Here are 1-3 brief analogies to describe Lumen Technologies:

• A telecom provider similar to AT&T or Verizon, but with a significant focus on its expansive fiber optic network and advanced business communication services.
• Similar to Zayo Group, known for its fiber infrastructure, but also offering internet and voice services directly to residential and business customers.

• Compute and Application Services: Lumen provides a suite of solutions including cloud services, IT solutions, unified communications, data center, content delivery, and managed security.
• IP and Data Services: The company offers various network connectivity solutions such as VPN data networks, Ethernet, internet protocol (IP), and voice over internet protocol (VoIP).
• Fiber Infrastructure Services: Lumen delivers high-bandwidth optical wavelength networks, unlit optical fiber, and related professional services.
• Voice and Other Services: This category includes private line services, traditional time division multiplexing (TDM) voice services, legacy data hosting, and conferencing services.
• Broadband Services: Lumen offers internet connectivity to residential and business customers under brands like Quantum Fiber and CenturyLink.

Lumen Technologies (LUMN) serves a diverse customer base, operating in both Business and Mass Markets segments. While the provided background information details an extensive array of services predominantly aimed at business entities, the company also serves a significant number of residential subscribers. Specific major customer company names for its business segment are not disclosed in the provided background.

Therefore, Lumen Technologies' major customers can be categorized as follows:

Business Segment Customers

• Enterprises: A wide range of businesses across various industries that utilize Lumen's compute and application services (e.g., cloud, IT solutions, unified communication and collaboration, managed security), IP and data services (e.g., VPN, Ethernet, IP), and voice services.
• Wholesale and Other Carriers: Other telecommunications companies, internet service providers, and content providers that leverage Lumen's robust fiber infrastructure, high bandwidth optical wavelength networks, and unlit optical fiber.
• Government and Education: Public sector organizations and educational institutions requiring secure and reliable network connectivity, data services, and other technology solutions.

Mass Markets Segment Customers

• Residential Broadband Subscribers: Individuals and households subscribing to internet services under brands like Quantum Fiber and CenturyLink, as evidenced by approximately 4.5 million broadband subscribers as of December 31, 2021.
• Residential Voice and Legacy Service Subscribers: Individual households utilizing traditional time division multiplexing (TDM) voice services and other legacy data hosting services.

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Kate Johnson, Chief Executive Officer

Kate Johnson joined Lumen as CEO in 2022. She is a seasoned technology innovator with a proven track record of driving business transformation at Fortune 100 companies. Prior to Lumen, Ms. Johnson held executive leadership roles including President of Microsoft US, Executive Vice President and Corporate Officer at GE Digital, and Senior Vice President for North America Technology and Government Consulting at Oracle. Her career also includes commercial and technology leadership roles at Red Hat, UBS Investment Bank, and Deloitte Consulting. Ms. Johnson holds a Bachelor of Science degree in Electrical Engineering from Lehigh University and an MBA from The Wharton School of the University of Pennsylvania. She has served on the board of directors for UPS since 2020.

Chris Stansbury, President and Chief Financial Officer

Chris Stansbury assumed the additional title of President on March 13, 2026, while continuing to serve as Chief Financial Officer. He was appointed CFO of Lumen Technologies effective April 4, 2022. Mr. Stansbury brings over 30 years of finance leadership experience at multinational corporations. Before joining Lumen, he served as Senior Vice President and CFO of Arrow Electronics, Inc. Prior to Arrow, he was CFO for the Networking Group of Hewlett-Packard. Earlier in his career, he held finance positions of increasing responsibility at PepsiCo. Mr. Stansbury holds a Master of Business Administration degree from the Wharton School of the University of Pennsylvania and a bachelor's degree from the University of Western Ontario.

Jim Fowler, Executive Vice President, Chief Technology & Product Officer

Jim Fowler was appointed Executive Vice President, Chief Technology & Product Officer, effective January 5, 2026. In this role, he oversees global technology and product strategy, focusing on evolving Lumen's network, digital platforms, and product portfolio. Mr. Fowler previously served as Executive Vice President and Chief Technology Officer at Nationwide Insurance, where he led modernization and digital transformation efforts. His career also includes senior technology roles at General Electric and earlier positions at AT&T and Accenture. He was a member of Lumen's board of directors since 2023, contributing to the company's transformation strategy.

Ashley Haynes-Gaspar, Executive Vice President and Chief Revenue Officer

Ashley Haynes-Gaspar serves as Executive Vice President and Chief Revenue Officer, a role she assumed in January 2024. She joined Lumen as Executive Vice President – Customer Success, Wholesale and International in January 2023. Ms. Haynes-Gaspar focuses on nurturing and growing enterprise customer relationships and leading the company's international and wholesale businesses. Prior to Lumen, she served as Chief Operating Officer overseeing industry and business applications for the U.S. subsidiary of Microsoft. She also held various senior-level positions at GE, including senior CMO roles in global divisions. Ms. Haynes-Gaspar received her undergraduate degree from the University of Florida.

Ana White, Chief People & AI Enablement Officer

Ana White assumed the role of Chief People & AI Enablement Officer on March 17, 2026, taking on expanded responsibility for Lumen's internal AI transformation, aligning workforce readiness, talent development, culture, and ways of working. She previously served as Executive Vice President and Chief People Officer. Ms. White heads up HR and drives the people and culture agenda to increase employee engagement and drive business performance.

Lumen Technologies (LUMN) faces several key risks as it navigates a significant business transformation within a highly competitive industry.

1. High Debt Levels and Financial Strain

Lumen Technologies carries a substantial debt burden, which poses a significant risk to its financial flexibility and ability to invest in growth initiatives. As of December 31, 2025, the company reported approximately $17.353 billion in long-term debt, with total debt against a market capitalization of only $7.7 billion as of October 2025. This high leverage ratio, including a debt-to-equity ratio of 230.7% compared to an S&P 500 average of 21.1% in October 2025, has been a critical concern. While Lumen has actively pursued debt reduction strategies, including divesting its Mass Markets fiber-to-the-home segment to AT&T for $5.75 billion and using proceeds to pay down super-priority bonds, which reduced annual interest expense, the overall debt remains sizable relative to its revenue. The complexity of its debt structure could also affect investor rights. The company's solvency score is a warning sign of potential financial weakness.

2. Declining Legacy Revenues and Execution Risk of Business Transformation

Lumen is undergoing a strategic pivot away from its shrinking legacy services, such as copper-based broadband and older enterprise offerings, towards high-growth areas like fiber infrastructure and AI-oriented connectivity solutions. However, this transformation is challenged by persistent revenue declines in its traditional businesses, which continue to outweigh gains from newer offerings. The company has experienced ongoing revenue challenges, with a three-year average decline of 12.2% compared to 5.4% growth for the S&P 500. There is substantial execution risk in scaling the newer Private Connectivity Fabric (PCF) and Network-as-a-Service (NaaS) offerings quickly enough to offset these declines and generate sustainable cash flow. The pathway to materially higher revenues is projected to extend to around 2028, implying several years of continued business pressure and the need for significant capital expenditures to build out and modernize its network infrastructure.

3. Intense Competition and Evolving Market Dynamics

The telecommunications industry is characterized by intense competition and rapid technological advancements, posing a significant risk to Lumen's market position. The company faces direct competition from major telecommunications providers like AT&T and Verizon, as well as indirect competition from cloud providers such as AWS and Microsoft Azure, and specialized fiber providers like Zayo. Competitors challenge Lumen through pricing strategies, innovation, brand strength, and technology. Shifts in customer preferences towards cloud-native and wireless-first solutions, coupled with aggressive competition, could lead to higher churn and price compression, further impacting Lumen's revenue and profitability. The ability to continuously innovate and enhance its service offerings is crucial to maintain market position and prevent customer attrition.

The emergence and rapid expansion of Fixed Wireless Access (FWA) services, offered by major mobile carriers as a direct alternative to traditional wireline broadband, poses a clear threat. FWA leverages existing 5G infrastructure to deliver high-speed internet without the need for extensive fiber deployment to every home, directly competing with Lumen's core broadband subscriber base and potentially disrupting its last-mile connectivity business model for both residential and small business customers.

Lumen Technologies (LUMN) operates within several significant addressable markets, encompassing broadband services, enterprise IT services, data center colocation, managed security services, and fiber optic infrastructure. The market sizes for these key products and services vary by region.

Broadband Services

• The global broadband services market was valued at approximately USD 497.47 billion in 2024. This market is projected to grow to about USD 1062.73 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 8.8% from 2025 to 2033.
• In the United States, the broadband services market generated an estimated revenue of USD 74.03 billion in 2024 and is expected to reach USD 113.83 billion by 2030, with a CAGR of 7.5% from 2025 to 2030. Another source indicates the U.S. broadband services market was valued at USD 62.6 billion in 2023 and is expected to reach USD 152.7 billion by 2032, growing at a CAGR of 10.43% from 2024-2032.

Enterprise IT Services

• The global IT services market was valued at USD 1.85 trillion in 2024 and is projected to grow to USD 4.23 trillion by 2033, with a CAGR of 9.6% during the forecast period of 2026–2033. Another report estimated the global IT services market size at USD 1.43 trillion in 2025, with a projection to reach USD 2.64 trillion by 2034, at a CAGR of 7.10%.
• The United States IT services market size was estimated at USD 490.86 billion in 2025 and is expected to reach USD 671.57 billion by 2030, with a CAGR of 6.47% from 2025 to 2030. Other estimates place the U.S. IT Services market size at USD 441.71 billion in 2024, anticipated to reach USD 1009.99 billion by 2035, growing at a CAGR of approximately 7.81% from 2025 to 2035.

Data Center Colocation

• Globally, the data center colocation market was valued at USD 69.41 billion in 2024 and is projected to reach USD 165.45 billion by 2030, growing at a CAGR of 16.0% from 2025 to 2030. Another estimate valued the global market at USD 72.5 billion in 2024, projected to reach USD 185.0 billion by 2033 with a CAGR of 11.0% from 2025-2033.
• The U.S. data center colocation market size by investment was valued at USD 24.94 billion in 2024 and is expected to reach USD 57.32 billion by 2030, growing at a CAGR of 14.88%. The U.S. market is also projected to grow from USD 38.80 billion in 2025 to USD 65.45 billion by 2030, reflecting an 11.0% CAGR.

Managed Security Services

• The global managed security services market size was valued at USD 35.17 billion in 2024 and is expected to reach USD 97.09 billion by 2032, with a CAGR of 13.5% over the forecast period 2025-2032. Another source estimates the global market size at USD 39.87 billion in 2025, projected to grow to USD 104.66 billion by 2034 with a CAGR of 11.32%.
• In the United States, the managed security services market size was USD 8.77 billion in 2024 and is expected to reach USD 19.43 billion by 2032, growing at a CAGR of 10.43% over the forecast period of 2025–2032. Another report shows the U.S. market reaching USD 29.7 billion by 2033, exhibiting a CAGR of 15.9% during 2025-2033.

Fiber Optic Cable and Connectivity

• The global fiber optic cable market size is forecast to increase by USD 11.28 billion at a CAGR of 13.64% between 2023 and 2028. Another report indicates the global fiber optics market was valued at USD 98.65 billion in 2024 and is projected to reach USD 171.70 billion by 2032, exhibiting a CAGR of 8.4%.
• The U.S. fiber-optic cable market was valued at USD 2.9 billion in 2024 and is projected to reach USD 5.3 billion by 2032, driven by a CAGR of 8.3%. The U.S. fiber optics market size reached USD 3.4 billion in 2025 and is expected to reach USD 8.3 billion by 2034, with a CAGR of 9.95% during 2026-2034.

Lumen Technologies (LUMN) is focusing on several key drivers to fuel future revenue growth over the next two to three years, primarily by pivoting towards high-demand enterprise solutions and leveraging its extensive fiber network.

• Expansion of Private Connectivity Fabric (PCF) and AI Infrastructure: Lumen is strategically positioning itself as a "trusted network for AI," undertaking significant Private Connectivity Fabric (PCF) deals to support the build-out of artificial intelligence infrastructure and data centers. The company has secured nearly $13 billion in total PCF contracts, including an agreement to expand an AI company's fiber network across North America. Lumen plans to expand its intercity fiber network to approximately 58 million miles by 2031, up from 17 million intercity fiber miles at year-end 2025, with $2.5 billion in recent PCF contracts supporting this expansion. This focus on enabling the AI economy is expected to drive substantial growth in high-value digital revenues.
• Growth of Network-as-a-Service (NaaS) Offerings: The company is seeing increasing adoption of its Network-as-a-Service platform, which has surpassed 2,000 customers. Lumen's NaaS product offerings, such as NaaS internet on-demand and Off-Net services, are expanding the company's addressable market and driving growth in active customers, ports sold, and services sold. This platform aims to provide a programmable network, putting networking on par with compute and storage in the cloud environment.
• Shift to High-Value Digital Services and Business Segment Revenue Growth: Lumen is undergoing a business transformation focused on driving growth in high-value digital revenues and achieving an inflection point for its Business Segment revenue by 2028. This involves building a programmable network and offering products and services that cater to the evolving digital needs of enterprises, moving away from legacy services. The company is improving its revenue mix, with growth products accounting for a larger percentage of North American enterprise revenue.

Share Repurchases

• In February 2022, Lumen Technologies announced an equity buyback program authorized for up to $1.5 billion worth of its shares, valid for two years.
• As of December 31, 2025, quarterly stock buybacks were reported at $0.00.

Share Issuance

• Lumen Technologies' shares outstanding for 2025 increased by 0.7% to 0.995 billion from 2024.
• Shares outstanding for 2024 increased by 0.47% to 0.988 billion from 2023.

Outbound Investments

• Lumen completed the sale of its Mass Markets fiber-to-the-home business, including Quantum Fiber, to AT&T for $5.75 billion in cash in early 2026.
• Proceeds from the AT&T transaction were used to fully pay off $4.8 billion of super-priority bonds, reducing total debt to under $13 billion.
• The company is expanding strategic partnerships with technology firms such as Palantir, Meter, Commvault, QTS, and Digital Realty.

Capital Expenditures

• Lumen projects capital expenditures for 2026 to be between $3.2 billion and $3.4 billion.
• The sale of its consumer fiber business to AT&T is expected to reduce annual capital expenditures by more than $1 billion.
• Capital expenditures are primarily focused on expanding its fiber network to support the AI economy, with plans to add 34 million new intercity fiber miles by the end of 2028, aiming for a total of 47 million intercity fiber miles, and nearly $13 billion in total Private Connectivity Fabric (PCF) contracts secured.