Lumen Technologies, Inc.
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Range $8 – $8
Price Chart
About the company
Lumen Technologies, Inc. functions as an infrastructure-driven technology and telecommunications provider, offering a diverse array of integrated solutions to both commercial clients and residential customers throughout the United States and internationally. The company delivers these services through its Lumen, Quantum Fiber, and CenturyLink brands.
- CEO
- Kathleen E. Johnson
- IPO
- 1980
- Employees
- 24,000
- HQ
- Monroe, LA, US
AI snapshot
Six angles, distilled from the data.
LUMN remains in a long downtrend, trading below its 200-day moving average of 7.55 and well under the 52-week high of 11.95. The stock is still above the 52-week low of 5.38, so the regime is damaged but not broken at the lows.
Street sentiment is cautious: consensus is Hold, with 17 Holds, 4 Buys, and 7 Sells. The average target sits at 8.00, above the last close, and recent actions have mostly been reiterations rather than fresh upgrades, with one downgrade in early February.
The setup leans mixed but constructive on execution: LUMN has beaten EPS in 6 of the last 7 quarters, including a 53.3% beat in August. Next-year EPS is still expected to improve only modestly to -0.2964, so shareholders should watch for margin discipline and any guidance on revenue stabilization.
Recent insider activity tilts positive, but most of the volume is award or vesting-related rather than discretionary. The clearest signal is the CEO's 100,000-share purchase in August, which stands out against otherwise routine grants and in-kind transactions.
Profitability remains weak, with a net margin of -8.65% and ROE of -78.94%, even though gross margin is a solid 47.8%. Revenue fell 9.3% year over year, but operating cash flow of 4.738 billion and free cash flow of 9.105 billion show the business still throws off meaningful cash.
LUMN competes as a diversified telecom carrier with fiber, enterprise networking, and legacy cash-flow services, but the market still discounts the turnaround. The stock trades at a depressed multiple versus the sector backdrop, reflecting negative earnings and heavy leverage rather than growth leadership.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $5.79B
- P/E
- -5.50
- PEG
- 0.28
- P/S
- 0.49
- P/B
- -3.79
- EV/EBITDA
- 7.78
- Div Yield
- 0.00%
- Gross Margin
- 47.79%
- Op Margin
- -3.36%
- Net Margin
- -8.65%
- ROE
- -52.11%
- ROIC
- -1.08%
Latest fiscal year · YoY change
- Revenue
- $12.40B-5.4%
- Gross Profit
- $5.76B-10.0%
- Op Income
- $-184,000,000
- Net Income
- $-1,739,000,000-3061.8%
- EPS
- $-1.75-3041.8%
- OCF Growth
- +9.3%
- FCF Growth
- -66.3%
- 52W High
- $11.95
- 52W Low
- $5.38
- 50D MA
- $6.27
- 200D MA
- $7.53
- Beta
- 1.86
- RSI (14)
- 45
- Avg Volume
- 12.61M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Lumen said Q2 was in line with expectations as strategic and digital revenue mix kept improving, while management reiterated confidence in its shift toward higher-margin network services and Alkira’s role in accelerating that transformation.· August 4, 2026
- Total business revenue declined 1.8% year over year to $2.44 billion, but management said the quarter was in line with expectations.
- Strategic revenue grew 14% year over year and rose to 53% of total business revenue, up from 51% in Q1 and 45% a year ago.
- NaaS momentum remained strong: total customers exceeded 3,000, new customer adoption rose 22% quarter over quarter, active ports grew 34%, and active services grew 29%.
- Adjusted EBITDA was $802 million versus about $877 million a year ago; free cash flow was $327 million and capex was about $780 million.
- Management said Alkira is an upside to prior targets, but its revenue contribution is immaterial today and will be quantified more fully with 2027 guidance.
Second-quarter total business revenue declined 1.8% year over year to $2.44 billion. Adjusted EBITDA, excluding special items, was $802 million versus approximately $877 million in the prior-year quarter, and free cash flow, excluding special items, was $327 million. Capex, excluding special items, was approximately $780 million, including about $300 million of capex associated with PCF deals, and PCF cash received was approximately $476 million. Strategic revenue grew 14% year over year, strategic waves revenue in North American enterprise grew nearly 11% year over year, and strategic waves sales were up nearly 35% year over year. For the full year, management reiterated the guidance framework already given, said they remain committed to it, and noted the seasonal EBITDA pattern implies third-quarter adjusted EBITDA is typically about $100 million below Q2; they also said the State of California work was accelerated into Q2 and is now largely complete. They said modernization and simplification savings are on track to exit this year at $700 million and to exit next year at $1 billion. Alkira’s near-term revenue contribution was described as immaterial, with more detail expected when 2027 guidance is provided.
Kate Johnson framed the quarter as evidence that Lumen is becoming a different company, focused on “enterprise networking for AI” rather than legacy telecom. She emphasized the combination of physical infrastructure, a programmable network, and the connected ecosystem, and said the market is responding, citing Gartner recognition and customer examples with Alkira. Her tone was confident and optimistic, stressing that NaaS adoption is outpacing the market, strategic revenue is growing, and new digital services can lift margins over time.
Chris Stansbury focused on disciplined simplification, portfolio pruning, and capital allocation toward digital, platform-based services. He said revenue, adjusted EBITDA, and free cash flow were all in line with expectations, with total business revenue at $2.44 billion, adjusted EBITDA at $802 million, capex at about $780 million, and free cash flow at $327 million. He reiterated that modernization and simplification savings are on track for $700 million exiting this year and $1 billion exiting next year, and said Alkira’s revenue and cost impact are immaterial today but are expected to be upside to the digital growth trajectory.
Analysts pressed on how quickly customers are moving from legacy to strategic products, what Alkira adds economically, and whether Q2’s revenue trend implies a weaker back half. Management said the mix shift is faster than expected, but it is not a one-for-one conversion because many NaaS customers are new to Lumen or are adding services rather than replacing old ones; they also pointed to stronger 100G/400G demand and neocloud activity. On Alkira, management said it is too early to quantify MRR or full financial contribution, but they see higher upsell potential, more share of wallet, and a route to selling to CIO/CTO buyers rather than only procurement.
The bull case from the call is that Lumen is seeing real traction in strategic and digital offerings, with strategic revenue up 14%, NaaS customer counts above 3,000, and strong growth in active ports and services. Management sounded increasingly confident that Alkira, rapid routes, and 100G/400G demand can accelerate the company’s transition to higher-margin, consumption-based networking services.
The main risks are that legacy revenue is still declining, adjusted EBITDA fell year over year, and digital revenue is still small at $39 million, so the transformation remains early. Management also acknowledged that Alkira is too new to quantify, the back half must absorb seasonal EBITDA pressure, and the company still has to manage voice/copper wind-downs, regulatory obligations, and lower-return legacy assets while proving the new model scales.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 92.1%
- Shares Outstanding
- 1.03B
- Float Shares
- 948.50M
of shares held by institutions
659 13F filers
Buy/sell ratio 2.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for LUMN, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Daniel GoldmanHouse · NY10 | Sell | Jul 11, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | May 23, 23 | Filing → |
| Daniel GoldmanHouse · NY10 | Buy | Apr 10, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Apr 17, 23 | Filing → |
| Daniel GoldmanHouse · NY10 | Sell | Mar 1, 23 | Filing → |
| Daniel GoldmanHouse · NY10 | Sell | Mar 6, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Nov 2, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Nov 3, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Sep 29, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Sep 29, 22 | Filing → |
| Kathy E. ManningHouse · NC06 | Sell | Aug 3, 22 | Filing → |
| Kathy E. ManningHouse · NC06 | Buy | Jul 20, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | May 5, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jan 21, 22 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 142.26M | ▲ 4.80M |
| Vanguard Group Inc | 111.86M | ▼ 1.70M |
| Vanguard Portfolio Management LLC | 61.47M | ▼ 648.40K |
| State Street Corp | 48.00M | ▲ 1.99M |
| Fmr LLC | 45.33M | ▲ 13.91M |
| Vanguard Capital Management LLC | 42.04M | ▲ 406.95K |
| Geode Capital Management, LLC | 24.82M | ▲ 1.96M |
| D. E. Shaw & Co., Inc. | 17.49M | ▲ 2.46M |
| Goldman Sachs Group Inc | 16.98M | ▼ 5.56M |
| Sixth Street Partners Management Company, L.P. | 15.97M | ▲ 15.97M |
| Charles Schwab Investment Management Inc | 15.97M | ▼ 1.21M |
| Dimensional Fund Advisors LP | 14.61M | ▼ 384.94K |
Held by 441 ETFs
Biggest fund positions in LUMN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 23, 26 | Holt Donald Leroy | other | 2,538 |
| Aug 6, 26 | Johnson Kathleen E | buy | 100,000 |
| Aug 5, 26 | Hinshaw John M | other | 27,350 |
| Aug 4, 26 | Hinshaw John M | other | 0 |
| May 21, 26 | Collins Michael | other | 25,197 |
| May 20, 26 | Collins Michael | other | 0 |
| May 20, 26 | Collins Michael | other | 0 |
| May 21, 26 | MCMILLAN STEPHEN | other | 25,197 |
| May 21, 26 | Allen Quincy L | other | 25,197 |
| May 21, 26 | Linear Diankha | other | 25,197 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our LUMN coverage
Recent articles, reports, and earnings notes.

Lumen Technologies Repositions for Nasdaq: What’s Driving the Move
Lumen Technologies, Inc. (NASDAQ: LUMN) is expected to begin trading on October 6, 2026, on Nasdaq. The company has not disclosed a price range because this is not a new IPO; it is a transfer from the NYSE to Nasdaq. The setup favors investors who want a turnaround story tied to enterprise networking and AI-era infrastructure, but shareholders should watch leverage and execution closely.

Qwest Corp. 6.75% Sr Nts 2052: What Investors Need to Know
Qwest Corp. 6.75% Sr Nts 15/06/2052 Usd25 is expected to list on NASDAQ on 2026-10-06, but no price range has been disclosed. This is a debt security, not an equity IPO, so the key question is how the exchange-offer structure and 6.750% coupon will be received. Bull case: a long-dated senior note with a defined coupon. Bear case: the company has not disclosed pricing, and the listing is tied to refinancing rather than growth.

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Want a deeper read on LUMN?
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Lumen Is Moving to Nasdaq. His RSUs Will Count as Wages When They Vest, but the Next $50,000 Gain Won’t Count for Social Security
247wallst.com · Sep 29
Lumen Technologies to move stock listing to Nasdaq
reuters.com · Sep 25
Lumen Technologies Announces Intention to Transfer Stock Exchange Listing to Nasdaq
businesswire.com · Sep 25
State Street Corp Increases Stake in Lumen Technologies, Inc. $LUMN
defenseworld.net · Sep 24
Lumen Unveils Intelligent Internet to Transform Enterprise Networking
zacks.com · Sep 22
Lumen Launches Intelligent Internet, Bringing Cloud-Like Agility to Enterprises
businesswire.com · Sep 21
Lumen Technologies, Inc. (NYSE:LUMN) Given Average Rating of “Reduce” by Brokerages
defenseworld.net · Sep 21
Lumen Technologies Maps AI Networking Growth Strategy at Citi Conference
marketbeat.com · Sep 11
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 6, 2026 · Live quote · Not investment advice