filings.toolsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
| Consumer Wireline Results | ||||||||||||||||||||||||||||||||||||||
| Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
| Percent | Percent | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||||||||||||
| Broadband | $ | 3,070 | $ | 2,838 | 8.2 | % | $ | 9,082 | $ | 8,301 | 9.4 | % | ||||||||||||||||||||||||||
| Legacy voice and data services | 243 | 307 | (20.8) | 794 | 972 | (18.3) | ||||||||||||||||||||||||||||||||
| Other service and equipment | 242 | 271 | (10.7) | 742 | 840 | (11.7) | ||||||||||||||||||||||||||||||||
| Total Operating Revenues | 3,555 | 3,416 | 4.1 | 10,618 | 10,113 | 5.0 | ||||||||||||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||||||||||||||
| Operations and support | 2,266 | 2,296 | (1.3) | 6,738 | 6,801 | (0.9) | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 964 | 924 | 4.3 | 2,871 | 2,719 | 5.6 | ||||||||||||||||||||||||||||||||
| Total Operating Expenses | 3,230 | 3,220 | 0.3 | 9,609 | 9,520 | 0.9 | ||||||||||||||||||||||||||||||||
| Operating Income | $ | 325 | $ | 196 | 65.8 | % | $ | 1,009 | $ | 593 | 70.2 | % |
The following tables highlight other key measures of performance for Consumer Wireline:
| Broadband Connections | ||||||||||||||||||||||||||||||||||||||
| September 30, | Percent | |||||||||||||||||||||||||||||||||||||
| (in 000s) | 2025 | 2024 | Change | |||||||||||||||||||||||||||||||||||
| Broadband1 | 14,494 | 13,864 | 4.5 | % | ||||||||||||||||||||||||||||||||||
| Fiber Broadband Connections | 10,123 | 9,024 | 12.2 | % | ||||||||||||||||||||||||||||||||||
| 1Includes AIA. |
| Broadband Net Additions | ||||||||||||||||||||||||||||||||||||||
| Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
| Percent | Percent | |||||||||||||||||||||||||||||||||||||
| (in 000s) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||||
| Broadband Net Additions1, 2 | 232 | 28 | — | % | 519 | 135 | — | % | ||||||||||||||||||||||||||||||
| Fiber Broadband Net Additions | 288 | 226 | 27.4 | % | 792 | 717 | 10.5 | % | ||||||||||||||||||||||||||||||
| 1Includes AIA. | ||||||||||||||||||||||||||||||||||||||
| 2Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. |
Broadband revenues increased in the third quarter and for the first nine months of 2025, driven by increases in fiber revenues of 16.8% and 18.2%. Higher fiber revenues reflect an increase in fiber customers, which we expect to continue as we invest further in building our fiber footprint, and higher ARPU. This increase also includes growth in AIA revenues and was partially offset by declines in copper-based broadband services.
Legacy voice and data services revenues decreased in the third quarter and for the first nine months of 2025, reflecting the continued decline in demand for these services in favor of other technologies, such as wireless and fiber services.
Other service and equipment revenues decreased in the third quarter and for the first nine months of 2025, reflecting the continued decline in the number of VoIP customers.
Operations and support expenses decreased in the third quarter and for the first nine months of 2025, primarily driven by lower customer support costs and content licensing fees, largely offset by higher network-related costs and higher marketing costs.
AT&T INC.
SEPTEMBER 30, 2025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
Depreciation expense increased in the third quarter and for the first nine months of 2025, primarily due to ongoing capital spending for strategic initiatives such as fiber and network upgrades and expansion, which we expect to continue through the remainder of 2025.
Operating income increased in the third quarter and for the first nine months of 2025. Our Consumer Wireline operating income margin in the third quarter increased from 5.7% in 2024 to 9.1% in 2025 and for the first nine months increased from 5.9% in 2024 to 9.5% in 2025. Our Consumer Wireline EBITDA margin in the third quarter increased from 32.8% in 2024 to 36.3% in 2025 and for the first nine months increased from 32.7% in 2024 to 36.5% in 2025.
| LATIN AMERICA SEGMENT | Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Percent Change | 2025 | 2024 | Percent Change | |||||||||||||||||||||||||||||||||
| Segment Operating Revenues | ||||||||||||||||||||||||||||||||||||||
| Service | $ | 696 | $ | 645 | 7.9 | % | $ | 1,973 | $ | 2,034 | (3.0) | % | ||||||||||||||||||||||||||
| Equipment | 399 | 377 | 5.8 | 1,147 | 1,154 | (0.6) | ||||||||||||||||||||||||||||||||
| Total Segment Operating Revenues | 1,095 | 1,022 | 7.1 | 3,120 | 3,188 | (2.1) | ||||||||||||||||||||||||||||||||
| Segment Operating Expenses | ||||||||||||||||||||||||||||||||||||||
| Operations and support | 896 | 854 | 4.9 | 2,527 | 2,662 | (5.1) | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 177 | 158 | 12.0 | 482 | 507 | (4.9) | ||||||||||||||||||||||||||||||||
| Total Segment Operating Expenses | 1,073 | 1,012 | 6.0 | 3,009 | 3,169 | (5.0) | ||||||||||||||||||||||||||||||||
| Operating Income | $ | 22 | $ | 10 | — | % | $ | 111 | $ | 19 | — | % |
The following tables highlight other key measures of performance for Mexico:
| Subscribers | ||||||||||||||||||||||||||||||||||||||
| September 30, | Percent | |||||||||||||||||||||||||||||||||||||
| (in 000s) | 2025 | 2024 | Change | |||||||||||||||||||||||||||||||||||
| Postpaid | 6,423 | 5,633 | 14.0 | % | ||||||||||||||||||||||||||||||||||
| Prepaid | 17,508 | 16,996 | 3.0 | |||||||||||||||||||||||||||||||||||
| Reseller | 218 | 282 | (22.7) | |||||||||||||||||||||||||||||||||||
| Total Mexico Wireless Subscribers | 24,149 | 22,911 | 5.4 | % | ||||||||||||||||||||||||||||||||||
| Mexico Wireless Net Additions | ||||||||||||||||||||||||||||||||||||||
| Third Quarter | Nine-Month Period | |||||||||||||||||||||||||||||||||||||
| Percent | Percent | |||||||||||||||||||||||||||||||||||||
| (in 000s) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||||
| Postpaid | 243 | 139 | 74.8 | % | 586 | 397 | 47.6 | % | ||||||||||||||||||||||||||||||
| Prepaid | 68 | 187 | (63.6) | 22 | 333 | (93.4) | ||||||||||||||||||||||||||||||||
| Reseller | (5) | (51) | 90.2 | (35) | (135) | 74.1 | ||||||||||||||||||||||||||||||||
| Total Mexico Wireless Net Additions | 306 | 275 | 11.3 | % | 573 | 595 | (3.7) | % |
Service revenues increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to growth in subscribers and favorable foreign exchange impacts. The decrease for the first nine months reflects unfavorable foreign exchange impacts in the first half of 2025, partially offset by growth in subscribers and ARPU.
Equipment revenues increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to higher equipment sales and favorable foreign exchange impacts. The decrease for the first nine months reflects unfavorable foreign exchange impacts in the first half of 2025, partially offset by higher equipment sales.
AT&T INC.
SEPTEMBER 30, 2025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
Operations and support expenses increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to higher equipment costs, bad debt expense from higher sales and unfavorable exchange rates. The decrease for the first nine months was primarily due to favorable foreign exchange impacts, partially offset by increased equipment and selling costs.
Depreciation and amortization expense increased in the third quarter and decreased for the first nine months of 2025. The increase in the quarter was primarily due to accelerated depreciation on certain network assets. The decrease for the first nine months was primarily due to foreign exchange impacts.
Operating income increased in the third quarter and for the first nine months of 2025. Our Mexico operating income margin in the third quarter increased from 1.0% in 2024 to 2.0% in 2025 and for the first nine months increased from 0.6% in 2024 to 3.6% in 2025. Our Mexico EBITDA margin in the third quarter increased from 16.4% in 2024 to 18.2% in 2025 and for the first nine months increased from 16.5% in 2024 to 19.0% in 2025.
COMPETITIVE AND REGULATORY ENVIRONMENT
Overview AT&T subsidiaries operating within the United States are subject to federal and state regulations. AT&T subsidiaries operating outside the United States are subject to the jurisdiction of national and supranational regulations in the markets where service is provided. Complying with these regulations may affect our results of operations and cash flow, and compliance may be very costly.
On July 4, 2025, the One Big Beautiful Bill Act was enacted, which restores or makes permanent certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017. The legislation did not materially impact our income tax expense, but we expect that it will result in a material decrease to cash taxes paid relative to our expectations.
For further discussion of regulations impacting AT&T and its subsidiaries, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Regulatory Landscape” in our Annual Report on Form 10-K for the year-ended December 31, 2024.
LIQUIDITY AND CAPITAL RESOURCES
| For nine months ended September 30, | 2025 | 2024 | |||||||||
| Cash provided by operating activities | $ | 28,964 | $ | 26,875 | |||||||
| Cash used in investing activities | (14,433) | (12,127) | |||||||||
| Cash provided by (used in) financing activities | 2,391 | (18,855) | |||||||||
| September 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Cash and cash equivalents | $ | 20,272 | $ | 3,298 | |||||||
| Total debt | 139,468 | 123,532 |
We had $20,272 in cash and cash equivalents available at September 30, 2025, increasing $16,974 since December 31, 2024. Cash and cash equivalents included cash of $4,359 and money market funds and other cash equivalents of $15,913. Approximately $1,497 of our cash and cash equivalents were held in accounts outside of the U.S. and may be subject to restrictions on repatriation. Our cash and cash equivalents at September 30, 2025 was elevated in anticipation of the consummation of announced transactions (see Note 11).
For the first nine months of 2025, cash inflows were primarily provided by cash receipts from operations, including cash from our sale and transfer of our receivables to third parties, and distributions from DIRECTV. These inflows exceeded cash used to meet the needs of the business, including, but not limited to, payment of operating expenses, including higher device payments from higher sales volumes. The cash generated from operating activities was primarily used to fund capital improvements, make dividend payments to stockholders, repurchase preferred and common stock, and repay long-term debt. We maintain availability under our credit facilities and our commercial paper program to meet our short-term liquidity requirements.
AT&T INC.
SEPTEMBER 30, 2025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
Cash Provided by Operating Activities
During the first nine months of 2025, cash provided by operating activities was $28,964, compared to $26,875 for the first nine months of 2024, with increases resulting from higher cash flows related to DIRECTV, including a first-quarter 2025 dividend of $1,138, and operational growth. Partially offsetting this increase and lowering cash from operations during the first nine months of 2025, were advanced cash payments of approximately $1,000 for wholesale access which can be utilized on invoices over future periods.
We actively manage the timing of our supplier payments for operating items to optimize the use of our cash. Among other things, we seek to make payments on 90-day or greater terms, while providing the suppliers with access to bank facilities that permit earlier payments at their cost (referred to as supplier financing program). In addition, for payments to suppliers of handset inventory, as part of our working capital initiatives, we have arrangements that allow us to extend the stated payment terms by up to 90 days at an additional cost to us (referred to as direct supplier financing). The net impact of direct supplier financing, including principal and interest payments, was to decrease cash from operating activities approximately $2,430 and $3,648 for the nine months ended September 30, 2025 and 2024, respectively. All supplier financing payments are due within one year. (See Note 10)
Cash Used in Investing Activities
For the first nine months of 2025, cash used in investing activities totaled $14,433 and consisted primarily of $14,061 (including interest during construction) for capital expenditures. During the first nine months of 2025, investing activities also included $110 of FirstNet sustainability payments net of reinvestment, and $620 for our investment in a new strategic partner related to wireline network transformation accounted for under the equity method of accounting.
On July 2, 2025, we completed the sale of our interest in DIRECTV to TPG and recorded a current note receivable of approximately $3,600, which we expect to receive the majority of by the end of 2025, and a long-term note receivable of $500. As of September 30, 2025, we have collected approximately $320 of the current note receivable.
We enter into multi-year software licensing arrangements, which are typically paid over the license terms of two to five years and referred to as vendor financing. Additionally, for capital improvements, we have negotiated favorable vendor payment terms of 120 days or more with some of our vendors, which are also referred to as vendor financing. Vendor financing is excluded from capital expenditures and reported as financing activities. For the first nine months of 2025, vendor financing payments were $823, compared to $1,571 for the first nine months of 2024. Capital expenditures for the first nine months of 2025 were $14,061, and when including $823 cash paid for vendor financing, capital investment was $14,884 ($107 lower than the prior-year comparable period).
The vast majority of our capital expenditures are spent on our networks, including product development and related support systems. During the first nine months of 2025, we placed $1,014 of productive assets in service under vendor financing arrangements (compared to $581 in the prior-year comparable period). The amount of capital expenditures is influenced by demand for services and products, capacity needs and network enhancements.
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 sale of its wireless operations and select spectrum assets to T-Mobile US, Inc, which was closed on August 1, 2025.
On May 21, 2025, we agreed to acquire substantially all of Lumen’s mass markets fiber business for $5,750 cash, subject to purchase price adjustments. At the time of signing, the pending acquisition covered approximately one million fiber customers, and also included fiber network assets that reached more than four million fiber locations. The transaction is expected to close in early 2026, pending regulatory approval and other customary closing conditions.
On August 25, 2025, we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar Corporation for approximately $23,000, subject to certain adjustments. The transaction is expected to close in the first half of 2026 and is subject to regulatory approval and other closing conditions. The FCC licenses will be used to expand our 5G network, meet future capacity demands and support future wireless communications services. We signed a short-term spectrum manager lease on the 3.45 GHz spectrum. We expect these licenses will be deployed in cell sites covering nearly two-thirds of the U.S. population by mid-November 2025.
AT&T INC.
SEPTEMBER 30, 2025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
Cash Provided by or Used in Financing Activities
For the first nine months of 2025, cash provided by financing activities totaled $2,391 and was primarily comprised of issuances of long-term debt and preferred interests, offset by dividend payments, preferred and common stock repurchases, debt repayments and vendor financing payments.
A tabular summary of our debt activities for the nine months ended September 30, 2025 is as follows:
| First Quarter | Second Quarter | Third Quarter | Nine months ended September 30, 2025 | |||||||||||
| Issuance of Notes and Debentures: | ||||||||||||||
| EUR notes | $ | 2,956 | $ | — | $ | 2,639 | $ | 5,595 | ||||||
| USD notes | — | 3,473 | 4,959 | 8,432 | ||||||||||
| Debt Issuances | $ | 2,956 | $ | 3,473 | $ | 7,598 | $ | 14,027 | ||||||
| Repayments | ||||||||||||||
| EUR notes | $ | (1,321) | $ | (32) | $ | — | $ | (1,353) | ||||||
| Other | (205) | (62) | (229) | (496) | ||||||||||
| Repayments of long-term debt | $ | (1,526) | $ | (94) | $ | (229) | $ | (1,849) |
The weighted average interest rate of our long-term debt portfolio, including credit agreement borrowings and the impact of derivatives, was approximately 4.2% as of September 30, 2025 and as of December 31, 2024. We had $138,090 of total notes and debentures outstanding at September 30, 2025. This also included Euro, British pound sterling, Canadian dollar, Swiss franc and Australian dollar denominated debt that totaled approximately $38,496.
At September 30, 2025, we had $11,378 of long-term debt maturing within one year. We had no outstanding commercial paper or other short-term borrowings on September 30, 2025.
For the first nine months of 2025, we paid $823 of cash under our vendor financing program, compared to $1,571 in the prior-year comparable period. Total vendor financing payables included in our September 30, 2025 consolidated balance sheet were $1,674, with $908 due within one year (in “Accounts payable and accrued liabilities”) and the remainder predominantly due within five years (in “Other noncurrent liabilities”).
During the first nine months of 2025, we repurchased approximately 87 million shares totaling $2,444 under our $10,000 common stock repurchase authorization approved by the Board of Directors in December 2024, excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022. At September 30, 2025, we had approximately $7,556 remaining under this repurchase authorization.
We paid dividends on common and preferred shares of $6,168 during the first nine months of 2025, compared with $6,171 for the first nine months of 2024.
Dividends on common stock declared by our Board of Directors totaled $0.8325 per share in the first nine months of 2025 and 2024. Our dividend policy considers the expectations and requirements of stockholders, capital funding requirements of AT&T and long-term growth opportunities.
Financing activities in the first nine months of 2025 also included the issuance of $2,250 of nonconvertible cumulative preferred interests in Telco LLC, with the funds used to redeem all outstanding Series B preferred stock for $2,075 (see Note 11). We also received approximately $850 in upfront cash proceeds from a structured sale-leaseback of real estate.
Credit Facilities
The following summary of our various credit and loan agreements does not purport to be complete and is qualified in its entirety by reference to each agreement filed as exhibits to our Annual Report on Form 10-K.
We use credit facilities as a tool in managing our liquidity status. We currently have one $12,000 revolving credit agreement that terminates on November 18, 2029 (Revolving Credit Agreement). No amount was outstanding under the Revolving Credit Agreement as of September 30, 2025.
AT&T INC.
SEPTEMBER 30, 2025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
We also utilize other external financing sources, which include various credit arrangements supported by government agencies to support network equipment purchases as well as a commercial paper program.
Our Revolving Credit Agreement contains covenants that are customary for an issuer with investment grade senior debt credit rating as well as a net debt-to-EBITDA financial ratio covenant requiring AT&T to maintain, as of the last day of each fiscal quarter, a ratio of not more than 3.75-to-1. As of September 30, 2025, we were in compliance with the covenants for our credit facilities.
Collateral Arrangements
Most of our counterparty collateral arrangements require cash collateral posting by AT&T only when derivative market values exceed certain thresholds. Under these arrangements, which cover the majority of our approximate $39,142 derivative portfolio, counterparties are still required to post collateral. During the first nine months of 2025, we received $218 of cash collateral, on a net basis. Cash postings under these arrangements vary with changes in credit ratings and netting agreements. (See Note 7)
Other
Our total capital consists of debt (long-term debt and debt maturing within one year), redeemable noncontrolling interest and stockholders’ equity. Our capital structure does not include debt issued by our equity method investments. At September 30, 2025, our debt ratio was 52.0%, compared to 52.2% at September 30, 2024 and 50.7% at December 31, 2024. The debt ratio is affected by the same factors that affect total capital, and reflects our recent debt issuances, repayments and reclassifications related to redemption of noncontrolling interests.
AT&T INC.
SEPTEMBER 30, 2025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts
DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURES
We also evaluate segment and business unit performance based on EBITDA, which is defined as operating income excluding depreciation and amortization, and/or EBITDA margin, which is defined as EBITDA divided by total revenue. EBITDA is used as part of our management reporting, and we believe EBITDA to be a relevant and useful measurement to our investors as it measures the cash generation potential of our business units. EBITDA does not give effect to depreciation and amortization expenses incurred in operating income nor is it burdened by cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. There are material limitations to using these non-GAAP financial measures. EBITDA and EBITDA margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies.
| Third Quarter | Nine-Month Period | ||||||||||||||||||||||||||||||||||
| Percent | Percent | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||
| Communications Segment | |||||||||||||||||||||||||||||||||||
| Operating income | $ | 7,096 | $ | 7,156 | (0.8) | % | $ | 21,152 | $ | 20,906 | 1.2 | % | |||||||||||||||||||||||
| Add: Depreciation and amortization | 5,076 | 4,813 | 5.5 | 15,084 | 14,319 | 5.3 | |||||||||||||||||||||||||||||
| EBITDA | $ | 12,172 | $ | 11,969 | 1.7 | % | $ | 36,236 | $ | 35,225 | 2.9 | % | |||||||||||||||||||||||
| Operating income margin | 24.0 | % | 24.6 | % | 23.8 | % | 24.2 | % | |||||||||||||||||||||||||||
| EBITDA margin | 41.2 | % | 41.2 | % | 40.8 | % | 40.7 | % | |||||||||||||||||||||||||||
| Mobility | |||||||||||||||||||||||||||||||||||
| Operating income | $ | 7,125 | $ | 7,003 | 1.7 | % | $ | 20,796 | $ | 20,190 | 3.0 | % | |||||||||||||||||||||||
| Add: Depreciation and amortization | 2,577 | 2,490 | 3.5 | 7,659 | 7,453 | 2.8 | |||||||||||||||||||||||||||||
| EBITDA | $ | 9,702 | $ | 9,493 | 2.2 | % | $ | 28,455 | $ | 27,643 | 2.9 | % | |||||||||||||||||||||||
| Operating income margin | 32.8 | % | 33.3 | % | 31.9 | % | 32.5 | % | |||||||||||||||||||||||||||
| EBITDA margin | 44.7 | % | 45.1 | % | 43.7 | % | 44.5 | % | |||||||||||||||||||||||||||
| Business Wireline | |||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | (354) | $ | (43) | — | % | $ | (653) | $ | 123 | — | % | |||||||||||||||||||||||
| Add: Depreciation and amortization | 1,535 | 1,399 | 9.7 | 4,554 | 4,147 | 9.8 | |||||||||||||||||||||||||||||
| EBITDA | $ | 1,181 | $ | 1,356 | (12.9) | % | $ | 3,901 | $ | 4,270 | (8.6) | % | |||||||||||||||||||||||
| Operating income margin | (8.3) | % | (0.9) | % | (5.0) | % | 0.9 | % | |||||||||||||||||||||||||||
| EBITDA margin | 27.8 | % | 29.4 | % | 29.9 | % | 29.9 | % | |||||||||||||||||||||||||||
| Consumer Wireline | |||||||||||||||||||||||||||||||||||
| Operating income | $ | 325 | $ | 196 | 65.8 | % | $ | 1,009 | $ | 593 | 70.2 | % | |||||||||||||||||||||||
| Add: Depreciation and amortization | 964 | 924 | 4.3 | 2,871 | 2,719 | 5.6 | |||||||||||||||||||||||||||||
| EBITDA | $ | 1,289 | $ | 1,120 | 15.1 | % | $ | 3,880 | $ | 3,312 | 17.1 | % | |||||||||||||||||||||||
| Operating income margin | 9.1 | % | 5.7 | % | 9.5 | % | 5.9 | % | |||||||||||||||||||||||||||
| EBITDA margin | 36.3 | % | 32.8 | % | 36.5 | % | 32.7 | % | |||||||||||||||||||||||||||
| Latin America Segment | |||||||||||||||||||||||||||||||||||
| Operating income | $ | 22 | $ | 10 | — | % | $ | 111 | $ | 19 | — | % | |||||||||||||||||||||||
| Add: Depreciation and amortization | 177 | 158 | 12.0 | 482 | 507 | (4.9) | |||||||||||||||||||||||||||||
| EBITDA | $ | 199 | $ | 168 | 18.5 | % | $ | 593 | $ | 526 | 12.7 | % | |||||||||||||||||||||||
| Operating income margin | 2.0 | % | 1.0 | % | 3.6 | % | 0.6 | % | |||||||||||||||||||||||||||
| EBITDA margin | 18.2 | % | 16.4 | % | 19.0 | % | 16.5 | % |
AT&T INC.
SEPTEMBER 30, 2025
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