Filing Flows

Filing Flows › Companies › Lumen Technologies › Cash flow

Lumen Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$354M in Q3 2026 · −$987M over twelve months

Operating cash flow$518M
Capital spending−$872M
Free cash flow−$354M
Cash conversion cycle-28 days

Analysis

In Q3 2026, Lumen Technologies generated $518M of operating cash flow and spent $872M on capital projects, leaving free cash flow of −$354M. That is $1.8B less than in Q3 2025 ($1.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.4B; the largest uses were net borrowing (+) / repaid (−) ($4.9B), capital spending ($4.4B), other investing ($476M); besides operations, cash came from asset & business sales ($5.0B); the cash balance fell by $1.4B.

Operating cash flow was $518M against net income of −$265M. The largest differences: depreciation & amortization +$670M, deferred taxes −$118M, deferred revenue +$60.0M.

Its cash conversion cycle was -28 days (receivables 47 + inventory 0 − payables 75): suppliers fund its working capital.

Free cash flow

Lumen Technologies: free cash flow by quarterLumen Technologies: free cash flow by quarter−$227MQ4 2024$304MQ1 2025−$321MQ2 2025$1.5BQ3 2025−$1.1BQ4 2025$380MQ1 2026$69.0MQ2 2026−$354MQ3 2026
Operating cash flow less capital spending.
Lumen Technologies: operating cash flow against capital spendingLumen Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$688M$915MQ4 2024$1.1B$791MQ1 2025$570M$891MQ2 2025$2.5B$1.0BQ3 2025$562M$1.6BQ4 2025$1.3B$943MQ1 2026$971M$902MQ2 2026$518M$872MQ3 2026
Latest (Q3 2026): Operating cash flow $518M, Capital spending $872M.

Capital allocation, year by year

Lumen Technologies: where the cash came from (up) and went (down), by fiscal yearLumen Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $6.5BFY2021: Net borrowing −$1.7BFY2021: Asset sales $135MFY2021: Capital spending −$2.9BFY2021: Buybacks −$1.0BFY2021: Dividends −$1.1B$6.6BFY2021FY2022: Operating cash flow $4.7BFY2022: Net borrowing −$8.3BFY2022: Asset sales $8.5BFY2022: Capital spending −$3.0BFY2022: Buybacks −$200MFY2022: Dividends −$780M$13.2BFY2022FY2023: Operating cash flow $2.2BFY2023: Asset sales $1.9BFY2023: Capital spending −$3.1BFY2023: Dividends −$11.0M$4.1BFY2023FY2024: Operating cash flow $4.3BFY2024: Net borrowing −$1.6BFY2024: Asset sales $381MFY2024: Capital spending −$3.2BFY2024: Dividends −$3.0M$4.7BFY2024FY2025: Operating cash flow $4.7BFY2025: Net borrowing −$678MFY2025: Asset sales $47.0MFY2025: Capital spending −$4.4BFY2025: Dividends −$1.0M$4.8BFY2025
Over these 5 years operating cash flow totalled $22.5B; the largest uses were capital spending ($16.6B) and net borrowing ($12.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$978M
Debt$13.3B
Net debt$12.4B
Due within a year$29.0M

Lumen Technologies's operations bring cash in ($3.4B over twelve months), and it spends more than that on capital projects: a gap of $987M funded from its $978M of cash and investments and from borrowing ($13.3B of debt, $29.0M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Lumen Technologies: sources (+) and uses (−) of cash, Q3 2026Lumen Technologies: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$897MCapital spending−$872MOperating cash flow$518MOther investing−$484MNet borrowing (+) / repaid (−)−$54.0MOther financing−$8.0MAsset & business sales$3.0M
Lumen Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Lumen Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$5.0BNet borrowing (+) / repaid (−)−$4.9BCapital spending−$4.4BOperating cash flow$3.4BCash drawn (+) / kept (−)$1.4BOther investing−$476MOther financing−$63.0M

From profit to cash

Lumen Technologies: net income to operating cash flow, Q3 2026Lumen Technologies: net income to operating cash flow, Q3 2026Net income−$265MDepreciation & amortization$670MStock-based pay$18.0MDeferred taxes−$118MReceivables−$42.0MPayables$54.0MDeferred revenue$60.0MIncome taxes payable−$52.0MOperating cash flow$518M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202647—75-28
Q2 202648—73-24
Q1 202645—86-40
Q4 202539—73-34
Q3 202538—52-14
Q2 202536—45-9
Q1 202534—41-7
Q4 202434—45-11

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$518M−$872M—−$54.0M$897M−$354M
Q2 2026$971M−$902M—$194M−$251M$69.0M
Q1 2026$1.3B−$943M—−$4.7B−$622M$380M
Q4 2025$562M−$1.6B—−$321M$1.4B−$1.1B
Q3 2025$2.5B−$1.0B—−$316M−$833M$1.5B
Q2 2025$570M−$891M—$200M$333M−$321M
Q1 2025$1.1B−$791M−$1.0M−$223M−$12.0M$304M
Q4 2024$688M−$915M—−$609M$753M−$227M

Lumen Technologies: income statement and cash flow

Lumen Technologies, Q3 2026: revenue $2.7B (-12% year over year), operating margin -6.2%. The chart follows the revenue to costs, profit and cash.

Lumen Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.