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Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt
Note 5—Long-Term Debt

The following table reflects our consolidated long-term debt as of the dates indicated below, including unamortized discounts and premiums and unamortized debt issuance costs:

Interest Rates (1)
Maturities (1)
March 31, 2026December 31, 2025
   (Dollars in millions)
Senior notes
6.500% - 7.750%
2030 - 2057$1,736 1,736 
Finance leases
VariousVarious3 2 
Unamortized debt issuance costs(50)(50)
Total long-term debt  1,689 1,688 
Less current maturities(1)— 
Long-term debt, excluding current maturities$1,688 1,688 
_______________________________________________________________________________
(1)As of March 31, 2026.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2026 (excluding unamortized premiums, net and unamortized debt issuance costs) maturing during the following years:

(Dollars in millions)
2026 (remaining nine months)$— 
20271 
2028— 
2029— 
203098 
2031 and thereafter1,640 
Total long-term debt$1,739 

Qwest Guarantees of Lumen Debt

As of March 31, 2026, Lumen’s obligations under its credit agreements entered into on March 22, 2024 are unsecured, but Qwest Corporation and certain of its subsidiaries have provided an unconditional unsecured guarantee of Lumen’s obligations under these agreements.

For more information, see Note 7—Long-Term Debt in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025. For updates on these guarantees subsequent to March 31, 2026, see our Note 5—Long-Term Debt and Credit Facilities — "Subsequent Events" in our ultimate parent company Lumen's Quarterly Report on Form 10-Q for the period ended March 31, 2026.

Other Related Information

For information about our senior notes, our 2025 debt transactions, and our intercompany debt arrangements, see Note 7—Long-Term Debt in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025.

Compliance

As of March 31, 2026, we believe we were in compliance with the financial covenants contained in our material debt agreements in all material respects.
Subsequent Events

Exchange Offers and Consent Solicitations

On April 20, 2026, we commenced offers to exchange (the “Exchange Offers”) the 6.500% Notes due 2056 (the “2056 Notes”) and 6.750% Notes due 2057 (the “2057 Notes” and, together with the 2056 Notes, the “Old Qwest Notes”) issued by us for 6.500% Notes due 2056 (the “New 2056 Notes”) and 6.750% Notes due 2057 (the “New 2057 Notes” and, together with the New 2056 Notes, the “New Qwest Notes”) to be issued by us, respectively, and to be fully and unconditionally guaranteed on an unsecured basis by Lumen, in each case upon the terms and subject to the conditions set forth in a Registration Statement on Form S-4 filed with the SEC on April 16, 2026 and declared effective on April 20, 2026. Each New Qwest Note issued in exchange for an Old Qwest Note will have an interest rate, maturity, interest payment dates and redemption prices that are the same as the tendered Old Qwest Note, and will accrue interest from and including the most recent interest payment date of the tendered Old Qwest Note.

In connection with the Exchange Offers, we and Lumen are also soliciting consents from holders of each series of the Old Qwest Notes to certain proposed amendments to the indentures governing the Old Qwest Notes (the “Proposed Amendments”). To adopt the Proposed Amendments related to a series of Old Qwest Notes, Qwest must receive consents from holders representing at least a majority of the outstanding aggregate principal amount of such series of Old Qwest Notes (the “Requisite Consents”). Receipt of the Requisite Consents is not a condition to the consummation of the Exchange Offers. The Proposed Amendments would, among other things, eliminate substantially all of the restrictive covenants in the applicable indenture governing such series of Old Qwest Notes. If the requisite consents are received, a supplemental indenture giving effect to the Proposed Amendments will be executed and become effective on the settlement date, and the Proposed Amendments will bind all holders of the applicable series of Old Qwest Notes, including holders who did not consent to such amendments.

As part of simplifying its reporting obligations, Lumen intends to delist the Old Qwest Notes from the New York Stock Exchange ("NYSE") and deregister the Old Qwest Notes under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend to cease filing reports with the SEC under the Exchange Act with respect to the New Qwest Notes, in reliance on Rule 12h-5 under the Exchange Act, subject to Lumen's periodic reports containing the disclosures required by Rule 13-01 of Regulation S-X. Lumen has applied to list the New Qwest Notes on the NYSE. On April 30, 2026, we filed a Notification of Removal from Listing on Form 25 with the SEC in connection with the delisting of the Old Qwest Notes from the NYSE. The delisting of the Old Qwest Notes is expected to become effective on or about May 11, 2026, and Lumen intends to file a Certification and Notice of Termination on Form 15 with the SEC to deregister the Old Qwest Notes and suspend Qwest’s reporting obligations under Sections 13 and 15(d) of the Exchange Act.

Qwest Guarantees of Lumen Debt
Lumen’s obligations under its revolving credit agreement entered into on April 14, 2026 are unsecured, but Qwest Corporation and certain of its subsidiaries have provided an unconditional unsecured guarantee of Lumen’s obligations under these agreements.