Document


AT&T Inc.
Financial Data

Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Third Quarter				Percent		Nine-Month Period				Percent
	2025		2024		Change		2025		2024		Change
Operating Revenues
Service	$	25,336	$	25,134	0.8	%	$	75,766	$	74,982	1.0	%
Equipment	5,373		5,079		5.8	%	16,416		15,056		9.0	%
Total Operating Revenues	30,709		30,213		1.6	%	92,182		90,038		2.4	%

Operating Expenses
Cost of revenues
Equipment	5,468		4,933		10.8	%	16,900		14,891		13.5	%

Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,351		6,697		(5.2)	%	19,102		20,135		(5.1)	%
Selling, general and administrative	7,454		6,958		7.1	%	21,544		21,022		2.5	%
Asset impairments and abandonments and restructuring	—		4,422		—	%	504		5,061		(90.0)	%
Depreciation and amortization	5,317		5,087		4.5	%	15,758		15,206		3.6	%
Total Operating Expenses	24,590		28,097		(12.5)	%	73,808		76,315		(3.3)	%
Operating Income	6,119		2,116		—	%	18,374		13,723		33.9	%
Interest Expense	1,700		1,675		1.5	%	5,013		5,098		(1.7)	%
Equity in Net Income (Loss) of Affiliates	(20)		272		—	%	1,905		915		—	%
Other Income (Expense) — Net	6,254		717		—	%	7,476		1,850		—	%
Income Before Income Taxes	10,653		1,430		—	%	22,742		11,390		99.7	%
Income Tax Expense	976		1,285		(24.0)	%	3,512		3,545		(0.9)	%


Net Income	9,677		145		—	%	19,230		7,845		—	%
Net Income Attributable to Noncontrolling Interest	(363)		(319)		(13.8)	%	(1,065)		(977)		(9.0)	%
Net Income (Loss) Attributable to AT&T	$	9,314	$	(174)	—	%	$	18,165	$	6,868	—	%
Preferred Stock Dividends and Redemption Gain	(36)		(52)		30.8	%	(28)		(153)		81.7	%
Net Income (Loss) Attributable to Common Stock	$	9,278	$	(226)	—	%	$	18,137	$	6,715	—	%




Basic Earnings (Loss) Per Share Attributable to Common Stock	$	1.29	$	(0.03)	—	%	$	2.51	$	0.93	—	%
Weighted Average Common Shares Outstanding (000,000)	7,156		7,202		(0.6)	%	7,193		7,197		(0.1)	%



Diluted Earnings (Loss) Per Share Attributable to Common Stock	$	1.29	$	(0.03)	—	%	$	2.51	$	0.93	—	%
Weighted Average Common Shares Outstanding with Dilution (000,000)	7,169		7,208		(0.5)	%	7,203		7,200		—	%


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
	Sep. 30,		Dec. 31,
	2025		2024
Assets	(Unaudited)
Current Assets
Cash and cash equivalents	$	20,272	$	3,298
Accounts receivable – net of related allowances for credit loss of $395 and $375	8,936		9,638
Inventories	2,886		2,270
Prepaid and other current assets	22,485		15,962
Total current assets	54,579		31,168
Property, Plant and Equipment – Net	129,922		128,871
Goodwill – Net	63,425		63,432
Licenses – Net	127,771		127,035
Other Intangible Assets – Net	5,254		5,255
Investments in and Advances to Equity Affiliates	1,056		295
Operating Lease Right-Of-Use Assets	22,654		20,909

Other Assets	18,552		17,830
Total Assets	$	423,213	$	394,795
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	11,378	$	5,089

Accounts payable and accrued liabilities	36,592		35,657
Advanced billings and customer deposits	3,897		4,099
Dividends payable	2,009		2,027
Total current liabilities	53,876		46,872
Long-Term Debt	128,090		118,443
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities	59,304		58,939
Postemployment benefit obligation	8,728		9,025
Operating lease liabilities	19,025		17,391
Other noncurrent liabilities	25,451		23,900
Total deferred credits and other noncurrent liabilities	112,508		109,255
Redeemable Noncontrolling Interest	1,984		1,980
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	106,461		109,108
Retained earnings	13,974		1,871
Treasury stock	(16,700)		(15,023)
Accumulated other comprehensive income (loss)	(648)		795
Noncontrolling interest	16,047		13,873
Total stockholders’ equity	126,755		118,245
Total Liabilities and Stockholders’ Equity	$	423,213	$	394,795


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Nine-Month Period
	2025		2024
Operating Activities
Net income	$	19,230	$	7,845
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,758		15,206
Provision for uncollectible accounts	1,592		1,431
Asset impairments and abandonments and restructuring	504		5,061
Pension and postretirement benefit expense (credit)	(1,191)		(1,412)

Net (gain) loss on investments	(5,722)		88
Changes in operating assets and liabilities:
Receivables	(613)		574
Equipment installment receivables and related sales	806		(899)
Contract asset and cost deferral	(482)		583
Inventories, prepaid and other current assets	(1,952)		(658)
Accounts payable and other accrued liabilities	(2,029)		(4,431)
Changes in income taxes	2,609		2,662
Postretirement claims and contributions	(593)		(129)
Other - net	1,047		954
Total adjustments	9,734		19,030
Net Cash Provided by Operating Activities	28,964		26,875

Investing Activities
Capital expenditures	(14,061)		(13,420)
Acquisitions, net of cash acquired	(47)		(322)
Dispositions	439		66
Distributions from DIRECTV in excess of cumulative equity in earnings	—		928
(Purchases), sales and settlements of securities - net	25		1,153
Other - net	(789)		(532)
Net Cash Used in Investing Activities	(14,433)		(12,127)

Financing Activities

Issuance of other short-term borrowings	—		491
Repayment of other short-term borrowings	—		(2,487)
Issuance of long-term debt	14,027		4
Repayment of long-term debt	(1,849)		(7,113)

Payment of vendor financing	(823)		(1,571)

Redemption of preferred stock	(2,075)		—
Purchase of treasury stock	(2,669)		(202)
Issuance of treasury stock	19		2
Issuance of preferred interests in subsidiary	2,221		—

Dividends paid	(6,168)		(6,171)
Other - net	(292)		(1,808)
Net Cash Provided by (Used in) Financing Activities	2,391		(18,855)
Net increase (decrease) in cash and cash equivalents and restricted cash	16,922		(4,107)






Cash and cash equivalents and restricted cash beginning of year	3,406		6,833
Cash and Cash Equivalents and Restricted Cash End of Period	$	20,328	$	2,726


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Third Quarter				Percent		Nine-Month Period						Percent
	2025		2024		Change		2025			2024			Change
Capital expenditures
Purchase of property and equipment	$	4,843	$	5,259	(7.9)	%	$	13,940		$	13,301		4.8	%
Interest during construction	44		43		2.3	%	121			119			1.7	%
Total Capital Expenditures	$	4,887	$	5,302	(7.8)	%	$	14,061		$	13,420		4.8	%

Acquisitions, net of cash acquired
Business acquisitions	$	—	$	—	—	%	$	—		$	—		—	%
Spectrum acquisitions	(13)		6		—	%	1			153			(99.3)	%
Interest during construction - spectrum	12		46		(73.9)	%	46			169			(72.8)	%
Total Acquisitions	$	(1)	$	52	—	%	$	47		$	322		(85.4)	%

Cash paid for interest	$	1,855	$	1,971	(5.9)	%	$	5,171		$	5,615		(7.9)	%

Cash paid for income taxes, net of (refunds)	$	17	$	583	(97.1)	%	$	897		$	882		1.7	%

Dividends Declared per Common Share	$	0.2775	$	0.2775	—	%	$	0.8325		$	0.8325		—	%

End of Period Common Shares Outstanding (000,000)							7,109			7,174			(0.9)	%
Debt Ratio							52.0		%	52.2		%	(20)	BP
Total Employees							135,670			143,630			(5.5)	%


Segment Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Segment Operating Revenues
Mobility	$	21,713		$	21,052		3.1	%	$	65,128		$	62,126		4.8	%
Business Wireline	4,248			4,606			(7.8)	%	13,029			14,274			(8.7)	%
Consumer Wireline	3,555			3,416			4.1	%	10,618			10,113			5.0	%
Total Segment Operating Revenues	29,516			29,074			1.5	%	88,775			86,513			2.6	%

Segment Operating Income (Loss)
Mobility	7,125			7,003			1.7	%	20,796			20,190			3.0	%
Business Wireline	(354)			(43)			—	%	(653)			123			—	%
Consumer Wireline	325			196			65.8	%	1,009			593			70.2	%
Total Segment Operating Income	$	7,096		$	7,156		(0.8)	%	$	21,152		$	20,906		1.2	%

Operating Income Margin	24.0		%	24.6		%	(60)	BP	23.8		%	24.2		%	(40)	BP


Mobility Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Operating Revenues
Service	$	16,926		$	16,539		2.3	%	$	50,430		$	48,810		3.3	%
Equipment	4,787			4,513			6.1	%	14,698			13,316			10.4	%
Total Operating Revenues	21,713			21,052			3.1	%	65,128			62,126			4.8	%

Operating Expenses
Operations and support	12,011			11,559			3.9	%	36,673			34,483			6.4	%
Depreciation and amortization	2,577			2,490			3.5	%	7,659			7,453			2.8	%
Total Operating Expenses	14,588			14,049			3.8	%	44,332			41,936			5.7	%
Operating Income	$	7,125		$	7,003		1.7	%	$	20,796		$	20,190		3.0	%

Operating Income Margin	32.8		%	33.3		%	(50)	BP	31.9		%	32.5		%	(60)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									September 30,						Percent
									2025			2024			Change
Mobility Subscribers
Postpaid									90,255			88,384			2.1	%
Postpaid phone									73,801			72,285			2.1	%
Prepaid									18,544			19,200			(3.4)	%
Reseller									10,183			8,482			20.1	%
Total Mobility Subscribers1									118,982			116,066			2.5	%




	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Mobility Net Additions
Postpaid Phone Net Additions	405			403			0.5	%	1,130			1,171			(3.5)	%
Total Phone Net Additions	322			358			(10.1)	%	993			1,162			(14.5)	%

Postpaid	328			429			(23.5)	%	1,097			1,411			(22.3)	%
Prepaid	(167)			(49)			—	%	(353)			34			—	%
Reseller	587			237			—	%	413			910			(54.6)	%
Total Mobility Net Additions1,2	748			617			21.2	%	1,157			2,355			(50.9)	%

Postpaid Churn	1.07		%	0.93		%	14	BP	1.03		%	0.89		%	14 BP
Postpaid Phone-Only Churn	0.92		%	0.78		%	14	BP	0.87		%	0.73		%	14 BP

1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.
2Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.


Business Wireline Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Operating Revenues
Legacy and other transitional services	$	2,208		$	2,669		(17.3)	%	$	7,032		$	8,505		(17.3)	%
Fiber and advanced connectivity services	1,853			1,748			6.0	%	5,426			5,183			4.7	%
Equipment	187			189			(1.1)	%	571			586			(2.6)	%
Total Operating Revenues	4,248			4,606			(7.8)	%	13,029			14,274			(8.7)	%

Operating Expenses
Operations and support	3,067			3,250			(5.6)	%	9,128			10,004			(8.8)	%
Depreciation and amortization	1,535			1,399			9.7	%	4,554			4,147			9.8	%
Total Operating Expenses	4,602			4,649			(1.0)	%	13,682			14,151			(3.3)	%
Operating Income (Loss)	$	(354)		$	(43)		—	%	$	(653)		$	123		—	%

Operating Income Margin	(8.3)		%	(0.9)		%	(740)	BP	(5.0)		%	0.9		%	(590)	BP


Consumer Wireline Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						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	%

Operating Income Margin	9.1		%	5.7		%	340	BP	9.5		%	5.9		%	360	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									September 30,						Percent
									2025			2024			Change
Broadband Connections

Broadband1									14,494			13,864			4.5	%
Fiber Broadband Connections									10,123			9,024			12.2	%







	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Broadband Net Additions

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.


Segment Results
Dollars in millions
Unaudited	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Operating Revenues
Wireless service	$	696		$	645		7.9	%	$	1,973		$	2,034		(3.0)	%
Wireless 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)	%

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		—	%

Operating Income Margin	2.0		%	1.0		%	100	BP	3.6		%	0.6		%	300	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									September 30,						Percent
									2025			2024			Change
Mexico Wireless Subscribers
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	%

	Third Quarter						Percent		Nine-Month Period						Percent
	2025			2024			Change		2025			2024			Change
Mexico Wireless Net Additions
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)	%


Three Months Ended
Dollars in millions
Unaudited
September 30, 2025
	Revenues		Operations and Support Expenses		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	21,713	$	12,011	$	2,577	$	7,125
Business Wireline	4,248		3,067		1,535		(354)
Consumer Wireline	3,555		2,266		964		325
Total Communications	29,516		17,344		5,076		7,096
Latin America	1,095		896		177		22
Segment Total	30,611		18,240		5,253		7,118
Corporate and Other
Corporate:
DTV-related retained costs	—		56		50		(106)
Parent administration support	3		386		4		(387)
Securitization fees	29		150		—		(121)
Value portfolio	66		16		—		50
Total Corporate	98		608		54		(564)
Certain significant items	—		425		10		(435)
Total Corporate and Other	98		1,033		64		(999)
AT&T Inc.	$	30,709	$	19,273	$	5,317	$	6,119


September 30, 2024
	Revenues		Operations and Support Expenses		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	21,052	$	11,559	$	2,490	$	7,003
Business Wireline	4,606		3,250		1,399		(43)
Consumer Wireline	3,416		2,296		924		196
Total Communications	29,074		17,105		4,813		7,156
Latin America	1,022		854		158		10
Segment Total	30,096		17,959		4,971		7,166
Corporate and Other
Corporate:
DTV-related retained costs	—		107		95		(202)
Parent administration support	—		401		2		(403)
Securitization fees	31		134		—		(103)
Value portfolio	86		26		6		54
Total Corporate	117		668		103		(654)
Certain significant items	—		4,383		13		(4,396)

Total Corporate and Other	117		5,051		116		(5,050)
AT&T Inc.	$	30,213	$	23,010	$	5,087	$	2,116


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


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