t-20260128
0000732717FALSE00007327172026-01-282026-01-280000732717us-gaap:CommonStockMember2026-01-282026-01-280000732717us-gaap:SeriesAPreferredStockMember2026-01-282026-01-280000732717us-gaap:SeriesCPreferredStockMember2026-01-282026-01-280000732717t:ATTInc3550GlobalNotesDueNovember182025Member2026-01-282026-01-280000732717t:ATTInc3500GlobalNotesDueDecember172025Member2026-01-282026-01-280000732717t:ATTInc0250GlobalNotesDueMarch42026Member2026-01-282026-01-280000732717t:ATTInc1800GlobalNotesDueSeptember52026Member2026-01-282026-01-280000732717t:ATTInc2900GlobalNotesDueDecember42026Member2026-01-282026-01-280000732717t:ATTInc.FloatingRateGlobalNotesDueSeptember162027Member2026-01-282026-01-280000732717t:ATTInc1600GlobalNotesDueMay192028Member2026-01-282026-01-280000732717t:ATTInc2350GlobalNotesDueSeptember52029Member2026-01-282026-01-280000732717t:ATTInc4375GlobalNotesDueSeptember142029Member2026-01-282026-01-280000732717t:ATTInc2600GlobalNotesDueDecember172029Member2026-01-282026-01-280000732717t:ATTInc0800GlobalNotesDueMarch42030Member2026-01-282026-01-280000732717t:ATTInc.3.150GlobalNotesDueJune302030Member2026-01-282026-01-280000732717t:ATTInc3950GlobalNotesDueApril302031Member2026-01-282026-01-280000732717t:ATTInc2050GlobalNotesDueMay192032Member2026-01-282026-01-280000732717t:ATTInc3550GlobalNotesDueDecember172032Member2026-01-282026-01-280000732717t:ATTInc3.600GlobalNotesDueJune12033Member2026-01-282026-01-280000732717t:ATTInc5200GlobalNotesDueNovember182033Member2026-01-282026-01-280000732717t:ATTInc3375GlobalNotesDueMarch152034Member2026-01-282026-01-280000732717t:ATTInc4300GlobalNotesDueNovember182034Member2026-01-282026-01-280000732717t:ATTInc2450GlobalNotesDueMarch152035Member2026-01-282026-01-280000732717t:ATTInc3150GlobalNotesDueSeptember42036Member2026-01-282026-01-280000732717t:ATTInc.4.050GlobalNotesDueJune12037Member2026-01-282026-01-280000732717t:ATTInc2600GlobalNotesDueMay192038Member2026-01-282026-01-280000732717t:ATTInc1800GlobalNotesDueSeptember142039Member2026-01-282026-01-280000732717t:ATTInc7000GlobalNotesDueApril302040Member2026-01-282026-01-280000732717t:ATTInc4250GlobalNotesDueJune12043Member2026-01-282026-01-280000732717t:ATTInc4875GlobalNotesDueJune12044Member2026-01-282026-01-280000732717t:ATTInc4000GlobalNotesDueJune12049Member2026-01-282026-01-280000732717t:ATTInc4250GlobalNotesDueMarch12050Member2026-01-282026-01-280000732717t:ATTInc3750GlobalNotesDueSeptember12050Member2026-01-282026-01-280000732717t:ATTInc5350GlobalNotesDueNovember12066Member2026-01-282026-01-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

______________________________________________________
FORM 8-K
______________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) January 28, 2026
______________________________________________________
AT&T INC.
(Exact Name of Registrant as Specified in Charter)
______________________________________________________
Delaware001-0861043-1301883
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
  
208 S. Akard St., Dallas, Texas
(Address of Principal Executive Offices)
75202
(Zip Code)
Registrant’s telephone number, including area code (210) 821-4105
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐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))

Securities Registered Pursuant to Section 12(b) of the Act
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common Shares (Par Value $1.00 Per Share)TNew York Stock Exchange
NYSE Texas
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series AT PRANew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series CT PRCNew York Stock Exchange
AT&T Inc. 3.550% Global Notes due November 18, 2025T 25BNew York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025T 25New York Stock Exchange
AT&T Inc. 0.250% Global Notes due March 4, 2026T 26ENew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026T 26DNew York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026T 26ANew York Stock Exchange
AT&T Inc. Floating Rate Global Notes due September 16, 2027T 27CNew York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028T 28CNew York Stock Exchange
AT&T Inc. 2.350% Global Notes due September 5, 2029T 29DNew York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029T 29BNew York Stock Exchange


Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
AT&T Inc. 2.600% Global Notes due December 17, 2029T 29ANew York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030T 30BNew York Stock Exchange
AT&T Inc. 3.150% Global Notes due June 1, 2030T 30CNew York Stock Exchange
AT&T Inc. 3.950% Global Notes due April 30, 2031T 31FNew York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032T 32ANew York Stock Exchange
AT&T Inc. 3.550% Global Notes due December 17, 2032T 32New York Stock Exchange
AT&T Inc. 3.600% Global Notes due June 1, 2033T 33ANew York Stock Exchange
AT&T Inc. 5.200% Global Notes due November 18, 2033T 33New York Stock Exchange
AT&T Inc. 3.375% Global Notes due March 15, 2034T 34New York Stock Exchange
AT&T Inc. 4.300% Global Notes due November 18, 2034T 34CNew York Stock Exchange
AT&T Inc. 2.450% Global Notes due March 15, 2035T 35New York Stock Exchange
AT&T Inc. 3.150% Global Notes due September 4, 2036T 36ANew York Stock Exchange
AT&T Inc. 4.050% Global Notes due June 1, 2037T 37BNew York Stock Exchange
AT&T Inc. 2.600% Global Notes due May 19, 2038T 38CNew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 14, 2039T 39BNew York Stock Exchange
AT&T Inc. 7.000% Global Notes due April 30, 2040T 40New York Stock Exchange
AT&T Inc. 4.250% Global Notes due June 1, 2043T 43New York Stock Exchange
AT&T Inc. 4.875% Global Notes due June 1, 2044T 44New York Stock Exchange
AT&T Inc. 4.000% Global Notes due June 1, 2049T 49ANew York Stock Exchange
AT&T Inc. 4.250% Global Notes due March 1, 2050T 50New York Stock Exchange
AT&T Inc. 3.750% Global Notes due September 1, 2050T 50ANew York Stock Exchange
AT&T Inc. 5.350% Global Notes due November 1, 2066TBBNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 8.01 Other Events.

Throughout this document, AT&T Inc. is referred to as “we” or “AT&T.” AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries.

Overview
We announced on January 28, 2026 that fourth-quarter 2025 net income attributable to common stock totaled $3.8 billion, or $0.53 per diluted share. Fourth-quarter 2025 earnings per diluted share includes amounts totaling to $0.1 billion resulting from the following significant items (per share): $0.08 of benefit from tax items and net $0.03 from gain on sale, benefit-related, transaction, legal and other items offset by $(0.06) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and $(0.04) of restructuring charges. The results compare with a reported net income attributable to common stock of $4.0 billion, or $0.56 per share, in the fourth quarter of 2024, which included amounts totaling to $0.9 billion resulting from the following significant items (per share): $0.12 of equity in net income of DIRECTV, $0.03 of benefit from tax items, offset by net $(0.02) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and obligations and other items.

For the full year 2025, net income attributable to common stock was $21.9 billion versus $10.7 billion in 2024. Full-year 2025 earnings per diluted share was $3.04 and included the following significant items (per share): $0.80 from the gain on the sale of DIRECTV, $0.21 of equity in net income of DIRECTV and $0.08 of benefit from tax items, offset by $(0.09) from restructuring charges, $(0.06) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and obligations and $(0.02) of benefit-related, transaction, legal and other items. Full-year 2024 earnings per diluted share was $1.49 and included the following significant items (per share): $(0.72) from restructuring and impairment charges and $(0.01) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and obligations, partially offset by $0.22 of equity in net income of DIRECTV, $0.03 of benefit from tax items and $0.02 of benefit-related adjustments and other items.

Operating revenues in the fourth quarter of 2025 were $33.5 billion, up 3.6 percent from the fourth quarter of 2024, and full-year 2025 revenues were $125.6 billion, up 2.7 percent from the previous full year. The revenue increases in the fourth quarter and for the full year were primarily due to increased Mobility, Consumer Wireline and Mexico revenues, which included favorable foreign exchange impacts. The increases were partially offset by continued declines in Business Wireline.

Operating expenses in the fourth quarter of 2025 were $27.7 billion, compared to $27.0 billion in the comparable 2024 period, and full-year 2025 operating expenses were $101.5 billion, compared to $103.3 billion for the previous full year. The increase in operating expenses in the fourth quarter was primarily due to higher sales volumes in our Mobility business unit, which drove higher equipment, advertising, selling and bad debt expenses. Also contributing to higher costs were higher restructuring charges that were offset by benefits from continued transformation efforts and lower content licensing fees. Operating expense declines also included lower depreciation expense as certain legacy assets were fully depreciated, partially offset by continued fiber investment and network upgrades.

Full-year 2025 expense decreases were primarily due to a $4.4 billion noncash goodwill impairment recorded in the third quarter of 2024. Also contributing to lower operating expenses were lower costs from our continued transformation efforts and lower content licensing fees. Partially offsetting the declines were higher sales volumes in our Mobility business unit, which drove higher equipment, advertising, selling and bad debt expenses. Also contributing to higher costs were approximately $440 of apportioned legal settlements and restructuring costs during 2025, higher network-related expenses, higher advertising costs due to the launch of a new campaign in 2025, and increased depreciation expense from continued fiber investment and network upgrades.

Operating income in the fourth quarter of 2025 was $5.8 billion compared to $5.3 billion in the comparable 2024 period, and full-year 2025 operating income was $24.2 billion compared to $19.0 billion for the full-year 2024. AT&T’s fourth-quarter operating income margin was 17.3 percent in 2025 compared to 16.5 percent in 2024, and full-year 2025 operating income margin was 19.2 percent compared to 15.6 percent.

Other income (expense) - net in the fourth quarter of 2025 was $0.3 billion compared to $0.6 billion in the comparable 2024 period and full-year 2025 other income (expense) - net was $7.8 billion compared to $2.4 billion for the full-year 2024. The fourth quarter decrease reflects a higher actuarial loss on pension and postretirement benefits recorded in 2025 ($0.5 billion versus $0.1 billion in the prior-year). The decreases was also driven by lower pension and postretirement benefit credits, partially offset by a gain related to DIRECTV.

The full-year increase reflects a $5.6 billion gain on the sale of our remaining interest in DIRECTV, a gain on a prior disposition and a prior-year noncash impairment charges for a held-for-sale business and our SKY Mexico equity investment. Partially offsetting these increases was a higher actuarial loss on pension and postretirement benefits recorded in 2025 ($0.5
1

billion versus $0.1 billion in the prior-year), lower pension and postretirement benefit credits and lower returns on other benefit-related investments.

Cash from operating activities for the full-year 2025 was $40.3 billion, up $1.5 billion when compared to 2024,with operational growth and lower cash tax payments, partially offset by voluntary pension contributions of $1.2 billion and advanced cash payments of about $0.9 billion for wholesale access which can be utilized on invoices over future periods. Capital expenditures in 2025 were $20.8 billion, and when including $1.2 billion cash paid for vendor financing, capital investment was $22.0 billion, compared to prior-year capital investment of $22.1 billion (capital expenditures of $20.3 billion and cash paid for vendor financing of $1.8 billion).

Segment Summary
We analyze our segments based on segment operating income, which excludes acquisition-related costs and other significant items. We also evaluate segment and business unit performance based on EBITDA, which is defined as operating income excluding depreciation and amortization, and/or EBITDA margin, which is defined as EBITDA divided by total revenue. EBITDA is used as part of our management reporting, and we believe EBITDA to be a relevant and useful measurement to our investors as it measures the cash generation potential of our business units. EBITDA does not give effect to depreciation and amortization expenses incurred in operating income nor is it burdened by cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. There are material limitations to using these non-GAAP financial measures. EBITDA and EBITDA margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Our reportable segments are: Communications and Latin America.

Communications
Our Communications segment consists of our Mobility, Business Wireline and Consumer Wireline business units.

Operating revenues for the fourth quarter of 2025 were $32.1 billion, up 3.2 percent versus fourth-quarter 2024, with segment operating income of $6.8 billion, up 9.5 percent versus the year-ago quarter. The Communications segment operating income margin was 21.1 percent, compared to 19.9 percent in the year-earlier quarter. Our Communications segment EBITDA margin was 36.3 percent, consistent with the year-earlier quarter.

Mobility
Mobility revenues for the fourth quarter of 2025 were $24.4 billion, up 5.3 percent versus the fourth quarter of 2024, driven by service revenue growth of 2.4 percent from subscriber growth, and equipment revenue growth of 12.7 percent from higher sales volumes. Mobility operating expenses totaled $18.0 billion, up 5.6 percent versus the fourth quarter of 2024 driven by higher sales volumes, which drove higher equipment, advertising, selling and bad debt expenses, partially offset by lower content licensing fees and expense declines from transformation efforts. Mobility’s operating income margin was 26.3 percent compared to 26.5 percent in the year-ago quarter. Our Mobility EBITDA margin was 37.6 percent compared to 38.4 percent in the year-earlier quarter.

In our Mobility business unit, during the fourth quarter of 2025, we reported a net gain of 1.2 million wireless subscribers. At December 31, 2025, wireless subscribers totaled 120.1 million compared to 117.9 million at December 31, 2024.

During the fourth quarter, total phone net adds (postpaid and prepaid) were 166,000, with total net adds by subscriber category as follows:
•Postpaid subscriber net adds were 641,000, with phone net adds of 421,000.
•Prepaid subscriber net losses were 183,000, with phone net losses of 255,000.
•Reseller net adds were 699,000.

For the quarter ended December 31, 2025, postpaid phone ARPU decreased 0.3 percent versus the year-earlier quarter.

Postpaid phone churn was 0.98 percent compared to 0.85 percent in the fourth quarter of 2024. Total postpaid churn was 1.12 percent compared to 1.00 percent in the year-ago quarter.

At December 31, 2025, FirstNet connections which include postpaid subscribers and connected devices, totaled 8.0 million compared to 6.7 million at December 31, 2024.

Business Wireline
Business Wireline revenues for the fourth quarter of 2025 were $4.2 billion, down 7.5 percent versus the year-ago quarter, primarily due to lower demand for legacy and VPN services, partially offset by growth in fiber and advanced connectivity services. Business Wireline operating expenses totaled $4.4 billion, down 8.2 percent when compared to the fourth quarter of 2024 due to lower personnel costs and savings from transformation initiatives and lower network costs. Depreciation expense also declined as certain legacy assets were fully depreciated, which was partially offset by ongoing capital investment for
2

strategic initiatives, such as fiber. Business Wireline operating income margin was (3.9) percent compared to (4.6) percent in the year-earlier quarter. Our Business Wireline EBITDA margin was 26.6 percent compared to 26.3 percent in the year-earlier quarter.

Consumer Wireline
Consumer Wireline revenues for the fourth quarter of 2025 were $3.6 billion, up 2.9 percent versus the year-ago quarter, driven by growth in fiber and AT&T Internet Air (AIA) revenues, partially offset by declines in legacy services and other services. Consumer Wireline operating expenses totaled $3.0 billion, down 5.1 percent versus the fourth quarter of 2024, primarily due to lower depreciation expense as certain legacy assets were fully depreciated, which was partially offset by ongoing capital investment for strategic initiatives, such as fiber and network upgrades and expansion. Expenses also decreased as a result of lower content licensing fees and customer support costs. Consumer Wireline operating income margin was 15.1 percent compared to 8.0 percent in the year-earlier quarter. Our Consumer Wireline EBITDA margin was 38.4 percent compared to 35.2 percent in the year-earlier quarter.

At December 31, 2025, Consumer Wireline had approximately 14.7 million broadband connections compared to 14.0 million at December 31, 2024. During the fourth quarter, broadband subscriber net adds were 210,000, driven by growth in AIA. Fiber broadband net adds were 283,000.

Latin America
Our Latin America segment consists of our Mexico business unit and is subject to foreign currency fluctuations.

Fourth-quarter 2025 operating revenues were $1.3 billion, up 20.6 percent when compared to the fourth quarter of 2024, primarily due to growth in postpaid subscribers and favorable impacts of foreign exchange rates. Operating expenses were $1.2 billion, up 19.7 percent, driven by unfavorable impact of foreign exchange rates, higher sales volumes that contributed to higher equipment, selling and bad debt expenses, and higher depreciation expense. Mexico’s operating income margin was 2.7 percent, compared to 2.0 percent in the year-earlier quarter. Our Mexico EBITDA margin was 17.7 percent compared to 16.4 percent in the year-earlier quarter.

We had approximately 24.7 million Mexico wireless subscribers at December 31, 2025 compared to 23.6 million at December 31, 2024. During the fourth quarter of 2025, we had prepaid net adds of 222,000 and postpaid net adds of 328,000.

Stock Repurchase Program
In December 2024, the Board of Directors authorized the repurchase of up to $10,000 of AT&T common stock (the 2024 Authorization). We began buying stock under this program in the second quarter of 2025. For the year ended December 31, 2025, we repurchased $4.3 billion of common stock under the 2024 Authorization. On January 27, 2026, the Board of Directors approved an authorization to repurchase an additional $10,000 of common stock (the 2026 Authorization).

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this filing contains financial estimates and other forward-looking statements that are subject to risks and uncertainties. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this filing based on new information or otherwise.

Item 9.01 Financial Statements and Exhibits.
The following exhibits are filed as part of this report:
(d)
Exhibits
  
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


3


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 AT&T INC.
  
  
  
Date: January 28, 2026
By: /s/ Sabrina Sanders                      .
       Sabrina Sanders
Senior Vice President - Chief Accounting Officer
    and Controller
4

AT&T Inc.   
Financial Data   
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedFourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Operating Revenues
Service$25,392 $25,153 1.0 %$101,158 $100,135 1.0 %
Equipment8,074 7,145 13.0 %24,490 22,201 10.3 %
Total Operating Revenues33,466 32,298 3.6 %125,648 122,336 2.7 %
Operating Expenses
Cost of revenues
Equipment8,496 7,358 15.5 %25,396 22,249 14.1 %
Other cost of revenues (exclusive of depreciation and amortization shown separately below)6,322 6,837 (7.5)%25,424 26,972 (5.7)%
Selling, general and administrative7,398 7,389 0.1 %28,942 28,411 1.9 %
Asset impairments and abandonments
   and restructuring		334 14 — %838 5,075 (83.5)%
Depreciation and amortization5,128 5,374 (4.6)%20,886 20,580 1.5 %
Total Operating Expenses27,678 26,972 2.6 %101,486 103,287 (1.7)%
Operating Income5,788 5,326 8.7 %24,162 19,049 26.8 %
Interest Expense1,791 1,661 7.8 %6,804 6,759 0.7 %
Equity in Net Income (Loss) of Affiliates(10)1,074 — %1,895 1,989 (4.7)%
Other Income (Expense) — Net278 569 (51.1)%7,754 2,419 — %
Income Before Income Taxes4,265 5,308 (19.6)%27,007 16,698 61.7 %
Income Tax Expense109 900 (87.9)%3,621 4,445 (18.5)%
Net Income4,156 4,408 (5.7)%23,386 12,253 90.9 %
Less: Net Income Attributable to
   Noncontrolling Interest		(368)(328)(12.2)%(1,433)(1,305)(9.8)%
Net Income Attributable to AT&T$3,788 $4,080 (7.2)%$21,953 $10,948 — %
Less: Preferred Stock Dividends and
   Redemption Gain		(36)(49)26.5 %(64)(202)68.3 %
Net Income Attributable to Common Stock$3,752 $4,031 (6.9)%$21,889 $10,746 — %
Basic Earnings Per Share Attributable to
Common Stock
$0.53 $0.56 (5.4)%$3.04 $1.49 — %
Weighted Average Common Shares
Outstanding (000,000)
7,098 7,207 (1.5)%7,169 7,199 (0.4)%
Diluted Earnings Per Share Attributable to
Common Stock
$0.53 $0.56 (5.4)%$3.04 $1.49 — %
Weighted Average Common Shares
Outstanding with Dilution (000,000)
7,108 7,215 (1.5)%7,179 7,204 (0.3)%
1

AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
UnauditedDec. 31,Dec. 31,
20252024
Assets
Current Assets
Cash and cash equivalents$18,234 $3,298 
Accounts receivable – net of related allowance for credit loss of $429 and $3758,843 9,638 
Inventories2,420 2,270 
Prepaid and other current assets19,235 15,962 
Total current assets48,732 31,168 
Property, Plant and Equipment – Net131,559 128,871 
Goodwill – Net63,425 63,432 
Licenses – Net128,148 127,035 
Other Intangible Assets – Net5,254 5,255 
Investments in and Advances to Equity Affiliates1,106 295 
Operating Lease Right-Of-Use Assets22,642 20,909 
Other Assets19,332 17,830 
Total Assets$420,198 $394,795 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$9,011 $5,089 
Accounts payable and accrued liabilities38,514 35,657 
Advanced billings and customer deposits4,266 4,099 
Dividends payable1,989 2,027 
Total current liabilities53,780 46,872 
Long-Term Debt127,089 118,443 
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities58,312 58,939 
Postemployment benefit obligation8,478 9,025 
Operating lease liabilities18,943 17,391 
Other noncurrent liabilities25,104 23,900 
Total deferred credits and other noncurrent liabilities110,837 109,255 
Redeemable Noncontrolling Interest2,001 1,980 
Stockholders’ Equity
Preferred stock— — 
Common stock7,621 7,621 
Additional paid-in capital106,533 109,108 
Retained earnings15,768 1,871 
Treasury stock(18,529)(15,023)
Accumulated other comprehensive income (loss)(860)795 
Noncontrolling interest15,958 13,873 
Total stockholders’ equity126,491 118,245 
Total Liabilities and Stockholders’ Equity$420,198 $394,795 
2

AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedYear Ended
20252024
Operating Activities
Net income$23,386 $12,253 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,886 20,580 
Provision for uncollectible accounts2,271 1,969 
Asset impairments and abandonments and restructuring838 5,075 
Pension and postretirement benefit expense (credit)(1,588)(1,883)
Actuarial (gain) loss on pension and postretirement benefits - net519 56 
Net (gain) loss on investments(5,889)80 
Changes in operating assets and liabilities:
Receivables(1,526)123 
Equipment installment receivables and related sales324 (1,846)
Contract asset and cost deferral(1,208)160 
Inventories, prepaid and other current assets(460)70 
Accounts payable and other accrued liabilities884 (1,104)
Changes in income taxes2,226 1,978 
Postretirement claims and contributions(1,436)(166)
Other - net1,057 1,426 
Total adjustments16,898 26,518 
Net Cash Provided by Operating Activities40,284 38,771 
Investing Activities
Capital expenditures(20,842)(20,263)
Acquisitions, net of cash acquired(379)(380)
Dispositions3,218 75 
Distributions from DIRECTV in excess of cumulative equity in earnings— 928 
(Purchases), sales and settlements of securities - net181 2,575 
Other - net(955)(425)
Net Cash Used in Investing Activities(18,777)(17,490)
Financing Activities
Issuance of other short-term borrowings— 491 
Repayment of other short-term borrowings— (2,487)
Issuance of long-term debt14,027 19 
Repayment of long-term debt(5,528)(10,297)
Payment of vendor financing(1,181)(1,792)
Redemption of preferred stock(2,075)— 
Purchase of treasury stock(4,500)(215)
Issuance of treasury stock21 15 
Issuance of preferred interests in subsidiary2,221 — 
Redemption of preferred interests in subsidiary(65)— 
Dividends paid(8,180)(8,208)
Other - net(1,126)(2,234)
Net Cash Used in Financing Activities(6,386)(24,708)
Net increase (decrease) in cash and cash equivalents and restricted cash 15,121 (3,427)
Cash and cash equivalents and restricted cash beginning of year3,406 6,833 
Cash and Cash Equivalents and Restricted Cash End of Year$18,527 $3,406 
3

AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedFourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Capital expenditures
Purchase of property and equipment$6,737 $6,800 (0.9)%$20,677 $20,101 2.9 %
Interest during construction44 43 2.3 %165 162 1.9 %
Total Capital Expenditures$6,781 $6,843 (0.9)%$20,842 $20,263 2.9 %
Acquisitions, net of cash acquired
Business acquisitions$— $— — %$— $— — %
Spectrum acquisitions322 28 — %323 181 78.5 %
Interest during construction - spectrum10 30 (66.7)%56 199 (71.9)%
Total Acquisitions$332 $58 — %$379 $380 (0.3)%
Cash paid for interest$1,454 $1,517 (4.2)%$6,625 $7,132 (7.1)%
Cash paid for income taxes, net of refunds$456 $1,574 (71.0)%$1,353 $2,456 (44.9)%
Dividends Declared per Common Share$0.2775 $0.2775 — %$1.11 $1.11 — %
End of Period Common Shares Outstanding (000,000)7,037 7,176 (1.9)%
Debt Ratio51.4 %50.7 %70  BP
Total Employees133,030 140,990 (5.6)%

4

COMMUNICATIONS SEGMENT

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline and Consumer Wireline.
Segment Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Segment Operating Revenues
Mobility$24,354 $23,129 5.3 %$89,482 $85,255 5.0 %
Business Wireline4,202 4,545 (7.5)%17,231 18,819 (8.4)%
Consumer Wireline3,565 3,465 2.9 %14,183 13,578 4.5 %
Total Segment Operating Revenues32,121 31,139 3.2 %120,896 117,652 2.8 %
Segment Operating Income (Loss)
Mobility6,400 6,124 4.5 %27,196 26,314 3.4 %
Business Wireline(163)(211)22.7 %(816)(88)— %
Consumer Wireline538 276 94.9 %1,547 869 78.0 %
Total Segment Operating Income$6,775 $6,189 9.5 %$27,927 $27,095 3.1 %
Operating Income Margin21.1 %19.9 %120  BP23.1 %23.0 %10  BP



5

Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Operating Revenues
Service$16,954 $16,563 2.4 %$67,384 $65,373 3.1 %
Equipment7,400 6,566 12.7 %22,098 19,882 11.1 %
Total Operating Revenues24,354 23,129 5.3 %89,482 85,255 5.0 %
Operating Expenses
Operations and support15,191 14,241 6.7 %51,864 48,724 6.4 %
Depreciation and amortization2,763 2,764 — %10,422 10,217 2.0 %
Total Operating Expenses17,954 17,005 5.6 %62,286 58,941 5.7 %
Operating Income$6,400 $6,124 4.5 %$27,196 $26,314 3.4 %
Operating Income Margin26.3 %26.5 %(20) BP30.4 %30.9 %(50) BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20252024Change
Mobility Subscribers
Postpaid90,879 89,200 1.9 %
Postpaid phone74,214 72,749 2.0 %
Prepaid18,294 19,023 (3.8)%
Reseller10,932 9,628 13.5 %
Total Mobility Subscribers1
120,105 117,851 1.9 %
Fourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Mobility Net Additions
Postpaid Phone Net Additions421 482 (12.7)%1,551 1,653 (6.2)%
Total Phone Net Additions166 363 (54.3)%1,159 1,525 (24.0)%
Postpaid641 839 (23.6)%1,738 2,250 (22.8)%
Prepaid(183)(136)(34.6)%(536)(102)— %
Reseller699 1,110 (37.0)%1,112 2,020 (45.0)%
Total Mobility Net Additions1, 2
1,157 1,813 (36.2)%2,314 4,168 (44.5)%
Postpaid Churn1.12 %1.00 %12 BP1.05 %0.92 %13 BP
Postpaid Phone Churn0.98 %0.85 %13 BP0.90 %0.76 %14 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 during the period.




6

Business Wireline

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, our fixed wireless access product, traditional voice and data services and related equipment to business customers.

Business Wireline Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Operating Revenues
Legacy and other transitional services$2,138 $2,590 (17.5)%$9,170 $11,095 (17.4)%
Fiber and advanced connectivity services1,907 1,786 6.8 %7,333 6,969 5.2 %
Equipment157 169 (7.1)%728 755 (3.6)%
Total Operating Revenues4,202 4,545 (7.5)%17,231 18,819 (8.4)%
Operating Expenses
Operations and support3,085 3,348 (7.9)%12,213 13,352 (8.5)%
Depreciation and amortization1,280 1,408 (9.1)%5,834 5,555 5.0 %
Total Operating Expenses4,365 4,756 (8.2)%18,047 18,907 (4.5)%
Operating Income (Loss)$(163)$(211)22.7 %$(816)$(88)— %
Operating Income Margin(3.9)%(4.6)%70  BP(4.7)%(0.5)%(420) BP
7

Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and AT&T Internet Air (AIA) services, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.
Consumer Wireline Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Operating Revenues
Broadband$3,105 $2,911 6.7 %$12,187 $11,212 8.7 %
Legacy voice and data services219 293 (25.3)%1,013 1,265 (19.9)%
Other service and equipment241 261 (7.7)%983 1,101 (10.7)%
Total Operating Revenues3,565 3,465 2.9 %14,183 13,578 4.5 %
Operating Expenses
Operations and support2,195 2,247 (2.3)%8,933 9,048 (1.3)%
Depreciation and amortization832 942 (11.7)%3,703 3,661 1.1 %
Total Operating Expenses3,027 3,189 (5.1)%12,636 12,709 (0.6)%
Operating Income$538 $276 94.9 %$1,547 $869 78.0 %
Operating Income Margin15.1 %8.0 %710  BP10.9 %6.4 %450  BP
    
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20252024Change
Broadband Connections
Broadband1
14,704 13,987 5.1 %
Fiber Broadband Connections10,406 9,331 11.5 %
Fourth QuarterPercentYear EndedPercent
20252024Change20252024Change
Broadband Net Additions
Broadband Net Additions1, 2
210 123 70.7 %729 258 — %
     Fiber Broadband Net Additions283 307 (7.8)%1,075 1,024 5.0 %
1 Includes AIA.
2 Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory
requirements in the first quarter of 2025.
8

LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.
Segment Results
Dollars in millions  
UnauditedFourth QuarterPercentYear EndedPercent
 20252024Change20252024Change
Operating Revenues    
Wireless service$742 $634 17.0 %$2,715 $2,668 1.8 %
Wireless equipment517 410 26.1 %1,664 1,564 6.4 %
Total Operating Revenues1,259 1,044 20.6 %4,379 4,232 3.5 %
Operating Expenses
Operations and support1,036 873 18.7 %3,563 3,535 0.8 %
Depreciation and amortization189 150 26.0 %671 657 2.1 %
Total Operating Expenses1,225 1,023 19.7 %4,234 4,192 1.0 %
Operating Income$34 $21 61.9 %$145 $40 — %
Operating Income Margin2.7 %2.0 %70  BP3.3 %0.9 %240  BP
Supplementary Operating Data
Subscribers and connections in thousands  
UnauditedDecember 31,Percent
 20252024Change
Mexico Wireless Subscribers
Postpaid6,751 5,837 15.7 %
Prepaid17,730 17,486 1.4 %
Reseller199 253 (21.3)%
Total Mexico Wireless Subscribers24,680 23,576 4.7 %
 Fourth QuarterPercentYear EndedPercent
 20252024Change20252024Change
Mexico Wireless Net Additions
Postpaid328 204 60.8 %914 601 52.1 %
Prepaid222 490 (54.7)%244 823 (70.4)%
Reseller(19)(29)34.5 %(54)(164)67.1 %
Total Mexico Wireless Net Additions531 665 (20.2)%1,104 1,260 (12.4)%
9

SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
December 31, 2025
RevenuesOperations
and Support
Expenses		Depreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$24,354 $15,191 $2,763 $6,400 
Business Wireline4,202 3,085 1,280 (163)
Consumer Wireline3,565 2,195 832 538 
Total Communications32,121 20,471 4,875 6,775 
Latin America 1,259 1,036 189 34 
Segment Total33,380 21,507 5,064 6,809 
Corporate and Other
Corporate:
DTV-related retained costs— 56 50 (106)
Parent administration support(3)490 4 (497)
Securitization fees28 164 — (136)
Value portfolio61 13 — 48 
Total Corporate86 723 54 (691)
Certain significant items— 320 10 (330)
Total Corporate and Other86 1,043 64 (1,021)
AT&T Inc.$33,466 $22,550 $5,128 $5,788 
December 31, 2024
RevenuesOperations and Support ExpensesDepreciation and AmortizationOperating Income (Loss)
Communications
Mobility$23,129 $14,241 $2,764 $6,124 
Business Wireline4,545 3,348 1,408 (211)
Consumer Wireline3,465 2,247 942 276 
Total Communications31,139 19,836 5,114 6,189 
Latin America 1,044 873 150 21 
Segment Total32,183 20,709 5,264 6,210 
Corporate and Other
Corporate:
DTV-related retained costs— 108 97 (205)
Parent administration support(2)486 1 (489)
Securitization fees30 179 — (149)
Value portfolio87 25 2 60 
Total Corporate115 798 100 (783)
Certain significant items— 91 10 (101)
Total Corporate and Other115 889 110 (884)
AT&T Inc.$32,298 $21,598 $5,374 $5,326 

10

SUPPLEMENTAL SEGMENT RECONCILIATION
Year Ended
Dollars in millions
Unaudited
December 31, 2025
RevenuesOperations
and Support
Expenses		Depreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$89,482 $51,864 $10,422 $27,196 
Business Wireline17,231 12,213 5,834 (816)
Consumer Wireline14,183 8,933 3,703 1,547 
Total Communications120,896 73,010 19,959 27,927 
Latin America4,379 3,563 671 145 
Segment Total125,275 76,573 20,630 28,072 
Corporate and Other
Corporate:
DTV-related retained costs— 225 200 (425)
Parent administration support(1)1,737 18 (1,756)
Securitization fees115 702 — (587)
Value portfolio259 50 — 209 
Total Corporate373 2,714 218 (2,559)
Certain significant items— 1,313 38 (1,351)
Total Corporate and Other373 4,027 256 (3,910)
AT&T Inc.$125,648 $80,600 $20,886 $24,162 
December 31, 2024
RevenuesOperations and Support ExpensesDepreciation and AmortizationOperating Income (Loss)
Communications
Mobility$85,255 $48,724 $10,217 $26,314 
Business Wireline18,819 13,352 5,555 (88)
Consumer Wireline13,578 9,048 3,661 869 
Total Communications117,652 71,124 19,433 27,095 
Latin America4,232 3,535 657 40 
Segment Total121,884 74,659 20,090 27,135 
Corporate and Other
Corporate:
DTV-related retained costs— 465 414 (879)
Parent administration support(2)1,722 6 (1,730)
Securitization fees116 628 — (512)
Value portfolio338 102 17 219 
Total Corporate452 2,917 437 (2,902)
Certain significant items— 5,131 53 (5,184)
Total Corporate and Other452 8,048 490 (8,086)
AT&T Inc.$122,336 $82,707 $20,580 $19,049 

11