Lumen Technologies, Inc.

For the period ended Mar 31, 2026. Filed May 5, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 5, 2026

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

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Contents

Summarized Financial Information

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)

Level 3 Parent, LLC

Level 3 Parent, LLC, our wholly owned subsidiary, had the following results of operations, prior to consolidated Lumen to Level 3 Parent, LLC eliminations:

	Three Months Ended March 31,
	2026	2025
	Level 3 Parent, LLC
(Dollars in millions)
Operating revenue	$1,595	1,575
Operating revenue-affiliates	78	72
Total operating revenue	1,673	1,647
Cost of services and products (exclusive of depreciation and amortization)	710	721
Selling, general and administrative	299	251
Operating expenses - affiliates	282	256
Depreciation and amortization	350	338
Total operating expenses	1,641	1,566
OPERATING INCOME	32	81
Interest expense	(149)	(215)
Interest income - affiliate	69	71
Net loss on early retirement of debt	(77)	(34)
Other income, net	6	16
Total other expense, net	(151)	(162)
Income tax benefit	(30)	(21)
NET LOSS	$(89)	(60)

The following table presents summarized financial information reflected in our consolidated balance sheets, prior to consolidated Lumen to Level 3 Parent, LLC eliminations:

	March 31, 2026	December 31, 2025
	Level 3 Parent, LLC
(Dollars in millions)
Cash and cash equivalents	$998	380
Note receivable - affiliate	2,668	2,668
Other current assets	1,366	1,070
Property, plant, and equipment, net of accumulated depreciation of $4,849 and $4,772	9,380	9,030
Operating lease assets - affiliates	133	159
Other noncurrent assets	4,141	4,346
Total assets	$18,686	17,653
Current maturities of long-term debt	$34	36
Accounts payable - affiliates	378	312
Current operating lease liabilities - affiliates	68	80
Other current liabilities	2,104	2,212
Long-term debt	9,763	9,627
Noncurrent deferred revenue	7,144	6,054
Noncurrent operating lease liabilities - affiliates	63	76
Other noncurrent liabilities	991	1,028
Total member’s deficit	(1,859)	(1,772)
Total liabilities and member’s deficit	$18,686	17,653

The following table presents summarized financial information reflected in our consolidated statements of cash flows, prior to consolidated Lumen to Level 3 Parent, LLC eliminations:

	Three Months Ended March 31,
	2026	2025
	Level 3 Parent, LLC
(Dollars in millions)
Net cash provided by operating activities	$1,136	804
Capital expenditures	(583)	(311)
Other investing activities, net	14	5
Net cash used in investing activities	(569)	(306)
Net cash provided by (used in) financing activities	51	(157)
Net increase in cash, cash equivalents and restricted cash	$618	341
Cash, cash equivalents and restricted cash at beginning of period	$382	602
Cash, cash equivalents and restricted cash at end of period	$1,000	943
Supplemental cash flow information:
Interest paid (net of capitalized interest of $24 and $12)	$(143)	(140)

Qwest Corporation

Qwest Corporation is our wholly owned subsidiary and has two series of currently outstanding Senior Notes, the Old Qwest Notes.

In connection with the registration, anticipated listing and proposed issuance of the New Qwest Notes, which would be fully and unconditionally guaranteed by us on an unsubordinated unsecured basis, we have presented below the accompanying summarized financial information pursuant to Rule 13-01 of Regulation S-X "Guarantors and issuers of guaranteed securities registered or being registered."

The following table presents summarized financial information specified in Rule 1-02(bb)(1) of Regulation S-X:

	Three Months Ended March 31, 2026
	Qwest Corporation
(Dollars in millions)
Operating revenue	$609
Operating revenue - affiliates	442
Operating expenses	779
Operating expenses - affiliates	225
OPERATING INCOME	47
NET LOSS	(226)

The following tables present summarized financial information reflected in our consolidated balance sheets:

	March 31, 2026	December 31, 2025
	Qwest Corporation
(Dollars in millions)
Advances to affiliates	$2,626	666
Note receivable - affiliate	1,476	937
Other current assets	351	2,902
Other noncurrent assets	11,264	11,315
Other current liabilities	640	653
Affiliate obligations, net	388	399
Other noncurrent liabilities	3,999	3,852

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