Lumen Technologies, Inc. (LUMN) Cash Flow Statement
Where LUMN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.74B +9.3% vs 2024
- Capital expenditures
- $4.37B 35.2% of revenue
- Free cash flow
- $371.0M 3.0% margin
- Returned to shareholders
- $1.0M 0% of free cash flow
- Change in cash
- −$886.0M cash at year-end $1.01B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LUMN operating cash flow, capex and free cash flow
LUMN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.61B2016 | $4.74B2025 | +0.3%/yr | |
| Capital expenditures | $2.98B2016 | $4.37B2025 | +4.3%/yr | |
| Free cash flow | $1.63B2016 | $371.0M2025 | −15.1%/yr | |
| Free cash flow margin | 9.3%2016 | 3.0%2025 | −6.3 pts | |
| Operating cash flow / net income | 7.362016 | 3.202021 | −4.16 | |
| Stock-based compensation | $80.0M2016 | $48.0M2025 | −5.5%/yr | |
| Dividends paid | $1.17B2016 | $1.0M2025 | −54.4%/yr | |
| Share buybacks (net) | $16.0M2016 | $02024 | −100.0% | |
| Capex / revenue | 17.1%2016 | 35.2%2025 | +18.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LUMN cash flow by activity
LUMN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LUMN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.74B | −$55.0M | −$10.30B | −$1.55B | $2.03B | −$1.23B | −$5.27B | −$1.73B | $1.39B | $626.0M |
| Depreciation & amortization | $2.75B | $2.96B | $2.98B | $3.24B | $4.02B | $4.71B | $4.83B | $5.12B | $3.94B | $3.92B |
| Stock-based compensation | $48.0M | $29.0M | $52.0M | $98.0M | $120.0M | $175.0M | $162.0M | $186.0M | $111.0M | $80.0M |
| Change in working capital | $2.73B | $2.06B | −$980.0M | $798.0M | −$408.0M | −$417.0M | −$33.0M | $680.0M | −$499.0M | −$131.0M |
| Other non-cash items | $950.0M | −$659.0M | $10.40B | $2.15B | $737.0M | $3.29B | $6.99B | $2.78B | −$1.06B | $117.0M |
| Cash from operating activities | $4.74B | $4.33B | $2.16B | $4.74B | $6.50B | $6.52B | $6.68B | $7.03B | $3.88B | $4.61B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.37B | −$3.23B | −$3.10B | −$3.02B | −$2.90B | −$3.73B | −$3.63B | −$3.17B | −$3.11B | −$2.98B |
| Investments (net) | — | −$2.83B | −$1.20B | $5.48B | −$2.71B | −$3.56B | −$3.57B | −$3.08B | −$8.87B | −$2.99B |
| Acquisitions & other investing | $62.0M | $3.23B | $3.10B | $3.02B | $2.90B | $3.73B | $3.63B | $3.17B | $3.11B | $2.98B |
| Cash from investing activities | −$4.30B | −$2.83B | −$1.20B | $5.48B | −$2.71B | −$3.56B | −$3.57B | −$3.08B | −$8.87B | −$2.99B |
| Financing activities | ||||||||||
| Dividends paid | −$1.0M | −$3.0M | −$11.0M | −$780.0M | −$1.09B | −$1.11B | −$1.10B | −$2.31B | −$1.45B | −$1.17B |
| Share repurchases & issuance (net) | — | $0 | $0 | −$200.0M | −$1.00B | $0 | — | — | −$17.0M | −$16.0M |
| Net borrowing (repayment) | −$660.0M | −$1.55B | $15.0M | −$8.29B | −$1.67B | −$3.05B | −$750.0M | −$1.66B | $6.83B | −$341.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$658.0M | −$295.0M | −$22.0M | −$40.0M | −$53.0M | −$87.0M | −$61.0M | −$50.0M | $2.0M | $6.0M |
| Cash from financing activities | −$1.32B | −$1.85B | −$18.0M | −$9.31B | −$3.81B | −$4.25B | −$1.91B | −$4.02B | $5.36B | −$1.52B |
| Summary | ||||||||||
| Net change in cash | −$886.0M | −$348.0M | $941.0M | $898.0M | −$18.0M | −$1.29B | $1.20B | −$69.0M | $363.0M | $96.0M |
| Cash at end of period | $1.01B | $1.90B | $2.25B | $1.31B | $409.0M | $427.0M | $1.72B | $518.0M | $587.0M | $222.0M |
| Free cash flow | $371.0M | $1.10B | −$940.0M | $1.72B | $3.60B | $2.79B | $3.05B | $3.86B | $771.0M | $1.63B |
| Free cash flow margin | 3.0% | 8.4% | −6.5% | 9.8% | 18.3% | 13.5% | 14.2% | 16.5% | 4.4% | 9.3% |
| Capex / revenue | 35.2% | 24.6% | 21.3% | 17.3% | 14.7% | 18.0% | 16.9% | 13.5% | 17.6% | 17.1% |
| Operating cash flow / net income | — | — | — | — | 3.20 | — | — | — | 2.79 | 7.36 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$201.0M | −$200.0M | −$2.0M | −$621.0M | −$915.0M | −$201.0M | $85.0M | −$148.0M | −$49.0M | $57.0M | −$2.00B | −$78.0M |
| Depreciation & amortization | $668.0M | $664.0M | $674.0M | $674.0M | $688.0M | $713.0M | $758.0M | $707.0M | $743.0M | $748.0M | $751.0M | $755.0M |
| Stock-based compensation | $18.0M | $13.0M | $13.0M | $13.0M | $12.0M | $10.0M | $8.0M | $10.0M | −$3.0M | $14.0M | $13.0M | $16.0M |
| Change in working capital | $543.0M | $1.59B | −$170.0M | $2.16B | $144.0M | $693.0M | $62.0M | $1.65B | −$35.0M | $604.0M | $113.0M | $114.0M |
| Other non-cash items | −$57.0M | −$741.0M | $47.0M | $282.0M | $641.0M | −$120.0M | −$225.0M | −$183.0M | −$145.0M | −$321.0M | $1.90B | $74.0M |
| Cash from operating activities | $971.0M | $1.32B | $562.0M | $2.51B | $570.0M | $1.09B | $688.0M | $2.03B | $511.0M | $1.10B | $784.0M | $881.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$902.0M | −$943.0M | −$1.64B | −$1.04B | −$891.0M | −$791.0M | −$915.0M | −$850.0M | −$753.0M | −$713.0M | −$821.0M | −$843.0M |
| Investments (net) | — | — | — | −$1.03B | −$873.0M | −$769.0M | −$831.0M | −$805.0M | −$496.0M | −$698.0M | $1.03B | −$827.0M |
| Acquisitions & other investing | $8.0M | $4.99B | $8.0M | $1.04B | $891.0M | $791.0M | $915.0M | $850.0M | $753.0M | $713.0M | $821.0M | $843.0M |
| Cash from investing activities | −$894.0M | $4.05B | −$1.64B | −$1.03B | −$873.0M | −$769.0M | −$831.0M | −$805.0M | −$496.0M | −$698.0M | $1.03B | −$827.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$1.0M | −$2.0M | −$1.0M | −$1.0M | −$3.0M | −$3.0M | −$3.0M | −$3.0M | −$1.0M | −$1.0M |
| Net borrowing (repayment) | $194.0M | −$4.72B | −$321.0M | −$316.0M | $200.0M | −$223.0M | −$609.0M | −$72.0M | — | — | — | −$170.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$20.0M | −$32.0M | −$2.0M | −$333.0M | −$229.0M | −$90.0M | $2.0M | −$6.0M | −$97.0M | −$1.06B | $84.0M | −$2.0M |
| Cash from financing activities | $174.0M | −$4.75B | −$324.0M | −$651.0M | −$30.0M | −$314.0M | −$610.0M | −$81.0M | −$100.0M | −$1.06B | $83.0M | −$173.0M |
| Summary | ||||||||||||
| Net change in cash | $251.0M | $622.0M | −$1.40B | $833.0M | −$333.0M | $12.0M | −$753.0M | $1.15B | −$85.0M | −$656.0M | $1.90B | −$119.0M |
| Cash at end of period | $1.89B | $1.64B | $1.00B | $2.41B | $1.58B | $1.91B | $1.90B | $2.65B | $1.51B | $1.58B | $2.25B | $350.0M |
| Free cash flow | $69.0M | $380.0M | −$1.08B | $1.47B | −$321.0M | $304.0M | −$227.0M | $1.18B | −$242.0M | $389.0M | −$37.0M | $38.0M |
| Free cash flow margin | 2.5% | 13.1% | −35.6% | 47.6% | −10.4% | 9.6% | −6.8% | 36.7% | −7.4% | 11.8% | −1.1% | 1.0% |
| Capex / revenue | 32.2% | 32.5% | 54.1% | 33.7% | 28.8% | 24.9% | 27.5% | 26.4% | 23.0% | 21.7% | 23.3% | 23.2% |
| Operating cash flow / net income | — | — | — | — | — | — | 8.09 | — | — | 19.33 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LUMN cash generation
In fiscal 2025 (ended December 31, 2025), Lumen Technologies generated $4.7 billion of cash from operations (up 9.3%) and spent $4.4 billion on capital expenditures, leaving free cash flow of $371.0 million, 3.0% of revenue. It returned $1.0 million to shareholders through dividends ($1.0 million) and net share buybacks ($0). Cash and equivalents fell by $886.0 million over the year.
Related: LUMN income statement, LUMN balance sheet. See the LUMN stock overview for the latest quote and news.
LUMN cash flow FAQ
What is Lumen Technologies's free cash flow?
Lumen Technologies's free cash flow was $371.0 million in fiscal 2025: $4.7 billion of operating cash flow minus $4.4 billion of capital expenditures It was $1.1 billion a year earlier..
How much cash does Lumen Technologies generate from operations?
Lumen Technologies generated $4.7 billion of cash from operating activities in fiscal 2025.
How much does Lumen Technologies spend on capital expenditures?
Lumen Technologies spent $4.4 billion on capital expenditures in fiscal 2025, 35.2% of revenue, compared with $3.2 billion the year before.
How much does Lumen Technologies pay in dividends?
Lumen Technologies paid $1.0 million in dividends in fiscal 2025, 0.3% of free cash flow.