Lumen Technologies
Enterprise fiber networks and programmable cloud connectivity for businesses, carriers, and hyperscalers.
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Profile
Sells fiber connectivity, IP transport, cloud networking, security, and managed communications to enterprises, governments, carriers, and hyperscalers. Dedicated Private Connectivity Fabric contracts fund AI-oriented network builds, while mature Ethernet, VPN, copper broadband, and voice services remain part of the portfolio.
Connects enterprises, public agencies, carriers, and hyperscalers through long-haul and metro fiber across North America and Asia Pacific. Core offerings include Private Connectivity Fabric, IP transit, optical wavelengths, dark fiber, Ethernet, VPN, managed security, unified communications, and Network-as-a-Service.
Pairs transport with a programmable digital layer for on-demand connectivity among sites, data centers, and clouds. Private Connectivity Fabric sells dedicated capacity for data-intensive and AI workloads under contracts that require network construction and delivery; the Alkira acquisition adds multi-cloud orchestration to the Lumen Connect platform.
Following the sale of fiber-to-the-home operations in 11 states to AT&T, enterprise and wholesale services drive the business, while CenturyLink-branded copper broadband and legacy voice remain managed for cash flow. Results depend on completing fiber builds, migrating customers from aging platforms, renewing leased network assets, and meeting federal and state obligations attached to incumbent local-exchange networks.
Company facts
Categories
Key statistics
Year to date −21.4% · Average volume (30d) 12.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 6, 2026 | UBS | Reiterate | Neutral | $6 | $8 | |
| Feb 5, 2026 | UBS | Reiterate | Neutral | $6 | ||
| Feb 4, 2026 | Goldman Sachs | Reiterate | Neutral | $4.10 | $7.25 | |
| Nov 25, 2025 | RBC Capital | Reiterate | Sector Perform | $10 | $8 | |
| Oct 31, 2025 | Citigroup | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | −$0.13 | −$0.07 | +47.7% | $2.74B | $2.81B | +2.4% | −9.39% |
| May 5, 2026Q1 FY26 | −$0.10 | −$0.47 | −389.1% | $2.83B | $2.90B | +2.4% | +6.28% |
| Feb 3, 2026Q4 FY25 | −$0.21 | $0.23 | +209.5% | $3.04B | $3.04B | 0.0% | −21.63% |
| Oct 30, 2025Q3 FY25 | −$0.31 | −$0.20 | +35.5% | $3.04B | $3.09B | +1.5% | −0.58% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $3.09B | $3.09B | $3.04B | $2.90B | $2.81B | |
| Gross profit | $1.50B | $1.47B | $1.39B | $1.41B | $1.46B | $1.39B | |
| Operating income | $107.0M | −$603.0M | −$116.0M | −$200.0M | $6.0M | −$88.0M | |
| Net income | −$201.0M | −$915.0M | −$621.0M | −$2.0M | −$200.0M | −$201.0M | |
| Diluted EPS | −$0.20 | −$0.92 | −$0.62 | −$0.00 | −$0.20 | −$0.20 | |
| Gross margin | 47.0% | 47.5% | 44.9% | 46.5% | 50.5% | 49.6% | |
| Operating margin | 3.4% | -19.5% | -3.8% | -6.6% | 0.2% | -3.1% |
Fiscal years (4-quarter sums)FY21 $19.69B · FY22 $17.48B · FY23 $14.56B · FY24 $13.11B · FY25 $12.40B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.88B · Total debt $13.50B · Total assets $30.78B · Shareholders' equity −$1.49B
Dividends
Raised for 3 straight years.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 29, 2022 | Aug 30 | Sep 9 | $0.25 | |
| May 27, 2022 | May 31 | Jun 10 | $0.25 | |
| Mar 7, 2022 | Mar 8 | Mar 18 | $0.25 | |
| Nov 26, 2021 | Nov 29 | Dec 10 | $0.25 |
Ownership
Shares outstanding 1.03B · Float 948.50M · 92.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 142.26M | 13.81% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 61.47M | 5.97% | 13F | Aug 13, 2026 |
| Dan Hagan | 55.00M | 5.40% | 13G | Sep 11, 2024 |
| State Street Corp | 48.00M | 4.66% | 13F | Aug 7, 2026 |
| FMR LLC | 45.33M | 4.40% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Kathleen E. Johnson | director, officer: Chief Executive Officer | +100,000 | $6.13 |
| Feb 20, 2026 | Diankha Linear | director | −45,000 | $7.89 |
| Feb 5, 2026 | Kathleen E. Johnson | director, officer: President & CEO | +78,685 | $6.35 |
Peers
- AT&T
Tier-1 enterprise network rival now operating acquired Quantum Fiber markets.
- Verizon
Tier-1 enterprise IP carrier, now with Frontier's fiber in 31-state footprint.
- Comcast
#1-ranked US managed SD-WAN provider via Comcast Business + Masergy platform.
- Charter Communications
Spectrum Enterprise fiber and SD-WAN rival across 41-state US footprint.
- Cisco Systems
Top-ranked SD-WAN/SASE vendor overlapping Lumen's NaaS and Alkira SDN push.
- T-Mobile
Rising enterprise wireline-replacement threat via 5G FWA and business broadband.
- Cogent Communications
Pure-play Tier-1 IP transit backbone rival in wholesale internet and DIA.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lumen Technologies | $6.10 | +0.91% | $6.22B | — | — | 0.5 | −9.3% |
| AT&T | $25.98 | −0.08% | $178.16B | 8.6 | 10.7 | 1.4 | +2.3% |
| Verizon | $49.91 | −0.34% | $209.20B | 13.0 | 9.8 | 1.5 | −0.7% |
| Comcast | $27.08 | +0.09% | $96.03B | 8.8 | 7.7 | 0.8 | −1.2% |
| Charter Communications | $153.50 | −0.04% | $20.70B | 4.0 | 3.6 | 0.4 | −1.7% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| T-Mobile | $181.32 | −0.06% | $194.55B | 19.0 | 14.4 | 2.1 | +7.9% |
| Cogent Communications | $9.53 | +0.61% | $474.7M | — | — | 0.4 | −4.3% |
| Median | 10.9 | 10.3 | 1.4 | −0.7% |