QWEST CORP

What Do They Do?

Provides broadband, voice, and data-networking services to residential, small-business, and enterprise customers.

How Do They Make Money?

Customers pay monthly for fixed access services, generally billed one month in advance; usage and other ancillary services are billed after use or delivery, and customers typically pay according to monthly billing schedules.

FY2025 revenue

Who Are Their Customers?

Residential and small-business customers buy broadband services; business customers range from small offices to select enterprises and are reached through direct sales representatives, call centers, telemarketing and channel partners.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.3B in FY2025, but brought in more cash than it spent: $938M of free cash flow.

Operating income, FY2025

−21% of revenue

▼ Now a loss vs FY2024 ($2.1B, 37%)

Net income, FY2025

−28% of revenue

▼ Now a loss vs FY2024 ($1.5B, 27%)

Free cash flow, FY2025

20% of revenue

▼ −18% vs FY2024 ($1.1B, 21%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q1 FY2026, the three months to Mar 31, 2026

Revenue: ▼ −14%; vs $1.2B in Q1 FY2025
Net income: ▼ Now a loss; vs $284M in Q1 FY2025

Apr 20, 2026 Qwest announced a plan to exchange and delist existing notes The offers would exchange old notes for new notes, alongside requests for holder consent to amend the old indentures.

Shrinking. Revenue fell 32% in 4 years, from $7B in FY2021 to $4.7B in FY2025, about 9% a year.

A smaller Mass Markets broadband business The older report described broadband products for residential and small-business customers and plans to expand fiber; the latest says the Mass Markets Fiber-to-the-Home sale will make broadband a significantly smaller part of the go-forward strategy.

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