Risk Sleuth
LUMN · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Lumen Technologies

26 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. Department of Defense

earns fromnamed as a risk
If we are unable to protect controlled unclassified information or to achieve or maintain the required CMMC level, we may be deemed ineligible to bid on or perform certain government contracts.Risk factors (Item 1A)

Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, HEI, JCI and 12 more

Hyperscalers

earns fromnamed as a risk
For example, certain hyperscaler customers have developed infrastructure that has reduced their reliance on our network.Risk factors (Item 1A)

Also named by CLS, CSCO, INTC, NVT, OWL, SLB

Suppliers

Leased fiber from other communication companies

depends onnamed as a risk
Although we own most of our network, we lease a substantial portion of our fiber network from several other communication companies under arrangements that will periodically need to be renewed or replaced to support our current network operations.Business (Item 1)

Fiber optic cable and network equipment suppliers

depends onnamed as a risk
Reliance on key suppliers and vendors: We rely on a limited number of suppliers and vendors for critical equipment and services, including fiber optic cable, software, optronics, transmission electronics, digital switches, routing equipment, customer premise equipment and components, and operational support to assist with operating, maintaining and administering our business, including billing, security, provisioning and general operations.Risk factors (Item 1A)

Rights-of-way from railways, utilities and landowners

depends onnamed as a risk
Many of these authorizations will expire within the next five to ten years unless renewed.Risk factors (Item 1A)

Other companies

AT&T

$5.75 billionnamed as a risk
On February 2, 2026, we completed our sale of our Mass Markets Fiber-to-the-Home business in the Territory ("Mass Markets Fiber-to-the-Home business") to AT&T in exchange for gross cash proceeds of $5.75 billion, subject to post-closing adjustments (the "Mass Markets Fiber-to-the-Home divestiture").Business (Item 1)

Also named by ASTS, CCI, CMCSA, ECHO

Communications Workers of America

approximately 20% of our U.S. workforcenamed as a risk
As of December 31, 2025, approximately 20% of our U.S. workforce was represented by a union, either the Communications Workers of America or the International Brotherhood of Electrical Workers.Business (Item 1)

Also named by T, VZ

Level 3 Financing, Inc.

named as a risk
Under our consolidated debt and financing arrangements, the issuer of the debt is subject to various covenants and restrictions, with the most restrictive applying to Lumen Technologies, Inc. and Level 3 Financing, Inc.Risk factors (Item 1A)

Competitors

Low-earth-orbit satellite and fixed wireless broadband

competes withnamed as a risk
advanced wireless data transmission technologies (e.g., fixed wireless and low-earth-orbit satellites services);Business (Item 1)

Hazards

Hurricanes and severe storms

operates innamed as a risk
Many of our domestic facilities are located in regions susceptible to severe weather and natural disasters, including tropical storms, hurricanes, tornadoes, earthquakes, floods, wildfires, or other casualty events.Risk factors (Item 1A)

Also named by PEG

Lead-sheathed cables

named as a risk
Media reports in 2023 alleged that certain lead-sheathed cables in our copper-based network infrastructure pose public health and environmental risks.Risk factors (Item 1A)

Commodities and inputs

SOFR

exposed to its price · approximately $5.9 billionnamed as a risk
As of December 31, 2025, we had approximately $5.9 billion aggregate principal amount of debt bearing unhedged floating interest rates based on the secured overnight financing rate ("SOFR").Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Regulators

Federal Communications Commission (FCC)

subject tonamed as a risk
We are subject to extensive regulation by the FCC and state commissions, including obligations under the Universal Service Fund programs.Business (Item 1)

Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more

State public utility commissions

subject to
State regulation of ILECs, including ours, has evolved significantly in recent years.Business (Item 1)

Also named by AWK, PRIM, VZ

Laws and programs

Rural Digital Opportunity Fund (RDOF)

subject to · reduction to revenue of $46 millionnamed as a risk
As a result, we will no longer receive funding through the RDOF program and recognized a reduction to revenue of $46 million in our consolidated statements of operations in the second quarter of 2025.Business (Item 1)

$65 billion federal broadband funding (2021 infrastructure legislation)

$65 billionnamed as a risk
We anticipate that the release of this funding may intensify competition for broadband customers.Business (Item 1)

General Data Protection Regulation (GDPR)

subject tonamed as a risk
As a global service provider, we must comply with various jurisdictional data privacy regulations, including the EU's General Data Protection Regulation ("GDPR") and similar data privacy laws adopted in other jurisdictions of our international markets.Business (Item 1)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

U.S. tariffs

exposed to its pricenamed as a risk
In addition, increases in U.S. tariffs could result in additional costs that we may not recover from customers.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Cybersecurity Maturity Model Certification (CMMC)

subject tonamed as a risk
The DoD has also begun phased implementation of the Cybersecurity Maturity Model Certification ("CMMC") into its contracts.Risk factors (Item 1A)

Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, HWM and 15 more

Section 382 of the Internal Revenue Code

subject tonamed as a risk
Federal and state tax attributes, including NOLs, can be subject to annual limitations under the provisions of Section 382 of the Internal Revenue Code and similar state tax laws.Risk factors (Item 1A)

Also named by AR, AROC, DX, HASI, OKE, UAL

Universal Service Fund

subject tonamed as a risk
With judicial and legislative proceedings still pending, the ultimate impact of legal challenges and reform proposals on our operations remains uncertain.Business (Item 1)

Also named by ECHO, GLIBK, TMUS, VSAT, ZM

NIST SP 800-171

subject tonamed as a risk
Moreover, as a contractor to the Department of Defense ("DoD"), we are contractually required to protect "controlled unclassified information" and comply with the DoD's cybersecurity requirements, including the security controls specified in the National Institute of Standards and Technology Special Publication 800-171 ("NIST SP 800-171").Risk factors (Item 1A)

Also named by TDG, WWD

Title II of the Communications Act of 1934 (net neutrality)

subject tonamed as a risk
These developments create uncertainty regarding the future regulatory landscape for BIAS.Business (Item 1)

Section 230 / private network provider liability limitations

subject tonamed as a risk
For example, our business could be materially impacted if U.S. Congress amends or repeals current federal limitations on the liability of private network providers, such as us, for third-party content stored or transmitted on private networks, as proposed by certain officials and consumer groups.Risk factors (Item 1A)

Technology

Artificial intelligence demand

earns fromnamed as a risk
In connection with establishing our strategies and earnings guidance, we have assumed that the continued development of AI will continue to drive robust demand for our products and services, which subjects us to the risk of misallocating our resources if AI-related demand fails to meet current expectations.Risk factors (Item 1A)

Also named by ONTO, UCTT

Private Connectivity Fabric (PCF) solutions

earns fromnamed as a risk
Shifts in data center connectivity demand could reduce or even eliminate future PCF profitability.Risk factors (Item 1A)