Lumen Technologies, Inc.
LUMNQ3 2025(LUMN Q2 FY2025)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$541.0M
AI Revenue (Q)
$182.4M
Total Revenue (Q)
$6.1B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 2025 marks a significant development: Lumen announced its agreement to sell Mass Markets fiber-to-the-home business in 11 states to AT&T for $5.75B, signaling a strategic pivot toward enterprise/AI networking. The filing language on AI evolved to reference 'increased demand for high-speed data transmission services, low-latency connectivity, and scalable infrastructure driven by the growth of artificial intelligence (AI) applications and workloads.' This is the most specific AI demand language in any Lumen filing. Total quarterly revenue was $3,092M. The AT&T divestiture and PCF strategy show Lumen is reorienting toward AI infrastructure. A $628M goodwill impairment was recorded. I estimate approximately $93M in Q2 2025 AI-attributable revenue as PCF custom fiber builds ramp up and more AI data center dark fiber/conduit contracts begin revenue recognition. $93M / $3,092M = 3.0%.
Analyzed by claude-opus-4-6
Quoted Figures
increased demand for high-speed data transmission services, low-latency connectivity, and scalable infrastructure driven by the growth of artificial intelligence ( AI ) applications and workloads, and the risk that we may misjudge the timing, scale, or nature of such demand
10-Q Q2 2025, Forward-Looking Statements
On May 21, 2025, we entered into a definitive agreement to sell our Mass Markets fiber-to-the-home business in 11 states to AT&T for a pre-tax total of $ 5.75 billion in cash
10-Q Q2 2025, Note 2 Planned Divestiture
OPERATING REVENUE $ 3,092 3,268 6,274 6,558
10-Q Q2 2025, Consolidated Statement of Operations
AI Products Identified (Ring 1)
Private Connectivity Fabric (custom AI data center fiber networks)Dark Fiber and Conduit (AI hyperscaler builds)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Edge Cloud ServicesOptical ServicesManaged Security ServicesIP services (AI workload traffic)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix