February 3, 2026 Fourth Quarter 2025 Results Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures to exclude the effect of special items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist ...

Lumen Technologies Reports Solid Fourth Quarter and Full Year 2025 Results; Completes AT&T Transaction, Strengthening Balance Sheet and Advancing Enterprise Focus Delivers revenue, Adjusted EBITDA and free cash flow in line with expectations as Lumen sharpens focus on high-value enterprise growth Signs additional $2.5B in PCF contracts and grows NaaS customer base, showing continued momentum on company's return to growth DENVER, Feb. 3, 2026 — Lumen Technologies (NYSE: LUMN) reported results for the fourth ...

Lumen Technologies forecast annual free cash flow exceeding Wall Street estimates on Tuesday, after posting a surprise adjusted profit in the fourth quarter, driven by strong demand for its connectivi... ...

Core Insights - AT&T Inc. has completed the acquisition of Lumen Technologies' mass-market fiber business for $5.75 billion, enhancing its fiber Internet service across 32 U.S. states [1][8] Group 1: Acquisition Details - The acquisition adds over one million fiber subscribers and more than four million fiber-enabled locations, including major cities like Denver, Seattle, and Salt Lake City [2][8] - AT&T has also secured Lumen's fiber construction capabilities in 11 states, facilitating the expansion of its fiber service beyond traditional areas [3] Group 2: Strategic Goals - The transaction supports AT&T's goal of reaching over 60 million fiber locations by 2030, aiming to provide high-speed Internet to more communities [3] - The acquisition strengthens AT&T's ability to offer integrated fiber broadband and 5G wireless services, which is expected to enhance customer retention and long-term value [3] Group 3: Market Context - The fiber broadband market is projected to grow due to increasing demand for high-speed Internet, remote work, streaming services, 5G expansion, and government initiatives [4] - The deal positions AT&T to stay ahead of competitors and improve U.S. connectivity while delivering greater value to customers and shareholders [4] Group 4: Competitive Landscape - AT&T faces competition from Verizon, which is expanding its fiber network through partnerships and acquisitions, and T-Mobile, which has launched T-Mobile Fiber with competitive plans [5][6] Group 5: Financial Performance - AT&T's stock has gained 8.5% over the past year, contrasting with a 4.7% decline in the industry [7] - The company trades at a forward price-to-sales ratio of 1.46, below the industry average of 1.84 [10] Group 6: Earnings Estimates - Earnings estimates for 2026 have increased by 1.8% to $2.28, with a slight increase in estimates for 2027 as well [11][12]

Core Insights - Lumen Technologies is set to report Q4 2025 earnings, with expectations of a loss per share between 21 to 27 cents and revenue between $3.04 billion to $3.08 billion, reflecting a year-over-year decline of 7.4% to 8.6% [1] - The company's stock has surged 84.39% over the past year, significantly outperforming the broader communication services sector [1] - A recent $5.75 billion asset sale to AT&T is expected to reduce Lumen's debt by $4.8 billion and lower annual interest expenses by $300 million [1] Financial Performance - Wall Street anticipates another quarterly loss for Lumen as it transitions from legacy telecom to an AI-focused infrastructure provider [1] - The midpoint revenue estimate of approximately $3.06 billion would mark the fourth consecutive quarter of year-over-year revenue declines [1] - A meaningful earnings beat would require revenue exceeding $3.10 billion and a loss of 10 cents per share or better [1] Recent Developments - In Q3 2025, Lumen missed revenue estimates by $12.6 million but beat adjusted EPS expectations, posting a loss of 20 cents compared to the expected 27-cent loss [1] - The company completed a $2.4 billion debt refinancing, saving $135 million annually, and secured $1 billion in new Private Connectivity Fabric deals [1] - Free cash flow reached $1.66 billion in Q3, significantly exceeding expectations [1] Sector Context - Major telecom peers have reported mixed results, with ongoing pressure from legacy business declines but growth in fiber and enterprise services [1] - Lumen's Mass Markets segment fell 8% year-over-year in Q3, while North America Business declined 3% [1] - Competitors like Verizon and AT&T are focusing on network infrastructure investments to support AI workloads [1] Stock Movement Factors - Bull case triggers include maintaining free cash flow at $1.6 billion quarterly and new Private Connectivity Fabric bookings exceeding $1.5 billion [1] - Bear case triggers involve cautious commentary on the 2026 outlook or revenue falling below $3.0 billion [1] - The recent asset sale to AT&T and Lumen's AI governance certification could reshape its financial profile and market positioning [1] Analyst Sentiment - Analyst consensus rating for Lumen is currently a Hold, with an average price target of $7.78, indicating potential downside from current levels [1] - Zacks upgraded Lumen to Strong Buy on January 10, citing progress in its transformation [1] - Analysts are particularly focused on adjusted EBITDA, with a result above $800 million signaling effective cost management [1]

LONDON, Feb. 03, 2026 (GLOBE NEWSWIRE) -- SeenThis, the video advertising partner transforming how brands distribute video across the open web, today announced the next phase of its partnership with Lumen Research, the leading attention measurement company. The collaboration introduces a proprietary SeenThis attention model, supported by a custom Lumen attention measurement tag, delivering independently verified, real-time attention insights for agencies and brands. Through extensive in-market testing, Seen ...

Core Viewpoint - Lumen Technologies has completed the sale of its Mass Markets fiber-to-the-home business to AT&T for $5.75 billion, marking a strategic shift towards focusing on enterprise digital networking services in the AI-driven economy [1][2]. Financial Impact - The transaction proceeds will be used to retire approximately $4.8 billion of super priority debt, reducing annual interest expenses by about $300 million and lowering total debt to below $13 billion, with a net debt to adjusted EBITDA ratio of under 4x [2]. Business Strategy - Lumen's strategy post-transaction emphasizes three components: building a high-capacity fiber network, developing a digital platform for agile services, and establishing a connected ecosystem of technology partnerships to enhance commercial reach [6][7]. Asset Retention - Lumen will retain its national, regional, and metro fiber backbone network infrastructure, as well as copper-based consumer services, which continue to contribute financially [3]. Leadership Transition - The company expressed gratitude towards Wes Gibson and the team transitioning to AT&T, highlighting their contributions to Lumen's business [4][5]. Future Outlook - Lumen's management will discuss the transaction's implications during the Q4/full-year 2025 earnings call, providing forward-looking guidance that reflects the impact of the asset sale [8].

Core Insights - AT&T has completed the acquisition of Lumen's Mass Markets fiber business for $5.75 billion, enhancing its fiber internet service across 32 states [3][7]. Group 1: Acquisition Details - The acquisition adds over 1 million fiber subscribers and expands AT&T's reach to more than 4 million fiber locations in major metro areas such as Denver, Seattle, and Salt Lake City [7][8]. - This transaction is expected to accelerate AT&T's fiber network expansion, aiming to reach over 60 million total fiber locations by the end of 2030 [8]. Group 2: Strategic Implications - The deal positions AT&T to leverage its extensive distribution and customer satisfaction to increase fiber penetration from approximately 25% to higher levels within the acquired footprint [8]. - By combining fiber broadband and 5G services, AT&T aims to enhance customer relationships and retention, providing a competitive edge in the industry [8]. Group 3: Leadership Perspective - John Stankey, AT&T's Chairman and CEO, emphasized that this acquisition will create jobs, improve U.S. connectivity, and deliver high-speed internet to more communities [4][5].

Core Insights - Lumen Technologies, Inc. (LUMN) is set to report its fourth-quarter 2025 results on February 3, with a consensus estimate indicating a loss of 21 cents per share compared to earnings of 9 cents in the same quarter last year, and total revenues expected to be $3.08 billion, reflecting a 7.4% year-over-year decline [1][7] Financial Performance - Lumen has consistently outperformed the Zacks Consensus Estimate in the previous four quarters, with an average surprise of 97.7% [2] - The company anticipates $350 million in run-rate cost benefits for 2025, an increase from the previously targeted $250 million, which is expected to cushion margin performance in the upcoming quarter [9] Growth Drivers - The demand for Lumen's Private Connectivity Fabric (PCF) solutions is being driven by the proliferation of AI, with $10 billion in PCF deals reported at the end of Q3 [4] - Network-as-a-Service (NaaS) adoption is increasing, with over 1,500 customers and a 32% sequential increase in active customers, alongside a 30% rise in fabric ports deployed and a 36% increase in services sold [5] Strategic Developments - Lumen is building a connected ecosystem to enhance the purchasing and management of network services, collaborating with companies like Palantir, Commvault, and QTS [6] - The company is optimistic about the sale of its Mass Markets' fiber-to-the-home business to AT&T for $5.75 billion, expected to close in early 2026, which will help reduce debt [8] Challenges - The normalization of public sector "Harvest" revenues and ongoing declines in legacy wholesale, voice, and managed services revenues are expected to impact fourth-quarter performance [10] - Higher costs associated with PCF deals, macroeconomic volatility, and competition in the AI space are additional concerns for Lumen [10] 2025 Outlook - For 2025, adjusted EBITDA is projected to be between $3.2 billion and $3.4 billion, with expectations to report near the high end of this range [11] - Capital expenditures are estimated to be between $4.1 billion and $4.3 billion, primarily influenced by project timings, while free cash flow is anticipated to be between $1.2 billion and $1.4 billion [12]

Core Viewpoint - AT&T has issued a profit forecast for the current year that surpasses Wall Street expectations, driven by strategic acquisitions aimed at enhancing its fiber and wireless infrastructure [1] Group 1: Strategic Transactions - The company announced a $6 billion acquisition of Lumen's consumer fiber operations and a $23 billion purchase of spectrum licenses from EchoStar, which are expected to enhance network capacity, improve mobile coverage, and boost broadband speeds [2] - These investments are anticipated to strengthen AT&T's competitive position as remote work and data-intensive usage continue to rise [2] Group 2: Service Bundling and Reporting Structure - AT&T is focusing on offering discounted bundles that combine wireless and fiber broadband services [3] - Starting in the first quarter, the company will report results across three operating segments, including a core domestic 5G and fiber unit that is projected to account for the majority of 2025 revenue [3] Group 3: Financial Projections - For fiscal 2026, AT&T projected free cash flow of at least $18 billion, increasing to $21 billion by 2028, which is above Wall Street expectations [4] - Adjusted earnings for the current year are forecasted in a range of $2.25 to $2.35 per share, compared to a consensus estimate of $2.23 [4] Group 4: Recent Performance - In the fourth quarter, AT&T reported adjusted earnings of $0.52 per share, exceeding expectations of $0.46, despite net additions of monthly bill-paying wireless subscribers being slightly below forecasts [5] - Revenue increased by 3.7% year over year to $33.5 billion, surpassing consensus expectations of $32.83 billion [5]