Lumen Technologies reported total operating revenue of $3.092 billion for the second quarter of 2025, a 5% decrease compared to $3.268 billion in Q2 2024. The company recorded a net loss of $(915) million, or $(0.92) diluted loss per share, which included a non-cash goodwill impairment charge of $628 million related to its Mass Markets reporting unit.
Adjusted EBITDA, excluding Special Items, was $877 million, down from $1.011 billion in Q2 2024. Free Cash Flow, excluding Special Items, was negative $(209) million, compared to negative $(156) million in the prior-year period. As of June 30, 2025, Lumen had cash and cash equivalents of $1.568 billion.
Despite the revenue decline and impairment, Lumen significantly raised its full-year 2025 Free Cash Flow guidance to $1.2 billion to $1.4 billion, up from the previous $700 million to $900 million range. This increase is primarily driven by an expected $400 million tax refund, lower capital expenditures, improved Adjusted EBITDA performance, and reduced interest expense. The company reiterated its Adjusted EBITDA guidance of $3.2 to $3.4 billion.
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