LUMN Lumen Technologies, Inc. Common Stock

NYSE · Telecommunication · View on SEC EDGAR ↗
$6.02
Price · Aug 21, 2026
Fundamentals as of Aug 4, 2026

About Lumen Technologies, Inc. Common Stock Company overview from Wikipedia

Lumen Technologies, Inc. is an American telecommunications company headquartered in Monroe, Louisiana. It offers network, security, cloud, voice, and other managed communications services through its fiber optic and copper networks, data centers and cloud computing services. The company has been included in the S&P 600 index since March 2023, and was previously listed among the S&P 500.

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Lumen Technologies, Inc. (formerly CenturyLink, Inc.) is an American telecommunications company headquartered in Monroe, Louisiana. It offers network, security, cloud, voice, and other managed communications services through its fiber optic and copper networks, data centers and cloud computing services. The company has been included in the S&P 600 index since March 2023, and was previously listed among the S&P 500.

Its communications services have included local and long-distance voice, broadband internet, Multiprotocol Label Switching, private line (including special access), Ethernet, hosting (including cloud hosting and managed hosting), data integration, video, network, public access, Voice over Internet Protocol (VoIP), information technology, and other ancillary services.

Lumen has gone through many acquisitions, divestments, and structural changes. In the 20th century, this primarily consisted of buying and selling local telecom providers. Larger mergers at the beginning of the 21st century added internet service providing to Lumen's core business. As cloud computing became more important, Lumen acquired businesses serving enterprise cloud customers, while divesting its consumer connectivity business to AT&T and Brightspeed.

History

The earliest predecessor of Lumen was the Oak Ridge Telephone Company in Oak Ridge, Louisiana, which was owned by F. E. Hogan Sr. In 1930, Hogan sold the company, with 75 paid subscribers, to William Clarke and Marie Williams, for $500. In 1946, Clarke McRae Williams received ownership of the family's telephone company as a wedding gift. Clarke purchased the Marion Telephone Company and eventually made it his base of operation as he grew his company through more acquisitions. The company remained as a family-operated business until it became incorporated in 1968. It went public in 1978.

1967–1999

By 1967, Oak Ridge Telephone Company served three states with 10,000 access lines. That year, the company was incorporated as Central Telephone and Electronics. Clarke M. Williams served as president and chairman of the board.

In 1971, the company was renamed Century Telephone Enterprises, Inc. In 1972, Century Telephone acquired the La Crosse Telephone Corporation, of Wisconsin. This began a multi-decade spree of acquisitions which grew the size of the company. The company went public in 1978 on the New York Stock Exchange.

In 1985, Century Telephone sold several subsidiaries to Colonial Telephone for $4.66 million.

In 1987, the stock price rapidly increased from its low that year, before dropping in the 1987 stock market crash. Earnings grew each year from their 1983 low, and by 1987 they reached nearly US$20 million.

From 1991 to 1995 the company continued its acquisition strategy which added tens of thousand of phone lines and grew the long term debt from $205 million to $602 million with $115 million in annual net income. By 1995 it was the 16th largest communications company in the United States with over 3000 employees. Two hundred employees were unionized through the Communications Workers of America.

In 1997 the company bought Pacific Telecom for $1.5 billion. This acquisition added 1.9 million cell lines to Century's network and nearly doubled the size of the company. After the acquisition Century's network served 21 states and 2 million customers. The company sold off some of its telephone assets to smaller competitors for hundreds of millions of dollars.

2000s

In 2000, the company acquired 490,000 telephone lines from Verizon for $1.5 billion. It then sold "substantially all" of its wireless business to Alltel for $1.59 billion in 2002. Through 2002 the company grew to nearly 7000 employees with approximately 1500 of them organized in various unions. At this time the company had about $800 million in net income and $3.6 billion in debt.

In 2003 the company acquired Digital Teleport ($39 million) which then formed some of its main assets and expanded the company's fiber network offering. By 2004, CenturyTel was the eighth largest local telephone provider in the United States. In this time it paid down its long term debt to $2.7 billion and its net income fell to $337 million annually. In 2005, CenturyTel began offering satellite television services. In 2007, CenturyTel acquired NC-based CLEC Madison River Communications which was also the parent company of four ILEC operations in NC (MebTel), GA (Coastal Communications), AL (GulfTel Communications) and IL (Gallatin River Communications). Also in 2007, a "workforce reduction" resulted in 600 employees laid-off as well as receiving $336 million in Federal and State subsidy. CenturyTel received an additional $333 million the previous year. Most of these funds were received through the "High Cost Support Loop" program. From 2004 to 2007 CenturyTel repurchased approximately $2 billion in shares.

2008 merger with Embarq and name change to CenturyLink

On October 27, 2008, Embarq announced that it would be acquired by CenturyTel, Inc. in an all-stock transaction valued at about $6 billion. CenturyTel's CEO Glen Post would remain CEO of the merged company following the acquisition, and remained CEO until 2018. Embarq was the former landline business of Sprint and served cities in 18 states, including Nevada, Florida, North Carolina, and Ohio. The deal made CenturyTel the third-largest landline phone provider in Pennsylvania behind Verizon (through both Verizon Pennsylvania and Verizon North) and Comcast. On June 2, 2009, a press release announced that the combined CenturyTel/Embarq entity would be called CenturyLink. Denver-based Monigle Associates was retained to formulate the new brand strategy. The acquisition was completed on July 1, 2009.

On October 19, 2009, CenturyTel and Embarq brandings were retired, and all business was officially conducted under the CenturyLink banner, continuing to trade on the NYSE under the CenturyTel stock ticker CTL. The new corporate name, CenturyLink, Inc., did not become official until May 2010.

2010 merger with Qwest

On April 22, 2010, CenturyLink (at this point still legally known as CenturyTel, Inc.) announced it would acquire Qwest in a stock-for-stock transaction. Under the agreement, CenturyLink would swap 0.1664 of its shares for each share of Qwest; as a result, CenturyLink shareholders prior to the merger wound up with 50.5% share of ownership in the combined company, while former Qwest shareholders gained the remaining 49.5%. The valuation of CenturyLink's purchase was $12 billion. The merger was completed on April 1, 2011.

After the merger, CenturyLink became the largest landline provider in the state of Colorado as well as the third largest telecom company in the US. At the time, the new company had 17 million access lines, 5 million broadband customers, and 1.4 million video subscribers across 37 states. Additionally, the acquisition meant CenturyLink would become owner of Former Regional Bell Operating Company, US West, due to Qwest's purchase of the company in the year 2000.

Further acquisitions 2011–2019

In July 2011, CenturyLink acquired Savvis, Inc., a global provider of cloud infrastructure and hosted IT services for $2 billion, which represented all outstanding shares of Savvis common stock at $40 per share. This acquisition allowed CenturyLink to provide expanded managed hosting and cloud services. In October 2012, Savvis acquired the ITO Business Division of Ciber, which added managed services to their business. By December, CenturyLink launched Savvisdirect an expansion of CenturyLink's portfolio of Savvis cloud services for small businesses, IT administrators, and developers. In June 2013, Savis acquired AppFog, a Portland-based Platform as a Service provider. In November CenturyLink acquired Tier 3 a Seattle-based infrastructure as a service (IaaS), platform, and provider of advanced cloud management. However, Tier 3 became part of CenturyLink Cloud rather than Savvis. At the time, Tier 3 operated nine data centers in the Seattle region while Savvis operated 55. CenturyLink planned to build out two to four new datacenters in 2014. The CTO of Tier3, Jared Wray, took the CenturyLink Cloud CTO position after the acquisition. SavvisDirect was retired in 2014 as part of an internal consolidation of CenturyLink's cloud service offerings.

On December 8, 2014, CenturyLink announced the acquisition of DataGardens, Inc., a Disaster Recovery as-a-Service (DRaaS) provider based in Edmonton, Alberta, Canada.

On December 11, 2014, CenturyLink announced the acquisition of Cognilytics, a 200-employee predictive analytics company.

On March 30, 2016, CenturyLink announced the acquisition of netAura, a security services company that focuses on cybersecurity, security information and event management (SIEM), and vulnerability management that typically works with government customers.

On October 31, 2016, CenturyLink announced its intent to acquire Level 3 Communications in a deal valued at around $25 billion. After securing the necessary regulatory approvals, CenturyLink closed the transaction on November 1, 2017. This acquisition can now be viewed as a takeover from the inside. Level3 shareholders would only approve the deal if CenturyLink retired their CFO and eventually CEO. Eventually all former CenturyLink executives would be replaced by former Level3 managers leaving only HR and legal executives in place.

On January 9, 2017, CenturyLink announced the acquisition of Edison, New Jersey–based SEAL Consulting, a SAP services provider. CenturyLink ended 2017 with $1.3 billion in net income.

By the end of 2018, CenturyLink had $35 billion in long term debt. It determined it had overestimated the value of its goodwill and wrote down a $2.7 billion loss. This resulted in a $1.7 billion loss in net income for 2018.

In 2018 along with 91 additional Fortune 500 companies it had "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.

On September 10, 2019, CenturyLink announced the acquisition of Streamroot, a provider of technology to improve video and static content delivery within bandwidth constrained areas.

2020 name change to Lumen

On September 14, 2020, CenturyLink, Inc announced that it had changed its name to Lumen Technologies, Inc. Effective with the opening of the trading day on September 18, 2020, the company stock ticker changed from CTL to LUMN. The CenturyLink brand will continue to be the customer-facing brand for traditional copper-based services. Fiber-based products and services use the brand Quantum Fiber.

2021 to present

On August 3, 2021, Lumen announced it would sell its incumbent local exchange carrier (ILEC) operations in 20 states to Apollo Global Management for $7.5 billion. Lumen structured the deal to retain their infrastructure in urban and suburban areas which they still wanted to upgrade from copper to fiber and sell-off areas that they deemed unworthy of further investment. Lumen retained ILEC operations in 16 states, mostly the operations formerly served by Qwest. The sale closed in October 2022; the sold ILEC operations were rebranded as Brightspeed.

Lumen has won multiple government contracts. Throughout 2021, it won a managed network service contract with United States Postal Service and a connectivity contract with US Army Recruiting and the US Navy Judge Advocate General Corps.

The company continued to have difficulty generating profit in 2022. The executives divided the company into "Growth", "Nurture", "Harvest" sections, which correspond to high, low, and very-low/negative margins. The goal was to move customers from Nurture to Grow products and to sell off the Harvest products. Landline sales continued to fall but Lumen focused on growing the profitable fiber services. This led to the $2.7 billion sale of its Latin American business which was rebranded as Cirion.

In 2023, a deal was signed with Colt Technology Services in which Lumen EMEA, its subsidiary serving the Europe, Middle East, and Africa enterprise markets, would be sold to Colt for $1.8 billion. The deal allows Lumen to continue serving multinational enterprise customers via Colt's infrastructure.

In May 2025, Lumen announced an agreement to sell 95% of Quantum Fiber, its mass markets consumer fiber business operating in 11 U.S. states, to AT&T for $5.75 billion. The sale closed on February 2, 2026, in which the service was rebranded to "Quantum Fiber from AT&T".

In May 2026, Lumen announced it would be acquiring networking software company Alkira for $475 million.

Products and services

Lumen's products and services focus on three segments: enterprise business, small business, and residential.

Lumen enterprise business

Lumen Enterprise Business provides products and services around network, cloud, security, voice, and managed services to enterprise customers. Lumen's network services include SD-WAN, MPLS/IPVPN, hybrid WAN, Ethernet, Internet access, wavelength services, dark fiber, and private lines. Lumen Cloud provides big data as a service, Internet of Things (IoT), multi-cloud management, private cloud, public cloud, bare metal, SaaS applications, and cloud connect. Lumen Security monitors more than a billion security events daily. Services include: cloud, infrastructure, DDoS, web application, email, and web security. The company also provides analytics and threat management, risk and compliance support, and threat research labs. CenturyLink offers voice products ranging from traditional landlines to unified communications and collaboration (UC&C) services and was recognized in 2018 by Frost & Sullivan for "growth excellence in VoIP access and SIP trunking". Lumen's managed services include advanced professional services, IT consulting, and strategic partnerships.

In October 2023 Lumen announced sale of select content delivery network (CDN) customer contracts to Akamai, winding down the CDN business.

CenturyLink small business

CenturyLink Small Business provides products and services around Internet, phone, TV, and cloud applications. Like CenturyLink Residential, CenturyLink Small Business offers DirecTV, but the residential and business packages are designed for the different settings.

CenturyLink residential

CenturyLink Residential provides Internet (either DSL or Gigabit Fiber, depending on the package), voice, and TV, via partnership with DirecTV. The company also offers bundling with Verizon Wireless.

Availability by state

CenturyLink residential and small business services are available in the following states:

Fiber

Quantum Fiber is a fiber to the premises service in the United States, providing broadband Internet to a small and fast growing number of locations. The service was first introduced to Omaha, Nebraska, and next rolled out to Las Vegas, Nevada, with plans for expansion to several other markets. Unlike the company's existing high speed Internet deployments, which utilize fiber-to the node/neighborhood to increase the speed of ADSL2+ speeds up to 20/2 Mbit/s, Vectored VDSL2+ speeds up to 140/10 Mbit/s, in these markets CenturyLink now installs their fiber optic cable all the way to the home or business with speeds up to 1,000 Mbit/s download and 1,000 Mbit/s upload using Calix Optical Network Terminals. On February 2, 2014, CenturyLink announced the availability of Gigabit fiber service to multi-tenant businesses in Salt Lake City and surrounding communities. On August 5, 2014, CenturyLink announced the expansion of its gigabit fiber service to 16 additional markets. On September 15, 2015, CenturyLink announced the expansion of its gigabit fiber service to residential and business customers in six additional states, increasing the company's service coverage to select areas of 17 states.

Lumen maintains and operates dark fiber within the United States for the Department of Defense, contracting announcements indicate. This is a continuation of CenturyLink's work.

Gigabit Fiber markets

Data centers

On May 2, 2017, CenturyLink, Inc. completed the previously announced sale of its data centers and colocation business to funds advised by BC Partners, in a consortium including Medina Capital Advisors and Longview Asset Management. The deal was worth approximately $1.86 billion, with CenturyLink retaining an approximately 10% equity stake in the consortium's newly formed global secure infrastructure company, Cyxtera Technologies.

Organizational structure

As of 2018, Lumen is the second largest U.S. communications provider to global enterprise customers, second to Comcast. CenturyLink has customers in more than 60 countries and has been named one of America's best customer service companies (alongside Frontier and Spectrum).

Naming rights and sponsorships

Venue naming rights

Current

Lumen Field – Seattle, Washington (formerly Seahawks Stadium, Qwest Field, and CenturyLink Field)

Former

CenturyLink Arena Boise – Boise, Idaho (now Idaho Central Arena, formerly Bank of America Centre and Qwest Arena)

CenturyLink Center – Bossier City, Louisiana (now Brookshire Grocery Arena, formerly Bossier City Arena and CenturyTel Center)

CenturyLink Center Omaha – Omaha, Nebraska (now CHI Health Center Omaha, formerly Qwest Center Omaha)

Sponsorships

Denver Broncos

Orlando Magic

Idaho Steelheads

Seattle Seahawks

Texas Rangers

Tampa Bay Buccaneers

Minnesota Vikings

Portland Trail Blazers

ULM

LA Tech

Outages and other issues

911 outages

The Federal Communications Commission ordered CenturyLink to pay a record $16 million for failing to alert authorities of a preventable programming error that left nearly 11 million people in seven states without access to emergency services for six hours in 2014.

On December 27, 2018, a "nationwide outage" caused 9-1-1 service to be disrupted across the country. In some areas the outage lasted nearly twelve hours and was the third shutdown of the year following outages in April and November 2018. ATM and point of sale credit card machines were also widely affected. The outage resulted in 886 calls to 911 failing to deliver. The FCC investigated but did not place any fine or recommendation on Lumen.

In 2020, 911 outages in South Dakota, North Dakota, Minnesota, Colorado, Arizona, Utah and North Carolina led to additional FCC investigations. Lumen agreed to pay $3.8 million in civil damages for failing to deliver 911 calls.

In 2022, additional outages, in South Dakota, resulted in a criminal finding from the FCC:

An investigation by the FCC’s Enforcement Bureau found that Lumen apparently willfully and repeatedly violated FCC rules by failing to notify public safety call centers in a timely manner of both 911 outages and by deploying a system that was insufficient to transmit all 911 calls reliably to public safety call centers in the second outage, creating a significant threat to the life and property of tens of thousands of people.

In 2023, outages on Lumen's network, in Nebraska, resulted in no 911 calls being fulfilled for over 10 hours.

In 2024, there were multiple 911 service disruptions in South Dakota. The FCC announced additional investigation into these outages. In these outages local officials claim service was not disrupted because the texting system was still operational.

Other issues

In 2018 along with 90 additional Fortune 500 companies it had "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.

In December 2018, CenturyLink faced criticism for requiring residential customers in Utah to, via DNS hijacking, view and acknowledge a notice advertising its security and parental control software, before they could connect to the internet again. The provider claimed that this was required by a recently enacted state law, which requires all ISPs to inform users that they provide "the ability to block material harmful to minors". Bill sponsor and Utah State Senate member Todd Weiler stated that the law did not require that service be disrupted until the notice is acknowledged; the law only requires that this notice be delivered in a "conspicuous" manner (such as an advertisement within a bill or invoice) and does not require disruption of service.

On January 8, 2020, CenturyLink was required to pay $8.9 million to customers in Minnesota in a settlement regarding over-billing. In addition to the payment, CenturyLink is required to reform billing practices and submit audits to the Minnesota Attorney General's office. CenturyLink disagreed with the charges, but settled to avoid litigation costs.

On August 30, 2020, CenturyLink suffered a major technical outage due to misconfiguration in one of the company's data centers. The outage impacted tech giants such as Cloudflare, Amazon, Twitter, Xbox Live and many more. Reports indicate that it took over seven hours for all services to be restored.

On March 9, 2024, connectivity services maintained by Lumen were disrupted affecting AmTote, a company that provides totalisator services used to control parimutuel betting for horse racing. The disruptions rendered several thoroughbred racetracks across the United States unable to process bets, and forced Tampa Bay Downs to run their signature horse race, the Tampa Bay Derby, as a non-wagering event.

Lumen Technologies was reported to have been affected by a 2024 attack from the Salt Typhoon advanced persistent threat linked to the Chinese government.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

LUMN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$6.01
Market Cap
$6.17B
P/E (TTM)
-3.4
EPS (TTM)
$-1.75
Revenue (TTM)
$12.40B
Div Yield
0.01%
ROE
532.6%
Debt/Equity
52W Range
$5 – $12

LUMN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $12.40B
10-point trend, -29.0%
2016-12-31 2025-12-31
EPS $-1.75
10-point trend, -250.9%
2016-12-31 2025-12-31
Free Cash Flow $371M
10-point trend, -77.2%
2016-12-31 2025-12-31
Margins -14.0%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
LUMN
Peer Median
P/E (TTM)
5-point trend, -167.6%
-3.4
33.0
P/S (TTM)
5-point trend, -1.5%
0.5
2.7
P/B
5-point trend, -757.5%
-5.5
7.6
Price / FCF
5-point trend, +502.1%
16.6

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
LUMN
Peer Median
Operating Margin
5-point trend, -130.1%
-6.6%
Net Profit Margin
5-point trend, -235.7%
-14.0%
-14.3%
ROA
5-point trend, -248.3%
-5.1%
-4.1%
ROE
5-point trend, +2916.0%
532.6%
-24.2%
ROIC
5-point trend, +70.9%
46.5%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
LUMN
Peer Median
Current Ratio
5-point trend, +12.0%
1.8
1.7
Quick Ratio
5-point trend, +99.3%
0.5

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
LUMN
Peer Median
Revenue YoY
5-point trend, -37.0%
-5.4%
Revenue CAGR 3Y
5-point trend, -37.0%
-10.8%
Revenue CAGR 5Y
5-point trend, -37.0%
-9.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
LUMN
Peer Median
EPS (Diluted)
5-point trend, -191.6%
$-1.75

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
LUMN
Peer Median
Payout Ratio
5-point trend, -100.1%
-0.06%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
0.01%
Payout Ratio
-0.06%
5Y Div CAGR
Ex-dateAmount
Aug. 29, 2022$0.2500
May 27, 2022$0.2500
March 7, 2022$0.2500
Nov. 26, 2021$0.2500
Aug. 27, 2021$0.2500
May 28, 2021$0.2500
March 5, 2021$0.2500
Nov. 27, 2020$0.2500
Aug. 28, 2020$0.2500
May 29, 2020$0.2500
March 6, 2020$0.2500
Nov. 29, 2019$0.2500
Aug. 29, 2019$0.2500
May 31, 2019$0.2500
March 11, 2019$0.2500
Nov. 23, 2018$0.5400
Aug. 30, 2018$0.5400
June 1, 2018$0.5400
March 2, 2018$0.5400
Nov. 24, 2017$0.5400

LUMN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 18 analysts
  • Strong Buy 1 5.6%
  • Buy 0 0.0%
  • Hold 12 66.7%
  • Sell 3 16.7%
  • Strong Sell 2 11.1%

12-Month Price Target

10 analysts · 2026-08-20
Median target $7.50 +24.7%
Mean target $7.64 +27.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.12%
Period EPS Actual EPS Est Surprise
June 30, 2026 $-0.07 $-0.14 0.07%
March 31, 2026 $-0.47 $-0.13 -0.34%
Dec. 31, 2025 $0.23 $-0.27 0.50%
Sept. 30, 2025 $-0.20 $-0.27 0.07%
June 30, 2025 $-0.03 $-0.27 0.24%
March 31, 2025 $-0.13 $-0.27 0.14%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
LUMN $7.97B -4.4 -5.4% -14.0% 532.6%
ASTS 1505.2% -482.2% -19.3%
GSAT $7.82B -406.9 9.0% -3.2% -2.4%
IRDM $1.82B 16.4 4.9% 13.1% 24.4%
ATEX $722M 7.9 7.8% 1394.2% 36.1%
LILA -2.4 -0.10% -13.8% -74.4%
BAND -35.9 0.71% -1.7% -3.3% 39.1%
CCOI $1.08B -5.7 -5.8% -18.7% 2120.8%
ELWT -6.3 154.5% -19.6% 608.8% 18.5%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, -31.2% $12.40B $13.11B $14.56B $17.48B $19.69B $20.71B $21.46B $22.58B $17.66B $17.47B $17.90B $18.03B
Cost of Revenue 12-point trend, -15.4% $6.64B $6.70B $7.14B $7.87B $8.49B $8.93B $9.13B $10.00B $8.20B $7.77B $7.78B $7.85B
SG&A Expense 12-point trend, -4.4% $3.20B $2.97B $3.20B $3.08B $2.90B $3.46B $3.71B $4.17B $3.51B $3.45B $3.35B $3.35B
Operating Expenses 12-point trend, -15.4% $13.21B $12.65B $24.14B $17.38B $15.40B $19.75B $24.18B $22.01B $15.65B $15.14B $15.32B $15.62B
Operating Income 12-point trend, -133.7% $-812M $460M $-9.58B $95M $4.29B $962M $-2.73B $570M $2.01B $2.33B $2.58B $2.41B
Interest Expense 12-point trend, -2.1% $1.28B $1.37B $1.16B $1.33B $1.52B $1.67B $2.02B $2.18B $1.48B $1.32B $1.31B $1.31B
Other Non-op 12-point trend, +990.9% $120M $334M $-113M $32M $-70M $-76M $-19M $44M $12M $5M $49M $11M
Pretax Income 12-point trend, -344.7% $-2.72B $-230M $-10.24B $-991M $2.70B $-782M $-4.77B $-1.56B $540M $1.02B $1.32B $1.11B
Income Tax 12-point trend, -389.1% $-977M $-175M $61M $557M $668M $450M $503M $170M $-849M $394M $438M $338M
Net Income 12-point trend, -325.3% $-1.74B $-55M $-10.30B $-1.55B $2.03B $-1.23B $-5.27B $-1.73B $1.39B $626M $878M $772M
EPS (Basic) 12-point trend, -228.7% $-1.75 $-0.06 $-10.48 $-1.54 $1.92 $-1.14 $-4.92 $-1.63 $2.21 $1.16 $1.58 $1.36
EPS (Diluted) 12-point trend, -228.7% $-1.75 $-0.06 $-10.48 $-1.54 $1.91 $-1.14 $-4.92 $-1.63 $2.21 $1.16 $1.58 $1.36
Shares (Basic) 12-point trend, +75.0% 994,548,000 987,680,000 983,081,000 1,007,517,000 1,059,541,000 1,079,130,000 1,071,441,000 1,065,866,000 627,808,000 539,549,000 554,278,000 568,435,000
Shares (Diluted) 12-point trend, +74.6% 994,548,000 987,680,000 983,081,000 1,007,517,000 1,066,778,000 1,079,130,000 1,071,441,000 1,065,866,000 628,693,000 540,679,000 555,093,000 569,739,000
EBITDA 12-point trend, -71.7% $1.94B $3.42B $-6.60B $3.33B $8.30B $5.67B $2.10B $5.69B $5.95B $6.25B $6.79B $6.84B
Balance Sheet 24
Annual Balance Sheet data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +683.6% $1.00B $1.89B $2.23B $1.25B $354M $406M $1.69B $488M $551M $222M $126M $128M
Receivables 12-point trend, -33.9% $1.31B $1.23B $1.32B $1.51B $1.54B $1.96B $2.26B $2.40B $2.56B $2.02B $1.94B $1.99B
Prepaid Expense 12-point trend, +55.4% $404M $372M $395M $319M $295M $290M $274M $307M $294M $206M $238M $260M
Other Current Assets 12-point trend, +125.3% $1.31B $1.25B $1.22B $803M $829M $808M $819M $918M $941M $547M $573M $580M
Current Assets 12-point trend, +193.4% $7.91B $4.39B $4.78B $5.45B $11.54B $3.18B $4.77B $3.82B $4.19B $5.16B $2.65B $2.70B
PP&E (Net) 11-point trend, +10.8% · $20.42B $19.76B $19.17B $20.89B $26.34B $26.08B $26.41B $26.85B $17.04B $18.07B $18.43B
PP&E (Gross) 11-point trend, +18.6% · $43.54B $41.08B $39.05B $40.17B $57.93B $55.42B $53.27B $51.20B $39.19B $38.78B $36.72B
Accum. Depreciation 11-point trend, +26.4% · $23.12B $21.32B $19.89B $19.27B $31.60B $29.35B $26.86B $24.35B $22.16B $20.72B $18.29B
Goodwill 12-point trend, -100.0% $0 $1.96B $1.96B $12.66B $15.99B $18.87B $21.53B $28.03B $30.48B $19.65B $20.74B $20.75B
Intangibles 9-point trend, -59.0% $4.46B $4.81B $5.47B $6.17B $6.97B $8.22B $9.57B $8.91B $10.88B · · ·
Other Non-current Assets 12-point trend, +252.7% $2.40B $1.91B $2.05B $2.17B $2.61B $2.79B $2.79B $1.19B $1.29B $836M $660M $679M
Total Assets 12-point trend, -30.1% $34.34B $33.50B $34.02B $45.61B $57.99B $59.39B $64.74B $70.26B $75.61B $47.02B $47.60B $49.10B
Accounts Payable 12-point trend, +23.0% $1.51B $749M $1.13B $1.04B $758M $1.13B $1.72B $1.93B $1.55B $1.18B $968M $1.23B
Current Liabilities 12-point trend, +12.0% $4.39B $3.64B $3.53B $4.90B $7.17B $6.63B $7.26B $5.53B $4.86B $5.35B $4.60B $3.92B
Capital Leases 12-point trend, +167.5% $1.11B $959M $1.04B $1.09B $1.17B $1.41B $1.34B $196M $226M $322M $362M $416M
Deferred Tax 12-point trend, -28.0% $2.27B $2.89B $3.13B $3.16B $4.05B $3.34B $2.92B $2.53B $2.41B $3.47B $3.57B $3.15B
Other Non-current Liabilities 12-point trend, +135.5% $2.94B $3.07B $2.65B $2.61B $3.80B $4.29B $4.11B $2.64B $2.39B $1.09B $1.14B $1.25B
Common Stock 12-point trend, +3271.7% $19.18B $19.15B $1.01B $1.00B $1.02B $1.10B $1.09B $1.08B $1.07B $547M $544M $569M
Paid-in Capital 11-point trend, -100.0% · $0 $18.13B $18.08B $18.97B $20.91B $21.87B $22.85B $23.31B $14.97B $15.18B $16.32B
Retained Earnings 12-point trend, -13502.0% $-19.70B $-17.96B $-17.91B $-7.61B $-6.00B $-8.03B $-6.81B $-1.64B $1.10B $-1M $272M $147M
AOCI 12-point trend, +70.2% $-601M $-723M $-810M $-1.10B $-2.16B $-2.81B $-2.68B $-2.46B $-2.00B $-2.12B $-1.93B $-2.02B
Stockholders' Equity 12-point trend, -107.4% $-1.12B $464M $417M $10.37B $11.78B $11.16B $13.47B $19.83B $23.49B $13.40B $14.06B $15.02B
Liabilities + Equity 12-point trend, -30.1% $34.34B $33.50B $34.02B $45.61B $57.99B $59.39B $64.74B $70.26B $75.61B $47.02B $47.60B $49.10B
Shares Outstanding 12-point trend, +80.4% 1,025,446,000 1,014,768,000 1,008,486,000 1,001,688,000 1,023,512,000 1,096,921,000 1,090,058,000 1,080,167,000 1,069,169,000 546,545,000 543,800,000 568,517,000
Cash Flow 19
Annual Cash Flow data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, -37.9% $2.75B $2.96B $2.98B $3.24B $4.02B $4.71B $4.83B $5.12B $3.94B $3.92B $4.19B $4.43B
Stock-based Comp 12-point trend, -39.2% $48M $29M $52M $98M $120M $175M $162M $186M $111M $80M $73M $79M
Deferred Tax 12-point trend, -342.3% $-705M $-209M $8M $-1.23B $598M $366M $440M $522M $-931M $6M $350M $291M
Amort. of Intangibles 12-point trend, -32.0% $1.00B $1.10B $1.10B $1.10B $1.30B $1.70B $1.70B $1.80B $1.20B $1.20B $1.35B $1.47B
Other Non-cash 12-point trend, +1247.9% $4.38B $1.61B $9.41B $4.18B $-269M $2.50B $6.52B $2.94B $-627M $-20M $-338M $-382M
Operating Cash Flow 12-point trend, -8.7% $4.74B $4.33B $2.16B $4.74B $6.50B $6.52B $6.68B $7.03B $3.88B $4.61B $5.15B $5.19B
CapEx 12-point trend, +43.3% $4.37B $3.23B $3.10B $3.02B $2.90B $3.73B $3.63B $3.17B $3.11B $2.98B $2.87B $3.05B
Investing Cash Flow 10-point trend, -43.8% $-4.30B $-2.83B $-1.20B $5.48B $-2.71B $-3.56B $-3.57B $-3.08B $-8.87B $-2.99B · ·
Debt Issued 12-point trend, +1589.0% $8.16B $1.32B $0 $0 $1.88B $4.36B $3.71B $130M $8.40B $2.16B $989M $483M
Net Debt Issued 12-point trend, -236.6% $-660M $-1.35B $-185M $-8.09B $-1.72B $-2.95B $-450M $-1.81B $6.43B $-301M $23M $483M
Stock Issued 3-point trend, -88.0% · · · · · · · · · $6M $11M $50M
Stock Repurchased 10-point trend, -100.0% · $0 $0 $200M $1.00B $0 $0 · $17M $16M $819M $650M
Net Stock Activity 8-point trend, +100.0% · $0 $0 $-200M $-1.00B · · · $-17M $-10M $-808M $-600M
Dividends Paid 12-point trend, -99.9% $1M $3M $11M $780M $1.09B $1.11B $1.10B $2.31B $1.45B $1.17B $1.20B $1.23B
Financing Cash Flow 10-point trend, +13.1% $-1.32B $-1.85B $-18M $-9.31B $-3.81B $-4.25B $-1.91B $-4.02B $5.36B $-1.52B · ·
Net Change in Cash 12-point trend, -2115.0% $-886M $-348M $941M $898M $-18M $-1.29B $1.20B $-69M $363M $96M $-1M $-40M
Taxes Paid 12-point trend, -33.3% $18M $-242M $1.30B $76M $112M $-28M $-34M $-674M $392M $397M $63M $27M
Free Cash Flow 12-point trend, -82.7% $371M $1.10B $-940M $1.72B $3.60B $2.79B $3.05B $3.86B $772M $1.63B $2.28B $2.14B
Levered FCF 12-point trend, -136.7% $-451M $774M $-2.10B $-362M $2.46B $167M $818M $1.44B $-3.04B $818M $1.40B $1.23B
Profitability 7
Annual Profitability data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, -149.0% -6.6% 3.5% -65.8% 0.54% 21.8% 4.6% -12.2% 2.4% 11.4% 13.3% 14.5% 13.4%
Net Margin 12-point trend, -427.6% -14.0% -0.42% -70.7% -8.9% 10.3% -5.9% -23.5% -7.4% 7.9% 3.6% 4.9% 4.3%
Pretax Margin 12-point trend, -455.5% -21.9% -1.8% -70.3% -5.7% 13.7% -3.8% -21.3% -6.7% 3.1% 5.8% 7.3% 6.2%
EBITDA Margin 12-point trend, -58.8% 15.6% 26.1% -45.3% 19.1% 42.2% 27.4% 9.4% 24.3% 33.7% 35.8% 38.0% 37.9%
ROA 12-point trend, -439.7% -5.1% -0.16% -25.9% -3.0% 3.5% -2.0% -7.8% -2.4% 2.3% 1.3% 1.8% 1.5%
ROE 12-point trend, +10747.7% 532.6% -13.7% -800.5% -13.5% 17.7% -9.9% -38.8% -8.1% 7.6% 4.6% 6.2% 4.9%
ROIC 12-point trend, +317.0% 46.5% 23.7% -2312.0% 1.4% 27.2% 13.6% -22.4% 3.2% 22.0% 10.7% 12.4% 11.2%
Liquidity & Solvency 3
Annual Liquidity & Solvency data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +97.4% 1.8 1.2 1.4 1.1 1.6 0.5 0.7 0.7 0.9 1.0 0.6 0.9
Quick Ratio 12-point trend, -2.3% 0.5 0.9 1.0 0.6 0.3 0.4 0.5 0.5 0.6 0.4 0.4 0.5
Interest Coverage 12-point trend, -134.4% -0.6 0.3 -8.3 0.1 2.8 0.6 -1.3 0.3 1.4 1.8 2.0 1.8
Efficiency 2
Annual Efficiency data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +3.3% 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4
Receivables Turnover 12-point trend, +7.2% 9.7 10.3 10.3 11.6 11.2 9.8 9.6 9.5 7.7 8.8 9.1 9.1
Per Share 6
Annual Per Share data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -104.1% $-1.09 $0.46 $0.41 $10.42 $11.57 $10.18 $12.36 $18.36 $21.97 $24.52 $25.86 $26.42
Revenue / Share 12-point trend, -60.6% $12.47 $13.27 $14.81 $17.35 $18.45 $19.19 $20.91 $21.99 $28.08 $32.31 $32.25 $31.65
Cash Flow / Share 12-point trend, -47.7% $4.76 $4.39 $2.20 $4.70 $6.09 $6.05 $6.23 $6.60 $6.17 $8.52 $9.28 $9.11
Cash / Share 12-point trend, +334.5% $0.98 $1.86 $2.22 $1.25 $0.35 $0.37 $1.55 $0.45 $0.52 $0.41 $0.23 $0.23
Dividend / Share 9-point trend, -100.0% · $0 $0 $1 $1 $1 $1 $2 $2 $2 · ·
EPS (TTM) 12-point trend, -228.7% $-1.75 $-0.06 $-10.48 $-1.54 $1.91 $-1.14 $-4.92 $-1.63 $2.21 $1.16 $1.58 $1.36
Growth Rates 4
Annual Growth Rates data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -8.9% -5.4% -10.0% -16.7% -11.2% -5.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +2.5% -10.8% -12.7% -11.1% · · · · · · · · ·
Revenue CAGR 5Y -9.8% · · · · · · · · · · ·
Dividend CAGR 5Y -75.4% · · · · · · · · · · ·
Valuation (TTM) 12
Annual Valuation (TTM) data for LUMN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, -31.2% $12.40B $13.11B $14.56B $17.48B $19.69B $20.71B $21.46B $22.58B $17.66B $17.47B $17.90B $18.03B
Net Income TTM 12-point trend, -325.3% $-1.74B $-55M $-10.30B $-1.55B $2.03B $-1.23B $-5.27B $-1.73B $1.39B $626M $878M $772M
Market Cap 12-point trend, -64.6% $7.97B $5.39B $1.85B $5.23B $12.85B $10.69B $14.40B $16.36B $17.83B $13.00B $13.68B $22.50B
P/E 12-point trend, -115.3% -4.4 -88.5 -0.2 -3.4 6.6 -8.6 -2.7 -9.3 7.5 20.5 15.9 29.1
P/S 12-point trend, -48.5% 0.6 0.4 0.1 0.3 0.7 0.5 0.7 0.7 1.0 0.7 0.8 1.2
P/B 12-point trend, -576.2% -7.1 11.6 4.4 0.5 1.1 1.0 1.1 0.8 0.8 1.0 1.0 1.5
P / Cash Flow 12-point trend, -61.2% 1.7 1.2 0.9 1.1 2.0 1.6 2.2 2.3 4.6 2.8 2.7 4.3
P / FCF 12-point trend, +104.3% 21.5 4.9 -2.0 3.0 3.6 3.8 4.7 4.2 23.1 8.0 6.0 10.5
Dividend Yield 12-point trend, -99.8% 0.01% 0.06% 0.60% 14.9% 8.5% 10.4% 7.6% 14.1% 8.2% 9.0% 8.8% 5.5%
Earnings Yield 12-point trend, -754.7% -22.5% -1.1% -572.7% -29.5% 15.2% -11.7% -37.2% -10.8% 13.2% 4.9% 6.3% 3.4%
Payout Ratio 12-point trend, -100.0% -0.06% -5.5% -0.11% -50.4% 53.5% -90.0% -20.9% -133.4% 104.6% 186.4% 136.5% 159.1%
Annual Payout 12-point trend, -99.9% $1M $3M $11M $780M $1.09B $1.11B $1.10B $2.31B $1.45B $1.17B $1.20B $1.23B

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $12.40B$13.11B$14.56B$17.48B$19.69B
Operating Margin % -6.6%3.5%-65.8%0.54%21.8%
Net Income $-1.74B$-55M$-10.30B$-1.55B$2.03B
Diluted EPS $-1.75$-0.06$-10.48$-1.54$1.91
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 1.81.21.41.11.6
Quick Ratio 0.50.91.00.60.3
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $371M$1.10B$-940M$1.72B$3.60B

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Institutional owners (13F) 694 filers · $3.7B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
91 (-7 vs prior Q) 50 (-26 vs prior Q) 202 (+20 vs prior Q) 177 (0 vs prior Q) +26.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD PORTFOLIO MANAGEMENT LLC $472,101,166 61,471,506 12.79% Shares
STATE STREET CORP $368,664,492 48,003,189 9.99% Shares
VANGUARD CAPITAL MANAGEMENT LLC $322,853,053 42,038,158 8.75% Shares
FMR LLC $223,025,816 29,039,820 6.04% Shares
GEODE CAPITAL MANAGEMENT, LLC $163,525,979 21,235,362 4.43% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $122,643,802 15,969,245 3.32% Shares
GOLDMAN SACHS GROUP INC $107,232,968 13,962,626 2.91% Shares
DIMENSIONAL FUND ADVISORS LP $104,878,810 13,656,095 2.84% Shares
D. E. Shaw & Co., Inc. $94,796,890 12,343,345 2.57% Shares
Front Street Capital Management, Inc. $93,475,745 12,171,321 2.53% Shares
NORGES BANK $87,027,295 11,331,679 2.36% Shares
FIRST TRUST ADVISORS LP $77,892,954 10,142,312 2.11% Shares
Allianz Asset Management GmbH $77,370,747 10,074,316 2.10% Shares
RENAISSANCE TECHNOLOGIES LLC $70,432,282 9,170,870 1.91% Shares
CapWealth Advisors, LLC $54,692,483 7,121,417 1.48% Shares
VANGUARD FIDUCIARY TRUST CO $48,226,952 6,279,551 1.31% Shares
Curi Capital, LLC $45,094,710 5,871,707 1.22% Shares
TWO SIGMA INVESTMENTS, LP $42,260,897 5,502,721 1.15% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $36,692,160 4,777,625 0.99% Shares
VICTORY CAPITAL MANAGEMENT INC $36,625,252 4,768,913 0.99% Shares
Public Sector Pension Investment Board $34,384,643 4,477,167 0.93% Shares
BNP PARIBAS FINANCIAL MARKETS $32,700,204 4,257,839 0.89% Shares
LM Asset Management Inc. $32,271,360 4,202,000 0.87% Shares
GENDELL JEFFREY L $32,191,334 4,191,580 0.87% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $30,357,504 3,952,800 0.82% Call option
WHITEBOX ADVISORS LLC $26,880,000 3,500,000 0.73% Put option
JANE STREET GROUP, LLC $24,911,616 3,243,700 0.68% Call option
Connor, Clark & Lunn Investment Management Ltd. $24,531,825 3,194,248 0.66% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $23,520,899 3,062,617 0.64% Shares
BlackRock, Inc. $19,875,610 2,587,970 0.54% Shares
BANK OF AMERICA CORP /DE/ $19,828,531 2,581,840 0.54% Shares
Penn Capital Management Company, LLC $19,598,381 2,547,003 0.53% Shares
Voleon Capital Management LP $19,390,779 2,524,841 0.53% Shares
RHUMBLINE ADVISERS $18,497,689 2,408,555 0.50% Shares
MARSHALL WACE, LLP $18,396,557 2,395,385 0.50% Shares
VAN DEN BERG MANAGEMENT I, INC $18,302,743 2,383,170 0.50% Shares
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. $16,821,074 2,190,244 0.46% Shares
LM Asset Management Inc. $16,819,200 2,190,000 0.46% Call option
CITADEL ADVISORS LLC $16,018,944 2,085,800 0.43% Put option
Swiss National Bank $14,681,088 1,911,600 0.40% Shares
NEW YORK STATE COMMON RETIREMENT FUND $14,519,201 1,890,521 0.39% Shares
DEUTSCHE BANK AG\ $13,839,805 1,802,058 0.38% Shares
Bank of New York Mellon Corp $13,764,188 1,792,212 0.37% Shares
AMERIPRISE FINANCIAL INC $13,534,549 1,762,311 0.37% Shares
CITIGROUP INC $13,036,954 1,697,520 0.35% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $12,979,200 1,690,000 0.35% Put option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $12,786,002 1,664,844 0.35% Shares
JANE STREET GROUP, LLC $12,509,952 1,628,900 0.34% Put option
California Public Employees Retirement System $11,956,539 1,556,841 0.32% Shares
Legal & General Group Plc $11,169,385 1,454,347 0.30% Shares
WESTERLY CAPITAL MANAGEMENT, LLC $10,752,000 1,400,000 0.29% Shares
Sequoia Financial Advisors, LLC $10,193,901 1,327,331 0.28% Shares
LPL Financial LLC $9,490,907 1,235,795 0.26% Shares
ALGERT GLOBAL LLC $9,059,927 1,179,678 0.25% Shares
UBS Group AG $8,865,792 1,154,400 0.24% Put option
ALLIANCEBERNSTEIN L.P. $8,681,078 1,249,076 0.24% Shares
MILLENNIUM MANAGEMENT LLC $8,590,664 1,118,576 0.23% Shares
PRUDENTIAL FINANCIAL INC $8,280,008 1,078,126 0.22% Shares
CANADA PENSION PLAN INVESTMENT BOARD $8,256,092 1,075,012 0.22% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $7,857,260 1,130,541 0.21% Shares
Qube Research & Technologies Ltd $7,763,436 1,010,864 0.21% Shares
CONGRESS ASSET MANAGEMENT CO $7,541,844 982,011 0.20% Shares
VANGUARD ASSET MANAGEMENT, Ltd $7,017,469 913,733 0.19% Shares
INTECH INVESTMENT MANAGEMENT LLC $6,866,857 894,122 0.19% Shares
CITADEL ADVISORS LLC $6,741,504 877,800 0.18% Call option
Point72 Asset Management, L.P. $6,579,456 856,700 0.18% Call option
Summit Financial, LLC $6,574,885 856,105 0.18% Shares
Nuveen, LLC $5,745,661 748,133 0.16% Shares
Edgestream Partners, L.P. $4,793,956 624,213 0.13% Shares
Walleye Trading LLC $4,682,496 609,700 0.13% Put option
PEAK6 LLC $4,639,488 604,100 0.13% Call option
LEE DANNER & BASS INC $4,620,979 601,690 0.13% Shares
MetLife Investment Management, LLC $4,342,787 565,467 0.12% Shares
TWO SIGMA ADVISERS, LP $4,227,098 544,028 0.11% Shares
BRIGADE CAPITAL MANAGEMENT, LP $4,224,000 550,000 0.11% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $3,980,060 518,237 0.11% Shares
Walleye Trading LLC $3,918,336 510,200 0.11% Call option
STATE OF WISCONSIN INVESTMENT BOARD $3,891,571 506,715 0.11% Shares
Hillsdale Investment Management Inc. $3,885,312 505,900 0.11% Shares
PLUSTICK MANAGEMENT LLC $3,840,000 500,000 0.10% Shares
LONESTAR CAPITAL MANAGEMENT LLC $3,840,000 500,000 0.10% Shares
WINTON GROUP Ltd $3,720,038 484,380 0.10% Shares
WOLVERINE TRADING, LLC $3,661,224 621,600 0.10% Call option
GROUP ONE TRADING LLC $3,644,659 474,565 0.10% Shares
Cubist Systematic Strategies, LLC $3,613,248 590,400 0.10% Call option
WOLVERINE TRADING, LLC $3,491,003 592,700 0.09% Put option
Soviero Asset Management, LP $3,456,000 450,000 0.09% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $3,441,201 448,073 0.09% Shares
Hilton Capital Management, LLC $3,392,986 441,795 0.09% Shares
JT Stratford LLC $3,285,427 427,790 0.09% Shares
Louisiana State Employees Retirement System $3,190,272 415,400 0.09% Shares
CHOREO, LLC $3,016,198 392,734 0.08% Shares
Invesco Ltd. $2,978,726 387,855 0.08% Shares
JANUS HENDERSON GROUP PLC $2,962,575 427,500 0.08% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $2,858,726 372,230 0.08% Shares
State of Tennessee, Department of Treasury $2,810,220 365,914 0.08% Shares
Vanguard Global Advisers, LLC $2,806,111 365,379 0.08% Shares
XTX Topco Ltd $2,763,533 359,835 0.07% Shares
Kestra Advisory Services, LLC $2,732,276 355,765 0.07% Shares
Mariner, LLC $2,693,263 350,640 0.07% Shares

Company insiders 70 insiders · 25 officers · 34 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jeffrey K Storey President & CEO March 1, 2022 F 2,960,312 0 0 $0
Christopher Stansbury EVP and CFO Aug. 15, 2025 P 23,500 0 0 $0
Indraneel Dev EVP and CFO March 1, 2022 F 1,027,716 0 0 $0
Sunit S Patel Executive Vice President & CFO June 1, 2018 A 1,193,303 0 0 $0
Stewart R Ewing JR EVP & CFO Feb. 23, 2017 F 271,897 0 0 $0
Girish Varma President - IT & Managed Svcs Nov. 1, 2017 F 86,823 0 0 $0
Dean Douglas President, Enterprise Markets Nov. 1, 2017 F 174,053 0 0 $0
Maxine L Moreau President, Consumer Markets June 1, 2017 A 230,308 0 0 $0
Karen A Puckett President, Global Markets Aug. 31, 2015 D 207,361 0 0 $0
Jennifer A. Hodges EVP, Chief Legal Officer April 20, 2026 A 389,668 0 0 $0
Mark S. Hacker EVP, Chief Legal Officer May 12, 2025 A 537,677 0 0 $0
David D. Ward EVP, Chief Tech & Prod Officer March 1, 2025 F 2,085,170 0 0 $0
Ashley Haynes-Gaspar EVP and Chief Revenue Officer March 1, 2025 F 1,650,651 0 0 $0
Andrea Genschaw SVP and Controller March 1, 2025 D 639,567 0 0 $0
Chadwick Ho Chief Legal Officer June 10, 2024 A 854,701 0 0 $0
Stacey W Goff EVP & GC March 1, 2024 D 1,099,838 0 0 $0
Shaun C Andrews Exec VP & Chief Mktg Officer March 1, 2023 D 355,619 0 0 $0
Scott Trezise EVP, Human Resources March 1, 2023 D 1,158,792 0 0 $0
Sham Chotai EVP, Product and IT March 1, 2023 A 640,287 0 0 $0
Eric Mortensen SVP & Controller March 1, 2021 F 240,997 0 0 $0
Aamir Hussain EVP, Chief Technology Officer Nov. 6, 2018 F 303,769 0 0 $0
David D Cole EVP and Controller Feb. 23, 2018 F 399,853 0 0 $0
Neil Sweasy VP and Controller Feb. 26, 2011 F 19,340 0 0 $0
Thomas A Gerke Executive Vice Chairman March 8, 2010 A 204,749 0 0 $0
Michael E Maslowski Sr. VP & Chief Info. Off. March 15, 2009 F 83,241 0 0 $0
Diankha Linear Director May 14, 2025 A 243,229 0 0 $0
James Fowler Director May 14, 2025 A 435,450 0 0 $0
Stephen Mcmillan Director May 14, 2025 A 51,394 0 0 $0
Michelle J Goldberg Director May 14, 2025 A 51,394 0 0 $0
Christopher C Capossela Director May 14, 2025 A 67,002 0 0 $0
Kevin P. Chilton Director May 14, 2025 A 411,519 0 0 $0
Hal Jones Director May 14, 2025 A 355,506 0 0 $0
Quincy L Allen Director May 14, 2025 A 327,567 0 0 $0
Martha Helena Bejar Director May 14, 2025 A 395,947 0 0 $0
Michael T Glenn Director May 14, 2025 A 480,931 0 0 $0
Laurie Siegel Director May 16, 2024 A 337,434 0 0 $0
Peter C Brown Director May 16, 2024 A 321,944 0 0 $0
Steven T Clontz Director May 16, 2024 A 583,152 0 0 $0
Michael James Roberts Director May 17, 2023 A 199,056 0 0 $0
William Bruce Hanks Director May 18, 2022 A 151,661 0 0 $0
Virginia Boulet Director March 9, 2021 S 76,529 0 0 $0
Glen F Post III Director Feb. 26, 2020 F 1,035,439 0 0 $0
Mary L. Landrieu Director May 22, 2019 A 34,191 0 0 $0
Harvey P Perry Director May 22, 2019 A 138,999 0 0 $0
William Arthur Owens Director Nov. 7, 2016 P 95,275 0 0 $0
Gregory James Mccray Director May 19, 2016 A 12,915 0 0 $0
C G Melville JR Director Feb. 16, 2016 S 5,794 0 0 $0
Richard A Gephardt Director May 21, 2015 A 19,766 0 0 $0
Joseph Zimmel Director May 21, 2015 A 26,405 0 0 $0
Fred R Nichols Director Nov. 25, 2014 S 10,000 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 8 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Temasek Holdings (Private) Limited, Tembusu Capital Pte. Ltd., Bartley Investments Pte. Ltd. ×8 filings Nov. 21, 2022 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Oct. 12, 2022 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Nov. 4, 2021 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Dec. 7, 2020 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Feb. 19, 2019 Initial filing Passive investment SEC
CORVEX MANAGEMENT LP, KEITH MEISTER ×5 filings Nov. 2, 2017 Initial filing M&A / sale SEC
CenturyLink, Inc. Nov. 10, 2016 Initial filing M&A / sale SEC
CenturyLink, Inc. (“ CenturyLink ”) ×2 filings July 21, 2011 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 84 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PSCU · Invesco Exchange-Traded Fund Trust … 5.69% 160,031 SH Aug. 21, 2026 Daily
SKYY · First Trust Exchange-Traded Fund II 2.28% 8,086,575 NS June 30, 2026 N-PORT
SKYU · ProShares Trust 2.06% 6,750 NS May 31, 2026 N-PORT
SMCO · Tidal Trust II 1.54% 224,406 NS April 30, 2026 N-PORT
XSMO · Invesco Exchange-Traded Fund Trust 1.34% 6,706,476 SH Aug. 21, 2026 Daily
JSML · Janus Detroit Street Trust 0.73% 261,198 NS April 30, 2026 N-PORT
FNY · First Trust Exchange-Traded AlphaDE… 0.67% 394,630 NS April 30, 2026 N-PORT
JSMD · Janus Detroit Street Trust 0.66% 727,653 NS April 30, 2026 N-PORT
RWJ · Invesco Exchange-Traded Fund Trust … 0.55% 1,900,502 SH Aug. 21, 2026 Daily
FCOM · FIDELITY COVINGTON TRUST 0.52% 1,032,197 NS April 30, 2026 N-PORT
SMDX · Tidal Trust III 0.50% 70,653 NS April 30, 2026 N-PORT
VTWV · VANGUARD SCOTTSDALE FUNDS 0.48% 848,717 SH Aug. 19, 2026 Daily
SAA · ProShares Trust 0.46% 11,290 NS May 31, 2026 N-PORT
SMIZ · Zacks Trust 0.45% 104,660 NS May 31, 2026 N-PORT
VOX · VANGUARD WORLD FUND 0.44% 3,422,380 SH Aug. 19, 2026 Daily
VIOV · VANGUARD ADMIRAL FUNDS 0.43% 1,106,241 SH Aug. 19, 2026 Daily
FSCC · Federated Hermes ETF Trust 0.42% 105,782 NS May 31, 2026 N-PORT
OASC · Unified Series Trust 0.41% 31,643 NS May 31, 2026 N-PORT
VIOO · VANGUARD ADMIRAL FUNDS 0.39% 3,313,934 SH Aug. 19, 2026 Daily
IWN · iShares Trust 0.37% 9,097,370 SH Aug. 21, 2026 Daily
ITAN · EA Series Trust 0.37% 30,131 NS May 29, 2026 N-PORT
VIOG · VANGUARD ADMIRAL FUNDS 0.36% 507,717 SH Aug. 19, 2026 Daily
NUSC · Nushares ETF Trust 0.32% 467,802 NS April 30, 2026 N-PORT
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.31% 205,242 NS April 30, 2026 N-PORT
ITWO · ProShares Trust 0.26% 44,911 NS May 31, 2026 N-PORT
FNX · First Trust Exchange-Traded AlphaDE… 0.26% 391,798 NS April 30, 2026 N-PORT
RSSL · Global X Funds 0.26% 413,150 NS April 30, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.23% 5,599,002 SH Aug. 19, 2026 Daily
BKMC · BNY Mellon ETF Trust 0.22% 155,976 NS April 30, 2026 N-PORT
FNDX · SCHWAB STRATEGIC TRUST 0.22% 5,118,978 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.22% 4,536,291 NS May 31, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.21% 188,677 NS May 31, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.20% 243,559 NS May 31, 2026 N-PORT
FAD · First Trust Exchange-Traded AlphaDE… 0.20% 108,524 NS April 30, 2026 N-PORT
VBK · VANGUARD INDEX FUNDS 0.19% 12,283,982 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.18% 24,766,826 SH Aug. 21, 2026 Daily
DFAS · Dimensional ETF Trust 0.17% 2,744,978 NS April 30, 2026 N-PORT
ISCV · iShares Trust 0.17% 201,208 SH Aug. 21, 2026 Daily
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.16% 368,835 NS April 30, 2026 N-PORT
UWM · ProShares Trust 0.15% 35,127 NS May 31, 2026 N-PORT
DFVE · DoubleLine ETF Trust 0.15% 6,248 NS June 30, 2026 N-PORT
VFMO · VANGUARD WELLINGTON FUND 0.13% 348,339 SH Aug. 19, 2026 Daily
SYZ · Lazard Active ETF Trust 0.13% 11,244 NS June 30, 2026 N-PORT
NFRA · FlexShares Trust 0.11% 387,904 NS April 30, 2026 N-PORT
URTY · ProShares Trust 0.11% 35,535 NS May 31, 2026 N-PORT
ESML · iShares Trust 0.09% 435,309 SH Aug. 21, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.09% 21,267,541 SH Aug. 19, 2026 Daily
ISCB · iShares Trust 0.09% 40,804 SH Aug. 21, 2026 Daily
CVMC · Morgan Stanley ETF Trust 0.08% 11,367 NS June 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.08% 10,878,054 SH Aug. 19, 2026 Daily