Key Highlights

  • Revenue was USD 2,715 million against an estimate of USD 2.73 billion; GAAP loss per share was USD 0.26.
  • EPS of USD -0.14 compares with an estimate of USD -0.23, and net loss was USD 265 million.
  • Strategic Business Revenue was USD 1,279 million, up 10%, and legacy business revenue was USD 1,067 million, down 17%.
  • Management projects USD 3.2 billion to USD 3.4 billion of capital expenditures over the next 12 months.

Lumen Technologies, Inc. (NASDAQ:LUMN) set out its forward spending plan alongside third quarter results: it projects USD 3.2 billion to USD 3.4 billion of capital expenditures over the next 12 months, mainly for network modernization and fiber expansion, funded primarily from operating cash flow. Revenue was USD 2,715 million against USD 3,087 million a year earlier and an estimate of USD 2.73 billion. EPS of USD -0.14 compares with an estimate of USD -0.23, and GAAP basic and diluted loss per share was USD 0.26.

Stated Plans: Capital Spending, Alkira and the Nasdaq Move

The company also named USD 29 million of finance Lease Debt service. Management linked the February 2, 2026 sale of the Mass Markets Fiber-to-the-Home business to AT&T, which brought pre-tax cash proceeds of USD 5.72 billion, to lower Recurring Revenue and Operating Cash Flow and to about USD 1 billion less Mass Markets fiber capital spending each year.

On July 1, 2026 its Level 3 Communications Subsidiary acquired Alkira for USD 485 million in cash. On October 6, 2026 the common stock began trading on The Nasdaq stock market after the company withdrew its New York Stock Exchange listing, keeping its symbol.

The Quarter in Detail

Operating expenses were USD 2,882 million against USD 3,203 million, producing an operating loss of USD 167 million against a loss of USD 116 million. Cost of services and products was USD 1,432 million against USD 1,700 million, and selling, general and administrative expense was USD 784 million against USD 829 million.

Interest expense was USD 189 million against USD 319 million, and total other expense, net, was USD 168 million against USD 697 million. The company recorded an income tax benefit of USD 70 million, leaving a net loss of USD 265 million against USD 621 million. Adjusted EBITDA was USD 521 million against USD 571 million. Nine-month net loss was USD 666 million against USD 1,737 million.

Revenue Lines: Strategic Growth and Legacy Decline

Business revenue was USD 2,346 million, down 4%. Strategic business revenue of USD 1,279 million rose USD 112 million from the year-earlier level, which the company tied mainly to dark fiber and conduit and to IP services. Legacy business revenue was USD 1,067 million, with VPN, voice and private line services declining.

Mass Markets revenue was USD 369 million against USD 631 million. Fiber Broadband revenue was USD 17 million against USD 225 million, which the company attributed to the divestiture, and Other Broadband revenue was USD 179 million against USD 230 million on fewer copper-based customers.

Balance Sheet and Cash Markers

Cash and cash equivalents of USD 978 million sit alongside total indebtedness of USD 13.3 billion, with USD 6.8 billion of secured debt and USD 6.3 billion of unsecured debt outstanding, and USD 677 million of revolving Credit availability under a USD 825 million facility. Nine-month operating cash flow was USD 2,812 million against USD 4,176 million, and capital expenditures were USD 2,717 million against USD 2,723 million.

Management stated that its Liquidity sources cover at least the next 12 months and that beyond that period it plans to refinance a substantial portion of maturing debt, subject to market conditions. Its stated strategy includes expanding network capacity through its AI backbone initiative, monetizing network Assets through PCF solutions and managing non-core business for cash flow.