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Q2 25 EPS
$-0.03
BEAT +88.70%
Est. $-0.27
Q2 25 Revenue
$3.09B
MISS 0.68%
Est. $3.11B
vs S&P Since Q2 25
+60.6%
BEATING MARKET
LUMN +80.7% vs S&P +20.1%
Market Reaction
Did LUMN Beat Earnings? Q2 2025 Results
Lumen Technologies delivered a sharply better-than-feared adjusted result in Q2 2025, even as the broader turnaround story remained a work in progress. The telecom company posted an adjusted loss of $0.03 per diluted share, well ahead of the consensu… Read more Lumen Technologies delivered a sharply better-than-feared adjusted result in Q2 2025, even as the broader turnaround story remained a work in progress. The telecom company posted an adjusted loss of $0.03 per diluted share, well ahead of the consensus estimate of a $0.27 loss, an 88.70% beat, while revenue of $3.09 billion came in just 0.68% below expectations and declined 5.4% year-over-year, partly weighed down by approximately $46 million in one-time RDOF revenue givebacks. The headline GAAP net loss swelled to $915 million, driven by a $628 million non-cash goodwill impairment tied to its Mass Markets unit following the announced $5.75 billion sale of roughly 95% of its Quantum Fiber consumer business to AT&T, a deal that sharpens Lumen's enterprise focus and is expected to reduce gross leverage from 4.9x to approximately 3.9x. The company's Private Connectivity Fabric pipeline has now reached nearly $9 billion in deals signed, underscoring its AI infrastructure ambitions, and management raised its full-year free cash flow guidance to $1.20 to $1.40 billion from a prior range of $0.70 to $0.90 billion, citing an anticipated $400 million tax refund and lower capital expenditures.
Key Takeaways
- • Public Sector revenue grew 8.2% YoY to $486 million
- • Fiber Broadband revenue grew 19.9% YoY
- • N.A. Enterprise Grow products revenue grew 8.5% YoY
- • Modernization and simplification cost-reduction target raised from $250M to $350M exit run-rate
- • Fiber broadband subscribers grew to 1.15 million from 992,000 a year ago
- • NaaS adoption strong: customers +35% Q/Q, fabric port sales +31% Q/Q, services sold +22% Q/Q
LUMN YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
LUMN Revenue by Segment
With YoY comparisons, source: SEC Filings
LUMN Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our second quarter results underscore the momentum of our transformation strategy and the discipline of our execution. We are delivering on our financial milestones and building a stronger, more modern company. With the sale of our consumer fiber business, successful debt refinancing, and continued modernization gains, we're laying our foundation for future revenue growth — we are playing to win.”
— Kate Johnson, Q2 2025 Earnings Press Release
LUMN Earnings Trends
LUMN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LUMN EPS Trend
Earnings per share: estimate vs actual
LUMN Revenue Trend
Quarterly revenue: estimate vs actual
LUMN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.10 | $-0.20 | -108.12% | $2.90B | +2.48% |
| Q4 25 BEAT FY | $-0.27 | $0.00 | +100.00% | $3.04B | -0.04% |
| FY Full Year | $-0.56 | $-1.75 | -212.56% | $12.40B | -0.07% |
| Q3 25 BEAT | $-0.27 | $-0.20 | +25.01% | $3.09B | +1.55% |
| Q2 25 BEAT | $-0.27 | $-0.03 | +88.70% | $3.09B | -0.68% |
| Q1 25 BEAT | $-0.27 | $-0.13 | +51.15% | $3.18B | +1.79% |