Form 8-K

8-K — Lumen Technologies, Inc.

Accession: 0000018926-26-000058

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0000018926

SIC: 4813 (TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE))

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — lumn-20260804.htm (Primary)

EX-99.1 (lumnq220268-kexhibit991.htm)

EX-99.2 (lumen2q26quarterlypresen.htm)

EX-99.3 (lumnq220268-kexhibit993.htm)

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8-K

8-K (Primary)

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lumn-20260804

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 4, 2026

Lumen Technologies, Inc.

(Exact name of registrant as specified in its charter)

Louisiana 001-7784 72-0651161

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

100 CenturyLink Drive

Monroe, Louisiana 71203

(Address of principal executive offices) (Zip Code)

(318) 388-9000

(Telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of any registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered

Common Stock, no par value per share LUMN New York Stock Exchange

Preferred Stock Purchase Rights N/A New York Stock Exchange

Guarantees of Qwest Corporation’s 6.500% Senior Notes due 2051, denominations of $25 CTGG New York Stock Exchange

Guarantees of Qwest Corporation’s 6.750% Senior Notes due 2052, denominations of $25 CTHH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 4, 2026, Lumen Technologies, Inc. (the “Company” or “we” or “us”) issued a press release announcing financial results for the second quarter ended June 30, 2026 (the "Earnings Release"). A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 4, 2026, the board of directors (the “Board”) of the Company, on the recommendation of its nominating and corporate governance committee, appointed John Hinshaw to fill a vacancy on the Board. Mr. Hinshaw’s appointment is effective immediately and he will serve until the Company’s 2027 annual meeting of shareholders and until his successor is duly elected and qualified. The Board also appointed Mr. Hinshaw to its nominating and corporate governance committee and its risk and security committee.

The Board has determined that Mr. Hinshaw qualifies as an independent director under the independence standards of the NYSE listing rules and the Company’s Corporate Governance Guidelines.

Mr. Hinshaw will receive compensation for his Board and committee service on the same basis as all other non-employee directors of the Company, in accordance with the Company’s non-employee director compensation program as previously described in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on April 6, 2026. With respect to the equity-based component of the program, on the day following his appointment, Mr. Hinshaw will receive a prorated grant of restricted stock units with a target grant date value of $176,250, vesting on the first anniversary of the grant date and otherwise subject to the same terms as the equity awards received by the Company’s other non-employee directors in connection with their most recent grants. In addition, Mr. Hinshaw will enter into the Company’s standard form of indemnification agreement for directors, a copy of which has been filed as Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 7.01.

Regulation FD Disclosure.

A copy of the earnings presentation that the Company will present regarding its financial results during the teleconference beginning at 5:00 p.m. Eastern time on August 4, 2026 is attached to this Current Report on Form 8-K as Exhibit 99.2. The earnings presentation is also available on the “Investors” page of the Company’s website (http://www.lumen.com).

In addition, on August 4, 2026, the Company issued a press release announcing Mr. Hinshaw’s appointment to the Board. A copy of the press release is attached hereto as Exhibit 99.3.

The information in Items 2.02 and 7.01 of this Form 8-K, including Exhibits 99.1, 99.2, and 99.3, respectively, attached hereto, is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)The following exhibits are furnished with this Current Report on Form 8-K:

Exhibit No. Description

Exhibit 99.1

Press release dated August 4, 2026, reporting second quarter 2026 financial results.

Exhibit 99.2

Earnings Presentation dated August 4, 2026, reporting second quarter 2026 financial results.

Exhibit 99.3

Press release dated August 4, 2026, announcing the appointment of John Hinshaw to the Lumen Technologies, Inc. Board of Directors.

Exhibit 104 Cover page formatted as Inline XBRL and contained in Exhibit 101.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LUMEN TECHNOLOGIES, INC.

Date: August 4, 2026

By: /s/ Donald Holt

Donald Holt

Chief Accounting Officer and Controller

3

EX-99.1

EX-99.1

Filename: lumnq220268-kexhibit991.htm · Sequence: 2

Document

NEWS RELEASE

Lumen Technologies Reports Solid Second Quarter 2026 Results; Digital Transformation Accelerates

Company advances its enterprise disruption strategy and growth conviction; closes Alkira acquisition to unlock digital revenue opportunity

DENVER, Aug 4, 2026 — Lumen Technologies, Inc. (NYSE: LUMN) today reported second quarter 2026 results demonstrating continued execution against its transformation strategy and progress toward the financial and operational goals outlined at Investor Day. During the quarter, Lumen delivered financial results in line with expectations, continued improving its business revenue mix, advanced simplification initiatives, and strengthened its digital platform strategy for enterprise customers operating in an AI-driven, multi-cloud world.

Among the company’s highlights from the quarter:

•Financial Performance: Delivered solid second quarter results with Strategic revenue increasing to approximately 53% of total business revenue, up from 51% in the first quarter.

•Operational Execution: Redeployed resources towards higher-growth, higher margin digital opportunities by rationalizing the product portfolio. Continue to deliver on Modernization and Simplification; further reducing internal systems complexity.

•Growth Pivot: On track towards full year guidance and long-term framework from Investor Day. Adoption of digital networking services is high, with more than 3,000 NaaS customers today and quarter-over-quarter growth across key usage metrics: new customer adoption up 22%, active ports up 34%, and active services up 29%.

•Alkira Acquisition: Closed the acquisition of Alkira, extending Lumen’s digital capabilities and helping enterprises connect clouds, sites, partners, and AI workloads more quickly and easily.

“Lumen is putting innovation back where it belongs - inside the network itself," said Lumen CEO Kate Johnson. "By embedding digital intelligence directly into the physical network layer, we’re delivering higher-impact business outcomes instead of competing on price alone. That’s a fundamentally different value proposition in enterprise networking, and a new chapter for Lumen customers and investors."

“Our second quarter results reflect continued execution against our financial objectives and ongoing momentum in the business. Strategic revenue increased to 53% of total business revenue, up from 51% in the first quarter, as customers increasingly adopt our digital networking solutions,” said Lumen President and CFO Chris Stansbury.

1

Second Quarter 2026 Highlights

•Reported revenues of $2.805 billion for the second quarter 2026

•Reported Net Cash Provided by Operating Activities of $971 million for the second quarter 2026 compared to Net Cash Provided by Operating Activities of $570 million for the second quarter 2025

•Generated Free Cash Flow1 of $327 million for the second quarter 2026, excluding cash paid for Special Items1 of $258 million, compared to Free Cash Flow1 of $(209) million for the second quarter 2025, excluding cash paid for Special Items1 of $112 million

•Reported Net Loss of $(201) million for the second quarter 2026, compared to Net Loss of $(915) million for the second quarter 2025

•Reported diluted loss per share of $(0.20) for the second quarter 2026, compared to diluted loss per share of $(0.92) for the second quarter 2025. Excluding Special Items1, diluted loss per share was $(0.07) for the second quarter 2026, compared to $(0.03) diluted loss per share for the second quarter 2025

•Generated Adjusted EBITDA1 of $802 million for the second quarter 2026, compared to $877 million for the second quarter 2025, excluding the effects of Special Items1 of $204 million and $152 million, respectively

1 Represents a non-GAAP financial measure as later defined below under "Non-GAAP Financial Measures".

2

Financial Results

Metric, as reported Second Quarter

($ in millions, except per share data) 2026 2025

Large Enterprise

$ 794  766

Mid-Market Enterprise 435  473

Public Sector 490  483

North America Enterprise Channels 1,719  1,722

Wholesale 653  688

North America Business Revenue 2,372  2,410

International and Other

72  80

Business Revenue

2,444  2,490

Mass Markets Revenue

361  602

Total Revenue

$ 2,805  3,092

Cost of Services and Products 1,415  1,624

Selling, General and Administrative Expenses 779  755

Net Loss on Sale of Business 31  —

Stock-based Compensation Expense

18  12

Net Loss

(201) (915)

Net Loss, Excluding Special Items(1)(2)

(73) (29)

Adjusted EBITDA(1)

598  725

Adjusted EBITDA, Excluding Special Items(1)(3)

802  877

Net Loss Margin

(7.2) % (29.6) %

Net Loss Margin, Excluding Special Items(1)(2)

(2.6) % (0.9) %

Adjusted EBITDA Margin(1)

21.3  % 23.4  %

Adjusted EBITDA Margin, Excluding Special Items(1)(3)

28.6  % 28.4  %

Net Cash Provided by Operating Activities 971  570

Capital Expenditures

902  891

Capital Expenditures, Excluding Special Items(1)(4)

780  824

Unlevered Cash Flow(1)

157  54

Unlevered Cash Flow, Excluding Special Items(1)(5)

415  166

Free Cash Flow(1)(4)

69  (321)

Free Cash Flow, Excluding Special Items(1)(5)

327  (209)

Net Loss per Common Share - Diluted

$ (0.20) $ (0.92)

Net Loss per Common Share - Diluted, Excluding Special Items(1)(2)

$ (0.07) $ (0.03)

Weighted Average Shares Outstanding (in millions) - Diluted 1,004.1  994.5

(1) See "Non-GAAP Financial Measures" at the end of this release for definitions of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.

(2) Excludes Special Items (net of the income tax effect thereof) in the amounts of $128 million and $886 million for the second quarter of 2026 and 2025, respectively.

(3) Excludes Special Items in the amounts of $204 million and $152 million for the second quarter of 2026 and 2025, respectively.

(4) Excludes Special Items in the amounts of $122 million and $67 million for the second quarter of 2026 and 2025, respectively.

(5) Excludes Special Items in the amounts of $258 million and $112 million for the second quarter of 2026 and 2025, respectively.

3

Revenue

Second Quarter First Quarter

QoQ Percent

Second Quarter YoY Percent

($ in millions) 2026 2026 Change 2025 Change

Revenue By Sales Channel

Large Enterprise $ 794  778  2% 766  4%

Mid-Market Enterprise 435  439  (1)% 473  (8)%

Public Sector 490  506  (3)% 483  1%

North America Enterprise Channels 1,719  1,723  —% 1,722  —%

Wholesale 653  648  1% 688  (5)%

North America Business Revenue 2,372  2,371  —% 2,410  (2)%

International and Other 72  73  (1)% 80  (10)%

Business Revenue

2,444  2,444  —% 2,490  (2)%

Mass Markets Revenue

361  455  (21)% 602  (40)%

Total Revenue

$ 2,805  2,899  (3)% 3,092  (9)%

Business Revenue by Product Category

Strategic

$ 1,289  1,246  3% 1,130  14%

Legacy

1,155  1,198  (4)% 1,360  (15)%

Business Revenue

$ 2,444  2,444  —% 2,490  (2)%

Revenue

Total Revenue was $2.805 billion for the second quarter 2026, compared to $3.092 billion for the second quarter 2025.

Cash Flow

Net Cash Provided by Operating Activities was $971 million in the second quarter 2026, compared to $570 million in the second quarter 2025.

Free Cash Flow, excluding Special Items, was $327 million in the second quarter 2026, compared to $(209) million in the second quarter 2025.

Liquidity

As of Jun. 30, 2026, Lumen had cash and cash equivalents of $1.876 billion.

4

2026 Financial Outlook

The Company reiterated its full-year 2026 financial outlook, which is detailed below:

Metric (1)(2)

Outlook

Adjusted EBITDA excluding Special Items(3)

$3.1 to $3.3 billion

Free Cash Flow excluding Special Items(3)

$1.9 to $2.1 billion

Net Cash Interest

$650 to $750 million

Capital Expenditures excluding Special Items

$3.2 to $3.4 billion

Cash Income Taxes (Refunded)

($350) to ($450) million

Other Metrics(3)

Range

Income tax expense $45 to $200 million

Total other expense, net $1.1 to $1.3 billion

Depreciation and amortization expense $2.6 to $2.8 billion

Stock-based compensation expense $60 to $80 million

(1) Outlook metrics reflect our expectations as of the date hereof. Actual results may vary and are subject to a number of risks and uncertainties, many of which are beyond our control. See “Forward-Looking Statements.”

(2) Reflects a $400 million refund from recent tax legislation. Excludes the taxes related to the Mass Markets Fiber-to-the-Home divestiture.

(3) Adjusted EBITDA, Free Cash Flow and Capital Expenditures, in each case, excluding Special Items, are non-GAAP financial measures. For definitions of these non-GAAP financial measures and reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures, see "Non-GAAP Financial Measures" at the end of this release and our Investor Relations website. A reconciliation of these forward-looking non-GAAP financial measures to corresponding GAAP measures cannot be provided without unreasonable effort due to the inherent uncertainty and difficulty of forecasting, with sufficient precision, the timing and amount of certain material non-recurring items that have not yet occurred. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures. For the full year 2026, the Company currently expects certain expenses, which are reconciling items to net loss, to be in the ranges reflected above. Actual results may vary and are subject to a number of risks and uncertainties, many of which are beyond our control. See “Forward-Looking Statements.”

5

Investor Call

Lumen’s management team will host a conference call at 5:00 p.m. ET today, Aug 4, 2026. The conference call will be streamed live over the Lumen website at ir.lumen.com. Additional information regarding second quarter 2026 results, including the presentation materials, will be available on the Investor Relations website prior to the call. A webcast replay of the call will also be available on our website for one year.

Media Relations Contacts:

Investor Relations Contact:

Anita Gomes

Jim Breen, CFA

anita.gomes@lumen.com

investor.relations@lumen.com

+1 858-229-8538 +1 603-404-7003

About Lumen Technologies:

Lumen is unleashing the world's digital potential. We ignite business growth by connecting people, data, and applications – quickly, securely, and effortlessly. As the trusted network for AI, Lumen uses the scale of our network to help companies realize AI's full potential. From metro connectivity to long-haul data transport to our edge cloud, security, managed service, and digital platform capabilities, we meet our customers’ needs today and as they build for tomorrow.

For news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, X: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies, Inc.

6

Forward-Looking Statements

Except for historical and factual information, the matters set forth in this release and our other oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions with respect to the future are forward-looking statements as defined by the federal securities laws, and are subject to the “safe harbor” protections thereunder. The forward-looking statements included in this release including without limitation statements regarding our future financial results of operations, cash flows, or financial condition, our modernization efforts and related target cost savings, expectations regarding the timing and amount of tax refunds, our long-term framework and progress toward financial and operational goals outlined at Investor Day; our ability to improve our business revenue mix, grow strategic revenues, increase adoption and usage of our digital networking and Network-as-a-Service offerings, and execute our AI, multi-cloud and digital platform strategies; our ability to realize anticipated benefits from the Alkira acquisition, including enhanced digital networking capabilities for enterprises connecting clouds, sites, partners and AI workloads, our product rationalization, workforce, network infrastructure and IT systems initiatives, including the anticipated timing and amount of related cost savings and capital expenditures; our ability to redeploy resources toward higher-growth digital opportunities; our ability to complete, integrate or realize anticipated benefits from divestitures, transition and separation services, debt transactions, refinancing activities and other strategic transactions; and the assumptions on which they are based are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties include those described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Special Note Regarding Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 to be filed with the SEC, and in our other filings with the SEC. Additional factors or risks that we currently deem immaterial, that are not presently known to us, or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, our assessment of regulatory, technological, industry, competitive, economic, or market conditions as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors or otherwise, and we undertake no obligation to make any public announcement of such changed intentions, except to the extent required by applicable law.

7

Lumen Technologies, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(UNAUDITED)

($ in millions, except per share amounts; shares in thousands)

Three months ended June 30, (Decrease) / Increase Six months ended June 30, (Decrease) / Increase

2026 2025 2026 2025

OPERATING REVENUE $ 2,805  3,092  (9) % 5,704  6,274  (9) %

OPERATING EXPENSES

Cost of services and products (exclusive of depreciation and amortization) 1,415  1,624  (13) % 2,850  3,311  (14) %

Selling, general and administrative 779  755  3  % 1,573  1,430  10  %

Net loss (gain) on sale of business 31  —  nm (565) —  nm

Depreciation and amortization 668  688  (3) % 1,332  1,401  (5) %

Goodwill impairment —  628  nm —  628  nm

Total operating expenses 2,893  3,695  (22) % 5,190  6,770  (23) %

OPERATING (LOSS) INCOME (88) (603) (85) % 514  (496) nm

OTHER (EXPENSE) INCOME

Interest expense (201) (338) (41) % (426) (685) (38) %

Net gain (loss) on early retirement of debt 6  (236) nm (220) (271) (19) %

Other income, net 28  28  —  % 54  58  (7) %

Total other expense, net (167) (546) (69) % (592) (898) (34) %

Income tax (benefit) expense (54) (234) (77) % 323  (278) nm

NET LOSS $ (201) $ (915) (78) % $ (401) $ (1,116) (64) %

BASIC LOSS PER SHARE $ (0.20) (0.92) (78) % (0.40) (1.12) (64) %

DILUTED LOSS PER SHARE $ (0.20) (0.92) (78) % (0.40) (1.12) (64) %

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic 1,004,104 994,543 1  % 1,001,498 992,906 1  %

Diluted 1,004,104 994,543 1  % 1,001,498 992,906 1  %

nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful.

8

Lumen Technologies, Inc.

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2026 AND DECEMBER 31, 2025

(UNAUDITED)

($ in millions)

June 30, 2026 December 31, 2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents $ 1,876  1,003

Accounts receivable, less allowance of $45 and $67

1,377  1,314

Assets held for sale —  4,285

Other 856  1,307

Total current assets 4,109  7,909

Property, plant and equipment, net of accumulated depreciation of $24,377 and $23,744

20,300  19,575

OTHER ASSETS

Other intangible assets, net 4,040  4,463

Other, net 2,333  2,395

Total other assets 6,373  6,858

TOTAL ASSETS $ 30,782  34,342

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY

CURRENT LIABILITIES

Current maturities of long-term debt $ 56  88

Accounts payable 1,035  1,508

Accrued expenses and other liabilities

Salaries and benefits 654  854

Income and other taxes 755  279

Current operating lease liabilities 289  266

Interest 176  149

Other 299  203

Liabilities held for sale —  38

Current portion of deferred revenue 999  1,005

Total current liabilities 4,263  4,390

LONG-TERM DEBT 13,150  17,353

DEFERRED CREDITS AND OTHER LIABILITIES

Deferred income taxes, net 1,787  2,270

Benefit plan obligations, net 1,932  2,103

Deferred revenue 8,178  6,406

Other 2,960  2,937

Total deferred credits and other liabilities 14,857  13,716

STOCKHOLDERS' DEFICIT

Common stock 19,178  19,185

Accumulated other comprehensive loss (564) (601)

Accumulated deficit (20,102) (19,701)

Total stockholders' deficit (1,488) (1,117)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 30,782  34,342

9

Lumen Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(UNAUDITED)

($ in millions)

Six months ended June 30,

2026 2025

OPERATING ACTIVITIES

Net loss $ (401) (1,116)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 1,332  1,401

Net gain on sale of business (565) —

Goodwill impairment —  628

Deferred income taxes (484) (409)

Provision for uncollectible accounts 7  31

Net loss on early retirement of debt 220  271

Stock-based compensation 31  22

Changes in current assets and liabilities, net 423  (50)

Retirement benefits (130) (1)

Change in deferred revenue 1,772  718

Changes in other assets and liabilities, net 65  69

Other, net 24  101

Net cash provided by operating activities 2,294  1,665

INVESTING ACTIVITIES

Capital expenditures (1,845) (1,682)

Proceeds from sale of business 4,977  —

Proceeds from sale of property, plant and equipment, and other assets 21  31

Other, net 3  9

Net cash provided by (used in) investing activities 3,156  (1,642)

FINANCING ACTIVITIES

Net proceeds from issuance of long-term debt 1,728  4,261

Payments of long-term debt (6,253) (4,284)

Debt issuance and extinguishment costs and related fees (15) (308)

Other, net (37) (13)

Net cash used in financing activities (4,577) (344)

Net increase (decrease) in cash, cash equivalents and restricted cash 873  (321)

Cash, cash equivalents and restricted cash at beginning of period 1,014  1,900

Cash, cash equivalents and restricted cash at end of period $ 1,887  1,579

Cash, cash equivalents and restricted cash:

Cash and cash equivalents $ 1,876  1,568

Restricted cash 11  11

Total $ 1,887  1,579

10

Non-GAAP Financial Measures

In addition to providing key metrics for management to evaluate the Company's performance, the Company believes that the non-GAAP financial measures described below and included in this release and which may be referred to on the conference call discussing the Company's second quarter 2026 financial results assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.

Non-GAAP financial measures are not presented to be replacements or alternatives to the measures prepared in accordance with accounting principles generally accepted in the United States (GAAP), and investors are urged to consider these non-GAAP financial measures in addition to, and not in substitution for, or superior to, financial measures prepared in accordance with GAAP. Lumen may calculate its non-GAAP financial measures differently from similarly titled measures presented by other companies.

Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the attached financial schedules and our Investor Relations website.

Special Items. We use the term Special Items to describe items that impacted a period’s statement of operations or cash flows which the Company believes do not relate to the ordinary course of the Company's business and do not reflect the Company's underlying business performance. As described herein, the Company presents certain GAAP and non-GAAP financial measures both including and excluding the effects of Special Items.

The largest components of our Special Items reflected in this release are net gain on sale of business related to the sale of our Mass Markets Fiber-to-the-Home business to AT&T and net losses associated with the early retirement of debt. The other main components of our Special Items include Modernization and Simplification costs, Transaction and Separation costs, and Income from Transition and Separation Services. Modernization and Simplification costs are associated with a multi-year transformation initiative to streamline our network infrastructure, product portfolio, and IT systems, and to modernize our workforce, designed to deliver $1 billion in annualized cost savings on a run-rate basis exiting 2027. Transaction and Separation costs reflect transaction and separation costs associated with the sale of our Mass Markets Fiber-to-the-Home business to AT&T and additional transaction and separation costs associated with supporting transition and separation services of our previous divestitures. Income from Transition and Separation Services includes charges we billed for transitional services and IT professional services provided to the purchasers in connection with our recent divestitures. Other items impacting Adjusted EBITDA and Net Loss include remittance of awards and associated fees related to the voluntary relinquishment of our program awards under the FCC's Rural Digital Opportunity Fund (“RDOF”), and certain charges primarily related to the recognition of losses on disposal of certain operating assets related to our divestitures and certain charges or payments related to litigation‑related expenses arising from specific matters that are not indicative of normal, recurring business activities.

Net Loss Excluding Special Items ($) is defined as Net Loss from the Statements of Operations excluding Special Items impacting Net Loss, which are further described above and detailed in the attached schedules. The Company also presents Diluted Net Loss per Share excluding Special Items, calculated as Net Loss excluding Special Items divided by the weighted average of the diluted number of common shares outstanding in the relevant period.

11

Net Loss Excluding Special Items (%) is defined as Net Loss excluding Special Items divided by total revenue.

Management believes that Net Loss excluding Special Items, Net Loss Margin excluding Special Items and Diluted Net Loss Per Share excluding Special Items are relevant and useful metrics to provide to investors.

There are material limitations to using these non-GAAP financial measures, including the difficulty associated with comparing companies that use similarly-titled performance measures whose calculations may differ from our calculations. Additionally, by excluding Special Items, these non-GAAP financial measures may exclude items that investors believe are important components of our performance. Such measures should not be considered a substitute for, or superior to, other measures of financial performance reported in accordance with GAAP.

Adjusted EBITDA ($) is defined as Net Loss from the Statements of Operations before Income tax expense (benefit), Total other expense, net (which represents the net impact of interest expense, net loss on early retirement of debt, and other income, net), depreciation and amortization expense, stock-based compensation expense, and goodwill impairment. The Company also presents Adjusted EBITDA excluding Special Items, which are further described above.

Adjusted EBITDA Margin (%) is defined as Adjusted EBITDA divided by total revenue. The Company also presents Adjusted EBITDA Margin excluding Special Items, which are further described above.

Management believes that Adjusted EBITDA and Adjusted EBITDA Margin (with and without Special Items) are relevant and useful metrics to provide to investors, as they are an important part of our internal reporting and are key measures used by management to evaluate profitability and operating performance of Lumen and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin (and similarly uses these terms excluding Special Items) to compare our performance to that of our competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period our ability to fund capital expenditures and growth, service debt, and determine bonuses. Adjusted EBITDA excludes stock-based compensation expense because of the non-cash nature of this item. Adjusted EBITDA also excludes Total other expense, net (which represents the net impact of interest expense, net loss (gain) on early retirement of debt, and other income, net) and Income tax expense (benefit).

There are material limitations to using Adjusted EBITDA and Adjusted EBITDA Margin (in each case, with and without Special Items) as a financial measure, including the difficulty associated with comparing companies that use similarly-titled performance measures whose calculations may differ from our calculations. Additionally, by excluding the above-listed items, Adjusted EBITDA and Adjusted EBITDA Margin (in each case, with and without Special Items) may exclude items that investors believe are important components of our performance. Adjusted EBITDA and Adjusted EBITDA Margin (either with or without Special Items) should not be considered a substitute for, or superior to, other measures of financial performance reported in accordance with GAAP.

Capital Expenditures excluding Special Items is defined as Capital Expenditures from the Statements of Cash Flows excluding Special Items.

Management believes that Capital Expenditures excluding Special Items is a relevant and useful metric to provide investors.

12

There are material limitations to using Capital Expenditures excluding Special Items, including the difficulty associated with comparing companies that use similarly-titled performance measures whose calculations may differ from our calculations. Additionally, by excluding Special Items, these non-GAAP financial measures may exclude items that investors believe are important components of our performance. Capital Expenditures excluding Special Items should not be considered a substitute for, or superior to, other measures of financial performance reported in accordance with GAAP.

Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income, all as disclosed in the Statements of Cash Flows. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, because it reflects the operational performance of Lumen and, measured over time, enables management and investors to monitor the underlying business’ growth pattern and ability to generate cash. The Company also presents Unlevered Cash Flow excluding Special Items, which are further described above.

There are material limitations to using Unlevered Cash Flow (with or without Special Items) to measure our cash performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Unlevered Cash Flow to that of some of our competitors may be of limited usefulness as other companies may use similarly-titled performance measures whose calculations may differ from our calculations. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable, accounts payable, payroll, and capital expenditures. Unlevered Cash Flow (with or without Special Items) should not be considered a substitute for, or superior to, other measures of liquidity reported in accordance with GAAP.

Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of our ability to generate cash to service our debt. The Company also presents Free Cash Flow excluding Special Items, which are further described above.

There are material limitations to using Free Cash Flow (with or without Special Items) to measure our performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Free Cash Flow to that of some of our competitors may be of limited usefulness as other companies may use similarly-titled performance measures whose calculations may differ from our calculations. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to interest expense, accounts receivable, accounts payable, payroll and capital expenditures. Free Cash Flow (either with or without Special Items) should not be considered a substitute for, or superior to, other measures of liquidity reported in accordance with GAAP.

13

Lumen Technologies, Inc.

Non-GAAP Special Items

(UNAUDITED)

($ in millions)

Actual QTD

Actual YTD

Special Items Impacting Adjusted EBITDA 2Q26 2Q25 2Q26 2Q25

Net loss (gain) on sale of business $ 31  —  (565) —

Transaction and separation costs(1)

48  92  101  108

Modernization and simplification(2)

116  41  222  91

Other(3)

9  19  16  52

Total Special Items impacting Adjusted EBITDA $ 204  152  (226) 251

Actual QTD Actual YTD

Special Items Impacting Net Loss

2Q26 2Q25 2Q26 2Q25

Net loss (gain) on sale of business $ 31  —  (565) —

Transaction and separation costs(1)

48  92  101  108

Modernization and simplification(2)

116  41  222  91

Other(3)

9  19  16  52

Goodwill impairment

—  628  —  628

Net (gain) loss on early retirement of debt(4)

(6) 236  220  271

Income from transition and separation services(5)

(35) (39) (76) (76)

Total Special Items impacting Net Loss

163  977  (82) 1,074

Income tax effect of Special Items(6)

(35) (91) (57) (116)

Total Special Items impacting Net Loss, net of tax

$ 128  886  (139) 958

Actual QTD Actual YTD

Special Items Impacting Cash Flows 2Q26 2Q25 2Q26 2Q25

Transaction and separation costs(1)

$ 28  10  112  26

Modernization and simplification(2)(7)

120  57  230  95

Capital expenditures for modernization and simplification(8)

122  67  206  105

Income from transition and separation services(5)

(20) (27) (34) (81)

Other(9)

8  5  21  17

RDOF Relinquishment Payment(10)

—  —  99  —

Total Special Items impacting Cash Flows

$ 258  112  634  162

(1) Primarily reflects transaction and separation costs associated with (i) the Q1 2026 sale of our Mass Markets Fiber-to-the-Home business to AT&T, (ii) additional transaction and separation costs associated with supporting transition and separation services of our previous divestitures and (iii) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding

received under the FCC's Rural Digital Opportunity Fund.

(2) Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027.

(3) Includes primarily the recognition of a loss on disposal of certain operating assets in Q1 2025 related to our divestitures.

(4) Reflects net (gain) loss as a result of cash tender offers and refinancing of certain debt instrument and credit facilities.

(5) Reflects income from transition and separation services and includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our divestitures.

(6) Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 21.3% for Q2 2026, 25.0% for Q1 2026, and 26.0% for Q1 and Q2 2025.

(7) Includes the related cash payments of expenses captured as described in footnote 2 above.

(8) Includes primarily the related cash payments for capital expenditures incurred under the programs described in footnote 2 above.

(9) Includes primarily payments related to litigation‑related expenses arising from specific matters that are not indicative of normal, recurring business activities.

(10) Reflects the Q1 2026 payment for remittance of awards and associated fees related to the voluntary relinquishment of our RDOF awards. As a result, we will no longer receive funding through the RDOF program.

14

Lumen Technologies, Inc.

Non-GAAP Cash Flow Reconciliation

(UNAUDITED)

($ in millions)

Actual QTD

Actual YTD

2Q26 2Q25 2Q26 2Q25

Net cash provided by operating activities(1)

$ 971  570  2,294  1,665

Capital expenditures (902) (891) (1,845) (1,682)

Free Cash Flow(1)

69  (321) 449  (17)

Cash interest paid 122  396  371  676

Interest income (34) (21) (47) (42)

Unlevered Cash Flow(1)

$ 157  54  773  617

Free Cash Flow(1)

$ 69  (321) 449  (17)

Transaction and separation costs(2)

28  10  112  26

Modernization and simplification(2)

120  57  230  95

Capital expenditures for modernization and simplification(2)

122  67  206  105

Income from transition and separation services(2)

(20) (27) (34) (81)

Other(2)

8  5  21  17

RDOF Relinquishment Payment(2)

—  —  99  —

Free Cash Flow excluding Special Items(1)

$ 327  (209) 1,083  145

Unlevered Cash Flow(1)

$ 157  54  773  617

Transaction and separation costs(2)

28  10  112  26

Modernization and simplification(2)

120  57  230  95

Capital expenditures for modernization and simplification(2)

122  67  206  105

Income from transition and separation services(2)

(20) (27) (34) (81)

Other(2)

8  5  21  17

RDOF Relinquishments Payment(2)

—  —  99  —

Unlevered Cash Flow excluding Special Items(1)

$ 415  166  1,407  779

Capital expenditures

$ (902) (891) $ (1,845) (1,682)

Capital expenditures for modernization and simplification(2)

122  67  206  105

Capital expenditures excluding Special Items

$ (780) (824) $ (1,639) (1,577)

(1) Includes $729 million of proceeds from the Mass Markets Fiber-to-the-Home divestiture for the allocated fair value associated with contractual credits and commercial agreements that are classified as cash flow from operations and the impact of a $101 million voluntary pension contribution in Q1 2026.

(2) Refer to Non-GAAP Special Items table for details of the Special Items impacting cash flows included above.

15

Lumen Technologies, Inc.

Adjusted EBITDA and Reconciliation of Non-GAAP Financial Measures

(UNAUDITED)

($ in millions)

Actual QTD

Actual YTD

2Q26 2Q25 2Q26 2Q25

Net loss

$ (201) (915) (401) (1,116)

Income tax expense (benefit) (54) (234) 323  (278)

Total other expense, net 167  546  592  898

Depreciation and amortization expense 668  688  1,332  1,401

Stock-based compensation expense 18  12  31  22

Goodwill impairment —  628  —  628

Adjusted EBITDA

$ 598  725  1,877  1,555

Net loss (gain) on sale of business(1)

31  —  (565) —

Transaction and separation costs(1)

48  92  101  108

Modernization and simplification(1)

116  41  222  91

Other(1)

9  19  16  52

Adjusted EBITDA excluding Special Items

$ 802  877  1,651  1,806

Net loss

$ (201) (915) (401) (1,116)

Net loss (gain) on sale of business(1)

31  —  (565) —

Transaction and separation costs(1)

48  92  101  108

Modernization and simplification(1)

116  41  222  91

Other(1)

9  19  16  52

Goodwill impairment(1)

—  628  —  628

Net (gain) loss on early retirement of debt(1)

(6) 236  220  271

Income from transition and separation services(1)

(35) (39) (76) (76)

Income tax effect of Special Items(1)

(35) (91) (57) (116)

Net loss excluding Special Items(1)

$ (73) (29) (540) (158)

Total revenue $ 2,805  3,092  5,704  6,274

Net loss margin

(7.2) % (29.6) % (7.0) % (17.8) %

Net loss margin, excluding special items and income tax effect thereof

(2.6) % (0.9) % (9.5) % (2.5) %

Adjusted EBITDA margin

21.3  % 23.4  % 32.9  % 24.8  %

Adjusted EBITDA margin excluding special items

28.6  % 28.4  % 28.9  % 28.8  %

Net Loss per Common Share - Diluted $ (0.20) (0.92) $ (0.40) (1.12)

Net Loss per Common Share - Diluted, Excluding Special Items(1)

$ (0.07) (0.03) $ (0.54) (0.16)

Weighted Average Shares Outstanding (in millions) - Diluted 1,004.1  994.5  1,001.5  992.9

(1) Refer to Non-GAAP Special Items table for details of the Special Items included above.

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Second Quarter 2026 Results August 4, 2026

© 2026 Lumen Technologies. All Rights Reserved. 1 Forward-Looking Statements Except for historical and factual information, the matters discussed in this presentation and other oral or written statements made by Lumen may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are identified by words such as "expects," "anticipates," "believes," "plans," "intends," "estimates," "projects," "targets," "will," "may," "could," "should," and similar expressions and include, but are not limited to, statements regarding our future financial performance and outlook; revenue trends and growth opportunities; cash flows, capital expenditures and capital allocation priorities; our modernization and simplification initiatives and anticipated cost savings; the benefits, opportunities and expected impact of the Alkira acquisition and its integration; the development and adoption of our network, cloud, security and digital services offerings; market opportunity, including total addressable market estimates; customer demand and adoption trends; and other plans, objectives, expectations and intentions. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict and many of which are beyond our control. These risks and uncertainties include those described in our Securities and Exchange Commission ("SEC") filings, including, among others, changes in customer demand; competitive pressures; technological developments; cybersecurity incidents; the success of our strategic initiatives and product offerings; our ability to realize anticipated benefits, synergies and opportunities from acquisitions, including Alkira; integration risks; economic, regulatory and market conditions; capital market conditions; and those set forth in the Risk Factors section and under the heading "Special Note Regarding Forward-Looking Statements" in our Annual Report on Form 10-K filed with the SEC on February 20, 2026 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC, and in our other filings with the SEC. Additional factors or risks that we currently deem immaterial, that are not presently known to us, or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, our assessment of regulatory, technological, industry, competitive, economic, or market conditions as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors or otherwise, and we undertake no obligation to make any public announcement of such changed intentions, except to the extent required by applicable law.

© 2026 Lumen Technologies. All Rights Reserved. 2 This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, as well as adjusted EBITDA, adjusted EBITDA margin, free cash flow and capital expenditures excluding the effects of special items. In addition to providing key metrics for management to evaluate the company’s performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends. Non-GAAP financial measures are not presented to be replacements or alternatives to the measures prepared in accordance with accounting principles generally accepted in the United States (GAAP), and investors are urged to consider these non-GAAP financial measures in addition to, and not in substitution for, or superior to, financial measures prepared in accordance with GAAP. Lumen may calculate its non-GAAP financial measures differently from similarly titled measures presented by other companies. Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the financial schedules to the Company’s accompanying earnings release. Reconciliations of information and additional non-GAAP historical financial measures that may be discussed during the call, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company’s website at http://ir.lumen.com. Non-GAAP Financial Measures

© 2026 Lumen Technologies. All Rights Reserved. 3 KATE JOHNSON CEO

© 2026 Lumen Technologies. All Rights Reserved. 4 Winning Recognition, Earning Trust U.S. News & World Report as a 2026–2027 “Best Company to Work For – South” Lumen Named the “Company to Beat” in Enterprise Networking - Gartner named to TIME’s “America’s Best Companies 2026” Communications media and entertainment industry award 2026 company of the year (North American Dedicated Internet Access) 2026 North American Broadcast Video Managed Services Source: Gartner, AI Vendor Race: Lumen Is the Company to Beat in Enterprise WAN and Connectivity Services for AI, Kameron Chao, Susan Welsh de Grimaldo, Karen Brown, 25 June 2026. "Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose."

© 2026 Lumen Technologies. All Rights Reserved. 5 Announcing The Close of Alkira

© 2026 Lumen Technologies. All Rights Reserved. BEFORE: Network sprawl Complex. Costly. Hard to secure. > Higher riskSlow to change Higher cost UsersBranches Data Centers Security Network Services Colos and Partners Cloud Providers Clouds ALKIRA Digital Services Platform Multi-Cloud Gateway Underlay Lumen private IP connectivity fabric Security Network Services Policy Observability Automation Branches Colocation Cloud Providers Partners UsersBranches Data Centers Clouds AFTER: Alkira + Lumen Simple. Secure. Built for scale. Lumen + Alkira: The Programmable Network, Realized From network sprawl to a simple, secure, multi-cloud fabric Lower riskFaster to connect Lower cost

© 2026 Lumen Technologies. All Rights Reserved. 7 The Alkira Advantage – by the Numbers delivered new region from ground up in <2 days vs. typical >2months3 reduced global network operational costs by 40% “Strategically, for me, [it’s] stronger. It answers the fundamental question, why Lumen instead of AT&T, Verizon, Cisco.“ – VP, TECHNOLOGY & AI, PROSPECT “The uniqueness is basically the combination of the physical underlay with that programmable cloud controlling layer.“ – C-LEVEL, IT & TECH, PROSPECT connected 1,400 stores in 3 weeks4 73% decrease in number of firewalls 93% decrease in time needed to add a new security service 44% decrease in number of devices for cloud connection 96% decrease in time required to add a new cloud 84% decrease in staff hours to manage cloud networks 91% decrease in time required to add a new extranet partner 93% decrease in time needed to connect a new data center ¹ Source: Nemertes, "Alkira Real Economic Value Report," October 2024 (DN11954). Study-wide average across all participants, not specific to the customers pictured to the left ² Source: Matt Hoag, CTO, Koch Business Solutions — Alkira case study, "Koch Industries Deploys Alkira For Their Cloud Networking Journey." ³ Source: Guruprasad Ramamoorthy and team, S&P Global — Alkira case study, "Network Infrastructure On-Demand: S&P Global's Transformation with Alkira." ⁴ Source: Wei Dong (VP & CISO), Michaels — Futuriom Leadership Brief, "How Michaels Networked 1,400 Stores in Three Weeks." 2 Alkira Real Economic Value Report1

© 2026 Lumen Technologies. All Rights Reserved. 8 Cloud & carrier agnostic Private-network performance A single control plane Lumen Multi-Cloud Gateway SaaS providers and neoclouds1 The Lumen Programmable Network Metro connectivityData centers RapidRoutes Lumen Fabric Port Enterprises Off-net enterprises, data centers, and international Lumen Connectivity Fabric Off-net Lumen Connectivity Fabric On-demand networking and cloud/multi-cloud services Software-based policy control, automation, and orchestration Lumen Connect Designed to be ubiquitous, universal, on-demand, intelligent, and secure 1 Illustrative cloud connections

© 2026 Lumen Technologies. All Rights Reserved. 9 NaaS Customers Services Sold Fabric Ports 2Q26 Adoption Rate (Q/Q) +22% +29% +34% Number of customers that purchase and use one or more ports in quarter Number of fabric ports deployed by customers to support multi- cloud networking Number of services sold across all fabric ports Lumen NaaS Adoption Remains Strong

© 2026 Lumen Technologies. All Rights Reserved. 10 The Lumen Platform 1st Party MarketplaceLumen Connect Alkira Physical Infrastructure Programmable Network Connected Ecosystem 58M Intercity Fiber Miles1 ~19M Metro Fiber Miles2RapidRoutes Metro Expansion & Enhancements Data Center Interconnect Control Plane: North/South – East/West | On Demand | On-net/Off-net | Direct Cloud On-Ramps | Multi-Cloud Gateway CustomersSaaS providersTech MarketplacesCarriersClouds 1 Projected YE 2031 2 As of June 30, 2026

© 2026 Lumen Technologies. All Rights Reserved. 11 CHRIS STANSBURY PRESIDENT & CFO

© 2026 Lumen Technologies. All Rights Reserved. 12 Operational and Financial Accomplishments in 2Q’26 End of sale for enterprise voice offerings; enhanced focus on higher-return digital products Solid financial results; EBITDA, revenue, and FCF all in-line with expectations Closed the Alkira acquisition; enabling smarter connectivity Reduced SEC filers from 3 to 1; executing another Modernization & Simplification milestone

© 2026 Lumen Technologies. All Rights Reserved. 13 ($ in millions) 2Q’26 Y/Y% Change Q/Q% Change Large Enterprise $794 3.7% 2.1% Mid-Market Enterprise $435 (8.0%) (0.9%) Public Sector $490 1.4% (3.2%) N.A. Enterprise $1,719 (0.2%) (0.2%) Wholesale $653 (5.1%) 0.8% N.A. Total Business $2,372 (1.6%) 0.0% International & Other $72 (10.0%) (1.4%) Total Business $2,444 (1.8%) 0.0% Total Mass Markets $361 (40.0%) (20.7%) Total Revenue $2,805 (9.3%) (3.2%) 2Q’26 Total Reported Revenue ($ in millions) 2Q’26 Y/Y% Change Q/Q% Change % Total Digital $39 - - - PCF $91 - - - Other Strategic $1,159 - - - Strategic $1,289 14.1% 3.5% 53% Legacy $1,155 (15.1%) (3.6%) 47% Total Business $2,444 (1.8%) 0.0% 100%

© 2026 Lumen Technologies. All Rights Reserved. 14 Total Business Revenue: Strategic vs. Legacy Total business revenue on glidepath to inflection driven by continued strategic revenue expansion Total Business Revenue: Strategic vs. Legacy $1,155 $1,289 40% 41% 42% 44% 45% 45% 48% 49% 51% 53% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Legacy Strategic Strategic as % of Total

© 2026 Lumen Technologies. All Rights Reserved. 15 2Q’26 Adjusted EBITDA* excluding special items ($ in millions) 2Q’26 Y/Y% Change Total Revenue $2,805 (9.3%) Adjusted EBITDA* $802 (8.6%) Adjusted EBITDA* Margin 28.6% 20 bps Adjusted EBITDA* $598 2Q’26 Special Items: (+) Net (gain) loss on sale of businesses $31 (+) Transaction and separation costs(1) $48 (+) Modernization and simplification(2) $116 (+) Other $9 Adjusted EBITDA* excl. Special Items $802 (1) Primarily reflects transaction and separation costs associated with (i) the Q1 2026 sale of our Mass Markets fiber-to-the-home business to AT&T and (ii) additional transaction and separation costs associated with supporting transition and separation services of our previous divestitures. (2) Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027. *For definitions of non-GAAP financial measures and reconciliations to GAAP figures, see Lumen’s Investor Relations website. ($ in millions)

© 2026 Lumen Technologies. All Rights Reserved. 16 Consolidated Cash Flow Summary ($ in millions) 2Q’26 Cash Flow from Operations $971 Capital Expenditures(1) $780 Free Cash Flow(1) $327 Net Cash Interest $88 Key Metrics 1) Excluding Special Items impacting Capital Expenditures and Cash Flows. For definitions of non-GAAP financial measures and reconciliations to GAAP figures, see Lumen’s Investor Relations website.

© 2026 Lumen Technologies. All Rights Reserved. 17 2026 Financial Outlook Metric(1)(2)(3)(4) Outlook Adjusted EBITDA $3.1 to $3.3 billion Free Cash Flow $1.9 to $2.1 billion Net Cash Interest $650 million to $750 million Capital Expenditures $3.2 to $3.4 billion Cash Income Taxes (refund) ($350) to ($450) million (1) For definitions of non-GAAP financial measures and certain reconciliations to GAAP figures, see Lumen’s Investor Relations website. (2) Outlook measures in this presentation and the accompanying schedules (i) exclude the effects of Special Items or future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of August 4, 2026. See “Forward Looking Statements” at the beginning of this presentation. (3) Reflects a $400 million refund from recent tax legislation. Excludes the taxes related to the Mass Markets FTTH divestiture. (4) Free Cash Flow guidance for 2026 includes $729 million of proceeds from the Mass Markets Fiber-to-the-Home divestiture classified as cash flow from operations. Free Cash Flow for the first quarter of 2026 as reported includes this $729 million. The cash proceeds from the divestiture were primarily used to pay down debt in the first quarter of 2026.

© 2025 Lumen Technologies. All Rights Reserved. 18

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Document

Lumen Technologies Appoints John M. Hinshaw to Board of Directors, Strengthening Technology, Security and Operational Expertise

Former HSBC Group COO and veteran technology executive will further enhance Board’s expertise in digital transformation and risk management

DENVER, Aug. 4, 2026 — Lumen Technologies (NYSE: LUMN) today announced the appointment of John M. Hinshaw to its Board of Directors, effective Aug. 4, 2026. His appointment enhances the Board’s expertise in digital transformation, enterprise technology, risk management, and operational excellence, supporting Lumen’s continued focus on enabling the AI economy through its physical infrastructure, programmable network, and connected ecosystem.

“John’s deep expertise leading technology-enabled transformation at some of the world’s largest and most complex organizations makes him an outstanding addition to our Board,” said Kate Johnson, CEO of Lumen. “As businesses increasingly rely on secure, scalable digital infrastructure to support AI and innovation, John’s experience will provide valuable perspectives as Lumen continues to execute its transformation and drive long-term value.”

Hinshaw brings more than three decades of leadership experience. Most recently, he served as Group Chief Operating Officer of HSBC, where he oversaw global operations, technology, risk management, and transformation initiatives. He has held executive leadership positions at Hewlett-Packard and Hewlett Packard Enterprise, including Executive Vice President of Technology and Operations and Chief Customer Officer, and he has served as Chief Information Officer for Boeing and Verizon Wireless. He currently serves as director of Sysco Corporation and Genpact Limited and has previously served on the boards of The Bank of New York Mellon Corporation and DocuSign.

"Lumen is uniquely positioned to connect the data, applications, and AI workloads that are reshaping industries around the world," said Hinshaw. “I look forward to working with the Board and management team as the company continues to leverage its network, technology platform, and customer relationships to unlock new growth opportunities for Lumen’s future.”

A full list of Lumen's board of directors is available online.

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About Lumen Technologies

Lumen is unleashing the world's AI potential. As the trusted network for AI, we ignite business growth by connecting people, data, and applications — quickly, securely, and effortlessly. Lumen’s physical infrastructure, programmable network, and connected ecosystem give enterprises a simpler way to move data from virtually anywhere, to anywhere in real-time to support their AI needs. Together, Lumen’s owned fiber backbone and cloud-native control plane provide a differentiated platform for connecting, securing, and operating modern enterprise environments at global scale. From metro connectivity and long-haul data transport to cloud networking, security services, digital platform capabilities, and connectivity orchestration, Lumen meets customers’ needs today and as they build for tomorrow. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies, Inc. in the United States.

For news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, X: lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly owned affiliate of Lumen Technologies, Inc.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding Lumen’s strategy, transformation, ability to support the AI economy, physical infrastructure, programmable network, connected ecosystem, digital infrastructure, technology platform, customer relationships, growth opportunities, long-term value creation, and the anticipated benefits, perspectives, expertise, contributions, and impact of John M. Hinshaw’s on Lumen’s Board of Directors. These forward-looking statements are often identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “may,” “will,” “would,” “could,” “should,” “seek,” “target,” “project,” “forecast,” “outlook,” and similar expressions. These forward-looking statements are not promises or guarantees of future results and are based on current expectations only. Actual results may differ materially from those expressed or implied by these forward-looking statements due to risks and uncertainties, including those described in Lumen’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as updated in Lumen’s other filings with the U.S. Securities and Exchange Commission from time to time. Lumen undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contact:

Anita Gomes anita.gomes@lumen.com +1 858 229 8538

Investor Contact:

Jim Breen, CFA

Investor.relations@lumen.com

+1 603-404-7003

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