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Lumen Technologies LUMN Mass Markets — Total segment adjusted EBITDA

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Other financials

Income statement

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Revenue$2.9B-8.9%
Gross profit$1.5B-2.1%
Operating income$602.0M+463%
Net income-$200.0M+0.5%
EPS (diluted)-$0.200.0%

Balance sheet

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Cash & equivalents$1.6B-14.4%
Total debt$13.4B-29.0%
Total equity-$1.3B-556%
Total assets$30.6B-8.7%

Cash flow

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Operating cash flow$1.3B+20.8%
CapEx$943.0M+19.2%
Free cash flow$380.0M+25.0%

Valuation

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Market cap$6.27B+62.5%
Enterprise value$18.05B-15.7%
P/S0.5×+0.2×

Profitability

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Gross margin47.3%-0.9pp
Operating margin-2.6%-6.6pp
Net margin-14.3%
FCF margin-3.9%-9.2pp

Returns & leverage

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Return on equity-170.9%+20.5pp
Debt / equity65.4×+26.1×
Current ratio-0.2×

Where this comes from

Reported directly by Lumen Technologies in its filing.

Tagged under the XBRL concept lumn:IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxDepreciationandAmortization.

The source filing: Lumen Technologies’s 10-K, filed February 20, 2026.

Filed
Feb 20, 2026, 4:18 PM EST
Fiscal year
FY2025
Accession
0000018926-26-000014
Line itemBusinessMass Markets
Segment revenue$9,8952,507
Segment expense
Cost of services and products2,78649
Headcount costs1,172573
Non-headcount costs1,414489
Total expense5,3721,111
Total segment adjusted EBITDA$4,5231,396

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Lumen Technologies's mass markets — total segment adjusted EBITDA?
Lumen Technologies (LUMN) reported mass markets — total segment adjusted EBITDA of $349M in Q4 2025.
How has Lumen Technologies's mass markets — total segment adjusted EBITDA changed year-over-year?
Lumen Technologies's mass markets — total segment adjusted EBITDA decreased by 6.7% year-over-year, from $374M to $349M.
What is the long-term trend for Lumen Technologies's mass markets — total segment adjusted EBITDA?
Over 4 years (2021 to 2025), Lumen Technologies's mass markets — total segment adjusted EBITDA has grown at a -21.8% compound annual growth rate (CAGR), from $3.73B to $1.4B.
What does mass markets — total segment adjusted EBITDA mean?
A non-GAAP measure representing the profitability of the Mass Markets segment before interest, taxes, depreciation, amortization, and other non-cash or non-recurring items. It serves as a primary indicator of the segment's core operational cash flow generation.

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