CTGG on NYSE

Qwest Corporation

Logo: Qwest, Public domain, via Wikimedia Commons5

Bell Operating Company owned by CenturyLink

Qwest Corporation, doing business as CenturyLink QC, is a Regional Bell Operating Company owned by CenturyLink. It was originally named Mountain States Telephone and Telegraph Company, later becoming known as Mountain Bell, then US West Communications, Inc. from 1991 to 2000. It includes the former operations of Malheur Bell, Northwestern Bell and Pacific Northwest Bell as well.3 Its shares trade on NYSE under the symbol CTGG.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$4.5BRevenue, fiscal 20256
-$1.3BNet income, fiscal 20256
1911Founded1

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  • TickerCTGG on NYSE1
  • Industrytelecommunications1
  • Headquarters1801 California Street1
  • Websitewww.qwest.com
  • Incorporated inCO7
  • Business addressP O Box 4065, 100 Centurylink Drive, Monroe, La 712037
  • Filer categoryNon-accelerated filer7
  • Legal formFor-Profit Corporation4
  • LEI549300R2L4N683OO15094
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O C T Corporation System, 80112-1268 Centennial, United States4
  • Registered withBusiness Division of the Secretary of State’s office, 198710546184

Qwest Corporation, doing business as CenturyLink QC, is a Regional Bell Operating Company owned by CenturyLink. It was originally named Mountain States Telephone and Telegraph Company, later becoming known as Mountain Bell, then US West Communications, Inc. from 1991 to 2000. It includes the former operations of Malheur Bell, Northwestern Bell and Pacific Northwest Bell as well.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-22.5%Operating margin6
-29.6%Net margin6
-14.1%Revenue growth, 20256
-12.2%Return on equity6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue32¢$1.4B
  • Selling, general and admin10¢$456.0M
  • Other costs50¢$2.2B
  • Income tax8¢$352.0M

Out of $4.5B in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$1.8B

Out of $1.8B of cash from operations.6

Financial statements

Revenue10111213146$4.5B in 2025−43% since 2018
0$2.0B$4.0B$6.0B$8.0B2018: $7.9B$7.9B20182019: $7.6B$7.6B2019−4%2020: $6.8B$6.8B2020−10%2021: $6.5B$6.5B2021−5%2022: $6.1B$6.1B2022−6%2023: $5.6B$5.6B2023−8%2024: $5.2B$5.2B2024−7%2025: $4.5B$4.5B2025−14%
Operating income10111213146-$1.0B in 2025
-$2.0B0$2.0B$4.0B2018: $2.7B$2.7B20182019: $2.9B$2.9B2019+8%2020: $2.7B$2.7B2020−6%2021: $3.1B$3.1B2021+15%2022: $2.8B$2.8B2022−11%2023: -$195.0M-$195.0M20232024: $2.1B$2.1B20242025: -$1.0B-$1.0B2025
Net income156-$1.3B in 2025
-$2.0B-$1.0B0$1.0B$2.0B2018: $1.7B$1.7B20182023: -$831.0M-$831.0M20232024: $1.5B$1.5B20242025: -$1.3B-$1.3B2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Total operating revenue$4.7B$5.5B$5.9B
Cost of services and products (exclusive of depreciation and amortization)$1.4B$1.5B$1.6B
Selling, general and administrative$456.0M$438.0M$478.0M
Net loss on disposal group held for sale$235.0M$0$0
Operating expenses - affiliates$920.0M$761.0M$796.0M
Depreciation and amortization$685.0M$753.0M$823.0M
Goodwill impairment$2.0B$0$2.4B
Total operating expenses$5.8B$3.5B$6.1B
OPERATING (LOSS) INCOME-$1.0B$2.1B-$195.0M
Interest expense-$91.0M-$62.0M-$95.0M
Other income, net$36.0M$1.0M$5.0M
Total other income (expense), net$34.0M-$37.0M-$75.0M
(LOSS) INCOME BEFORE INCOME TAXES-$975.0M$2.0B-$270.0M
Income tax expense$352.0M$527.0M$561.0M
NET (LOSS) INCOME-$1.3B$1.5B-$831.0M

Compare Qwest Corporation with another company

Corporate structure

Qwest Corporation is part of a group headed by Lumen Technologies. 189 entities, 21 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Lumen Technologies Monroe, Louisiana, United States
    • Qwest Corporation Monroe, Louisiana, United States
    • Prism TV Subsidiary
    • 1200 Landmark Center Condominium Association, Inc. Subsidiary · Nebraska, United States
    • 49 Percent Qwest Sub 1, LLC Subsidiary · Delaware, United States
    • 49 Percent Qwest Sub 2, LLC Subsidiary · Delaware, United States
    • Alloy TargetCo 1, LLC Subsidiary · Delaware, United States
    • Alloy TargetCo 2, LLC Subsidiary · Delaware, United States
    • Alloy TargetCo 3, LLC Subsidiary · Delaware, United States
    • Alloy TargetCo 4, LLC Subsidiary · Delaware, United States
    • Alloy TargetCo 5, LLC Subsidiary · Delaware, United States
    • Boxgate Holdings, LLC Subsidiary · Delaware, United States
    • Broadwing Communications, LLC Subsidiary · Delaware, United States
    • Broadwing, LLC Subsidiary · Delaware, United States
    • BTE Equipment, LLC Subsidiary · Delaware, United States
    • CCC Canada Holding, Inc. Subsidiary · Delaware, United States
    • Century Cellunet International, Inc. Subsidiary · Louisiana, United States
    • Century Telephone of West Virginia, Inc. Subsidiary · West Virginia, United States
    • CenturyLink Canada, Inc. Subsidiary · Canada
    • CenturyLink Communications, LLC Subsidiary · Delaware, United States
    • CenturyLink Intellectual Property LLC Subsidiary · Delaware, United States
    • CenturyLink Investment Management Company Subsidiary · Colorado, United States
    • CenturyLink Management Company Subsidiary · Delaware, United States
    • CenturyLink Network Company, LLC Subsidiary · Delaware, United States
    • CenturyLink of Florida, Inc. Subsidiary · Florida, United States
    • CenturyLink of Minnesota, Inc. Subsidiary · Minnesota, United States
    • and 163 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

What it owns

What Qwest Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$16.4B6 Dec 31, 2025$17.8B6 Dec 31, 2024−8.0%
Accumulated depreciation$8.9B6 Dec 31, 2025$8.9B6 Dec 31, 20240%
Property and equipment, net$7.4B6 Dec 31, 2025$8.9B6 Dec 31, 2024−16.0%
Finance-lease assets$5.0M6 Dec 31, 2025$6.0M6 Dec 31, 2024−16.7%
Operating-lease assets (leased space)$65.0M6 Dec 31, 2025$64.0M6 Dec 31, 2024+1.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$39.0M6 Dec 31, 2025$26.0M6 Dec 31, 2024+50.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.6B6 Dec 31, 2025$7.0B6 Dec 31, 2024−47.7%
Accumulated amortization$1.6B6 Dec 31, 2025$1.8B6 Dec 31, 2024−10.8%
Finite-lived intangibles, net$111.0M6 Dec 31, 2025$84.0M6 Dec 31, 2024+32.1%

Properties, in its own words

Our property, plant and equipment consists principally of telephone lines, cable, central office equipment, land and buildings related to our operations. Our gross property, plant and equipment consisted of the following components as of the dates below:

2025(5) · 2024

The rest of Item 2

Land · 2 · 2

Fiber, conduit and other outside plant(1) · 45 · 46

Central office and other network electronics(2) · 34 · 33

Support assets(3) · 18 · 16

Construction in progress(4) · 1 · 3

Gross property, plant and equipment · 100 · 100

(1)Fiber, conduit and other outside plant consists of fiber and metallic cable, conduit, poles and other supporting structures.

(2)Central office and other network electronics consists of circuit and packet switches, routers, transmission electronics and electronics providing service to customers.

(3)Support assets consist of buildings, computers and other administrative and support equipment.

(4)Construction in progress includes inventory held for construction and property of the aforementioned categories that has not been placed in service as it is still under construction.

(5)These values exclude assets classified as held for sale as of December 31, 2025.

We own a substantial portion of our telecommunications equipment essential to our operations, but, we also lease certain facilities, network capacity, and equipment from third parties under various agreements. We also own or lease administrative offices in major metropolitan areas. Substantially all of our network electronics equipment is housed in buildings or on land we own or lease within our local service area. Outside our local service area, our assets are generally located on real property under agreements with the property owner or another person with rights to the property. These agreements may expire, terminate, or be legally challenged, which could result in the loss of our rights.

The carrying amount of our net property, plant and equipment was approximately $7.4 billion and $8.9 billion as of December 31, 2025 and 2024, respectively, excluding assets held for sale. For additional information, see Note 9—Property, Plant and Equipment in Item 8.

We have entered into various agreements regarding our unused office and technical space to reduce our ongoing operating expenses regarding such space.

Item 2 of the 10-K filed Feb 20, 2026.20

The story

Denver Telephone Dispatch Company - 1879

Recent Harvard graduates Frederick O. Vaille, and Henry R. Walcott, went to Denver and met a saloonkeeper, Sam Morgan, and together secured 161 customers, enough to warrant a return to Boston to secure a new telephone franchise from the American Bell Telephone Company.

When the franchise was secured, wires were strung, boys were hired as operators, a switchboard was installed and the Denver Telephone Dispatch Company opened for business on February 24, 1879. The Denver exchange was the seventeenth in the nation, opening just nine days after the Minneapolis exchange. Denver's Rocky Mountain News reported that "The Telephone Company are adding new subscribers to the system every day."

Building the Colorado Telephone Company - 1881

Soon after the Denver Dispatch Company began operations, the Western Union-owned Colorado Edison Telephone Company began competitive operations. Western Union also began a phone company in Leadville.

The Edison Company, with its powerful transmitter, was able to offer service to the nearby towns of Golden, Georgetown, Central City, Colorado Springs, and Pueblo.

The competitive battle raged as the Dispatch Company acquired better transmitters and added Golden, Black Hawk, Georgetown and Central City to their calling area. When the American Bell Company won their patent infringement suit with Western Union, the Bell companies absorbed the Western Union companies. In Denver, competition for local service would remain absent from the market until 1997.

In 1880, Vaille sold two of his four franchise contracts back to American Bell, who sold them to Horace Tabor in Leadville. In January 1881, Vaille joined a group of Denver business leaders to form the Colorado Telephone Company. Denver Dispatch faded into history when Vaille sold his remaining two Bell contracts to the Colorado Telephone Company. Henry Wolcott was the president of Colorado Telephone, while Vaille stayed on as general manager for three years.

Meanwhile, the Colorado Telephone Company began to grow, as "boomer linemen" strung wire to ranches and farm towns in the flat lands, and to mines and mining towns in the mountains, and along Colorado's front range. Colorado Telephone purchased the Leadville company in 1888.

Rocky Mountain Bell - 1883

The Denver Dispatch Company was less than two years old when the Rocky Mountain Telephone Company began in Salt Lake City, Utah, with fewer than 100 subscribers. With the financial backing of American Bell, The Rocky Mountain Bell Telephone Company replaced Rocky Mountain Telephone in 1883. Rocky Mountain Bell immediately began an aggressive campaign to buy nearly every small telephone company in the region, and their operating territory soon covered nearly all of Utah, Montana, Idaho, and Wyoming.

Read the full text

A combination of overspending, careless management, and the logistical difficulties of covering an extremely large, sparsely populated territory would eventually put Rocky Mountain Bell in financial trouble.

Mountain States Telephone & Telegraph - 1911

These business practices stopped in July 17, 1911 when Colorado Telephone and Tri-State Telephone merged to form The Mountain States Telephone and Telegraph Company which purchased the Rocky Mountain Bell Telephone Company on July 20, 1911. Vaille was well aware of Rocky Mountain Bell's problems and he insisted that Colorado Telephone Company managers take over the majority of management positions in the former Rocky Mountain Bell Company territory. Vaille served as a Mountain States director until his death in 1920.

A number of Mountain States Telephone & Telegraph buildings survive and are listed on the U.S. National Register of Historic Places.

MST&T commonly did business as Mountain States Telephone until 1969, when the new Bell System logo came into use and the company began doing business as Mountain Bell. The company provided telephone services in Colorado, Utah, Arizona, New Mexico, Montana, Southern Idaho, Wyoming, and the El Paso, Texas, vicinity. Additionally, MST&T acquired a controlling interest in the Malheur Home Telephone Company in Oregon, better known as Malheur Bell. MST&T operated Malheur Bell as a wholly owned independent subsidiary, an arrangement that continued until 2009.

Mountain Bell's operations in El Paso, Texas, were sold to Southwestern Bell in 1982.

Prior to 1984, AT&T held an 88.6% stake in Mountain Bell.

Usage of the Mountain Bell name has recently been resumed by Unical Enterprises, who began producing telephones under the Mountain Bell name in 2006. Additionally, the MountainBell.com domain is still active and redirects to the CenturyLink webpage.

From 1929 to 1984 the Mountain Bell headquarters was located at 931 14th Street in Denver, Colorado. As part of a company-wide real estate savings effort, areas of the building's interior were remodeled in 2009 and 2010, along with the adjoining 930 building, to accommodate employees vacating leased space in the Qwest headquarters building at 1801 California St. In 2023, Lumen Technologies vacated the former Level 3 Communications headquarters campus in Broomfield, Colorado housing senior leadership and C-level executives offices and relocated them to the Mountain Bell headquarters building after minor interior remodeling.

Post-breakup

In 1984, the Bell System was broken into seven Regional Bell Operating Companies. US West, Inc. became a holding company for Mountain Bell, Northwestern Bell, and Pacific Northwest Bell.

US West Communications

In 1988, US West became the first Baby Bell to have its different Bell Operating Companies carry on business under a single name. US West Communications became a "d/b/a" name for Mountain Bell as well as Northwestern Bell and Pacific Northwest Bell; however, the three companies remained legally separate. The three companies also began using the US West Communications logo, which continued to include the Bell logo.

Bell Operating Companies merge

On January 1, 1991, US West merged its three operating companies. As part of the deal, Northwestern Bell and Pacific Bell were folded into Mountain Bell Mountain States Telephone and Telegraph, the surviving company, changed its name to US West Communications, Inc. on January 2, 1991.

US West Communications was the first local telephone company to offer Caller ID service in 1991, nearly four years before any other local telco could do so. They were the first US telco to upgrade their PSTN to electronic switching before 1990 and they were the first to offer residential and business ISDN and later, DSL services to their customers by 1997.

US West, since 1984, had been selling telephone equipment under the Northwestern Bell name. In 1992, US West granted Unical Enterprises, who had been producing phones under the "La Phone" brand, the right to become the exclusive licensee to produce telephones under the Northwestern Bell name, which are still produced under the BELL Phones by Northwestern Bell Phones brand.

Sell-off of rural areas

In 1993, US West began selling off unprofitable rural telephone lines throughout its 14-state region. It retained its telephone directory operations in the areas it sold.

In 1993, US West sold off 10 exchanges in Arizona to three buyers. In 1993, Pacific Telecom agreed to purchase 45 exchanges in Colorado serving 50,000 customers. The sale closed in 1994 and the lines were added to Eagle Telecommunications. In 1995, it sold several exchanges in Fremont County, Idaho to Fremont Telcom (which was acquired by FairPoint in the 2000s). The same year, Pacific Telecom acquired more access lines in Oregon and Washington. In 1996 and 1997, several US West Communications exchanges in South Dakota were sold to Golden West Telecommunications. In 1996, Golden West acquired exchanges in Winner, Murdo, Burke, Bonesteel, Marion and Reliance; in 1997, it acquired lines in Clearfield, Gregory, Lesterville, and Witten. The sale included 8,500 access lines. The lines acquired were then added to Golden West's subsidiary Vivian Telephone Company.

In 1999, US West announced plans to sell 530,000 access lines in largely rural areas to the independent company Citizens Communications for $1.65 billion. The sale would not have included US West Dex directories in those territories. The transaction remained incomplete before 2000.

Acquisition by Qwest

In 2000, Qwest Communications International acquired US West in a hostile takeover. At the time, Global Crossing was trying to acquire US West and Frontier Communications, and US West initially resisted Qwest's takeover. Qwest was a much smaller company in terms of employees and market capitalization but because Qwest's stock was trading at very high prices during the dot-com bubble, it was able to purchase the larger firm, and the Bell Operating Company was renamed Qwest Corporation.

In 2001, Qwest, which acquired US West in 2000, terminated the sale of rural telephone lines agreed upon in 1999 because Citizens refused to complete the transaction.

On December 14, 2009, Qwest Corporation absorbed the operations of its long-time subsidiary Malheur Bell.

Acquisition by CenturyLink

On April 1, 2011, CenturyLink completed its acquisition of Qwest. At that point, Qwest Corporation became a subsidiary of CenturyLink and began doing business as CenturyLink QC effective August 8, 2011. The merger represents a reunion of exchanges acquired by Pacific Telecom in the 1990s that had been separated from US West Communications.

Qwest Corporation is one of two of the original Bell Operating Companies to be owned by a company not founded in 1983 as a Baby Bell. The other is Frontier West Virginia.

From Wikipedia’s article on Qwest Corporation, shared under CC BY-SA 4.0.8

Products and brands

  • plain old telephone service

Listed on Wikidata.1

Subsidiaries and ownership

Ultimate parent

Subsidiaries (Exhibit 21)

  • 1200 Landmark Center Condominium Association, Inc. Nebraska9
  • 49 Percent Qwest Sub 1, LLC Delaware9
  • 49 Percent Qwest Sub 2, LLC Delaware9
  • Lumen IT India Private Limited India9
  • Qwest India Holdings, LLC Delaware9
  • Seal Infotech Private Limited India9
  • The El Paso County Telephone Company Colorado9

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • U S WEST COMMUNICATIONS INCMar 22, 1994 to Oct 11, 20007

Timeline

  1. Jun 11, 20268-K Other events21
  2. Jun 10, 20268-K Other events22
  3. May 20, 20268-K Entered a material agreement; Other events23
  4. May 12, 20268-K Other events24
  5. May 5, 20268-K Other events25
  6. Apr 20, 20268-K Other events26
  7. Oct 4, 20228-K Other events27
  8. Oct 3, 20228-K Other events28
  9. Sep 26, 20228-K Other events29
  10. 1911Founded Founded1

Calendar

Coming up

  1. Nov 13, 2026Dividend Ex-dividend; $0.4062 a share; paid 2026-12-01.30

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

47 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 9 major events, 19 other. The latest 20:

  1. Oct 5, 2026CERT EDGAR
  2. Oct 5, 202625 EDGAR
  3. Oct 5, 20268-A12B FORM 8-A EDGAR
  4. Jun 12, 202615-12G EDGAR
  5. Jun 12, 2026CERT NYSE CERTIFICATION EDGAR
  6. Jun 11, 20268-A12B EDGAR
  7. Jun 11, 20268-K EDGAR
  8. Jun 10, 20268-K EDGAR
  9. May 22, 2026EFFECT EDGAR
  10. May 22, 2026424B3 EDGAR
  11. May 20, 2026POS AM EDGAR
  12. May 20, 2026425 EDGAR
  13. May 20, 20268-K EDGAR
  14. May 12, 2026425 EDGAR
  15. May 12, 20268-K EDGAR
  16. May 5, 2026425 EDGAR
  17. May 5, 20268-K EDGAR
  18. May 5, 202610-Q EDGAR
  19. Apr 30, 202625 EDGAR
  20. Apr 20, 2026EFFECT EDGAR

The 47 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Qwest Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARQWEST CORP2
  • CIK0000068622
  • Employer ID (EIN)84-027380020
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company20
  • Incorporated inColorado20
  • Fiscal year endsDecember 312
  • Industry code (SIC)4813 Telephone Communications (No Radiotelephone)2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business addressP O Box 4065, 100 Centurylink Drive, Monroe, LA 712032
  • Mailing address100 Centurylink Drive, P O Box 4065, Monroe, LA 712032
  • Phone31838890002
  • Shares outstanding0 as of Mar 31, 202616
  • Public float$0 as of Jun 30, 20256
  • AuditorKPMG LLP, Denver, Colorado PCAOB ID 185; no auditor attestation of internal control over financial reporting20
  • On EDGAR sinceMar 15, 19942
  • Filings397 in all: 8-K (117), 10-Q (95), 10-K (29), 424B5 (25), 8-A12B (14), 424B3 (11), CERTNYS (11), FWP (11)2
    All 33 form types

    S-4 (10), 25-NSE (9), 424B2 (7), 10-Q/A (5), EFFECT (5), NT 10-Q (5), UPLOAD (5), 10-K405 (4), CORRESP (4), 425 (3), POS AM (3), S-3ASR (3), S-4/A (3), 10-K/A (2), 10-K405/A (2), 25 (2), 8-K/A (2), CERT (2), S-3/A (2), 15-12G (1), DRS (1), NT 10-K (1), RW (1), S-3 (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) Feb 20, 2026
    Quarterly report (10-Q) May 5, 2026
    Latest 8-K (8-K) Jun 11, 2026

Securities registered for trading

ClassSymbolExchange
6.5% Notes Due 2056CTBBNew York Stock Exchange
6.75% Notes Due 2057CTDDNew York Stock Exchange

From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).20

Risk factors and legal proceedings

The risks Qwest Corporation names in Item 1A of its 10-K filed Feb 20, 2026: 36 risks under these headings, as written.20

  • Business Risks
  • Challenges with integrating, modernizing, and digitally transforming our systems could adversely affect our business and financial results.
  • Our attempts to capitalize on emerging market opportunities — especially AI — may fall short.
  • We operate in an intensely competitive industry, and existing and future competitive pressures could harm our performance.
  • Our ability to compete could be diminished if we fail to innovate and deliver advanced solutions timely.
  • Talent constraints and evolving work models could significantly impede our ability to attract, develop and retain qualified personnel and may impair execution of our transformation and strategic initiatives.
  • Declining revenues and financial uncertainty could adversely affect our business.
  • Damage to our reputation or brands could have a material adverse effect on our business.
  • We could be materially impacted by cyber-attacks.
  • Network, platform, or service failures could materially impact us.
  • Our ability to conduct our operations is materially reliant on key suppliers, vendors, customers, and other third parties.
  • Extreme weather and climate change could disrupt operations and increase costs.
The other 25 risks
  • Our environmental, social, and governance programs and disclosures may expose us to legal, operational, and reputational risks.
  • Adverse developments impacting our non-consolidated affiliates could indirectly impact us.
  • We face other business risks.
  • Legal and Regulatory Risks
  • Complex and evolving regulations could increase operational and compliance costs.
  • We may face legal and reputational risks related to third-party content on our network.
  • Our pending legal proceedings involving us and our affiliates could have a material adverse impact on us.
  • We may not be successful in protecting and enforcing our intellectual property rights.
  • Our use of AI technology may create operational, legal, and reputational risks.
  • Intellectual property claims could result in significant costs and operational disruptions.
  • Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of Personal Information could materially impact our business.
  • Labor disputes or failure to renew collective bargaining agreements could materially affect our operations.
  • Allegations regarding lead-sheathed cables could result in regulatory or governmental actions, litigation, significant costs, and reputational harm.
  • Financial Risks
  • Our significant debt levels expose us to a broad range of risks.
  • Our ability to obtain future financing may be limited, and failure to refinance debt could adversely affect us.
  • We have a highly complex debt structure, which could impact the rights of our investors.
  • Restrictive covenants and potential defaults under our debt agreements could materially affect our operations and liquidity.
  • Our cash flows may not adequately fund all of our cash requirements.
  • Funding obligations for employee benefit plans could negatively impact profitability
  • We regularly transfer our cash for centralized management by Lumen, which exposes us to certain risks.
  • Lapses in our disclosure controls and procedures or internal control over financial reporting could materially and adversely affect us.
  • We face other financial risks.
  • Divestiture Risks
  • We may not realize the anticipated benefits of the 2026 sale of Lumen's Mass Markets Fiber-to-the-Home business in the Territory.
  • General Risks
  • Changes in government trade policies could adversely affect our business.
  • Unfavorable general economic, societal, health, or environmental conditions could negatively impact us.
  • Shareholder or debtholder activism efforts could cause a material disruption to our business.

Legal proceedings

The information contained under the subheadings "Principal Proceedings" and "Other Proceedings, Disputes and Contingencies" in Note 15—Commitments, Contingencies and Other Items in Item 8 is incorporated by reference.

The opening of Item 3, Legal Proceedings.20