Lumen Technologies, Inc. (LUMN) SEC Filings & Earnings Calls
EquiReason read 36 Lumen Technologies, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-23 — Lumen Technologies filed an 8-K regarding a director or officer change, adopting a new Executive Severance Plan and amending a Change of Control and Severance Agreement with CEO Ka.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
23 Oct 20268-K · 5.02Lumen Technologies filed an 8-K regarding a director or officer change, adopting a new Executive Severance Plan and amending a Change of Control and Severance Agreement with CEO Kate Johnson.open
Risks flagged
Severance and change-of-control provisions may indicate potential leadership transition or M&A risk, but no immediate trigger disclosed.
“Adoption of severance plan and amended CEO agreement effective same date.”
4 Aug 20268-K · 2.02, 5.02, 7.01Revenue $2.81B; Net loss $-201M; Free Cash Flow $327M; Guidance: On track towards full year guidanceearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $2.81B | |
| Net loss · Q2-2026 | $-201M | |
| Free Cash Flow · Q2-2026 | $327M | |
| Adjusted EBITDA · Q2-2026 | $802M | -9% y/y |
| Diluted loss per share · Q2-2026 | $-0.20 | |
| Net Cash Provided by Operating Activities · Q2-2026 | $971M | +70% y/y |
| Strategic revenue as % of total business revenue · Q2-2026 | 53.0% | |
| NaaS customers · Q2-2026 | 3,000 |
Guidance
On track towards full year guidance
Management reaffirmed full year guidance, citing continued execution and momentum in digital services adoption.
Risks flagged
Net loss improved but still negative; adjusted EBITDA declining YoY.
“Net Loss of $(201) million; Adjusted EBITDA $802M vs $877M YoY”
Transformation execution risk; company is in midst of strategic pivot to digital services.
“Company advances its enterprise disruption strategy and growth conviction” · word for word
4 Aug 202610-QLumen reported Q2 2026 results with revenue decline but improved net loss and strong cash flow from divestiture.earningsopen
Figures in the filing · each found in the filing text
| Operating Revenue · Q2-2026 | $2.81B | -9% y/y |
| Operating Revenue · H1-2026 | $5.70B | -9% y/y |
| Net Loss · Q2-2026 | $-201M | -78% y/y |
| Net Loss · H1-2026 | $-401M | -64% y/y |
| Capital Expenditures · H1-2026 | $1.84B | +10% y/y |
| Cash and Cash Equivalents · 2026-06-30 | $1.88B | +87% y/y |
| Long-Term Debt · 2026-06-30 | $13.15B | -24% y/y |
| Strategic Revenue · Business · Q2-2026 | $1.29B | +14% y/y |
| Legacy Revenue · Business · Q2-2026 | $1.16B | -15% y/y |
| Mass Markets Revenue · Mass Markets · Q2-2026 | $361M | -40% y/y |
Risks flagged
Legacy Revenue Decline
“Legacy revenue decreased to $1,155 million from $1,360 million in the prior year quarter”
High Debt and Interest Expense
“Interest expense $ 201 million for Q2 2026; Long-term debt $13.15 billion”
Net Loss Persistence
“NET LOSS $ ( 201 ) ( 915 )” · word for word
14 May 20268-K · 1.01, 2.03Lumen Technologies entered a Third Amendment Agreement to its credit facility, amending terms among Level 3 Parent, Level 3 Financing, lenders, and Bank of America as successor administrative agent. No dollar amount or material terms discloopen
Risks flagged
The refinancing adds a 1% prepayment premium for repricing within six months, indicating potential future rate volatility.
“Level 3 may voluntarily prepay loans... without premium or penalty (other than a 1.00% premium on any prepayment in connection with a repricing transaction prior to the date that is six months after the Amendment Date).”
12 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Exchange offers may indicate desire to extend debt maturity profile, but no immediate risk.
“Qwest commenced offers to exchange... Old Qwest Notes for New Qwest Notes.”
7 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Refinancing risk if tender offers are not fully subscribed; reliance on debt markets.
“Level 3 Financing, Lumen, and QCF may, but are under no obligation to, increase the Aggregate Purchase Price.”
5 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Exchange offers may indicate desire to extend debt maturity profile, but no immediate risk.
“Qwest commenced offers to exchange... Old Qwest Notes for New Qwest Notes.”
5 May 202610-QRevenue $2.90B (-9% y/y); Net loss $-200M (+0% y/y); Operating income $602M (+463% y/y); Guidance: FY2026 capex guided $3.2-3.4B; Mass Markets fiber capex expected to decrease by ~$1B annually post-divestitureopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $2.90B | -9% y/y |
| Net loss · Q1-2026 | $-200M | +1% y/y |
| Operating income · Q1-2026 | $602M | +463% y/y |
| Adjusted EBITDA · Q1-2026 | $1.28B | +54% y/y |
| Capital expenditures · Q1-2026 | $943M | +19% y/y |
| Operating cash flow · Q1-2026 | $1.32B | +21% y/y |
| Free cash flow · Q1-2026 | $380M | |
| Strategic Revenue · Business · Q1-2026 | $1.25B | +9% y/y |
| Legacy Revenue · Business · Q1-2026 | $1.20B | -14% y/y |
| Long-term debt · 2026-03-31 | $12.93B |
Guidance
FY2026 capex guided $3.2-3.4B; Mass Markets fiber capex expected to decrease by ~$1B annually post-divestiture
Management reaffirms strategy focused on AI backbone, PCF solutions, and deleveraging. Expects continued demand for high-capacity connectivity. No formal revenue or EBITDA guidance provided, but capex guidance of $3.2-3.4B indicates continued investment in network modernization.
Risks flagged
Legacy revenue decline
“Legacy revenue decreased $187 million. This was primarily as a result of: a decrease of $80 million in VPN services; and a decrease of $71 million in voice services and private line services.” · word for word
Divestiture-related revenue loss
“Fiber Broadband revenue decreased $117 million. This was primarily as a result of: fewer Mass Market subscribers as a result of our divestiture of the Mass Markets Fiber-to-the-Home business.” · word for word
High leverage and debt maturity risk
“Total long-term debt $12,925. $11.2B of debt matures in 2031 and thereafter.”
Litigation exposure
“We are subject to various claims, legal proceedings, and other contingent liabilities, including the matters described below, which individually or in the aggregate could materially affect our financial condition, future results of operations or cash flows.” · word for word
30 Apr 20268-K · 1.01, 2.03, 8.01Lumen provides unconditional senior unsecured guarantees of Level 3's 6.875% notes due 2033 and 7.000% notes due 2034, and credit facility obligations, to simplify reporting.open
Risks flagged
Guarantees increase Lumen's contingent liabilities, but no immediate cash impact.
“Lumen provided unconditional guarantees... subject to release as provided therein.”
20 Apr 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Exchange offers may indicate desire to extend debt maturity profile, but no immediate risk.
“Qwest commenced offers to exchange... Old Qwest Notes for New Qwest Notes.”
17 Apr 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Key executive departure, but orderly transition mitigates risk.
“Mr. Hacker will provide transition services through retirement date.”
16 Apr 20268-K · 1.01, 2.03Lumen entered an $825M revolving credit facility with Bank of America, maturing 2029, replacing prior facility. Includes subsidiary guarantees and financial covenants (max leverage 5.25x, min interest coverage 2.00x).open
Figures in the filing · each found in the filing text
| Revolving credit facility commitments · Q2-2026 | $825M |
Risks flagged
Leverage covenant (max 5.25x) and interest coverage (min 2.00x) impose financial discipline; potential constraint if earnings decline.
“maximum total net leverage ratio to exceed 5.25 to 1.00... interest coverage ratio... less than 2.00 to 1.00” · word for word
16 Apr 20268-K · 8.01Filing provides updated pro forma financials after sale of Mass Markets fiber business for $5.72B net proceeds; debt redemption completed.open
Figures in the filing · each found in the filing text
| Pre-tax cash proceeds from sale · Mass Markets fiber-to-the-home · FY2026 | $5.72B |
Risks flagged
Sale reduces revenue base but strengthens balance sheet via debt reduction.
“Company used the proceeds... to redeem all of the outstanding aggregate principal amount of each of its 10.000% secured notes... and repay all of the outstanding amounts due under its superpriority term B credit agreement.”
6 Apr 2026DEF 14AProxy statement discloses executive compensation structure, pay-for-performance alignment, and shareholder proposals.open
Figures in the filing · each found in the filing text
| Adjusted EBITDA · FY2025 | $3.42B | |
| Revenue · FY2025 | $12.46B | |
| Net Loss · FY2025 | $-1.74B | |
| Free Cash Flow · FY2025 | $371M | |
| Operating Cash Flow · FY2025 | $4.74B | |
| Capital Expenditures · FY2025 | $4.37B | |
| Long-term Debt · FY2025 | $17.35B | |
| Total Revenue · FY2025 | $12.40B | -5% y/y |
| Business Segment Revenue · Business · FY2025 | $9.89B | -5% y/y |
| Mass Markets Segment Revenue · Mass Markets · FY2025 | $2.51B | -9% y/y |
Risks flagged
Legacy revenue decline and margin pressure
“in light of the systemic revenue decline for our high-margin, legacy voice and copper wireline services, we annually adjust our cost structure, requiring a disciplined focus on Adjusted EBITDA and margins.” · word for word
Debt maturity and refinancing risk
“significant debt maturity payments” · word for word
PCF execution risk
“increased costs to execute on our Private Connectivity Fabric (PCF) commitments” · word for word
Goodwill impairment risk
“Goodwill impairment ... 628” · word for word
Net loss and negative equity
“Net loss ... $ (1,739) ... Total stockholders' (deficit) equity ... (1,117)”
17 Mar 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
No material risk; board changes are routine and not due to disagreement.
“Decisions were not the result of any disagreement with Lumen.”
20 Feb 202610-KLong-Term Debt $17.44B (-3% y/y); Fiber On-Net Buildings 163,000; Fiber Route Miles 340,000open
Figures in the filing · each found in the filing text
| Long-Term Debt · FY2025 | $17.44B | -3% y/y |
| Fiber On-Net Buildings · FY2025 | 163,000 | |
| Fiber Route Miles · FY2025 | 340,000 | |
| Gross Interest Expense · FY2025 | $1.44B | -7% y/y |
| Depreciation Expense · FY2025 | $1.70B | -11% y/y |
| Severance Costs · FY2025 | $64M | -51% y/y |
| Pension Plan Unfunded Status · FY2025 | $559M | -9% y/y |
| Post-Retirement Unfunded Status · FY2025 | $1.70B | 0% y/y |
| Allowance for Credit Losses · FY2025 | $67M | +14% y/y |
Risks flagged
High Debt and Refinancing Risk
“Total long-term debt $17.4B as of Dec 2025; $740M net loss on early retirement of debt in 2025; significant refinancing activity.”
Pension and Post-Retirement Obligations
“Combined Pension Plan unfunded $559M; post-retirement benefit plan unfunded $1.7B; expected $181M benefit payments in 2026.”
Workforce Reduction and Severance
“Reduced workforce by ~6% in 2024; $103M severance costs in 2024; $64M in 2025.”
Credit Loss Exposure
“Allowance for credit losses increased to $67M in 2025 from $59M in 2024; provision for expected losses $70M in 2025.”
3 Feb 20268-K · 2.02, 7.01Revenue $3.04B (-9% y/y); Revenue $12.40B (-5% y/y); Net (Loss) Income $-2Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2025 | $3.04B | -9% y/y |
| Revenue · FY2025 | $12.40B | -5% y/y |
| Net (Loss) Income · Q4-2025 | $-2M | |
| Net (Loss) Income · FY2025 | $-1.74B | |
| Adjusted EBITDA, Excluding Special Items · Q4-2025 | $767M | -27% y/y |
| Adjusted EBITDA, Excluding Special Items · FY2025 | $3.36B | -15% y/y |
| Free Cash Flow, Excluding Special Items · Q4-2025 | $-765M | |
| Free Cash Flow, Excluding Special Items · FY2025 | $1.04B | -25% y/y |
| Net Cash Provided by Operating Activities · Q4-2025 | $562M | -18% y/y |
| Net Cash Provided by Operating Activities · FY2025 | $4.74B | +9% y/y |
Risks flagged
Revenue decline continues; legacy business erosion may offset enterprise growth.
“Total revenue down 8.7% YoY in Q4; business segment revenue down 8.8%.”
High debt levels despite reduction; net leverage still below 4x.
“Debt reduced by $4.8B; net leverage below 4x.”
3 Feb 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Leadership change in revenue role may cause short-term disruption, but orderly transition mitigates risk.
“Departure of Chief Revenue Officer; transition period provided.”
2 Feb 20268-K · 2.01, 7.01, 8.01Transaction consideration $5.75B; Debt reduction $4.80B; Annual interest expense reduction $300Macquisitionopen
Figures in the filing · each found in the filing text
| Transaction consideration | $5.75B | |
| Debt reduction | $4.80B | |
| Annual interest expense reduction | $300M | |
| Fiber customers · Mass Markets | 1,000,000 | |
| Enabled fiber locations · Mass Markets | 4,000,000 | |
| Intercity fiber miles deployed · 2025 | 17,000,000 | |
| Intercity fiber miles target · 2028 | 47,000,000 |
Risks flagged
Execution risk in transitioning to pure-play enterprise model; loss of consumer revenue stream.
“Divestiture of Mass Markets business; company becomes enterprise-focused.”
9 Jan 20268-K · 1.01, 2.03, 8.01Entered a material definitive agreement (acquisition, partnership, or major contract); took on a material direct financial obligation, increasing leverageopen
Risks flagged
Debt restructuring may signal financial distress; elimination of covenants reduces creditor protections.
“Tender offers and supplemental indentures to eliminate substantially all restrictive covenants and release collateral.”
Potential increase in cost of future debt due to weaker covenant protections.
“Release of collateral and elimination of covenants may increase risk premium on future borrowings.”
6 Jan 20268-K · 8.01Aggregate principal amount of 8.500% Senior Notes due 2036 $1.25B; additional notes offering amount $650Mopen
Figures in the filing · each found in the filing text
| aggregate principal amount of 8.500% Senior Notes due 2036 · Q4-2025 | $1.25B | |
| additional notes offering amount · Q1-2026 | $650M |
Risks flagged
High leverage and refinancing risk remain; additional debt increases interest burden
“Offering 8.500% senior notes indicates high cost of debt; proceeds used to retire existing second lien notes.”
23 Dec 20258-K · 1.01, 2.03, 8.01Aggregate purchase price $1.50Bopen
Figures in the filing · each found in the filing text
| Aggregate purchase price · Q4-2025 | $1.50B |
Risks flagged
Debt tender offer and covenant amendment may indicate financial distress or restructuring.
“solicitation of consents to amend the indentures ... to eliminate substantially all of the restrictive covenants and certain events of default and release the collateral” · word for word
22 Dec 20258-K · 8.01Aggregate purchase price $1.50Bopen
Figures in the filing · each found in the filing text
| Aggregate purchase price · Q4-2025 | $1.50B |
Risks flagged
Debt tender offer and covenant amendment may indicate financial distress or restructuring.
“solicitation of consents to amend the indentures ... to eliminate substantially all of the restrictive covenants and certain events of default and release the collateral” · word for word
9 Dec 20258-K · 8.01Senior notes coupon 8.5open
Figures in the filing · each found in the filing text
| senior notes coupon · 2036 | 8.5% |
Risks flagged
High coupon rate indicates elevated credit risk.
“8.500% Senior Notes due 2036” · word for word
5 Dec 20258-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Loss of key technology leader to competitor.
“David Ward resigned to assume role at Salesforce”
30 Oct 20258-K · 2.02, 7.01Total Revenue $3.09B (-4% y/y); Net Loss $-621M; Adjusted EBITDA $787M (-12% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q3-2025 | $3.09B | -4% y/y |
| Net Loss · Q3-2025 | $-621M | |
| Adjusted EBITDA · Q3-2025 | $787M | -13% y/y |
| Free Cash Flow · Q3-2025 | $1.66B | +39% y/y |
| Grow Revenue · Business Segment · Q3-2025 | $1.16B | +8% y/y |
| Large Enterprise Revenue · Large Enterprise · Q3-2025 | $752M | -1% y/y |
| Public Sector Revenue · Public Sector · Q3-2025 | $478M | +11% y/y |
| Mass Markets Revenue · Mass Markets · Q3-2025 | $631M | -8% y/y |
| Capital Expenditures · Q3-2025 | $1.04B | +23% y/y |
| Diluted Loss Per Share · Q3-2025 | $-0.62 |
Risks flagged
Net loss widened significantly due to special items; legacy revenue decline continues.
“Net loss $(621)M vs $(148)M YoY; Mass Markets revenue -8% YoY.”
30 Oct 202510-QLumen reported Q3 2025 results with revenue decline, operating loss, and significant goodwill impairment and debt retirement losses.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $3.09B | -4% y/y |
| Net loss · Q3-2025 | $-621M | |
| Operating cash flow · 9M-2025 | $4.18B | +15% y/y |
| Capital expenditures · 9M-2025 | $2.72B | +18% y/y |
| Fiber Broadband revenue · Mass Markets · Q3-2025 | $225M | +18% y/y |
| Other Broadband revenue · Mass Markets · Q3-2025 | $230M | -19% y/y |
| Business segment revenue · Business · Q3-2025 | $2.46B | -3% y/y |
| Mass Markets segment revenue · Mass Markets · Q3-2025 | $631M | -8% y/y |
| Deferred revenue (total) · 2025-09-30 | $7.20B | |
| Goodwill impairment · 9M-2025 | $628M |
Risks flagged
High debt and refinancing risk
“Long-term debt $17.6B; Net loss on early retirement of debt $666M (9M); Stockholders' deficit $1.2B”
Legacy revenue decline
“Other Broadband revenue -18.7% YoY; Voice and Other -16.6% YoY”
Goodwill impairment risk
“Goodwill impairment $628 million in Q2 2025; remaining goodwill $0 after reclassification to held for sale”
Divestiture execution risk
“Pending sale of Mass Markets fiber business to AT&T for $5.75B, subject to regulatory approvals, expected close early 2026”
Lumen Technologies, Inc. — questions
- What did Lumen Technologies, Inc. file recently?
- 36 SEC filings in the last 12 months. Latest: 8-K on 2026-10-23 — Lumen Technologies filed an 8-K regarding a director or officer change, adopting a new Executive Severance Plan and amending a Change of Control and Severance Agreement with CEO Kate Johnson.
Every figure on this page comes from Lumen Technologies, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.