Lumen Technologies, Inc. (LUMN)

Lumen reported second-quarter 2026 revenue of $2.805 billion on 4 August, down from $3.092 billion a year earlier 2.

Most of the drop came from Mass Markets, where revenue fell 40 percent after the February 2026 sale of the home fiber business to AT&T 1.

Business customers brought in $2,444 million, about 2 percent less, while the strategic category of that revenue rose 14 percent 2.

The net loss was $201 million, against $915 million a year earlier 2.

The company reiterated its 2026 outlook, including $1.9 to $2.1 billion of free cash flow excluding special items 2.

It also moved its listing from the NYSE to Nasdaq, set for 6 October after a 25 September notice 4.

The company was incorporated in Louisiana in 1968 and grew mostly by buying other phone companies 38. By 2008 it was one of the largest rural telephone providers in the United States 8.

It then bought Embarq in mid-2009, Qwest in early 2011 and Level 3 in late 2017 8.

The Level 3 deal closed on 1 November 2017 and lifted revenue from $17,656 million in 2017 to $23,443 million in 2018 8.

Revenue then slid to $20,712 million by 2020 as older services shrank, and goodwill writedowns of $2,726 million, $6,506 million and $2,642 million hit 2018, 2019 and 2020 9.

It began operating as Lumen on 14 September 2020 and changed its legal name from CenturyLink on 22 January 2021 9.

Sales of businesses followed 10. The Latin American business sold on 1 August 2022 for about $2.7 billion, and the incumbent phone business in 20 states sold on 3 October 2022 for $7.5 billion of consideration 10.

Revenue was $17,478 million in 2022, down from $19,687 million in 2021 10. In 2023 the European, Middle East and African business went to Colt for $1.7 billion, and a $10,693 million goodwill writedown produced a net loss of $10,298 million 3.

Revenue fell to $13,108 million in 2024 and $12,402 million in 2025, with a 2025 net loss of $1,739 million 3. On 21 May 2025 the company agreed to sell its home fiber business in 11 states to AT&T for $5.75 billion in cash 37.

Reuters reported that the proceeds would trim debt by $4.8 billion, and the sale closed on 2 February 2026 73.

Business customers

Business is the core 3. It sells network services to large companies, mid-sized firms, government and other carriers, and made up 79.8 percent (computed) of 2025 revenue at $9,895 million 3.

Its products include dark fiber, internet access, managed security and software-defined networks that let a company run many offices over one managed system 3.

In the second quarter, strategic revenue was $1,289 million against $1,155 million for legacy services 2. Strategic was about 53 percent of business revenue 2.

The company said it has more than 3,000 customers for its network-as-a-service offer 2.

Mass Markets

This unit served homes and small businesses 3. Second-quarter revenue was $361 million, after fiber broadband fell to $17 million from $217 million with the sale to AT&T 1.

What is left is mostly copper-based service, which the company says it manages for cash flow 3.

The network, the people and the rivals

The network reached about 163,000 buildings by fiber and ran over 340,000 route miles of fiber at the end of 2025 3. The company employed about 24,000 people 3.

Kate Johnson is chief executive and Chris Stansbury is president and chief financial officer 2.

Rivals named in the annual report include global carriers, cloud providers, cable companies and wireless providers 3.

Problems on the record

A shareholder suit filed in 2018 over the Level 3 deal returned to the trial court after the Colorado Supreme Court acted in April 2026 1.

Long-term debt was $13,206 million on 30 June 2026, down from $17,441 million at the end of 2025 1.

The umbrella, in words

Lumen sells under three brands: Lumen for business and wholesale, CenturyLink for copper-based services, and Black Lotus Labs for cyberthreat research 3.

Level 3 Communications, a wholly owned subsidiary, agreed on 4 May 2026 to acquire Alkira, a cloud networking software company, for $487 million in cash, and closed on 1 July 2026 1.

Qwest Corporation, another subsidiary, issued notes that Lumen guarantees and that trade on Nasdaq 41.

Fiber, conduit and other outside plant made up 39 percent of gross property and equipment at the end of 2025 3.

About 70,542 holders of record were listed on 17 February 2026 3.

The company expects 2026 adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, of $3.1 to $3.3 billion, excluding special items 2. It expects capital spending of $3.2 to $3.4 billion 2.

It also expects net cash interest of $650 to $750 million and a cash tax refund of $350 to $450 million, which includes a $400 million refund from recent tax legislation 2.

Management says it will fold Alkira into its digital platform, and Reuters reported that the company expects the deal to widen its addressable market to about $70 billion 26.

The company says it is on track toward the goals set at its Investor Day 2. Of its debt, $12,253 million falls due in 2031 or later 1.

On 22 October 2026 it moved its named executives to one severance plan with benefits it describes as substantially the same 5.