Lumen Technologies, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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.
Sep 30, 2026 · Filed Nov 4, 2026
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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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Level 3 Parent, LLC | ||||
| (Dollars in millions) | ||||
| Operating revenue | $1,572 | 1,569 | 4,786 | 4,702 |
| Operating revenue-affiliates | 83 | 72 | 241 | 212 |
| Total operating revenue | 1,655 | 1,641 | 5,027 | 4,914 |
| Cost of services and products (exclusive of depreciation and amortization) | 706 | 687 | 2,106 | 2,102 |
| Selling, general and administrative | 293 | 311 | 868 | 859 |
| Operating expenses - affiliates | 284 | 255 | 875 | 768 |
| Depreciation and amortization | 362 | 348 | 1,068 | 1,028 |
| Total operating expenses | 1,645 | 1,601 | 4,917 | 4,757 |
| OPERATING INCOME | 10 | 40 | 110 | 157 |
| Interest expense | (142) | (182) | (434) | (600) |
| Interest income - affiliate | 28 | 73 | 136 | 217 |
| Net gain (loss) on early retirement of debt | 1 | (396) | (70) | (666) |
| Other income, net | (8) | 10 | 3 | 49 |
| Total other expense, net | (121) | (495) | (365) | (1,000) |
| Income tax benefit | (28) | (119) | (65) | (221) |
| NET LOSS | $(83) | (336) | $(190) | (622) |
The following table presents summarized financial information reflected in our consolidated balance sheets, prior to consolidated Lumen to Level 3 Parent, LLC eliminations:
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Level 3 Parent, LLC | ||
| (Dollars in millions) | ||
| Cash and cash equivalents | $451 | 380 |
| Note receivable - affiliate | 1,468 | 2,668 |
| Other current assets | 1,012 | 1,070 |
| Property, plant, and equipment, net of accumulated depreciation of $5,164 and $4,772 | 10,322 | 9,030 |
| Goodwill | 268 | — |
| Operating lease assets - affiliates | 94 | 159 |
| Other noncurrent assets | 4,040 | 4,346 |
| Total assets | $17,655 | 17,653 |
| Current maturities of long-term debt | $28 | 36 |
| Accounts payable - affiliates | 353 | 312 |
| Current operating lease liabilities - affiliates | 47 | 80 |
| Other current liabilities | 2,326 | 2,212 |
| Long-term debt | 10,015 | 9,627 |
| Noncurrent deferred revenue | 7,439 | 6,054 |
| Noncurrent operating lease liabilities - affiliates | 45 | 76 |
| Other noncurrent liabilities | 957 | 1,028 |
| Total member’s deficit | (3,555) | (1,772) |
| Total liabilities and member’s deficit | $17,655 | 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:
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Level 3 Parent, LLC | ||
| (Dollars in millions) | ||
| Net cash provided by operating activities | $2,451 | 3,387 |
| Capital expenditures | (1,713) | (1,268) |
| Other investing activities, net | 748 | 7 |
| Net cash provided by (used in) investing activities | (965) | (1,261) |
| Net cash used in financing activities | (1,414) | (545) |
| Net increase in cash, cash equivalents and restricted cash | $72 | 1,581 |
| Cash, cash equivalents and restricted cash at beginning of period | $382 | 602 |
| Cash, cash equivalents and restricted cash at end of period | $454 | 2,183 |
| Supplemental cash flow information: | ||
| Interest paid (net of capitalized interest of $99 and $42) | $(413) | (595) |
Qwest Corporation
Qwest Corporation is our wholly owned subsidiary and has six series of currently outstanding Senior Notes, two referred to as the Old Qwest Notes, two referred to as the New Qwest Notes, and two referred to as the Qwest Notes due 2030.
In connection with the registration, listing and issuance of the New Qwest Notes, which are 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 September 30, 2026 | Nine Months Ended September 30, 2026 | |
|---|---|---|
| Qwest Corporation | ||
| (Dollars in millions) | ||
| Operating revenue | $578 | 1,785 |
| Operating revenue - affiliates | 395 | 1,240 |
| Operating expenses | 491 | 1,828 |
| Operating expenses - affiliates | 231 | 678 |
| OPERATING INCOME | 251 | 519 |
| NET INCOME | 190 | 145 |
The following tables present summarized financial information reflected in our consolidated balance sheets:
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Qwest Corporation | ||
| (Dollars in millions) | ||
| Advances to affiliates | $234 | 666 |
| Note receivable - affiliate | 1,538 | 937 |
| Other current assets | 275 | 2,902 |
| Other noncurrent assets | 11,140 | 11,315 |
| Other current liabilities | 660 | 653 |
| Affiliate obligations, net | 366 | 399 |
| Other noncurrent liabilities | 3,972 | 3,852 |
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