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Lumen Technologies
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Latest analysis
Updated Aug 4, 2026
Lumen Q2 2026: Strategic revenue reaches 53% of business mix as Alkira acquisition closes and FCF turns positive at $327M
Lumen's Q2 2026 results mark the most important inflection in its multi-year transformation: Free Cash Flow excluding Special Items turned positive at $327 million versus negative $209 million a year ago, validating the financial restructuring post-bankruptcy. Strategic revenue grew 14% year-over-year to $1.289 billion, now representing 53% of total business revenue, while NaaS platform metrics accelerated sharply — new customer adoption up 22%, active ports up 34%, active services up 29% quarter-over-quarter. The Alkira acquisition closed in Q2, extending Lumen's multi-cloud networking capability and positioning the company as an AI connectivity layer for enterprise workloads, though total revenue of $2.805 billion declined from $3.092 billion in Q2 2025 as Mass Markets and Legacy Business revenue erosion continues.
Tone: cautiousRevenue
$12.4B
LUMN 10-K · FY 2025
Employees
24,000
Revenue FY2024
$13.1B
EBITDA margin
28.6%
Profile
LUMN 10-K Item 1 · Feb 20, 2026Lumen Technologies is a digital networking services company providing integrated communications and connectivity solutions to enterprise, wholesale, public sector, and mass markets customers. The company operates one of the world's most interconnected fiber networks, spanning over 340,000 route miles globally. Its strategy centers on monetizing its fiber infrastructure through PCF solutions and building the backbone for the AI economy.
Read filing description ↓ Collapse description ↑
We are a leading digital networking services company, empowering enterprise businesses to fuel growth in a multi-cloud, AI-first marketplace by connecting people, data, and applications quickly, securely, and effortlessly. We are unleashing the world's digital potential by providing a broad array of integrated products and services to our customers. As of December 31, 2025, we had two segments, comprised of our Business segment, serving domestic and global customers, and our Mass Markets segment, serving domestic customers. We operate one of the world's most interconnected communications networks. Our platform empowers our customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows our customers to rapidly evolve their IT programs to address dynamic changes. We conduct our operations under the following brands: Lumen, our flagship brand for serving the enterprise and wholesale markets, including our PCF network architecture, Lumen Digital products, and our priority services including Edge, Network-as-a-Service and cybersecurity; CenturyLink, our long-standing brand for providing primarily mass-marketed copper-based communications services; and Black Lotus Labs, our cyberthreat research and intelligence arm. With approximately 163,000 fiber on-net buildings and over 340,000 route miles of fiber optic cable globally as of December 31, 2025, we are among the largest providers of communications services to domestic and global enterprise customers.
Primary products
- Dark Fiber and Conduit
- Edge Cloud Services
- Internet Protocol (IP)
- Communications (Voice over IP, VoIP)
- Managed Security Services
- Software-Defined Wide Area Networks (SD WAN)
Business segments
End markets
Geographies
Named customers
“We are among the largest providers of communications services to domestic and global enterprise customers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenue decreased $706 million in 2025 compared to 2024, driven by declines across Business and Mass Markets segments.
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