Lumen Revenue Falls to $2.72 Billion in Q3

The telecom company reported a net loss of $265 million and plans to retire copper services in four states.

Updated on Nov. 5, 2026 in Telecommunications

Lumen Revenue Falls to $2.72 Billion in Q3

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Do you trust phone companies to keep service reliable as they retire old copper lines?

Lumen Technologies reported total revenue of $2.72 billion for the third quarter of 2026, down from $3.09 billion a year earlier, with a net loss of $265 million. The company also plans to eliminate copper-based telecom services in Florida, Iowa, Utah and Nevada by the end of 2027.

Why it matters

Lumen states that maintaining copper services in the four states costs more than the revenue they generate, and that copper is worth more mined than operated. The shift reflects a broader move by the company toward its strategic business lines, which it says carry higher margins.

Lumen's strategic portfolio direct margins are approximately 80%, compared with 65% on legacy services, and adjusted EBITDA was $715 million in Q3 2026. The company expects $1 billion to $1.5 billion from mineable copper over the next five years.

The players

Lumen Technologies

Lumen Technologies is a U.S. telecommunications company that provides network, cloud and connectivity services to businesses and consumers.

The details

Lumen is accelerating the decommissioning of its copper networks in Florida, Iowa, Utah and Nevada, which together represent 25% of its existing copper network, to recover the copper. The company is guiding 2026 adjusted EBITDA of $3.1 billion to $3.3 billion and expects that figure to inflect to growth this year.

Q3 2025: Lumen reported $3.09 billion in revenue and a $621 million net loss.
Q2 2026: Lumen reported $2.81 billion in revenue and a $201 million net loss.
Q3 2026: Lumen reported $2.72 billion in revenue and a $265 million net loss.
By end of 2027: Lumen plans to eliminate copper services in the four states.
Over the next five years: Lumen expects $1 billion to $1.5 billion from mineable copper.

Tech Race

Lumen's copper retirement extends the broader industry migration away from legacy copper toward higher-margin fiber and cloud services. The company is positioning its strategic business lines, which now make up 55% of its revenue, as the core of its future growth.

Customers of legacy copper telecom services in Florida, Iowa, Utah and Nevada will eventually need to move to alternative service as the copper networks are retired. The timing of that transition is set for the coming years, with the company's end-of-2027 target for the four states.

The takeaway

Lumen's decision shows that legacy copper networks are increasingly valued for their materials rather than their service revenue. Readers in the affected states should watch for notices about service changes as the company moves its infrastructure toward fiber and cloud offerings.