Lumen Technologies (LUMN)
Enterprise fiber networks and programmable cloud connectivity for businesses, carriers, and hyperscalers.
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Sells fiber connectivity, IP transport, cloud networking, security, and managed communications to enterprises, governments, carriers, and hyperscalers. Dedicated Private Connectivity Fabric contracts fund AI-oriented network builds, while mature Ethernet, VPN, copper broadband, and voice services remain part of the portfolio.
Connects enterprises, public agencies, carriers, and hyperscalers through long-haul and metro fiber across North America and Asia Pacific. Core offerings include Private Connectivity Fabric, IP transit, optical wavelengths, dark fiber, Ethernet, VPN, managed security, unified communications, and Network-as-a-Service.
Pairs transport with a programmable digital layer for on-demand connectivity among sites, data centers, and clouds. Private Connectivity Fabric sells dedicated capacity for data-intensive and AI workloads under contracts that require network construction and delivery; the Alkira acquisition adds multi-cloud orchestration to the Lumen Connect platform.
Following the sale of fiber-to-the-home operations in 11 states to AT&T, enterprise and wholesale services drive the business, while CenturyLink-branded copper broadband and legacy voice remain managed for cash flow. Results depend on completing fiber builds, migrating customers from aging platforms, renewing leased network assets, and meeting federal and state obligations attached to incumbent local-exchange networks.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 6, 2026 | UBS | Reiterate | Rating: —Target: $6 | Target: $8 |
| Feb 5, 2026 | UBS | Reiterate | Rating: —Target: — | Target: $6 |
| Feb 4, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $4.10 | Target: $7.25 |
| Nov 25, 2025 | RBC Capital | Reiterate | Rating: —Target: $10 | Target: $8 |
| Oct 31, 2025 | Citigroup | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.88B · Total debt $13.50B · Total assets $30.78B · Shareholders' equity −$1.49B
- Revenue
- $2.81B
- Operating income
- −$88.0M
- Net income
- −$201.0M
HistoryDividendAnnual yield
| Institutions | 72.19% | 744.63M shares | |
|---|---|---|---|
| 659 holders · as of Jun 30, 2026 | |||
| Insiders | 11.59% | 119.59M shares | |
| 22 holders · as of Aug 6, 2026 | |||
| Strategic holders | 9.43% | 97.26M shares | |
| 1 holder · as of Jun 1, 2021 | |||
| Other | 6.79% | 69.96M shares | |
| remainder | |||
1.03B company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.79% | 142.26M | as of Jun 30, 2026 |
Temasek Holdings (Private) Ltd1Strategicdirector | 9.43% | 97.26M | filed Jun 1, 2021 |
Vanguard Portfolio Management LLCInstitution | 5.96% | 61.47M | as of Jun 30, 2026 |
Dan HaganInsider | 5.33% | 55.00M | filed Sep 11, 2024 |
I.D. No.Insider | 4.73% | 48.74M | filed Oct 12, 2022 |
- Temasek Holdings (Private) Ltd's own ownership statement (13G, Jun 1, 2021) reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Kathleen E. Johnson | director, officer: Chief Executive Officer | +100,000 | $6.13 |
| Feb 20, 2026 | Diankha Linear | director | −45,000 | $7.89 |
| Feb 5, 2026 | Kathleen E. Johnson | director, officer: President & CEO | +78,685 | $6.35 |
- AT&T
Tier-1 enterprise network rival now operating acquired Quantum Fiber markets.
- Verizon
Tier-1 enterprise IP carrier, now with Frontier's fiber in 31-state footprint.
- Comcast
#1-ranked US managed SD-WAN provider via Comcast Business + Masergy platform.
- Charter Communications
Spectrum Enterprise fiber and SD-WAN rival across 41-state US footprint.
- Cisco Systems
Top-ranked SD-WAN/SASE vendor overlapping Lumen's NaaS and Alkira SDN push.
- T-Mobile
Rising enterprise wireline-replacement threat via 5G FWA and business broadband.
- Cogent Communications
Pure-play Tier-1 IP transit backbone rival in wholesale internet and DIA.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lumen Technologies | $6.45 | −0.15% | $6.66B | — | — | 0.6 | −9.3% |
| AT&T | $25.40 | −0.20% | $174.53B | 8.5 | 10.6 | 1.4 | +2.3% |
| Verizon | $47.38 | −0.63% | $199.09B | 12.4 | 9.3 | 1.4 | −0.7% |
| Comcast | $22.86 | −0.28% | $81.37B | 7.4 | 6.6 | 0.7 | −1.2% |
| Charter Communications | $121.70 | −1.34% | $16.62B | 3.2 | 2.8 | 0.3 | −1.7% |
| Cisco Systems | $107.16 | −3.86% | $439.31B | 33.5 | 20.9 | 6.9 | +17.6% |
| T-Mobile | $164.79 | −0.29% | $177.28B | 17.3 | 13.1 | 1.9 | +7.9% |
| Cogent Communications | $9.48 | +1.99% | $465.2M | — | — | 0.4 | −4.3% |
| Median | 10.4 | 9.9 | 1.4 | −0.7% |