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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 27, 2025
______________________________________________________
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
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. Floating Rate Global Notes due March 6, 2025T 25ANew 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. 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. 3.950% 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. 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. 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
AT&T Inc. 5.625% Global Notes due August 1, 2067TBCNew 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 27, 2025 that fourth-quarter 2024 net income attributable to common stock totaled $4.0 billion, or $0.56 per diluted share. Fourth-quarter 2024 earnings per diluted share includes amounts totaling to $0.1 billion resulting from the following significant items (per share): $0.03 of benefit from tax items, offset by net $(0.01) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and obligations and other items. The results compare with a reported net income attributable to common stock of $2.1 billion, or $0.30 per share, in the fourth quarter of 2023, which included amounts totaling to $(1.7) billion resulting from the following significant items (per share): $(0.18) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and obligations, $(0.06) from restructuring and impairment charges, $(0.03) from our proportionate share of DIRECTV intangible amortization and $(0.01) of benefit related market-driven adjustments and other items, partially offset by $0.04 of benefit from tax items.

For the full year 2024, net income attributable to common stock was $10.7 billion versus $14.2 billion in 2023. 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, $(0.09) from our proportionate share of DIRECTV intangible amortization and $(0.01) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets and obligations, partially offset by $0.03 of benefit from tax items and $0.02 of benefit related market-driven adjustments and other items. Full-year 2023 earnings per diluted share was $1.97 and included the following significant items (per share): $(0.18) from restructuring and impairment charges, $(0.17) from a loss on actuarial remeasurement of pension and postretirement benefit plan assets, net of pension settlement gains, and obligations and $(0.14) from our proportionate share of DIRECTV intangible amortization, partially offset by $0.04 of benefit from tax items and $0.01 of benefit related market-driven adjustments and other items.

Operating revenues in the fourth quarter of 2024 were $32.3 billion, up 0.9 percent from the fourth quarter of 2023, and full-year 2024 revenues were $122.3 billion, down 0.1 percent from the previous full year. The revenue increase in the fourth quarter was primarily due to increased Mobility and Consumer Wireline revenues, partially offset by continued declines in Business Wireline and foreign exchange pressure in Mexico. The revenue decrease for the year reflects continued declines in Business Wireline and lower Mobility equipment revenues, partially offset by increased revenues in Mobility service and Consumer Wireline and Mexico revenues.

Operating expenses in the fourth quarter of 2024 were $27.0 billion, compared to $26.8 billion in the comparable 2023 period, and full-year 2024 operating expenses were $103.3 billion, compared to $99.0 billion for the previous full year. The increase in operating expenses in the fourth quarter was primarily due to higher depreciation expense from accelerated depreciation on wireless network equipment associated with our Open RAN network modernization efforts, continued fiber investment and network upgrades. Operating expenses also include higher equipment costs in line with higher Mobility equipment revenues, which were offset by benefits from continued transformation, including a prior-year charge for the abandonment of non-deployed wireless equipment in connection with our network modernization efforts.

Full-year 2024 expense increases were primarily due to a $4.4 billion noncash goodwill impairment recorded in the third quarter of 2024. Also contributing to higher operating expenses was higher depreciation expense from accelerated depreciation on wireless network equipment associated with our network modernization efforts, continued fiber investment and network upgrades. These increases were partially offset by lower Mobility equipment costs resulting from lower wireless sales volumes and our continued transformation efforts, including lower personnel charges.

Operating income in the fourth quarter of 2024 was $5.3 billion compared to $5.3 billion in the comparable 2023 period, and full-year 2024 operating income was $19.0 billion compared to $23.5 billion for the full-year 2023. AT&T’s fourth-quarter operating income margin was 16.5 percent in 2024 and 2023, and full-year 2024 operating income margin was 15.6 percent compared to 19.2 percent.

Other income (expense) - net in the fourth quarter of 2024 was $0.6 billion compared to $(0.9) billion in the comparable 2023 period and full-year 2024 other income (expense) - net was $2.4 billion compared to $1.4 billion for the full-year 2023. The fourth quarter increase reflects a lower actuarial loss on pension and postretirement benefits recorded in 2024 ($0.1 billion versus $1.7 billion in the prior-year). Also contributing to the increase was the prior-year write-down of investments. These increases were partially offset by lower pension and postretirement benefit credits and lower returns on other benefit-related investments.

The full-year increase reflects a lower actuarial loss on pension and postretirement benefits recorded in 2024 ($0.1 billion versus $1.6 billion in the prior-year). Also contributing to the increase was the prior-year write-down of our SKY Mexico
1

equity investment. These increases were partially offset by lower pension and postretirement benefit credits and lower returns on other benefit-related investments.

Cash from operating activities for the full-year 2024 was $38.8 billion, up $0.5 billion when compared to 2023, reflecting the timing of working capital associated with device payments, as well as the expansion of committed, cost-efficient receivable sales programs and operational growth, partially offset by higher cash tax payments. Capital expenditures in 2024 were $20.3 billion, and when including $1.8 billion cash paid for vendor financing, capital investment was $22.1 billion, compared to prior-year capital investment of $23.6 billion (capital expenditures of $17.9 billion and cash paid for vendor financing of $5.7 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 performance based on EBITDA and/or EBITDA margin, which is defined as operating income excluding depreciation and amortization. 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. EBITDA margin is EBITDA divided by total revenues. 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 2024 were $31.1 billion, up 1.1 percent versus fourth-quarter 2023, with segment operating income of $6.2 billion, down 6.3 percent versus the year-ago quarter. The Communications segment operating income margin was 19.9 percent, compared to 21.5 percent in the year-earlier quarter. Our Communications segment EBITDA margin was 36.3 percent compared to 35.8 percent in the year-earlier quarter.

Mobility
Mobility revenues for the fourth quarter of 2024 were $23.1 billion, up 3.3 percent versus the fourth quarter of 2023, driven by service revenue growth of 3.3 percent from subscriber and postpaid phone ARPU growth, and equipment revenue growth of 3.3 percent from higher volumes of non-phone sales and higher-priced phones sales. Mobility operating expenses totaled $17.0 billion, up 5.1 percent versus the fourth quarter of 2023 reflecting higher depreciation expense due to our Open RAN deployment and network transformation, higher equipment expenses resulting from higher sales and higher network costs, including storm impacts. Mobility’s operating income margin was 26.5 percent compared to 27.7 percent in the year-ago quarter. Our Mobility EBITDA margin was 38.4 percent compared to 37.4 percent in the year-earlier quarter.

In our Mobility business unit, during the fourth quarter of 2024, we reported a net gain of 1.8 million wireless subscribers. At December 31, 2024, wireless subscribers totaled 117.9 million compared to 113.8 million at December 31, 2023. Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.

During the fourth quarter, total phone net adds (postpaid and prepaid) were 363,000, with total net adds by subscriber category as follows:
•Postpaid subscriber net adds were 839,000, with phone net adds of 482,000.
•Prepaid subscriber net losses were 136,000, with phone net losses of 119,000.
•Reseller net adds were 1.1 million.

For the quarter ended December 31, 2024, postpaid phone-only ARPU increased 0.9 percent versus the year-earlier quarter.

Postpaid phone-only churn was 0.85 percent compared to 0.84 percent in the fourth quarter of 2023. Total postpaid churn was 1.00 percent compared to 1.01 percent in the year-ago quarter.

At December 31, 2024, FirstNet connections which include postpaid subscribers and connected devices, totaled 6.7 million compared to 5.5 million at December 31, 2023.

Business Wireline
Business Wireline revenues for the fourth quarter of 2024 were $4.5 billion, down 10.0 percent versus the year-ago quarter, primarily due to lower demand for legacy voice and data services as well as product simplification, partially offset by growth in connectivity services. Revenue declines also were impacted by the absence of revenues from our cybersecurity business that was contributed to LevelBlue during the second quarter of 2024. Business Wireline operating expenses totaled $4.8 billion,
2

down 2.7 percent when compared to the fourth quarter of 2023 due to lower personnel costs associated with ongoing transformation initiatives, lower customer support expenses and the contribution of our cybersecurity business. Business Wireline operating income margin was (4.6) percent compared to 3.3 percent in the year-earlier quarter. Our Business Wireline EBITDA margin was 26.3 percent compared to 30.4 percent in the year-earlier quarter.

Consumer Wireline
Consumer Wireline revenues for the fourth quarter of 2024 were $3.5 billion, up 3.4 percent versus the year-ago quarter, driven by growth in broadband revenues attributable to fiber growth, partially offset by declines in legacy voice and data services and other services. Consumer Wireline operating expenses totaled $3.2 billion, up 2.1 percent versus the fourth quarter of 2023, primarily due to higher depreciation expense driven by fiber investment and higher network costs including storm impacts. These increases were partially offset by savings from cost initiatives and lower marketing expense. Consumer Wireline operating income margin was 8.0 percent compared to 6.8 percent in the year-earlier quarter. Our Consumer Wireline EBITDA margin was 35.2 percent compared to 33.1 percent in the year-earlier quarter.

At December 31, 2024, Consumer Wireline had approximately 14.0 million broadband connections compared to 13.7 million at December 31, 2023. During the fourth quarter, broadband subscriber net adds were 123,000, driven by growth in AT&T Internet Air; fiber broadband net adds were 307,000. Total broadband and DSL connections were 14.1 million at December 31, 2024, compared to 13.9 million at December 31, 2023.

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

Fourth-quarter 2024 operating revenues were $1.0 billion, down 4.2 percent when compared to the fourth quarter of 2023, primarily due to unfavorable impacts of foreign exchange rates, offset by higher equipment sales and subscriber growth. Operating expenses were $1.0 billion, down 9.7 percent, driven by favorable impact of foreign exchange rates, partially offset by higher equipment and selling costs attributable to subscriber growth. Mexico’s operating income margin was 2.0 percent, compared to (3.9) percent in the year-earlier quarter. Our Mexico EBITDA margin was 16.4 percent compared to 12.6 percent in the year-earlier quarter.

We had approximately 23.6 million Mexico wireless subscribers at December 31, 2024 compared to 22.3 million at December 31, 2023. During the fourth quarter of 2024, we had prepaid net adds of 490,000 and postpaid net adds of 204,000.



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 27, 2025
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
20242023Change20242023Change
Operating Revenues
Service$25,153 $25,070 0.3 %$100,135 $99,649 0.5 %
Equipment7,145 6,952 2.8 %22,201 22,779 (2.5)%
Total Operating Revenues32,298 32,022 0.9 %122,336 122,428 (0.1)%
Operating Expenses
Cost of revenues
Equipment7,358 7,203 2.2 %22,249 23,136 (3.8)%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)6,837 6,708 1.9 %26,972 26,987 (0.1)%
Selling, general and administrative7,389 7,485 (1.3)%28,411 28,874 (1.6)%
Asset impairments and abandonments
   and restructuring		14 589 (97.6)%5,075 1,193 — %
Depreciation and amortization5,374 4,766 12.8 %20,580 18,777 9.6 %
Total Operating Expenses26,972 26,751 0.8 %103,287 98,967 4.4 %
Operating Income5,326 5,271 1.0 %19,049 23,461 (18.8)%
Interest Expense1,661 1,726 (3.8)%6,759 6,704 0.8 %
Equity in Net Income of Affiliates1,074 337 — %1,989 1,675 18.7 %
Other Income (Expense) — Net569 (946)— %2,419 1,416 70.8 %
Income Before Income Taxes5,308 2,936 80.8 %16,698 19,848 (15.9)%
Income Tax Expense900 354 — %4,445 4,225 5.2 %
Net Income4,408 2,582 70.7 %12,253 15,623 (21.6)%
Less: Net Income Attributable to
    Noncontrolling Interest		(328)(394)16.8 %(1,305)(1,223)(6.7)%
Net Income Attributable to AT&T$4,080 $2,188 86.5 %$10,948 $14,400 (24.0)%
Less: Preferred Stock Dividends(49)(53)7.5 %(202)(208)2.9 %
Net Income Attributable to Common Stock$4,031 $2,135 88.8 %$10,746 $14,192 (24.3)%
Basic Earnings Per Share Attributable to
Common Stock
$0.56 $0.30 86.7 %$1.49 $1.97 (24.4)%
Weighted Average Common Shares
Outstanding (000,000)
7,207 7,190 0.2 %7,199 7,181 0.3 %
Diluted Earnings Per Share Attributable to
Common Stock
$0.56 $0.30 86.7 %$1.49 $1.97 (24.4)%
Weighted Average Common Shares
Outstanding with Dilution (000,000)
7,215 7,191 0.3 %7,204 7,258 (0.7)%
1

AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
UnauditedDec. 31,Dec. 31,
20242023
Assets
Current Assets
Cash and cash equivalents$3,298 $6,722 
Accounts receivable – net of related allowance for credit loss of $375 and $4999,638 10,289 
Inventories2,270 2,177 
Prepaid and other current assets15,962 17,270 
Total current assets31,168 36,458 
Property, Plant and Equipment – Net128,871 128,489 
Goodwill – Net63,432 67,854 
Licenses – Net127,035 127,219 
Other Intangible Assets – Net5,255 5,283 
Investments in and Advances to Equity Affiliates295 1,251 
Operating Lease Right-Of-Use Assets20,909 20,905 
Other Assets17,830 19,601 
Total Assets$394,795 $407,060 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$5,089 $9,477 
Accounts payable and accrued liabilities35,657 35,852 
Advanced billings and customer deposits4,099 3,778 
Dividends payable2,027 2,020 
Total current liabilities46,872 51,127 
Long-Term Debt118,443 127,854 
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes58,939 58,666 
Postemployment benefit obligation9,025 8,734 
Operating lease liabilities17,391 17,568 
Other noncurrent liabilities23,900 23,696 
Total deferred credits and other noncurrent liabilities109,255 108,664 
Redeemable Noncontrolling Interest1,980 1,973 
Stockholders’ Equity
Preferred stock— — 
Common stock7,621 7,621 
Additional paid-in capital109,108 114,519 
Retained earnings (deficit) 1,871 (5,015)
Treasury stock(15,023)(16,128)
Accumulated other comprehensive income795 2,300 
Noncontrolling interest13,873 14,145 
Total stockholders’ equity118,245 117,442 
Total Liabilities and Stockholders’ Equity$394,795 $407,060 
2

AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedYear Ended
20242023
Operating Activities
Net income$12,253 $15,623 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,580 18,777 
Provision for uncollectible accounts1,969 1,969 
Deferred income tax expense1,570 3,037 
Net (gain) loss on investments, net of impairments80 441 
Pension and postretirement benefit expense (credit)(1,883)(2,552)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net56 1,594 
Asset impairments and abandonments and restructuring5,075 1,193 
Changes in operating assets and liabilities:
Receivables123 82 
Inventories, prepaid and other current assets(383)(642)
Accounts payable and other accrued liabilities(810)(1,764)
Equipment installment receivables and related sales(1,846)(133)
Deferred customer contract acquisition and fulfillment costs497 1 
Postretirement claims and contributions(166)(735)
Other - net1,656 1,423 
Total adjustments26,518 22,691 
Net Cash Provided by Operating Activities38,771 38,314 
Investing Activities
Capital expenditures(20,263)(17,853)
Acquisitions, net of cash acquired(380)(2,942)
Dispositions75 72 
Distributions from DIRECTV in excess of cumulative equity in earnings928 2,049 
(Purchases), sales and settlements of securities and investments - net2,575 (902)
Other - net(425)(84)
Net Cash Used in Investing Activities(17,490)(19,660)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less— (914)
Issuance of other short-term borrowings491 5,406 
Repayment of other short-term borrowings(2,487)(3,415)
Issuance of long-term debt19 10,004 
Repayment of long-term debt(10,297)(12,044)
Repayment of note payable to DIRECTV— (130)
Payment of vendor financing(1,792)(5,742)
Purchase of treasury stock(215)(194)
Issuance of treasury stock15 3 
Issuance of preferred interests in subsidiary— 7,151 
Redemption of preferred interests in subsidiary— (5,333)
Dividends paid(8,208)(8,136)
Other - net(2,234)(2,270)
Net Cash Used in Financing Activities(24,708)(15,614)
Net increase (decrease) in cash and cash equivalents and restricted cash (3,427)3,040 
Cash and cash equivalents and restricted cash beginning of year6,833 3,793 
Cash and Cash Equivalents and Restricted Cash End of Year$3,406 $6,833 
3

AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedFourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Capital expenditures
Purchase of property and equipment$6,800 $4,558 49.2 %$20,101 $17,674 13.7 %
Interest during construction43 43 — %162 179 (9.5)%
Total Capital Expenditures$6,843 $4,601 48.7 %$20,263 $17,853 13.5 %
Acquisitions, net of cash acquired
Business acquisitions$— $— — %$— $— — %
Spectrum acquisitions28 1,938 (98.6)%181 2,247 (91.9)%
Interest during construction - spectrum30 81 (63.0)%199 695 (71.4)%
Total Acquisitions$58 $2,019 (97.1)%$380 $2,942 (87.1)%
Cash paid for interest$1,517 $1,667 (9.0)%$7,132 $7,370 (3.2)%
Cash paid for income taxes, net of refunds$1,574 $841 87.2 %$2,456 $1,599 53.6 %
Dividends Declared per Common Share$0.2775 $0.2775 — %$1.11 $1.11 — %
End of Period Common Shares Outstanding (000,000)7,176 7,150 0.4 %
Debt Ratio50.7 %53.5 %(280) BP
Total Employees140,990 150,470 (6.3)%

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
20242023Change20242023Change
Segment Operating Revenues
Mobility$23,129 $22,393 3.3 %$85,255 $83,982 1.5 %
Business Wireline4,545 5,052 (10.0)%18,819 20,883 (9.9)%
Consumer Wireline3,465 3,352 3.4 %13,578 13,173 3.1 %
Total Segment Operating Revenues31,139 30,797 1.1 %117,652 118,038 (0.3)%
Segment Operating Income
Mobility6,124 6,214 (1.4)%26,314 25,861 1.8 %
Business Wireline(211)165 — %(88)1,289 — %
Consumer Wireline276 229 20.5 %869 651 33.5 %
Total Segment Operating Income$6,189 $6,608 (6.3)%$27,095 $27,801 (2.5)%

Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20242023Change
Broadband Connections
Broadband1
15,311 15,078 1.5 %
DSL127 210 (39.5)%
Total Broadband Connections15,438 15,288 1.0 %
1 Excludes AT&T Internet Air (AIA) for Business.
Voice Connections
Retail Switched Access Lines3,296 4,185 (21.2)%
VoIP Connections2,223 2,558 (13.1)%
Total Retail Voice Connections5,519 6,743 (18.2)%
Fourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Broadband Net Additions
Broadband1
113 13 — %233 3 — %
DSL(19)(21)9.5 %(83)(101)17.8 %
Total Broadband Net Additions94 (8)— %150 (98)— %
1 Excludes AIA for Business.

5

Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Operating Revenues
Service$16,563 $16,039 3.3 %$65,373 $63,175 3.5 %
Equipment6,566 6,354 3.3 %19,882 20,807 (4.4)%
Total Operating Revenues23,129 22,393 3.3 %85,255 83,982 1.5 %
Operating Expenses
Operations and support14,241 14,017 1.6 %48,724 49,604 (1.8)%
Depreciation and amortization2,764 2,162 27.8 %10,217 8,517 20.0 %
Total Operating Expenses17,005 16,179 5.1 %58,941 58,121 1.4 %
Operating Income$6,124 $6,214 (1.4)%$26,314 $25,861 1.8 %
Operating Income Margin26.5 %27.7 %(120) BP30.9 %30.8 %10  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20242023Change
Mobility Subscribers
Postpaid89,200 87,104 2.4 %
Postpaid phone72,749 71,255 2.1 %
Prepaid19,023 19,236 (1.1)%
Reseller9,628 7,468 28.9 %
Total Mobility Subscribers1
117,851 113,808 3.6 %
1Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.
Fourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Mobility Net Additions
Postpaid Phone Net Additions482 526 (8.4)%1,653 1,744 (5.2)%
Total Phone Net Additions363 394 (7.9)%1,525 1,801 (15.3)%
Postpaid839 759 10.5 %2,250 2,315 (2.8)%
Prepaid(136)(135)(0.7)%(102)128 — %
Reseller1,110 338 — %2,020 1,279 57.9 %
Total Mobility Net Additions1
1,813 962 88.5 %4,168 3,722 12.0 %
Postpaid Churn1.00 %1.01 %(1)BP0.92 %0.98 %(6) BP
Postpaid Phone-Only Churn0.85 %0.84 %1 BP0.76 %0.81 %(5) BP
1Excludes 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, fixed wireless services, IP Voice and managed professional services as well as traditional data services and related equipment to business customers.
Business Wireline Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Operating Revenues
Service$4,376 $4,873 (10.2)%$18,064 $20,274 (10.9)%
Equipment169 179 (5.6)%755 609 24.0 %
Total Operating Revenues4,545 5,052 (10.0)%18,819 20,883 (9.9)%
Operating Expenses
Operations and support3,348 3,518 (4.8)%13,352 14,217 (6.1)%
Depreciation and amortization1,408 1,369 2.8 %5,555 5,377 3.3 %
Total Operating Expenses4,756 4,887 (2.7)%18,907 19,594 (3.5)%
Operating Income (Loss)$(211)$165 — %$(88)$1,289 — %
Operating Income Margin(4.6)%3.3 %(790) BP(0.5)%6.2 %(670) BP
7

Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and our fixed wireless access product (AT&T Internet Air or “AIA”) that provides internet services delivered over our 5G wireless network to residential customers. Consumer Wireline also provides legacy telephony voice communication services.
Consumer Wireline Results
Dollars in millions
UnauditedFourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Operating Revenues
Broadband$2,911 $2,700 7.8 %$11,212 $10,455 7.2 %
Legacy voice and data services293 361 (18.8)%1,265 1,508 (16.1)%
Other service and equipment261 291 (10.3)%1,101 1,210 (9.0)%
Total Operating Revenues3,465 3,352 3.4 %13,578 13,173 3.1 %
Operating Expenses
Operations and support2,247 2,243 0.2 %9,048 9,053 (0.1)%
Depreciation and amortization942 880 7.0 %3,661 3,469 5.5 %
Total Operating Expenses3,189 3,123 2.1 %12,709 12,522 1.5 %
Operating Income$276 $229 20.5 %$869 $651 33.5 %
Operating Income Margin8.0 %6.8 %120  BP6.4 %4.9 %150  BP
    
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedDecember 31,Percent
20242023Change
Broadband Connections
Total Broadband and DSL Connections14,079 13,890 1.4 %
Broadband1
13,987 13,729 1.9 %
Fiber Broadband Connections9,331 8,307 12.3 %
Voice Connections
Retail Consumer Switched Access Lines1,310 1,651 (20.7)%
Consumer VoIP Connections1,653 1,953 (15.4)%
Total Retail Consumer Voice Connections2,963 3,604 (17.8)%
1 Includes AIA.
Fourth QuarterPercentYear EndedPercent
20242023Change20242023Change
Broadband Net Additions
Total Broadband and DSL Net Additions107 3 — %189 (101)— %
Broadband Net Additions1
123 19 — %258 (24)— %
     Fiber Broadband Net Additions307 273 12.5 %1,024 1,092 (6.2)%
1 Includes AIA.
8

LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.
Segment Results
Dollars in millions  
UnauditedFourth QuarterPercentYear EndedPercent
 20242023Change20242023Change
Operating Revenues    
Wireless service$634 $671 (5.5)%$2,668 $2,569 3.9 %
Wireless equipment410 419 (2.1)%1,564 1,363 14.7 %
Total Operating Revenues1,044 1,090 (4.2)%4,232 3,932 7.6 %
Operating Expenses
Operations and support873 953 (8.4)%3,535 3,349 5.6 %
Depreciation and amortization150 180 (16.7)%657 724 (9.3)%
Total Operating Expenses1,023 1,133 (9.7)%4,192 4,073 2.9 %
Operating Income (Loss)$21 $(43)— %$40 $(141)— %
Operating Income Margin2.0 %(3.9)%590  BP0.9 %(3.6)%450  BP
Supplementary Operating Data
Subscribers and connections in thousands  
UnauditedDecember 31,Percent
 20242023Change
Mexico Wireless Subscribers
Postpaid5,837 5,236 11.5 %
Prepaid17,486 16,663 4.9 %
Reseller253 417 (39.3)%
Total Mexico Wireless Subscribers23,576 22,316 5.6 %
 Fourth QuarterPercentYear EndedPercent
 20242023Change20242023Change
Mexico Wireless Net Additions
Postpaid204 151 35.1 %601 311 93.2 %
Prepaid490 450 8.9 %823 459 79.3 %
Reseller(29)(39)25.6 %(164)(57)— %
Total Mexico Wireless Net Additions665 562 18.3 %1,260 713 76.7 %
9

SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
December 31, 2024
RevenuesOperations
and Support
Expenses		EBITDADepreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$23,129 $14,241 $8,888 $2,764 $6,124 
Business Wireline4,545 3,348 1,197 1,408 (211)
Consumer Wireline3,465 2,247 1,218 942 276 
Total Communications31,139 19,836 11,303 5,114 6,189 
Latin America - Mexico1,044 873 171 150 21 
Segment Total32,183 20,709 11,474 5,264 6,210 
Corporate and Other
Corporate:
DTV-related retained costs— 108 (108)97 (205)
Parent administration support(2)486 (488)1 (489)
Securitization fees30 179 (149)— (149)
Value portfolio87 25 62 2 60 
Total Corporate115 798 (683)100 (783)
Certain significant items— 91 (91)10 (101)
Total Corporate and Other115 889 (774)110 (884)
AT&T Inc.$32,298 $21,598 $10,700 $5,374 $5,326 
December 31, 2023
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)
Communications
Mobility$22,393 $14,017 $8,376 $2,162 $6,214 
Business Wireline5,052 3,518 1,534 1,369 165 
Consumer Wireline3,352 2,243 1,109 880 229 
Total Communications30,797 19,778 11,019 4,411 6,608 
Latin America - Mexico1,090 953 137 180 (43)
Segment Total31,887 20,731 11,156 4,591 6,565 
Corporate and Other
Corporate:
DTV-related retained costs— 172 (172)146 (318)
Parent administration support6 377 (371)2 (373)
Securitization fees24 165 (141)— (141)
Value portfolio105 22 83 6 77 
Total Corporate135 736 (601)154 (755)
Certain significant items— 518 (518)21 (539)
Total Corporate and Other135 1,254 (1,119)175 (1,294)
AT&T Inc.$32,022 $21,985 $10,037 $4,766 $5,271 

10

SUPPLEMENTAL SEGMENT RECONCILIATION
Year Ended
Dollars in millions
Unaudited
December 31, 2024
RevenuesOperations
and Support
Expenses		EBITDADepreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$85,255 $48,724 $36,531 $10,217 $26,314 
Business Wireline18,819 13,352 5,467 5,555 (88)
Consumer Wireline13,578 9,048 4,530 3,661 869 
Total Communications117,652 71,124 46,528 19,433 27,095 
Latin America - Mexico4,232 3,535 697 657 40 
Segment Total121,884 74,659 47,225 20,090 27,135 
Corporate and Other
Corporate:
DTV-related retained costs— 465 (465)414 (879)
Parent administration support(2)1,722 (1,724)6 (1,730)
Securitization fees116 628 (512)— (512)
Value portfolio338 102 236 17 219 
Total Corporate452 2,917 (2,465)437 (2,902)
Certain significant items— 5,131 (5,131)53 (5,184)
Total Corporate and Other452 8,048 (7,596)490 (8,086)
AT&T Inc.$122,336 $82,707 $39,629 $20,580 $19,049 
December 31, 2023
RevenuesOperations and Support ExpensesEBITDADepreciation and AmortizationOperating Income (Loss)
Communications
Mobility$83,982 $49,604 $34,378 $8,517 $25,861 
Business Wireline20,883 14,217 6,666 5,377 1,289 
Consumer Wireline13,173 9,053 4,120 3,469 651 
Total Communications118,038 72,874 45,164 17,363 27,801 
Latin America - Mexico3,932 3,349 583 724 (141)
Segment Total121,970 76,223 45,747 18,087 27,660 
Corporate and Other
Corporate:
DTV-related retained costs— 686 (686)586 (1,272)
Parent administration support(7)1,416 (1,423)6 (1,429)
Securitization fees85 604 (519)— (519)
Value portfolio380 99 281 22 259 
Total Corporate458 2,805 (2,347)614 (2,961)
Certain significant items— 1,162 (1,162)76 (1,238)
Total Corporate and Other458 3,967 (3,509)690 (4,199)
AT&T Inc.$122,428 $80,190 $42,238 $18,777 $23,461 

11