Item 1A. Risk Factors

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

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


	(a)	(b)		(c)	(d)
Period	Total Number of Shares (or Units) Purchased1,2	Average Price Paid Per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs1	Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under The Plans or Programs
July 1, 2025 - July 31, 2025	20,812,773	$	27.71	20,814,263	$	8,465
August 1, 2025 - August 31, 2025	16,643,212	$	28.41	16,580,000	$	7,994
September 1, 2025 - September 30, 2025	15,151,294	$	29.02	15,115,000	$	7,556
Total	52,607,279	$	28.31	52,509,263
1In December 2024, our Board of Directors approved, and we announced, an authorization to repurchase up to $10,000 of common stock. The authorization has no expiration date.
2Of the shares repurchased or transferred, 111,046 were acquired through the withholding of taxes on the vesting of restricted stock and performance shares or in respect of the exercise price of options, and 3,027,963 were transferred from the AT&T Master Pension Trust.

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