At&T Inc 8-K, filed Oct 21, 2026

At&T Inc. (T)

8-K 2026-10-21 For: 2026-10-21

Added on October 21, 2026

About this 8-K

At&T Inc filed this 8-K on October 21, 2026.

AT&T Inc. reported third-quarter 2026 revenues of $32.3 billion, up 5.3% year over year; adjusted EPS was $0.65, adjusted EBITDA was $12.5 billion, and free cash flow was $5.0 billion. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


(d)	Exhibits

	99.1	Press release dated October 21, 2026 reporting financial results for the third quarter ended September 30, 2026.

	99.2	AT&T Inc. selected financial statements and operating data.

	99.3	Discussion and reconciliation of non-GAAP measures.



	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


		AT&T INC.



Date: October 21, 2026	By:	/s/ Sabrina Sanders
		Sabrina Sanders Senior Vice President - Chief Accounting Officer and Controller


Advanced Connectivity
Dollars in millions	Third Quarter						Percent
Unaudited	2026			2025			Change

Operating Revenues	$	29,481		$	27,503		7.2	%
Service	23,902			22,529			6.1	%
Wireless Service	17,764			16,926			5.0	%
Advanced Home Internet	2,975			2,411			23.4	%
Business Fiber and Advanced Connectivity	1,992			1,832			8.7	%
Business Transitional and Other	1,023			1,198			(14.6)	%
Other Service	148			162			(8.6)	%
Equipment	5,579			4,974			12.2	%
Operating Expenses	21,853			21,086			3.6	%
Operating Income	7,628			6,417			18.9	%
Operating Income Margin	25.9		%	23.3		%	260 BP
EBITDA*	$	12,330		$	11,493		7.3	%
EBITDA Margin*	41.8		%	41.8		%	—	BP


Legacy
Dollars in millions	Third Quarter						Percent
Unaudited	2026			2025			Change

Operating Revenues	$	1,519		$	2,013		(24.5)	%
Operating Expenses	1,021			1,334			(23.5)	%
Operating Income	498			679			(26.7)	%
Operating Income Margin	32.8		%	33.7		%	(90)	BP
EBITDA*	$	498		$	679		(26.7)	%
EBITDA Margin*	32.8		%	33.7		%	(90)	BP


Latin America
Dollars in millions	Third Quarter				Percent
Unaudited	2026		2025		Change

Operating Revenues	$	1,240	$	1,095	13.2	%
Service	798		696		14.7	%
Equipment	442		399		10.8	%
Operating Expenses	1,195		1,073		11.4	%
Operating Income	45		22		—	%
EBITDA*	236		199		18.6	%


AT&T Inc.
Financial Data

Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Third Quarter				Percent		Nine-Month Period				Percent
	2026		2025		Change		2026		2025		Change
Operating Revenues
Service	$	26,301	$	25,336	3.8	%	$	77,756	$	75,766	2.6	%
Equipment	6,021		5,373		12.1	%	17,630		16,416		7.4	%
Total Operating Revenues	32,322		30,709		5.3	%	95,386		92,182		3.5	%

Operating Expenses
Cost of revenues
Equipment	6,098		5,468		11.5	%	18,144		16,900		7.4	%

Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,344		6,351		(0.1)	%	18,911		19,102		(1.0)	%
Selling, general and administrative	7,435		7,454		(0.3)	%	21,972		21,544		2.0	%
Asset impairments and abandonments and restructuring	3,372		—		—	%	3,658		504		—	%
Depreciation and amortization	4,978		5,317		(6.4)	%	14,910		15,758		(5.4)	%
Total Operating Expenses	28,227		24,590		14.8	%	77,595		73,808		5.1	%
Operating Income	4,095		6,119		(33.1)	%	17,791		18,374		(3.2)	%
Interest Expense	1,979		1,700		16.4	%	5,675		5,013		13.2	%
Equity in Net Income (Loss) of Affiliates	(10)		(20)		50.0	%	(80)		1,905		—	%
Other Income (Expense) — Net	590		6,254		(90.6)	%	1,880		7,476		(74.9)	%
Income from Continuing Operations Before Income Taxes	2,696		10,653		(74.7)	%	13,916		22,742		(38.8)	%
Income tax expense on continuing operations	1,390		976		42.4	%	3,353		3,512		(4.5)	%
Income From Continuing Operations	1,306		9,677		(86.5)	%	10,563		19,230		(45.1)	%
Loss from discontinued operations, net of tax	(37)		—		—	%	(103)		—		—	%
Net Income	1,269		9,677		(86.9)	%	10,460		19,230		(45.6)	%
Net Income Attributable to Noncontrolling Interest	(378)		(363)		(4.1)	%	(1,113)		(1,065)		(4.5)	%
Net Income Attributable to AT&T	$	891	$	9,314	(90.4)	%	$	9,347	$	18,165	(48.5)	%
Preferred Stock Dividends and Redemption Gain	(36)		(36)		—	%	(108)		(28)		—	%
Net Income Attributable to Common Stock	$	855	$	9,278	(90.8)	%	$	9,239	$	18,137	(49.1)	%

Basic Earnings Per Share Attributable to Common Stock
Income from continuing operations	$	0.13	$	1.29	(89.9)	%	$	1.34	$	2.51	(46.6)	%
Loss from discontinued operations	(0.01)		—		—	%	(0.01)		—		—	%
	$	0.12	$	1.29	(90.7)	%	$	1.33	$	2.51	(47.0)	%
Weighted Average Common Shares Outstanding (000,000)	6,835		7,156		(4.5)	%	6,929		7,193		(3.7)	%
Diluted Earnings Per Share Attributable to Common Stock
Income from continuing operations	$	0.13	$	1.29	(89.9)	%	$	1.34	$	2.51	(46.6)	%
Loss from discontinued operations	(0.01)		—		—	%	(0.01)		—		—	%
	$	0.12	$	1.29	(90.7)	%	$	1.33	$	2.51	(47.0)	%
Weighted Average Common Shares Outstanding with Dilution (000,000)	6,844		7,169		(4.5)	%	6,938		7,203		(3.7)	%


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
	Sep. 30,		Dec. 31,
	2026		2025
Assets	(Unaudited)
Current Assets
Cash and cash equivalents	$	10,767	$	18,234
Accounts receivable – net of related allowances for credit loss of $272 and $429	7,992		8,843
Inventories	2,893		2,420
Prepaid and other current assets	19,477		19,235
Assets held for sale	11,216		—
Total current assets	52,345		48,732
Property, Plant and Equipment – Net	132,154		131,559
Goodwill – Net	63,865		63,425
Licenses – Net	149,357		128,148
Other Intangible Assets – Net	5,987		5,254
Investments in and Advances to Equity Affiliates	1,173		1,106
Operating Lease Right-Of-Use Assets	22,352		22,642

Other Assets	18,638		19,332
Total Assets	$	445,871	$	420,198
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	9,483	$	9,011

Accounts payable and accrued liabilities	38,335		38,514
Advanced billings and customer deposits	3,909		4,266
Dividends payable	1,912		1,989
Liabilities held for sale	6,636		—
Total current liabilities	60,275		53,780
Long-Term Debt	150,144		127,089
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities	61,551		58,312
Postemployment benefit obligation	8,100		8,478
Operating lease liabilities	18,520		18,943
Other noncurrent liabilities	22,521		25,104
Total deferred credits and other noncurrent liabilities	110,692		110,837
Redeemable Noncontrolling Interest	2,006		2,001
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	106,239		106,533
Retained earnings	19,265		15,768
Treasury stock	(25,268)		(18,529)
Accumulated other comprehensive income (loss)	(1,082)		(860)
Noncontrolling interest	15,979		15,958
Total stockholders’ equity	122,754		126,491
Total Liabilities and Stockholders’ Equity	$	445,871	$	420,198


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Nine-Month Period
	2026		2025
Operating Activities
Income from continuing operations	$	10,563	$	19,230
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	14,910		15,758
Provision for uncollectible accounts	1,817		1,592
Asset impairments and abandonments and restructuring	3,658		504
Pension and postretirement benefit expense (credit)	(1,187)		(1,191)

Net (gain) loss on investments	(277)		(5,722)
Changes in operating assets and liabilities:
Receivables	(903)		(613)
Equipment installment receivables and related sales	(1,016)		806
Contract asset and cost deferral	(617)		(482)
Inventories, prepaid and other current assets	(823)		(1,952)
Accounts payable and other accrued liabilities	(1,253)		(2,029)
Changes in income taxes	3,209		2,609
Postretirement claims and contributions	(364)		(593)
Other - net	1,198		1,047
Total adjustments	18,352		9,734
Net Cash Provided by Operating Activities from Continuing Operations	28,915		28,964

Investing Activities
Capital expenditures	(15,638)		(14,061)
Acquisitions, net of cash acquired	(25,677)		(47)
Dispositions	858		439

(Purchases), sales and settlements of securities - net	(1)		25
Other - net	(1,062)		(789)
Net Cash Used in Investing Activities from Continuing Operations	(41,520)		(14,433)

Financing Activities

Issuance of other short-term borrowings	3,000		—
Repayment of other short-term borrowings	(3,000)		—
Issuance of long-term debt	35,870		14,027
Repayment of long-term debt	(10,172)		(1,849)

Payment of vendor financing	(1,148)		(823)

Redemption of preferred stock	—		(2,075)
Purchase of treasury stock	(7,472)		(2,669)
Issuance of treasury stock	1		19
Issuance of preferred interests in subsidiary	—		2,221

Dividends paid	(5,923)		(6,168)
Other - net	(1,487)		(292)
Net Cash Provided by Financing Activities from Continuing Operations	9,669		2,391
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	(2,936)		16,922
Cash flows from Discontinued Operations:
Cash provided by operating activities	197		—
Cash used in investing activities	(4,607)		—
Cash used in financing activities	—		—
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	(4,410)		—
Net increase (decrease) in cash and cash equivalents and restricted cash	$	(7,346)	$	16,922
Cash and cash equivalents and restricted cash beginning of year	18,527		3,406
Cash and Cash Equivalents and Restricted Cash End of Period	$	11,181	$	20,328


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Third Quarter				Percent		Nine-Month Period						Percent
	2026		2025		Change		2026			2025			Change
Capital expenditures
Purchase of property and equipment	$	5,010	$	4,843	3.4	%	$	15,496		$	13,940		11.2	%
Interest during construction	51		44		15.9	%	142			121			17.4	%
Total Capital Expenditures	$	5,061	$	4,887	3.6	%	$	15,638		$	14,061		11.2	%

Acquisitions, net of cash acquired
Business acquisitions	$	11	$	—	—	%	$	1,702		$	—		—	%
Spectrum acquisitions	22,842		(13)		—	%	23,876			1			—	%
Interest during construction - spectrum	99		12		—	%	99			46			—	%
Total Acquisitions	$	22,952	$	(1)	—	%	$	25,677		$	47		—	%

Cash paid for interest	$	1,990	$	1,855	7.3	%	$	5,724		$	5,171		10.7	%

Cash paid for income taxes, net of (refunds)	$	21	$	17	23.5	%	$	112		$	897		(87.5)	%

Dividends Declared per Common Share	$	0.2775	$	0.2775	—	%	$	0.8325		$	0.8325		—	%

End of Period Common Shares Outstanding (000,000)							6,761			7,109			(4.9)	%
Debt Ratio							56.1		%	52.0		%	410	BP
Total Employees							127,150			135,670			(6.3)	%


Segment Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2026			2025			Change		2026			2025			Change
Operating Revenues
Wireless service	$	17,764		$	16,926		5.0	%	$	52,118		$	50,430		3.3	%
Advanced home internet	2,975			2,411			23.4	%	8,700			6,908			25.9	%
Business fiber and advanced connectivity	1,992			1,832			8.7	%	5,820			5,356			8.7	%
Business transitional and other	1,023			1,198			(14.6)	%	3,148			3,741			(15.9)	%
Other service	148			162			(8.6)	%	457			488			(6.4)	%
Total Service Revenues	23,902			22,529			6.1	%	70,243			66,923			5.0	%
Equipment	5,579			4,974			12.2	%	16,324			15,269			6.9	%
Total Segment Operating Revenues	29,481			27,503			7.2	%	86,567			82,192			5.3	%

Operating Expenses

Operations and support	17,151			16,010			7.1	%	50,647			48,613			4.2	%
Depreciation and amortization	4,702			5,076			(7.4)	%	14,094			15,084			(6.6)	%
Total Segment Operating Expenses	21,853			21,086			3.6	%	64,741			63,697			1.6	%
Operating Income	$	7,628		$	6,417		18.9	%	$	21,826		$	18,495		18.0	%

Operating Income Margin	25.9		%	23.3		%	260 BP		25.2		%	22.5		%	270 BP



Supplementary Operating Data
Subscribers and connections in thousands
Unaudited							September 30,				Percent
							2026		2025		Change
Retail Wireless Subscribers1							110,237		108,799		1.3	%
Phone							91,736		90,755		1.1	%
Postpaid phone							75,283		73,801		2.0	%
Prepaid phone							16,453		16,954		(3.0)	%
Other							18,501		18,044		2.5	%

	Third Quarter				Percent		Nine-Month Period				Percent
	2026		2025		Change		2026		2025		Change
Retail Wireless Net Adds1, 2	537		161		—	%	1,244		744		67.2	%
Phone	358		322		11.2	%	1,016		993		2.3	%
Postpaid phone	379		405		(6.4)	%	1,105		1,130		(2.2)	%
Prepaid phone	(21)		(83)		74.7	%	(89)		(137)		35.0	%
Other	179		(161)		—	%	228		(249)		—	%

Phone churn3	1.19	%	1.24	%	(5)	BP	1.17	%	1.18	%	(1)	BP
Postpaid phone churn3	0.92	%	0.92	%	—	BP	0.89	%	0.87	%	2	BP
Prepaid phone churn3	2.41	%	2.63	%	(22)	BP	2.44	%	2.53	%	(9)	BP
1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.
2Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity.
3Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period.

							September 30,				Percent
							2026		2025		Change
Internet Connections							16,248		12,565		29.3	%
Fiber							13,310		10,789		23.4	%
AT&T Fiber							12,560		10,123		24.1	%
AT&T Business Fiber1							750		666		12.6	%
Fixed Wireless							2,938		1,776		65.4	%
AT&T Internet Air (AIA)							2,231		1,276		74.8	%
Business Fixed Wireless2							707		500		41.4	%

	Third Quarter				Percent		Nine-Month Period				Percent
	2026		2025		Change		2026		2025		Change
Internet Net Adds3	769		613		25.4	%	1,999		1,638		22.0	%
Fiber	442		309		43.0	%	1,101		861		27.9	%
AT&T Fiber	416		288		44.4	%	1,033		792		30.4	%
AT&T Business Fiber1	26		21		23.8	%	68		69		(1.4)	%
Fixed Wireless	327		304		7.6	%	898		777		15.6	%
AT&T Internet Air (AIA)	280		270		3.7	%	734		654		12.2	%
Business Fixed Wireless2	47		34		38.2	%	164		123		33.3	%
1Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.
2Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity.
3Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025.


Consumer Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2026			2025			Change		2026			2025			Change
Operating Revenues
Wireless service	$	15,283		$	14,594		4.7	%	$	44,859		$	43,523		3.1	%
Advanced home internet	2,975			2,411			23.4	%	8,700			6,908			25.9	%
Other service	148			162			(8.6)	%	457			488			(6.4)	%
Total Service Revenues	18,406			17,167			7.2	%	54,016			50,919			6.1	%
Equipment	4,642			4,107			13.0	%	13,513			12,626			7.0	%
Total Operating Revenues	23,048			21,274			8.3	%	67,529			63,545			6.3	%

Operating Expenses

Operations and support	12,735			11,573			10.0	%	37,558			35,240			6.6	%
Depreciation and amortization	2,973			3,069			(3.1)	%	8,971			9,136			(1.8)	%
Total Operating Expenses	15,708			14,642			7.3	%	46,529			44,376			4.9	%
Operating Income	$	7,340		$	6,632		10.7	%	$	21,000		$	19,169		9.6	%

Operating Income Margin	31.8		%	31.2		%	60	BP	31.1		%	30.2		%	90	BP


Business Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2026			2025			Change		2026			2025			Change
Operating Revenues
Wireless service	$	2,481		$	2,332		6.4	%	$	7,259		$	6,907		5.1	%
Fiber and advanced connectivity	1,992			1,832			8.7	%	5,820			5,356			8.7	%
Transitional and other service	1,023			1,198			(14.6)	%	3,148			3,741			(15.9)	%
Total Service Revenues	5,496			5,362			2.5	%	16,227			16,004			1.4	%
Equipment	937			867			8.1	%	2,811			2,643			6.4	%
Total Operating Revenues	6,433			6,229			3.3	%	19,038			18,647			2.1	%

Operating Expenses

Operations and support	4,416			4,437			(0.5)	%	13,089			13,373			(2.1)	%
Depreciation and amortization	1,729			2,007			(13.9)	%	5,123			5,948			(13.9)	%
Total Operating Expenses	6,145			6,444			(4.6)	%	18,212			19,321			(5.7)	%
Operating Income (Loss)	$	288		$	(215)		—	%	$	826		$	(674)		—	%

Operating Income Margin	4.5		%	(3.5)		%	800	BP	4.3		%	(3.6)		%	790	BP


Three Months Ended
Dollars in millions
Unaudited
September 30, 2026
	Advanced Connectivity		Legacy		Latin America		Total Segment				Corporate & Other		AT&T Inc.
Operating Revenues
Wireless service	$	17,764	$	—	$	798	$	18,562			$	—	$	18,562
Consumer	15,283
Business	2,481
Advanced home internet	2,975		—		—		2,975				—		2,975
Business fiber and advanced connectivity	1,992		—		—		1,992				—		1,992
Business transitional and other	1,023		—		—		1,023				—		1,023
Other service	148		1,519		—		1,667				82		1,749
Total Service	23,902		1,519		798		26,219				82		26,301
Equipment	5,579		—		442		6,021				—		6,021
Operating Revenues	29,481		1,519		1,240		32,240				82		32,322
Operating Expenses

Operations and support expenses	17,151		1,021		1,004		19,176				657		19,833
Asset impairments and abandonments and restructuring	—		—		—		—				3,372		3,372

Transaction, legal and other costs	—		—		—		—				44		44
Depreciation and amortization	4,702		—		191		4,893				85		4,978
Operating Expenses	21,853		1,021		1,195		24,069				4,158		28,227

Operating Income (Loss)	$	7,628	$	498	$	45	$	8,171			$	(4,076)	$	4,095



Total other income (expense)													(1,399)
Income from continuing operations before income tax									$	2,696












September 30, 2025
	Advanced Connectivity		Legacy		Latin America		Total Segment				Corporate & Other		AT&T Inc.
Operating Revenues
Wireless service	$	16,926	$	—	$	696	$	17,622			$	—	$	17,622
Consumer	14,594
Business	2,332
Advanced home internet	2,411		—		—		2,411				—		2,411
Business fiber and advanced connectivity	1,832		—		—		1,832				—		1,832
Business transitional and other	1,198		—		—		1,198				—		1,198
Other service	162		2,013		—		2,175				98		2,273
Total Service	22,529		2,013		696		25,238				98		25,336
Equipment	4,974		—		399		5,373				—		5,373
Operating Revenues	27,503		2,013		1,095		30,611				98		30,709
Operating Expenses

Operations and support expenses	16,010		1,334		896		18,240				546		18,786
Asset impairments and abandonments and restructuring	—		—		—		—				—		—

Transaction, legal and other costs	—		—		—		—				487		487
Depreciation and amortization	5,076		—		177		5,253				64		5,317
Operating Expenses	21,086		1,334		1,073		23,493				1,097		24,590

Operating Income (Loss)	$	6,417	$	679	$	22	$	7,118			$	(999)	$	6,119



Total other income (expense)													4,534
Income from continuing operations before income tax									$	10,653


Net Debt to Adjusted EBITDA - 2025
Dollars in millions
	Three Months Ended
	Dec. 31,		March 31,		June 30,		Sept. 30,		Four Quarters
	20241		20251		20251		20251
Adjusted EBITDA	$	10,791	$	11,533	$	11,731	$	11,861	$	45,916
End-of-period current debt									11,378
End-of-period long-term debt									128,090
Total End-of-Period Debt									139,468
Less: Cash and Cash Equivalents									20,272
Less: Time Deposits									350
Net Debt Balance									118,846
Annualized Net Debt to Adjusted EBITDA Ratio									2.59
1As reported in AT&T's Form 8-K filed July 22, 2026.


Nine Months Ended
Dollars in millions
Unaudited
September 30, 2026
	Advanced Connectivity		Legacy		Latin America		Total Segment		Corporate & Other		AT&T Inc.
Operating Revenues
Wireless service	$	52,118	$	—	$	2,331	$	54,449	$	—	$	54,449
Consumer	44,859
Business	7,259
Advanced home internet	8,700		—		—		8,700		—		8,700
Business fiber and advanced connectivity	5,820		—		—		5,820		—		5,820
Business transitional and other	3,148		—		—		3,148		—		3,148
Other service	457		4,919		—		5,376		263		5,639
Total Service	70,243		4,919		2,331		77,493		263		77,756
Equipment	16,324		—		1,306		17,630		—		17,630
Operating Revenues	86,567		4,919		3,637		95,123		263		95,386
Operating Expenses

Operations and support expenses	50,647		3,286		2,954		56,887		1,801		58,688
Asset impairments and abandonments and restructuring	—		—		—		—		3,658		3,658

Transaction, legal and other costs	—		—		—		—		339		339
Depreciation and amortization	14,094		—		580		14,674		236		14,910
Operating Expenses	64,741		3,286		3,534		71,561		6,034		77,595

Operating Income (Loss)	$	21,826	$	1,633	$	103	$	23,562	$	(5,771)	$	17,791



Total other income (expense)											(3,875)
Income from continuing operations before income tax									$	13,916


September 30, 2025
	Advanced Connectivity		Legacy		Latin America		Total Segment		Corporate & Other		AT&T Inc.
Operating Revenues
Wireless service	$	50,430	$	—	$	1,973	$	52,403	$	—	$	52,403
Consumer	43,523
Business	6,907
Advanced home internet	6,908		—		—		6,908		—		6,908
Business fiber and advanced connectivity	5,356		—		—		5,356		—		5,356
Business transitional and other	3,741		—		—		3,741		—		3,741
Other service	488		6,583		—		7,071		287		7,358
Total Service	66,923		6,583		1,973		75,479		287		75,766
Equipment	15,269		—		1,147		16,416		—		16,416
Operating Revenues	82,192		6,583		3,120		91,895		287		92,182
Operating Expenses

Operations and support expenses	48,613		3,926		2,527		55,066		1,865		56,931
Asset impairments and abandonments and restructuring	—		—		—		—		504		504

Transaction, legal and other costs	—		—		—		—		615		615
Depreciation and amortization	15,084		—		482		15,566		192		15,758
Operating Expenses	63,697		3,926		3,009		70,632		3,176		73,808

Operating Income (Loss)	$	18,495	$	2,657	$	111	$	21,263	$	(2,889)	$	18,374



Total other income (expense)											4,368
Income from continuing operations before income tax									$	22,742


Free Cash Flow and Free Cash Flow Dividend Payout Ratio
Dollars in millions
	Third Quarter						Nine-Month Period
	2026			2025			2026			2025
Net Cash Provided by Operating Activities from Continuing Operations	$	10,519		$	10,152		$	28,915		$	28,964
Less: Distributions from DIRECTV classified as operating activities	—			—			—			(1,926)
Less: Cash taxes paid on DIRECTV	—			—			—			251
Less: Capital expenditures	(5,061)			(4,887)			(15,638)			(14,061)
Less: Payment of vendor financing	(505)			(400)			(1,148)			(823)
Free Cash Flow	4,953			4,865			12,129			12,405

Less: Dividends paid	(1,950)			(2,033)			(5,923)			(6,168)
Free Cash Flow after Dividends	$	3,003		$	2,832		$	6,206		$	6,237
Free Cash Flow Dividend Payout Ratio	39.4		%	41.8		%	48.8		%	49.7		%


Cash Paid for Capital Investment
Dollars in millions
	Third Quarter				Nine-Month Period
	2026		2025		2026		2025
Capital expenditures	$	(5,061)	$	(4,887)	$	(15,638)	$	(14,061)
Payment of vendor financing	(505)		(400)		(1,148)		(823)
Cash paid for Capital Investment	$	(5,566)	$	(5,287)	$	(16,786)	$	(14,884)


EBITDA and Adjusted EBITDA
Dollars in millions
	Third Quarter				Nine-Month Period
	2026		2025		2026		2025
Income from Continuing Operations	$	1,306	$	9,677	$	10,563	$	19,230
Additions:
Income Tax Expense	1,390		976		3,353		3,512
Interest Expense	1,979		1,700		5,675		5,013
Equity in Net (Income) Loss of Affiliates	10		20		80		(1,905)
Other (Income) Expense - Net	(590)		(6,254)		(1,880)		(7,476)
Depreciation and amortization	4,978		5,317		14,910		15,758
EBITDA	9,073		11,436		32,701		34,132
Transaction, legal and other costs	44		487		339		615
Benefit-related (gain) loss	16		(62)		(60)		(126)
Asset impairments and abandonments and restructuring	3,372		—		3,658		504
Adjusted EBITDA1	$	12,505	$	11,861	$	36,638	$	35,125


1See "Adjusting Items" section for additional discussion and reconciliation of adjusted items.


Segment EBITDA and EBITDA Margin
Dollars in millions
	Third Quarter						Nine-Month Period
	2026			2025			2026			2025
Advanced Connectivity Segment
Operating Income	$	7,628		$	6,417		$	21,826		$	18,495
Add: Depreciation and amortization	4,702			5,076			14,094			15,084
EBITDA	$	12,330		$	11,493		$	35,920		$	33,579

Total Operating Revenues	$	29,481		$	27,503		$	86,567		$	82,192
Operating Income Margin	25.9		%	23.3		%	25.2		%	22.5		%
EBITDA Margin	41.8		%	41.8		%	41.5		%	40.9		%




















Legacy Segment
Operating Income	$	498		$	679		$	1,633		$	2,657
Add: Depreciation and amortization	—			—			—			—
EBITDA	$	498		$	679		$	1,633		$	2,657

Total Operating Revenues	$	1,519		$	2,013		$	4,919		$	6,583
Operating Income Margin	32.8		%	33.7		%	33.2		%	40.4		%
EBITDA Margin	32.8		%	33.7		%	33.2		%	40.4		%

Latin America Segment
Operating Income	$	45		$	22		$	103		$	111
Add: Depreciation and amortization	191			177			580			482
EBITDA	$	236		$	199		$	683		$	593

Total Operating Revenues	$	1,240		$	1,095		$	3,637		$	3,120
Operating Income Margin	3.6		%	2.0		%	2.8		%	3.6		%
EBITDA Margin	19.0		%	18.2		%	18.8		%	19.0		%


Adjusting Items
Dollars in millions
	Third Quarter				Nine-Month Period
	2026		2025		2026		2025



Operating Expenses
Transaction, legal and other costs1	$	44	$	487	$	339	$	615
Benefit-related (gain) loss	16		(62)		(60)		(126)
Asset impairments and abandonments and restructuring	3,372		—		3,658		504
Adjustments to Operations and Support Expenses	3,432		425		3,937		993
Amortization of intangible assets	80		10		221		28
Adjustments to Operating Expenses	3,512		435		4,158		1,021
Other
Equity in net income of DIRECTV	—		—		—		(1,926)
Gain on sale of DIRECTV	—		(5,479)		—		(5,479)
Benefit-related (gain) loss, impairments of investments and other	(10)		(99)		(71)		(224)

Adjustments to Income from Continuing Operations Before Income Taxes	3,502		(5,143)		4,087		(6,608)
Tax impact of adjustments	(34)		67		106		(266)
Tax-related items	—		177		365		177

Adjustments to Income From Continuing Operations	$	3,536	$	(5,387)	$	3,616	$	(6,519)
Preferred stock redemption gain	—		—		—		(90)
Adjustments to Income From Continuing Operations Attributable to Common Stock	$	3,536	$	(5,387)	$	3,616	$	(6,609)
1Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events.


Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin
Dollars in millions
	Third Quarter						Nine-Month Period
	2026			2025			2026			2025
Operating Income	$	4,095		$	6,119		$	17,791		$	18,374

Adjustments to Operating Expenses	3,512			435			4,158			1,021
Adjusted Operating Income	$	7,607		$	6,554		$	21,949		$	19,395

EBITDA	$	9,073		$	11,436		$	32,701		$	34,132

Adjustments to Operations and Support Expenses	3,432			425			3,937			993
Adjusted EBITDA	$	12,505		$	11,861		$	36,638		$	35,125

Total Operating Revenues	$	32,322		$	30,709		$	95,386		$	92,182







Operating Income Margin	12.7		%	19.9		%	18.7		%	19.9		%
Adjusted Operating Income Margin	23.5		%	21.3		%	23.0		%	21.0		%
Adjusted EBITDA Margin	38.7		%	38.6		%	38.4		%	38.1		%


Adjusted Diluted EPS
	Third Quarter					Nine-Month Period
	2026			2025		2026			2025
Diluted Earnings Per Share (EPS) From Continuing Operations	$	0.13		$	1.29	$	1.34		$	2.51
Gain on sale of DIRECTV	—			(0.79)		—			(0.79)

Equity in net income of DIRECTV	—			—		—			(0.21)

Restructuring and impairments	0.50			—		0.53			0.05
Benefit-related, transaction, legal and other items	0.02			0.04		0.04			0.04

Tax-related items	—			—		(0.05)			—

Adjusted EPS	$	0.65		$	0.54	$	1.86		$	1.60


Year-over-year growth - Adjusted	20.4		%			16.3		%
Weighted Average Common Shares Outstanding with Dilution (000,000)	6,844			7,169		6,938			7,203


Net Debt to Adjusted EBITDA - 2026
Dollars in millions
	Three Months Ended
	Dec. 31,		March 31,		June 30,		Sept. 30,		Four Quarters
	20251		20261		20261		2026
Adjusted EBITDA	$	11,236	$	11,795	$	12,338	$	12,505	$	47,874
End-of-period current debt									9,483
End-of-period long-term debt									150,144
Total End-of-Period Debt									159,627
Add: Mexico held-for-sale finance leases									1,209
Less: Cash and Cash Equivalents									10,767
Less: Time Deposits									250
Net Debt Balance									149,819
Annualized Net Debt to Adjusted EBITDA Ratio									3.13
1As reported in AT&T's Form 8-K filed July 22, 2026.