Lumen Technologies (LUMN) Company Report

Lumen anticipates achieving revenue growth in its business segment by the end of 2028, driven by $10 billion in PCF deals and $500 million-$600 million in digital revenue, with current revenue decline rates at roughly half the industry average.
The company is uniquely investing in Network-as-a-Service (NaaS) infrastructure, which provides scalable, self-provisioned digital services to enterprise customers and is growing at 30% quarter on quarter. This network ecosystem is positioned to support AI and multi-cloud, with investments largely prepaid by customers.
Following the sale of its fiber-to-the-home business, Lumen expects to reduce its super priority debt by $4.8 billion, lowering total debt from over $18 billion to just over $13 billion and cutting annual interest expense from $1.4 billion to $700 million. The company aims for a leverage level in the low threes.
Lumen is implementing a cost transformation initiative targeting $1 billion in exit run rate savings by the end of 2027, achieved through IT modernization and the use of AI tools to enhance operational efficiencies.

6 days ago

Transcript

Lumen Technologies Outlines Path to Revenue Growth and Debt Reduction

LUMN

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Lumen Technologies (LUMN) anticipates achieving revenue growth by 2028 or 2029, driven by $10 billion in PCF deals and $500 million-$600 million in digital revenue. The company's Network-as-a-Service (NaaS) offerings are currently growing at 30% quarter-on-quarter.
The sale of Quantum Fiber to AT&T is expected to reduce Lumen's total debt from over $18 billion to just over $13 billion by eliminating $4.8 billion of super priority debt, and cutting annual interest expense from $1.4 billion to $700 million.
Lumen's CapEx spend (excluding fiber to the home) is approximately $3 billion, with $1 billion paid upfront by customers, leaving $2 billion financed by the company. A significant portion of this, $400 million-$500 million annually, is allocated to maintenance, with additional investment in metro expansions and rapid routes.
The company is undergoing a cost transformation, targeting $1 billion of exit run rate savings by the end of 2027, primarily through IT modernization, tech debt reduction, and the application of AI tools.

6 days ago

Transcript

Lumen CFO Discusses Path to Revenue Growth, Debt Reduction, and AI Strategy

LUMN

Revenue Acceleration/Inflection

New Projects/Investments

Share Buyback

Lumen's CFO, Chris Stansbury, detailed a strategy to achieve revenue growth by 2028 or 2029, driven by growing segments that already constitute half of current revenue, and contributions from $10 billion in PCF deals and $500 million-$600 million in digital revenue. The company's Network-as-a-Service (NaaS) offerings are experiencing 30% quarter-on-quarter growth.
The company leverages its unique network infrastructure as a competitive advantage, essential for supporting AI and multi-cloud environments, which significantly reduces the "time to first token" for AI data processing. Lumen is uniquely positioned as the only provider broadly investing in this scalable NaaS infrastructure.
The upcoming sale of Quantum Fiber to AT&T is expected to reduce total debt from over $18 billion to just over $13 billion, cutting annual interest expense from $1.4 billion to $700 million. Additionally, Lumen targets $1 billion in exit run rate cost savings by the end of 2027 through IT modernization and AI tools.
Lumen aims to further lower its leverage to the low threes and, following strategic investments and debt reduction, intends to consider share repurchases given the perceived undervaluation of its stock.

6 days ago

Transcript

Lumen Technologies Reports Strong Q3 2025 Results, Advances Debt Reduction and Growth Initiatives

LUMN

Earnings

Guidance Update

M&A

Lumen Technologies reported strong financial results for Q3 2025, with revenue, EBITDA, and free cash flow all coming in ahead of street consensus. The company reiterated its 2025 adjusted EBITDA guidance near the high end of the $3.2 billion-$3.4 billion range and full-year free cash flow guidance of $1.2 billion-$1.4 billion.
The company made significant progress in strengthening its balance sheet, including an additional $2.4 billion debt refinancing and repricing of its term loan, reducing annual interest expense by approximately $135 million in Q3 and $235 million year-to-date. The anticipated $5.75 billion sale of its fiber-to-the-home business to AT&T, expected to close in early 2026, will allow for the paydown of approximately $4.8 billion in super priority debt, further increasing annual interest expense savings by up to $535 million.
Lumen is pivoting towards revenue growth through strategic initiatives, signing an additional $1+ billion in Private Connectivity Fabric (PCF) deals, bringing the total PCF deal value to over $10 billion. These deals are expected to yield a recurring revenue stream of $400 million-$500 million by the end of 2028.
The company is also seeing strong adoption of its Network-as-a-Service (NaaS) platform, with active customers growing 32%, fabric ports deployed growing 30%, and services sold growing 36% since last quarter. Lumen expects its digital capabilities, including NaaS and ecosystem partnerships, to generate $500 million-$600 million of incremental revenue run rate exiting 2028, leading to a return to business revenue growth in 2028.

Oct 30, 2025, 9:00 PM

Transcript

Lumen Technologies Reports Q3 2025 Results, Exceeding Expectations and Advancing Strategic Initiatives

LUMN

Earnings

Guidance Update

Debt Issuance

Lumen Technologies exceeded Q3 2025 expectations for revenue, adjusted EBITDA, and free cash flow. The company reported Total Revenue of $3,087 million, with Grow products revenue increasing by 10.5% year-over-year to $862 million.
The company successfully executed $2.4 billion in debt refinancing and term loan repricing, which extends maturities and reduces cash interest. Pro forma adjustments show $0 in debt maturities for both 2025 and 2026.
Lumen's Network-as-a-Service (NaaS) adoption remains strong, with NaaS Customers adoption rate increasing by 32% quarter-over-quarter. The company also expanded its Internet on Demand service to over 10 million new US business locations through partnerships.
Strategic investments are focused on building the backbone for AI, with Total Intercity Fiber Miles planned to increase from 12 million in 2022 to 47 million by 2028.

Oct 30, 2025, 9:00 PM

Presentation

Lumen Reports Q3 2025 Financial Results and Provides 2025 Guidance

LUMN

Earnings

Guidance Update

New Projects/Investments

Lumen reported Q3 2025 revenue of $3.087 billion, a 4.2% decline, with adjusted EBITDA of $787 million and free cash flow of $1.7 billion.
The company is progressing on its transformation, including $2.4 billion in debt refinancing , $250 million in run-rate cost takeout through Q3 , and the consumer fiber-to-the-home sale to AT&T targeted to close in early 2026.
Strategic initiatives are showing growth, with an additional $1+ billion in Private Connectivity Fabric (PCF) deals, bringing the total PCF deal value to over $10 billion , and North America enterprise "grow" revenue now representing 50% of the segment.
Lumen expects 2025 adjusted EBITDA near the high end of its $3.2 to $3.4 billion guidance range, and full-year free cash flow of $1.2 to $1.4 billion. The company anticipates EBITDA stability over the next few quarters and an inflection to growth in 2026.

Oct 30, 2025, 9:00 PM

Transcript

Lumen Technologies Reports Q3 2025 Results and Strategic Updates

LUMN

Earnings

Guidance Update

New Projects/Investments

Lumen Technologies reported Q3 2025 total revenue of $3.087 billion, a 4.2% decline, with adjusted EBITDA of $787 million and free cash flow of $1.7 billion.
The company anticipates $900 million to $1.1 billion of incremental revenue exiting 2028 from its Lumen Digital and Private Cloud Fiber (PCF) initiatives.
In Q3 2025, Lumen significantly improved its balance sheet through debt refinancings and reductions, leading to approximately $135 million in annual interest expense savings for the quarter and $235 million year-to-date.
Strategic initiatives include the October 20th launch of IoD Offnet, which expands the US addressable market by nearly 100x, and a new partnership with Palantir.
Lumen reiterated its 2025 adjusted EBITDA guidance to be near the high end of the $3.2 billion-$3.4 billion range.

Oct 30, 2025, 9:00 PM

Transcript

Lumen Technologies Reports Strong Q3 2025 Results and Reiterates Full-Year Outlook

LUMN

Earnings

Guidance Update

Debt Issuance

Lumen Technologies reported strong third-quarter 2025 financial results, with Total Revenue of $3.087 billion, Adjusted EBITDA (excluding Special Items) of $787 million, and Free Cash Flow (excluding cash Special Items) of $1.661 billion, exceeding expectations. The company recorded a net loss of $(621) million and a diluted loss per share of $(0.62) for the quarter.
The company completed a $2.4 billion debt refinancing and term loan repricing, which is expected to save $135 million in annual interest expense year to date. As of September 30, 2025, Lumen held $2.401 billion in cash and cash equivalents, with total debt at $18.0 billion.
Strategic progress includes a successful Phase I ERP implementation and the pending sale of its consumer Fiber-to-the-Home (FTTH) business to AT&T, anticipated to close in early 2026. Lumen also secured $1 billion in new Private Connectivity Fabric deals, bringing the total value to over $10 billion.
Lumen reiterated its full-year 2025 financial outlook, forecasting Adjusted EBITDA between $3.2 billion and $3.4 billion and Free Cash Flow between $1.2 billion and $1.4 billion. Capital expenditures are projected to be between $4.1 billion and $4.3 billion.

Oct 30, 2025, 8:16 PM

8-K

Lumen Technologies Announces Third Quarter 2025 Results and Reiterates 2025 Outlook

LUMN

Earnings

Guidance Update

New Projects/Investments

Lumen Technologies reported total revenue of $3.087 billion for the third quarter of 2025, a net loss of $(621) million, and Adjusted EBITDA (excluding Special Items) of $787 million. This compares to total revenue of $3.221 billion, a net loss of $(148) million, and Adjusted EBITDA (excluding Special Items) of $899 million for the third quarter of 2024.
The company generated Free Cash Flow (excluding cash paid for Special Items) of $1.661 billion in the third quarter of 2025, an increase from $1.198 billion in the third quarter of 2024.
Key operational achievements include $2.4 billion in debt refinancing which is expected to save $135 million in annual interest expense year to date, progress on the consumer FTTH sale to AT&T targeted for early 2026, and $1 billion in new Private Connectivity Fabric (PCF) deals in October, bringing the total PCF deal value to over $10 billion.
Lumen Technologies reiterated its full-year 2025 financial outlook, projecting Adjusted EBITDA between $3.2 and $3.4 billion (expected near the high end) and Free Cash Flow between $1.2 and $1.4 billion (driven by an anticipated $400 million tax refund).

Oct 30, 2025, 8:01 PM

Press Release

Lumen Technologies and QTS Expand Strategic Partnership

LUMN

New Projects/Investments

Product Launch

Lumen Technologies and QTS Data Centers announced an expanded strategic partnership to support a next-generation network built for AI, cloud, and hyperscaler growth.
Under the partnership, Lumen will connect its AI-ready infrastructure to 16 new QTS data center campuses across the U.S., integrating them with Lumen's 340,000-route-mile global fiber backbone.
QTS has selected Lumen to serve in four strategic roles: Premier Fiber Provider, Premier NaaS/SDN Provider, Intelligent Network Fabric Provider, and Backbone Infrastructure.
This collaboration aims to provide AI-Ready, Low-Latency Infrastructure with a 400G+ cloud and AI on-ramp ecosystem for hyperscalers and technology innovators.

Oct 28, 2025, 1:04 PM

Press Release

Filings & Transcripts

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