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Lumen Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Completed sale of the fiber-to-the-home business to AT&T, generating $4.8 billion in net proceeds, reducing total debt by over $4.8 billion, and pivoting to an enterprise-focused technology infrastructure company.
Achieved nearly $13 billion in PCF deals signed to date, with strong revenue, adjusted EBITDA, and free cash flow in line with expectations.
Exceeded cost reduction targets, achieving $400 million in run-rate savings, with a goal of $1 billion in annualized savings by end of 2027.
Strategic focus on network modernization, AI, and digital services, with significant investments in network upgrades and ecosystem partnerships.
Added key executives to drive technology and commercial scale, and received positive recognition from credit and equity markets.
Financial highlights
Q4 2025 total revenue was $3.041 billion, down 8.7% year-over-year; adjusted EBITDA was $767 million (25.2% margin), down from $1.052 billion in the prior year quarter.
Free cash flow for Q4 2025 was negative $765 million, impacted by a delayed $400 million tax refund now expected in H1 2026.
Annual interest expense reduced by nearly 45% from 2025 levels, and capital expenditures reduced by over $1 billion post-transaction.
Over $13 billion in PCF deals signed to date, with $41 million in Q4 and $116 million in 2025 recognized as revenue.
Q4 2025 net loss was $2 million; full-year net loss was $1.739 billion, with special items impacting results.
Outlook and guidance
2026 adjusted EBITDA guidance: $3.1 billion–$3.3 billion; free cash flow: $1.2 billion–$1.4 billion; capital expenditures: $3.2 billion–$3.4 billion; net cash interest: $650 million–$750 million.
Anticipates a $400 million tax refund in the first half of 2026, subject to government shutdown risks.
Business revenue growth targeted for 2028, total revenue growth in 2029.
Strategic use of reduced capex post-AT&T deal
Cost savings' role in AI network modernization
"Grow" segment's impact on overall revenue trend
PCF deals: cash received vs. revenue recognition
NaaS: potential for accelerated digital revenue growth
Capital allocation priorities with excess cash
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Profits fell across most segments, but energy shipping and a major acquisition stood out.
Next Lumen Technologies earnings date
Investor Day 202625 Feb, 2026
Lumen Technologies
Next Lumen Technologies earnings date
Investor Day 202625 Feb, 2026
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Frequently asked questions
Provider of network, cloud, communication, and security services
Lumen is a technology company that provides a range of digital services to customers around the world, including network and communications solutions, cloud services, and security solutions. The company was founded in 2017 and has since become a leading provider of technology solutions to businesses and organizations of all sizes. Some of Lumen’s competitors include Verizon Communications, VMware, and Equinix.
The business model
Lumen's business model is based on providing flexible and scalable technology solutions that help businesses to streamline their operations and improve their performance. The company's products and services include networking, cloud computing, cybersecurity, and other digital services, which are designed to meet the evolving needs of its customers.
How Lumen makes money
Lumen generates revenue primarily through the sale of its technology solutions, as well as through ongoing customer support and service contracts. The company's revenue is also generated through its partnerships with other technology companies, as well as through collaborations with academic research institutions and other organizations.
Supporting digital transformation and innovation
Lumen has a strong focus on supporting digital transformation and innovation, with a range of initiatives aimed at promoting the adoption of new and emerging technologies. The company has established partnerships with technology startups and research institutions around the world, providing support and funding for cutting-edge research in a variety of fields.
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