Financial Highlights - Reached over $10 billion in PCF deals signed to date[8] - Debt refinancing and term loan repricing of $24 billion extends maturities and reduces cash interest[8] - Total revenue was $3087 billion, a decrease of 42% year-over-year[36] - Adjusted EBITDA was $787 million, a decrease of 125% year-over-year, with an adjusted EBITDA margin of 255%[41] - Free cash flow was $1661 billion[44] Strategic Initiatives and Growth - Over 1500 customers adopted Lumen NaaS since launch[8] - NaaS customers increased by 32% quarter-over-quarter, fabric ports deployed by customers increased by 30%, and services sold across all fabric ports increased by 36%[22] - Fiber broadband revenue in Mass Markets was $225 million, an increase of 184% year-over-year, contributing 36% to total broadband revenue[38] Network and Infrastructure - Total intercity fiber miles increased from 12 million in 2022 to a planned 17 million in 2025, with a vision of 47 million by 2028[13] - Hyperscaler utilization is projected to increase from 30% in 2022 to 45% in 2025 and 57% in 2028[13] Debt and Leverage - Total debt as of September 30, 2025, was $180 billion[34] - Pro forma total debt after planned paydown and Lumen SP debt paydown is projected to be $131 billion, with gross leverage less than 38x[34]