Lumen closes $5.75B AT&T deal; Q4 rev $3.04B, adj EPS $0.23; 2026 EBITDA outlook $3.1-$3.3B

Lumen Technologies, Inc.

2025-FY EPS reported -$1.75 vs consensus -$0.27 ▼ miss (-537.1%)

Completed $5.75B AT&T transaction; reduced debt by over $4.8B, net leverage below 4x, interest expense down ~45%.
Q4 2025 revenue $3.041B (-9% YoY); GAAP net loss $2M; adjusted EPS $0.23 (ex-special items).
Full year 2025 revenue $12.402B (-5% YoY); adjusted EBITDA $3.36B (ex-special items) vs $3.94B prior year.
2026 outlook: Adjusted EBITDA $3.1-$3.3B, Free Cash Flow $1.2-$1.4B, capex $3.2-$3.4B.
PCF sales approached $13B, NaaS customers up 29% YoY; cost savings run-rate exceeded $400M.

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