AT&T (T) 10-K risk factor changes: FY2025 vs FY2024

Adverse changes in the U.S. securities markets, [removed: increasing] [added: a higher] interest [removed: rates,] [added: rate environment,] rising inflation and medical costs could materially increase our benefit plan costs and future funding requirements.

[added: These] assumptions could change significantly over time and could be materially different than originally projected.

[removed: In addition, many of these inputs are subject to price fluctuations from a number of factors, including, but not limited to, market conditions, demand for raw] materials used in the production of these devices and network components, severe weather, energy costs, currency fluctuations, supplier capacities, governmental actions, import and export requirements (including tariffs), and other factors beyond our control.

Our attempts to offset these cost [added: and supply] pressures, such as through increases in the selling prices of some of our products and services, may not be successful.

Consumers may be less willing to pay a price differential for our products and services and may increasingly purchase lower-priced [removed: offerings,] [added: offerings from us] or [added: our competitors, or] may forego some purchases altogether, during a period of inflationary pressure or an economic downturn.

[added: In addition, we are] exposed to, among other factors, fluctuations in currency values, changes in relationships between U.S. and foreign governments, war or other hostilities, and other regulations that may materially affect our earnings.

Adverse regulations and rulings by the courts, the FCC or states relating to broadband and wireless [removed: deployment,,] [added: deployment] could impede our ability to manage our networks and recover costs and lessen incentives to invest in our networks.

In addition, increased public focus on a variety of issues related to our operations, such as privacy issues, government requests or orders for customer data, [added: state rate regulation of broadband] and concerns about global climate change, have led to proposals or new [removed: legislation at state, federal and foreign government levels to change or increase regulation on our operations, which could result in additional costs of compliance or litigation.]

While we currently do not believe the potential losses or costs associated with the physical effects of climate change will be material, it is difficult to accurately and precisely calculate the future impacts of the physical effects of climate change given the dynamic nature of [removed: climate change’s] [added: its] impacts on the environment.

[removed: The COVID-19 pandemic] [added: Recent world events and trends] accelerated these changes and also resulted in higher network utilization, as more customers consumed [removed: bandwidth from changes in work and learn from home trends.][added: bandwidth.]

Streaming, augmented reality, “smart” technologies, user generated content and [removed: artificial intelligence (AI)] [added: AI] are expected to continue to drive greater demand for broadband.

In order to stem broadband [removed: subscriber] [added: connectivity] losses to cable competitors in our non-fiber wireline areas, we have been expanding our all-fiber wireline [removed: network.][added: network and where we offer our fixed wireless access product.]

[added: This deployment and other network service enhancements and product launches may] not occur as scheduled or at the cost expected due to many factors, including unexpected inflation, delays in determining equipment and wireless handset operating standards, supplier delays, software issues, increases in network and handset component costs, regulatory permitting delays for tower sites or enhancements, or labor-related delays.

If we cannot acquire needed spectrum, if our 5G and fiber [added: standalone or converged] offerings fail to gain acceptance in the marketplace or if we otherwise fail to deploy the services customers desire on a timely basis with acceptable quality and at reasonable costs, then our ability to attract and retain customers, and, therefore, maintain and improve our operating margins, could be materially adversely affected.

[removed: In addition, a sustained decline in a reporting unit’s revenues and earnings has resulted in the past, and may] again result in the future, in a significant negative impact on its fair value, requiring us to record an impairment charge, which could have an adverse impact on our results of operations.

Our reputation and brand image could be negatively affected by a number of factors, including [added: the safety,] quality or reliability [removed: issues related to] [added: of] our services, products and operations; cybersecurity incidents and data breaches, including our actual or perceived responses thereto; regulatory compliance; governance issues; our actual or perceived position or lack of position on social and other sensitive matters; and the conduct of our employees and former employees.

We currently are, and may in the future be, named as a defendant in lawsuits, claims and other legal proceedings that arise in [added: or outside] the ordinary course of our business based on alleged acts of misconduct by [removed: employees.][added: employees, contractors or other third parties.]

In 2023, *The* *Wall Street Journal* published a series of articles alleging that lead-clad telecommunications cables are a [removed: public-health] [added: public health] hazard or may pose environmental risks.

An increasing number of our customers are using mobile devices [added: for using AI-enabled applications and] as their primary means of viewing video.

As of December 31, [removed: 2024,] [added: 2025,] approximately 43% of our workforce was represented by the Communications Workers of America (CWA), the International Brotherhood of Electrical Workers (IBEW) or other unions.

We may not realize or sustain the expected benefits from [added: acquisitions, joint ventures or] our business transformation initiatives, [removed: and these efforts] [added: including dispositions, which] could have a [removed: materially] [added: material] adverse effect on our business, operations, financial condition, results of operations and competitive position.

We have been and will be undertaking certain transformation [removed: initiatives,] [added: initiatives and investments,] which are designed to reduce costs, enable legacy rationalization, streamline and modernize distribution and customer service, [added: improve our products and services,] remove redundancies and simplify and improve processes and support functions.

If we do not successfully manage and timely execute these [removed: initiatives,] [added: initiatives and investments, which may include acquisitions, joint ventures, particularly those aimed at enhancing our fiber serviceable locations, and other strategic transactions,] or if they are inadequate or ineffective, we may fail to meet our financial goals and achieve anticipated benefits, improvements may be delayed, not sustained or not realized, and our business, operations and competitive position could be adversely affected.

Further, we are using and intend to further use [removed: artificial intelligence (AI)-driven] [added: AI-driven] efficiencies in our network design and operations, software development, sales, marketing, customer support services and general and administrative costs.

The models used in those [removed: products,] [added: products or operations,] particularly generative AI models, may produce output or take action that is incorrect, release private or confidential information, reflect biases included in the data on which they are trained, infringe on the intellectual property rights of others, or be otherwise harmful.

[removed: Any] [added: products or operations, and any] of these risks could expose us to liability or adverse legal or regulatory consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures.

We may incur significant expenses defending such suits or government charges and may be [added: subject to injunctions or] required to pay amounts or otherwise change our operations in ways that could materially adversely affect our operations or financial results.

As a critical infrastructure service provider, [removed: the Company believes] [added: we believe] that [removed: it is] [added: we are] a particularly attractive target for such cyberattacks, including from nation states and highly sophisticated, state-sponsored, or otherwise well-funded actors, and [removed: the Company experiences] [added: we experience] heightened risk from time to time as a result of geopolitical events.

Cyberattacks [removed: can cause] [added: have caused, and may in the future cause,] equipment or network failures, copying or loss of information, including sensitive personal information of customers or employees or proprietary information, as well as disruptions to our or our customers’, suppliers’ or vendors’ operations, which [added: have and in the future] could result in significant expenses, potential investigations and legal liability, a loss of current or future customers and reputational damage.

Cyberattacks against [removed: the Company] [added: us] and [removed: its] [added: our] suppliers and vendors have occurred in the past, including from highly sophisticated, state-sponsored actors as noted above, and will continue to occur in the future and are increasing in frequency, scope and potential harm over time.

For example, in July 2024, [removed: the Company] [added: we] disclosed a cybersecurity incident on Item 1.05 of Form 8-K relating to the copying of mobile customer call data.

While [removed: the Company] [added: we] may have contractual rights to assess the effectiveness of many of [removed: its] [added: our] suppliers’ and vendors’ systems and protocols, [removed: the Company] [added: we] cannot know or assess the effectiveness of all of our providers’ systems and controls at all times.

[removed: Our system redundancy and other measures we take to] protect our infrastructure and operations from the impacts of such events may be ineffective or inadequate to sustain our operations through all such events.

We [added: intend to and] have incurred debt to fund significant acquisitions, as well as spectrum purchases needed to compete in our industry.

Additionally, our capital allocation plan is focused on, among other things, managing our debt [removed: level going forward.][added: level.]

In many cases, the application of existing, newly enacted or amended tax laws [removed: (such as the U.S. Tax Cuts and Jobs Act of 2017 and the Inflation Reduction Act of 2022)] may be uncertain and subject to differing interpretations, especially when evaluated against ever-changing products and services provided by our global telecommunications and technology businesses.

- 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, [removed: pending Notices] [added: results] of [removed: Apparent Liability;] [added: 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 [removed: jurisdictions, pertaining to our subsidiaries and foreign investments.][added: jurisdictions.]

- U.S. and foreign laws and regulations regarding intellectual property rights protection and privacy, personal data protection and user [removed: consent, which are rapidly evolving.][added: consent.]

- Our ability to compete in [removed: an increasingly] [added: a] 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 [removed: technologies.][added: technologies, including artificial intelligence.]

In addition, many of these inputs are subject to price fluctuations from a number of factors, including, but not limited to, market conditions, demand for raw

Recent spending by hyperscalers and others to support AI is beginning to pressure supply chains for goods such as semiconductors and other network components.

legislation at state, federal and foreign government levels to change or increase regulation on our operations, which could result in additional costs of compliance or litigation.

In addition, a sustained decline in a reporting unit’s revenues and earnings has resulted in the past, and may

In certain circumstances, we could be liable for the actions of our suppliers and other third parties we do business with.

In addition, any such initiative or investment entails certain risks and could present financial, managerial and operational challenges.

AI-related laws and regulations continue to remain uncertain and may vary from jurisdiction to jurisdiction.

There can be no assurance that the usage of AI will meaningfully enhance our

Our system redundancy and other measures we take to

These

A company’s cost of borrowing is affected by evaluations given by various credit rating agencies, and these agencies have been applying tighter credit standards when evaluating debt levels and future growth prospects.

In addition, we are

In addition, in response to the Federal Aviation Administration (FAA) questioning whether cell sites transmitting C-Band spectrum could impact radio altimeter equipment on airplanes, we voluntarily committed to temporary, precautionary measures near certain airports through January 1, 2028, which may have limited impacts to deployments and services.

This deployment and other network service enhancements and product launches may

In 2023, the FCC’s statutory authority to conduct spectrum auctions lapsed and it is uncertain when Congress will act to reauthorize it.

Also in 2023, the federal government released a national spectrum strategy that focused on spectrum sharing but did not include terms of future spectrum sharing model(s) or specific timelines to make additional spectrum bands available for 5G and future generations of service.

As a result, the federal government’s ability and intent to make sufficient spectrum available to the industry in needed timeframes and on terms suitable for mobile broadband network deployments remains uncertain.

If the distribution of WarnerMedia, together with certain related transactions, were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes under audit, then we could be subject to significant tax liability.

In connection with the WarnerMedia/Discovery Transaction, AT&T received a favorable Private Letter Ruling from the Internal Revenue Service (IRS).

Nonetheless, the IRS or another applicable tax authority could determine on audit that the distribution by us of WarnerMedia to our stockholders and certain related transactions should be treated as taxable transactions

if it determines that any of the facts, representations or undertakings made in connection with the request for the ruling were incorrect or are violated.

We may be entitled to indemnification from Warner Bros.

Discovery (Warner Bros.) in the case of certain breaches of representations or undertakings by Warner Bros.

under the tax matters agreement related to the WarnerMedia/Discovery Transaction.

However, we could potentially be required to pay such tax prior to reimbursement from Warner Bros., and such indemnification is subject to Warner Bros.’ credit risk.

If the IRS or another tax authority were to so conclude, there could be a material adverse impact on our business, financial condition, results of operations and cash flows.

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this document generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] that are not included in this document can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10‑K for the fiscal year ended December 31, [removed: 2023.][added: 2024.]

[removed: (See Notes 6] [added: | Issuance of notes] and [removed: 24)][added: debentures: | | | | | | | | | | | | | | | | | |]

| | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | |

| Communications | | | $ | [removed: 117,652] [added: 120,896] | | $ | [removed: 118,038] [added: 117,652] | | $ | [removed: 117,067] [added: 118,038] | | [removed: (0.3)] [added: 2.8] | | % | [removed: 0.8] [added: (0.3)] | | % |

| Latin America | | | [removed: 4,232] [added: 4,379] | | | [removed: 3,932] [added: 4,232] | | | [removed: 3,144] [added: 3,932] | | | [removed: 7.6] [added: 3.5] | | | [removed: 25.1] [added: 7.6] | | |

| Corporate | | | [removed: 452] [added: 373] | | | [removed: 458] [added: 452] | | | [removed: 530] [added: 458] | | | [removed: (1.3)] [added: (17.5)] | | | [removed: (13.6)] [added: (1.3)] | | |

| AT&T Operating Revenues | | | $ | [removed: 122,336] [added: 125,648] | | $ | [removed: 122,428] [added: 122,336] | | $ | [removed: 120,741] [added: 122,428] | | [removed: (0.1)] [added: 2.7] | | % | [removed: 1.4] [added: (0.1)] | | % |

| Operating [removed: Income] [added: Income (Loss)] | | | | | | | | | | | | | | | | | |

| Communications | | | $ | [removed: 27,095] [added: 27,927] | | $ | [removed: 27,801] [added: 27,095] | | $ | [removed: 26,736] [added: 27,801] | | [removed: (2.5)] [added: 3.1] | | % | [removed: 4.0] [added: (2.5)] | | % |

| Latin America | | | [removed: 40] [added: 145] | | | [removed: (141)] [added: 40] | | | [removed: (326)] [added: (141)] | | | — | | | [removed: 56.7] [added: —] | | |

| Segment Operating Income | | | [removed: 27,135] [added: 28,072] | | | [removed: 27,660] [added: 27,135] | | | [removed: 26,410] [added: 27,660] | | | [removed: (1.9)] [added: 3.5] | | | [removed: 4.7] [added: (1.9)] | | |

| Corporate | | | [removed: (2,902)] [added: (2,559)] | | | [removed: (2,961)] [added: (2,902)] | | | [removed: (2,890)] [added: (2,961)] | | | [removed: 2.0] [added: 11.8] | | | [removed: (2.5)] [added: 2.0] | | |

| Certain significant items | | | [removed: (5,184)] [added: (1,351)] | | | [removed: (1,238)] [added: (5,184)] | | | [removed: (28,107)] [added: (1,238)] | | | [removed: —] [added: 73.9] | | | [removed: 95.6] [added: —] | | |

| AT&T Operating Income [removed: (Loss)] | | | $ | [removed: 19,049] [added: 24,162] | | $ | [removed: 23,461] [added: 19,049] | | $ | [removed: (4,587)] [added: 23,461] | | [removed: (18.8)] [added: 26.8] | | % | [removed: —] [added: (18.8)] | | % |

The Communications segment accounted for approximately 97% of our [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] total segment operating revenues and accounted for substantially all segment operating income in [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

- Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and [removed: AIA] [added: AT&T Internet Air (AIA)] services, to residential customers in select locations.

The Latin America segment accounted for approximately 3% of our [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] total segment operating revenues and less than 1% of segment operating income in [added: 2025 and] 2024.

Consolidated Results Our financial results [removed: from continuing operations] are summarized in the following table.

We then discuss factors affecting our overall [removed: results from continuing operations.][added: results.]

We also discuss our expected revenue and expense trends for [removed: 2025] [added: 2026] in the “Operating Environment and Trends of the Business” section.

| | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | |

| Service | | | $ | [removed: 100,135] [added: 101,158] | | $ | [removed: 99,649] [added: 100,135] | | $ | [removed: 97,831] [added: 99,649] | | [removed: 0.5] [added: 1.0] | | % | [removed: 1.9] [added: 0.5] | | % |

| Equipment | | | [removed: 22,201] [added: 24,490] | | | [removed: 22,779] [added: 22,201] | | | [removed: 22,910] [added: 22,779] | | | [removed: (2.5)] [added: 10.3] | | | [removed: (0.6)] [added: (2.5)] | | |

| Total Operating Revenues | | | [removed: 122,336] [added: 125,648] | | | [removed: 122,428] [added: 122,336] | | | [removed: 120,741] [added: 122,428] | | | [removed: (0.1)] [added: 2.7] | | | [removed: 1.4] [added: (0.1)] | | |

| Operations and support | | | [removed: 77,632] [added: 79,762] | | | [removed: 78,997] [added: 77,632] | | | [removed: 79,809] [added: 78,997] | | | [removed: (1.7)] [added: 2.7] | | | [removed: (1.0)] [added: (1.7)] | | |

| Asset impairments and abandonments and restructuring | | | [removed: 5,075] [added: 838] | | | [removed: 1,193] [added: 5,075] | | | [removed: 27,498] [added: 1,193] | | | [removed: —] [added: (83.5)] | | | [removed: (95.7)] [added: —] | | |

| Depreciation and amortization | | | [removed: 20,580] [added: 20,886] | | | [removed: 18,777] [added: 20,580] | | | [removed: 18,021] [added: 18,777] | | | [removed: 9.6] [added: 1.5] | | | [removed: 4.2] [added: 9.6] | | |

| Total Operating Expenses | | | [removed: 103,287] [added: 101,486] | | | [removed: 98,967] [added: 103,287] | | | [removed: 125,328] [added: 98,967] | | | [removed: 4.4] [added: (1.7)] | | | [removed: (21.0)] [added: 4.4] | | |

| Operating Income [removed: (Loss)] | | | [removed: 19,049] [added: 24,162] | | | [removed: 23,461] [added: 19,049] | | | [removed: (4,587)] [added: 23,461] | | | [removed: (18.8)] [added: 26.8] | | | [removed: —] [added: (18.8)] | | |

| Interest expense | | | [removed: 6,759] [added: 6,804] | | | [removed: 6,704] [added: 6,759] | | | [removed: 6,108] [added: 6,704] | | | [removed: 0.8] [added: 0.7] | | | [removed: 9.8] [added: 0.8] | | |

| Equity in net income of affiliates | | | [removed: 1,989] [added: 1,895] | | | [removed: 1,675] [added: 1,989] | | | [removed: 1,791] [added: 1,675] | | | [removed: 18.7] [added: (4.7)] | | | [removed: (6.5)] [added: 18.7] | | |

| Other income (expense) – net | | | [removed: 2,419] [added: 7,754] | | | [removed: 1,416] [added: 2,419] | | | [removed: 5,810] [added: 1,416] | | | [removed: 70.8] [added: —] | | | [removed: (75.6)] [added: 70.8] | | |

| Income [removed: (Loss) from Continuing Operations] Before Income Taxes | | | [removed: 16,698] [added: 27,007] | | | [removed: 19,848] [added: 16,698] | | | [removed: (3,094)] [added: 19,848] | | | [removed: (15.9)] [added: 61.7] | | | [removed: —] [added: (15.9)] | | |

Operating revenues [removed: decreased] [added: increased] in [removed: 2024,] [added: 2025,] reflecting [removed: declines in Business Wireline service, primarily due to continued declines in legacy services, and Mobility equipment revenues, offset by] higher Mobility [removed: service,] [added: and] Consumer Wireline [removed: and Mexico revenues.][added: revenues, partially offset by declines in Business Wireline.]

Asset impairments and abandonments and restructuring [removed: increased] [added: decreased] in [added: 2025, with higher impairments in] 2024.

Noncash charges in 2024 [removed: also included] [added: primarily related to a goodwill impairment charge of $4,422 associated with our Business Wireline reporting unit as well as] restructuring charges, including termination fees associated with our network modernization program to deploy commercial scale open radio access network (Open RAN).

Operating income [removed: decreased] [added: increased] in [removed: 2024] [added: 2025] and [removed: increased] [added: decreased] in [removed: 2023.][added: 2024.]

Our operating margin was [removed: 15.6%] [added: 19.2%] in [removed: 2024,] [added: 2025,] compared to [removed: 19.2%] [added: 15.6%] in [removed: 2023,] [added: 2024,] and [removed: (3.8)%] [added: 19.2%] in [removed: 2022, which included noncash goodwill impairment charges of $24,812.][added: 2023.]

Interest expense increased in [removed: 2024,] [added: 2025,] primarily due to lower capitalized interest associated with spectrum [removed: acquisitions, mostly offset by lower debt balances.][added: acquisitions.]

| Net Income | | | 23,386 | | | 12,253 | | | 15,623 | | | 90.9 | | | (21.6) | | |

| Net Income Attributable to AT&T | | | 21,953 | | | 10,948 | | | 14,400 | | | — | | | (24.0) | | |

| Net Income Attributable to Common Stock | | | $ | 21,889 | | $ | 10,746 | | $ | 14,192 | | — | | % | (24.3) | | % |

Operating revenues in Mexico were also higher, overcoming unfavorable foreign exchange impacts during the first half of 2025.

Operations and support expenses increased in 2025, reflecting higher sales volumes in our Mobility business unit, which drove higher equipment, advertising, selling and bad debt expenses.

Also contributing to higher costs were approximately $440 of apportioned legal settlements during 2025, higher network-related expenses and advertising costs due to the launch of a new campaign in 2025.

Increases were partially offset by declines from our continued transformation efforts and lower content licensing fees.

Expenses in 2025 primarily relate to restructuring severance charges.

Depreciation and amortization expense increased in 2025, primarily due to ongoing capital spending for strategic initiatives such as fiber and network upgrades, partially offset by lower depreciation from fully depreciated legacy assets and impacts from our Open RAN network modernization efforts.

The increase was partially offset by lower average commercial paper balances.

Equity in net income of affiliates decreased in 2025, reflecting our sale of DIRECTV in July 2025.

The increase was primarily due to a gain of approximately $5,600 recognized on the sale of our interest in DIRECTV (see Note 10).

Income tax expense decreased in 2025, primarily due to a lower effective tax rate driven by a tax-free gain on sale of DIRECTV in 2025 and a goodwill impairment in 2024, which is not deductible for tax purposes.

Our effective tax rate was 13.4% in 2025, 26.6% in 2024, and 21.3% in 2023, reflecting the nonrecognition of income taxes on the DIRECTV gain and larger discrete tax benefits in 2025, and the goodwill impairment in 2024, which was not deductible for tax purposes.

Partially offsetting these increases were declines in our Business Wireline business unit, which reflects lower demand for legacy services.

| 1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. | | | | | | | | | | | | | | | | | | | | |

| Postpaid1 | | | 1,738 | | | 2,250 | | | 2,315 | | | (22.8) | | | (2.8) | | |

| 3Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. | | | | | | | | | | | | | | | | | |

Postpaid ARPU increased in 2025 reflecting pricing actions that were largely offset by increased promotional activity, growth in our converged customer relationships, and our success in attracting customers in underpenetrated segments with lower ARPUs but attractive lifetime values, such as age 55-plus in our “value customers.”

Postpaid churn and postpaid phone churn were higher in 2025, partially driven by an increase in our customer base that reached the end of device financing periods, which normalized in the second half of 2025.

Operations and support expenses increased in 2025, primarily due to higher sales volumes, which drove higher equipment, advertising, selling and bad debt expenses.

The increase also reflected higher advertising due to the launch of a new campaign, and higher network costs that were partially offset by lower content licensing fees and expense declines from transformation efforts.

Depreciation expense increased in 2025, primarily due to ongoing capital spending for network upgrades and expansion, partially offset by lower depreciation impacts from our network modernization efforts.

| Legacy and other transitional services | | | $ | 9,170 | | $ | 11,095 | | $ | 13,680 | | (17.4) | | % | (18.9) | | % |

| Fiber and advanced connectivity services | | | 7,333 | | | 6,969 | | | 6,594 | | | 5.2 | | | 5.7 | | |

Legacy and other transitional services revenues decreased in 2025, driven by lower demand for legacy and VPN services, which we expect to continue as we decommission our copper-based legacy network.

These revenue declines were partially offset by targeted pricing actions in the first quarter of 2025.

Fiber and advanced connectivity services revenues increased in 2025, driven by higher fiber and fixed wireless revenues.

Expense declines also include lower network and advertising costs.

| 2Excludes the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | | | | | | | | | | | | | | | | | |

Broadband revenues increased in 2025, driven by an increase in fiber revenues of 17.0%.

This increase also includes growth in AIA revenues and was partially offset by declines in copper-based broadband services.

Depreciation expense increased in 2025, primarily due to accelerated depreciation on certain network assets and higher in-service assets, partially offset by favorable impact of foreign exchange.

We believe that our simplified go-to-market strategy for 5G in underpenetrated markets will continue to contribute

to wireless subscriber and service revenue growth and that expansion of our fiber and AIA serviceable locations will drive greater demand for broadband services.

We expect that an increasing portion of our revenues will come from converged customers with seamless connectivity through an innovative product portfolio and strong customer relationships.

We provide integrated services to diverse groups of customers in the United States.

combine technologies and services.

The Supreme Court subsequently denied the trade association’s request for review.

Under an agreement

On April 8, 2022, we closed our transaction to combine substantially all of our previous WarnerMedia segment (WarnerMedia) with a subsidiary of Discovery, Inc (Discovery).

Upon the separation and distribution of WarnerMedia, the WarnerMedia business met the criteria for discontinued operations.

For discontinued operations, we also evaluated transactions that were components of AT&T’s single plan of a strategic shift, including dispositions that did not individually meet the criteria due to materiality, and determined discontinued operations to be comprised of WarnerMedia, Vrio, Xandr and Playdemic Ltd. (Playdemic).

These businesses are reflected in the accompanying financial statements as discontinued operations, including for periods prior to the consummation of the WarnerMedia/Discovery Transaction.

| Income (Loss) from Continuing Operations | | | $ | 12,253 | | $ | 15,623 | | $ | (6,874) | | (21.6) | | % | — | | % |

Operations and support expenses decreased in 2024, reflecting lower Mobility equipment costs resulting from lower wireless sales volumes and expense declines from our continued transformation efforts, including lower personnel charges.

The increase in 2024 was primarily due to a third-quarter noncash goodwill impairment charge of $4,422 associated with our Business Wireline reporting unit.

We performed an interim goodwill impairment test of the Business Wireline reporting unit and concluded that the calculated fair value was lower than the book value, which was driven by a faster-than-previously anticipated industry-wide secular decline of legacy services (see Note 9).

Noncash charges in 2023 primarily relate to severance and restructuring charges, as well as the abandonment of non-deployed wireless equipment associated with our Open RAN network modernization program.

Depreciation and amortization expense increased in 2024, primarily due to the shortening of estimated economic lives of wireless network equipment that will be replaced earlier than originally anticipated with our Open RAN network modernization efforts.

Also contributing to higher depreciation expense was the impact of ongoing capital spending for strategic initiatives such as fiber and network upgrades.

Interest expense in 2023 also includes distributions on Mobility preferred interests, which were repurchased on April 5, 2023 (see Note 16).

Equity in net income of affiliates increased in 2024.

The increase was primarily driven by actuarial remeasurement of benefit plan assets and obligations, with an actuarial loss of $56 in 2024, compared to net actuarial and settlement losses of $1,594 in 2023 (see Note 14).

Income tax expense increased in 2024.

While our income before income taxes decreased in 2024, it includes a goodwill impairment associated with our Business Wireline reporting unit, which is not deductible for tax purposes and results in a higher effective tax rate.

Our effective tax rate was 26.6% in 2024, 21.3% in 2023, and (122.2)% in 2022.

The effective tax rate in 2022 was also impacted by goodwill impairments, which are not deductible for tax purposes.

Operating revenues decreased in 2024, driven by declines in our Business Wireline business unit, which reflects lower demand for legacy services and product simplification, as well as the absence of revenues from our cybersecurity business that was contributed to a new cybersecurity joint venture, LevelBlue, in the second quarter of 2024.

Revenue declines were also driven by lower Mobility equipment revenue.

| 1Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems. | | | | | | | | | | | | | | | | | | | | |

| Postpaid2 | | | 2,250 | | | 2,315 | | | 4,091 | | | (2.8) | | | (43.4) | | |

ARPU increased in 2024 and reflects pricing actions.

Postpaid churn and postpaid phone-only churn were lower in 2024.

The decrease was partially offset by sales of higher-priced phones in 2024.

Depreciation expense increased in 2024, primarily due to shortening of estimated economic lives of wireless equipment that will be replaced earlier than originally anticipated with our Open RAN deployment and network transformation, and ongoing capital spending for network upgrades and expansion, which we expect to continue through 2025.

| Service | | | $ | 18,064 | | $ | 20,274 | | $ | 21,891 | | (10.9) | | % | (7.4) | | % |

Service revenues decreased in 2024, driven by lower demand for legacy voice, data and network services along with product simplification, partially offset by growth in fiber and connectivity services.

We expect these trends to continue.

Revenue declines also were impacted by the absence of revenues from our cybersecurity business that was contributed to LevelBlue and higher intellectual property sales in the prior year.

Partially offsetting the decreases were higher vendor credits in 2023 and higher equipment costs in 2024.

As part of our transformation activities, we expect operations and support expense improvements to continue in 2025 as we further right size our operations in alignment with the strategic direction of the business.

| Connections | | | | | | | | | | | | | | | | | |

| Total Broadband and DSL Connections | | | 14,079 | | | 13,890 | | | 13,991 | | | 1.4 | | % | (0.7) | | % |

| Voice Connections | | | | | | | | | | | | | | | | | |

| Retail Consumer Switched Access Lines | | | 1,310 | | | 1,651 | | | 2,028 | | | (20.7) | | | (18.6) | | |

| Consumer VoIP Connections | | | 1,653 | | | 1,953 | | | 2,311 | | | (15.4) | | | (15.5) | | |

| Total Retail Consumer Voice Connections | | | 2,963 | | | 3,604 | | | 4,339 | | | (17.8) | | % | (16.9) | | % |

| Total Broadband and DSL Net Additions | | | 189 | | | (101) | | | (169) | | | — | | % | 40.2 | | % |

Operations and support expenses decreased in 2024, driven by lower customer support costs, lower marketing expense and savings from cost initiatives, offset by higher network-related costs as our fiber build scales.

In managing interest expense, we control our mix of fixed- and floating-rate debt through term loans, [removed: floating- rate] [added: floating-rate] notes, and interest rate swaps.

We had no interest rate swaps and no interest rate locks at December 31, [removed: 2024.][added: 2025.]

We had cross-currency swaps with a notional value of [removed: $34,884] [added: $35,741] and a fair value of [removed: $(4,076)] [added: $(1,174)] outstanding at December 31, [removed: 2024.][added: 2025.]

We had no foreign exchange forward contracts at December 31, [removed: 2024.][added: 2025.]

AT&T management assessed the effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on its assessment, AT&T management believes that, as of December 31, [removed: 2024,] [added: 2025,] the company’s internal control over financial reporting is effective based on those criteria.

| [added: Chairman of the Board,] Chief Executive Officer and President | | | Senior Executive Vice President and Chief Financial Officer | | |

We have audited the accompanying consolidated balance sheets of AT&T Inc. (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February [removed: 12, 2025] [added: 9, 2026] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | At December 31, [removed: 2024,] [added: 2025,] the Company’s defined benefit pension obligation was [removed: $30,944] [added: $30,627] million and exceeded the fair value of pension plan assets of [removed: $27,919] [added: $28,677] million, resulting in an unfunded benefit obligation of [removed: $3,025] [added: $1,950] million. Additionally, at December 31, [removed: 2024,] [added: 2025,] the Company’s postretirement benefit obligation was [removed: $6,339] [added: $6,477] million and exceeded the fair value of postretirement plan assets of [removed: $1,144] [added: $722] million, resulting in an unfunded benefit obligation of [removed: $5,195] [added: $5,755] million. As explained in Note 14 to the consolidated financial statements, the Company updates the assumptions used to measure the defined benefit pension and postretirement benefit obligations, including discount rates, at December 31 or upon a remeasurement event. The Company determines the discount rates used to measure the obligations based on the development of a yield curve using high-quality corporate bonds selected to yield cash flows that correspond to the expected timing and amount of the expected future benefit payments. | | |

| *Description of the Matter* | | | At December 31, [removed: 2024,] [added: 2025,] the Company’s goodwill balance was [removed: $63,432] [added: $63,425] million. As discussed in Note 1 to the consolidated financial statements, reporting unit goodwill is tested at least annually for impairment. Estimating fair value in connection with the impairment evaluation involves the utilization of discounted cash flow and market multiple approaches. | | |

| Auditing management’s annual goodwill impairment test for the Consumer Wireline reporting unit was complex because the estimation of fair value involves subjective management assumptions, such as the projected [removed: terminal growth rate, projected] long-term EBITDA [removed: margin,] [added: margin] and weighted average cost of capital, and complex valuation methodologies, such as the discounted cash flow and market multiple approaches. Assumptions used in these valuation models are forward-looking, and changes in these assumptions can have a material effect on the determination of fair value. | | | | | |

| Our audit procedures to test management’s impairment [removed: evaluations] [added: evaluation] included, among others, assessing the valuation methodologies and significant assumptions discussed above and the underlying data used to develop such assumptions. For example, we compared the significant assumptions to current industry, market and economic trends, and other guideline companies in the same industry. Where appropriate, we evaluated whether changes to the Company’s business and other factors would affect the significant assumptions. We also assessed the historical accuracy of management’s estimates and performed independent sensitivity analyses. We involved our valuation specialists to assist us in evaluating the methodologies and auditing the assumptions used to calculate the estimated fair value of the Consumer Wireline reporting unit. | | | | | |

We have audited AT&T Inc.’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, AT&T Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: 2024] [added: 2025] consolidated financial statements of the Company and our report dated February [removed: 12, 2025] [added: 9, 2026] expressed an unqualified opinion thereon.

February 9, 2026

February 9, 2026

February 12, 2025

February 12, 2025

- In 2015, we acquired wireless properties in Mexico and acquired DIRECTV, a leading provider of digital television entertainment services in both the United States (included in our [added: former] Video business) and Latin America (referred to as [removed: Vrio).][added: Vrio, which was sold in November 2021).]

Corporate support costs, including administrative support costs borne by AT&T where business units do not influence decision [removed: making] [added: making,] and results from business no longer integral to our operations are reported as *Corporate* and *Other*, which reconciles our segment results to consolidated operating income and income before income taxes.

Building on that fiber foundation is our solid spectrum portfolio, strengthened through Federal Communications Commission (FCC) [removed: auction] [added: auctions, other spectrum] acquisitions and 5G deployment.

During [removed: 2025,] [added: 2026,] we are focused on the core capabilities of our products, our infrastructure and our network.

*Wireless Service* We continue to experience rapid growth in data usage as consumers are demanding seamless access across their wireless and wired devices, and businesses and municipalities are connecting [removed: more and more] [added: an increasing number of] equipment and facilities to the internet.

The increased speeds and network operating efficiency expected with 5G technology [removed: should enable] [added: has enabled] massive deployment of devices connected to the internet as well as faster delivery of data services.

As the wireless industry has matured, with nearly full penetration of smartphones in the U.S. population, future wireless growth will depend on our ability to offer innovative services, plans and devices that bundle product [removed: offerings] [added: offerings, add converged customer relationships] and take advantage of our 5G wireless network.

We expect to continue to invest significant capital in expanding our network capacity, as well as obtaining additional spectrum, when [added: needed and] available, that meets our long-term needs.

We participate in FCC spectrum [removed: auctions] [added: auctions, acquire spectrum licenses from third parties as it becomes available] and [removed: have been redeploying] [added: redeploy existing] spectrum previously used for more basic services to support [added: more advanced mobile internet services.]

In North America, our network covers over [removed: 440] [added: 441] million people with 4G LTE and over [removed: 314] [added: 322] million with 5G technology.

In the United States, our network covers all major metropolitan areas and more than [removed: 336] [added: 337] million people with our LTE technology and more than [removed: 314] [added: 322] million people with our 5G technology.

*Broadband Technology* [removed: In 2020, we identified fiber as] [added: Fiber is] a core priority for our business and [added: over the last several years we have] enhanced our focus to expand our fiber footprint and grow customers.

At December 31, [removed: 2024,] [added: 2025,] we had [removed: more than 9.3] [added: 10.4] million fiber consumer wireline broadband customers, adding [removed: 1.0] [added: 1.1] million during the year.

At December 31, [removed: 2024,] [added: 2025,] we had [removed: 15.3] [added: 16.0] million broadband connections, compared to [removed: 15.1] [added: 15.3] million broadband connections in the prior year.

Our Communications segment provides wireless and wireline telecom and broadband services to consumers located in the [removed: U.S.] [added: United States] and businesses globally.

The Communications segment provided approximately 97% of [removed: 2024] [added: 2025] segment operating revenues and accounted for substantially all of our [removed: 2024] [added: 2025] total segment operating income.

As of December 31, [removed: 2024,] [added: 2025,] we served [removed: 118] [added: 120] million Mobility subscribers, including [removed: 89] [added: 91] million postpaid [removed: (73] [added: (74] million phone), [removed: 19] [added: 18] million prepaid and [removed: 10] [added: 11] million through resellers.

[removed: *Service*][added: | Wireless service | | | 54 | | % | 53 | | % | 52 | | % |]

Consumers continue to require increasing availability of data-centric services and a network to connect and control [removed: those] [added: wireless] devices.

Our Business Wireline business unit revenue includes the following categories: [removed: service] [added: legacy] and [added: other transitional services, fiber and advanced connectivity services, and] equipment.

We offer [removed: fiber and other advanced connectivity services, such as AT&T Dedicated Internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services, as well as] legacy voice and other transitional services comprised of copper-based voice and data, Virtual Private Networks (VPN), wholesale, outsourcing and IP sales.

[removed: Historically, a majority of our Business Wireline service revenues came from] legacy copper-based voice and data and traditional products; however, over recent years those services have been declining due to secular pressures.

[removed: Some of the services we have offered historically are in secular decline and, going forward, we will] [added: We plan to continue to] focus on our owned and operated connectivity services powered by 5G and fiber as well as evaluating opportunities where we can turn down existing copper infrastructure.

We provide broadband and internet services to approximately [removed: 14.1] [added: 14.7] million customers, including [removed: 9.3] [added: 10.4] million fiber broadband [removed: subscribers] [added: connections and 1.5 million AIA connections] at December 31, [removed: 2024.][added: 2025.]

Our focus on fiber [added: and AIA] brings [removed: owners] [added: owner’s] economics and expected efficiencies while we continue to evaluate opportunities where we can turn down existing copper infrastructure.

We believe that our flexible platform, with a broadband and wireless connection, is the most efficient way to transport direct-to-consumer [removed: video and data] experiences both at home and on mobile devices.

Other service revenues include VoIP services, customer fees and [added: limited] equipment.

The Latin America segment provided approximately 3% of [removed: 2024] [added: 2025] segment operating revenues and less than 1% of our [removed: 2024] [added: 2025] total segment operating income.

We provide postpaid and prepaid wireless services in Mexico to approximately [removed: 24] [added: 24.7] million subscribers under the AT&T and Unefon brands.

| | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Equipment | | | [removed: 17] [added: 18] | | | 17 | | | [removed: 18] [added: 17] | | |

The Communications Act of 1934 and other related laws give the FCC [removed: broad] authority to regulate the U.S. operations of our interstate telecommunications services.

In addition, our ILEC subsidiaries are subject to regulation by state governments, which [removed: have the power to] [added: may] regulate intrastate [removed: rates and] services, [removed: including local, long-distance and network access services,] provided such state regulation is consistent with federal law.

[removed: These] [added: AT&T] subsidiaries are also subject to the jurisdiction of the FCC with respect to intercarrier compensation, interconnection, and interstate and international [removed: rates and] services, including interstate access charges.

Additional information relating to regulations affecting those rights is contained under the heading [removed: “Operating Environment and Trends of the Business”] [added: “Regulatory Landscape”] of Item 7.

We have also entered into licenses that permit other companies to utilize certain of our patents, trademarks, [removed: service marks, and technologies, in exchange for payments and subject to appropriate safeguards and restrictions.]

No customer accounted for 10% or more of our consolidated revenues in [removed: 2024, 2023] [added: 2025, 2024] or [removed: 2022.][added: 2023.]

Broadband The desire for high-speed data on demand, including [removed: video,] [added: data-intensive activities,] is continuing to lead customers to terminate their traditional wired or copper-based services and use our fiber or fixed wireless services or competitors’ [added: fixed] wireless, satellite and internet-based services.

Legacy Voice and Data We continue to lose legacy voice and data [removed: subscribers] [added: customers] due to industry-wide secular declines and competitors (e.g., wireless, cable and VoIP providers) who can provide comparable services at lower prices because they are not subject to traditional telephone industry regulation (or the extent of regulation they are subject to is in dispute), utilize different technologies or promote a different business model.

Research and development expenses were [added: $843 in 2025,] $955 in 2024, [removed: $954 in 2023,] and [removed: $1,236] [added: $954] in [removed: 2022.][added: 2023.]

In July 2025, we sold our remaining interest in DIRECTV to TPG.

We will also focus on accelerating our fiber expansion, organically and through our pending acquisition of substantially all of Lumen’s Mass Markets fiber business.

We will continue to deploy low- and mid-band spectrum to improve speed and capacity, including spectrum to be acquired from our pending transactions with EchoStar Corporation (EchoStar) and other spectrum acquisitions.

In areas where fiber services are not available, in recent years we have offered fixed wireless access under our AT&T Internet Air (AIA) brand.

At December 31, 2025, we had 1.5 million AIA connections, adding 875,000 during the year.

With recent spectrum acquisitions, including our pending transaction with EchoStar we are expanding the capacity of the wireless network over which these services are provided to support this growth initiative.

At December 31, 2025, we had 2.1 million customer location switched access lines in service and 2.8 million legacy consumer internet connections compared to 2.7 million customer location switched access lines in service and 4.1 million legacy consumer internet connections in the prior year.

*Legacy and Other Transitional Services*

Historically, a majority of our Business Wireline service revenues came from

*Fiber and Advanced Connectivity Services*

We offer fiber and other advanced connectivity services, such as AT&T Dedicated Internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services.

With the continued rise of data-intensive activities, like on-the-go video streaming, augmented reality, user generated content, AI-enabled applications, remote work and the widespread adoption of smart devices, we are experiencing increasing demand for high-speed broadband services.

| Fiber and advanced connectivity1 | | | 13 | | | 12 | | | 11 | | |

| Legacy and other transitional | | | 8 | | | 10 | | | 13 | | |

| 1 Includes Fiber revenues reported in our Consumer Wireline business unit and Fiber and advanced connectivity services reported in our Business Wireline business unit. | | | | | | | | | | | |

service marks, and technologies, in exchange for payments and subject to appropriate safeguards and restrictions.

The main contracts set to expire in 2026 include the following:

- A contract covering approximately 9,000 employees across 36 states and the District of Columbia is set to expire in February.

- A contract covering approximately 4,300 employees across five states is set to expire in April.

- Two wireline contracts covering approximately 1,800 employees across all 50 states as well as the U.S. Virgin Islands and Puerto Rico are set to expire in April.

- From 2018 through April 2022, we acquired and held various investments in entertainment businesses, namely Time Warner Inc., which comprised a substantial portion of our previous WarnerMedia segment.

In September 2024, we agreed to sell our remaining interest in DIRECTV to TPG, which we expect to close in mid-2025.

- In April 2022, we completed the separation of our WarnerMedia business in a Reverse Morris Trust transaction (WarnerMedia/Discovery Transaction).

Upon its separation and distribution, the WarnerMedia business met the criteria for discontinued operations, as did other dispositions that were part of a single plan, including Vrio, Xandr and Playdemic Ltd. (Playdemic).

These businesses are reflected in our historical financial statements as discontinued operations, including for periods prior to the consummation of the WarnerMedia separation.

During 2024, we collaborated with Ericsson to lead the U.S. in commercial scale open radio access network (Open RAN) deployment to build a more robust ecosystem of network infrastructure providers and suppliers, fostering lower network costs, improved operational efficiencies and allowing for continued investment in our fast-growing broadband network.

We plan for about 70% of our wireless network traffic to flow across open-capable platforms by late 2026.

Beginning in 2025, we expect to scale this Open RAN environment throughout our wireless network in coordination with multiple suppliers.

We believe the move to an open, agile, programmable wireless network positions us to quickly capitalize on the next generation of wireless technology and spectrum when it becomes available.

These innovative technologies are expected to enable lower-power, sustainable networks with higher performance to deliver enhanced user experiences.

more advanced mobile internet services.

Additionally, in November 2024, we agreed to purchase select spectrum licenses from United States Cellular Corporation (UScellular) for approximately $1,000, subject to closing conditions, including the consummation of UScellular’s proposed sale of its wireless operations and select spectrum assets to T-Mobile US, Inc.

At December 31, 2024, we had 3.3 million network access lines in service and 127,000 DSL subscribers compared, to 4.2 million network access lines in service and 210,000 DSL subscribers in the prior year.

With changes in video viewing preferences and the impacts of remote learning trends, we are experiencing increasing demand for high-speed broadband services.

| Wireless service | | | 53 | | % | 52 | | % | 50 | | % |

| Business service | | | 15 | | | 17 | | | 18 | | |

The main contract set to expire in 2025 covers approximately 9,000 employees in Arkansas, Kansas, Missouri, Oklahoma and Texas and is set to expire in April.

Inclusion We believe that championing inclusion does more than just make us a better company, it contributes to a world where people are empowered to be their very best and it leads to a workforce that is representative of, and responsive to, the broad customer base that we serve.

That is why we are committed to inclusion and one of the reasons why our company purpose is “to connect people to greater possibilities.” This emanates from our unwavering pledge to ensure that employees feel included when they join AT&T, and are provided with opportunities for advancement, training and development to realize their full potential while working for the company.

We believe in attracting and hiring talented people who represent a mix of backgrounds and experiences.

At AT&T, we have employee groups that reflect our large and varied workforce.

These affinity groups provide opportunities for professional enrichment, leadership, community engagement, market development and networking.

It is important that our employees feel they are included, valued, and are fully engaged in our success.

| | | | | | | For the fiscal year ended December 31, [removed: 2024] [added: 2025] | | | | | | | | |

| AT&T Inc. Floating Rate Global Notes due [removed: March 6, 2025] [added: September 16, 2027] | | | T [removed: 25A] [added: 27C] | | | New York Stock Exchange | | |

| AT&T Inc. 3.750% Global Notes due September 1, 2050 | | | [removed: T50A] [added: T 50A] | | | New York Stock Exchange | | |

| AT&T Inc. [removed: 5.625%] [added: 3.150%] Global Notes due [removed: August] [added: June] 1, [removed: 2067] [added: 2030] | | | [removed: TBC] [added: T 30C] | | | New York Stock Exchange | | |

Based on the closing price of [removed: $19.11] [added: $28.94] per share on June 30, [removed: 2024,] [added: 2025,] the aggregate market value of our voting and non-voting common stock held by non-affiliates was [removed: $137] [added: $207] billion.

(1)Portions of AT&T Inc.’s Notice of [removed: 2025] [added: 2026] Annual Meeting and Proxy Statement dated on or about [removed: April 4, 2025,] [added: March 23, 2026,] to be filed within the period permitted under General Instruction G(3) (Part III).

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| [removed: [4.](#i03d64a0b53014257bc519dcb51a0e7f8_52)] [added: [4.](#idf125c3164234ced98e8fb20b8d30280_55)] | | | [Mine Safety [removed: Disclosures](#i03d64a0b53014257bc519dcb51a0e7f8_52)] [added: Disclosures](#idf125c3164234ced98e8fb20b8d30280_55)] | | | [removed: [16](#i03d64a0b53014257bc519dcb51a0e7f8_52)] [added: [16](#idf125c3164234ced98e8fb20b8d30280_55)] | | |

| | | | [Information about our Executive [removed: Officers](#i03d64a0b53014257bc519dcb51a0e7f8_55)] [added: Officers](#idf125c3164234ced98e8fb20b8d30280_58)] | | | [removed: [17](#i03d64a0b53014257bc519dcb51a0e7f8_55)] [added: [17](#idf125c3164234ced98e8fb20b8d30280_58)] | | |

| [removed: [5.](#i03d64a0b53014257bc519dcb51a0e7f8_61)] [added: [5.](#idf125c3164234ced98e8fb20b8d30280_64)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of [removed: Equity](#i03d64a0b53014257bc519dcb51a0e7f8_61) [Securities](#i03d64a0b53014257bc519dcb51a0e7f8_61)] [added: Equity](#idf125c3164234ced98e8fb20b8d30280_64) [Securities](#idf125c3164234ced98e8fb20b8d30280_64)] | | | [removed: [18](#i03d64a0b53014257bc519dcb51a0e7f8_61)] [added: [18](#idf125c3164234ced98e8fb20b8d30280_64)] | | |

| [removed: [7.](#i03d64a0b53014257bc519dcb51a0e7f8_73)] [added: [7.](#idf125c3164234ced98e8fb20b8d30280_76)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i03d64a0b53014257bc519dcb51a0e7f8_73)] [added: Operations](#idf125c3164234ced98e8fb20b8d30280_76)] | | | [removed: [19](#i03d64a0b53014257bc519dcb51a0e7f8_73)] [added: [20](#idf125c3164234ced98e8fb20b8d30280_76)] | | |

| [removed: [7A.](#i03d64a0b53014257bc519dcb51a0e7f8_130)] [added: [7A.](#idf125c3164234ced98e8fb20b8d30280_136)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i03d64a0b53014257bc519dcb51a0e7f8_130)] [added: Risk](#idf125c3164234ced98e8fb20b8d30280_136)] | | | [removed: [36](#i03d64a0b53014257bc519dcb51a0e7f8_130)] [added: [37](#idf125c3164234ced98e8fb20b8d30280_136)] | | |

| [removed: [8.](#i03d64a0b53014257bc519dcb51a0e7f8_142)] [added: [8.](#idf125c3164234ced98e8fb20b8d30280_148)] | | | [Financial Statements and Supplementary [removed: Data](#i03d64a0b53014257bc519dcb51a0e7f8_142)] [added: Data](#idf125c3164234ced98e8fb20b8d30280_148)] | | | [removed: [41](#i03d64a0b53014257bc519dcb51a0e7f8_142)] [added: [42](#idf125c3164234ced98e8fb20b8d30280_148)] | | |

| [removed: [9.](#i03d64a0b53014257bc519dcb51a0e7f8_319)] [added: [9.](#idf125c3164234ced98e8fb20b8d30280_322)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i03d64a0b53014257bc519dcb51a0e7f8_319)] [added: Disclosure](#idf125c3164234ced98e8fb20b8d30280_322)] | | | [removed: [92](#i03d64a0b53014257bc519dcb51a0e7f8_319)] [added: [90](#idf125c3164234ced98e8fb20b8d30280_322)] | | |

| [removed: [9A.](#i03d64a0b53014257bc519dcb51a0e7f8_322)] [added: [9A.](#idf125c3164234ced98e8fb20b8d30280_325)] | | | [Controls and [removed: Procedures](#i03d64a0b53014257bc519dcb51a0e7f8_322)] [added: Procedures](#idf125c3164234ced98e8fb20b8d30280_325)] | | | [removed: [92](#i03d64a0b53014257bc519dcb51a0e7f8_322)] [added: [90](#idf125c3164234ced98e8fb20b8d30280_325)] | | |

| [removed: [9B.](#i03d64a0b53014257bc519dcb51a0e7f8_325)] [added: [9B.](#idf125c3164234ced98e8fb20b8d30280_328)] | | | [Other [removed: Information](#i03d64a0b53014257bc519dcb51a0e7f8_325)] [added: Information](#idf125c3164234ced98e8fb20b8d30280_328)] | | | [removed: [92](#i03d64a0b53014257bc519dcb51a0e7f8_325)] [added: [90](#idf125c3164234ced98e8fb20b8d30280_328)] | | |

| [removed: [9](#i03d64a0b53014257bc519dcb51a0e7f8_2693)[C.](#i03d64a0b53014257bc519dcb51a0e7f8_2693)] [added: [9C.](#idf125c3164234ced98e8fb20b8d30280_331)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i03d64a0b53014257bc519dcb51a0e7f8_2693)] [added: Inspections](#idf125c3164234ced98e8fb20b8d30280_331)] | | | [removed: [92](#i03d64a0b53014257bc519dcb51a0e7f8_2693)] [added: [90](#idf125c3164234ced98e8fb20b8d30280_331)] | | |

| [removed: [10.](#i03d64a0b53014257bc519dcb51a0e7f8_331)] [added: [10.](#idf125c3164234ced98e8fb20b8d30280_337)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i03d64a0b53014257bc519dcb51a0e7f8_331)] [added: Governance](#idf125c3164234ced98e8fb20b8d30280_337)] | | | [removed: [93](#i03d64a0b53014257bc519dcb51a0e7f8_331)] [added: [91](#idf125c3164234ced98e8fb20b8d30280_337)] | | |

| [removed: [11.](#i03d64a0b53014257bc519dcb51a0e7f8_334)] [added: [11.](#idf125c3164234ced98e8fb20b8d30280_340)] | | | [Executive [removed: Compensation](#i03d64a0b53014257bc519dcb51a0e7f8_334)] [added: Compensation](#idf125c3164234ced98e8fb20b8d30280_340)] | | | [removed: [93](#i03d64a0b53014257bc519dcb51a0e7f8_334)] [added: [91](#idf125c3164234ced98e8fb20b8d30280_340)] | | |

| [removed: [12.](#i03d64a0b53014257bc519dcb51a0e7f8_337)] [added: [12.](#idf125c3164234ced98e8fb20b8d30280_343)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i03d64a0b53014257bc519dcb51a0e7f8_337)] [added: Matters](#idf125c3164234ced98e8fb20b8d30280_343)] | | | [removed: [93](#i03d64a0b53014257bc519dcb51a0e7f8_337)] [added: [91](#idf125c3164234ced98e8fb20b8d30280_343)] | | |

| [removed: [13.](#i03d64a0b53014257bc519dcb51a0e7f8_340)] [added: [13.](#idf125c3164234ced98e8fb20b8d30280_349)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i03d64a0b53014257bc519dcb51a0e7f8_340)] [added: Independence](#idf125c3164234ced98e8fb20b8d30280_349)] | | | [removed: [94](#i03d64a0b53014257bc519dcb51a0e7f8_340)] [added: [92](#idf125c3164234ced98e8fb20b8d30280_349)] | | |

| [removed: [14.](#i03d64a0b53014257bc519dcb51a0e7f8_343)] [added: [14.](#idf125c3164234ced98e8fb20b8d30280_352)] | | | [Principal Accountant Fees and [removed: Services](#i03d64a0b53014257bc519dcb51a0e7f8_343)] [added: Services](#idf125c3164234ced98e8fb20b8d30280_352)] | | | [removed: [94](#i03d64a0b53014257bc519dcb51a0e7f8_343)] [added: [92](#idf125c3164234ced98e8fb20b8d30280_352)] | | |

| [removed: [15.](#i03d64a0b53014257bc519dcb51a0e7f8_349)] [added: [15.](#idf125c3164234ced98e8fb20b8d30280_358)] | | | [Exhibits and Financial Statement [removed: Schedules](#i03d64a0b53014257bc519dcb51a0e7f8_349)] [added: Schedules](#idf125c3164234ced98e8fb20b8d30280_358)] | | | [removed: [94](#i03d64a0b53014257bc519dcb51a0e7f8_349)] [added: [92](#idf125c3164234ced98e8fb20b8d30280_358)] | | |

| [removed: [16.](#i03d64a0b53014257bc519dcb51a0e7f8_355)] [added: [16.](#idf125c3164234ced98e8fb20b8d30280_364)] | | | [Form 10-K [removed: Summary](#i03d64a0b53014257bc519dcb51a0e7f8_355)] [added: Summary](#idf125c3164234ced98e8fb20b8d30280_364)] | | | [removed: [97](#i03d64a0b53014257bc519dcb51a0e7f8_355)] [added: [95](#idf125c3164234ced98e8fb20b8d30280_364)] | | |

| | | | | | | NYSE Texas | | |

| AT&T Inc. 3.600% Global Notes due June 1, 2033 | | | T 33A | | | New York Stock Exchange | | |

| AT&T Inc. 4.050% Global Notes due June 1, 2037 | | | T 37B | | | New York Stock Exchange | | |

At January 28, 2026, common shares outstanding were 7,000,577,201.

| | | | [PART I](#idf125c3164234ced98e8fb20b8d30280_19) | | | | | |

| 1. | | | [Business](#idf125c3164234ced98e8fb20b8d30280_22) | | | [1](#idf125c3164234ced98e8fb20b8d30280_22) | | |

| [2.](#idf125c3164234ced98e8fb20b8d30280_49) | | | [Properties](#idf125c3164234ced98e8fb20b8d30280_49) | | | [16](#idf125c3164234ced98e8fb20b8d30280_49) | | |

| | | | [PART II](#idf125c3164234ced98e8fb20b8d30280_61) | | | | | |

| [6.](#idf125c3164234ced98e8fb20b8d30280_73) | | | [\[Reserved\]](#idf125c3164234ced98e8fb20b8d30280_73) | | | [19](#idf125c3164234ced98e8fb20b8d30280_73) | | |

| | | | [PART III](#idf125c3164234ced98e8fb20b8d30280_334) | | | | | |

| | | | [PART IV](#idf125c3164234ced98e8fb20b8d30280_355) | | | | | |

| | | | | | | | | |

At January 31, 2025, common shares outstanding were 7,178,183,000.

| | | | [PART I](#i03d64a0b53014257bc519dcb51a0e7f8_19) | | | | | |

| 1. | | | [Business](#i03d64a0b53014257bc519dcb51a0e7f8_22) | | | [1](#i03d64a0b53014257bc519dcb51a0e7f8_22) | | |

| [2.](#i03d64a0b53014257bc519dcb51a0e7f8_46) | | | [Properties](#i03d64a0b53014257bc519dcb51a0e7f8_46) | | | [16](#i03d64a0b53014257bc519dcb51a0e7f8_46) | | |

| | | | [PART II](#i03d64a0b53014257bc519dcb51a0e7f8_58) | | | | | |

| [6.](#i03d64a0b53014257bc519dcb51a0e7f8_70) | | | [\[Reserved\]](#i03d64a0b53014257bc519dcb51a0e7f8_70) | | | [19](#i03d64a0b53014257bc519dcb51a0e7f8_70) | | |

| | | | [PART III](#i03d64a0b53014257bc519dcb51a0e7f8_328) | | | | | |

| | | | [PART IV](#i03d64a0b53014257bc519dcb51a0e7f8_346) | | | | | |

The CISO has extensive technical leadership experience and cybersecurity expertise, gained from [removed: approximately] [added: over] 20 years of experience, including serving as the Chief Information Security Officer and Director of the Office of Cybersecurity at a U.S. government agency, in addition to serving as the Chief Information Security Officer of two large public companies.

Our program encompasses the CSO and its policies, platforms, procedures and processes for assessing, [removed: identifying,] [added: identifying] and managing risks from cybersecurity threats, including third-party risk from vendors and suppliers.

In [removed: 2024,] [added: 2025,] we did not identify and were not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that we believe have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition.

At December 31, [removed: 2024,] [added: 2025,] of our total property, plant and equipment, [removed: central office equipment represented 29%;] outside plant (including cable, wiring and other non-central office network equipment) represented [removed: 27%;] [added: 29%;] other equipment, comprised principally of wireless network equipment attached to towers, furniture and office equipment and vehicles and other work equipment, represented [added: 26%; central office equipment represented] 25%; land, building and wireless communications towers represented 12%; and other miscellaneous property represented [removed: 7%.][added: 8%.]

| John T. Stankey | | | [removed: 62] [added: 63] | | | [added: Chairman of the Board,] Chief Executive Officer and President | | | [removed: 7/2020] [added: 2/2025] | | |

| Pascal Desroches | | | [removed: 60] [added: 61] | | | Senior Executive Vice President and Chief Financial Officer | | | 4/2021 | | |

| Edward W. Gillespie | | | [removed: 63] [added: 64] | | | Senior Executive Vice President - External and Legislative Affairs, AT&T Services, Inc. | | | 4/2020 | | |

| Kellyn S. Kenny | | | [removed: 47] [added: 48] | | | Chief Marketing and Growth Officer | | | 5/2022 | | |

| Lori M. Lee | | | [removed: 59] [added: 60] | | | Global Marketing Officer and Senior Executive Vice President - [removed: Human Resources and] International | | | [removed: 8/2023] [added: 12/2022] | | |

| Jeremy Legg | | | [removed: 55] [added: 56] | | | Chief Technology Officer, AT&T Services, Inc. | | | 5/2022 | | |

| David R. McAtee II | | | [removed: 56] [added: 57] | | | Senior Executive Vice President and General Counsel | | | 10/2015 | | |

| Jeffery S. McElfresh | | | [removed: 54] [added: 55] | | | Chief Operating Officer | | | 5/2022 | | |

The above executive officers have held high-level managerial positions with AT&T or its subsidiaries for more than the past five years, except for [removed: Mr. Desroches, Mr. Gillespie,] Ms. [removed: Kenny and Mr. Legg.][added: Cakaric.]

As of February 1, 2026

| Darcie (Henry) Cakaric | | | 54 | | | Senior Executive Vice President and Chief Human Resources Officer | | | 10/2025 | | |

Ms. Cakaric was previously Chief People Officer of StackAdapt from July 2024 to October 2025, Chief People Officer of Flexport from September 2023 to July 2024, Chief People Officer of Snap from October 2022 to September 2023, Chief Human Resources Officer of Amazon.com from July 2021 to October 2022 and Vice President of Human Resources of Amazon.com from June 2016 to June 2021.

As of February 1, 2025

| F. Thaddeus Arroyo | | | 61 | | | Chief Strategy and Development Officer | | | 5/2022 | | |

Mr. Desroches was previously Executive Vice President - Finance of AT&T from November 2020 to March 2021, Executive Vice President and Chief Financial Officer of WarnerMedia from June 2018 to November 2020, and Executive Vice President and Chief Financial Officer of Turner from January 2015 to June 2018.

Mr. Gillespie was previously Managing Director of Sard Verbinnen & Co. from June 2018 to April 2020, Founder and Principal of Ed Gillespie Strategies from February 2009 to December 2016, and Counselor to the President for George W.

Bush, Executive Office of the President at The White House, from July 2007 to January 2009.

Ms. Kenny was previously Chief Marketing and Growth Officer, AT&T Communications, LLC from November 2020 to May 2022.

Prior to that she was Global Chief Marketing Officer of Hilton Worldwide Holdings from January 2018 to June 2020 and Vice President of Marketing for Uber Technologies from April 2016 to January 2018.

Mr. Legg was previously Chief Technology Officer - AT&T Technology Services of AT&T from June 2020 to April 2022, Chief Technology Officer of WarnerMedia from December 2018 to June 2020, and Chief Technology Officer of Turner from June 2015 to December 2018.

Our common stock is listed on the New York Stock Exchange [added: and NYSE Texas] under the ticker symbol “T”.

The number of stockholders of record as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] was [removed: 712,700] [added: 671,341] and [removed: 749,207.][added: 712,700.]

The number of stockholders of record as of January [removed: 31, 2025,] [added: 28, 2026,] was [removed: 710,181.][added: 668,838.]

We declared dividends on common stock, on a quarterly basis, totaling $1.11 per share in [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

[removed: ][added: ]

The comparison above assumes $100 invested on December 31, [removed: 2019,] [added: 2020,] in AT&T common stock and the following Standard & Poor’s (S&P) Indices: S&P 500 Index and S&P 500 Communication Services Index.

A summary of our repurchases of common stock during the fourth quarter of [removed: 2024] [added: 2025] is as follows:

| 1 In [removed: March 2014,] [added: December 2024,] our Board of Directors [removed: approved] [added: approved, and we announced,] an authorization to repurchase up to [removed: 300 million shares] [added: $10,000] of [removed: our] common [removed: stock. The authorization had no expiration date.] [added: stock (the “2024 Authorization”). Amounts in Column (d) represent amounts remaining under the 2024 Authorization.] In [removed: December 2024,] [added: January 2026,] our Board of Directors [removed: approved] [added: approved, and we announced,] an authorization to repurchase [removed: up to] [added: an additional] $10,000 of common [removed: stock and terminated the March 2014 authorization. No repurchases were made in December 2024 under the March 2014 authorization.] [added: stock.] The [removed: December 2024 authorization has] [added: authorizations have] no expiration date. | | | | | | | | | | | | | | |

| 2 Of the shares purchased, [removed: 517,927] [added: 232,811] shares 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. | | | | | | | | | | | | | | |

| October 1, 2025 – | | | | | | | | | | | | | | |

| October 31, 2025 | | | 25,877,433 | | | $ | 26.09 | | 25,875,113 | | | $ | 6,881 | |

| November 1, 2025 – | | | | | | | | | | | | | | |

| November 30, 2025 | | | 20,730,081 | | | $ | 25.23 | | 20,700,000 | | | $ | 6,359 | |

| December 1, 2025 – | | | | | | | | | | | | | | |

| December 31, 2025 | | | 25,622,121 | | | $ | 24.70 | | 25,421,711 | | | $ | 5,731 | |

| Total | | | 72,229,635 | | | $ | 25.35 | | 71,996,824 | | | | | |

| October 1, 2024 – | | | | | | | | | | | | | | |

| October 31, 2024 | | | 424,825 | | | $ | 22.12 | | 36,300 | | | 143,695,672 | | |

| November 1, 2024 – | | | | | | | | | | | | | | |

| November 30, 2024 | | | 504 | | | $ | 22.54 | | — | | | 143,695,672 | | |

| December 1, 2024 – | | | | | | | | | | | | | | |

| December 31, 2024 | | | 128,898 | | | $ | 22.57 | | — | | | $ | 10,000 | |

| Total | | | 554,227 | | | $ | 22.22 | | 36,300 | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| AT&T Inc. | | | | | | | | |

| Dollars in millions except per share amounts | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Service | | | $ | [removed: 100,135] [added: 101,158] | | | | | $ | [removed: 99,649] [added: 100,135] | | | | | $ | [removed: 97,831] [added: 99,649] | |

| Equipment | | | [removed: 22,201] [added: 24,490] | | | | | | [removed: 22,779] [added: 22,201] | | | | | | [removed: 22,910] [added: 22,779] | | |

| Total operating revenues | | | [removed: 122,336] [added: 125,648] | | | | | | [removed: 122,428] [added: 122,336] | | | | | | [removed: 120,741] [added: 122,428] | | |

| Equipment | | | [removed: 22,249] [added: 25,396] | | | | | | [removed: 23,136] [added: 22,249] | | | | | | [removed: 24,009] [added: 23,136] | | |

| Other cost of revenues (exclusive of depreciation and amortization shown separately below) | | | [removed: 26,972] [added: 25,424] | | | | | | [removed: 26,987] [added: 26,972] | | | | | | [removed: 26,839] [added: 26,987] | | |

| Selling, general and administrative | | | [removed: 28,411] [added: 28,942] | | | | | | [removed: 28,874] [added: 28,411] | | | | | | [removed: 28,961] [added: 28,874] | | |

| Asset impairments and abandonments and restructuring | | | [removed: 5,075] [added: 838] | | | | | | [removed: 1,193] [added: 5,075] | | | | | | [removed: 27,498] [added: 1,193] | | |

| Depreciation and amortization | | | [removed: 20,580] [added: 20,886] | | | | | | [removed: 18,777] [added: 20,580] | | | | | | [removed: 18,021] [added: 18,777] | | |

| Total operating expenses | | | [removed: 103,287] [added: 101,486] | | | | | | [removed: 98,967] [added: 103,287] | | | | | | [removed: 125,328] [added: 98,967] | | |

| Operating [removed: Income (Loss)] [added: Income] | | | [removed: 19,049] [added: 24,162] | | | | | | [removed: 23,461] [added: 19,049] | | | | | | [removed: (4,587)] [added: 23,461] | | |

| Interest expense | | | [removed: (6,759)] [added: (6,804)] | | | | | | [removed: (6,704)] [added: (6,759)] | | | | | | [removed: (6,108)] [added: (6,704)] | | |

| Equity in net income of affiliates | | | [removed: 1,989] [added: 1,895] | | | | | | [removed: 1,675] [added: 1,989] | | | | | | [removed: 1,791] [added: 1,675] | | |

| Other income (expense) – net | | | [removed: 2,419] [added: 7,754] | | | | | | [removed: 1,416] [added: 2,419] | | | | | | [removed: 5,810] [added: 1,416] | | |

| Total other income (expense) | | | [removed: (2,351)] [added: 2,845] | | | | | | [removed: (3,613)] [added: (2,351)] | | | | | | [removed: 1,493] [added: (3,613)] | | |

| Income [removed: (Loss) from Continuing Operations] Before Income Taxes | | | [removed: 16,698] [added: 27,007] | | | | | | [removed: 19,848] [added: 16,698] | | | | | | [removed: (3,094)] [added: 19,848] | | |

| Income tax expense [removed: on continuing operations] | | | [removed: 4,445] [added: 3,621] | | | | | | [removed: 4,225] [added: 4,445] | | | | | | [removed: 3,780] [added: 4,225] | | |

| Net [removed: Income (Loss)] [added: Income] | | | [removed: 12,253] [added: 23,386] | | | | | | [removed: 15,623] [added: 12,253] | | | | | | [removed: (7,055)] [added: 15,623] | | |

| Less: Net Income Attributable to Noncontrolling Interest | | | [removed: (1,305)] [added: (1,433)] | | | | | | [removed: (1,223)] [added: (1,305)] | | | | | | [removed: (1,469)] [added: (1,223)] | | |

| Net Income [removed: (Loss)] Attributable to AT&T | | | $ | [removed: 10,948] [added: 21,953] | | | | | $ | [removed: 14,400] [added: 10,948] | | | | | $ | [removed: (8,524)] [added: 14,400] | |

| Less: Preferred Stock [removed: Dividends] [added: Dividends and Redemption Gain] | | | [removed: (202)] [added: (64)] | | | | | | [removed: (208)] [added: (202)] | | | | | | [removed: (203)] [added: (208)] | | |

| Net Income [removed: (Loss)] Attributable to Common Stock | | | $ | [removed: 10,746] [added: 21,889] | | | | | $ | [removed: 14,192] [added: 10,746] | | | | | $ | [removed: (8,727)] [added: 14,192] | |

| [removed: Basic] [added: Basic] Earnings [removed: (Loss)] Per Share [removed: from continuing operations] [added: Attributable to Common Stock] | | | $ | [removed: 1.49] [added: 3.04] | | | | | $ | [removed: 1.97] [added: 1.49] | | | | | $ | [removed: (1.10)] [added: 1.97] | |

| [removed: Basic] [added: Diluted] Earnings [removed: (Loss)] Per Share Attributable to Common Stock | | | $ | [removed: 1.49] [added: 3.04] | | | | | $ | [removed: 1.97] [added: 1.49] | | | | | $ | [removed: (1.13)] [added: 1.97] | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net income [removed: (loss)] | | | $ | [removed: 12,253] [added: 23,386] | | | | | $ | [removed: 15,623] [added: 12,253] | | | | | $ | [removed: (7,055)] [added: 15,623] | |

| Translation adjustment, net of taxes of [removed: $(175), $143] [added: $117, $(175)] and [removed: $90] [added: $143] | | | [removed: (545)] [added: 354] | | | | | | [removed: 463] [added: (545)] | | | | | | [removed: 346] [added: 463] | | |

| Reclassification adjustment included in net [removed: income (loss),] [added: income,] net of taxes of [removed: $(14), $0] [added: $0, $(14)] and $0 | | | [removed: 127] [added: —] | | | | | | [removed: —] [added: 127] | | | | | | — | | |

| Net unrealized gains (losses), net of taxes of [removed: $(5), $8] [added: $5, $(5)] and [removed: $(49)] [added: $8] | | | [removed: (19)] [added: 15] | | | | | | [removed: 22] [added: (19)] | | | | | | [removed: (143)] [added: 22] | | |

| Reclassification adjustment included in net [removed: income (loss),] [added: income,] net of taxes of [removed: $10, $4] [added: $1, $10] and [removed: $3] [added: $4] | | | [removed: 30] [added: 3] | | | | | | [removed: 11] [added: 30] | | | | | | [removed: 8] [added: 11] | | |

| Net unrealized gains (losses), net of taxes of [removed: $121, $228] [added: $(216), $121] and [removed: $(183)] [added: $228] | | | [removed: 380] [added: (650)] | | | | | | [removed: 922] [added: 380] | | | | | | [removed: (648)] [added: 922] | | |

| Reclassification adjustment included in net [removed: income (loss),] [added: income,] net of taxes of $14, [removed: $12] [added: $14] and [removed: $25] [added: $12] | | | 45 | | | | | | [removed: 47] [added: 45] | | | | | | [removed: 96] [added: 47] | | |

| Net prior service (cost) credit arising during period, net of taxes of $0, [removed: $10] [added: $0] and [removed: $583] [added: $10] | | | — | | | | | | [removed: 32] [added: —] | | | | | | [removed: 1,787] [added: 32] | | |

| Amortization of net prior service credit included in net [removed: income (loss),] [added: income,] net of taxes of [removed: $(492), $(642)] [added: $(457), $(492)] and [removed: $(663)] [added: $(642)] | | | [removed: (1,523)] [added: (1,427)] | | | | | | [removed: (1,963)] [added: (1,523)] | | | | | | [removed: (2,028)] [added: (1,963)] | | |

| Other comprehensive income (loss) | | | [removed: (1,505)] [added: (1,655)] | | | | | | [removed: (466)] [added: (1,505)] | | | | | | [removed: (763)] [added: (466)] | | |

| Total comprehensive income [removed: (loss)] | | | [removed: 10,748] [added: 21,731] | | | | | | [removed: 15,157] [added: 10,748] | | | | | | [removed: (7,818)] [added: 15,157] | | |

| Less: Total comprehensive income attributable to noncontrolling interest | | | [removed: (1,305)] [added: (1,433)] | | | | | | [removed: (1,223)] [added: (1,305)] | | | | | | [removed: (1,469)] [added: (1,223)] | | |

| Total Comprehensive Income [removed: (Loss)] Attributable to AT&T | | | $ | [removed: 9,443] [added: 20,298] | | | | | $ | [removed: 13,934] [added: 9,443] | | | | | $ | [removed: (9,287)] [added: 13,934] | |

| | | | [removed: 2024] [added: 2025] | | | | | | [added: 2024 | | | | | |] 2023 | | |

| Cash and cash equivalents | | | $ | [removed: 3,298] [added: 18,234] | | | | | $ | [added: 3,298 | | | | | $ |] 6,722 | | [added: | | | $ | 3,701 | |]

| Reclassification adjustment realized in net income, net of taxes of $(4), $0 and $0 | | | 5 | | | | | | — | | | | | | — | | |

| | | | 2025 | | | | | | 2024 | | |

| Cash and cash equivalents | | | $ | 18,234 | | | | | $ | 3,298 | |

| Total stockholders’ equity | | | 126,491 | | | | | | 118,245 | | |

| Net Income | | | $ | 23,386 | | | | | $ | 12,253 | | | | | $ | 15,623 | |

| Contract asset and cost deferral | | | (1,208) | | | | | | 160 | | | | | | (1,006) | | |

| Changes in income taxes | | | 2,226 | | | | | | 1,978 | | | | | | 2,618 | | |

| Other – net | | | 1,057 | | | | | | 1,426 | | | | | | 1,270 | | |

| Dispositions | | | 3,218 | | | | | | 75 | | | | | | 72 | | |

| Redemption of preferred stock | | | (2,075) | | | | | | — | | | | | | — | | |

| Redemption of preferred stock | | | | | | | | | (2,165) | | | | | | | | | | | | — | | | | | | | | | | | | — | | |

| Preferred stock redemption gain | | | | | | | | | 90 | | | | | | | | | | | | — | | | | | | | | | | | | — | | |

The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary.

Certain prior-period amounts have been conformed to the current period’s presentation, providing further disaggregation of activities within Cash from Operations in our consolidated statements of cash flows and additional revenue categories for our Business Wireline and Consumer Wireline business units.

Income Taxes In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09).

amount of selling expenses and, annually, the entity’s definition of selling expenses.

Internal-Use Software In September 2025, the FASB 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.

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.

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 in 2025.

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.

For FCC wireless licenses, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the book value exceeds their fair value.

We consider several factors under the qualitative assessment, including macroeconomic conditions, industry and regulatory considerations, recent and projected performance of the business and the prior quantitative impairment testing results.

On a periodic basis, or if the qualitative assessment indicates potential impairment, we perform a quantitative impairment test on the value as of October 1.

We last performed a quantitative test in 2024.

| Net other comprehensive income (loss) | | | 354 | | | | | | 18 | | | | | | (605) | | | | | | (1,422) | | | | | | (1,655) | | |

| Balance as of December 31, 2025 | | | $ | (1,401) | | | | | $ | (28) | | | | | $ | (1,209) | | | | | $ | 1,778 | | | | | $ | (860) | |

With the sale of our remaining interest in DIRECTV, we will no longer report these costs in 2026 (see Note 10).

| Mobility | | | $ | 89,482 | | | | | $ | 51,864 | | | | | | | | | | | $ | 10,422 | | | | | $ | 27,196 | |

| Business Wireline | | | 17,231 | | | | | | 12,213 | | | | | | | | | | | | 5,834 | | | | | | (816) | | |

| Consumer Wireline | | | 14,183 | | | | | | 8,933 | | | | | | | | | | | | 3,703 | | | | | | 1,547 | | |

| Total Communications | | | 120,896 | | | | | | 73,010 | | | | | | | | | | | | 19,959 | | | | | | 27,927 | | |

| Latin America | | | 4,379 | | | | | | 3,563 | | | | | | | | | | | | 671 | | | | | | 145 | | |

| Segment Total | | | 125,275 | | | | | | 76,573 | | | | | | | | | | | | 20,630 | | | | | | 28,072 | | |

| Securitization fees | | | 115 | | | | | | 702 | | | | | | | | | | | | — | | | | | | (587) | | |

| Value portfolio | | | 259 | | | | | | 50 | | | | | | | | | | | | — | | | | | | 209 | | |

| Total Corporate | | | 373 | | | | | | 2,714 | | | | | | | | | | | | 218 | | | | | | (2,559) | | |

| Total Corporate and Other | | | 373 | | | | | | 4,027 | | | | | | | | | | | | 256 | | | | | | (3,910) | | |

| AT&T Inc. | | | $ | 125,648 | | | | | $ | 80,600 | | | | | | | | | | | $ | 20,886 | | | | | $ | 24,162 | |

| Income (Loss) from Continuing Operations | | | 12,253 | | | | | | 15,623 | | | | | | (6,874) | | |

| Loss from discontinued operations, net of tax | | | — | | | | | | — | | | | | | (181) | | |

| Basic Loss Per Share from discontinued operations | | | $ | — | | | | | $ | — | | | | | $ | (0.03) | |

| Diluted Earnings (Loss) Per Share from continuing operations | | | $ | 1.49 | | | | | $ | 1.97 | | | | | $ | (1.10) | |

| Diluted Loss Per Share from discontinued operations | | | $ | — | | | | | $ | — | | | | | $ | (0.03) | |

| Diluted Earnings (Loss) Per Share Attributable to Common Stock | | | $ | 1.49 | | | | | $ | 1.97 | | | | | $ | (1.13) | |

| Distributions of WarnerMedia, net of taxes of $0, $0 and $(38) | | | — | | | | | | — | | | | | | (182) | | |

| Distributions of WarnerMedia, net of taxes of $0, $0 and $(12) | | | — | | | | | | — | | | | | | (24) | | |

| Distributions of WarnerMedia, net of taxes of $0, $0 and $5 | | | — | | | | | | — | | | | | | 25 | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| Deferred income taxes | | | 58,939 | | | | | | 58,666 | | |

| Income (loss) from continuing operations | | | $ | 12,253 | | | | | $ | 15,623 | | | | | $ | (6,874) | |

| Deferred income tax expense | | | 1,570 | | | | | | 3,037 | | | | | | 2,975 | | |

| Other – net | | | 1,656 | | | | | | 1,423 | | | | | | (146) | | |

| Dispositions | | | 75 | | | | | | 72 | | | | | | 199 | | |

| Cash flows from Discontinued Operations: | | | | | | | | | | | | | | | | | |

| Cash used in operating activities | | | — | | | | | | — | | | | | | (3,789) | | |

| Cash provided by investing activities | | | — | | | | | | — | | | | | | 1,094 | | |

| Cash provided by financing activities | | | — | | | | | | — | | | | | | 35,823 | | |

| Net increase in cash and cash equivalents and restricted cash from discontinued operations | | | — | | | | | | — | | | | | | 33,128 | | |

| Net increase (decrease) in cash and cash equivalents and restricted cash | | | (3,427) | | | | | | 3,040 | | | | | | (17,523) | | |

| Distribution of WarnerMedia | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (6,832) | | |

| Distribution of WarnerMedia | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (45,041) | | |

| Reclassification of noncontrolling interest | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (5,997) | | |

| Total Stockholders’ Equity at beginning of year | | | | | | | | | $ | 117,442 | | | | | | | | | | | $ | 106,457 | | | | | | | | | | | $ | 183,855 | |

On April 8, 2022, we completed the separation of our WarnerMedia business, which represented substantially all of our WarnerMedia segment, in a Reverse Morris Trust transaction, under which Magallanes, Inc. (Spinco), a formerly wholly-owned subsidiary of AT&T that held the WarnerMedia business, was distributed to AT&T stockholders via a pro rata dividend, followed by the combination of Spinco with a subsidiary of Discovery, Inc. (Discovery), which was renamed Warner Bros.

Discovery, Inc. (WBD).

Upon the separation and distribution, the WarnerMedia business met the criteria for discontinued operations.

For discontinued operations, we also evaluated transactions that were components of AT&T’s single plan of a strategic shift, including dispositions that previously did not individually meet the criteria due to materiality, and have determined discontinued operations to be comprised of WarnerMedia, Vrio, Xandr and Playdemic Ltd. (Playdemic).

These businesses are reflected in the accompanying financial statements as discontinued operations, including for periods prior to the consummation of the WarnerMedia/Discovery Transaction.

Earnings from certain investments accounted for using the equity method are included in our results on a one quarter lag.

Certain prior-period amounts have been conformed to the current period’s presentation.

Unless otherwise noted, the information in Notes 1 through 23 refer only to our continuing operations and do not include discussion of balances or activity of WarnerMedia, Vrio, Xandr and Playdemic, which are part of discontinued operations.

| | | |

| --- | --- | --- |

| AT&T Inc. | | |

| Dollars in millions except per share amounts | | |

| | | |

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 December 31, [removed: 2024.][added: 2025.]

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 December 31, [removed: 2024.][added: 2025.]

AT&T management assessed the effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on its assessment, AT&T management believes that, as of December 31, [removed: 2024,] [added: 2025,] the Company’s internal control over financial reporting is effective based on those criteria.

a.There is no information that was required to be disclosed in a report on Form 8-K during the fourth quarter of [removed: 2024] [added: 2025] but was not reported.

b.In the quarter ended December 31, [removed: 2024,] [added: 2025,] none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement for the purchase or sale of our securities, within the meaning of Item 408 of Regulation S-K.

Information regarding executive officers required by Item 401 of Regulation S-K is furnished in a separate disclosure at the end of Part I of this report entitled “Information about our Executive Officers.” Information regarding directors required by Item 401 of Regulation S-K is incorporated herein by reference pursuant to General Instruction G(3) from the registrant’s [removed: 2025] [added: 2026] definitive proxy statement (Proxy Statement) under the heading “Management Proposal Item No. 1.

Information required by this Item is incorporated herein by reference pursuant to General Instruction G(3) from the registrant’s Proxy Statement under the headings “Director Compensation,” [removed: “2024] [added: “2025] Director Compensation Table,” “CEO Pay Ratio,” “Pay Versus Performance,” and the pages beginning with the heading “Compensation Discussion and Analysis” and ending with, and including, the pages under the heading “Potential Payments upon Change in Control.”

| (1) Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | | | | | | | | | | | | [removed: [38](#i03d64a0b53014257bc519dcb51a0e7f8_139)] [added: [39](#idf125c3164234ced98e8fb20b8d30280_145)] | | |

| Consolidated Statements of Income | | | | | | | | | | | | [removed: [41](#i03d64a0b53014257bc519dcb51a0e7f8_145)] [added: [42](#idf125c3164234ced98e8fb20b8d30280_151)] | | |

| Consolidated Statements of Comprehensive Income | | | | | | | | | | | | [removed: [42](#i03d64a0b53014257bc519dcb51a0e7f8_148)] [added: [43](#idf125c3164234ced98e8fb20b8d30280_154)] | | |

| Consolidated Balance Sheets | | | | | | | | | | | | [removed: [43](#i03d64a0b53014257bc519dcb51a0e7f8_154)] [added: [44](#idf125c3164234ced98e8fb20b8d30280_160)] | | |

| Consolidated Statements of Cash Flows | | | | | | | | | | | | [removed: [44](#i03d64a0b53014257bc519dcb51a0e7f8_160)] [added: [45](#idf125c3164234ced98e8fb20b8d30280_166)] | | |

| Consolidated Statements of Changes in Stockholders’ Equity | | | | | | | | | | | | [removed: [45](#i03d64a0b53014257bc519dcb51a0e7f8_166)] [added: [46](#idf125c3164234ced98e8fb20b8d30280_172)] | | |

| Notes to Consolidated Financial Statements | | | | | | | | | | | | [removed: [47](#i03d64a0b53014257bc519dcb51a0e7f8_175)] [added: [48](#idf125c3164234ced98e8fb20b8d30280_181)] | | |

| II - Valuation and Qualifying Accounts | | | | | | | | | | | | [removed: [97](#i03d64a0b53014257bc519dcb51a0e7f8_358)] [added: [95](#idf125c3164234ced98e8fb20b8d30280_367)] | | |

| [removed: 2-c] [added: 2-a] | | | Securities Purchase Agreement, dated September 29, 2024, by and among AT&T Services, Inc., AT&T Diversified MVPD Holdings LLC, AT&T MVPD Holdings LLC, Merlin Parent 2024, Inc., TPG Partners IX, L.P. and DIRECTV Entertainment Holdings LLC ([Exhibit 2.1 to Form 10-Q for the period ending September 30, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271724000059/exhibit213q24.htm))* | | | | | | | | | | | |

| 4-d | | | Guarantee of certain obligations of AT&T [removed: Corp.] [added: Enterprises LLC] ([Exhibit 4-e to Form 10-K for the period ending December 31, 2011](https://www.sec.gov/Archives/edgar/data/732717/000073271712000025/ex4e.htm)) | | | | | | | | | | | |

| 4-g | | | Deposit Agreement, dated December 12, 2019, among [removed: the] AT&T Inc., Computershare Inc. and Computershare Trust Company, N.A., collectively, as depositary, and the holders from time to time of the depository receipts described therein ([Exhibit 4.3 to Form 8-K filed December 12, 2019](https://www.sec.gov/Archives/edgar/data/732717/000119312519312505/d768240dex43.htm)) | | | | | | | | | | | |

| 4-i | | | [Description of AT&T’s Securities Registered Under Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-4xiye2024.htm)] [added: Act](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-4xiye2025.htm)] | | | | | | | | | | | |

| 10-e | | | [removed: [Short] [added: Short] Term Incentive [removed: Pla](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xeye2024.htm)[n](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xeye2024.htm)] [added: Plan ([Exhibit 10-e to Form 10-K for the period ending December 31, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xeye2024.htm))] | | | | | | | | | | | |

| 10-f | | | [removed: [Supplemental] [added: Supplemental] Life Insurance [removed: Plan](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xfye2024.htm)] [added: Plan ([Exhibit 10-f to Form 10-K for the period ending December 31, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xfye2024.htm))] | | | | | | | | | | | |

| 10-n | | | [removed: [Officer] [added: Officer] Disability [removed: Plan](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xnye2024.htm)] [added: Plan ([Exhibit 10-n to Form 10-K for the period ending December 31, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xnye2024.htm))] | | | | | | | | | | | |

| 10-o | | | AT&T Inc. Health Plan ([Exhibit [removed: 10.3 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/732717/000073271725000080/exhibit1012q25.htm)[1](https://www.sec.gov/Archives/edgar/data/732717/000073271725000080/exhibit1012q25.htm) [to] Form 10-Q for the period ending June 30, [removed: 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271724000053/exhibit1032q24.htm))] [added: 202](https://www.sec.gov/Archives/edgar/data/732717/000073271725000080/exhibit1012q25.htm)[5](https://www.sec.gov/Archives/edgar/data/732717/000073271725000080/exhibit1012q25.htm))] | | | | | | | | | | | |

| 10-s | | | [removed: AT&T] [added: [AT&T] Inc. Non-Employee Director Stock and Deferral [removed: Plan ([Exhibit 10-s to Form 10-K for the period ending December 31, 2022](https://www.sec.gov/Archives/edgar/data/732717/000073271723000011/ex-10xsye2022.htm))] [added: Plan](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-10xsye2025.htm)] | | | | | | | | | | | |

| 10-y | | | $12,000,000,000 [added: Second] Amended and Restated Credit Agreement, dated as of November [removed: 18, 2022,] [added: 3, 2025,] among AT&T Inc., the lenders named therein and Citibank, N.A., as agent [removed: ([Exhibit 10.1] [added: ([Exhibit](https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/d935272dex101.htm) [10.1] to Form 8-K filed on November [removed: 18, 2022](https://www.sec.gov/Archives/edgar/data/732717/000119312522288947/d385545dex101.htm))] [added: 3, 2025](https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/d935272dex101.htm))] | | | | | | | | | | | |

| [removed: 10-z] [added: 10-aa] | | | Third Amended and Restated Limited Liability Company Agreement of NCWPCS MPL Holdings, LLC ([Exhibit 10.1 to Form 10-Q for the period ending September 30, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271724000059/exhibit1013q24.htm))* | | | | | | | | | | | |

| [removed: 10-aa] [added: 10-bb] | | | [removed: [AT&T] [added: AT&T] Inc. Change in Control Severance [removed: Plan](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xaaye2024.htm)] [added: Plan ([Exhibit 10-aa to Form 10-K for the period ending December 31, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xaaye2024.htm))] | | | | | | | | | | | |

| [removed: 10-ee] [added: 10-dd] | | | [added: Fourth] Amended and Restated Limited Liability Company Agreement of [removed: DIRECTV Entertainment Holdings LLC, dated as of July 31, 2021] [added: AT&T Fiber Investment, LLC] ([Exhibit [removed: 10.1] [added: 10-ii] to Form [removed: 8-K filed on August 2, 2021](https://www.sec.gov/Archives/edgar/data/732717/000119312521233230/d188128dex101.htm))] [added: 10-K for the period ending December 31, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xiiye2024.htm))*] | | | | | | | | | | | |

| [removed: 10-gg] [added: 10-cc] | | | Relocation Program Plan ([Exhibit 10.2 to Form 10-Q for the period ending September 30, 2021](https://www.sec.gov/Archives/edgar/data/0000732717/000073271721000080/exhibit1023q21.htm)) | | | | | | | | | | | |

| 19 | | | [removed: [I](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-19ye2024.htm)[nsider] [added: Insider] Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-19ye2024.htm)] [added: Policy ([Exhibit 19 to Form 10-K for the period ending December 31, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-19ye2024.htm))] | | | | | | | | | | | |

| 21 | | | [Subsidiaries of AT&T [removed: Inc.](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-21ye2024.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-21ye2025.htm)] | | | | | | | | | | | |

| 23 | | | [Consent of Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-23ye2024.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-23ye2025.htm)] | | | | | | | | | | | |

| 24 | | | [Powers of [removed: Attorney](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-24ye2024.htm)] [added: Attorney](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-24ye2025.htm)] | | | | | | | | | | | |

| 31.1 | | | [Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-311ye2024.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-311ye2025.htm)] | | | | | | | | | | | |

| 31.2 | | | [Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-312ye2024.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-312ye2025.htm)] | | | | | | | | | | | |

| 32 | | | [Section 1350 [removed: Certification](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-32ye2024.htm)] [added: Certification](https://www.sec.gov/Archives/edgar/data/732717/000073271726000120/ex-32ye2025.htm)] | | | | | | | | | | | |

| 101 | | | The consolidated financial statements from the Company’s Form 10-K for the year ended December 31, [removed: 2024,] [added: 2025,] as filed with the SEC on February [removed: 12, 2025,] [added: 9, 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. | | | | | | | | | | | |

| 2-b | | | Purchase Agreement, dated as of May 21, 2025, by and among Lumen Technologies, Inc., the Sellers named therein, Forged Fiber 37, LLC, and, solely for purposes of Section 11.16 thereof, AT&T DW Holdings, Inc. ([Exhibit 2.1 to Form 8-K filed on May 21, 2025](https://www.sec.gov/Archives/edgar/data/732717/000119312525123971/d939113dex21.htm))* | | | | | | | | | | | |

| 10-z | | | $17,500,000,000 Delayed Draw Term Loan Credit Agreement, dated as of November 3, 2025, among AT&T Inc., the lenders named therein and Bank of America, N.A., as agent ([Exhibit 10.2 to Form 8-K filed on November 3, 2025](https://www.sec.gov/Archives/edgar/data/732717/000119312525262515/d935272dex102.htm)) | | | | | | | | | | | |

| 10-ee | | | License Purchase Agreement, dated August 25, 2025, by and among EchoStar Corporation, the other parties set forth therein, and AT&T Mobility II LLC ([Exhibit 10.1 to Form 10-Q for the period ending September 30, 2025](https://www.sec.gov/Archives/edgar/data/732717/000073271725000171/exhibit1013q25.htm))* | | | | | | | | | | | |

| 2-a | | | Agreement and Plan of Merger, dated as of May 17, 2021, by and among AT&T Inc., Magallanes, Inc., and Discovery, Inc. ([Exhibit 2.1 to Form 8-K filed on May 20, 2021](https://www.sec.gov/Archives/edgar/data/0000732717/000119312521167802/d166195dex21.htm))* | | | | | | | | | | | |

| 2-b | | | Separation and Distribution Agreement, dated as of May 17, 2021, by and among AT&T Inc., Magallanes, Inc., and Discovery, Inc. ([Exhibit 2.2 to Form 8-K filed on May 20, 2021](https://www.sec.gov/Archives/edgar/data/0000732717/000119312521167802/d166195dex22.htm))* | | | | | | | | | | | |

| 10-bb | | | Agreement of Contribution and Subscription, dated February 25, 2021 ([Exhibit 10.1 to Form 8-K filed on February 25, 2021](https://www.sec.gov/Archives/edgar/data/732717/000119312521056922/d544248dex101.htm)) | | | | | | | | | | | |

| 10-cc | | | Employee Matters Agreement by and among AT&T Inc., Magallanes, Inc., and Discovery, Inc. dated as of May 17, 2021 ([Exhibit 10.3 to Form 8-K filed on May 20, 2021](https://www.sec.gov/Archives/edgar/data/732717/000119312521167802/d166195dex103.htm)) | | | | | | | | | | | |

| 10-dd | | | Tax Matters Agreement between AT&T Inc., Magallanes, Inc., and Discovery, Inc. dated as of May 17, 2021 ([Exhibit 10.4 to Form 8-K filed on May 20, 2021](https://www.sec.gov/Archives/edgar/data/732717/000119312521167802/d166195dex104.htm)) | | | | | | | | | | | |

| 10-ff | | | [A](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xffye2024.htm)[mendment No.1 to Amended and Restated Limited Liability Company Agreement of DIRECTV Entertainment Holdings LLC, dated as of December 20, 2024](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xffye2024.htm) | | | | | | | | | | | |

| 10-hh | | | [Third Amended and Restated Limited Liability Company Agreement of AT&T Fiber Investment, LLC](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xhhye2024.htm) | | | | | | | | | | | |

| 10-ii | | | [Fourth Amended and Restated Limited Liability Company Agreement of AT&T Fiber Investment, LLC](https://www.sec.gov/Archives/edgar/data/732717/000073271725000013/ex-10xiiye2024.htm)* | | | | | | | | | | | |

| [removed: Year 2024] [added: Year 2024] | | | [removed: $] [added: $] | [removed: 756] [added: 756] | | [removed: 1,969] [added: 1,969] | | | [removed: —] [added: —] | | | [removed: —] [added: —] | | | [removed: 2,172] [added: 2,172] | | | [removed: $] [added: $] | [removed: 553] [added: 553] | |