At a glance
Lumen Technologies Inc is worth $4.95B. Revenue fell 5.4% to $12.40B in fiscal 2025, at a loss; over 5 years it has grown 9.7% a year. It pays a dividend, and returned $3.08B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −52.2% over the past year with dividends reinvested and −15.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.4% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Lumen Technologies, formerly CenturyLink, runs what it calls one of the world's most interconnected communications networks. It provides networking, cloud connection and cybersecurity services, mainly to enterprises and to wholesale customers, meaning other network providers that purchase capacity. As of December 31, 2025, the network had more than 340,000 route miles of fiber optic cable and connected about 163,000 buildings directly.
Revenue was $12.4 billion in fiscal 2025. The Business segment, serving enterprise and wholesale customers in the US and abroad, brought in $9.9 billion, or 79.8%. Mass Markets, serving US homes and small businesses, brought in $2.5 billion, or 20.2%. That segment shrank on February 2, 2026, when Lumen sold its fiber-to-the-home internet business in 11 states to AT&T for $5.75 billion in gross cash, subject to adjustments. What remains runs under the CenturyLink brand, mostly older copper-based services that Lumen treats as non-core and manages for cash flow.
Lumen grew mainly through acquisitions, including Embarq in 2009, Qwest in 2011 and Level 3 in 2017. It later sold its Latin American business and part of its local phone business in 2022, and its Europe, Middle East and Africa unit in 2023. Its growth plan leans on AI-driven demand and on PCF solutions, network contracts that involve construction and depend on data center connectivity demand.
Price history
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LUMN -52.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Business | $9.89B | 79.8% |
| Mass Markets | $2.51B | 20.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.81B, down 9.3% from a year earlier, and net income was $-201.0M.
- For fiscal 2025, revenue was $12.40B (-5.4% year over year; -9.7% a year from FY2020 to FY2025) with a -14% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -9.7% weak |
|---|---|
| Operating margin | -6.5% weak |
| Free cash flow margin | 3% watch |
| Return on assets (FY2025) | -5.1% weak |
| Net cash (cash minus debt) | $-11.47B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $20.71B | $-1.23B | $2.79B |
| FY2021 | $19.69B | $2.03B | $3.60B |
| FY2022 | $17.48B | $-1.55B | $1.72B |
| FY2023 | $14.56B | $-10.30B | $-940.0M |
| FY2024 | $13.11B | $-55.0M | $1.10B |
| FY2025 | $12.40B | $-1.74B | $371.0M |
Valuation snapshot
| Market value | $4.95B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Lumen Technologies’s market value went from $12.85B at the end of 2021 to $4.95B on Oct 28, 2026, down 61%; since the end of 2025 it is down 38%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.95B | -37.9% |
| 2025 | $7.97B | +47.9% |
| 2024 | $5.39B | +191.9% |
| 2023 | $1.85B | -65.8% |
| 2022 | $5.40B | -58.0% |
| 2021 | $12.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LUMN price data to Oct 28, 2026 | -38.2% | -52.2% | +53.4% | -15.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -38.2% |
| 2025 | +46.3% |
| 2024 | +190.2% |
| 2023 | -64.9% |
| 2022 | -55.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.2% over that stretch · deepest drop along the way 49.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($1.1M) and 1 sales ($355K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 6, 2026 | Kathleen E Johnson Chief Executive Officer, Director | buy | $613K |
| Feb 5, 2026 | Kathleen E Johnson President & CEO, Director | buy | $500K |
| Feb 20, 2026 | Diankha Linear Director | sell | $355K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.6% | Mar 31, 2025 |
| Dan Hagan | 7.3% | Sep 30, 2026 |
| Vanguard Portfolio Management | 6.11% | Mar 31, 2026 |
ETFs with the most weight in LUMN
| PSCU Invesco S&P SmallCap Utilities & Communication Services ETF | 5.76% |
| XTL SPDR S&P Telecom ETF | 3.27% |
| NIXT Research Affiliates Deletions ETF | 2.31% |
| SKYY First Trust Cloud Computing ETF | 2% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.79% |
| WCEO Hypatia Women CEO ETF | 0.63% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.45% |
| NUSC Nuveen ESG Small-Cap ETF | 0.38% |
What could go wrong
- Heavy debt and tough refinancing. Lumen had $13.35 billion of debt and $1.88 billion of cash as of June 30, 2026. Refinancing may be hard, and lender rules called covenants limit its choices; a default could disrupt operations.
- The AI and PCF bet may disappoint. Lumen's plans and earnings forecasts assume AI keeps driving demand for its network. Its PCF network contracts involve construction, so delays, cost overruns or weaker data center demand could delay revenue and cut profit.
- Revenue keeps shrinking. Revenue fell from $20.7 billion in fiscal 2020 to $12.4 billion in 2025, partly because it sold businesses. Older wired services face substitutes such as wireless broadband, and competition has pushed prices down.
- Cash flow may not cover its needs. Free cash flow, the cash left after spending on the network, fell to $371 million in fiscal 2025 from $1.1 billion in 2024. Lumen warns cash flow may not cover all its cash needs.
- Systems overhaul could disrupt service. Lumen must integrate and replace aging systems to reach its cost-savings goals. If the work runs late or over budget, it could disrupt service, delay repairs, destabilize the network and cost customers.
- Lead-sheathed cable allegations. Lead-sheathed cables are older telecom cables wrapped in a lead casing. Lumen warns that allegations about them could bring regulatory or government action, lawsuits, significant costs and harm to its reputation.
Recent events
- Executive or board change
- Listing notice from the exchange; Investor presentation or announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Other company announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Lumen pays no dividend on its common stock, according to its annual report for fiscal 2025, and its dividend yield was 0% as of October 28, 2026. It paid $1.00 per share in fiscal 2020 and 2021, cut that to $0.75 in 2022, and suspended it from 2023. Income investors would get no cash payouts; any return would come from the share price. Lumen repurchased $1 billion of stock in fiscal 2021 and $200 million in 2022, yet shares outstanding rose 0.7% between October 2021 and July 2026.
The share price has swung sharply. In the 2022 bear market, the stock fell 49.4% from its January 7 peak to its October 10 low and had not regained that peak as of October 28, 2026. Its deepest drop over about 5.7 years of price history was 92.9%. The record does not cover the 2008 or 2020 crashes. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Lumen Technologies pay a dividend?
No. Lumen does not pay a dividend on its common stock, according to its annual report for fiscal 2025, and its dividend yield was 0% as of October 28, 2026. It paid $1.00 per share in fiscal 2020 and 2021, cut that to $0.75 in 2022, and suspended it from 2023. The stock may not suit investors who need regular income from their holdings.
How does Lumen Technologies make money?
Lumen makes most of its money from network services it provides to businesses. In fiscal 2025, its Business segment, which serves enterprise and wholesale customers in the US and abroad, brought in $9.9 billion, or 79.8% of $12.4 billion in revenue. Mass Markets, serving US homes and small businesses, brought in $2.5 billion, or 20.2%. Its products include Edge services, cybersecurity and Network-as-a-Service, meaning network capacity customers can order and adjust on demand.
What was Lumen's deal with AT&T?
Lumen sold AT&T its fiber-to-the-home internet business for homes and small businesses in 11 states. The sale closed on February 2, 2026, for $5.75 billion in gross cash, subject to adjustments. It follows sales of Lumen's Latin American business and part of its local phone business in 2022 and its Europe, Middle East and Africa business in 2023. Lumen's strategy includes cutting debt and focusing on enterprises, but its 10-K warns the expected benefits of these sales may not materialize.
How much debt does Lumen Technologies have?
Lumen had $13.35 billion of total debt and $1.88 billion of cash and investments as of June 30, 2026, or about $11.5 billion of net debt. Its stock market value was about $4.95 billion as of October 28, 2026. Shareholders' equity was negative $1.49 billion, meaning recorded liabilities exceeded recorded assets. The 10-K lists its debt load, complex debt structure, refinancing needs and lender restrictions called covenants among its risks.
Is Lumen Technologies profitable?
No. Lumen lost $1.74 billion, or $1.75 per diluted share, on $12.4 billion of revenue in fiscal 2025, and it last posted a yearly profit in fiscal 2021. It still generated $371 million of free cash flow, the cash left after spending on its network and equipment. Revenue fell 5.4% in 2025. In the quarter ended June 30, 2026, revenue dropped 9.3% from a year earlier to $2.81 billion, with a net loss of $201 million.