Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.91B | $8.55B | $7.86B | $7.55B | $6.83B | $6.47B | $6.08B | $5.60B | $5.22B | $4.49B |
| Revenue growth | — | -4.0% | -8.0% | -3.9% | -9.5% | -5.4% | -6.1% | -7.8% | -6.7% | -14.1% |
| Operating income | $2.32B | $2.31B | $2.66B | $2.88B | $2.71B | $3.11B | $2.75B | -$195M | $2.05B | -$1.01B |
| Operating margin | 26.1% | 27.1% | 33.8% | 38.2% | 39.7% | 48.1% | 45.3% | -3.5% | 39.3% | -22.5% |
| Net income | — | — | $1.67B | — | — | — | — | -$831M | $1.49B | -$1.33B |
| Net margin | — | — | 21.2% | — | — | — | — | -14.8% | 28.5% | -29.6% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.65B | $2.44B | $3.79B | $3.33B | $3.07B | $3.03B | $2.63B | $2.39B | $2.19B | $1.76B |
| Capital expenditures | $1.26B | $1.33B | $1.04B | $1.05B | $1.09B | $797M | $849M | $1.06B | $1.05B | $824M |
| Free cash flow | $1.39B | $1.11B | $2.75B | $2.28B | $1.98B | $2.24B | $1.78B | $1.33B | $1.15B | $938M |
| Dividends paid | $1.30B | $1.00B | $1.27B | $1.60B | $1.73B | $570M | $0.00 | $1.98B | $0.00 | $0.00 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.00M | $1.00M | $5.00M | $2.00M | $14.0M | $2.00M | $8.00M | $10.0M | $26.0M | $39.0M |
| Total assets | $21.1B | $20.9B | $20.6B | $21.0B | $18.7B | $18.4B | $19.0B | $16.3B | $17.4B | $15.8B |
| Long-term debt | — | — | — | $5.95B | $3.33B | $2.16B | — | — | — | — |
| Shareholders' equity | $8.69B | $9.34B | $9.87B | $10.1B | $10.1B | $11.6B | $13.6B | $10.8B | $12.2B | $10.9B |
| Retained earnings | -$1.36B | -$713M | -$182M | $67.0M | $48.0M | $1.58B | $3.52B | $706M | $2.19B | $866M |
| Shares (wtd avg diluted) | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
Every figure is extracted from QWEST CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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