$LUMN Lumen Technologies, Inc.

What Do They Do?

Provides network and communications services, including data and broadband, to businesses, public agencies, and residential customers.

How Do They Make Money?

Business and residential customers generally pay monthly for communications services. Fixed monthly charges are billed a month in advance as service is provided; usage and other ancillary services are billed after use.

revenue

Segment	Share	Revenue	How money arrives
Business Recurring	80% FY2022: 75%		Recurring
Mass Markets Recurring	20% FY2022: 25%		Recurring

Who Are Their Customers?

Businesses and carriers, public agencies and schools, and residential and small-business customers buy network, broadband, and voice services. Business sales use direct representatives as well as agents, system integrators, resellers, and other telecom firms.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.7B in FY2025, but brought in more cash than it spent: $371M of free cash flow.

Operating income, FY2025

−7% of revenue

▼ Now a loss vs FY2024 ($460M, 4%)

Net income, FY2025

−14% of revenue

▲ +3062% (Loss) vs FY2024 (−$55M, 0%)

Free cash flow, FY2025

3% of revenue

▼ −66% vs FY2024 ($1.1B, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −9%; vs $3.1B in Q2 FY2025
Net income: ▼ −78% (Loss); vs −$915M in Q2 FY2025

Business Segment share of revenue vs 80.5% in Q2 FY2025

Shrinking. Revenue fell 37% in 4 years, from $19.7B in FY2021 to $12.4B in FY2025, about 11% a year.

Fiber business sale The older report lists Quantum Fiber as its brand for residential and small-business fiber services; the latest report says it sold its Fiber-to-the-Home business in a group of states to AT&T.

Enterprise network emphasis The older report describes a broad technology and communications company serving business and mass-market customers; the latest describes digital networking services with an enterprise focus.

Revenue over time

Business Mass Markets

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025