LUMNNYSETelephone Communications (No Radiotelephone)US GAAP · USD

Lumen Technologies, Inc.

Lumen Technologies runs a large U.S.-centric digital networking business that connects enterprises, carriers, government agencies, and residential customers through fiber, IP, Ethernet, security, and broadband services. The company is repositioning around AI-ready network infrastructure and enterprise connectivity while managing legacy copper and other non-core assets for cash flow.

Kysy yhtiöstä
Liikevaihto12,4mrd USD
−5,4 %v/v
Liikevoitto (EBIT)−812milj. USD
−276,5 %v/v
EBIT-marginaali−6,5%
−10,1 %-yks.v/v
Nettotulos−1 739milj. USD
−3 061,8 %v/v
Vapaa kassavirta4 738milj. USD
+9,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−100102030mrd USD2020: 20,7 mrd USD2020: EBIT 0,96 mrd USD20202021: 19,7 mrd USD2021: EBIT 4,3 mrd USD20212022: 17,5 mrd USD2022: EBIT 0,10 mrd USD20222023: 14,6 mrd USD2023: EBIT −9,6 mrd USD20232024: 13,1 mrd USD2024: EBIT 0,46 mrd USD20242025: 12,4 mrd USD2025: EBIT −0,81 mrd USD202512,4−0,81
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Grow35 %

Higher-growth offerings including dark fiber, Edge Cloud, IP, SD-WAN, security, and wavelengths.

Nurture25 %

Mature enterprise connectivity products such as ethernet and VPN data network services.

Harvest25 %

Legacy cash-flow services including TDM voice and private line offerings.

Other5 %

Equipment sales, managed services, professional services, and other revenue.

Mass Markets Fiber Broadband7 %

Fiber broadband sold to residential and small business customers through Quantum Fiber.

Mass Markets Other Broadband3 %

Copper-based lower-speed broadband and related domestic consumer services.

Asiakkaat

Lumen sells primarily to enterprise and public-sector buyers that need secure, low-latency connectivity across clouds, data centers, and locations. Its customer base also includes wholesale carriers and a smaller domestic mass-market base of residential and small business broadband users. The company’s sales motion is relationship-driven and channel-supported, with direct enterprise sales, partners, and self-service digital tools used to shorten deployment cycles and support complex network needs.

Large Enterprise

Large North American and global enterprises buying network, cloud, and security connectivity for mission-critical operations.

Mid-Market Enterprise

Mid-sized businesses buying managed connectivity and digital networking solutions through direct and partner channels.

Public Sector

U.S. federal, state, local, and education customers buying secure communications and compliant network services.

Wholesale

Telecom, cable, wireless, and data center companies buying transport, fiber, voice, and interconnection services.

Mass Markets Residential and Small Business

Domestic households and small businesses buying fiber and copper broadband services.

International and Other

Multinational enterprise and carrier customers, plus remaining CDN contract customers.

Strategia

Lumen is shifting its portfolio toward AI-era network infrastructure, emphasizing fiber, edge, and high-capacity connectivity that can support multi-cloud and low-latency workloads. At the same time, it is monetizing network assets, simplifying operations, and managing legacy businesses for cash flow while reducing debt and funding modernization. The Quantum Fiber buildout and AI backbone initiative are central to the company’s attempt to reaccelerate growth and improve its competitive position.

AI backbone and network capacity expansionKeskipitkä aikaväli

Supports demand for AI, cloud, and low-latency enterprise traffic.

Monetize PCF and fiber assetsLyhyt aikaväli

Shifts revenue mix toward higher-value network assets and services.

Quantum Fiber buildoutKeskipitkä aikaväli

Improves the mass-market broadband platform and future growth base.

Modernization and simplificationLyhyt aikaväli

Lowers operating cost and improves service agility across legacy systems.

Manage non-core businesses for cash flowLyhyt aikaväli

Preserves liquidity while the company transitions its portfolio.

Maantiede

Lumen is headquartered in the United States and generates most of its revenue domestically, with business operations also serving multinational and global customers. The company maintains local offices in major and secondary U.S. markets and in selected overseas markets, but its reported segment mix shows the business is still heavily North America-focused. International exposure is smaller and has been reduced over time as the company exited parts of EMEA and other non-core assets.

Riskit

Lumen faces execution risk from its multi-year network transformation, including system integration, modernization, and the migration away from legacy platforms. As a critical infrastructure provider, it is exposed to cyberattacks, outages, and service failures that can disrupt customers, trigger credits or fines, and damage reputation. The company also carries portfolio and regulatory risk from its government contracts, unionized workforce, and ongoing divestitures of non-core assets.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cybersecurity attacks on critical infrastructure1Network, platform, or service failures2Portfolio transition and asset divestiture risk3Digital transformation and legacy system integration4Government contract cybersecurity compliance5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cybersecurity attacks on critical infrastructureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company operates interconnected networks and stores sensitive data, making it a frequent target.

    KohdistuuEnterprisePublic sectorThird-party systems
  2. Network, platform, or service failuresVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Outages can interrupt customer operations and emergency services, leading to lost revenue and penalties.

    KohdistuuNetworkHostingCloud911 services
  3. Portfolio transition and asset divestiture riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Selling non-core assets can reduce revenue but is intended to improve capital allocation and focus.

    Kohdistuu: Mass Markets fiber-to-the-home and legacy assets

  4. Digital transformation and legacy system integrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Modernization is required to deliver self-service and lower costs, but execution is complex and resource-intensive.

    Kohdistuu: Enterprise systems and operating platforms

  5. Government contract cybersecurity complianceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    DoD contracts require NIST SP 800-171 and CMMC compliance, which affects contract eligibility.

    Kohdistuu: Defense and federal government business

Kirjanpito

Harkinnanvaraiset erät
Goodwill impairment

The company recorded a $628 million non-cash impairment in 2025 after testing the Mass Markets reporting unit.

Vaikutus: Can materially reduce earnings and book equity

Held-for-sale and divestiture accounting

The Mass Markets fiber-to-the-home business was classified as held for sale before closing.

Vaikutus: Affects asset classification, impairment testing, and comparability

Amortization of intangibles

Customer relationships, software, and other intangibles amortize over multi-year lives.

Vaikutus: Influences operating income and non-cash expense trends

Depreciation of network assets

Network modernization and asset retirements change depreciation timing and expense levels.

Vaikutus: Affects EBITDA-to-operating income bridge and cash flow analysis

Samankaltaisia listattuja yhtiöitä

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Päivitetty: 24.9.2026