Earnings Releases·Nov 4, 2026, 4:17 PM ET

Lumen Technologies — Third Quarter 2026 Earnings Summary

Total revenue declined 12% year-over-year to $2.715 billion, driven by a 17% drop in legacy revenue, while strategic revenue grew 10% to $1.28 billion (55% of total); reported net loss narrowed to $(265) million from $(621) million the prior year.
Adjusted EBITDA excluding special items was $715 million, down from $787 million, though margin improved to 26.3%; free cash flow excluding special items was $(76) million versus $1.7 billion previously, impacted by $872 million in capital expenditures.
The company reiterated full-year 2026 guidance for adjusted EBITDA excluding special items ($3.1B–$3.3B) and free cash flow excluding special items ($1.9B–$2.1B), targeting business revenue growth in 2028.
Strategic momentum is accelerating with $700 million in new PCF deals year-to-date (cumulative >$13.5B), NaaS active customers up 24% sequentially, and plans to accelerate copper decommissioning in four states.
Balance sheet improvements include long-term debt reduction to $13.164 billion from $17.353 billion and deferred revenue growth to $8.238 billion, supported by the $569 million gain from the Mass Markets Fiber-to-the-Home divestiture.