Short answer
Lumen Technologies, Inc. (LUMN) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $11.3B (−6.6% year over year) and net income of −$1.7B.
- Top risk flagged: Tax refund claim $400M filed in July 2025 under U.S. H.R. 1 “One, Big Beautiful Bill Act” with expected receipt in first half of 2026
FY2025 key financial metrics · XBRL
- Revenue
- $11.3B
- −6.6% YoY
- Net income
- −$1.7B
- −3061.8% YoY
- Operating margin
- -7.2%
- −11.0 pp YoY
- EPS (diluted)
- −$1.75
- −2816.7% YoY
- ROE
- 155.7%
- +167.5 pp YoY
- Operating cash flow
- $4.7B
- +9.3% YoY
Source: XBRL data from the Lumen Technologies, Inc. (LUMN) FY2025 10-K on SEC EDGAR. USD.
Lumen Technologies, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Digital networking services for enterprise customers in multi-cloud, AI-first environment
- New emphasis: Completed $5.75B divestiture of Mass Markets Fiber-to-the-Home business in 11 states to AT&T in Feb 2026
- Strategic shift: Increased focus on enterprise digital network services, divesting mass market residential fiber and international assets
- Network scale: 163,000 fiber on-net buildings and 340,000 route miles of global fiber optic cable as of Dec 31, 2025
- Noteworthy fact: Mass Markets Fiber-to-the-Home divestiture represents one of largest recent portfolio realignments in company history
Management Discussion & Analysis
- Mass Markets revenue not explicitly stated; adjusted EBITDA margin 56% in 2025 vs 55% in 2024 and 52% in 2023
- Mass Markets segment expense decreased $135M in 2025 and $169M in 2024, driven by lower employee and network costs
- Best performing segment: Mass Markets with rising adjusted EBITDA margin; worst segment data not provided
- No management guidance, outlook, or emerging risks presented in the excerpt
Risk Factors
- Tax refund claim $400M filed in July 2025 under U.S. H.R. 1 “One, Big Beautiful Bill Act” with expected receipt in first half of 2026
- OECD Pillar Two 15% global minimum tax rules adopted by some countries increase compliance but no material 2025 impact
- Pension and post-retirement unfunded obligations $2.288B as of December 31, 2025 risk higher funding needs from market changes
- January 2024 $729M federal income tax refund including interest materially improved liquidity position
Generated from the filing text; verify against the original. How to read a 10-K
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