v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
NOTE 4. SEGMENT INFORMATION
 
Our segments are comprised of strategic business units or other operations that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. We have two reportable segments: Communications and Latin America.
 
Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income to evaluate performance and allocate resources, including capital allocations, when managing the business. Our CODM manages operations through the review of actual and forecasted “Operations and Support Expenses” information at a segment and business unit level, with Communications and Latin America segments primarily evaluated on a direct cost basis and comprised of equipment, compensation, network and technology, sales, advertising and other costs.

Additionally, business unit expenses within the Communications segment include direct and shared costs. Direct costs are incurred in support of products and services offered by the business units, such as equipment costs (predominantly wireless devices), network access, rents, leases, sales support, customer provisioning and commission expenses. Shared costs amongst the business units generally include information technology, network engineering and construction costs, advertising and other general and administrative expenses.
The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units:
•Mobility provides nationwide wireless service and equipment.
•Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services, as well as legacy voice and data services and related equipment, to business customers.
•Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and our fixed wireless access product (AT&T Internet Air or “AIA”) that provides internet services delivered over our 5G wireless network, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.

The Latin America segment provides wireless services and equipment in Mexico.
 
Corporate and Other reconciles our segment results to consolidated operating income and income before income taxes.

Corporate includes:
•DTV-related retained costs, which are costs previously allocated to the Video business that were retained after the transaction, net of reimbursements from DIRECTV Entertainment Holdings, LLC (DIRECTV) under transition service agreements.
•Parent administration support, which includes costs borne by AT&T where the business units do not influence decision making.
•Securitization fees associated with our sales of receivables (see Note 8).
•Value portfolio, which are businesses no longer integral to our operations or which we no longer actively market.

Other items consist of:
•Certain significant items, which includes items associated with the merger and integration of acquired or divested businesses, including amortization of intangible assets, employee separation charges associated with voluntary and/or strategic offers, asset impairments and abandonments and restructuring, and other items for which the segments are not being evaluated.
 
“Interest expense,” “Other income (expense) – net” and “Equity in net income of affiliates” are managed only on a total company basis and are, accordingly, reflected only in consolidated results.
For the three months ended June 30, 2025
 RevenuesOperations and Support ExpensesDepreciation and AmortizationOperating Income (Loss)
Communications    
Mobility$21,845 $12,358 $2,556 $6,931 
Business Wireline4,313 2,993 1,521 (201)
Consumer Wireline3,541 2,248 958 335 
Total Communications29,699 17,599 5,035 7,065 
Latin America
1,054 853 155 46 
Segment Total30,753 18,452 5,190 7,111 
Corporate and Other
Corporate:
DTV-related retained costs— 57 50 (107)
Parent administration support(2)422 2 (426)
Securitization fees
30 174 — (144)
Value portfolio66 11 — 55 
Total Corporate94 664 52 (622)
Certain significant items— (21)9 12 
Total Corporate and Other94 643 61 (610)
AT&T Inc.$30,847 $19,095 $5,251 $6,501 

For the three months ended June 30, 2024
 RevenuesOperations and Support ExpensesDepreciation and AmortizationOperating Income (Loss)
Communications    
Mobility$20,480 $11,285 $2,476 $6,719 
Business Wireline4,755 3,267 1,386 102 
Consumer Wireline3,347 2,249 914 184 
Total Communications28,582 16,801 4,776 7,005 
Latin America
1,103 925 1726 
Segment Total29,685 17,726 4,948 7,011 
Corporate and Other
Corporate:
DTV-related retained costs— 116 102 (218)
Parent administration support— 443 2 (445)
Securitization fees
29 150 — (121)
Value portfolio83 25 5 53 
Total Corporate112 734 109 (731)
Certain significant items— 505 15 (520)
Total Corporate and Other112 1,239 124 (1,251)
AT&T Inc.$29,797 $18,965 $5,072 $5,760 
For the six months ended June 30, 2025
 RevenuesOperations and Support ExpensesDepreciation and AmortizationOperating Income (Loss)
Communications    
Mobility$43,415 $24,662 $5,082 $13,671 
Business Wireline8,781 6,061 3,019 (299)
Consumer Wireline7,063 4,472 1,907 684 
Total Communications59,259 35,195 10,008 14,056 
Latin America
2,025 1,631 305 89 
Segment Total61,284 36,826 10,313 14,145 
Corporate and Other    
Corporate:
DTV-related retained costs— 113 100 (213)
Parent administration support(1)861 10 (872)
Securitization fees58 388 — (330)
Value portfolio132 21 — 111 
Total Corporate189 1,383 110 (1,304)
Certain significant items— 568 18 (586)
Total Corporate and Other189 1,951 128 (1,890)
AT&T Inc.$61,473 $38,777 $10,441 $12,255 
For the six months ended June 30, 2024
 RevenuesOperations and Support ExpensesDepreciation and AmortizationOperating Income (Loss)
Communications    
Mobility$41,074 $22,924 $4,963 $13,187 
Business Wireline9,668 6,754 2,748 166 
Consumer Wireline6,697 4,505 1,795 397 
Total Communications57,439 34,183 9,506 13,750 
Latin America
2,166 1,808 349 9 
Segment Total59,605 35,991 9,855 13,759 
Corporate and Other    
Corporate:
DTV-related retained costs— 250 222 (472)
Parent administration support— 835 3 (838)
Securitization fees55 315 — (260)
Value portfolio165 51 9 105 
Total Corporate220 1,451 234 (1,465)
Certain significant items— 657 30 (687)
Total Corporate and Other220 2,108 264 (2,152)
AT&T Inc.$59,825 $38,099 $10,119 $11,607 
The following table is a reconciliation of Segment Operating Income to “Income Before Income Taxes” reported in our consolidated statements of income:
 Three months ended
June 30,		Six months ended
June 30,
 2025202420252024
Communications$7,065 $7,005 $14,056 $13,750 
Latin America46 6 89 9 
Segment Operating Income7,111 7,011 14,145 13,759 
Reconciling Items:
Corporate(622)(731)(1,304)(1,465)
Transaction, legal and other costs
(49)(35)(128)(67)
Amortization of intangibles acquired(9)(15)(18)(30)
Asset impairments and abandonments and restructuring — (480)(504)(639)
Benefit-related gains (losses)70 10 64 49 
AT&T Operating Income6,501 5,760 12,255 11,607 
Interest expense1,655 1,699 3,313 3,423 
Equity in net income of affiliates485 348 1,925 643 
Other income (expense) — net
767 682 1,222 1,133 
Income Before Income Taxes$6,098 $5,091 $12,089 $9,960 

The following tables present assets, investments in equity affiliates and capital expenditures by segment:
June 30,December 31,
20252024
AssetsInvestments in Equity Method Investees
Assets
Investments in Equity Method Investees
Communications
$496,906 $— $481,757 $— 
Latin America8,659 — 7,808 — 
Corporate and eliminations
(100,074)1,011 (94,770)295 
Total$405,491 $1,011 $394,795 $295 

Six months ended
June 30,
Capital Expenditures
20252024
Communications$8,674 $7,741 
Latin America125 101 
Corporate and eliminations
375 276 
Total$9,174 $8,118