Part 9/12:
Capital expenditures increased significantly, with $4.3 billion invested mainly into network expansion and fiber infrastructure. They actively refinance debt, issuing new bonds to replace more expensive old debt and extend maturities.
Profitability and Future Outlook
Despite revenue declines, Lumen posted a net loss of $1.73 billion in 2025 — a worsening from a $55 million loss in 2024, but significantly better than the massive $10.3 billion loss in 2023.
Adjusted metrics like EBITDA (earnings before interest, taxes, depreciation, and amortization) remained relatively stable relative to revenue, suggesting operational resilience in core parts of the business.