Capital intensity remains elevated with a CapEx/Revenue ratio of 139.7% in 2026Q1, highlighting the significant financial burden required to sustain aging infrastructure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 4.97B | 4.74B | 4.33B | 2.16B | 4.74B | 6.5B | 6.52B | 6.68B | 7.03B | 3.88B | 4.61B | 5.15B | 5.19B | 5.56B | 6.07B | 4.2B | 2.04B | 1.57B | 853.3M | 1.03B | 840.72M | 964.74M | 955.83M | 1.07B | 795.4M | 665.36M | 562.47M | 408.7M | 467.8M | 297.3M | 264.7M |
| Operating CF Margin % | - | 38.2% | 33.06% | 14.84% | 27.09% | 33.02% | 31.5% | 31.13% | 30% | 21.96% | 26.38% | 28.78% | 28.77% | 30.72% | 33.01% | 27.37% | 29.04% | 31.64% | 32.82% | 38.78% | 34.35% | 38.91% | 39.7% | 44.86% | 40.33% | 31.42% | 30.47% | 24.38% | 31.2% | 32.98% | 35.31% |
| Operating CF Growth % | 37.63% | 9.35% | 100.6% | -54.38% | -27.17% | -0.35% | -2.34% | -5.01% | 81.38% | -15.86% | -10.56% | -0.69% | -6.67% | -8.34% | 44.37% | 105.46% | 29.93% | 84.43% | -17.15% | 22.51% | -12.86% | 0.93% | -10.5% | 34.27% | 19.54% | 18.29% | 37.62% | -12.63% | 57.35% | 12.32% | 22.72% |
| Net Income | -1.74B | -1.74B | -55M | -10.3B | -1.55B | 2.03B | -1.23B | -5.27B | -1.73B | 1.39B | 626M | 878M | 772M | -239M | 777M | 573M | 949.13M | 648.59M | 365.73M | 418.37M | 370.03M | 334.48M | 337.24M | 344.71M | 801.62M | 343.03M | 231.47M | 239.8M | 228.8M | 256M | 129.1M |
| Depreciation & Amortization | 2.7B | 2.75B | 2.96B | 2.98B | 3.24B | 4.02B | 4.71B | 4.83B | 5.12B | 3.94B | 3.92B | 4.19B | 4.43B | 4.54B | 4.78B | 4.03B | 1.43B | 974.71M | 523.79M | 536.25M | 523.51M | 531.93M | 500.9M | 470.64M | 411.63M | 473.38M | 388.06M | 348.8M | 328.6M | 159.5M | 132M |
| Stock-Based Compensation | 38M | 48M | 29M | 52M | 98M | 120M | 175M | 162M | 186M | 111M | 80M | 73M | 79M | 71M | 110M | 0 | 38.17M | 55.15M | 16.39M | 19.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -920M | -705M | -209M | 8M | -1.23B | 598M | 366M | 440M | 522M | -1.19B | 11M | 350M | 291M | 391M | 394M | 395M | 131.77M | 153.95M | 67.52M | 1.02M | 49.69M | 69.53M | 74.37M | 128.71M | 71.11M | 56.65M | 41.82M | -17.1M | 17.7M | 16.2M | 7.9M |
| Other Non-Cash Items | 2.65B | 1.58B | -450M | 10.39B | 3.38B | 139M | 2.92B | 6.55B | 2.26B | 133M | 106M | 61M | -34M | -16M | -20M | 520M | -283.53M | -213.31M | -45.8M | 24.84M | -6.07M | 18.91M | 3.03M | -7.39M | 58.18M | -28.91M | -30.55M | 100K | 15.1M | -100K | 9.4M |
| Working Capital Changes | 2.23B | 2.81B | 2.06B | -980M | 798M | -408M | -417M | -33M | 680M | -499M | -131M | -399M | -348M | 22M | -63M | -205M | -224.39M | -45.38M | -74.33M | 29.55M | -6.65M | 14.8M | 47.34M | 137.46M | 68.27M | 36.83M | -30.96M | -100.3M | -52.4M | 57.6M | 6.3M |
| Change in Receivables | -331M | 0 | 19M | 102M | -158M | -8M | 115M | -5M | 25M | 31M | -266M | -132M | -163M | -212M | -154M | -102M | -23.78M | -23.78M | -7.98M | 15.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 269M | 428M | 266M | -149M | 92M | 157M | 300M | 93M | 288M | 226M | 31M | 118.85M | -150.07M | -64.78M | 11.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -11M | 0 | -202M | -97M | 98M | -261M | -543M | -261M | 124M | -123M | 109M | -168M | 70M | -76M | -72M | -58M | -95.07M | -32.21M | 14.04M | -13.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 514M | -4.3B | -2.83B | -1.2B | 5.48B | -2.71B | -3.56B | -3.57B | -3.08B | -8.87B | -2.99B | -2.85B | -3.08B | -3.15B | -2.69B | -3.65B | -859.05M | -678.84M | -389M | -619.19M | -193.73M | -481.39M | -413.31M | -464.64M | -2.63B | -275.67M | -1.91B | 69.8M | -375.6M | -1.5B | -241.8M |
| Capital Expenditures | 474M | -4.37B | -3.23B | -3.1B | 5.48B | -2.9B | -3.73B | -3.63B | -3.17B | -8.87B | -2.98B | -2.87B | -3.05B | -3.05B | -2.92B | -3.65B | -863.77M | -756.54M | -286.82M | -619.19M | -314.07M | -414.87M | -385.32M | -377.94M | -2.63B | -506.73M | -1.91B | -411M | -536.5M | -1.5B | -222.9M |
| CapEx % of Revenue | 3.91% | 35.21% | 24.65% | 21.3% | 31.33% | 14.73% | 18% | 16.91% | 13.54% | 50.24% | 17.06% | 16.04% | 16.9% | 16.84% | 15.88% | 23.76% | 12.27% | 15.21% | 11.03% | 23.31% | 12.83% | 16.73% | 16.01% | 15.87% | 133.29% | 23.93% | 103.69% | 24.51% | 35.78% | 166.73% | 29.73% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.03B | 62M | 606M | 153M | 123M | 53M | 12M | -35M | 97M | 62M | 26M | 23M | 63M | 60M | 229M | 16M | 4.72M | 794K | -102.18M | 8.1M | 125.56M | 8.93M | -995K | -456K | 2.77M | 278.19M | 76.32M | 480.8M | 160.9M | -1.32B | -18.9M |
| Cash from Financing | -5.76B | -1.32B | -1.85B | -18M | -9.31B | -3.81B | -4.25B | -1.91B | -4.02B | 5.36B | -1.52B | -2.3B | -2.15B | -2.45B | -3.29B | -577M | -1.17B | -976.39M | -255.38M | -402.06M | -780.17M | -491.72M | -578.49M | -403.81M | 1.83B | -395.37M | 1.31B | -427.6M | -112.4M | 1.22B | -23M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -200M | -1B | 0 | 0 | 0 | -17M | -10M | -819M | -600M | -1.51B | 73M | 72M | 113M | 41.26M | -332.67M | -411.27M | -704.38M | -103.22M | -371.53M | 33.98M | 29.13M | 7.35M | 8M | 19.2M | 15M | 14.2M | 10.1M |
| Dividends Paid | 1M | -1M | -3M | -11M | -780M | -1.09B | -1.11B | -1.1B | -2.31B | -1.45B | -1.17B | -1.2B | -1.23B | -1.3B | -1.81B | -1.56B | -878M | -560.7M | -220.27M | -29.05M | -29.2M | -31.86M | -31.86M | -32.02M | -30.16M | -28.65M | -26.82M | -25.4M | -24.2M | -22.7M | -21.8M |
| Share Repurchases | 0 | 0 | 0 | 0 | -200M | -1B | 0 | 0 | 0 | -17M | -16M | -819M | -650M | -1.59B | -37M | -31M | -17M | -15.56M | -347.26M | -460.68M | -802.19M | -551.76M | -401.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.32B | -14M | -295M | -22M | -40M | -53M | -87M | -61M | -50M | 2M | 0 | 9M | -2M | 15M | 2M | -9M | 16.62M | -4.31M | 19.84M | 9.4M | 12.42M | -7.46M | 4.3M | 4.17M | 1.3B | 1.55M | 109.48M | 1.5M | -45.9M | -1.4M | 300K |
| Net Change in Cash | -279M | -886M | -348M | 941M | 898M | -18M | -1.29B | 1.2B | -69M | 363M | 96M | -2M | -40M | -43M | 83M | -45M | 11.14M | -81.52M | 208.93M | 8.73M | -133.18M | -8.37M | -35.97M | 199.52M | 165K | -5.68M | -37.6M | 50.9M | -20.2M | 17.6M | -100K |
| Free Cash Flow | 5.44B | 371M | 1.1B | -940M | 10.21B | 3.6B | 2.79B | 3.05B | 3.86B | -4.99B | 1.63B | 2.28B | 2.14B | 2.51B | 3.15B | 554M | 1.18B | 817.17M | 566.48M | 410.8M | 526.65M | 549.87M | 570.51M | 690.02M | -1.83B | 158.63M | -1.35B | -2.3M | -68.7M | -1.21B | 41.8M |
| FCF Margin % | 44.89% | 2.99% | 8.41% | -6.46% | 58.42% | 18.29% | 13.49% | 14.22% | 16.45% | -28.29% | 9.31% | 12.74% | 11.87% | 13.88% | 17.12% | 3.61% | 16.77% | 16.43% | 21.79% | 15.47% | 21.52% | 22.18% | 23.7% | 28.98% | -92.96% | 7.49% | -73.22% | -0.14% | -4.58% | -133.75% | 5.58% |
| FCF Growth % | 434.91% | -66.33% | 217.23% | -109.21% | 183.56% | 28.84% | -8.42% | -20.87% | 177.23% | -406.95% | -28.64% | 6.49% | -14.74% | -20.18% | 467.87% | -53.09% | 44.52% | 44.25% | 37.9% | -22% | -4.22% | -3.62% | -17.32% | 137.64% | -1255.56% | 111.74% | -58665.65% | 96.65% | 94.3% | -2984.69% | 118.85% |
| FCF per Share | 5.45 | 0.37 | 1.12 | -0.96 | 10.13 | 3.38 | 2.59 | 2.85 | 3.62 | -7.94 | 3.01 | 4.11 | 3.76 | 4.18 | 5.06 | 1.04 | 3.92 | 2.73 | 5.52 | 3.63 | 4.31 | 4.04 | 4.01 | 4.64 | -12.83 | 1.11 | -9.53 | -0.02 | -0.49 | -8.81 | 0.31 |
| FCF Conversion (FCF/Net Income) | -3.13x | -2.72x | -78.78x | -0.21x | -3.06x | 3.20x | -5.30x | -1.27x | -4.06x | 2.79x | 7.36x | 5.87x | 6.72x | -23.26x | 7.81x | 7.33x | 2.16x | 2.43x | 2.33x | 2.46x | 2.27x | 2.88x | 2.83x | 3.10x | 0.99x | 1.94x | 2.43x | 1.70x | 2.04x | 1.16x | 2.05x |
| Interest Paid | 704M | 0 | 0 | 1.14B | 1.36B | 1.49B | 0 | 0 | 0 | 1.4B | 1.3B | 1.31B | 1.34B | 1.33B | 1.41B | 1.23B | 548M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 11M | 0 | 0 | 1.3B | 76M | 112M | 0 | 0 | 0 | 392M | 397M | 63M | 27M | 48M | 82M | 118M | 424M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Debt Maturity and Liquidity
As reported in quarterly financial statements, LUMN exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently reaching extreme negative values, such as the -6.62 observed in 2026Q1, indicating that non-cash charges and working capital adjustments heavily distort reported profitability.
The consistent gap between net losses and positive operating cash flow suggests that the company's accounting earnings are heavily impacted by non-cash impairments and depreciation rather than operational cash generation. Investors should monitor this divergence, as it implies that the reported bottom line may not accurately reflect the underlying cash-generating capacity of the fiber business.
Based on the provided cash flow data, LUMN's free cash flow trajectory remains highly erratic, swinging from a significant $5.4 billion inflow in 2026Q1 to a $1.1 billion outflow in 2025Q4, reflecting the lumpy nature of capital expenditures and the instability of core operating cash flows.
The lack of a stable FCF trend suggests that the company is struggling to balance its aggressive fiber build-out requirements with the declining cash contributions from legacy segments. This volatility warrants further investigation into whether the current capital expenditure levels are sustainable without further external financing or asset divestitures.
According to recent SEC filings, LUMN's capital intensity remains elevated, with CapEx/Revenue ratios peaking at 139.7% in 2026Q1, which highlights the massive financial burden required to maintain and upgrade the company's aging physical network infrastructure against a backdrop of declining top-line revenue.
The high level of capital expenditure relative to revenue suggests that the company is in a defensive investment cycle, prioritizing network survival over immediate cash flow maximization. This capital intensity appears to be a structural headwind that limits the company's ability to deleverage its balance sheet effectively.
As evidenced by the historical cash flow data, LUMN experiences significant swings in working capital, including a notable $2.2 billion inflow in 2025Q3, which suggests that timing differences in collections and payables management are playing a disproportionate role in quarterly cash flow stability.
These large, non-operational shifts in working capital may indicate aggressive management of payables or lumpy revenue recognition patterns that mask the true underlying cash flow performance. Analysts should be cautious in interpreting these quarterly movements as indicators of operational efficiency, as they appear to be highly transient.
Quick answers to the most common questions about buying LUMN stock.
Lumen Technologies, Inc. (LUMN) generated $4.74B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lumen Technologies, Inc. (LUMN) generated $371.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Lumen Technologies, Inc. (LUMN) spent $4.37B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Lumen Technologies, Inc. (LUMN) returned $1.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.