PAY VERSUS PERFORMANCE

In this section, we are including the required disclosure for pay versus performance as defined by the Securities and Exchange Commission (SEC) for our principal executive officer(s) (PEO(s)) and

Non-PEO

NEOs and Company performance for the fiscal years listed below.


Pay Versus Performance

Year 1	Summary Compensation Table Total for CEO		Comp Actually Paid to CEO 2		Average Summary Compensation Table Total for Non-CEO NEOs		Average Comp Actually Paid to Non-CEO NEOs 2		Value of Initial Fixed $100 Investment Based On: 3				Net Income (Loss) $M			Standalone AT&T Adjusted Operating Income $M 4
Year 1	Summary Compensation Table Total for CEO		Comp Actually Paid to CEO 2		Average Summary Compensation Table Total for Non-CEO NEOs		Average Comp Actually Paid to Non-CEO NEOs 2		AT&T TSR		S&P 500 CSI		Net Income (Loss) $M			Standalone AT&T Adjusted Operating Income $M 4

2025	$	29,906,872	$	43,038,808	$	12,716,814	$	19,240,076	$	155	$	213	$	23,386		$	25,718

2024	$	26,410,845	$	44,542,542	$	13,656,225	$	23,344,356	$	136	$	160	$	12,253		$	24,385

2023	$	26,450,157	$	23,872,707	$	11,679,630	$	10,454,047	$	95	$	114	$	15,623		$	24,604

2022	$	22,915,526	$	22,874,696	$	11,526,718	$	11,866,965	$	97	$	73	($	7,055	)	$	22,983

2021	$	24,820,879	$	20,751,888	$	10,436,274	$	8,724,822	$	92	$	122	$	21,479		$	22,235

Note 1.

John Stankey served as our CEO for each year 2021 – 2025.

Non-CEO

NEOs for each year are presented as follows:

•

2022 – 2025: Pascal Desroches, Lori Lee, David McAtee, and Jeff McElfresh

•

2021: Pascal Desroches, Lori Lee, David McAtee, Jeff McElfresh, John Stephens, and Randall Stephenson

Note 2.

Compensation Actually Paid (CAP) is the Summary Compensation Table (SCT) total value for the period shown with adjustments for equity awards and pension. CAP reflects equity awards based on the

mark-to-market

valuation for cash settled portions of awards under Accounting Standards Codification Topic 718:

Compensation – Stock Compensation

for each period in the above table. Pension values for CAP reflect the pension service cost as used in the financial statements for each period shown in the above table.

Note 3.

The company must calculate TSR with a base investment of $100 in a manner consistent with the SEC stock performance graph disclosure requirements over the cumulative period covered in the disclosure (i.e., for 2021 the table represents the TSR over 2021, the TSR for 2022 represents the cumulative TSR over 2021 and 2022, etc.). The peer group used for comparison is the S&P 500 Communication Services Index (CSI).

Note 4.

Standalone AT&T results reflect the historical operating results of the company presented as continuing operations and exclude U.S. Video and other dispositions included in Corporate and Other that did not meet the criteria for discontinued operations. Standalone AT&T results are presented to provide 2021 full-year results that are comparable to 2022, 2023, 2024 and 2025 continuing operations financial data. Standalone AT&T Adjusted Operating Income differs from Adjusted Operating Income presented in our quarterly earnings material, and is calculated by adjusting AT&T’s Operating Income (Loss) from Continuing Operations for the following items: (1) transaction, impairment and depreciation and amortization costs associated with merger, acquisition and disposition activity for transactions when enterprise value exceeds $2.0 billion; (2) costs related to changes in accounting principles, changes in tax laws, natural disasters, impairments and abandonments of goodwill, other intangibles and fixed assets and, gains and losses related to asset dispositions and

mark-to-market

activity, in each case, in

excess of $500 million for 2022 and 2021, and

in-excess

of $300 million for

2023-25;

additionally, for

2023-25,

the actuarial and

mark-to-market

gains and losses related to the assets and liabilities of pension and other post-retirement benefit plans and rabbi trusts and benefit plan funding that varies from budget; (3) severance charges in excess of $200 million for 2022, and in excess of $300 million for

2023-25;

and (4) for 2024 and 2025, costs related to a legal matter in excess of $300 million. Standalone AT&T Adjusted Operating Income also removes the results from U.S. Video operations and other dispositions that did not meet the criteria for discontinued operations, which impacts 2021.

Compensation Actually Paid (CAP) calculations are as

follows

:


CEO SCT Total to CAP Reconciliation
Year	Summary Compensation Table Total		Deductions from SCT Total for Equity Awards		Deductions from SCT Total for Pension Benefits		Additions to SCT Total for Equity Awards 1		Additions to SCT Total for Pension Service Costs 1,2			CAP

2025	$	29,906,872	$	19,500,012	$	1,496,923	$	34,129,081	($	210	)	$	43,038,808

2024	$	26,410,845	$	16,499,998	$	1,203,091	$	35,833,627	$	1,159		$	44,542,542

2023	$	26,450,157	$	16,500,000	$	746,941	$	14,669,708	($	217	)	$	23,872,707

2022	$	22,915,526	$	13,499,988	$	1,262,050	$	14,718,993	$	2,215		$	22,874,696

2021	$	24,820,879	$	13,420,341	$	1,464,778	$	10,877,758	($	61,630	)	$	20,751,888

Note 1.

The following table outlines the individual amounts included in the calculation of the Additions to SCT Total for Equity Awards and Pension Costs for the CEO:


	Equity														Pension
Year	Year End Fair Value of Equity Awards Granted in the Year		Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years			Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year			Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation		Total Equity Award Adjustments		Service Cost			Prior Service Cost		Total Service Cost

2025	$	21,627,722	$	3,660,767		$	4,875,003	$	1,810,295		$	2,155,294	$	34,129,081	($	210	)		$0	($	210	)

2024	$	22,142,092	$	7,426,648		$	4,125,004	$	150,283		$	1,989,600	$	35,833,627	$	1,159			$0	$	1,159

2023	$	10,278,799	($	1,708,660	)	$	4,125,000	$	311,691		$	1,662,878	$	14,669,708	($	217	)		$0	($	217	)

2022	$	11,316,638	($	1,436,890	)	$	3,374,991	($	53,056	)	$	1,517,311	$	14,718,993	$	2,215			$0	$	2,215

2021	$	7,783,605	($	1,978,709	)	$	3,375,014	$	5,389		$	1,692,459	$	10,877,758	($	61,630	)		$0	($	61,630	)

Note 2.

Mr. Stankey’s Pension Costs do not include any Prior Service Cost since there were no applicable plan amendments. In 2021, his qualified management pension increased more than the SERP benefit; it is used as an offset to the gross SERP formula, resulting in a net negative Service Cost for all pension benefits.


Average Non-CEO NEO’s SCT Total to CAP Reconciliation
Year	Summary Compensation Table Total		Deductions from SCT Total for Equity Awards		Deductions from SCT Total for Pension Benefits		Additions to SCT Total for Equity Award 1		Additions to SCT Total for Pension Costs 1		CAP

2025	$	12,716,814	$	8,025,007	$	309,001	$	14,801,763	$	55,507	$	19,240,076

2024	$	13,656,225	$	9,406,249	$	197,153	$	19,227,852	$	63,681	$	23,344,356

2023	$	11,679,630	$	7,156,255	$	145,620	$	6,025,311	$	50,981	$	10,454,047

2022	$	11,526,718	$	7,468,746	$	528,796	$	8,150,222	$	187,567	$	11,866,965

2021	$	10,436,274	$	3,979,166	$	785,922	$	2,760,131	$	293,505	$	8,724,822

Note 1.

The following table outlines the individual average amounts included in the calculation of the Additions to SCT Total for Equity Awards and Pension Costs for the

Non-CEO

NEOs:


	Equity														Pension
Year	Year End Fair Value of Equity Awards Granted in the Year		Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years			Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year			Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation		Total Equity Award Adjustments		Service Cost		Prior Service Cost		Total Service Cost

2025	$	8,777,481	$	1,993,762		$	1,881,252	$	1,001,529		$	1,147,739	$	14,801,763	$	55,507	$	0	$	55,507

2024	$	11,940,544	$	4,196,645		$	1,851,562	$	176,810		$	1,062,292	$	19,227,852	$	63,681	$	0	$	63,681

2023	$	4,358,935	($	1,035,474	)	$	1,706,159	$	41,327		$	954,364	$	6,025,311	$	50,981	$	0	$	50,981

2022	$	6,659,592	($	762,402	)	$	1,439,060	($	11,723	)	$	825,696	$	8,150,222	$	187,567	$	0	$	187,567

2021	$	2,484,647	($	1,586,659	)	$	771,874	$	8,166		$	1,082,103	$	2,760,131	$	126,293	$	167,212	$	293,505

Named Executive Officers, Footnote

Note 1.

John Stankey served as our CEO for each year 2021 – 2025.

Non-CEO

NEOs for each year are presented as follows:

•

2022 – 2025: Pascal Desroches, Lori Lee, David McAtee, and Jeff McElfresh

•

2021: Pascal Desroches, Lori Lee, David McAtee, Jeff McElfresh, John Stephens, and Randall Stephenson

PEO Total Compensation Amount

$ 29,906,872

$ 26,410,845

$ 26,450,157

$ 22,915,526

$ 24,820,879

Adjustment To PEO Compensation, Footnote

Compensation Actually Paid (CAP) calculations are as

follows

:


CEO SCT Total to CAP Reconciliation
Year	Summary Compensation Table Total		Deductions from SCT Total for Equity Awards		Deductions from SCT Total for Pension Benefits		Additions to SCT Total for Equity Awards 1		Additions to SCT Total for Pension Service Costs 1,2			CAP

2025	$	29,906,872	$	19,500,012	$	1,496,923	$	34,129,081	($	210	)	$	43,038,808

2024	$	26,410,845	$	16,499,998	$	1,203,091	$	35,833,627	$	1,159		$	44,542,542

2023	$	26,450,157	$	16,500,000	$	746,941	$	14,669,708	($	217	)	$	23,872,707

2022	$	22,915,526	$	13,499,988	$	1,262,050	$	14,718,993	$	2,215		$	22,874,696

2021	$	24,820,879	$	13,420,341	$	1,464,778	$	10,877,758	($	61,630	)	$	20,751,888

Note 1.

The following table outlines the individual amounts included in the calculation of the Additions to SCT Total for Equity Awards and Pension Costs for the CEO:


	Equity														Pension
Year	Year End Fair Value of Equity Awards Granted in the Year		Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years			Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year			Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation		Total Equity Award Adjustments		Service Cost			Prior Service Cost		Total Service Cost

2025	$	21,627,722	$	3,660,767		$	4,875,003	$	1,810,295		$	2,155,294	$	34,129,081	($	210	)		$0	($	210	)

2024	$	22,142,092	$	7,426,648		$	4,125,004	$	150,283		$	1,989,600	$	35,833,627	$	1,159			$0	$	1,159

2023	$	10,278,799	($	1,708,660	)	$	4,125,000	$	311,691		$	1,662,878	$	14,669,708	($	217	)		$0	($	217	)

2022	$	11,316,638	($	1,436,890	)	$	3,374,991	($	53,056	)	$	1,517,311	$	14,718,993	$	2,215			$0	$	2,215

2021	$	7,783,605	($	1,978,709	)	$	3,375,014	$	5,389		$	1,692,459	$	10,877,758	($	61,630	)		$0	($	61,630	)

Note 2.

Mr. Stankey’s Pension Costs do not include any Prior Service Cost since there were no applicable plan amendments. In 2021, his qualified management pension increased more than the SERP benefit; it is used as an offset to the gross SERP formula, resulting in a net negative Service Cost for all pension benefits.

Non-PEO NEO Average Compensation Actually Paid Amount

$ 19,240,076

23,344,356

10,454,047

11,866,965

8,724,822

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

In addition to the tabular disclosure, the following is an unranked list of the most important performance measures that link CAP to Company

performance

.


Most Important Performance Measures

Long Term Measures (page 51)		Compensation Adjusted Earnings Per Share
		Return on Invested Capital
		Total Shareholder Return

Short Term Measures (page 45)		Free Cash Flow
Short Term Measures (page 45)		Compensation Adjusted Operating Income

Peer Group Total Shareholder Return Amount

213

160

114

73

122

Company Selected Measure Amount

25,718,000,000

24,385,000,000

24,604,000,000

22,983,000,000

22,235,000,000

Name

Compensation Adjusted Earnings Per Share