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Q4 25 EPS
$0.00
BEAT +100.00%
Est. $-0.27
Q4 25 Revenue
$3.04B
MISS 0.04%
Est. $3.04B
vs S&P Since Q4 25
-14.1%
TRAILING MARKET
LUMN -5.3% vs S&P +8.8%
Full Year 2025 Results
FY 25 EPS
$-1.75
MISS 212.56%
Est. $-0.56
FY 25 Revenue
$12.40B
MISS 0.07%
Est. $12.41B
Market Reaction
Did LUMN Beat Earnings? Q4 2025 Results
Lumen Technologies delivered a pivotal fourth quarter, posting earnings per share of $0.00 against a consensus estimate of negative $0.26, a 100.00% beat, even as revenue of $3.04 billion came in fractionally below the $3.05 billion estimate and decl… Read more Lumen Technologies delivered a pivotal fourth quarter, posting earnings per share of $0.00 against a consensus estimate of negative $0.26, a 100.00% beat, even as revenue of $3.04 billion came in fractionally below the $3.05 billion estimate and declined 8.7% year-over-year amid persistent pressure on legacy products. The single most transformative development framing these results was the completion of Lumen's $5.75 billion AT&T fiber-to-the-home transaction on February 2, 2026, which slashed total debt by over $4.80 billion, pushed net leverage below 4x, and cut annual interest expense by nearly 45%, fundamentally repositioning the company as a leaner, enterprise-focused infrastructure provider. Adjusted EBITDA of $767.00 million landed at the high end of guidance, while cumulative Private Connectivity Fabric sales approached $13.00 billion. For investors tracking the company's recent momentum, management guided 2026 Adjusted EBITDA of $3.10 billion to $3.30 billion and free cash flow of $1.20 billion to $1.40 billion, bolstered by an expected $400.00 million tax refund in the first half of the year.
Key Takeaways
- • NA Enterprise Grow revenue reached 52% of segment in Q4, surpassing Nurture and Harvest
- • PCF sales reached nearly $13 billion cumulatively
- • $2.5 billion in additional PCF contracts signed in Q4
- • NaaS customers grew 29% quarter-over-quarter
- • Fabric ports grew 31% quarter-over-quarter
- • Exceeded cost reduction target with over $400 million in run-rate savings
- • Adjusted EBITDA landed at high end of guidance range
- • Hyperscaler network utilization increased from 30% in 2022 to 50% in 2025
LUMN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
LUMN Revenue by Segment
With YoY comparisons, source: SEC Filings
LUMN Revenue by Geography
With YoY comparisons, source: SEC Filings
“The combination of a solid fourth quarter and the close of the AT&T transaction marks a defining moment for Lumen and strengthens our foundation for growth. We're emerging as a simpler, more focused enterprise company with a stronger balance sheet and greater flexibility to invest in our strategy to modernize the physical network, scale our digital platform, and help customers move data quickly, securely, and effortlessly to thrive in the AI era. This is how we create value for our customers and shareholders.”
— Kate Johnson, Q4 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% |