Lumen Technologies reported a second-quarter 2025 net loss of $915 million, far wider than analysts’ consensus loss of $287 million. GAAP earnings amounted to a deficit of $0.92 a share. On an adjusted basis the company lost $0.03 a share, a smaller shortfall than the expected $0.26 loss, while adjusted EBITDA slipped to $725 million, missing the $835 million average estimate. Adjusted free cash flow was negative $209 million. Management said revenue fell slightly short of projections because a delay in federal Rural Digital Opportunity Fund payments reduced sales by about $46 million. The quarter also reflected a $400 million benefit from recently enacted tax legislation. Despite the revenue miss, Lumen raised its full-year cash-flow guidance, citing the tax savings and operational adjustments.