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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-08610

AT&T INC.

Incorporated under the laws of the State of Delaware

I.R.S. Employer Identification Number 43-1301883

208 S. Akard St., Dallas, Texas 75202

Telephone Number: (210) 821-4105

Securities registered pursuant to Section 12(b) of the Act:

		Name of each exchange
Title of each class	Trading Symbol(s)	Name of each exchangeon which registered
Title of each class	Trading Symbol(s)	on which registered
Common Shares (Par Value $1.00 Per Share)	T	New York Stock Exchange
		NYSE Texas
Depositary Shares, each representing a 1/1000th interest in ashare of 5.000% Perpetual Preferred Stock, Series A	T PRA	New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in ashare of 4.750% Perpetual Preferred Stock, Series C	T PRC	New York Stock Exchange
AT&T Inc. 3.550% Global Notes due November 18, 2025	T 25B	New York Stock Exchange
AT&T Inc. 3.500% Global Notes due December 17, 2025	T 25	New York Stock Exchange
AT&T Inc. 0.250% Global Notes due March 4, 2026	T 26E	New York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026	T 26D	New York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026	T 26A	New York Stock Exchange
AT&T Inc. Floating Rate Global Notes due September 16, 2027	T 27C	New York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028	T 28C	New York Stock Exchange
AT&T Inc. 2.350% Global Notes due September 5, 2029	T 29D	New York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029	T 29B	New York Stock Exchange
AT&T Inc. 2.600% Global Notes due December 17, 2029	T 29A	New York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030	T 30B	New York Stock Exchange
AT&T Inc. 3.150% Global Notes due June 1, 2030	T 30C	New York Stock Exchange
AT&T Inc. 3.950% Global Notes due April 30, 2031	T 31F	New York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032	T 32A	New York Stock Exchange


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

At ~~October~~April 2122, ~~2025~~2026, there were 76,~~089~~948,~~449~~338,~~495~~835 common shares outstanding.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

AT&T INC.
CONSOLIDATED STATEMENTS OF INCOME
Dollars in millions except per share amounts
(Unaudited)
	~~Three months ended~~		Three months ended		~~Nine months ended~~
	September 30,				September 30,
			March 31,
	2025		2024		2025		2024
					2026		2025
Operating Revenues
Service	$	~~25,336~~	$	~~25,134~~	$	7525,~~766~~478	$	7425,~~982~~138
Equipment	~~5,373~~		~~5,079~~		166,~~416~~028		155,~~056~~488
Total operating revenues	~~30,709~~		~~30,213~~		9231,~~182~~506		9030,~~038~~626
Operating Expenses
Cost of revenues
Equipment	~~5,468~~		~~4,933~~		166,~~900~~305		145,~~891~~694
Other cost of revenues (exclusive of depreciation andamortization shown separately below)	~~6,351~~		~~6,697~~		196,~~102~~261		206,~~135~~339
Selling, general and administrative	~~7,454~~		~~6,958~~		217,~~544~~316		217,~~022~~145
Asset impairments and abandonments and restructuring	—		~~4,422~~		~~504~~—		~~5,061~~504
Depreciation and amortization	~~5,317~~		~~5,087~~		154,~~758~~966		155,~~206~~190
Total operating expenses	~~24,590~~		~~28,097~~		7324,~~808~~848		7624,~~315~~872
Operating Income	~~6,119~~		~~2,116~~		186,~~374~~658		135,~~723~~754
Other Income (Expense)
Interest expense	~~(1,700)~~		~~(1,675)~~		(51,~~013~~813)		(51,~~098~~658)
Equity in net income (loss) of affiliates	~~(20)~~		~~272~~		~~1,905~~(41)		~~915~~1,440
Other income (expense) — net	~~6,254~~		~~717~~		~~7,476~~594		~~1,850~~455
Total other income (expense)	~~4,534~~		~~(686)~~		4(1,~~368~~260)		~~(2,333)~~237
Income Before Income Taxes	10,653		1,430		22,742		11,390
Income from Continuing Operations Before Income Taxes					5,398		5,991
Income tax expense	976		1,285		3,512		3,545
Income tax expense on continuing operations					1,179		1,299
Net Income	9,677		145		19,230		7,845
Income from Continuing Operations					4,219		4,692
Net Income Attributable to Noncontrolling Interest	(363)		(319)		(1,065)		(977)
Loss from discontinued operations, net of tax					(38)		—
Net Income (Loss) Attributable to AT&T	$	9,314	$	(174)	$	18,165	$	6,868
Net Income					4,181		4,692
Preferred Stock Dividends and Redemption Gain	(36)		(52)		(28)		(153)
Net Income Attributable to Noncontrolling Interest					(352)		(341)
Net Income (Loss) Attributable to Common Stock	$	9,278	$	(226)	$	18,137	$	6,715
Net Income Attributable to AT&T					$	3,829	$	4,351
Basic Earnings (Loss) Per Share Attributable toCommon Stock	$	1.29	$	(0.03)	$	2.51	$	0.93
Preferred Stock Dividends and Redemption Gain					(36)		44
Diluted Earnings (Loss) Per Share Attributable toCommon Stock	$	1.29	$	(0.03)	$	2.51	$	0.93
Net Income Attributable to Common Stock					$	3,793	$	4,395
Weighted Average Number of Common SharesOutstanding — Basic (in millions)	7,156		7,202		7,193		7,197
Basic Earnings Per Share from continuing operations					$	0.54	$	0.61
Weighted Average Number of Common SharesOutstanding — with Dilution (in millions)	7,169		7,208		7,203		7,200
Basic Loss Per Share from discontinued operations					$	—	$	—
Basic Earnings Per Share Attributable to Common Stock					$	0.54	$	0.61
Diluted Earnings Per Share from continuing operations					$	0.54	$	0.61
Diluted Loss Per Share from discontinued operations					$	—	$	—
Diluted Earnings Per Share Attributable to Common Stock					$	0.54	$	0.61
Weighted Average Number of Common SharesOutstanding — Basic (in millions)					7,017		7,213
Weighted Average Number of Common SharesOutstanding — with Dilution (in millions)					7,027		7,223

See Notes to Consolidated Financial Statements.

AT&T INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Dollars in millions
(Unaudited)
	~~Three months ended~~		Three months ended		~~Nine months ended~~
	September 30,				September 30,
			March 31,
	2025		2024		2025		2024
					2026		2025
Net income	$	~~9,677~~	$	~~145~~	$	194,~~230~~181	$	74,~~845~~692
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment, net of taxes of $25, $(107), $96 and$(168)	78		(137)		287		(329)
Translation adjustment, net of taxes of $10 and $10					34		21
Reclassification adjustment included in net income, net oftaxes of $0, $0, $0 and $(14)	—		—		—		127
Securities:
Net unrealized gains (losses), net of taxes of $2, $6, $6and $5	8		30		20		13
Net unrealized gains (losses), net of taxes of $0 and $3					(1)		10
Reclassification adjustment included in net income, net oftaxes of $0, $0, $1 and $3	—		—		4		10
Reclassification adjustment included in net income, net of taxes of $0 and $0					—		1
Derivative instruments:
Net unrealized gains (losses), net of taxes of $(62), $(102),$(233) and $(118)	(194)		(315)		(722)		(364)
Net unrealized gains (losses), net of taxes of $(93) and $(203)					(270)		(624)
Reclassification adjustment included in net income, net oftaxes of $4, $4, $11 and $11	11		11		33		33
Reclassification adjustment included in net income, net of taxes of $4 and $4					11		11
Defined benefit postretirement plans:
Amortization of net prior service credit included in netincome, net of taxes of $(114), $(123), $(343) and $(369)	(356)		(381)		(1,070)		(1,142)
Amortization of net prior service credit included in net income, net of taxes of$(98) and $(115)					(306)		(356)
Reclassification adjustment realized in net income, net oftaxes of $(4), $0, $(4) and $0	5		—		5		—
Other comprehensive income (loss)					(532)		(937)
Other comprehensive income (loss)	(448)		(792)		(1,443)		(1,652)
Total comprehensive income					3,649		3,755
Total comprehensive income (loss)	9,229		(647)		17,787		6,193
Less: Total comprehensive income attributable tononcontrolling interest					(352)		(341)
Less: Total comprehensive income attributable tononcontrolling interest	(363)		(319)		(1,065)		(977)
Total Comprehensive Income Attributable to AT&T					$	3,297	$	3,414
Total Comprehensive Income (Loss) Attributable to AT&T	$	8,866	$	(966)	$	16,722	$	5,216

See Notes to Consolidated Financial Statements.

AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Assets	(Unaudited)
Current Assets
Cash and cash equivalents	$	2011,~~272~~964	$	318,~~298~~234
Accounts receivable – net of related allowances for credit loss of $395 and $375	8,936		9,638
Accounts receivable – net of related allowances for credit loss of $363 and $429	8,335		8,843
Inventories	2,~~886~~451		2,~~270~~420
Prepaid and other current assets	2223,~~485~~532		1519,~~962~~235
Total current assets	5446,~~579~~282		3148,~~168~~732
Property, plant and equipment	~~359~~349,~~091~~454		~~350~~347,~~914~~570
Less: accumulated depreciation and amortization	(~~229~~216,~~169~~330)		(~~222~~216,~~043~~011)
Property, Plant and Equipment – Net	~~129~~133,~~922~~124		~~128~~131,~~871~~559
Goodwill – Net	63,~~425~~838		63,~~432~~425
Licenses – Net	~~127~~129,~~771~~144		~~127~~128,~~035~~148
Other Intangible Assets – Net	56,~~254~~135		5,~~255~~254
Investments in and Advances to Equity Affiliates	1,~~056~~108		~~295~~1,106
Operating Lease Right-Of-Use Assets	22,~~654~~756		2022,~~909~~642
Other Assets	18,~~552~~801		1719,~~830~~332
Total Assets	$	~~423~~421,~~213~~188	$	~~394~~420,~~795~~198
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	116,~~378~~818	$	59,~~089~~011
Accounts payable and accrued liabilities	3637,~~592~~304		3538,~~657~~514
Advanced billings and customer deposits	34,~~897~~330		4,~~099~~266
Dividends payable	21,~~009~~969		21,~~027~~989
Total current liabilities	5350,~~876~~421		4653,~~872~~780
Long-Term Debt	~~128~~131,~~090~~589		~~118~~127,~~443~~089
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities	59,~~304~~113		58,~~939~~312
Postemployment benefit obligation	8,~~728~~427		98,~~025~~478
Operating lease liabilities	1918,~~025~~907		1718,~~391~~943
Other noncurrent liabilities	25,~~451~~109		2325,~~900~~104
Total deferred credits and other noncurrent liabilities	~~112~~111,~~508~~556		~~109~~110,~~255~~837
Redeemable Noncontrolling Interest	12,~~984~~003		12,~~980~~001
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at September 30, 2025 and December 31, 2024):
Preferred stock ($1 par value, 10,000,000 authorized at March 31, 2026 and December 31, 2025):
Series A (48,000 issued and outstanding at September 30, 2025 and December 31, 2024)	—		—
Series A (48,000 issued and outstanding at March 31, 2026 and December 31, 2025)	—		—
Series B (20,000 issued and 0 outstanding at September 30, 2025 and 20,000 issued and outstandingat December 31, 2024)	—		—
Series B (20,000 issued and 0 outstanding at March 31, 2026 and December 31, 2025)	—		—
Series C (70,000 issued and outstanding at September 30, 2025 and December 31, 2024)	—		—
Series C (70,000 issued and outstanding at March 31, 2026 and December 31, 2025)	—		—
Common stock ($1 par value, 14,000,000,000 authorized at September 30, 2025 andDecember 31, 2024: issued 7,620,748,598 at September 30, 2025 and December 31, 2024)	7,621		7,621
Common stock ($1 par value, 14,000,000,000 authorized at March 31, 2026 andDecember 31, 2025: issued 7,620,748,598 at March 31, 2026 and December 31, 2025)	7,621		7,621
Additional paid-in capital	106,~~461~~084		~~109~~106,~~108~~533
Retained earnings	1317,~~974~~620		115,~~871~~768
Treasury stock (511,590,791 at September 30, 2025 and 444,853,148 at December 31, 2024, at cost)	(16,700)		(15,023)
Treasury stock (655,850,883 at March 31, 2026 and 583,246,242 at December 31, 2025, at cost)	(20,273)		(18,529)
Accumulated other comprehensive income (loss)	(~~648~~1,392)		~~795~~(860)
Noncontrolling interest	1615,~~047~~959		1315,~~873~~958
Total stockholders’ equity	~~126~~125,~~755~~619		~~118~~126,~~245~~491
Total Liabilities and Stockholders’ Equity	$	~~423~~421,~~213~~188	$	~~394~~420,~~795~~198

See Notes to Consolidated Financial Statements.

AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)
	Nine months ended
	Three months ended
	September 30,
	March 31,
	2025		2024
	2026		2025
Operating Activities
Net Income	$	19,230	$	7,845
Income from continuing operations	$	4,219	$	4,692
Adjustments to reconcile net income to net cash provided by operating activities:
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	154,~~758~~966		155,~~206~~190
Provision for uncollectible accounts	~~1,592~~560		~~1,431~~516
Asset impairments and abandonments and restructuring	~~504~~—		~~5,061~~504
Pension and postretirement benefit expense (credit)	(~~1,191~~396)		(~~1,412~~397)
Net (gain) loss on investments	~~(5,722)~~28		8881
Changes in operating assets and liabilities:
Receivables	(~~613~~119)		~~574~~15
Equipment installment receivables and related sales	~~806~~255		~~(899)~~1,212
Contract asset and cost deferral	(~~482~~327)		~~583~~(147)
Inventories, prepaid and other current assets	(~~1,952~~173)		(~~658~~661)
Accounts payable and other accrued liabilities	(2,~~029~~770)		(43,~~431~~297)
Changes in income taxes	21,~~609~~147		21,~~662~~285
Postretirement claims and contributions	(~~593~~72)		(~~129~~68)
Other - net	~~1,047~~277		~~954~~124
Total adjustments	93,~~734~~376		194,~~030~~357
Net Cash Provided by Operating Activities	28,964		26,875
Net Cash Provided by Operating Activities from Continuing Operations	7,595		9,049
Investing Activities
Capital expenditures	(144,~~061~~877)		(134,~~420~~277)
Acquisitions, net of cash acquired	(472,674)		(~~322~~20)
Dispositions	~~439~~628		6611
Distributions from DIRECTV in excess of cumulative equity in earnings	—		928
(Purchases), sales and settlements of securities - net	(14)		45
(Purchases), sales and settlements of securities - net	25		1,153
Other - net	(547)		(717)
Other - net	(789)		(532)
Net Cash Used in Investing Activities from Continuing Operations	(7,484)		(4,958)
Net Cash Used in Investing Activities	(14,433)		(12,127)
Financing Activities
Issuance of other short-term borrowings	—		491
Issuance of long-term debt	8,098		2,956
Repayment of other short-term borrowings	—		(2,487)
Repayment of long-term debt	(5,247)		(1,526)
Issuance of long-term debt	14,027		4
Payment of vendor financing	(212)		(203)
Repayment of long-term debt	(1,849)		(7,113)
Redemption of preferred stock	—		(2,075)
Payment of vendor financing	(823)		(1,571)
Purchase of treasury stock	(2,475)		(218)
Redemption of preferred stock	(2,075)		—
Issuance of treasury stock	1		17
Purchase of treasury stock	(2,669)		(202)
Issuance of preferred interests in subsidiary	—		2,221
Issuance of treasury stock	19		2
Dividends paid	(1,997)		(2,091)
Issuance of preferred interests in subsidiary	2,221		—
Other - net	(265)		366
Dividends paid	(6,168)		(6,171)
Net Cash Used in Financing Activities from Continuing Operations	(2,097)		(553)
Other - net	(292)		(1,808)
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	(1,986)		3,538
Net Cash Provided by (Used in) Financing Activities	2,391		(18,855)
Cash Flows from Discontinued Operations:
Net increase (decrease) in cash and cash equivalents and restricted cash	$	16,922	$	(4,107)
Cash used in operating activities	(38)		—
Cash and cash equivalents and restricted cash beginning of year	3,406		6,833
Cash used in investing activities	(4,171)		—
Cash and Cash Equivalents and Restricted Cash End of Period	$	20,328	$	2,726
Cash used in financing activities	—		—
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	(4,209)		—
Net increase (decrease) in cash and cash equivalents and restricted cash	$	(6,195)	$	3,538
Cash and cash equivalents and restricted cash beginning of year	18,527		3,406
Cash and Cash Equivalents and Restricted Cash End of Period	$	12,332	$	6,944
See Notes to Consolidated Financial Statements.

AT&T INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Dollars and shares in millions except per share amounts
(Unaudited)
	~~Three months ended~~	Three months ended					~~Nine months ended~~
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
				March 31, 2026			March 31, 2025
	~~Shares~~	~~Amount~~		~~Shares~~	~~Amount~~		Shares	Amount		Shares	Amount
Preferred Stock - Series A
Balance at beginning of period	—	$	—	—	$	—	—	$	—	—	$	—
Balance at end of period	—	$	—	—	$	—	—	$	—	—	$	—
Preferred Stock - Series B
Balance at beginning of period	—	$	—	—	$	—	—	$	—	—	$	—
Balance at end of period	—	$	—	—	$	—	—	$	—	—	$	—
Preferred Stock - Series C
Balance at beginning of period	—	$	—	—	$	—	—	$	—	—	$	—
Balance at end of period	—	$	—	—	$	—	—	$	—	—	$	—
Common Stock
Balance at beginning of period	~~7,621~~	$	~~7,621~~	~~7,621~~	$	~~7,621~~	7,621	$	7,621	7,621	$	7,621
Balance at end of period	~~7,621~~	$	~~7,621~~	~~7,621~~	$	~~7,621~~	7,621	$	7,621	7,621	$	7,621
Additional Paid-In Capital
Balance at beginning of period		$	~~106,381~~		$	~~111,515~~		$	~~109~~106,~~108~~533		$	~~114~~109,~~519~~108
Redemption of preferred stock		—			—			~~(2,165)~~—			—(2,165)
Preferred stock dividends		—			(36)			—			(134)
Issuance of treasury stock								(287)			(452)
Common stock dividends($0.2775, $0.2775, $0.8325 and $0.8325 per share)		—			(1,992)			—			(4,007)
Share-based compensation								(162)			(189)
Issuance of treasury stock		(5)			(84)			(461)			(500)
Balance at end of period								$	106,084		$	106,302
Share-based payments		85			(49)			(21)			(232)
Retained Earnings
Redemption or reclassification ofinterest held by noncontrolling owners		—			—			—			(292)
Balance at beginning of period								$	15,768		$	1,871
Balance at end of period		$	106,461		$	109,354		$	106,461		$	109,354
Net income attributable to AT&T								3,829			4,351
Retained Earnings (Deficit)
Preferred stock redemption gain								—			90
Balance at beginning of period		$	6,680		$	2		$	1,871		$	(5,015)
Preferred stock dividends								(35)			(86)
Net income (loss) attributable to AT&T		9,314			(174)			18,165			6,868
Common stock dividends ($0.2775 and $0.2775 per share)								(1,942)			(2,011)
Preferred stock redemption gain		—			—			90			—
Balance at end of period								$	17,620		$	4,215
Preferred stock dividends		(36)			—			(157)			(36)
Common stock dividends($0.2775, $0.2775, $0.8325 and $0.8325 per share)		(1,984)			(13)			(5,995)			(2,002)
Balance at end of period		$	13,974		$	(185)		$	13,974		$	(185)

See Notes to Consolidated Financial Statements.

AT&T INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - continued
Dollars and shares in millions except per share amounts
(Unaudited)
	~~Three months ended~~	Three months ended					~~Nine months ended~~
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
				March 31, 2026			March 31, 2025
	~~Shares~~	~~Amount~~		~~Shares~~	~~Amount~~		Shares	Amount		Shares	Amount
Treasury Stock
Balance at beginning of period	~~(459)~~	$	~~(15,210)~~	~~(451)~~	$	~~(15,268)~~	(~~445~~583)	$	(1518,~~023~~529)	(~~471~~445)	$	(1615,~~128~~023)
Repurchase and acquisition ofcommon stock	(53)	(1,504)		(2)	(43)		(96)	(2,690)		(11)	(202)
Repurchase and acquisition of common stock							(95)	(2,495)		(9)	(218)
Reissuance of treasury stock	—	14		7	~~224~~		2922	~~1,013~~751		3629	~~1,243~~989
Balance at end of period	~~(512)~~	$	~~(16,700)~~	~~(446)~~	$	~~(15,087)~~	(~~512~~656)	$	(1620,~~700~~273)	(~~446~~425)	$	(1514,~~087~~252)
Accumulated Other Comprehensive Income (Loss) Attributable to AT&T, net of tax
Balance at beginning of period		$	~~(200)~~		$	~~1,440~~		$	~~795~~(860)		$	~~2,300~~795
Other comprehensive income(loss) attributable to AT&T		(448)			(792)			(1,443)			(1,652)
Other comprehensive income (loss) attributable to AT&T								(532)			(937)
Balance at end of period		$	~~(648)~~		$	~~648~~		$	(~~648~~1,392)		$	~~648~~(142)
Noncontrolling Interest1
Balance at beginning of period		$	~~16,122~~		$	~~14,037~~		$	1315,~~873~~958		$	1413,~~145~~873
Net income attributable tononcontrolling interest		327			283			958			870
Net income attributable to noncontrolling interest								316			305
Issuance and acquisition bynoncontrolling owners		—			—			2,221			—
Issuance and acquisition by noncontrolling owners								—			2,221
Redemption of noncontrollinginterest		(79)			—			(79)			(58)
Distributions								(315)			(285)
Distributions		(323)			(389)			(926)			(1,026)
Balance at end of period								$	15,959		$	16,114
Balance at end of period		$	16,047		$	13,931		$	16,047		$	13,931
Total Stockholders’ Equity at beginning of period								$	126,491		$	118,245
Total Stockholders’ Equity atbeginning of period		$	121,394		$	119,347		$	118,245		$	117,442
Total Stockholders’ Equity at end of period								$	125,619		$	119,858
Total Stockholders’ Equity at endof period		$	126,755		$	116,282		$	126,755		$	116,282
1Excludes redeemable noncontrolling interest
1Excludes redeemable noncontrolling interest

See Notes to Consolidated Financial Statements.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Dollars in millions except per share amounts

NOTE 1. PREPARATION OF INTERIM FINANCIAL STATEMENTS

Basis of Presentation Throughout this document, AT&T Inc. is referred to as “we,” “AT&T” or the “Company.” The consolidated financial statements include the accounts of the Company and subsidiaries and affiliates which we control. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this document in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025. The results for the interim periods are not necessarily indicative of those for the full year. These consolidated financial statements include all adjustments that are necessary to present fairly the results for the presented interim periods, consisting of normal recurring accruals and other items.

On February 2, 2026, we closed our transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen’s Mass Markets fiber business for $5,756 cash, including purchase price adjustments. The acquisition included customer relationships, which we include with our advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). We plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations in the accompanying financial statements. (See Notes 8 and 12)

The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in entities that we do not control but have significant influence are accounted for under the equity method.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions, including estimates of fair value, probable losses and expenses, that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. ~~Certain~~Unless ~~prior~~otherwise ~~period~~noted, ~~amounts have been conformed to~~ the ~~current~~information ~~period’s~~in ~~presentation~~Notes ~~providing~~1 ~~further~~through ~~disaggregation~~11 ofrefer ~~activities~~only ~~within~~to ~~Cash from Operations in~~ our ~~consolidated~~continued ~~statements~~operations ~~of cash flows~~ and ~~additional~~do ~~revenue~~not ~~categories~~include ~~for~~discussion ~~our~~of ~~Business~~balances ~~Wireline~~or ~~and~~activity ~~Consumer~~of ~~Wireline~~our ~~business~~discontinued ~~units (see Note 5)~~operations.

~~Stock~~Effective ~~Repurchase~~with ~~Program In~~our ~~December~~first-quarter ~~2024~~2026 reporting, ~~the~~we ~~Board~~realigned ofour ~~Directors~~internal ~~authorized~~management ~~the~~and ~~repurchase~~reporting ofstructure up to ~~$10,000~~reflect ofthe ~~AT&T~~evolution ~~common~~of ~~stock.~~our Webusiness ~~began~~model ~~buying~~to ~~back~~focus ~~stock~~on ~~under~~delivering ~~this~~converged ~~program~~advanced inconnectivity ~~the~~services ~~second~~across ~~quarter~~5G ofand ~~2025.~~fiber ~~For~~to ~~the~~consumer ~~nine~~and ~~months~~business ~~ended~~customers. ~~September 30,~~This ~~2025,~~new wesegment ~~had~~reporting ~~repurchased~~structure ~~approximately~~also 87provides ~~million~~better ~~shares~~visibility ~~totaling~~into ~~$2,444 under this authorization, excluding brokerage fees and~~ the ~~one~~progress ~~percent~~of ~~excise~~exiting ~~tax~~our ~~imposed~~copper-based byLegacy ~~the~~operations. ~~Inflation~~(See ~~Reduction~~Notes ~~Act~~4 ofand ~~2022.~~5)

As a result of our change to this new segment reporting structure, we were required to reassess the assignment of goodwill and perform impairment testing of the previous and updated reporting units as of January 1, 2026; no impairment was recorded. The assignment of goodwill was based on the relative fair value of the reporting unit, which is deemed to be our principal operating segments or one level below. The goodwill from our previous Consumer Wireline and Mobility reporting units within the Communications segment was fully assigned to the reporting units comprising the Advanced Connectivity segment. No goodwill was assigned to the reporting unit comprising the Legacy segment as we expect sustained declines in Legacy service revenues driven by progress on our copper-based network decommissioning.

Stock Repurchase Program In December 2024, the Board of Directors authorized the repurchase of up to $10,000 of AT&T common stock. We began buying back stock under this program in the second quarter of 2025. On January 27, 2026, the Board approved an authorization to repurchase an additional $10,000 of common stock. For the three months ended March 31, 2026, we repurchased approximately 88 million shares totaling $2,279 under the December 2024 authorization, excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022.

To implement repurchase authorizations, we use open market repurchase programs, relying on Rule 10b5-1 of the Securities Exchange Act of 1934 where feasible.

Tax Legislation On July 4, 2025, the One Big Beautiful Bill Act was enacted, which restores or makes permanent certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017. As a result of the legislation, we reduced our taxable income position and, at September 30, 2025, “Prepaid and other current assets” on our consolidated balance sheet included $3,467 of current tax assets, compared to $2,236 at December 31, 2024. The legislation did not materially impact our income tax expense, but we expect it will result in a material decrease to cash taxes paid relative to our expectations.

New Accounting Standards

Internal-Use Software In September 2025, the Financial Accounting Standards Board issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). ASU 2025-06 removes references to prescriptive and sequential software development stages and requires software cost capitalization when management has authorized and committed to funding, and it is probable that the project will be completed, and the software used for its intended function. ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027. We are evaluating the impacts of our adoption of ASU 2025-06 and currently do not expect that it will have a material impact on our financial statements.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

NOTE 2. EARNINGS PER SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings per share is shown in the table below:

	~~Three months ended~~		Three months ended		~~Nine months ended~~
	September 30,				September 30,
			March 31,
	2025		2024		2025		2024
					2026		2025
Numerators
Numerator for basic earnings per share:
Net Income (Loss) Attributable to Common Stock	$	9,278	$	(226)	$	18,137	$	6,715
Income from Continuing Operations					$	4,219	$	4,692
Dilutive impact of share-based payment	3		—		9		—
Net Income Attributable to Noncontrolling Interest					(352)		(341)
Numerator for diluted earnings per share	$	9,281	$	(226)	$	18,146	$	6,715
Preferred Stock Dividends and Redemption Gain					(36)		44
Income from continuing operations attributable to common stock					3,831		4,395
Loss from discontinued operations, net of tax					(38)		—
Net Income Attributable to Common Stock					$	3,793	$	4,395
Dilutive impact of share-based compensation					3		4
Numerator for diluted earnings per share					$	3,796	$	4,399
Denominators (000,000)
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	~~7,156~~		~~7,202~~		7,~~193~~017		7,~~197~~213
Dilutive impact of share-based payment (in shares)	13		6		10		3
Dilutive impact of share-based compensation (in shares)					10		10
Denominator for diluted earnings per share	~~7,169~~		~~7,208~~		7,~~203~~027		7,~~200~~223

NOTE 3. OTHER COMPREHENSIVE INCOME

Changes in the balances of each component included in accumulated other comprehensive income (OCI) are presented below. All amounts are net of tax.

	Foreign Currency Translation Adjustment			Net Unrealized Gains (Losses) on Securities			Net Unrealized Gains (Losses) on Derivative Instruments			Defined Benefit Postretirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2024	$	(1,755)		$	(46)		$	(604)		$	3,200		$	795
Balance as of December 31, 2025	$	(1,401)		$	(28)		$	(1,209)		$	1,778		$	(860)
Other comprehensive income(loss) before reclassifications	~~287~~34			20(1)			(~~722~~270)			—			(~~415~~237)
Amounts reclassified fromaccumulated OCI	—		1	4—		1	3311		2	(~~1,065~~306)		3	(~~1,028~~295)
Net other comprehensiveincome (loss)	~~287~~34			24(1)			(~~689~~259)			(~~1,065~~306)			(~~1,443~~532)
Balance as of September 30, 2025	$	(1,468)		$	(22)		$	(1,293)		$	2,135		$	(648)
Balance as of March 31, 2026	$	(1,367)		$	(29)		$	(1,468)		$	1,472		$	(1,392)
	Foreign Currency Translation Adjustment			Net Unrealized Gains (Losses) on Securities			Net Unrealized Gains (Losses) on Derivative Instruments			Defined Benefit Postretirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2023	$	(1,337)		$	(57)		$	(1,029)		$	4,723		$	2,300
Other comprehensive income(loss) before reclassifications	(329)			13			(364)			—			(680)
Amounts reclassified fromaccumulated OCI	127		1	10		1	33		2	(1,142)		3	(972)
Net other comprehensiveincome (loss)	(202)			23			(331)			(1,142)			(1,652)
Balance as of September 30, 2024	$	(1,539)		$	(34)		$	(1,360)		$	3,581		$	648
1(Gains) losses are included in “Other income (expense) - net” in the consolidated statements of income.
2(Gains) losses are primarily included in “Interest expense” in the consolidated statements of income (see Note 7).
3The amortization of prior service credit associated with postretirement benefits are included in “Other income (expense) - net” in the consolidated statements of income (see Note 6).

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts



	Foreign Currency Translation Adjustment			Net Unrealized Gains (Losses) on Securities			Net Unrealized Gains (Losses) on Derivative Instruments			Defined Benefit Postretirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2024	$	(1,755)		$	(46)		$	(604)		$	3,200		$	795
Other comprehensive income (loss) before reclassifications	21			10			(624)			—			(593)
Amounts reclassified from accumulated OCI	—		1	1		1	11		2	(356)		3	(344)
Net other comprehensive income (loss)	21			11			(613)			(356)			(937)
Balance as of March 31, 2025	$	(1,734)		$	(35)		$	(1,217)		$	2,844		$	(142)
1(Gains) losses are included in “Other income (expense) - net” in the consolidated statements of income.
2(Gains) losses are primarily included in “Interest expense” in the consolidated statements of income (see Note 7).
3The amortization of prior service credit associated with postretirement benefits are included in “Other income (expense) - net” in the consolidated statements of income (see Note 6).

NOTE 4. SEGMENT INFORMATION

Our segments are comprised of strategic business units or other operations that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. We have ~~two~~three reportable segments: ~~Communications~~Advanced Connectivity, Legacy and Latin America.

Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income to evaluate performance and allocate resources, including capital allocations, when managing the business. Our CODM manages operations through the review of actual and forecasted “Operations and Support Expenses” information, atwhich aare ~~segment~~primarily comprised of costs for wireless devices, network access, rents, leases, sales support, customer provisioning and ~~business~~commissions. ~~unit~~Operating ~~level~~costs and depreciation of our shared network, ~~with~~including ~~Communications~~copper-based assets prior to decommissioning, are managed in our Advanced Connectivity segment. Our Legacy and Latin America segments are primarily evaluated on a direct cost basis. ~~and~~Our ~~comprised~~CODM ofdoes ~~equipment,~~not ~~compensation,~~review ~~network~~disaggregated ~~and~~assets ~~technology~~on a segment basis, ~~sales~~therefore, ~~advertising~~that ~~and~~information ~~other~~is ~~costs.~~not presented.

~~Additionally,~~The ~~business~~Advanced ~~unit~~Connectivity ~~expenses within the Communications~~ segment ~~include~~provides ~~direct~~domestic ~~and~~5G ~~shared costs. Direct costs are incurred in support of products~~ and ~~services~~fiber-based ~~offered by the business units, such as equipment costs (predominantly~~ wireless ~~devices)~~, ~~network~~internet ~~access,~~and ~~rents,~~other ~~leases,~~advanced ~~sales~~connectivity ~~support,~~services ~~customer~~to ~~provisioning~~consumer and ~~commission expenses. Shared costs amongst the~~ business ~~units generally include information technology, network engineering and construction costs, advertising and other general and administrative expenses~~customers.

The ~~Communications~~ Legacy segment provides ~~wireless~~domestic ~~and~~legacy ~~wireline~~voice ~~telecom~~ and ~~broadband~~data services to ~~consumers~~consumer ~~located~~and inbusiness ~~the~~customers ~~U.S.~~over ~~and~~our ~~businesses~~copper-based ~~globally~~network. ~~Our~~Legacy ~~business~~segment ~~strategies~~results ~~reflect~~include ~~integrated~~revenues ~~product~~derived ~~offerings~~from ~~that~~copper-based ~~cut~~services ~~across product lines~~ and ~~utilize~~direct ~~shared~~operating ~~assets~~costs. ~~This segment contains the following business units:~~

~~•Mobility provides~~The ~~nationwide~~Latin America segment provides wireless service and equipment in Mexico.

~~•Business~~Corporate ~~Wireline provides~~and ~~advanced~~Other ~~ethernet-based~~reconciles ~~fiber~~our ~~services,~~segment ~~fixed~~results ~~wireless~~to ~~services~~consolidated operating income and income from continuing operations before income taxes and includes parent support costs, IPsecuritization ~~Voice~~fees, operations from business no longer integral to operations and ~~managed~~significant ~~professional~~items ~~services~~for which the segments are not being evaluated. Significant items typically include costs associated with the merger and integration of acquired or divested businesses, asincluding ~~well~~amortization asof ~~legacy~~intangible ~~voice~~assets, legal and ~~data~~other ~~services~~items that cover historical periods, novel theories of liability and are separate and distinct from normal recurring costs, benefit-related ~~equipment~~gains and losses, toemployee ~~business~~separation ~~customers~~charges associated with voluntary and/or strategic offers, asset impairments and abandonments and restructuring.

~~•Consumer~~“Total ~~Wireline provides~~other ~~broadband~~income ~~services,~~(expense)” ~~including~~consists ~~fiber~~of ~~connections~~“Interest ~~that provide multi-gig services~~expense,” ~~and~~“Other ~~our~~income ~~fixed wireless access product~~ (~~AT&T~~expense) ~~Internet~~– ~~Air~~net” orand “~~AIA”)~~Equity ~~that~~in ~~provides~~net ~~internet~~income ~~services~~(loss) ~~delivered~~of ~~over~~affiliates” ~~our~~and 5Gis ~~wireless~~managed ~~network,~~only toon ~~residential~~a ~~customers~~total incompany ~~select~~basis ~~locations.~~and ~~Consumer~~are, ~~Wireline~~accordingly, ~~also~~reflected ~~provides~~only ~~legacy~~in ~~telephony~~consolidated ~~voice communication services~~results.

The Latin America segment provides wireless services and equipment in Mexico.

Corporate and Other reconciles our segment results to consolidated operating income and income before income taxes.

Corporate includes:

•DTV-related retained costs, which are costs previously allocated to the Video business that were retained, net of reimbursements from DIRECTV Entertainment Holdings, LLC (DIRECTV) under transition service agreements. With the sale of our remaining interest in DIRECTV, we will no longer report these costs in 2026.

•Parent administration support, which includes costs borne by AT&T where the business units do not influence decision making.

•Securitization fees associated with our sales of receivables (see Note 8).

•Value portfolio, which are businesses no longer integral to our operations or which we no longer actively market.

Other items consist of:

•Certain significant items, which includes items associated with the merger and integration of acquired or divested businesses, including amortization of intangible assets, employee separation charges associated with voluntary and/or strategic offers, asset impairments and abandonments and restructuring, and other items for which the segments are not being evaluated.

“Interest expense,” “Other income (expense) – net” and “Equity in net income (loss) of affiliates” are managed only on a total company basis and are, accordingly, reflected only in consolidated results.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

For the three months ended September 30, 2025
For the three months ended March 31, 2026
	Revenues		Operations and Support Expenses						Depreciation and Amortization		Operating Income (Loss)
			Advanced Connectivity		Legacy		Latin America		Total Segment		Corporate & Other		AT&T Inc.
Communications
Operating Revenues
Mobility	$	21,713	$	12,011					$	2,577	$	7,125
Wireless service			$	16,941	$	—	$	753	$	17,694	$	—	$	17,694
Business Wireline	4,248		3,067						1,535		(354)
Consumer			14,584
Consumer Wireline	3,555		2,266						964		325
Business			2,357
Total Communications	29,516		17,344						5,076		7,096
Advanced home internet			2,799		—		—		2,799		—		2,799
Latin America	1,095		896						177		22
Business fiber and advanced connectivity			1,882		—		—		1,882		—		1,882
Segment Total	30,611		18,240						5,253		7,118
Business transitional and other			1,083		—		—		1,083		—		1,083
Corporate and Other
Other service			158		1,768		—		1,926		94		2,020
Corporate:
Total Service			22,863		1,768		753		25,384		94		25,478
DTV-related retained costs	—		56						50		(106)
Equipment			5,608		—		420		6,028		—		6,028
Parent administration support	3		386						4		(387)
Operating Revenues			28,471		1,768		1,173		31,412		94		31,506
Securitization fees	29		150						—		(121)
Operating Expenses
Value portfolio	66		16						—		50
Operations and support expenses			16,913		1,156		953		19,022		714		19,736
Total Corporate	98		608						54		(564)
Asset impairment and abandonment and restructuring			—		—		—		—		—		—
Certain significant items	—		425						10		(435)
Transaction, legal and other costs			—		—		—		—		146		146
Total Corporate and Other	98		1,033						64		(999)
Depreciation and amortization			4,705		—		200		4,905		61		4,966
AT&T Inc.	$	30,709	$	19,273					$	5,317	$	6,119
Operating Expenses			21,618		1,156		1,153		23,927		921		24,848
Operating Income (Loss)			$	6,853	$	612	$	20	$	7,485	$	(827)	$	6,658
Total other income (expense)													(1,260)
Income from continuing operations before income tax											$	5,398

For the three months ended September 30, 2024
For the three months ended March 31, 2025
	Revenues		Operations and Support Expenses						Depreciation and Amortization		Operating Income (Loss)
			Advanced Connectivity		Legacy		Latin America		Total Segment		Corporate & Other		AT&T Inc.
Communications
Operating Revenues
Mobility	$	21,052	$	11,559					$	2,490	$	7,003
Wireless service			$	16,651	$	—	$	615	$	17,266	$	—	$	17,266
Business Wireline	4,606		3,250						1,399		(43)
Consumer			14,370
Consumer Wireline	3,416		2,296						924		196
Business			2,281
Total Communications	29,074		17,105						4,813		7,156
Advanced home internet			2,198		—		—		2,198		—		2,198
Latin America	1,022		854						158		10
Business fiber and advanced connectivity			1,755		—		—		1,755		—		1,755
Segment Total	30,096		17,959						4,971		7,166
Business transitional and other			1,294		—		—		1,294		—		1,294
Corporate and Other
Other service			162		2,368		—		2,530		95		2,625
Corporate:
Total Service			22,060		2,368		615		25,043		95		25,138
DTV-related retained costs	—		107						95		(202)
Equipment			5,132		—		356		5,488		—		5,488
Parent administration support	—		401						2		(403)
Operating Revenues			27,192		2,368		971		30,531		95		30,626
Securitization fees	31		134						—		(103)
Operating Expenses
Value portfolio	86		26						6		54
Operations and support expenses			16,247		1,349		778		18,374		725		19,099
Total Corporate	117		668						103		(654)
Asset impairment and abandonment and restructuring			—		—		—		—		504		504
Certain significant items	—		4,383						13		(4,396)
Transaction, legal and other costs			—		—		—		—		79		79
Total Corporate and Other	117		5,051						116		(5,050)
Depreciation and amortization			4,973		—		150		5,123		67		5,190
AT&T Inc.	$	30,213	$	23,010					$	5,087	$	2,116
Operating Expenses			21,220		1,349		928		23,497		1,375		24,872
Operating Income (Loss)			$	5,972	$	1,019	$	43	$	7,034	$	(1,280)	$	5,754
Total other income (expense)													237
Income from continuing operations before income tax											$	5,991

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

For the nine months ended September 30, 2025
	Revenues		Operations and Support Expenses		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	65,128	$	36,673	$	7,659	$	20,796
Business Wireline	13,029		9,128		4,554		(653)
Consumer Wireline	10,618		6,738		2,871		1,009
Total Communications	88,775		52,539		15,084		21,152
Latin America	3,120		2,527		482		111
Segment Total	91,895		55,066		15,566		21,263
Corporate and Other
Corporate:
DTV-related retained costs	—		169		150		(319)
Parent administration support	2		1,247		14		(1,259)
Securitization fees	87		538		—		(451)
Value portfolio	198		37		—		161
Total Corporate	287		1,991		164		(1,868)
Certain significant items	—		993		28		(1,021)
Total Corporate and Other	287		2,984		192		(2,889)
AT&T Inc.	$	92,182	$	58,050	$	15,758	$	18,374

For the nine months ended September 30, 2024
	Revenues		Operations and Support Expenses		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	62,126	$	34,483	$	7,453	$	20,190
Business Wireline	14,274		10,004		4,147		123
Consumer Wireline	10,113		6,801		2,719		593
Total Communications	86,513		51,288		14,319		20,906
Latin America	3,188		2,662		507		19
Segment Total	89,701		53,950		14,826		20,925
Corporate and Other
Corporate:
DTV-related retained costs	—		357		317		(674)
Parent administration support	—		1,236		5		(1,241)
Securitization fees	86		449		—		(363)
Value portfolio	251		77		15		159
Total Corporate	337		2,119		337		(2,119)
Certain significant items	—		5,040		43		(5,083)
Total Corporate and Other	337		7,159		380		(7,202)
AT&T Inc.	$	90,038	$	61,109	$	15,206	$	13,723

AT&T INC.

SEPTEMBER 30, 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

The following table is a reconciliation of Segment Operating Income to “Income Before Income Taxes” reported in our consolidated statements of income:

	Three months endedSeptember 30,				Nine months endedSeptember 30,
	2025		2024		2025		2024
Communications	$	7,096	$	7,156	$	21,152	$	20,906
Latin America	22		10		111		19
Segment Operating Income	7,118		7,166		21,263		20,925
Reconciling Items:
Corporate	(564)		(654)		(1,868)		(2,119)
Transaction, legal and other costs	(487)		(34)		(615)		(101)
Amortization of intangibles acquired	(10)		(13)		(28)		(43)
Asset impairments and abandonments and restructuring	—		(4,422)		(504)		(5,061)
Benefit-related gains (losses)	62		73		126		122
AT&T Operating Income	6,119		2,116		18,374		13,723
Interest expense	1,700		1,675		5,013		5,098
Equity in net income (loss) of affiliates	(20)		272		1,905		915
Other income (expense) — net	6,254		717		7,476		1,850
Income Before Income Taxes	$	10,653	$	1,430	$	22,742	$	11,390

	September 30,				December 31,
	2025				2024
	Assets		Investments in Equity Method Investees		Assets		Investments in Equity Method Investees
Communications	$	493,410	$	—	$	481,757	$	—
Latin America	9,153		—		7,808		—
Corporate and eliminations	(79,350)		1,056		(94,770)		295
Total	$	423,213	$	1,056	$	394,795	$	295

	Nine months ended September 30,
Capital Expenditures		2025		2024
Communications		$	13,231	$	12,946
Latin America		188		157
Corporate and eliminations		642		317
Total		$	14,061	$	13,420

AT&T INC.

SEPTEMBER 30, 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

NOTE 5. REVENUE RECOGNITION

We report our revenues net of sales taxes and record certain regulatory fees, primarily Universal Service Fund (USF) fees, on a net basis. Revenue ~~Categories~~is disaggregated by services provided by segment, with additional details provided for our Advanced Connectivity consumer and business relationships (see Note 4).

The following tables set forth reported revenue by category and by business unit:

For the three months ended September 30, 2025
	Communications
	Mobility		Business Wireline		Consumer Wireline		Latin America		Corporate & Other		Total
Wireless	$	16,926	$	—	$	—	$	696	$	—	$	17,622
Fiber and advanced connectivity1	—		1,853		2,198		—		—		4,051
Non-fiber consumer broadband	—		—		872		—		—		872
Legacy and other transitional	—		2,208		243		—		46		2,497
Other	—		—		242		—		52		294
Total Service	16,926		4,061		3,555		696		98		25,336
Equipment	4,787		187		—		399		—		5,373
Total	$	21,713	$	4,248	$	3,555	$	1,095	$	98	$	30,709
1Advanced connectivity services reported in Business Wireline.

For the three months ended September 30, 2024
	Communications
	Mobility		Business Wireline		Consumer Wireline		Latin America		Corporate & Other		Total
Wireless	$	16,539	$	—	$	—	$	645	$	—	$	17,184
Fiber and advanced connectivity1	—		1,748		1,882		—		—		3,630
Non-fiber consumer broadband	—		—		956		—		—		956
Legacy and other transitional	—		2,669		307		—		66		3,042
Other	—		—		271		—		51		322
Total Service	16,539		4,417		3,416		645		117		25,134
Equipment	4,513		189		—		377		—		5,079
Total	$	21,052	$	4,606	$	3,416	$	1,022	$	117	$	30,213
1Advanced connectivity services reported in Business Wireline.

For the nine months ended September 30, 2025
	Communications
	Mobility		Business Wireline		Consumer Wireline		Latin America		Corporate & Other		Total
Wireless	$	50,430	$	—	$	—	$	1,973	$	—	$	52,403
Fiber and advanced connectivity1	—		5,426		6,400		—		—		11,826
Non-fiber consumer broadband	—		—		2,682		—		—		2,682
Legacy and other transitional	—		7,032		794		—		137		7,963
Other	—		—		742		—		150		892
Total Service	50,430		12,458		10,618		1,973		287		75,766
Equipment	14,698		571		—		1,147		—		16,416
Total	$	65,128	$	13,029	$	10,618	$	3,120	$	287	$	92,182
1Advanced connectivity services reported in Business Wireline.

AT&T INC.

SEPTEMBER 30, 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

For the nine months ended September 30, 2024
	Communications
	Mobility		Business Wireline		Consumer Wireline		Latin America		Corporate & Other		Total
Wireless	$	48,810	$	—	$	—	$	2,034	$	—	$	50,844
Fiber and advanced connectivity1	—		5,183		5,414		—		—		10,597
Non-fiber consumer broadband	—		—		2,887		—		—		2,887
Legacy and other transitional	—		8,505		972		—		190		9,667
Other	—		—		840		—		147		987
Total Service	48,810		13,688		10,113		2,034		337		74,982
Equipment	13,316		586		—		1,154		—		15,056
Total	$	62,126	$	14,274	$	10,113	$	3,188	$	337	$	90,038
1Advanced connectivity services reported in Business Wireline.

Deferred Customer Contract Acquisition and Fulfillment Costs

Costs to acquire and fulfill customer contracts, including commissions on service activations ~~for our Mobility, Business Wireline and Consumer Wireline services,~~ are deferred and amortized over the contract period or expected customer relationship life, which typically ranges from three years to ~~five~~seven years.

The following table presents the deferred customer contract acquisition and fulfillment costs included on our consolidated balance sheets:

	September 30,		December 31,
	March 31,		December 31,
Consolidated Balance Sheets	~~2025~~2026		~~2024~~2025
Deferred Acquisition Costs
Prepaid and other current assets	$	3,~~411~~511	$	3,~~239~~550
Other Assets	4,~~550~~986		4,~~177~~778
Total deferred customer contract acquisition costs	$	78,~~961~~497	$	78,~~416~~328
Deferred Fulfillment Costs
Prepaid and other current assets	$	1,~~921~~696	$	21,~~101~~862
Other Assets	2,~~968~~896		32,~~289~~864
Total deferred customer contract fulfillment costs	$	4,~~889~~592	$	54,~~390~~726

The following table presents deferred customer contract acquisition and fulfillment cost amortization, which are primarily included in “Selling, general and administrative” and “Other cost of revenues,” respectively, for the ~~nine~~three months ended:

	September 30,		September 30,
	March 31,		March 31,
Consolidated Statements of Income	~~2025~~2026		~~2024~~2025
Deferred acquisition cost amortization	$	21,~~830~~006	$	~~2,733~~906
Deferred fulfillment cost amortization	~~1,733~~480		~~1,916~~595

Contract Assets and Liabilities

A contract asset is recorded when revenue is recognized in advance of our right to bill and receive consideration. The contract asset will decrease as services are provided and billed. For example, when installment sales include promotional discounts (e.g., trade-in device credits) the difference between revenue recognized and consideration received is recorded as a contract asset to be amortized over the contract term.

Our contract assets primarily relate to our wireless businesses. Promotional equipment sales where we offer handset credits, which are allocated between equipment and service in proportion to their standalone selling prices, when customers commit to a specified service period result in additional contract assets recognized. These contract assets will amortize over the service contract period, resulting in lower future service revenue.

16When consideration is received in advance of the delivery of goods or services, a contract liability is recorded. Reductions in the contract liability will be recorded as we satisfy the performance obligations.

The following table presents contract assets and liabilities on our consolidated balance sheets:


	March 31,		December 31,
Consolidated Balance Sheets	2026		2025
Contract asset	$	8,108	$	7,816
Current portion in “Prepaid and other current assets”	4,320		4,131
Contract liability	4,472		4,409
Current portion in “Advanced billings and customer deposits”	4,194		4,136

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

~~specified~~Our ~~service~~beginning of period ~~result in additional~~ contract ~~assets~~liability ~~recognized.~~recorded ~~These~~as ~~contract~~customer ~~assets will amortize over the service~~ contract ~~period,~~revenue ~~resulting~~during in2026 ~~lower~~was ~~future service revenue~~$3,287.

When consideration is received in advance of the delivery of goods or services, a contract liability is recorded. Reductions in the contract liability will be recorded as we satisfy the performance obligations.

The following table presents contract assets and liabilities on our consolidated balance sheets:

	September 30,		December 31,
Consolidated Balance Sheets	2025		2024
Contract asset	$	7,293	$	6,855
Current portion in “Prepaid and other current assets”	4,036		3,845
Contract liability	4,116		4,272
Current portion in “Advanced billings and customer deposits”	3,767		3,981

Our beginning of period contract liability recorded as customer contract revenue during 2025 was $3,581.

Remaining Performance Obligations

Remaining performance obligations represent services we are required to provide to customers under bundled or discounted arrangements, which are satisfied as services are provided over the contract term. In determining the transaction price allocated, we do not include non-recurring charges and estimates for usage, nor do we consider arrangements with an original expected duration of less than one year, which are primarily prepaid wireless and residential internet agreements.

Remaining performance obligations associated with business contracts reflect recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments. Performance obligations associated with wireless contracts are estimated using a portfolio approach in which we review all relevant promotional activities, calculating the remaining performance obligation using the average service component for the portfolio and the average device price. As of ~~September~~March 3031, ~~2025~~2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $4244,~~017~~392, of which we expect to recognize approximately 6582% by the end of ~~2026~~2027, with the balance recognized thereafter.

NOTE 6. PENSION AND POSTRETIREMENT BENEFITS

Many of our employees are covered by one of our noncontributory pension plans. We also provide certain medical, dental, life insurance and death benefits to certain retired employees under various plans and accrue actuarially determined postretirement benefit costs. Our objective in funding these plans, in combination with the standards of the Employee Retirement Income Security Act of 1974, as amended (ERISA), is to accumulate assets sufficient to provide benefits described in the plans to employees upon their retirement. We do not have significant funding requirements in ~~2025~~2026. We ~~intend~~plan to voluntarily contribute ~~approximately~~ $~~1,500~~350 to our pension ~~plan~~plans ~~by the end of 2026, with more than half of that in 2025, including $400 contributed~~ during ~~the third quarter of 2025~~2026.

We recognize actuarial gains and losses on pension and postretirement plan assets in our consolidated results as a component of “Other income (expense) – net” at our annual measurement date of December 31, unless earlier remeasurements are required.

17The following table details qualified pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension (credit) cost is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.”


	Three months ended
	March 31,
	2026		2025
Pension cost:
Service cost – benefits earned during the period	$	101	$	107
Interest cost on projected benefit obligation	361		400
Expected return on assets	(525)		(507)
Amortization of prior service credit	(11)		(12)



Net pension (credit) cost	$	(74)	$	(12)

Postretirement cost:
Service cost – benefits earned during the period	$	4	$	4
Interest cost on accumulated postretirement benefit obligation	73		80
Expected return on assets	(6)		(10)
Amortization of prior service credit	(393)		(459)


Net postretirement (credit) cost	$	(322)	$	(385)
Combined net pension and postretirement (credit) cost	$	(396)	$	(397)

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

The following table details qualified pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension (credit) cost is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.”

	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Pension cost:
Service cost – benefits earned during the period	$	107	$	122	$	321	$	365
Interest cost on projected benefit obligation	400		396		1,201		1,189
Expected return on assets	(507)		(553)		(1,523)		(1,658)
Amortization of prior service credit	(12)		(21)		(36)		(65)
Net pension (credit) cost	$	(12)	$	(56)	$	(37)	$	(169)
Postretirement cost:
Service cost – benefits earned during the period	$	4	$	5	$	13	$	16
Interest cost on accumulated postretirement benefitobligation	80		77		239		232
Expected return on assets	(10)		(15)		(28)		(45)
Amortization of prior service credit	(459)		(482)		(1,378)		(1,446)
Net postretirement (credit) cost	$	(385)	$	(415)	$	(1,154)	$	(1,243)
Combined net pension and postretirement (credit) cost	$	(397)	$	(471)	$	(1,191)	$	(1,412)

We also provide senior- and middle-management employees with nonqualified, unfunded supplemental retirement and savings plans. Net supplemental pension benefits costs not included in the table above were $16 and $17 in the third quarter and $48 and $50 for the first nine months of 2025 and 2024, respectively.

NOTE 7. FAIR VALUE MEASUREMENTS AND DISCLOSURE

The Fair Value Measurement and Disclosure framework in ASC 820, “Fair Value Measurement,” provides a three-tiered fair value hierarchy based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Our valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.

The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values. We believe our valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used since December 31, ~~2024~~2025.

AT&T INC.

SEPTEMBER 30, 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

Long-Term Debt and Other Financial Instruments

The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments are summarized as follows:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Notes and debentures1

~~138~~137,~~090~~017

~~132~~127,~~497~~709

~~122~~134,~~116~~718

~~114~~127,~~167~~852

Investment securities2

1,~~626~~595

1,~~603~~609

1Includes credit agreement borrowings.

2Excludes investments accounted for under the equity method.

The carrying amount of debt with an original maturity of less than one year approximates fair value. The fair value measurements used for notes and debentures are considered Level 2 and are determined using various methods, including quoted prices for identical or similar securities in both active and inactive markets.

Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025. Derivatives designated as hedging instruments are reflected as “Prepaid and other current assets,” “Other Assets,” “Accounts payable and accrued liabilities,” and “Other noncurrent liabilities” on our consolidated balance sheets.

	September 30, 2025
	March 31, 2026
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	~~551~~541	$	—	$	—	$	~~551~~541
International equities	8		—		—		8
Fixed income equities	~~187~~217		—		—		~~187~~217
Available-for-Sale Debt Securities	—		~~661~~583		—		~~661~~583
Asset Derivatives
Cross-currency swaps	—		~~1,046~~458		—		~~1,046~~458
Liability Derivatives
Cross-currency swaps	—		(2,~~518~~626)		—		(2,~~518~~626)

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	484	$	—	$	—	$	484
International equities	8		—		—		8
Fixed income equities	178		—		—		178
Available-for-Sale Debt Securities	—		689		—		689
Asset Derivatives
Cross-currency swaps	—		87		—		87
Liability Derivatives
Cross-currency swaps	—		(4,163)		—		(4,163)

Investment Securities

Our investment securities include both equity and debt securities that are measured at fair value, as well as equity securities without readily determinable fair values. A substantial portion of the fair values of our investment securities is estimated based on quoted market prices. Investments in equity securities not traded on a national securities exchange are valued at cost, less any impairment, and adjusted for changes resulting from observable, orderly transactions for identical or similar securities.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

Investments in debt securities not traded on a national securities exchange are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	566	$	—	$	—	$	566
International equities	8		—		—		8
Fixed income equities	217		—		—		217
Available-for-Sale Debt Securities	—		587		—		587
Asset Derivatives

Cross-currency swaps	—		876		—		876


Liability Derivatives

Cross-currency swaps	—		(2,050)		—		(2,050)

Investment Securities

The components comprising total gains and losses in the period on equity securities are as follows:

	~~Three months ended~~		Three months ended		~~Nine months ended~~
	September 30,				September 30,
			March 31,
	2025		2024		2025		2024
					2026		2025
Total gains (losses) recognized on equity securities	$	43	$	80	$	64(32)	$	~~206~~(27)
Gains (losses) recognized on equity securities sold	1		—		1—		~~(8)~~—
Unrealized gains (losses) recognized on equity securities held at end of period	$	42	$	80	$	63(32)	$	~~214~~(27)

At ~~September~~March 3031, ~~2025~~2026, available-for-sale debt securities totaling $~~661~~583 have maturities as follows - less than one year: $8055; one to three years: $~~120~~151; three to five years: $90118; five or more years: $~~371~~259.

Our cash equivalents (money market securities) and short-term investments (certificate and time deposits) are recorded at amortized cost, and the respective carrying amounts approximate fair values. Short-term investments are recorded in “Prepaid and other current assets” and our investment securities are recorded in “Other Assets” on the consolidated balance sheets.

Derivative Financial Instruments

We enter into derivative transactions to manage certain market risks, primarily interest rate risk and foreign currency exchange risk. This includes the use of interest rate swaps, interest rate locks, foreign exchange forward contracts and combined interest rate foreign exchange contracts (cross-currency swaps). We do not use derivatives for trading or speculative purposes. We record derivatives on our consolidated balance sheets at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2). Cash flows associated with derivative instruments are presented in the same category on the consolidated statements of cash flows as the item being hedged.

Fair Value Hedging Periodically, we enter into and designate fixed-to-floating interest rate swaps as fair value hedges. The purpose of these swaps is to manage interest rate risk by managing our mix of fixed-rate and floating-rate debt. These swaps involve the receipt of fixed-rate amounts for floating interest rate payments over the life of the swaps without exchange of the underlying principal amount.

We also designate most of our cross-currency swaps and foreign exchange contracts as fair value hedges. The purpose of these contracts is to hedge foreign currency risk associated with changes in spot rates on foreign denominated debt. For cross-currency hedges, we have elected to exclude the change in fair value of the swap related to both time value and cross-currency basis spread from the assessment of hedge effectiveness. For foreign exchange contracts, we have elected to exclude the change in fair value of forward points from the assessment of hedge effectiveness.

Unrealized and realized gains or losses from fair value hedges impact the same category on the consolidated statements of income as the item being hedged, including the earnings impact of excluded components. In instances where we have elected to exclude components from the assessment of hedge effectiveness related to fair value hedges, unrealized gains or losses on such excluded components are recorded as a component of accumulated OCI and recognized into earnings over the life of the hedging instrument. Unrealized gains on derivatives designated as fair value hedges are recorded at fair value as assets, and unrealized losses are recorded at fair market value as liabilities. Except for excluded components, changes in the fair value of derivative instruments designated as fair value hedges are offset against the change in fair value of the hedged assets or liabilities through earnings. In the nine months ended September 30, 2025 and 2024, no ineffectiveness was measured on fair value hedges.16

Cash Flow Hedging We designate some of our cross-currency swaps as cash flow hedges to hedge our exposure to variability in expected future cash flows that are attributable to foreign currency risk and interest rate risk generated from our foreign-denominated debt. These agreements include initial and final exchanges of principal from fixed foreign denominated amounts to fixed U.S. dollar denominated amounts, to be exchanged at a specified rate that is usually determined by the market spot rate upon issuance. They also include an interest rate swap of a fixed or floating foreign denominated interest rate to a fixed U.S. dollar denominated interest rate.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

basis spread from the assessment of hedge effectiveness. For foreign exchange contracts, we have elected to exclude the change in fair value of forward points from the assessment of hedge effectiveness.

Unrealized and realized gains or losses from fair value hedges impact the same category on the consolidated statements of income as the item being hedged, including the earnings impact of excluded components. In instances where we have elected to exclude components from the assessment of hedge effectiveness related to fair value hedges, unrealized gains or losses on such excluded components are recorded as a component of accumulated OCI and recognized into earnings over the life of the hedging instrument. Unrealized gains on derivatives designated as fair value hedges are recorded at fair value as assets, and unrealized losses are recorded at fair market value as liabilities. Except for excluded components, changes in the fair value of derivative instruments designated as fair value hedges are offset against the change in fair value of the hedged assets or liabilities through earnings. In the three months ended March 31, 2026 and 2025, no ineffectiveness was measured on fair value hedges.

Unrealized gains on derivatives designated as cash flow hedges are recorded at fair value as assets and unrealized losses are recorded at fair value as liabilities. For derivative instruments designated as cash flow hedges, changes in fair value are reported as a component of accumulated OCI and are reclassified into the consolidated statements of income in the same period the hedged transaction affects earnings.

Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt. Over the next 12 months, we expect to reclassify $59 from accumulated OCI to “Interest expense” due to the amortization of net losses on historical interest rate locks.

Collateral and Credit-Risk Contingency We have entered into agreements with our derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. At ~~September~~March 3031, ~~2025~~2026, we had posted collateral of $~~375~~28 (a deposit asset) and held collateral of $~~405~~183 (a receipt liability). Under the agreements, if AT&T’s credit rating had been downgraded two ratings levels by Fitch Ratings, one level by S&P and one level by Moody’s before the final collateral exchange in ~~September~~March, we would have been required to post additional collateral of $5460. If AT&T’s credit rating had been downgraded three ratings levels by Fitch Ratings, two levels by S&P and two levels by Moody’s, we would have been required to post additional collateral of $12,~~756~~219. At December 31, ~~2024~~2025, we had posted collateral of $~~188~~513 (a deposit asset) and held collateral of $0314 (a receipt liability). We do not offset the fair value of collateral, whether the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) exists, against the fair value of the derivative instruments.

Following are the notional amounts of our outstanding derivative positions:

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Cross-currency swaps	$	3936,~~142~~069	$	3435,~~884~~741
Total	$	3936,~~142~~069	$	3435,~~884~~741

~~Following are the related hedged items affecting our financial position and performance:~~17

Effect of Derivatives on the Consolidated Statements of Income
	Three months ended				Nine months ended
	September 30,				September 30,
Fair Value Hedging Relationships	2025		2024		2025		2024
Interest rate swaps (“Interest expense”):
Gain (loss) on interest rate swaps	$	—	$	1	$	(2)	$	—
Gain (loss) on long-term debt	—		(1)		2		—
Cross-currency swaps:
Gain (loss) on cross-currency swaps	(324)		1,308		3,535		884
Gain (loss) on long-term debt	324		(1,308)		(3,535)		(884)
Gain (loss) recognized in accumulated OCI	(258)		(412)		(961)		(482)

In addition, the net swap settlements that accrued and settled in the periods above were offset against “Interest expense.”

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

Following are the related hedged items affecting our financial position and performance:


Effect of Derivatives on the Consolidated Statements of Income
	Three months ended
	March 31,
Fair Value Hedging Relationships		2026		2025
Interest rate swaps (“Interest expense”):
Gain (loss) on interest rate swaps		$	(1)	$	(1)
Gain (loss) on long-term debt		1		1
Cross-currency swaps:
Gain (loss) on cross-currency swaps		(587)		1,124
Gain (loss) on long-term debt		587		(1,124)
Gain (loss) recognized in accumulated OCI		(375)		(831)

In addition, the net swap settlements that accrued and settled in the periods above were offset against “Interest expense.”

The following table presents information for our cash flow hedging relationships:

~~Three months ended~~

Three months ended

~~Nine months ended~~

September 30,

March 31,

Cash Flow Hedging Relationships

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Cross-currency swaps:

Gain (loss) recognized in accumulated OCI

~~(5)~~

612

—4

Interest rate locks:

Interest income (expense) reclassified from accumulatedOCI into income

~~(15)~~

(4415)

NOTE 8. ~~SALES~~ACQUISITIONS, OFDISPOSITIONS ~~RECEIVABLES~~AND OTHER ADJUSTMENTS

Fiber On February 2, 2026, we acquired substantially all of Lumen’s Mass Markets fiber business for $5,756, including purchase price adjustments. The preliminary values of assets acquired were approximately $900 in customer relationships, $3,400 in property, plant and equipment, and $800 of goodwill. The customer relationships are managed in our Advanced Connectivity segment and will be amortized using the sum-of-the-months method over six years. Property, plant and equipment primarily represent the acquired fiber network, which we placed in Forged Fiber, a wholly owned subsidiary.

In connection with this transaction, we plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations. These discontinued operations include the fiber network assets, which support the acquired customer relationships through intercompany transactions. The discontinued operations were also assigned a proportionate share of goodwill and acquisition costs and related cash flows. (See Note 12)

NOTE 9. SALES OF RECEIVABLES

We have agreements with various third-party financial institutions pertaining to the sales of certain types of our accounts receivable. The most significant of these programs are discussed in detail below and generally consist of (1) receivables arising from equipment installment plans, which are sold for cash and beneficial interests, such as deferred purchase price, when applicable, and (2) revolving trade receivables, which are sold for cash. Under the terms of our agreements for these programs, we continue to service the transferred receivables on behalf of the financial institutions.

~~The following table sets forth a summary of cash proceeds received, net of remittances paid, from sales of receivables:~~18

	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Net cash received (paid) from equipment installmentreceivables program1	$	(250)	$	(568)	$	474	$	(1,121)
Net cash received (paid) from revolving receivables program	(38)		938		53		1,185
Total net cash impact to cash flows from operating activities2	$	(288)	$	370	$	527	$	64
1Cash from initial sales of $2,451 and $2,442 for the three months and $9,028 and $7,848 for the nine months ended September 30, 2025 and 2024, respectively.
2Net of facility fees.

The sales of receivables did not have a material impact on our consolidated statements of income or to “Total Assets” reported on our consolidated balance sheets. We reflect cash receipts on sold receivables as cash flows from operations in our consolidated statements of cash flows. In the event cash is received on the beneficial interests, those receipts are classified as cash flows from investing activities, when applicable.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

The following table sets forth a summary of cash proceeds received, net of remittances paid, from sales of receivables:


	Three months ended
	March 31,
		2026		2025
Net cash received (paid) from equipment installment receivables program1		$	268	$	859
Net cash received (paid) from revolving receivables program		(34)		133

Total net cash impact to cash flows from operating activities2		$	234	$	992
1Cash from initial sales of $3,483 and $3,798 for the three months ended March 31, 2026 and 2025, respectively.
2Net of facility fees.

Our equipment installment and revolving receivables programs are discussed in detail below. The following table sets forth a summary of the receivables and accounts being serviced:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

Equipment

Installment

Revolving

Installment

Revolving

Gross receivables:

32,~~256~~961

28377

3,~~504~~725

~~553~~425

Balance sheet classification

Accounts receivable

Notes receivable

1,~~803~~532

—

1,~~817~~886

—

Trade receivables

282

28377

~~237~~304

~~553~~425

Other Assets

Noncurrent notes and trade receivables

1,~~171~~147

—

1,~~450~~535

—

Outstanding portfolio of receivables derecognized fromour consolidated balance sheets

1112,~~337~~585

2,940

11,~~909~~987

2,~~770~~940

Cash proceeds received, net of remittances1

89,~~861~~838

2,940

89,~~243~~617

2,~~770~~940

1Represents amounts to which financial institutions remain entitled, excluding the beneficial interests.

Equipment Installment Receivables Program

We offer our customers the option to purchase certain wireless devices in installments over a specified period of time and, in many cases, once certain conditions are met, they may be eligible to trade in the original equipment for a new device and have the remaining unpaid balance paid or settled.

We maintain a program under which we transfer a portion of these receivables through our bankruptcy-remote subsidiary in exchange for cash and beneficial interests. In the event a customer trades in a device prior to the end of the installment contract period, we agree to make a payment to the financial institutions equal to any outstanding remaining installment receivable balance. Accordingly, we record a guarantee obligation for this estimated amount at the time the receivables are transferred.

~~The following table sets forth a summary of equipment installment receivables sold under this program:~~19

	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Gross receivables sold1	$	2,476	$	2,469	$	9,118	$	7,930
Net receivables sold2	2,370		2,340		8,745		7,535
Cash proceeds received	2,451		2,442		9,028		7,848
Guarantee obligation recorded	191		199		690		682
1Receivables net of promotion credits.
2Receivables net of allowance and other reserves.

Beneficial interests, when applicable, and guarantee obligations are initially recorded at estimated fair value and subsequently adjusted for changes in present value of expected cash flows. The estimation of their fair values is based on remaining installment payments expected to be collected and the expected timing and value of device trade-ins. The estimated value of the device trade-ins considers prices offered to us by independent third parties and contemplates changes in value after the launch of a device model. The fair value measurements used for the beneficial interests and the guarantee obligation are considered Level 3 under the Fair Value Measurement and Disclosure framework (see Note 7).

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

The following table sets forth a summary of equipment installment receivables sold under this program:


	Three months ended
	March 31,
		2026		2025
Gross receivables sold1		$	3,516	$	3,835
Net receivables sold2		3,355		3,688
Cash proceeds received		3,483		3,798

Guarantee obligation recorded		279		280
1Receivables net of promotion credits.
2Receivables net of allowance and other reserves.

The following table presents the previously transferred equipment installment receivables, which we repurchased in exchange for the associated beneficial interests:

	~~Three months ended~~		Three months ended		~~Nine months ended~~
	September 30,				September 30,
			March 31,
	2025		2024		2025		2024
					2026		2025
Fair value of repurchased receivables	$	~~903~~	$	~~951~~	$	~~3,851~~725	$	21,~~393~~937
Carrying value of beneficial interests	~~896~~		~~956~~		~~3,840~~726		21,~~420~~933
Gain (loss) on repurchases1	$	7	$	~~(5)~~	$	11(1)	$	~~(27)~~4
1These gains (losses) are included in “Selling, general and administrative” expense in the consolidated statements of income.

At ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, our beneficial interests were $12,~~993~~463 and $32,~~185~~067, respectively, of which $1,~~284~~737 and $1,~~906~~338 are included in “Prepaid and other current assets” on our consolidated balance sheets, with the remainder in “Other Assets.” The guarantee obligation at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 was $~~222~~447 and $~~301~~410, respectively, of which $~~114~~227 and $~~150~~216 are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets, with the remainder in “Other noncurrent liabilities.” Our maximum exposure to loss as a result of selling these equipment installment receivables is limited to the total amount of our beneficial interests and guarantee obligation.

Revolving Receivables Program

During 2025, we expanded our revolving agreement to transfer up to $2,940 of certain receivables through our bankruptcy-remote subsidiaries to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. This agreement is subject to renewal on an annual basis and the transfer limit may be expanded or reduced from time to time. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The transferred receivables are fully guaranteed by our bankruptcy-remote subsidiaries, which hold additional receivables in the amount of $28377 that are pledged as collateral under this agreement. The transfers are recorded at fair value of the proceeds received and obligations assumed less derecognized receivables. Our maximum exposure to loss related to these receivables transferred is limited to the derecognized amount outstanding.

~~The following table sets forth a summary of the revolving receivables sold:~~20

	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Gross receivables sold/cash proceeds received1	$	7,656	$	5,620	$	22,672	$	14,466
Total collections under revolving agreement	7,656		4,650		22,502		13,196
Net cash proceeds received	$	—	$	970	$	170	$	1,270
Net receivables sold2	$	7,446	$	5,463	$	22,051	$	14,075
1Includes initial sales of receivables of $0 and $970 for the three months and $170 and $1,270 for the nine months ended September 30, 2025 and 2024, respectively.
2Receivables net of allowance and other reserves.

NOTE 9. TRANSACTIONS WITH DIRECTV

Prior to its sale, we accounted for our investment in DIRECTV under the equity method and recorded our share of DIRECTV earnings as equity in net income of affiliates, with DIRECTV considered a related party. On July 2, 2025, we sold our interest in DIRECTV to TPG Capital (TPG) and recorded a current note receivable of approximately $3,600, which we expect to receive the majority of by the end of 2025, and a long-term receivable of $500. The disposition of DIRECTV also resulted in the release of approximately $2,900 of historical deferred tax liabilities. We recorded a gain on the sale of DIRECTV of approximately $5,500, which includes the impact of the transfer of deferred tax liabilities, indemnification liabilities and unfavorable contracts, in “Other income (expense) – net” in the consolidated statements of income in the third quarter of 2025.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

AtThe ~~September 30,~~following ~~2025,~~table ~~the~~sets ~~current~~forth ~~note~~a ~~receivable~~summary ~~balance~~of ~~included in “Prepaid and other current assets” on our consolidated balance sheet was $3,291, reflecting approximately $320 collected during~~ the ~~third~~revolving ~~quarter.~~receivables sold:

Prior to disposition, in the third quarter of 2024 our investment in DIRECTV was reduced to zero on our consolidated balance sheet, as a result of aggregate cash receipts exceeding our initial investment balance plus our cumulative equity in DIRECTV earnings. As we were not committed, implicitly or explicitly, to provide financial or other support to DIRECTV, we recorded cash distributions received in excess of our share of DIRECTV’s earnings in “Equity in net income of affiliates” in the consolidated statements of income and as cash provided by operations in the consolidated statements of cash flows.


	Three months ended
	March 31,
		2026		2025
Gross receivables sold/cash proceeds received1		$	7,501	$	7,343
Total collections under revolving agreement		7,501		7,173

Net cash proceeds received		$	—	$	170

Net receivables sold2		$	7,294	$	7,142

1Includes initial sales of receivables of $0 and $170 for the three months ended March 31, 2026 and 2025, respectively.

2Receivables net of allowance and other reserves.

The following table sets forth our share of DIRECTV’s earnings included in “Equity in net income of affiliates” and cash distributions received from DIRECTV prior to disposition:

	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
DIRECTV’s earnings included in Equity in net incomeof affiliates	$	—	$	281	$	1,926	$	955
Distributions classified as operating activities	$	—	$	281	$	1,926	$	955
Distributions classified as investing activities	—		342		—		928
Cash distributions received from DIRECTV	$	—	$	623	$	1,926	$	1,883

Prior to disposition, we billed DIRECTV approximately $240 under commercial arrangements and transition service agreements, which were recorded as a reduction to the operations and support expenses incurred through June 30, 2025.

NOTE 10. SUPPLIER AND VENDOR FINANCING PROGRAMS

Supplier Financing Program

We actively manage the timing of our supplier payments for operating items to optimize the use of our cash and seek to make payments on 90-day or greater terms, while providing suppliers with access to bank facilities that permit earlier payment at their cost. Our supplier financing program does not result in changes to our normal, contracted payment cycles or cash from operations.

At the supplier’s election, they can receive payment of AT&T obligations prior to the scheduled due dates, at a discounted price from the third-party financial institution. The discounted price paid to participating suppliers is based on a variable rate that is indexed to the overnight borrowing rate. We agree to pay the financial institution the stated amount generally within 90 days of receipt of the invoice. We do not have pledged assets or other guarantees under our supplier financing program.

Suppliers had elected to sell to the third-party financial institutions $4,~~455~~082 and $23,~~498~~090 of our outstanding payment obligations as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively. These amounts are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets. Our supplier financing programs are reported as operating or investing (when capitalizable) activities in our consolidated statements of cash flows when paid.

Direct Supplier Financing

We also have arrangements with suppliers of handset inventory that allow us to extend the stated payment terms by up to 90approximately 120 days, with an average of 85 days outstanding, at an additional cost to us (variable rate extension fee). We had $35,~~992~~820 of direct supplier financing outstanding as of ~~September~~March 3031, ~~2025~~2026 and $6,~~272~~901 as of December 31, ~~2024~~2025, which are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets. Our direct supplier financing is reported as operating activities in our statements of cash flows when paid.

Vendor Financing

We enter into multi-year software licensing arrangements, which, consistent with industry standards, are paid over the license terms of two to five years. Additionally, in connection with capital improvements and the acquisition of other productive assets, we negotiate favorable payment terms of 120 days or more. We refer to these arrangements as vendor financing, with the balances and activities including equipment and software arrangements. Vendor financing payments are reported as financing activities in our statements of cash flows when paid. For the three months ended March 31, 2026 and 2025, we recorded vendor financing commitments of $732 and $378, respectively. We had $2,437 of vendor financing payables at March 31, 2026, with $1,474 included in “Accounts payable and accrued liabilities” and $1,892 of vendor financing payables at December 31, 2025, with $956 included in “Accounts payable and accrued liabilities.”

2521

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

activities in our statements of cash flows when paid. For the nine months ended September 30, 2025 and 2024, we recorded vendor financing commitments of $1,014 and $581, respectively. We had $1,674 of vendor financing payables at September 30, 2025, with $908 included in “Accounts payable and accrued liabilities” and $1,448 of vendor financing payables at December 31, 2024, with $749 included in “Accounts payable and accrued liabilities.”

NOTE 11. ADDITIONAL FINANCIAL INFORMATION

Cash and Cash Flows

We typically maintain our restricted cash balances for purchases and sales of certain investment securities and funding of certain deferred compensation benefit payments.

The following table summarizes cash and cash equivalents and restricted cash balances contained on our consolidated balance sheets:

	September 30,				December 31,
	March 31,				December 31,
	2025		2024		2024		2023
	2026		2025		2025		2024
Cash and cash equivalents	$	2011,~~272~~964	$	26,~~586~~885	$	318,~~298~~234	$	63,~~722~~298
Restricted cash in Prepaid and other current assets	2282		1		1157		21
Restricted cash in Other Assets	5486		~~139~~58		~~107~~136		~~109~~107
Cash and Cash Equivalents and Restricted Cash	$	2012,~~328~~332	$	26,~~726~~944	$	318,~~406~~527	$	63,~~833~~406

The following table summarizes cash paid during the periods for interest and income taxes:

	Nine months ended
	Three months ended
	September 30,
	March 31,
Cash paid (received) during the period for:	~~2025~~2026		~~2024~~2025
Interest	$	51,~~171~~936	$	51,~~615~~804
Income taxes, net of refunds	~~897~~1		~~882~~11
The following table summarizes capital expenditures:
	Nine months ended
	Three months ended
	September 30,
	March 31,
	2025		2024
	2026		2025
Purchase of property and equipment	$	134,~~940~~835	$	134,~~301~~240
Interest during construction - capital expenditures1	121		119
Interest during construction - capital expenditures2	42		37
Total Capital Expenditures	$	144,~~061~~877	$	134,~~420~~277
The following table summarizes acquisitions, net of cash acquired:
	Nine months ended
	Three months ended
	September 30,
	March 31,
	2025		2024
	2026		2025
Business acquisitions	$	—	$	—
Business acquisitions1	$	1,656	$	—
Spectrum acquisitions	1,018		~~153~~1
Interest during construction - spectrum1	46		169
Interest during construction - spectrum2	—		19
Total Acquisitions	$	47	$	322
Total Acquisitions1	$	2,674	$	20
1Total capitalized interest was $167 and $288 for the nine months ended September 30, 2025 and 2024, respectively.
1Approximately $4,100 of cash paid for acquisitions was reported as investing activities from discontinued operations.
2Total capitalized interest was $42 and $56 for the three months ended March 31, 2026 and 2025, respectively.

~~Preferred Equity Transactions~~22

On March 3, 2025, we issued $2,250 of nonconvertible cumulative preferred interests in Telco LLC (Telco Class A-4). The Telco Class A-4 interests pay an initial preferred distribution of 5.94% annually, subject to declaration, and subject to reset on November 1, 2028, and every four years thereafter. The Telco Class A-4 interests can be called at issue price beginning

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

~~November~~NOTE 1,12. ~~2028,~~DISCONTINUED ~~and are subject to the same redemption and liquidation rights as the Telco Class A-1, A-2 and A-3 interests.~~OPERATIONS

OnAs ~~March~~discussed 3in Notes 1 and 8, ~~2025~~on February 2, 2026, we ~~also~~acquired ~~redeemed~~substantially all ~~outstanding~~of ~~Series~~Lumen’s BMass ~~cumulative~~Markets ~~perpetual~~fiber ~~preferred~~business, ~~shares~~including fiber network assets that are held in a new, wholly owned subsidiary, Forged Fiber, which is reflected as discontinued operations. ~~The~~Forged ~~shares~~Fiber ~~had~~will continue to support the accompanying acquired fiber customers retained by our Advanced Connectivity segment. To reflect ongoing commercial arrangements following the disposal, results have been presented on a ~~total~~gross ~~liquidation~~basis, ~~preference~~with approximately $95 of ~~€2.0~~operating ~~billion~~expenses reported in continuing operations and the corresponding revenues reported in discontinued operations. Discontinued operations were ~~redeemed~~also ~~for~~allocated $2a proportionate share of goodwill,~~075~~ acquisition-related costs and related cash flows.

~~Pending~~The ~~Acquisitions~~following is a summary of operating results included in income (loss) from discontinued operations for the three months ended March 31:

On August 25, 2025, we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar Corporation for approximately $23,000, subject to certain adjustments. The transaction is expected to close in the first half of 2026 and is subject to regulatory approval and other closing conditions. The FCC licenses will be used to expand our 5G network, meet future capacity demands and support future wireless communications services. We signed a short-term spectrum manager lease on the 3.45 GHz spectrum. We expect these licenses will be deployed in cell sites covering nearly two-thirds of the U.S. population by mid-November 2025.


	2026
Revenues	$	99
Operating Expenses
Cost of revenues	51
Selling, general and administrative1	81


Total operating expenses	132


Other income (expense) – net	(17)

Net income (loss) before income taxes	(50)
Income tax (benefit) expense	(12)
Loss from discontinued operations, net of tax	$	(38)
1Includes proportionate transaction costs.

OnThe ~~May~~following ~~21,~~are ~~2025,~~the wepreliminary ~~agreed~~values ~~to acquire substantially all of Lumen’s mass markets fiber business~~ for ~~$5,750 cash, subject to purchase price adjustments. At~~ the ~~time~~major classes of ~~signing,~~assets ~~the~~and ~~pending~~liabilities ~~acquisition~~associated ~~covered~~with ~~approximately~~our ~~one~~discontinued ~~million~~operations ~~fiber customers,~~ and ~~also~~classified ~~included~~as ~~fiber~~held-for-sale ~~network~~on ~~assets~~our ~~that~~consolidated ~~reached~~balance ~~more~~sheet ~~than~~at ~~four~~March ~~million fiber locations. The transaction is expected to close in early 2026, pending regulatory approval and other customary closing conditions.~~31:


	2026
Assets:
Current Assets	$	132
Property, Plant and Equipment1	3,544
Goodwill	392

Other Assets	204
Total Assets, discontinued operations2	$	4,272

Liabilities:
Current liabilities	$	185
Other liabilities	1
Total Liabilities, discontinued operations2	$	186
1Includes $71 of capital additions after acquisition.
2Held-for-sale assets are reported in “Other current assets” and held-for-sale liabilities are reported in “Accounts payable and accrued liabilities.”

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts

OVERVIEW

AT&T Inc. is referred to as “we,” “AT&T” or the “Company” throughout this document. AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc., and the names of the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes (Notes).

We have two reportable segments: Communications and Latin America. Our segment results presented in Note 4 and discussed below follow our internal management reporting. Percentage increases and decreases that are not considered meaningful are denoted with a dash.

	Third Quarter						Nine-Month Period
					Percent						Percent
	2025		2024		Change		2025		2024		Change
Operating Revenues
Communications	$	29,516	$	29,074	1.5	%	$	88,775	$	86,513	2.6	%
Latin America	1,095		1,022		7.1		3,120		3,188		(2.1)
Corporate	98		117		(16.2)		287		337		(14.8)
AT&T Operating Revenues	$	30,709	$	30,213	1.6	%	$	92,182	$	90,038	2.4	%
Operating Income (Loss)
Communications	$	7,096	$	7,156	(0.8)	%	$	21,152	$	20,906	1.2	%
Latin America	22		10		—		111		19		—
Segment Operating Income	7,118		7,166		(0.7)		21,263		20,925		1.6
Corporate	(564)		(654)		13.8		(1,868)		(2,119)		11.8
Certain significant items	(435)		(4,396)		90.1		(1,021)		(5,083)		79.9
AT&T Operating Income	$	6,119	$	2,116	—	%	$	18,374	$	13,723	33.9	%

The Communications segment provides services to businesses and consumers located in the U.S. and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units:

•Mobility provides nationwide wireless service and equipment.

•Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services, as well as legacy voice and data services and related equipment, to business customers.

•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.

The Latin America segment provides wireless services and equipment in Mexico.

AT&T INC.

SEPTEMBER 30, 2025

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

RESULTS OF OPERATIONS

~~Consolidated~~AT&T ~~Results~~Inc. ~~Our~~is ~~financial~~referred ~~results~~to as “we,” “AT&T” or the “Company” throughout this document. AT&T products and services are ~~summarized~~provided inor offered by subsidiaries and affiliates of AT&T Inc. under the ~~discussions~~AT&T ~~that~~brand ~~follow~~and not by AT&T Inc., ~~Additional~~and ~~analysis~~the names of the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is ~~discussed~~a holding company whose subsidiaries and affiliates operate worldwide in ~~our~~the ~~“Segment~~telecommunications ~~Results”~~and ~~section~~technology industries. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes (Notes). Percentage increases and decreases that are not considered meaningful are denoted with a dash.

	Third Quarter						Nine-Month Period
					Percent						Percent
	2025		2024		Change		2025		2024		Change
Operating Revenues
Service	$	25,336	$	25,134	0.8	%	$	75,766	$	74,982	1.0	%
Equipment	5,373		5,079		5.8		16,416		15,056		9.0
Total Operating Revenues	30,709		30,213		1.6		92,182		90,038		2.4
Operating Expenses
Operations and support	19,273		23,010		(16.2)		58,050		61,109		(5.0)
Depreciation and amortization	5,317		5,087		4.5		15,758		15,206		3.6
Total Operating Expenses	24,590		28,097		(12.5)		73,808		76,315		(3.3)
Operating Income	6,119		2,116		—		18,374		13,723		33.9
Interest expense	1,700		1,675		1.5		5,013		5,098		(1.7)
Equity in net income (loss) of affiliates	(20)		272		—		1,905		915		—
Other income (expense) — net	6,254		717		—		7,476		1,850		—
Income Before Income Taxes	10,653		1,430		—		22,742		11,390		99.7
Net Income	9,677		145		—		19,230		7,845		—
Net Income (Loss) Attributableto AT&T	9,314		(174)		—		18,165		6,868		—
Net Income (Loss) Attributable toCommon Stock	$	9,278	$	(226)	—	%	$	18,137	$	6,715	—	%

On February 2, 2026, we closed our transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen’s Mass Markets fiber business. The acquisition included customer relationships, which we include with our advanced home internet services and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). We plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations in the accompanying financial statements and are not included in our discussion of continuing operations. (See Notes 8 and 12)

~~Operating~~Consolidated ~~revenues~~Results ~~increased~~Our infinancial ~~the~~results ~~third~~from ~~quarter~~continuing ~~and~~operations ~~for~~are ~~the~~summarized ~~first~~in ~~nine~~the ~~months~~discussions ofthat ~~2025, reflecting higher Mobility and Consumer Wireline revenues, partially offset by declines in Business Wireline~~follow. ~~Operating~~Additional ~~revenues~~analysis inis ~~Mexico~~discussed ~~were higher~~ in ~~the~~our ~~third~~“Segment ~~quarter~~Results” ~~but lower for the first nine months, reflecting unfavorable foreign exchange impacts during the first half of 2025~~section.

Operations and support expenses decreased in the third quarter and for the first nine months of 2025, primarily due to a $4,422 noncash goodwill impairment recorded in 2024. Also contributing to lower operating expenses were expense declines from our continued transformation efforts, lower content licensing fees and lower year-to-date restructuring costs. Partially offsetting these declines were higher Mobility equipment costs resulting from increased wireless equipment sales volumes, higher network-related costs and approximately $440 of apportioned legal settlements during the third quarter of 2025.


	First Quarter
						Percent
		2026		2025		Change
Operating Revenues
Service		$	25,478	$	25,138	1.4	%
Equipment		6,028		5,488		9.8
Total Operating Revenues		31,506		30,626		2.9

Operating Expenses

Operations and support		19,882		19,682		1.0
Depreciation and amortization		4,966		5,190		(4.3)
Total Operating Expenses		24,848		24,872		(0.1)
Operating Income		6,658		5,754		15.7
Interest expense		1,813		1,658		9.3
Equity in net income (loss) of affiliates		(41)		1,440		—
Other income (expense) — net		594		455		30.5
Income from Continuing Operations Before Income Taxes		5,398		5,991		(9.9)
Income from Continuing Operations		4,219		4,692		(10.1)	%

~~Depreciation~~Operating ~~and~~revenues ~~amortization expense~~ increased in the ~~third~~first quarter ~~and~~of ~~for~~2026, ~~the~~reflecting ~~first~~higher ~~nine~~Advanced ~~months~~Connectivity ofwireless ~~2025,~~and ~~primarily~~fiber ~~due~~revenues, toincluding ~~ongoing~~revenues ~~capital~~from ~~spending~~customers ~~for~~of ~~strategic~~our ~~initiatives~~acquired ~~such~~mass asmarkets fiber ~~and~~business. ~~network~~Operating ~~upgrades,~~revenues ~~partially~~in ~~offset~~Mexico bywere ~~lower~~also ~~depreciation~~higher ~~impacts~~due ~~from~~to ~~our~~favorable ~~Open~~foreign ~~RAN~~exchange ~~network~~impacts ~~modernization~~during ~~efforts.~~the Wefirst ~~expect fourth-~~quarter ~~2025~~of ~~depreciation~~2026. ~~expense~~Offsetting tothe beincreases were lower ~~than~~Legacy ~~the~~revenues ~~comparable~~as ~~prior-year~~we ~~quarter,~~continue ~~and full-year expense~~ to bework ~~consistent~~towards ~~with~~ the ~~prior~~decommissioning ~~year~~of asour ~~certain~~copper-based legacy ~~assets become fully depreciated~~network.

~~Operating~~Operations ~~income~~and support expenses increased in the ~~third~~first quarter ~~and~~of ~~for~~2026, ~~the~~primarily ~~first~~due ~~nine~~to ~~months~~higher ofwireless ~~2025~~sales volumes, which drove higher equipment, selling and bad debt expenses. ~~Our~~The ~~operating~~increase ~~income~~was ~~margin~~also due to higher network costs that included vendor credits in the ~~third~~prior ~~quarter~~year, ~~increased~~and ~~from~~incremental ~~7.0%~~customer incosts ~~2024~~related to 19our acquired mass markets fiber business.9% inThe ~~2025~~increase ~~and~~was ~~for~~partially offset by higher restructuring charges in the ~~first~~prior ~~nine~~year, ~~months~~cost ~~increased~~reductions from ~~15.2%~~transformation ininitiatives ~~2024~~and tolower ~~19.9%~~content inlicensing ~~2025~~fees.

~~Interest~~Depreciation ~~expense~~and ~~increased~~amortization inexpense ~~the third quarter and~~ decreased ~~for~~in the first ~~nine~~quarter ~~months~~ of ~~2025.~~2026, ~~The~~primarily ~~increase~~due into ~~the~~lower ~~third~~depreciation ~~quarter~~from ~~was~~fully ~~primarily~~depreciated ~~due~~legacy toassets, ~~lower~~partially ~~capitalized~~offset ~~interest~~by ~~associated~~ongoing ~~with~~capital ~~spectrum~~spending ~~acquisitions.~~for ~~The~~strategic ~~decrease~~initiatives ~~for~~such ~~the~~as ~~first~~fiber ~~nine~~and ~~months~~network ~~was~~ upgrades.

2924

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~- Continued~~

Dollars in millions except per share amounts

~~primarily~~Operating ~~due~~income toincreased ~~lower~~in ~~average~~the ~~debt~~first ~~balances,~~quarter ~~partially~~of ~~offset~~2026. byOur ~~lower~~operating ~~capitalized~~income ~~interest~~margin ~~associated~~in ~~with~~the ~~spectrum~~first ~~acquisitions~~quarter increased from 18.8% in 2025 to 21.1% in 2026.

~~Equity~~Interest inexpense ~~net~~increased ~~income (loss) of affiliates decreased~~ in the ~~third~~first quarter ~~and increased for the first nine months~~ of ~~2025.~~2026, ~~The decrease for the quarter is~~ primarily due to ~~the~~higher ~~sale~~debt ofbalances ~~our~~and interest inrates ~~DIRECTV to TPG Capital~~ on ~~July~~long-term ~~2, 2025~~borrowings. ~~The increase for the first nine months is attributable to the cash distributions received by AT&T in excess of the carrying amount of our investment in DIRECTV prior to disposition (see Note 9).~~

~~Other~~Equity in net income (~~expense~~loss) –of ~~net~~affiliates ~~increased~~decreased in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025.~~2026, ~~The increase in the quarter was~~ primarily due to ~~a gain of approximately $5,500 recognized on~~ the sale of our interest in DIRECTV ~~(see~~Entertainment ~~Note 9). For the first nine months~~Holdings, ~~the~~LLC ~~increase~~to ~~was~~TPG ~~also~~Capital ~~driven by a second-quarter 2025 gain~~ on aJuly ~~prior~~2, ~~disposition and first-quarter 2024 noncash impairment charges for a held-for-sale business and our SKY Mexico equity investment~~2025. ~~Partially offsetting the increases in the quarter and for the first nine months were lower pension and postretirement benefit credits and lower returns on other benefit-related investments.~~

~~Income~~Other ~~tax~~income (expense) ~~decreased~~– innet ~~the~~increased ~~third~~in ~~quarter and for~~ the first ~~nine~~quarter ~~months~~ of ~~2025~~2026, primarily due to ahigher ~~lower~~interest ~~effective~~income ~~tax~~from ~~rate~~higher ~~driven~~average bycash abalances ~~tax-free~~and ~~gain~~noncash losses on ~~sale~~sales of ~~DIRECTV~~nonstrategic assets in ~~2025~~the ~~and~~prior ayear. ~~goodwill~~These ~~impairment~~increases inwere ~~2024,~~partially ~~which~~offset isby ~~not~~lower ~~deductible~~returns ~~for~~on ~~tax~~benefit-related ~~purposes~~investments.

~~Our~~Income ~~effective~~ tax ~~rate~~expense ~~was~~decreased ~~9.2%~~ in the ~~third~~first quarter ~~and~~of 152026.4% ~~for~~The ~~the~~decrease ~~first~~was ~~nine~~primarily ~~months~~due ofto ~~2025,~~lower ~~versus~~income 89from continuing operations before income tax.9% ~~and~~Our 31effective tax rate was 21.18% in the ~~comparable~~first ~~periods~~quarter inof ~~the~~2026, ~~prior~~versus ~~year,~~21.7% ~~reflecting~~in the ~~nonrecognition~~comparable ofperiod ~~income~~in ~~taxes on~~ the ~~DIRECTV~~prior ~~gain~~year, ~~and~~reflecting larger discrete state tax benefits in 2025~~, and the goodwill impairment in 2024, which was not deductible for tax purposes~~.

Segment Results Our segments are comprised of strategic business units or other operations that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. WeEffective ~~evaluate~~with ~~segment~~our ~~performance~~first-quarter ~~based~~2026 onreporting, ~~operating~~we ~~income~~realigned asour ~~well~~internal asmanagement ~~EBITDA~~ and~~/or~~ ~~EBITDA~~reporting ~~margin.~~structure ~~See~~to ~~“Discussion~~reflect ~~and~~the ~~Reconciliation~~evolution of ~~Non-GAAP~~our ~~Measures”~~business ~~for~~model ato ~~reconciliation~~focus ofon ~~EBITDA~~delivering ~~and~~converged ~~EBITDA~~advanced ~~margin~~connectivity toservices ~~the~~across ~~most~~5G ~~comparable~~and ~~financial~~fiber ~~measures~~to ~~calculated~~consumer and ~~presented~~business incustomers. ~~accordance~~This ~~with~~new ~~U.S.~~segment ~~generally~~reporting ~~accepted~~structure ~~accounting~~also ~~principles~~provides ~~(GAAP)~~better visibility into the progress of exiting our copper-based legacy operations.

COMMUNICATIONS SEGMENT	Third Quarter						Nine-Month Period
					Percent						Percent
	2025		2024		Change		2025		2024		Change
Segment Operating Revenues
Mobility	$	21,713	$	21,052	3.1	%	$	65,128	$	62,126	4.8	%
Business Wireline	4,248		4,606		(7.8)		13,029		14,274		(8.7)
Consumer Wireline	3,555		3,416		4.1		10,618		10,113		5.0
Total Segment Operating Revenues	$	29,516	$	29,074	1.5	%	$	88,775	$	86,513	2.6	%
Segment Operating Income (Loss)
Mobility	$	7,125	$	7,003	1.7	%	$	20,796	$	20,190	3.0	%
Business Wireline	(354)		(43)		—		(653)		123		—
Consumer Wireline	325		196		65.8		1,009		593		70.2
Total Segment Operating Income	$	7,096	$	7,156	(0.8)	%	$	21,152	$	20,906	1.2	%

Our segment results presented in Note 4 and discussed below follow our internal management reporting. We evaluate segment performance based on operating income as well as EBITDA and/or EBITDA margin. See “Discussion and Reconciliation of Non-GAAP Measures” for a reconciliation of EBITDA and EBITDA margin to the most comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP). We have three reportable segments: Advanced Connectivity, Legacy and Latin America.

~~Operating~~The ~~revenues~~Advanced ~~increased~~Connectivity insegment ~~the~~provides ~~third~~domestic ~~quarter~~5G and ~~for~~fiber-based ~~the~~wireless, ~~first~~internet ~~nine~~and ~~months~~other ofadvanced ~~2025,~~connectivity ~~primarily~~services ~~driven~~to byconsumer ~~increases~~and inbusiness ~~our~~customers. ~~Mobility~~We ~~and~~also ~~Consumer~~provide ~~Wireline~~supplemental information on our advanced consumer and business ~~units,~~customer ~~partially~~relationships ~~offset~~as bythe ~~declines~~product lifecycles in ~~our~~these ~~Business~~customer ~~Wireline~~categories ~~business~~influence ~~unit,~~the ~~which~~growth ~~reflects~~trajectories ~~lower~~of ~~demand~~Advanced ~~for~~Connectivity segment results. The Legacy segment provides domestic legacy voice and data services to consumer and business customers over our copper-based network. Legacy segment results include revenues derived from copper-based services and direct operating costs. The Latin America segment provides wireless service and equipment in Mexico.

Operating income decreased in the third quarter and increased for the first nine months of 2025. Our Communications segment operating income margin in the third quarter decreased from 24.6% in 2024 to 24.0% in 2025 and for the first nine months decreased from 24.2% in 2024 to 23.8% in 2025. Our Communications EBITDA margin in the third quarter remained consistent at 41.2% in 2024 and 2025 and for the first nine months increased from 40.7% in 2024 to 40.8% in 2025. 25

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~- Continued~~

Dollars in millions except per share amounts

Communications Business Unit Discussion
ADVANCED CONNECTIVITY SEGMENT
Mobility Results
			First Quarter
	Third Quarter												Nine-Month Period
						2026		2025			Percent Change
								Percent									Percent
Segment Operating Revenues
	2025			2024				Change					2025		2024		Change
Wireless service						$	16,941	$	16,651		1.7	%
Operating revenues
Advanced home internet						2,799		2,198			27.3
Service	$	16,926		$	16,539			2.3		%			$	50,430	$	48,810	3.3	%
Business fiber and advanced connectivity						1,882		1,755			7.2
Equipment	4,787			4,513				6.1					14,698		13,316		10.4
Business transitional and other						1,083		1,294			(16.3)
Total Operating Revenues	21,713			21,052				3.1					65,128		62,126		4.8
Other service						158		162			(2.5)
Operating expenses
Total Service Revenues						22,863		22,060			3.6
Operations and support	12,011			11,559				3.9					36,673		34,483		6.4
Equipment						5,608		5,132			9.3
Depreciation and amortization	2,577			2,490				3.5					7,659		7,453		2.8
Total Segment Operating Revenues						28,471		27,192			4.7
Total Operating Expenses	14,588			14,049				3.8					44,332		41,936		5.7
Segment Operating Expenses
Operating Income	$	7,125		$	7,003			1.7		%			$	20,796	$	20,190	3.0	%
Operations and support						16,913		16,247			4.1
Depreciation and amortization						4,705		4,973			(5.4)
Total Segment Operating Expenses						21,618		21,220			1.9
Operating Income						$	6,853	$	5,972		14.8	%

The following tables highlight other key measures of performance for ~~Mobility~~Advanced Connectivity:

Subscribers
Wireless
	September 30,					Percent
		March 31,
(in 000s)	~~2025~~		~~2024~~	2026		~~Change~~2025		Percent Change
Postpaid	90,255		88,384			2.1	%
Retail Wireless Subscribers1				109,292		108,418		0.8	%
Postpaid phone	73,801		72,285			2.1
Phone				91,057		90,193		1.0
Prepaid	18,544		19,200			(3.4)
Postpaid phone				74,503		73,031		2.0
Reseller	10,183		8,482			20.1
Prepaid phone				16,554		17,162		(3.5)
Total Mobility Subscribers1	118,982		116,066			2.5	%
Other				18,235		18,225		0.1
1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.
				First Quarter
				2026		2025		Percent Change
Retail Wireless Net Adds1, 2				158		256		(38.3)
Phone				222		304		(27.0)
Postpaid phone				294		324		(9.3)
Prepaid phone				(72)		(20)		—
Other				(64)		(48)		(33.3)	%
Phone churn3				1.20	%	1.16	%	4	BP
Postpaid phone churn3				0.89	%	0.83	%	6	BP
Prepaid phone churn3				2.62	%	2.55	%	7	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.

3126

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~- Continued~~

Dollars in millions except per share amounts

Mobility Net Additions
Internet
	Third Quarter										Nine-Month Period
			March 31,
							Percent								Percent
(in 000s)						2026	2025		Percent Change
(in 000s)	2025			2024			Change				2025		2024		Change
Internet Connections						14,833	11,443		29.6	%
Postpaid Phone Net Additions	405			403			0.5	%			1,130		1,171		(3.5)	%
Fiber						12,501	10,211		22.4
Total Phone Net Additions	322			358			(10.1)				993		1,162		(14.5)
AT&T Fiber						11,800	9,592		23.0
Postpaid1	328			429			(23.5)				1,097		1,411		(22.3)
AT&T Business Fiber1						701	619		13.2
Prepaid	(167)			(49)			—				(353)		34		—
Fixed Wireless						2,332	1,232		89.3
Reseller	587			237			—				413		910		(54.6)
AT&T Internet Air (AIA)						1,736	803		—
Mobility Net Subscriber Additions2, 3	748			617			21.2	%			1,157		2,355		(50.9)	%
Business Fixed Wireless2						596	429		38.9
Postpaid Churn4	1.07	%		0.93	%		14	BP			1.03	%	0.89	%	14	BP
						First Quarter
Postpaid Phone-Only Churn4	0.92	%		0.78	%		14	BP			0.87	%	0.73	%	14	BP
						2026	2025		Percent Change
1In addition to postpaid phones, includes tablets and wearables and other. Tablet net adds (losses) were (45) and (21) for the quarters ended September 30, 2025 and 2024 and 14 and 31 for the nine months ended September 30, 2025 and 2024. Wearables and other net adds (losses) were (32) and 47 for the quarters ended September 30, 2025 and 2024 and (47) and 209 for the nine months ended September 30, 2025 and 2024.
Internet Net Adds3						584	516		13.2
2Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.
Fiber						292	283		3.2
3Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.
AT&T Fiber						273	261		4.6
4Calculated 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.
AT&T Business Fiber1						19	22		(13.6)
Fixed Wireless						292	233		25.3
AT&T Internet Air (AIA)						239	181		32.0
Business Fixed Wireless2						53	52		1.9	%
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.

~~Service~~Wireless service revenue increased in the ~~third~~first quarter ~~and~~of ~~for~~2026 ~~the~~driven ~~first~~by ~~nine~~growth ~~months~~in ofretail ~~2025,~~wireless ~~largely~~subscribers ~~due~~in tounderpenetrated ~~subscriber~~categories ~~gains~~and converged accounts, partially offset by promotional activity. ~~Revenue~~The ~~comparisons~~effective inmanagement ~~the~~of ~~third~~subscriber ~~quarter~~churn ~~were~~is ~~also~~critical ~~impacted~~to byour ~~approximately~~ability ~~$90~~to ofmaximize ~~one-time~~revenue ~~noncash~~growth ~~revenues~~and ~~related~~ to ~~administrative~~maintain ~~fees~~and improve margins. Phone churn was slightly higher in ~~2024~~the first quarter of 2026, driven by the competitive dynamics of the industry.

~~ARPU~~Advanced home internet revenue increased in the first quarter of 2026 driven by an increase in fiber and AIA revenues. Fiber revenues increased 21.2% in the first quarter of 2026, due to growth in fiber customers, including customers of our acquired mass markets fiber business. We expect revenue growth to continue as we invest further in building our fiber footprint. AIA revenue increases exceeded 100% as we continue to make these services available in additional markets.

~~Average~~Business ~~revenue~~fiber ~~per~~and ~~subscriber~~advanced ~~(ARPU)~~connectivity ~~decreased~~revenues ~~in the third quarter and~~ increased ~~for~~in the first ~~nine months of 2025. The decrease in the~~ quarter ~~includes the impact~~ of ~~one-time~~2026 ~~revenues~~driven ~~related~~by tohigher ~~administrative~~fiber ~~fees in 2024, as well as promotional activity~~ and ~~our~~fixed ~~success~~wireless ~~in attracting customers in underpenetrated segments with lower ARPUs, but attractive lifetime values, such as age 55-plus in our “value customers~~revenues.~~” The increase for the first nine months was pressured by growth in our base of converged customers, who are typically eligible for service discounts.~~

~~Churn~~Business transitional and other revenues decreased in the first quarter of 2026 driven by lower demand for Virtual Private Network (VPN) and wholesale services, both of which we expect to continue.

~~The~~Other ~~effective~~service ~~management~~revenues ofdecreased ~~subscriber churn is critical to our ability to maximize revenue growth and to maintain and improve margins. Postpaid churn and postpaid phone-only churn were higher~~ in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026, ~~partially~~reflecting ~~driven~~the bycontinued andecline ~~increase~~ in ~~our customer base that reached~~ the ~~end~~number of ~~device~~consumer ~~financing~~VoIP ~~periods, which normalized as we exited the quarter~~customers. ~~The increase in churn in the quarter was primarily driven by increased competition.~~

Equipment revenue increased in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026, primarily ~~driven~~due byto higher wireless device sales volumes.

Operations and support expenses increased in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026, primarily due to higher ~~equipment~~wireless ~~costs~~sales ~~driven~~volumes, bywhich drove higher ~~wireless~~equipment, ~~sales~~selling ~~volumes~~and bad debt expenses. The increase was also ~~reflected higher advertising~~ due to ~~the~~higher ~~launch~~network ofcosts athat ~~new~~included ~~campaign~~vendor credits in the ~~first~~prior ~~quarter~~year, and ~~higher~~incremental ~~network~~customer costs ~~that~~related to our acquired mass markets fiber business. These increases were partially offset by ~~lower~~cost ~~content~~reductions ~~licensing~~from ~~fees~~transformation initiatives and ~~expense~~lower ~~declines~~content ~~from~~licensing ~~transformation efforts~~fees.

3227

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~- Continued~~

Dollars in millions except per share amounts

Depreciation expense ~~increased~~decreased in the ~~third~~first quarter ~~and~~of ~~for~~2026, ~~the~~primarily ~~first~~due ~~nine~~to ~~months~~lower ofdepreciation ~~2025~~from fully depreciated legacy assets, ~~primarily~~partially ~~due~~offset toby ongoing capital spending for strategic initiatives such as fiber and network upgrades. ~~and~~Depreciation ~~expansion~~of our shared network, ~~partially~~including ~~offset~~copper-based byassets ~~lower~~prior ~~depreciation~~to ~~impacts~~decommissioning, ~~from~~is managed in our ~~network~~Advanced ~~modernization~~Connectivity ~~efforts~~segment, consistent with our composite group depreciation methodology.

Operating income increased in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026. Our ~~Mobility~~Advanced Connectivity operating income margin in the ~~third~~first quarter ~~decreased~~increased from 3322.30% in ~~2024 to 32.8% in~~ 2025 ~~and for the first nine months decreased from 32.5% in 2024~~ to 3124.91% in ~~2025~~2026. Our ~~Mobility~~Advanced Connectivity EBITDA margin in the ~~third~~first quarter ~~decreased~~increased from 4540.13% in ~~2024 to 44.7% in~~ 2025 ~~and for the first nine months decreased from 44.5% in 2024~~ to 4340.76% in ~~2025, driven by the increase in low margin equipment revenues~~2026.

Business Wireline Results
LEGACY SEGMENT			First Quarter
	Third Quarter												Nine-Month Period
						2026		2025			Percent Change
								Percent									Percent
Segment Operating Revenues						$	1,768	$	2,368		(25.3)	%
	2025			2024				Change					2025		2024		Change
Segment Operating Expenses
Operating revenues
Operations and support						1,156		1,349			(14.3)
Legacy and other transitional services	$	2,208		$	2,669			(17.3)		%			$	7,032	$	8,505	(17.3)	%
Depreciation and amortization						—		—			—
Fiber and advanced connectivityservices	1,853			1,748				6.0					5,426		5,183		4.7
Total Segment Operating Expenses						1,156		1,349			(14.3)
Equipment	187			189				(1.1)					571		586		(2.6)
Operating Income						$	612	$	1,019		(39.9)	%
Total Operating Revenues	4,248			4,606				(7.8)					13,029		14,274		(8.7)
Operating expenses
Operations and support	3,067			3,250				(5.6)					9,128		10,004		(8.8)
Depreciation and amortization	1,535			1,399				9.7					4,554		4,147		9.8
Total Operating Expenses	4,602			4,649				(1.0)					13,682		14,151		(3.3)
Operating Income (Loss)	$	(354)		$	(43)			—		%			$	(653)	$	123	—	%

~~Legacy~~Operating ~~and other transitional services~~ revenues decreased in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026, driven by lower demand for legacy ~~and VPN~~ services, which we expect to continue. ~~These~~as ~~revenue~~we ~~declines~~decommission ~~were~~our ~~partially~~copper-based ~~offset~~legacy ~~by targeted pricing actions in the first quarter of 2025~~network.

~~Fiber~~Operations and ~~advanced~~support ~~connectivity~~represent ~~services~~direct ~~revenues~~operating ~~increased~~costs and decreased in the ~~third~~first quarter of 2026. Expense declines were primarily driven by lower personnel and ~~for~~other ~~the~~costs ~~first~~resulting ~~nine~~from ~~months~~the decommissioning of ~~2025~~our legacy network and lower fulfillment cost amortization, ~~driven~~which we expect to continue. These decreases were partially offset by ~~higher~~vendor ~~fiber~~credits ~~and~~in ~~fixed~~the ~~wireless~~prior ~~revenues~~year.

~~Equipment~~Operating ~~revenues~~income decreased in the ~~third~~first quarter of 2026. Our Legacy operating income and ~~for~~EBITDA margins in the first ~~nine~~quarter ~~months~~decreased offrom 43.0% in 2025 to 34.6% in 2026.

Operations and support expenses decreased in the third quarter and for the first nine months of 2025, primarily driven by lower personnel and customer support costs associated with ongoing transformation initiatives, which were partially offset by favorable vendor settlements in the prior-year third quarter. As part of our transformation activities, we expect operations and support expense improvements through the remainder of 2025 as we further right size our operations in alignment with the strategic direction of the business.


LATIN AMERICA SEGMENT	First Quarter
		2026		2025		Percent Change
Segment Operating Revenues
Service		$	753	$	615	22.4	%
Equipment		420		356		18.0
Total Segment Operating Revenues		1,173		971		20.8

Segment Operating Expenses

Operations and support		953		778		22.5
Depreciation and amortization		200		150		33.3
Total Segment Operating Expenses		1,153		928		24.2
Operating Income		$	20	$	43	(53.5)	%

Depreciation expense increased in the third quarter and for the first nine months of 2025, primarily due to ongoing capital investment for strategic initiatives such as fiber, which we expect to continue through the remainder of 2025.28

Operating income decreased in the third quarter and for the first nine months of 2025. Our Business Wireline operating income margin in the third quarter decreased from (0.9)% in 2024 to (8.3)% in 2025 and for the first nine months decreased from 0.9% in 2024 to (5.0)% in 2025. Our Business Wireline EBITDA margin in the third quarter decreased from 29.4% in 2024 to 27.8% in 2025 and for the first nine months remained consistent at 29.9% in 2024 and 2025.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~- Continued~~

Dollars in millions except per share amounts

Consumer Wireline Results
	Third Quarter						Nine-Month Period
					Percent						Percent
	2025		2024		Change		2025		2024		Change
Operating revenues
Broadband	$	3,070	$	2,838	8.2	%	$	9,082	$	8,301	9.4	%
Legacy voice and data services	243		307		(20.8)		794		972		(18.3)
Other service and equipment	242		271		(10.7)		742		840		(11.7)
Total Operating Revenues	3,555		3,416		4.1		10,618		10,113		5.0
Operating expenses
Operations and support	2,266		2,296		(1.3)		6,738		6,801		(0.9)
Depreciation and amortization	964		924		4.3		2,871		2,719		5.6
Total Operating Expenses	3,230		3,220		0.3		9,609		9,520		0.9
Operating Income	$	325	$	196	65.8	%	$	1,009	$	593	70.2	%

The following tables highlight other key measures of performance for Mexico:

The following tables highlight other key measures of performance for Consumer Wireline:


Subscribers
		March 31,
(in 000s)		2026	2025	Percent Change

Postpaid		7,088	5,997	18.2	%
Prepaid		16,835	17,376	(3.1)
Reseller		180	235	(23.4)
Total Mexico Wireless Subscribers		24,103	23,608	2.1	%

Mexico Wireless Net Additions
	First Quarter
(in 000s)		2026	2025	Percent Change

Postpaid		337	160	—	%
Prepaid		(895)	(110)	—
Reseller		(19)	(18)	(5.6)
Total Mexico Wireless Net Additions		(577)	32	—	%

Broadband Connections
	September 30,		Percent
(in 000s)	2025	2024	Change
Broadband1	14,494	13,864	4.5	%
Fiber Broadband Connections	10,123	9,024	12.2	%
1Includes AIA.

Service revenues increased in the first quarter of 2026, primarily due to favorable foreign exchange impacts and growth in subscribers.

Broadband Net Additions
	Third Quarter				Nine-Month Period
			Percent				Percent
(in 000s)	2025	2024	Change		2025	2024	Change
Broadband Net Additions1, 2	232	28	—	%	519	135	—	%
Fiber Broadband Net Additions	288	226	27.4	%	792	717	10.5	%
1Includes AIA.
2Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025.

Equipment revenues increased in the first quarter of 2026, primarily due to favorable foreign exchange impacts and higher equipment sales.

~~Broadband~~Operations ~~revenues~~and support expenses increased in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026, driven by ~~increases~~unfavorable inforeign ~~fiber~~exchange ~~revenues~~rates ~~of 16.8%~~ and ~~18.2%.~~increased ~~Higher~~sales ~~fiber revenues reflect an increase in fiber customers~~volume, ~~which~~resulting ~~we expect to continue as we invest further~~ in ~~building our fiber footprint, and~~ higher ~~ARPU.~~equipment ~~This~~costs ~~increase also includes growth in AIA revenues~~ and ~~was~~bad ~~partially~~debt ~~offset by declines in copper-based broadband services~~expenses.

~~Legacy~~Depreciation ~~voice~~ and ~~data~~amortization ~~services~~expense ~~revenues~~increased ~~decreased~~ in the ~~third~~first quarter ~~and for the first nine months~~ of ~~2025~~2026, ~~reflecting~~driven ~~the~~by ~~continued~~unfavorable ~~decline~~foreign inexchange ~~demand~~rates, ~~for~~accelerated ~~these~~depreciation ~~services~~on incertain ~~favor~~assets ~~of other technologies, such as wireless~~ and ~~fiber~~higher ~~services~~in-service assets.

~~Other~~Operating ~~service~~income ~~and equipment revenues~~ decreased in the ~~third~~first quarter ~~and~~of ~~for~~2026. Our Mexico operating income margin in the first ~~nine~~quarter ~~months~~decreased offrom 4.4% in 2025, ~~reflecting~~to ~~the~~1.7% ~~continued~~in ~~decline~~2026. Our Mexico EBITDA margin in the ~~number~~first ofquarter ~~VoIP~~decreased ~~customers~~from 19.9% in 2025 to 18.8% in 2026.

Operations and support expenses decreased in the third quarter and for the first nine months of 2025, primarily driven by lower customer support costs and content licensing fees, largely offset by higher network-related costs and higher marketing costs.29

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~- Continued~~

Dollars in millions except per share amounts

~~Depreciation~~SUPPLEMENTAL expense increased in the third quarter and for the first nine months of 2025, primarily due to ongoing capital spending for strategic initiatives such as fiber and network upgrades and expansion, which we expect to continue through the remainder of 2025.INFORMATION

~~Operating~~The ~~income~~following ~~increased~~tables inpresent ~~the~~supplemental ~~third~~information ~~quarter~~on ~~and for~~ the ~~first~~consumer ~~nine months of 2025. Our Consumer Wireline operating income margin in the third quarter increased from 5.7% in 2024 to 9.1% in 2025~~ and ~~for~~business ~~the~~relationships ~~first~~within ~~nine~~our ~~months~~Advanced ~~increased~~Connectivity ~~from 5~~segment.9% in 2024 to 9.5% in 2025. Our Consumer Wireline EBITDA margin in the third quarter increased from 32.8% in 2024 to 36.3% in 2025 and for the first nine months increased from 32.7% in 2024 to 36.5% in 2025.

LATIN AMERICA SEGMENT	Third Quarter												Nine-Month Period
Advanced Connectivity Consumer
	2025			2024				Percent Change					2025		2024		Percent Change
			First Quarter
Segment Operating Revenues
						2026		2025			Percent Change
Service	$	696		$	645			7.9		%			$	1,973	$	2,034	(3.0)	%
Operating revenues
Equipment	399			377				5.8					1,147		1,154		(0.6)
Wireless service						$	14,584	$	14,370		1.5	%
Total Segment Operating Revenues	1,095			1,022				7.1					3,120		3,188		(2.1)
Advanced home internet						2,799		2,198			27.3
Segment Operating Expenses
Other service						158		162			(2.5)
Operations and support	896			854				4.9					2,527		2,662		(5.1)
Total Service Revenues						17,541		16,730			4.8
Depreciation and amortization	177			158				12.0					482		507		(4.9)
Equipment						4,611		4,246			8.6
Total Segment Operating Expenses	1,073			1,012				6.0					3,009		3,169		(5.0)
Total Operating Revenues						22,152		20,976			5.6
Operating Income	$	22		$	10			—		%			$	111	$	19	—	%
Operating expenses
Operations and support						12,589		11,801			6.7
Depreciation and amortization						3,022		3,011			0.4
Total Operating Expenses						15,611		14,812			5.4
Operating Income						$	6,541	$	6,164		6.1	%

The following tables highlight other key measures of performance for Mexico:


Advanced Connectivity Business
	First Quarter
		2026		2025		Percent Change
Operating revenues
Wireless service		$	2,357	$	2,281	3.3	%
Fiber and advanced connectivity		1,882		1,755		7.2
Transitional and other service		1,083		1,294		(16.3)
Total Service Revenues		5,322		5,330		(0.2)
Equipment		997		886		12.5
Total Operating Revenues		6,319		6,216		1.7

Operating expenses

Operations and support		4,324		4,446		(2.7)
Depreciation and amortization		1,683		1,962		(14.2)
Total Operating Expenses		6,007		6,408		(6.3)
Operating Income (Loss)		$	312	$	(192)	—	%

Subscribers
					September 30,		Percent
(in 000s)					2025	2024	Change
Postpaid					6,423	5,633	14.0	%
Prepaid					17,508	16,996	3.0
Reseller					218	282	(22.7)
Total Mexico Wireless Subscribers					24,149	22,911	5.4	%
Mexico Wireless Net Additions
	Third Quarter				Nine-Month Period
			Percent				Percent
(in 000s)	2025	2024	Change		2025	2024	Change
Postpaid	243	139	74.8	%	586	397	47.6	%
Prepaid	68	187	(63.6)		22	333	(93.4)
Reseller	(5)	(51)	90.2		(35)	(135)	74.1
Total Mexico Wireless Net Additions	306	275	11.3	%	573	595	(3.7)	%

Service revenues increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to growth in subscribers and favorable foreign exchange impacts. The decrease for the first nine months reflects unfavorable foreign exchange impacts in the first half of 2025, partially offset by growth in subscribers and ARPU.

Equipment revenues increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to higher equipment sales and favorable foreign exchange impacts. The decrease for the first nine months reflects unfavorable foreign exchange impacts in the first half of 2025, partially offset by higher equipment sales.

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

Operations and support expenses increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to higher equipment costs, bad debt expense from higher sales and unfavorable exchange rates. The decrease for the first nine months was primarily due to favorable foreign exchange impacts, partially offset by increased equipment and selling costs.

Depreciation and amortization expense increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to accelerated depreciation on certain network assets. The decrease for the first nine months was primarily due to foreign exchange impacts.

Operating income increased in the third quarter and for the first nine months of 2025. Our Mexico operating income margin in the third quarter increased from 1.0% in 2024 to 2.0% in 2025 and for the first nine months increased from 0.6% in 2024 to 3.6% in 2025. Our Mexico EBITDA margin in the third quarter increased from 16.4% in 2024 to 18.2% in 2025 and for the first nine months increased from 16.5% in 2024 to 19.0% in 2025.

COMPETITIVE AND REGULATORY ENVIRONMENT

Overview AT&T subsidiaries operating within the United States are subject to federal and state regulations. AT&T subsidiaries operating outside the United States are subject to the jurisdiction of national and supranational regulations in the markets where service is provided. Complying with these regulations may affect our results of operations and cash flow, and compliance may be very costly. For a discussion of these regulations, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Regulatory Landscape” in our Annual Report on Form 10-K for the year-ended December 31, 2025.

On July 4, 2025, the One Big Beautiful Bill Act was enacted, which restores or makes permanent certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017. The legislation did not materially impact our income tax expense, but we expect that it will result in a material decrease to cash taxes paid relative to our expectations.

For further discussion of regulations impacting AT&T and its subsidiaries, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Regulatory Landscape” in our Annual Report on Form 10-K for the year-ended December 31, 2024.

LIQUIDITY AND CAPITAL RESOURCES

For nine months ended September 30,	2025		2024
Continuing operations for three months ended March 31,	2026		2025
Cash provided by operating activities	$	287,~~964~~595	$	269,~~875~~049
Cash used in investing activities	(147,~~433~~484)		(124,~~127~~958)
Cash provided by (used in) financing activities	2,391		(18,855)
Cash used in financing activities	(2,097)		(553)

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Cash and cash equivalents	$	2011,~~272~~964	$	318,~~298~~234
Total debt	~~139~~138,~~468~~407		~~123~~136,~~532~~100

We had $2011,~~272~~964 in cash and cash equivalents available at ~~September~~March 3031, ~~2025~~2026, ~~increasing~~decreasing $166,~~974~~270 since December 31, ~~2024~~2025. Cash and cash equivalents included cash of $43,~~359~~490 and money market funds and other cash equivalents of $158,~~913~~474. Approximately $1,~~497~~077 of our cash and cash equivalents were held in accounts outside of the U.S. and may be subject to restrictions on repatriation. ~~Our cash and cash equivalents at September 30, 2025 was elevated in anticipation of the consummation of announced transactions (see Note 11).~~

For the first ~~nine~~three months of ~~2025~~2026, cash inflows were primarily provided by cash receipts from operations, including cash from our sale and transfer of our receivables to third parties~~, and distributions from DIRECTV~~. These inflows were exceeded by cash used to meet the needs of the business, including, but not limited to, payment of operating expenses, including higher device payments from higher sales volumes. The cash generated from operating activities was primarily used to ~~fund~~repay ~~capital~~long-term ~~improvements~~debt, ~~make~~fund ~~dividend~~capital ~~payments~~improvements toand ~~stockholders~~business acquisitions, repurchase ~~preferred and~~ common stock, and ~~repay~~make ~~long-term~~dividend ~~debt~~payments to stockholders. We maintain availability under our credit facilities and our commercial paper program to meet our short-term liquidity requirements.

36Cash Provided by Operating Activities from Continuing Operations

During the first three months of 2026, cash provided by operating activities was $7,595, compared to $9,049 for the first three months of 2025, with prior-year operating cash flows including $1,423 of distributions from DIRECTV.

We actively manage the timing of our supplier payments for operating items to optimize the use of our cash. Among other things, we seek to make payments on 90-day or greater terms, while providing the suppliers with access to bank facilities that permit earlier payments at their cost (referred to as supplier financing program). In addition, for payments to suppliers of handset inventory, as part of our working capital initiatives, we have arrangements that allow us to extend the stated payment terms by up to approximately 120 days, with an average of 85 days outstanding, at an additional cost to us (referred to as direct supplier financing). The net impact of direct supplier financing, including principal and interest payments, was to decrease cash from operating activities approximately $1,136 and $2,042 for the three months ended March 31, 2026 and 2025, respectively. All supplier financing payments are due within one year. (See Note 10)

Cash Used in Investing Activities from Continuing Operations

For the first three months of 2026, cash used in investing activities totaled $7,484 and consisted primarily of $4,877 (including interest during construction) for capital expenditures. During the first three months of 2026, investing activities also included $413 of FirstNet sustainability payments, net of reinvestment, and $574 related to the note receivable payment from DIRECTV. In addition, we paid $1,018 in connection with our January 2026 acquisition of select spectrum licenses from United States Cellular Corporation (UScellular) and $5,756 in connection with our February 2026 acquisition of Lumen’s Mass Markets fiber

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

~~Cash~~business, ~~Provided~~of bywhich ~~Operating~~$1,656 ~~Activities~~was included in investing activities from continuing operations and $4,100 was included as investing activities from discontinued operations (see Notes 1, 8 and 12).

~~During~~We ~~the~~enter ~~first~~into ~~nine~~multi-year ~~months~~software oflicensing ~~2025~~arrangements, ~~cash~~which ~~provided~~are bytypically ~~operating~~paid ~~activities~~over ~~was~~the ~~$28,964,~~license ~~compared~~terms of two to ~~$26~~five years and referred to as vendor financing. Additionally,~~875~~ for ~~the~~capital ~~first~~improvements, ~~nine~~we ~~months~~have negotiated favorable vendor payment terms of ~~2024,~~120 days or more with ~~increases~~some ~~resulting~~of ~~from~~our ~~higher~~vendors, ~~cash~~which ~~flows~~are ~~related~~also referred to ~~DIRECTV,~~as ~~including~~vendor afinancing. ~~first-quarter~~Vendor ~~2025~~financing ~~dividend~~is ofexcluded ~~$1,138,~~from capital expenditures and ~~operational~~reported ~~growth~~as financing activities. ~~Partially~~For ~~offsetting~~the ~~this~~first ~~increase~~three ~~and~~months ~~lowering~~of ~~cash~~2026, ~~from~~vendor ~~operations~~financing ~~during~~payments were $212, compared to $203 for the first ~~nine~~three months of 2025,. ~~were~~Capital ~~advanced~~expenditures ~~cash~~for ~~payments~~the first three months of ~~approximately~~2026 were $14,~~000~~877, and when including $212 cash paid for ~~wholesale~~vendor ~~access~~financing, ~~which~~capital ~~can~~investment bewas ~~utilized~~$5,089 on($609 ~~invoices~~higher ~~over~~than ~~future~~the ~~periods~~prior-year comparable period).

WeThe ~~actively~~vast ~~manage~~majority ~~the timing~~ of our ~~supplier~~capital ~~payments~~expenditures ~~for~~are ~~operating~~spent ~~items~~on ~~to optimize the use of~~ our ~~cash. Among other things~~networks, weincluding ~~seek~~product todevelopment ~~make~~and ~~payments~~related onsupport ~~90-day~~systems. orDuring ~~greater terms, while providing~~ the ~~suppliers~~first ~~with~~three ~~access~~months toof ~~bank facilities that permit earlier payments at their cost (referred to as supplier financing program). In addition~~2026, ~~for~~we ~~payments~~placed to$732 ~~suppliers~~ of ~~handset~~productive ~~inventory,~~assets asin ~~part~~service ofunder ~~our~~vendor ~~working~~financing ~~capital initiatives, we have~~ arrangements ~~that~~(compared ~~allow us~~ to ~~extend~~$378 in the ~~stated~~prior-year ~~payment~~comparable ~~terms by up to 90 days at an additional cost to us (referred to as direct supplier financing~~period). The ~~net~~amount ~~impact~~ of ~~direct~~capital ~~supplier~~expenditures ~~financing,~~is ~~including~~influenced ~~principal~~by ~~and~~demand ~~interest~~for ~~payments,~~services ~~was to decrease cash from operating activities approximately $2,430~~ and $3products,~~648~~ ~~for~~capacity ~~the~~needs ~~nine months ended September 30, 2025~~ and ~~2024,~~network ~~respectively~~enhancements. ~~All supplier financing payments are due within one year. (See Note 10)~~

~~Cash~~On ~~Used~~August 25, 2025, we agreed to purchase Federal Communications Commission (FCC) licenses in ~~Investing~~the ~~Activities~~600 MHz and 3.45 GHz bands from EchoStar Corporation for approximately $23,000, subject to certain adjustments. The transaction is subject to regulatory approval and other closing conditions. The FCC licenses will be used to expand our 5G network, meet future capacity demands and support future wireless communications services. We signed a short-term spectrum manager lease on the 3.45 GHz spectrum, which was deployed in cell sites covering nearly two-thirds of the U.S. population.

~~For~~Cash ~~the~~Provided ~~first~~by ~~nine~~or ~~months~~Used ~~of 2025, cash used~~ in ~~investing~~Financing ~~activities~~Activities ~~totaled~~from ~~$14,433~~Continuing and consisted primarily of $14,061 (including interest during construction) for capital expenditures. During the first nine months of 2025, investing activities also included $110 of FirstNet sustainability payments net of reinvestment, and $620 for our investment in a new strategic partner related to wireline network transformation accounted for under the equity method of accounting. Operations

OnFor ~~July~~the 2,first ~~2025,~~three wemonths ~~completed the sale~~ of ~~our~~2026, ~~interest~~cash used in ~~DIRECTV~~financing toactivities ~~TPG~~totaled $2,097 and ~~recorded~~was acomprised ~~current~~of ~~note~~debt ~~receivable~~repayments, ofcommon ~~approximately~~stock $3repurchases,~~600,~~ ~~which~~dividend wepayments, ~~expect~~and tovendor ~~receive~~financing ~~the~~payments, ~~majority~~partially ofoffset by ~~the~~issuances ~~end~~ of ~~2025, and a~~ long-term ~~note receivable of $500~~debt. ~~As of September 30, 2025, we have collected approximately $320 of the current note receivable.~~

WeA ~~enter~~tabular ~~into~~summary ~~multi-year software licensing arrangements, which are typically paid over the license terms~~ of ~~two to five years and referred to as vendor financing. Additionally, for capital improvements, we have negotiated favorable vendor payment terms of 120 days or more with some of~~ our ~~vendors,~~debt ~~which are also referred to as vendor financing. Vendor financing is excluded from capital expenditures and reported as financing~~ activities. ~~For the first nine months of 2025, vendor financing payments were $823, compared to $1,571~~ for the ~~first~~three ~~nine~~ months ofended ~~2024. Capital expenditures for the first nine months of 2025 were $14~~March 31,~~061,~~ ~~and~~2026 ~~when~~is ~~including~~as ~~$823 cash paid for vendor financing, capital investment was $14,884 ($107 lower than the prior-year comparable period).~~follows:

The vast majority of our capital expenditures are spent on our networks, including product development and related support systems. During the first nine months of 2025, we placed $1,014 of productive assets in service under vendor financing arrangements (compared to $581 in the prior-year comparable period). The amount of capital expenditures is influenced by demand for services and products, capacity needs and network enhancements.


	Three months ended March 31, 2026

Issuance of Notes and Debentures:
USD notes	$	6,465
CAD notes	1,633

Debt Issuances	$	8,098

Repayments



USD notes	$	(3,741)
EUR notes	(1,103)
AUD notes	(216)

Other	(187)
Repayments of long-term debt	$	(5,247)

InThe ~~November~~weighted ~~2024,~~average weinterest ~~agreed~~rate toof ~~purchase~~our ~~select~~long-term ~~spectrum~~debt ~~licenses~~portfolio, ~~from~~including ~~United~~credit ~~States~~agreement ~~Cellular~~borrowings ~~Corporation~~and ~~(UScellular)~~the ~~for~~impact ~~approximately~~of $1derivatives,~~000,~~ ~~subject~~was toapproximately ~~closing~~4.3% ~~conditions~~as of March 31, ~~including~~2026 ~~the~~and ~~consummation~~4.2% as of ~~UScellular’s~~December 31, ~~sale~~2025. ofWe ~~its~~had ~~wireless~~$137,017 ~~operations~~of ~~and~~total ~~select~~notes ~~spectrum~~and ~~assets~~debentures tooutstanding ~~T-Mobile~~at USMarch 31, ~~Inc~~2026. This also included Euro, ~~which~~British ~~was~~pound ~~closed~~sterling, onCanadian ~~August~~dollar, 1Australian dollar, ~~2025~~and Swiss franc denominated debt that totaled approximately $34,994.

OnAt ~~May 21~~March 31, ~~2025~~2026, we ~~agreed~~had ~~to acquire substantially all of Lumen’s mass markets fiber business for~~ $56,~~750~~818 ~~cash, subject to purchase price adjustments. At the time~~ of ~~signing,~~long-term ~~the~~debt ~~pending~~maturing ~~acquisition~~within ~~covered approximately~~ one ~~million~~year. ~~fiber~~We ~~customers,~~had ~~and~~no ~~also~~outstanding ~~included~~commercial ~~fiber~~paper ~~network~~or ~~assets~~other ~~that~~short-term ~~reached~~borrowings ~~more~~on ~~than four million fiber locations. The transaction is expected to close in early 2026~~March 31, ~~pending regulatory approval and other customary closing conditions~~2026.

OnFor ~~August 25, 2025, we agreed to purchase FCC licenses in~~ the ~~600~~first ~~MHz~~three ~~and~~months ~~3.45~~of ~~GHz~~2026, ~~bands~~we ~~from~~paid ~~EchoStar Corporation for approximately~~ $~~23,000,~~212 ~~subject~~of tocash ~~certain~~under ~~adjustments.~~our ~~The~~vendor ~~transaction~~financing isprogram, ~~expected~~compared to ~~close~~$203 in the ~~first~~prior-year ~~half~~comparable ~~of 2026 and is subject to regulatory approval and other closing conditions~~period. ~~The~~Total ~~FCC~~vendor ~~licenses~~financing ~~will~~payables beincluded ~~used~~in ~~to expand~~ our ~~5G network~~March 31, ~~meet~~2026 ~~future~~consolidated ~~capacity~~balance ~~demands~~sheet ~~and~~were ~~support~~$2,437, ~~future~~with ~~wireless~~$1,474 ~~communications~~due ~~services.~~within Weone ~~signed~~year a(in ~~short-term~~“Accounts ~~spectrum~~payable ~~manager~~and ~~lease~~accrued onliabilities”) and the ~~3.45~~remainder ~~GHz~~predominantly ~~spectrum.~~due Wewithin ~~expect~~five ~~these~~years ~~licenses will be deployed~~ (in ~~cell~~“Other ~~sites~~noncurrent ~~covering nearly two-thirds of the U~~liabilities”).~~S. population by mid-November 2025.~~

3732

AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

~~Cash~~During ~~Provided~~the first three months of 2026, we repurchased approximately 88 million shares totaling $2,279 under our $10,000 common stock repurchase authorization approved by orthe ~~Used~~Board of Directors in ~~Financing~~December ~~Activities~~2024 (the “2024 Authorization”), excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022. On January 27, 2026, the Board approved an authorization to repurchase an additional $10,000 of common stock (the “2026 Authorization”). At March 31, 2026, we had approximately $3,452 remaining under the 2024 Authorization, and $10,000 remaining under the 2026 Authorization.

~~For~~We ~~the~~paid ~~first~~dividends ~~nine~~on ~~months~~common ofand ~~2025,~~preferred ~~cash~~shares ~~provided~~of ~~by financing activities totaled~~ $21,~~391~~997 ~~and~~during ~~was~~the ~~primarily~~first ~~comprised~~three ofmonths ~~issuances~~ of ~~long-term debt and preferred interests~~2026, ~~offset~~compared bywith ~~dividend payments~~$2,091 ~~preferred~~for ~~and~~the ~~common~~first ~~stock~~three ~~repurchases,~~months ~~debt~~of ~~repayments and vendor financing payments~~2025.

ADividends ~~tabular~~on ~~summary~~common ofstock declared by our ~~debt~~Board ~~activities~~of ~~for~~Directors totaled $0.2775 per share in the ~~nine~~first three months ~~ended~~of ~~September 30,~~2026 and 2025. isOur asdividend ~~follows:~~policy considers the expectations and requirements of stockholders, capital funding requirements of AT&T and long-term growth opportunities.

	FirstQuarter		Second Quarter		Third Quarter		Nine months ended September 30, 2025
Issuance of Notes and Debentures:
EUR notes	$	2,956	$	—	$	2,639	$	5,595
USD notes	—		3,473		4,959		8,432
Debt Issuances	$	2,956	$	3,473	$	7,598	$	14,027
Repayments
EUR notes	$	(1,321)	$	(32)	$	—	$	(1,353)
Other	(205)		(62)		(229)		(496)
Repayments of long-term debt	$	(1,526)	$	(94)	$	(229)	$	(1,849)

The weighted average interest rate of our long-term debt portfolio, including credit agreement borrowings and the impact of derivatives, was approximately 4.2% as of September 30, 2025 and as of December 31, 2024. We had $138,090 of total notes and debentures outstanding at September 30, 2025. This also included Euro, British pound sterling, Canadian dollar, Swiss franc and Australian dollar denominated debt that totaled approximately $38,496.

At September 30, 2025, we had $11,378 of long-term debt maturing within one year. We had no outstanding commercial paper or other short-term borrowings on September 30, 2025.

For the first nine months of 2025, we paid $823 of cash under our vendor financing program, compared to $1,571 in the prior-year comparable period. Total vendor financing payables included in our September 30, 2025 consolidated balance sheet were $1,674, with $908 due within one year (in “Accounts payable and accrued liabilities”) and the remainder predominantly due within five years (in “Other noncurrent liabilities”).

During the first nine months of 2025, we repurchased approximately 87 million shares totaling $2,444 under our $10,000 common stock repurchase authorization approved by the Board of Directors in December 2024, excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022. At September 30, 2025, we had approximately $7,556 remaining under this repurchase authorization.

We paid dividends on common and preferred shares of $6,168 during the first nine months of 2025, compared with $6,171 for the first nine months of 2024.

Dividends on common stock declared by our Board of Directors totaled $0.8325 per share in the first nine months of 2025 and 2024. Our dividend policy considers the expectations and requirements of stockholders, capital funding requirements of AT&T and long-term growth opportunities.

Financing activities in the first nine months of 2025 also included the issuance of $2,250 of nonconvertible cumulative preferred interests in Telco LLC, with the funds used to redeem all outstanding Series B preferred stock for $2,075 (see Note 11). We also received approximately $850 in upfront cash proceeds from a structured sale-leaseback of real estate.

Credit Facilities

The following summary of our various credit and loan agreements does not purport to be complete and is qualified in its entirety by reference to each agreement filed as exhibits to our Annual Report on Form 10-K.

We use credit facilities as a tool in managing our liquidity status. We currently have one $12,000 revolving credit agreement that terminates on November 183, ~~2029~~2030 (Revolving Credit Agreement). No amount was outstanding under the Revolving Credit Agreement as of ~~September~~March 3031, ~~2025~~2026.

38In November 2025, we entered into a $17,500 Delayed Draw Term Loan Credit Agreement (Term Loan), with Bank of America, N.A., as agent. The Term Loan is comprised of (i) a $6,000 364-day delayed draw term loan facility (364-Day Term Loan Facility) and (ii) a $11,500 two-year delayed draw term loan facility (Two-Year Term Loan Facility). Each of the 364-Day Term Loan Facility and Two-Year Term Loan Facility is available for a single draw at any time before November 3, 2026. No amount was outstanding under the Term Loan as of March 31, 2026.

~~AT&T~~In ~~INC~~March 2026, we entered into two bilateral term loan facilities totaling $1,500, that will allow us to borrow funds during the second quarter. When drawn, $500 will be due in 2031 and $1,000 will be due in 2033. Advances will bear interest at a variable rate based on the secured overnight financing rate (SOFR) plus a margin. No amounts were outstanding under these facilities as of March 31, 2026.

SEPTEMBER 30, 2025

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

We also utilize other external financing sources, which include various credit arrangements supported by government agencies to support network equipment purchases as well as a commercial paper program.

~~Our~~The Revolving Credit Agreement ~~contains~~and the Term Loan contain covenants that are customary for an issuer with investment grade senior debt credit ~~rating~~ratings, asincluding ~~well as~~ a net debt-to-EBITDA financial ratio covenant requiring ~~AT&T~~us to maintain, as of the last day of each fiscal quarter, a ratio of not more than 3.75-to-1. As of ~~September~~March 3031, ~~2025~~2026, we were in compliance with the covenants for our credit facilities.

Collateral Arrangements

Most of our counterparty collateral arrangements require cash collateral posting by AT&T only when derivative market values exceed certain thresholds. Under these arrangements, which cover the majority of our approximate $3936,~~142~~069 derivative portfolio, counterparties are still required to post collateral. During the first ~~nine~~three months of ~~2025~~2026, we received $~~218~~354 of cash collateral, on a net basis. Cash postings under these arrangements vary with changes in credit ratings and netting agreements. (See Note 7)

Other

Our total capital consists of debt (long-term debt and debt maturing within one year), redeemable noncontrolling interest and stockholders’ equity. Our capital structure does not include debt issued by our equity method investments. At ~~September~~March 3031, ~~2025~~2026, our debt ratio was 52.0%, compared to 5250.29% at ~~September~~March 3031, ~~2024~~2025 and 5051.74% at December 31, ~~2024~~2025. The debt ratio is affected by the same factors that affect total capital, and reflects our recent debt issuances, repayments and reclassifications related to redemption of noncontrolling interests.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURES

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~~operations. 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.

	Third Quarter								Nine-Month Period
				First Quarter
							~~Percent~~								Percent
	2025			2024			Change		2025			2024			Change
									2026			2025			Change
Communications Segment
Advanced Connectivity Segment
Operating income	$	~~7,096~~		$	~~7,156~~		~~(0.8)~~	%	$	216,~~152~~853		$	205,~~906~~972		114.28	%
Add: Depreciation and amortization	~~5,076~~			~~4,813~~			~~5.5~~		154,~~084~~705			144,~~319~~973			(5.34)
EBITDA	$	~~12,172~~		$	~~11,969~~		~~1.7~~	%	$	3611,~~236~~558		$	3510,~~225~~945		25.96	%
Operating income margin	~~24.0~~		%	~~24.6~~		%			2324.81		%	2422.20		%
EBITDA margin	~~41.2~~		%	~~41.2~~		%			40.86		%	40.73		%
Mobility
Legacy Segment
Operating income	$	~~7,125~~		$	~~7,003~~		~~1.7~~	%	$	~~20,796~~612		$	201,~~190~~019		3(39.09)	%
Add: Depreciation and amortization	~~2,577~~			~~2,490~~			~~3.5~~		~~7,659~~—			~~7,453~~—			~~2.8~~—
EBITDA	$	~~9,702~~		$	~~9,493~~		~~2.2~~	%	$	~~28,455~~612		$	271,~~643~~019		2(39.9)	%
Operating income margin	~~32.8~~		%	~~33.3~~		%			3134.96		%	3243.50		%
EBITDA margin	~~44.7~~		%	~~45.1~~		%			4334.76		%	4443.50		%
Business Wireline
Operating income (loss)	$	(354)		$	(43)		—	%	$	(653)		$	123		—	%
Add: Depreciation and amortization	1,535			1,399			9.7		4,554			4,147			9.8
EBITDA	$	1,181		$	1,356		(12.9)	%	$	3,901		$	4,270		(8.6)	%
Operating income margin	(8.3)		%	(0.9)		%			(5.0)		%	0.9		%
EBITDA margin	27.8		%	29.4		%			29.9		%	29.9		%
Consumer Wireline
Operating income	$	325		$	196		65.8	%	$	1,009		$	593		70.2	%
Add: Depreciation and amortization	964			924			4.3		2,871			2,719			5.6
EBITDA	$	1,289		$	1,120		15.1	%	$	3,880		$	3,312		17.1	%
Operating income margin	9.1		%	5.7		%			9.5		%	5.9		%
EBITDA margin	36.3		%	32.8		%			36.5		%	32.7		%
Latin America Segment
Operating income	$	22		$	10		—	%	$	~~111~~20		$	1943		—(53.5)	%
Add: Depreciation and amortization	~~177~~			~~158~~			~~12.0~~		~~482~~200			~~507~~150			(433.9)3
EBITDA	$	~~199~~		$	~~168~~		~~18.5~~	%	$	~~593~~220		$	~~526~~193		1214.70	%
Operating income margin	~~2.0~~		%	~~1.0~~		%			31.67		%	04.64		%
EBITDA margin	~~18.2~~		%	~~16.4~~		%			1918.08		%	1619.59		%

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

At ~~September~~March 3031, ~~2025~~2026, we had no interest rate swaps.

We have fixed-to-fixed and floating-to-fixed cross-currency swaps on foreign currency-denominated debt instruments with a U.S. dollar notional value of $3936,~~142~~069 to hedge our exposure to changes in foreign currency exchange rates and interest rates. These derivatives have been designated as fair value or cash flow hedges with a net fair value of $(12,~~472~~168) at ~~September~~March 3031, ~~2025~~2026.

Item 4. Controls and Procedures

The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the registrant is recorded, processed, summarized, accumulated and communicated to its management, including its principal executive and principal financial officers, to allow timely decisions regarding required disclosure, and reported within the time periods specified in the SEC’s rules and forms. The Chief Executive Officer and Chief Financial Officer have performed an evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of ~~September~~March 3031, ~~2025~~2026. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the registrant’s disclosure controls and procedures were effective as of ~~September~~March 3031, ~~2025~~2026.

There have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this report contains forward-looking statements that are subject to risks and uncertainties, and actual results could differ materially. Many of these factors are discussed in more detail in the “Risk Factors” section herein and in our most recent Form 10-K ~~and Form 10-Q~~. We claim the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.

The following factors could cause our future results to differ materially from those expressed in the forward-looking statements:

•Adverse economic and political changes, public health emergencies and our ability to access financial markets on favorable terms.

•Increases in our benefit plans’ costs, including due to worse-than-assumed investment returns and discount rates, mortality assumptions, medical cost trends, or healthcare laws or regulations.

•The final outcome of FCC and other federal, state or foreign government agency proceedings (including judicial review of such proceedings) and legislative and regulatory efforts involving issues important to our business, including, without limitation, ~~the~~ results of pending governmental investigations; the transition from legacy technologies to IP-based infrastructure, including the withdrawal of legacy TDM-based services; universal service; broadband deployment; wireless equipment siting regulations; E911 services; rules concerning digital discrimination; competition policy; privacy; net neutrality; copyright protection; availability of new spectrum on fair and reasonable terms; and wireless and satellite license awards and renewals, and our response to such legislative and regulatory efforts.

•Enactment of or changes to state, local, federal and/or foreign tax laws and regulations, and actions by tax agencies and judicial authorities, and the resolution of disputes with any taxing jurisdictions~~, pertaining to our subsidiaries and foreign investments~~.

•U.S. and foreign laws and regulations regarding intellectual property rights protection and privacy, personal data protection and user consent~~, which are rapidly evolving~~.

•Our ability to compete in ana ~~increasingly~~ competitive industry and against competitors that can offer product/service offerings at lower prices due to lower cost structures and regulatory and legislative actions adverse to us, including non-regulation of comparable alternative technologies and/or government-owned or subsidized networks, and our response to such competition and emerging technologies, including artificial intelligence.

•Disruptions in our supply chain that have a material impact on our ability to acquire needed goods and services.

•The development and delivery of attractive and profitable wireless and broadband offerings and devices, including our ability to match speeds offered by competitors; and the availability, cost and/or reliability of technologies required to provide such offerings.

•Our ability to adequately fund additional wireless spectrum and network development, deployment and maintenance; and regulations and conditions relating to spectrum use, licensing, obtaining additional spectrum, technical standards and deployment and usage, including network management rules.

•Our ability to manage growth in wireless data services, including network quality.

•The outcome of pending, threatened or potential litigation and arbitration.

•The impact from major equipment, software or other failures or errors that disrupt our networks or cyber incidents; the effect of security breaches related to the network or customer information; our inability to obtain handsets, equipment/software or have handsets, equipment/software serviced in a timely and cost-effective manner ~~from suppliers~~; severe weather conditions or other natural disasters including earthquakes and forest fires; public health emergencies; energy shortages; or wars or terrorist attacks.

•The issuance by the FASB or other accounting oversight bodies of new or revised accounting standards.

•The imposition of tariffs and their duration and uncertainty surrounding further tariffs and congressional action regarding spending and taxation, which may result in changes in government spending and affect ~~the~~business ~~ability~~ and ~~willingness~~consumer ofspending ~~businesses and consumers to spend in general~~trends.

•Our ability to realize or sustain the expected benefits of our business transformation initiatives, which are designed to reduce costs, enable legacy rationalization, streamline distribution, remove redundancies and simplify and improve processes and support functions.

•Our ability to successfully complete acquisitions, divestitures and joint venture transactions, as well as achieve our expectations regarding the financial impact of completed and/or pending transactions.

Readers are cautioned that other factors discussed in this report and in our most recent Form 10-K, although not enumerated here, also could materially affect our future earnings.

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~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

PART II – OTHER INFORMATION

Dollars in millions except per share amounts

Item 1A. Risk Factors

We discuss in our Annual Report on Form 10-K for the year ended December 31, ~~2024 and in our Quarterly Report on Form 10-Q for the quarter ended June 30,~~ 2025 various risks that may materially affect our business. We use this section to update this discussion to reflect material developments. For the ~~third~~first quarter of ~~2025~~2026, there were no such material developments.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

	(a)	(b)		(c)	(d)
Period	Total Number of Shares (or Units) Purchased1,2	Average Price Paid Per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs1	Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under The Plans or Programs
July 1, 2025 - July 31, 2025	20,812,773	$	27.71	20,814,263	$	8,465
January 1, 2026 - January 31, 2026	42,269,676	$	23.87	41,855,017	$	14,732
August 1, 2025 - August 31, 2025	16,643,212	$	28.41	16,580,000	$	7,994
February 1, 2026 - February 28, 2026	26,073,343	$	27.84	21,802,500	$	14,128
September 1, 2025 - September 30, 2025	15,151,294	$	29.02	15,115,000	$	7,556
March 1, 2026 - March 31, 2026	26,190,954	$	28.26	23,975,248	$	13,452
Total	5294,~~607~~533,~~279~~973	$	2826.3118	5287,~~509~~632,~~263~~765
1In December 2024, our Board of Directors approved, and we announced, an authorization to repurchase up to $10,000 of common stock. The authorization has no expiration date.
1In December 2024, our Board of Directors approved, and we announced, an authorization to repurchase up to $10,000 of common stock. In January 2026, our Board of Directors approved, and we announced, an authorization to repurchase an additional $10,000 of common stock. The authorizations have no expiration date.
2Of the shares repurchased or transferred, 111,046 were acquired through the withholding of taxes on the vesting of restricted stock and performance shares or in respect of the exercise price of options, and 3,027,963 were transferred from the AT&T Master Pension Trust.
2Of the shares repurchased or transferred, 6,901,208 were acquired through the withholding of taxes on the vesting of restricted stock and performance shares or in respect of the exercise price of options.

Item 5. Other Information

(c) During the quarter ended ~~September~~March 3031, ~~2025~~2026, no director or officer (as defined in Rule 16a-1(f)) of the Company adopted or terminated a contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or a non-Rule 10b5-1 trading arrangement.

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AT&T INC.

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

Item 6. Exhibits

The following exhibits are filed or incorporated by reference as a part of this report:

Exhibit
Number						Exhibit Description
10.1						~~License~~Administrative ~~Purchase Agreement, dated August 25, 2025, by and among EchoStar Corporation, the other parties set forth therein, and AT&T Mobility II LLC†~~Plan
10.2						Cash Deferral Plan as amended effective January 1, 2027
31						Rule 13a-14(a)/15d-14(a) Certifications
						31.1 Certification of Principal Executive Officer
						31.2 Certification of Principal Financial Officer
32						Section 1350 Certifications
101						The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2025~~2026, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Balance Sheets, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104						The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2025~~2026, (formatted as Inline XBRL and contained in Exhibit 101).
† Certain schedules, annexes or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K, but will be furnished supplementally to the SEC upon request.

4438

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 thereunto duly authorized.

			AT&T Inc.
October 31, 2025			/s/ Pascal Desroches
April 27, 2026			/s/ Pascal Desroches
			Pascal Desroches
			Senior Executive Vice President
			and Chief Financial Officer

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Filing Compare · AT&T INC.