Lumen Technologies Inc

Latest Results (02.04.2026):

Lumen Technologies Inc. reported results for the first quarter of 2025 (Q1 2025). Total revenue was $3.182 billion, down 3% year‑over‑year. The company recorded a net loss of $(201) million (diluted loss per share $(0.20)), while Adjusted EBITDA excluding Special Items was $929 million. Free Cash Flow excluding cash Special Items was $354 million. Management highlighted operational progress, fiber and AI‑backbone investments, a term‑loan refinancing and a strategic Google Cloud fiber partnership, and reiterated its full‑year 2025 outlook.

Revenue and segment trends

Total revenue: $3.182B in Q1 2025 vs $3.290B in Q1 2024 (‑3%). Business segment revenue was $2.524B (‑3% YoY); North America Business revenue $2.438B (‑2% YoY). Growth pockets included “Grow” products (+7% YoY vs Q1 2024) and stronger Public Sector revenue (+15% YoY), while Mid‑Market and legacy Mass Markets declined.

Profitability and earnings

Reported net loss: $(201)M in Q1 2025 (margin ‑6.3%) vs net income $57M in Q1 2024. Net loss excluding Special Items: $(129)M. Diluted loss per share $(0.20); excluding Special Items $(0.13). Adjusted EBITDA (reported) was $830M; Adjusted EBITDA excluding Special Items was $929M (29.2% margin, slightly below 29.7% a year earlier).

Cash flow, capex and liquidity

Net cash provided by operating activities: $1.095B. Free Cash Flow: $304M (reported) and $354M excluding cash Special Items (vs $518M excl. items in Q1 2024). Capital expenditures rose to $791M (up 11% YoY). Cash and cash equivalents were $1.9B as of March 31, 2025.

Balance sheet and refinancing

Long‑term debt remained sizable at $17.334B. The company’s affiliate refinanced a $2.4B term loan on March 27, 2025 at lower rates and extended maturity, which management cites as progress toward a cleaner balance sheet.

Operational efficiency

Selling, general & administrative expenses fell to $675M from $823M a year earlier (‑18%), reflecting cost control and transformation actions. Depreciation & amortization was $713M. Management emphasized Drive Operational Excellence and Modernization & Simplification initiatives tied to targeted $1B annualized cost savings by 2027.

Growth initiatives and partnerships

Lumen called out strong growth in North America Business “Grow” and Waves revenue, quarter‑over‑quarter adoption gains in NaaS ports and services, and a strategic partnership to provide direct fiber access to Google Cloud via Lumen metro fiber—key elements of its AI‑backbone and Lumen Digital strategy.

Operating metrics

Mass Markets fiber broadband subscribers increased to 1,116k (from 952k a year ago), and total Mass Markets broadband enabled units were 22.0M. These metrics support the company’s ongoing fiber buildout and Quantum Fiber expansion.

Guidance

Lumen reiterated full‑year 2025 guidance: Adjusted EBITDA $3.2–$3.4B; Free Cash Flow $700–$900M; Capital Expenditures $4.1–$4.3B; Net cash interest $1.2–$1.3B; Cash income taxes $100–$200M (outlook excludes Special Items and speaks as of May 1, 2025).