L

Lumen Technologies, Inc.

LUMN · CIK 0000018926

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$11.33B6.6%
FY2025
Net income (FY)
−$1.74B3,061.8%
FY2025
Free cash flow (FY)
$371.0M66.3%
FY2025
Diluted EPS (FY)
$-1.752,816.7%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
−$10B$0$10B$20BFY2009 · Revenue $4.97B · Net income $647.0M · 0001047469-12-001666 · filed 2012-02-28FY09Revenue $4.97BNet income $647.0M0001047469-12-001666 · filed 2012-02-28FY2010 · Revenue $7.04B · Net income $948.0M · 0001047469-13-002037 · filed 2013-03-01FY10Revenue $7.04BNet income $948.0M0001047469-13-002037 · filed 2013-03-01FY2011 · Revenue $15.35B · Net income $573.0M · 0001445305-14-000656 · filed 2014-02-27FY11Revenue $15.35BNet income $573.0M0001445305-14-000656 · filed 2014-02-27FY2012 · Revenue $18.38B · Net income $777.0M · 0000018926-15-000008 · filed 2015-02-24FY12Revenue $18.38BNet income $777.0M0000018926-15-000008 · filed 2015-02-24FY2013 · Revenue $18.09B · Net income −$239.0M · 0000018926-16-000047 · filed 2016-02-25FY13Revenue $18.09BNet income −$239.0M0000018926-16-000047 · filed 2016-02-25FY2014 · Revenue $18.03B · Net income $772.0M · 0000018926-17-000013 · filed 2017-02-23FY14Revenue $18.03BNet income $772.0M0000018926-17-000013 · filed 2017-02-23FY2015 · Revenue $17.90B · Net income $878.0M · 0000018926-18-000012 · filed 2018-03-01FY15Revenue $17.90BNet income $878.0M0000018926-18-000012 · filed 2018-03-01FY2016 · Revenue $17.47B · Net income $626.0M · 0000018926-19-000006 · filed 2019-03-11FY16Revenue $17.47BNet income $626.0M0000018926-19-000006 · filed 2019-03-11FY2017 · Revenue $17.66B · Net income $1.39B · 0000018926-20-000009 · filed 2020-02-28FY17Revenue $17.66BNet income $1.39B0000018926-20-000009 · filed 2020-02-28FY2018 · Revenue $21.04B · Net income −$1.73B · 0000018926-21-000017 · filed 2021-02-25FY18Revenue $21.04BNet income −$1.73B0000018926-21-000017 · filed 2021-02-25FY2019 · Revenue $19.50B · Net income −$5.27B · 0000018926-22-000007 · filed 2022-02-24FY19Revenue $19.50BNet income −$5.27B0000018926-22-000007 · filed 2022-02-24FY2020 · Revenue $18.80B · Net income −$1.23B · 0000018926-23-000013 · filed 2023-02-23FY20Revenue $18.80BNet income −$1.23B0000018926-23-000013 · filed 2023-02-23FY2021 · Revenue $17.80B · Net income $2.03B · 0000018926-24-000016 · filed 2024-02-22FY21Revenue $17.80BNet income $2.03B0000018926-24-000016 · filed 2024-02-22FY2022 · Revenue $16.11B · Net income −$1.55B · 0000018926-25-000010 · filed 2025-02-20FY22Revenue $16.11BNet income −$1.55B0000018926-25-000010 · filed 2025-02-20FY2023 · Revenue $13.52B · Net income −$10.30B · 0000018926-26-000014 · filed 2026-02-20FY23Revenue $13.52BNet income −$10.30B0000018926-26-000014 · filed 2026-02-20FY2024 · Revenue $12.13B · Net income −$55.0M · 0000018926-26-000014 · filed 2026-02-20FY24Revenue $12.13BNet income −$55.0M0000018926-26-000014 · filed 2026-02-20FY2025 · Revenue $11.33B · Net income −$1.74B · 0000018926-26-000014 · filed 2026-02-20FY25Revenue $11.33BNet income −$1.74B0000018926-26-000014 · filed 2026-02-20FY25Revenue $11.33BNet income −$1.74B0000018926-26-000014 · filed 2026-02-20FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 2.3× since FY2009 · net margin 13.0% → -15.3%

MarginsNet marginFCF margin
-50%0%FY2009 · Net margin 13.0% · FCF margin 16.5%FY09Net margin 13.0%FCF margin 16.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 13.5% · FCF margin 16.8%FY10Net margin 13.5%FCF margin 16.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 3.7% · FCF margin 11.7%FY11Net margin 3.7%FCF margin 11.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 4.2% · FCF margin 17.1%FY12Net margin 4.2%FCF margin 17.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin -1.3% · FCF margin 13.9%FY13Net margin -1.3%FCF margin 13.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 4.3% · FCF margin 11.9%FY14Net margin 4.3%FCF margin 11.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 4.9% · FCF margin 12.7%FY15Net margin 4.9%FCF margin 12.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.6% · FCF margin 9.3%FY16Net margin 3.6%FCF margin 9.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 7.9% · FCF margin 4.4%FY17Net margin 7.9%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin -8.2% · FCF margin 18.3%FY18Net margin -8.2%FCF margin 18.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin -27.0% · FCF margin 15.6%FY19Net margin -27.0%FCF margin 15.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -6.6% · FCF margin 14.9%FY20Net margin -6.6%FCF margin 14.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 11.4% · FCF margin 20.2%FY21Net margin 11.4%FCF margin 20.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -9.6% · FCF margin 10.7%FY22Net margin -9.6%FCF margin 10.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin -76.2% · FCF margin -7.0%FY23Net margin -76.2%FCF margin -7.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin -0.5% · FCF margin 9.1%FY24Net margin -0.5%FCF margin 9.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin -15.3% · FCF margin 3.3%FY25Net margin -15.3%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin -15.3%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net -15.3% · free cash flow 3.3% of revenue

Cash engineOperating cash flowFree cash flow
$0$5BFY2009 · OCF $1.57B · FCF $819.0M · 0001047469-12-001666 · filed 2012-02-28FY09OCF $1.57BFCF $819.0M0001047469-12-001666 · filed 2012-02-28FY2010 · OCF $2.04B · FCF $1.18B · 0001047469-13-002037 · filed 2013-03-01FY10OCF $2.04BFCF $1.18B0001047469-13-002037 · filed 2013-03-01FY2011 · OCF $4.20B · FCF $1.79B · 0001445305-14-000656 · filed 2014-02-27FY11OCF $4.20BFCF $1.79B0001445305-14-000656 · filed 2014-02-27FY2012 · OCF $6.07B · FCF $3.15B · 0000018926-15-000008 · filed 2015-02-24FY12OCF $6.07BFCF $3.15B0000018926-15-000008 · filed 2015-02-24FY2013 · OCF $5.56B · FCF $2.51B · 0000018926-16-000047 · filed 2016-02-25FY13OCF $5.56BFCF $2.51B0000018926-16-000047 · filed 2016-02-25FY2014 · OCF $5.19B · FCF $2.14B · 0000018926-17-000013 · filed 2017-02-23FY14OCF $5.19BFCF $2.14B0000018926-17-000013 · filed 2017-02-23FY2015 · OCF $5.15B · FCF $2.28B · 0000018926-18-000012 · filed 2018-03-01FY15OCF $5.15BFCF $2.28B0000018926-18-000012 · filed 2018-03-01FY2016 · OCF $4.61B · FCF $1.63B · 0000018926-19-000006 · filed 2019-03-11FY16OCF $4.61BFCF $1.63B0000018926-19-000006 · filed 2019-03-11FY2017 · OCF $3.88B · FCF $772.0M · 0000018926-20-000009 · filed 2020-02-28FY17OCF $3.88BFCF $772.0M0000018926-20-000009 · filed 2020-02-28FY2018 · OCF $7.03B · FCF $3.86B · 0000018926-21-000017 · filed 2021-02-25FY18OCF $7.03BFCF $3.86B0000018926-21-000017 · filed 2021-02-25FY2019 · OCF $6.68B · FCF $3.05B · 0000018926-22-000007 · filed 2022-02-24FY19OCF $6.68BFCF $3.05B0000018926-22-000007 · filed 2022-02-24FY2020 · OCF $6.52B · FCF $2.79B · 0000018926-23-000013 · filed 2023-02-23FY20OCF $6.52BFCF $2.79B0000018926-23-000013 · filed 2023-02-23FY2021 · OCF $6.50B · FCF $3.60B · 0000018926-24-000016 · filed 2024-02-22FY21OCF $6.50BFCF $3.60B0000018926-24-000016 · filed 2024-02-22FY2022 · OCF $4.74B · FCF $1.72B · 0000018926-25-000010 · filed 2025-02-20FY22OCF $4.74BFCF $1.72B0000018926-25-000010 · filed 2025-02-20FY2023 · OCF $2.16B · FCF −$940.0M · 0000018926-26-000014 · filed 2026-02-20FY23OCF $2.16BFCF −$940.0M0000018926-26-000014 · filed 2026-02-20FY2024 · OCF $4.33B · FCF $1.10B · 0000018926-26-000014 · filed 2026-02-20FY24OCF $4.33BFCF $1.10B0000018926-26-000014 · filed 2026-02-20FY2025 · OCF $4.74B · FCF $371.0M · 0000018926-26-000014 · filed 2026-02-20FY25OCF $4.74BFCF $371.0M0000018926-26-000014 · filed 2026-02-20FY25OCF $4.74BFCF $371.0M0000018926-26-000014 · filed 2026-02-20’09’13’17’21’25

FY2025: $4.74B operating cash − $4.37B capex = $371.0M free cash flow

Returns on capitalReturn on equityReturn on assets
-2000%-1000%0%FY2010 · ROE 9.8% · ROA 4.3%FY10ROE 9.8%ROA 4.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 2.8% · ROA 1.0%FY11ROE 2.8%ROA 1.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 4.0% · ROA 1.4%FY12ROE 4.0%ROA 1.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE -1.4% · ROA -0.5%FY13ROE -1.4%ROA -0.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 5.1% · ROA 1.6%FY14ROE 5.1%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 6.2% · ROA 1.8%FY15ROE 6.2%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 4.7% · ROA 1.3%FY16ROE 4.7%ROA 1.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 5.9% · ROA 1.8%FY17ROE 5.9%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE -8.7% · ROA -2.5%FY18ROE -8.7%ROA -2.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE -39.1% · ROA -8.1%FY19ROE -39.1%ROA -8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -11.0% · ROA -2.1%FY20ROE -11.0%ROA -2.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 17.2% · ROA 3.5%FY21ROE 17.2%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -14.9% · ROA -3.4%FY22ROE -14.9%ROA -3.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE -2469.5% · ROA -30.3%FY23ROE -2469.5%ROA -30.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE -11.9% · ROA -0.2%FY24ROE -11.9%ROA -0.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 155.7% · ROA -5.1%FY25ROE 155.7%ROA -5.1%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 155.7%ROA -5.1%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity 10% (FY2010) → 156% (FY2025) · on assets -5.1%

The receipts