
1,508
1,544
-12.6%
Other assets
3,274
4,833
12,244
-32.3%
Total assets
34,018
45,581
57,993
-25.4%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.