Lumen Technologies, Inc. (LUMN) Balance Sheet

NYSE: LUMNAssets, liabilities, debt and equity over 10 years.

LUMN balance sheet, 2025

December 31, 2025 · U.S. dollars

$34.34B assets = $35.46B liabilities + −$1.12B equity

Liabilities exceed assets: shareholders’ equity is negative (−$1.12B).

Both columns are drawn to the same scale: what LUMN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

LUMN financial health

Current ratio1.80

Comfortable · current assets cover current liabilities 1.80×

Equity / assets−3.3%

Thin equity · of assets funded by shareholders

Cash / debt5.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles33.0%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

LUMN balance sheet trends, 2016–2025

Lumen Technologies, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$47.02B2016	$34.34B2025	−3.4%/yr
Total liabilities	$33.62B2016	$35.46B2025	+0.6%/yr
Shareholders’ equity	$13.40B2016	−$1.12B2025	—
Cash & short-term investments	$222.0M2016	$1.00B2025	+18.2%/yr
Total debt	$19.69B2016	$17.71B2025	−1.2%/yr
Net cash (debt)	−$19.47B2016	−$16.70B2025	+$2.8B
Working capital	−$187.0M2016	$3.52B2025	+$3.7B
Book value per share	$24.782016	−$1.122025	—
Current ratio	0.972016	1.802025	+0.84
Debt / equity	1.472016	41.202024	+39.73
Shares outstanding	540.7M2016	994.5M2025	+7.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

LUMN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

LUMN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

LUMN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

LUMN balance sheet

Lumen Technologies, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.00B	$1.89B	$2.23B	$1.25B	$354.0M	$409.0M	$1.69B	$488.0M	$551.0M	$222.0M
Cash & equivalents	$1.00B	$1.89B	$2.23B	$1.25B	$354.0M	$409.0M	$1.69B	$488.0M	$551.0M	$222.0M
Short-term investments	—	—	—	—	—	—	—	—	$5.0M	$0
Receivables	$1.80B	$1.73B	$1.61B	$1.53B	$1.72B	$2.04B	$2.34B	$2.53B	$2.81B	$2.07B
Inventory	$165.0M	$146.0M	$209.0M	$236.0M	$96.0M	$105.0M	$105.0M	$120.0M	$128.0M	$134.0M
Other current assets	$4.94B	$629.0M	$722.0M	$2.21B	$9.36B	$340.0M	$341.0M	$680.0M	$700.0M	$2.74B
Total current assets	$7.91B	$4.39B	$4.78B	$5.23B	$11.54B	$2.89B	$4.47B	$3.82B	$4.19B	$5.16B
Property, plant & equipment (net)	$19.57B	$20.42B	$19.76B	$19.17B	$20.89B	$28.04B	$27.77B	$26.22B	$26.85B	$17.04B
Goodwill & intangible assets	$11.32B	$6.77B	$7.43B	$18.82B	$22.96B	$27.09B	$31.10B	$38.81B	$43.25B	$23.98B
Long-term investments	$0	$0	$0	$0	$0	$0	$150.0M	$150.0M	$150.0M	$0
Other non-current assets	$0	$1.91B	$2.05B	$2.40B	$2.61B	$1.38B	$1.25B	$1.24B	$1.11B	$838.0M
Total assets	$34.34B	$33.50B	$34.02B	$45.61B	$57.99B	$59.39B	$64.74B	$70.24B	$75.55B	$47.02B
Liabilities
Accounts payable	$1.51B	$749.0M	$1.13B	$1.04B	$758.0M	$805.0M	$1.25B	$1.50B	$1.55B	$1.18B
Short-term debt	$354.0M	$665.0M	$425.0M	$498.0M	$1.94B	$2.81B	$2.72B	$652.0M	$443.0M	$1.50B
Deferred revenue	$1.00B	$861.0M	$647.0M	$596.0M	$617.0M	$753.0M	$804.0M	$832.0M	$892.0M	$672.0M
Total current liabilities	$4.39B	$3.64B	$3.53B	$4.90B	$7.17B	$6.63B	$7.26B	$5.45B	$4.85B	$5.35B
Long-term debt	$17.35B	$17.49B	$19.83B	$20.42B	$27.43B	$29.41B	$32.39B	$35.41B	$37.28B	$18.18B
Lease obligations	$266.0M	$253.0M	$268.0M	$344.0M	$385.0M	$379.0M	$1.76B	—	—	—
Other long-term liabilities	$13.72B	$11.90B	$10.24B	$9.92B	$11.56B	$12.19B	$11.62B	$9.56B	$9.98B	$10.08B
Total liabilities	$35.46B	$33.03B	$33.60B	$35.24B	$46.15B	$48.23B	$51.27B	$50.41B	$52.12B	$33.62B
Shareholders' equity
Common stock & paid-in capital	$19.18B	$19.15B	$1.01B	$1.00B	$1.02B	$1.10B	$1.09B	$1.08B	$1.07B	$547.0M
Retained earnings (deficit)	−$19.70B	−$17.96B	−$17.91B	−$7.61B	−$6.00B	−$8.03B	−$6.81B	−$1.64B	$1.10B	−$1.0M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$601.0M	−$723.0M	−$810.0M	−$1.10B	−$2.16B	−$2.81B	−$2.68B	−$2.46B	−$2.00B	−$2.12B
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	−$1.12B	$464.0M	$417.0M	$10.37B	$11.84B	$11.16B	$13.47B	$19.83B	$23.43B	$13.40B
Key figures
Total debt	$17.71B	$19.12B	$21.30B	$22.00B	$31.17B	$33.62B	$36.45B	$36.06B	$37.73B	$19.69B
Net cash (debt)	−$16.70B	−$17.23B	−$19.06B	−$20.75B	−$30.82B	−$33.21B	−$34.76B	−$35.57B	−$37.17B	−$19.47B
Working capital	$3.52B	$755.0M	$1.24B	$331.0M	$4.37B	−$3.75B	−$2.78B	−$1.63B	−$660.0M	−$187.0M
Tangible book value	−$12.44B	−$6.31B	−$7.02B	−$8.45B	−$11.12B	−$15.93B	−$17.63B	−$18.98B	−$19.82B	−$10.58B
Book value per share	−$1.12	$0.47	$0.42	$10.30	$11.10	$10.34	$12.57	$18.60	$37.27	$24.78
Shares outstanding	994.5M	987.7M	983.1M	1.01B	1.07B	1.08B	1.07B	1.07B	628.7M	540.7M
Current ratio	1.80	1.21	1.35	1.07	1.61	0.44	0.62	0.70	0.86	0.97
Quick ratio	0.64	0.99	1.09	0.57	0.29	0.37	0.56	0.55	0.69	0.43
Debt / equity	—	41.20	51.07	2.12	2.63	3.01	2.71	1.82	1.61	1.47
Equity / assets	−3.3%	1.4%	1.2%	22.7%	20.4%	18.8%	20.8%	28.2%	31.0%	28.5%

Lumen Technologies, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.88B	$1.62B	$1.00B	$2.40B	$1.57B	$1.90B	$1.89B	$2.64B	$1.50B	$1.58B	$2.23B	$311.0M
Cash & equivalents	$1.88B	$1.62B	$1.00B	$2.40B	$1.57B	$1.90B	$1.89B	$2.64B	$1.50B	$1.58B	$2.23B	$311.0M
Receivables	$1.41B	$1.63B	$1.80B	$1.72B	$1.69B	$1.58B	$1.73B	$1.25B	$1.33B	$1.35B	$1.61B	$1.55B
Inventory	$122.0M	$132.0M	$165.0M	$163.0M	$126.0M	$124.0M	$146.0M	$173.0M	$184.0M	$193.0M	$209.0M	$227.0M
Other current assets	$705.0M	$735.0M	$4.94B	$4.42B	$4.35B	$673.0M	$629.0M	$669.0M	$749.0M	$601.0M	$722.0M	$2.35B
Total current assets	$4.11B	$4.12B	$7.91B	$8.71B	$7.74B	$4.28B	$4.39B	$4.74B	$3.76B	$3.73B	$4.78B	$4.44B
Property, plant & equipment (net)	$20.30B	$19.93B	$19.57B	$19.11B	$18.66B	$20.57B	$20.42B	$20.34B	$20.09B	$19.91B	$19.76B	$19.61B
Goodwill & intangible assets	$4.04B	$4.24B	$11.32B	$11.27B	$11.10B	$6.62B	$6.77B	$6.93B	$7.09B	$7.25B	$7.43B	$9.61B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$2.33B	$2.33B	$0	$0	$0	$2.07B	$1.91B	$1.98B	$2.00B	$2.28B	$2.05B	$2.27B
Total assets	$30.78B	$30.62B	$34.34B	$34.29B	$32.98B	$33.54B	$33.50B	$33.99B	$32.94B	$33.17B	$34.02B	$35.92B
Liabilities
Accounts payable	$1.03B	$1.23B	$1.51B	$1.09B	$831.0M	$773.0M	$749.0M	$905.0M	$995.0M	$1.16B	$1.13B	$1.01B
Short-term debt	$345.0M	$325.0M	$354.0M	$367.0M	$606.0M	$593.0M	$665.0M	$678.0M	$473.0M	$368.0M	$425.0M	$451.0M
Deferred revenue	$999.0M	$1.05B	$1.00B	$1.00B	$882.0M	$876.0M	$861.0M	$808.0M	$670.0M	$665.0M	$647.0M	$643.0M
Total current liabilities	$4.26B	$4.17B	$4.39B	$3.93B	$3.63B	$3.54B	$3.64B	$3.94B	$3.74B	$3.82B	$3.53B	$3.92B
Long-term debt	$13.15B	$12.93B	$17.35B	$17.58B	$17.57B	$17.33B	$17.49B	$18.14B	$18.41B	$18.59B	$19.83B	$19.74B
Lease obligations	$289.0M	$290.0M	$266.0M	$273.0M	$275.0M	$263.0M	$253.0M	$263.0M	$281.0M	$282.0M	$268.0M	$296.0M
Other long-term liabilities	$14.86B	$1.89B	$13.72B	$13.95B	$12.37B	$12.37B	$11.90B	$11.56B	$10.33B	$10.26B	$10.24B	$10.04B
Total liabilities	$32.27B	$18.98B	$35.46B	$35.46B	$33.57B	$33.25B	$33.03B	$33.65B	$32.48B	$32.67B	$33.60B	$33.70B
Shareholders' equity
Common stock & paid-in capital	$19.18B	$19.16B	$19.18B	$19.17B	$19.16B	$19.15B	$19.15B	$1.01B	$1.02B	$1.02B	$1.01B	$1.01B
Retained earnings (deficit)	−$20.10B	−$19.90B	−$19.70B	−$19.70B	−$19.08B	−$18.16B	−$17.96B	−$18.05B	−$17.90B	−$17.85B	−$17.91B	−$15.85B
Accumulated other comprehensive income	−$564.0M	−$581.0M	−$601.0M	−$647.0M	−$679.0M	−$700.0M	−$723.0M	−$766.0M	−$786.0M	−$799.0M	−$810.0M	−$1.06B
Total shareholders' equity	−$1.49B	$11.64B	−$1.12B	−$1.17B	−$595.0M	$289.0M	$464.0M	$342.0M	$466.0M	$504.0M	$417.0M	$2.22B
Key figures
Total debt	$13.49B	$13.25B	$17.71B	$17.95B	$18.17B	$17.93B	$19.12B	$18.82B	$18.88B	$18.96B	$21.30B	$20.19B
Net cash (debt)	−$11.62B	−$11.62B	−$16.70B	−$15.54B	−$16.60B	−$16.03B	−$17.23B	−$16.18B	−$17.39B	−$17.38B	−$19.06B	−$19.88B
Working capital	−$154.0M	−$50.0M	$3.52B	$4.78B	$4.11B	$732.0M	$755.0M	$796.0M	$22.0M	−$89.0M	$1.24B	$520.0M
Tangible book value	−$5.53B	$7.40B	−$12.44B	−$12.44B	−$11.69B	−$6.33B	−$6.31B	−$6.59B	−$6.62B	−$6.75B	−$7.02B	−$7.39B
Book value per share	−$1.48	$11.65	−$1.12	−$1.18	−$0.60	$0.29	$0.47	$0.35	$0.47	$0.51	$0.42	$2.26
Shares outstanding	1.00B	998.9M	996.4M	996.0M	991.3M	991.3M	987.7M	988.8M	987.2M	986.3M	983.8M	983.5M
Current ratio	0.96	0.99	1.80	2.21	2.13	1.21	1.21	1.20	1.01	0.98	1.35	1.13
Quick ratio	0.77	0.78	0.64	1.05	0.90	0.98	0.99	0.99	0.76	0.77	1.09	0.48
Debt / equity	—	1.14	—	—	—	62.03	41.20	55.03	40.52	37.62	51.07	9.10
Equity / assets	−4.8%	38.0%	−3.3%	−3.4%	−1.8%	0.9%	1.4%	1.0%	1.4%	1.5%	1.2%	6.2%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.

LUMN financial position

At the end of fiscal 2025 (December 31, 2025), Lumen Technologies had total assets of $34.3 billion (up 2.5% from a year earlier), total liabilities of $35.5 billion and shareholders' equity of -$1.1 billion. It held $1.0 billion in cash and short-term investments against $17.7 billion of debt, net debt of $16.7 billion. Its current ratio was 1.80. In the latest quarter (ended June 30, 2026) total assets were $30.8 billion and equity -$1.5 billion.

Related: LUMN income statement, LUMN cash flow statement, LUMN key metrics. See the LUMN stock overview for the latest quote and news.

LUMN balance sheet FAQ

What are Lumen Technologies's total assets?

Lumen Technologies reported total assets of $34.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $33.5 billion a year earlier.

How much debt does Lumen Technologies have?

Lumen Technologies had $17.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does Lumen Technologies have?

Lumen Technologies held $1.0 billion in cash and short-term investments at the end of fiscal 2025; with $17.7 billion of debt that is net debt of $16.7 billion.

What is Lumen Technologies's book value?

Lumen Technologies's shareholders' equity (book value) was -$1.1 billion at the end of fiscal 2025, or −$1.12 per share.

What is Lumen Technologies's current ratio?

Lumen Technologies had current assets of $7.9 billion and current liabilities of $4.4 billion, a current ratio of 1.80 (it can cover its short-term obligations).

How much goodwill does Lumen Technologies have?

Lumen Technologies carried $11.3 billion of goodwill and intangible assets, 33.0% of total assets, at the end of fiscal 2025.