Lumen Technologies, Inc.
- Open
- 5.99
- Day high
- 6.25
- Day low
- 5.88
- Prev close
- 6.04
- Volume
- 16.9M
- Mkt cap
- $6.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -4.3
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $613K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Lumen Technologies, Inc. (LUMN) is a Communication Services company listed on NYSE. The stock is up 25% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering LUMN.
Lumen Technologies, Inc. (LUMN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LUMN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $-0.13 | $-0.07 | +47.7% | $2.8B | +2.4% |
| May 5, 2026 | $-0.10 | $-0.47 | -389.1% | $2.9B | +2.4% |
| Feb 3, 2026 | $-0.21 | $0.23 | +209.5% | $3.0B | +3.2% |
| Oct 30, 2025 | $-0.31 | $-0.20 | +35.5% | $3.1B | +1.5% |
| Jul 31, 2025 | $-0.24 | $-0.03 | +87.5% | $3.1B | +1.5% |
| May 1, 2025 | $-0.29 | $-0.13 | +55.2% | $3.2B | +2.2% |
| Feb 4, 2025 | $-0.05 | $0.09 | +280.0% | $3.3B | +4.0% |
| Apr 30, 2024 | $-0.00 | $-0.04 | -1376.0% | $3.3B | -2.3% |
| Oct 31, 2023 | $0.06 | $-0.09 | -250.0% | $3.6B | +1.0% |
| Aug 1, 2023 | $0.09 | $0.10 | +8.7% | $3.7B | -0.5% |
| May 2, 2023 | $0.12 | $0.10 | -16.7% | $3.7B | -0.2% |
| Feb 7, 2023 | $0.12 | $0.43 | +258.3% | $3.8B | -0.4% |
LUMN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 6, 2026 | Hinshaw John Mdirector | Grant | 27,350 | $6.08 |
| Aug 6, 2026 | Johnson Kathleen Edirector, officer: Chief Executive Officer | Buy | 100,000 | $6.13 |
| May 26, 2026 | GOLDBERG MICHELLE Jdirector | Grant | 25,197 | $9.44 |
| May 26, 2026 | Chilton Kevin P.director | Grant | 25,197 | $9.44 |
| May 26, 2026 | Capossela Christopher Cdirector | Grant | 25,197 | $9.44 |
| May 26, 2026 | Collins Michaeldirector | Grant | 25,197 | $9.44 |
| May 26, 2026 | MCMILLAN STEPHENdirector | Grant | 25,197 | $9.44 |
| May 26, 2026 | Bejar Martha Helenadirector | Grant | 25,197 | $9.44 |
| May 26, 2026 | Linear Diankhadirector | Grant | 25,197 | $9.44 |
| May 26, 2026 | Allen Quincy Ldirector | Grant | 25,197 | $9.44 |
| May 18, 2026 | Fowler Jamesofficer: EVP, Chief Tech & Product Off. | Tax | 22,922 | $10.34 |
| Apr 22, 2026 | Hodges Jennifer A.officer: EVP, Chief Legal Officer | Grant | 200,809 | $7.47 |
| Feb 20, 2026 | Linear Diankhadirector | Sell | 45,000 | $7.89 |
| Feb 6, 2026 | Sharritts Jeffery S.officer: EVP, Chief Revenue Officer | Grant | 576,282 | — |
| Feb 5, 2026 | Johnson Kathleen Edirector, officer: President & CEO | Buy | 78,685 | $6.35 |
Source: LUMN SEC Form 4 filings, latest Aug 6, 2026. For informational purposes only — not investment advice.
See the full LUMN insider & 13F page →Lumen Technologies, Inc. company profile
Overview
Lumen Technologies, Inc. (NYSE:LUMN) is a Monroe, Louisiana-based telecommunications and technology company that was originally incorporated in 1968 and went public in 1980. The company underwent a significant transformation in September 2020 when it changed its name from CenturyLink, Inc. to Lumen Technologies, reflecting its strategic pivot from a traditional telecommunications provider to a technology-focused platform company. Lumen operates as a facilities-based communications company, leveraging its extensive fiber network infrastructure to provide integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to both business and residential customers across the United States and internationally.
Business
Lumen Technologies operates in the telecommunications services industry, functioning as both a traditional telecom provider and an emerging technology platform company. The telecommunications industry serves as the backbone of modern digital communication, providing the infrastructure and services that enable internet connectivity, data transmission, voice communications, and cloud computing access for businesses and consumers. The company operates through two primary business segments. The Business segment generates approximately 75-80% of total revenue and focuses on serving enterprise customers, government entities, and other businesses with sophisticated networking needs. This segment offers compute and application services including cloud services, IT solutions, unified communications, colocation and data center services, content delivery, and managed security services. It also provides IP and data services such as VPN networks, Ethernet connectivity, internet protocol services, and voice over internet protocol solutions. The Mass Markets segment accounts for roughly 20-25% of revenue and serves residential customers and small businesses. This segment primarily offers broadband internet services through the Quantum Fiber brand, traditional voice services, and related consumer telecommunications products. The company has been investing heavily in fiber-to-the-home infrastructure to compete with cable providers and deliver high-speed internet services. Lumen's core differentiator lies in its extensive fiber network infrastructure, which spans millions of route miles across North America. The company provides fiber infrastructure services including high-bandwidth optical wavelength networks, unlit optical fiber, and related professional services. Additionally, it offers traditional telecommunications services such as private line services, time division multiplexing voice services, and legacy data hosting services. As of recent reports, the company serves approximately 4.5 million broadband subscribers and has been positioning itself as a critical infrastructure provider for the artificial intelligence economy, securing billions in contracts with major technology companies for specialized connectivity services.
Revenue model
Lumen Technologies generates revenue through multiple business models across its two operating segments. The primary revenue stream comes from service subscriptions and usage-based fees from business customers who pay monthly or annual contracts for telecommunications services, cloud connectivity, managed security services, and data center colocation. Enterprise customers typically sign multi-year contracts ranging from hundreds of thousands to millions of dollars annually, providing relatively stable recurring revenue. In the Mass Markets segment, the company operates on a subscription model where residential customers pay monthly fees for broadband internet, voice services, and bundled packages. The Quantum Fiber service, which offers high-speed fiber internet, commands premium pricing compared to traditional DSL services, with monthly fees typically ranging from $50 to $100+ depending on speed tiers. A significant emerging revenue opportunity comes from large infrastructure contracts with technology companies building AI data centers. These deals, including the $8.5 billion in contracts secured with major tech companies, involve providing specialized fiber connectivity and network services over multi-year periods. These contracts often include both upfront payments and recurring service fees. Several factors influence Lumen's profit margins. Positive margin drivers include the company's extensive fiber network assets which provide high barriers to entry and pricing power, especially for unique fiber routes between data centers. The shift toward higher-value services like managed security, cloud connectivity, and AI infrastructure services typically carries higher margins than traditional voice services. Network utilization improvements, where the company increases traffic on existing fiber without proportional cost increases, also enhance profitability. Margin pressures come from the ongoing decline in legacy telecommunications services as customers migrate to newer technologies, creating revenue headwinds. Competitive pricing pressure from cable companies, wireless carriers, and cloud providers can compress margins. Additionally, significant capital expenditure requirements for network modernization and fiber expansion create cash flow challenges. Labor costs, regulatory compliance expenses, and the need for continuous technology upgrades to remain competitive also impact profitability. The company's high debt levels result in substantial interest expenses that reduce net profitability despite positive operating cash flows.
Competitive moat
Lumen Technologies possesses a moderate to strong infrastructure-based moat built primarily around its extensive fiber network assets. The company's fiber infrastructure represents billions of dollars in sunk capital investments that would be extremely difficult and expensive for competitors to replicate, particularly for the unique intercity routes and direct connections to major data centers that are increasingly valuable for AI and cloud computing applications. The company's strongest moat characteristics include its physical network assets that provide direct fiber paths between major metropolitan areas and data centers, which are particularly valuable for latency-sensitive applications and high-bandwidth AI workloads. These assets become more valuable as data center demand grows, and the specific routes Lumen owns often cannot be easily duplicated due to right-of-way constraints and regulatory barriers. The company's relationships with major technology companies, evidenced by the $8.5 billion in recent contract wins, demonstrate the strategic value of these assets. However, Lumen's moat faces several challenges. Technology disruption poses ongoing risks as wireless technologies, satellite internet, and software-defined networking solutions can potentially bypass traditional fiber infrastructure for certain applications. The company competes against well-capitalized rivals including major cable companies, wireless carriers, and cloud service providers who are building their own network infrastructure. The regulatory environment also impacts the moat's strength, as telecommunications remains a heavily regulated industry where government policies can affect pricing, service requirements, and competitive dynamics. Additionally, the company's high debt levels and need for continuous capital investment to maintain network competitiveness can weaken its ability to defend market position. While Lumen's infrastructure assets provide meaningful competitive advantages, particularly for specialized high-bandwidth applications, the moat is not impenetrable. The company must continue investing in network modernization and developing higher-value services to maintain its competitive position as the telecommunications industry evolves toward cloud-based and software-defined solutions.
Risks & safety
Lumen Technologies presents moderate to high financial risk with limited margin of safety due to high leverage and declining core business fundamentals. **Debt and Solvency:** • Total debt-to-equity ratio of approximately 40-62% across recent quarters • Successfully refinanced debt maturities, extending terms to 2029 with $1.325 billion in new financing • Cash and short-term investments of $1.9 billion provides reasonable liquidity cushion • Positive free cash flow generation of $1.1 billion in 2024, though volatile quarter-to-quarter **Valuation Metrics:** • EV/EBITDA ratio of approximately 5-6x appears reasonable for a utility-like business • Price-to-book ratio of 11-13x suggests potential overvaluation relative to tangible assets • Negative or minimal earnings make P/E ratios unreliable as valuation metrics • Current ratio of 1.2x indicates adequate short-term liquidity **Other Considerations:** • Revenue declining 3-11% annually creates ongoing cash flow pressure • EBITDA margins around 29-32% remain healthy but under pressure from legacy business decline • Large contracted revenue backlog ($8.5 billion) provides some revenue visibility • High capital expenditure requirements (approximately $3 billion annually) limit free cash flow generation
Recent development
Over the past few years, Lumen Technologies has undergone a significant strategic transformation from a traditional telecommunications company to a technology platform focused on supporting the artificial intelligence economy. The most notable development has been securing $8.5 billion in Private Connectivity Fabric (PCF) contracts with major technology companies including Microsoft, Meta, AWS, and Google. These deals represent a fundamental shift toward providing specialized, high-bandwidth connectivity for AI data centers and cloud infrastructure. The company has launched several new technology platforms, including the Lumen Digital platform with "Fabric Ports" technology that enables simplified, on-demand network connectivity. This platform has shown strong growth with 23% quarter-over-quarter increases in new customers and 26% growth in new Fabric Ports. Additionally, Lumen introduced Network-as-a-Service (NaaS) offerings that allow customers to provision and manage network services through digital interfaces, attracting over 400 customers. In the Mass Markets segment, the company has focused on Quantum Fiber expansion, reaching over 1 million fiber subscribers and enabling more than 4 million homes with fiber-to-the-home service. The fiber broadband business has consistently grown 15-20% year-over-year, representing one of the few growth areas in the company's portfolio. Operationally, Lumen has initiated a $1 billion cost reduction program targeting completion by 2027, focusing on network simplification, product portfolio rationalization, and IT system consolidation. The company has reduced its enterprise product SKUs by over 60% and improved operational metrics such as order processing times and customer satisfaction scores. Management has also been exploring strategic options for the Mass Markets business, including potential joint ventures or divestitures, as they focus resources on the higher-growth enterprise and AI infrastructure opportunities.
LUMN company profile · for informational purposes only — not investment advice.
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