Lumen Technologies (LUMN) FY2025 results: revenue $12.4 billion, down 5.4% on the year
Lumen Technologies, Inc. (LUMN) reported revenue of $12.4 billion for fiscal 2025, the year ended 31 December 2025, down 5.4% on the year before. Net income was -$1.7 billion, and diluted earnings per share $-1.75. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$12.4 billion
-5.4% on the year
FY2018FY2025
Operating margin
-6.5%
3.5% a year earlier
FY2018FY2025
Net income
-$1.7 billion
FY2018FY2025
Diluted EPS
-$1.75
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 11 new, 2 kept.
Revenue fell 9% in fourth quarter: Fourth-quarter revenue was $3.041 billion, against $3.329 billion a year earlier. Full-year revenue was $12.402 billion, against $13.108 billion in 2024.
Adjusted EBITDA at high end: Fourth-quarter Adjusted EBITDA excluding Special Items was $767 million, against $1.052 billion. Full-year figure was $3.360 billion, which management said landed at the high end of guidance.
Enterprise grow revenue rose 52%: Management said NA Enterprise grow revenue rose 52% in Q4 and surpassed the nurture and harvest segments. The product table shows Grow at $1,172 million, flat against $1,177 million.
Additional $2.5 billion in PCF contracts: The company signed an additional $2.5 billion in Private Connectivity Fabric contracts and grew its NaaS customer base. PCF sales reached nearly $13 billion, and NaaS customers grew 29%.
Cost reduction target exceeded: Management said it exceeded its cost reduction target and ended the year with over $400 million in run-rate savings.
$ 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
4,738
4,333
2,160
+9.3%
Capital expenditure
4,367
3,231
3,100
+35.2%
Free cash flow
371
1,102
-940
-66.3%
Free cash flow margin
3.0%
8.4%
-6.5%
Cash from investing
-4,305
-2,830
-1,201
Cash from financing
-1,319
-1,851
-18.0
Depreciation and amortisation
2,749
2,956
2,985
-7.0%
Share-based compensation
48.0
29.0
52.0
+65.5%
Buybacks
n/a
0.0
0.0
Dividends paid
1.0
3.0
11.0
-66.7%
Dividend per share
n/a
$0.00
$0.00
Diluted shares, weighted
995m
988m
983m
+0.7%
Shares outstanding at period end
1,025m
1,015m
1,008m
+1.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
-1,117
464
417
Debt
17,441
17,906
19,988
-2.6%
Operating lease liabilities
1,113
959
1,040
+16.1%
Finance lease liabilities
183
198
215
-7.6%
Other liabilities
16,722
13,969
12,358
+19.7%
Total liabilities and equity
34,342
33,496
34,018
+2.5%
Fixed assets
n/a
20,421
19,758
Goodwill
0.0
1,964
1,964
Intangible assets
4,463
4,806
5,470
-7.1%
Cash and equivalents
1,003
1,889
2,234
-46.9%
Receivables
1,314
1,231
1,318
+6.7%
Other assets
27,562
3,185
3,274
+765.4%
Total assets
34,342
33,496
34,018
+2.5%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.