Lumen Technologies, Inc.

For the period ended Dec 31, 2025. Filed Feb 20, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 20, 2026

LUMN$4.71+9.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2025	2024	2023
(Dollars in millions)
OPERATING ACTIVITIES
Net loss	$(1,739)	(55)	(10,298)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,749	2,956	2,985
Net loss on sale of businesses	—	17	121
Goodwill impairment	628	—	10,693
Impairment of long-lived assets	109	83	27
Deferred income taxes	(705)	(209)	8
Provision for uncollectible accounts	70	72	100
Net loss (gain) on early retirement and modification of debt	740	(348)	(618)
Debt modification costs and related fees	—	(79)	—
Gain on sale of investment	—	(205)	—
Unrealized loss on investments	—	10	97
Stock-based compensation	48	29	52
Changes in current assets and liabilities:
Accounts receivable	(168)	19	102
Accounts payable	632	(202)	(97)
Accrued income and other taxes	20	(189)	(1,185)
Other current assets and liabilities, net	98	304	(549)
Retirement benefits	30	(181)	(1)
Change in deferred revenue	2,673	1,763	230
Changes in other noncurrent assets and liabilities, net	(525)	655	500
Other, net	78	(107)	(7)
Net cash provided by operating activities	4,738	4,333	2,160
INVESTING ACTIVITIES
Capital expenditures	(4,367)	(3,231)	(3,100)
Proceeds from sale of businesses	—	15	1,746
Proceeds from sale of property, plant and equipment, and other assets	47	366	165
Other, net	15	20	(12)
Net cash used in investing activities	(4,305)	(2,830)	(1,201)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt	8,158	1,325	—
Payments of long-term debt	(8,818)	(2,678)	(185)
Net proceeds from (payments on) revolving line of credit	—	(200)	200
Dividends paid	(1)	(3)	(11)
Debt issuance and extinguishment costs and related fees	(645)	(283)	(14)
Other, net	(13)	(12)	(8)
Net cash used in financing activities	(1,319)	(1,851)	(18)
Net (decrease) increase in cash, cash equivalents and restricted cash	(886)	(348)	941
Cash, cash equivalents and restricted cash at beginning of period	1,900	2,248	1,307
Cash, cash equivalents and restricted cash at end of period	$1,014	1,900	2,248

Supplemental cash flow information:
Income taxes (paid) refunded, net	$(18)	242	(1,303)
Interest paid (net of capitalized interest of $154, $176 and $111)	(1,219)	(1,245)	(1,138)
Supplemental non-cash information regarding financing activities:
Cancellation of term loans as part of refinancings (Note 7)	$(2,267)	—	—
Issuance of term loans as part of refinancings (Note 7)	$2,267	—	—
Cancellation of senior unsecured notes as part of exchange offers (Note 7)	$—	—	(1,554)
Issuance of senior secured notes as part of exchange offers (Note 7)	—	—	924
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$1,003	1,889	2,234
Restricted cash included in Other current assets	3	2	4
Restricted cash included in Other, net noncurrent assets	8	9	10
Total	$1,014	1,900	2,248

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