v3.26.1
Employee Benefit Plan, Master Trust (Tables)
 12 Months Ended
Dec. 31, 2025
EBP-43-1301883-022 [Master Trust]  
EBP, Master Trust [Line Items]  
EBP, Master Trust [Table Text Block]
The participating plans and ownership percentages of the AT&T Master Trust are listed below:
 
 
December 31,
 
2025
2024
AT&T Retirement Savings Plan99.76 %99.77 %
AT&T Puerto Rico Retirement Savings Plan0.24 %0.23 %
 
 
 
Total100.00%100.00%
 
 
 
The financial position of the AT&T Master Trust was as follows:
 
December 31, 2025
AT&T Master TrustAT&T Retirement Savings Plan InterestAT&T Puerto Rico Retirement Savings Plan Interest
Interest-bearing cash$42 $42 $— 
AT&T common stock4,023,865 4,017,982 5,883 
Mutual funds42,365 42,201 164 
Common/collective trust funds26,715,343 26,645,834 69,509 
Fidelity BrokerageLink3,736,544 3,736,234 310 
Investment in Group Trust10,787,560 10,753,962 33,598 
AT&T Master Trust investments$45,305,719 $45,196,255 $109,464 
Net other assets and liabilities(1,174)(863)(311)
Net assets available for benefits$45,304,545 $45,195,392 $109,153 
 
December 31, 2024
AT&T Master TrustAT&T Retirement Savings Plan InterestAT&T Puerto Rico Retirement Savings Plan Interest
AT&T common stock$3,859,277 $3,853,789 $5,488 
Mutual funds48,445 48,290 155 
Common/collective trust funds24,697,041 24,633,665 63,376 
Fidelity BrokerageLink3,243,308 3,243,039 269 
Investment in Group Trust10,801,902 10,771,697 30,205 
AT&T Master Trust investments$42,649,973 $42,550,480 $99,493 
Net other assets and liabilities(1,695)(1,418)(277)
Net assets available for benefits$42,648,278 $42,549,062 $99,216 
 

Net Appreciation in Fair Value of AT&T Master Trust Investments and
Total Investment Income for the Year Ended December 31, 2025
 
Net appreciation in fair value of AT&T Master Trust Investments$5,204,225 
Investment income:
Dividends186,168 
Interest268 
Income from investment in Group Trust953,231 
 
Net investment income of AT&T Master Trust Investments$6,343,892 
 
 
The following tables set forth by level, within the fair value hierarchy, the AT&T Master Trust’s assets at fair value, excluding its investment in the Group Trust:
 
AT&T Master Trust Assets at Fair Value as of
December 31, 2025
 
Level 1
Level 2
Level 3
Total
Interest-bearing cash$42 $— $— $42 
AT&T common stock4,023,865 — — 4,023,865 
Mutual funds42,365 — — 42,365 
Self-directed brokerage accounts3,702,555 33,989 — 3,736,544 
Total assets in fair value hierarchy$7,768,827 $33,989 $— $7,802,816 
 
 
 
 
 
Common/collective trusts measured at net asset value   
 
Asset allocation funds1    
  8,356,475 
Total U.S. stock market index fund2    
  3,028,277 
Large cap U.S. stock index fund3    
  9,342,538 
Small and mid-sized U.S. stock index fund4    
  3,043,821 
International stock index fund5    
  2,944,232 
    
 
Total assets at fair value   $34,518,159 
    
 
1     This category includes 14 common/collective trust funds also known as Age-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the underlying investments over time to correspond with various retirement years. There are currently no redemption restrictions on these investments.
2     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Dow Jones Total U.S. Stock Market Index. There are currently no redemption restrictions on this investment.
3     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Standard and Poor’s Composite Stock Price Index of 500 stocks (the S&P 500®). There are currently no redemption restrictions on this investment.
4     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Dow Jones U.S. Completion Total Stock Market Index. There are currently no redemption restrictions on this investment.
5     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the All Country World Index ex U.S. Index. Except for a short-term trading fee applicable to certain participant transactions, there are currently no redemption restrictions on this investment.
 
AT&T Master Trust Assets at Fair Value as of
December 31, 2024
 
Level 1
Level 2
Level 3
Total
AT&T common stock$3,859,277 $— $— $3,859,277 
Mutual funds48,445 — — 48,445 
Self-directed brokerage accounts3,213,618 29,690 — 3,243,308 
 
 
 
 
 
Total assets in fair value hierarchy$7,121,340 $29,690 $— $7,151,030 
 
 
 
 
 
Common/collective trusts measured at net asset value   
 
Asset allocation funds1    
   7,544,658 
Total U.S. stock market index fund2    
   2,774,504 
Large cap U.S. stock index fund3    
   8,803,530 
Small and mid-sized U.S. stock index fund4    
   3,141,256 
International stock index fund5    
   2,433,093 
    
 
Total assets at fair value   $31,848,071 
    
 
1     This category includes 14 common/collective trust funds also known as Age-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the underlying investments over time to correspond with various retirement years. There are currently no redemption restrictions on these investments.
2     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Dow Jones Total U.S. Stock Market Index. There are currently no redemption restrictions on this investment.
3     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Standard and Poor’s Composite Stock Price Index of 500 stocks (the S&P 500®). There are currently no redemption restrictions on this investment.
4     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Dow Jones U.S. Completion Total Stock Market Index. There are currently no redemption restrictions on this investment.
5     This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the All Country World Index ex U.S. Index. Except for a short-term trading fee applicable to certain participant transactions, there are currently no redemption restrictions on this investment.
EBP-43-1301883-009 [ARSP]  
EBP, Master Trust [Line Items]  
EBP, Master Trust [Table Text Block]
The participating plans and ownership percentages of the AT&T Master Trust are listed below:
 
 
December 31,
 
2025
2024
AT&T Retirement Savings Plan99.76 %99.77 %
AT&T Puerto Rico Retirement Savings Plan0.24 %0.23 %
 
 
 
Total100.00%100.00%
 
 
 
The financial position of the AT&T Master Trust was as follows:
 
December 31, 2025
AT&T Master TrustAT&T Retirement Savings Plan InterestAT&T Puerto Rico Retirement Savings Plan Interest
Interest-bearing cash$42 $42 $— 
AT&T common stock4,023,865 4,017,982 5,883 
Mutual funds42,365 42,201 164 
Common/collective trust funds26,715,343 26,645,834 69,509 
Fidelity BrokerageLink3,736,544 3,736,234 310 
Investment in Group Trust10,787,560 10,753,962 33,598 
AT&T Master Trust investments$45,305,719 $45,196,255 $109,464 
Net other assets and liabilities(1,174)(863)(311)
Net assets available for benefits$45,304,545 $45,195,392 $109,153 
 
December 31, 2024
AT&T Master TrustAT&T Retirement Savings Plan InterestAT&T Puerto Rico Retirement Savings Plan Interest
AT&T common stock$3,859,277 $3,853,789 $5,488 
Mutual funds48,445 48,290 155 
Common/collective trust funds24,697,041 24,633,665 63,376 
Fidelity BrokerageLink3,243,308 3,243,039 269 
Investment in Group Trust10,801,902 10,771,697 30,205 
AT&T Master Trust investments$42,649,973 $42,550,480 $99,493 
Net other assets and liabilities(1,695)(1,418)(277)
Net assets available for benefits$42,648,278 $42,549,062 $99,216 
 
EBP-43-1301883-011 [PRRSP]  
EBP, Master Trust [Line Items]  
EBP, Master Trust [Table Text Block]
The participating plans and ownership percentages of the AT&T Master Trust are listed below:
 
 
December 31,
 
2025
2024
AT&T Retirement Savings Plan99.76 %99.77 %
AT&T Puerto Rico Retirement Savings Plan0.24 %0.23 %
 
 
 
Total100.00%100.00%
 
 
 
The financial position of the AT&T Master Trust was as follows:
 
December 31, 2025
AT&T Master TrustAT&T Retirement Savings Plan InterestAT&T Puerto Rico Retirement Savings Plan Interest
Interest-bearing cash$42 $42 $— 
AT&T common stock4,023,865 4,017,982 5,883 
Mutual funds42,365 42,201 164 
Common/collective trust funds26,715,343 26,645,834 69,509 
Fidelity BrokerageLink3,736,544 3,736,234 310 
Investment in Group Trust10,787,560 10,753,962 33,598 
AT&T Master Trust investments$45,305,719 $45,196,255 $109,464 
Net other assets and liabilities(1,174)(863)(311)
Net assets available for benefits$45,304,545 $45,195,392 $109,153 
 
December 31, 2024
AT&T Master TrustAT&T Retirement Savings Plan InterestAT&T Puerto Rico Retirement Savings Plan Interest
AT&T common stock$3,859,277 $3,853,789 $5,488 
Mutual funds48,445 48,290 155 
Common/collective trust funds24,697,041 24,633,665 63,376 
Fidelity BrokerageLink3,243,308 3,243,039 269 
Investment in Group Trust10,801,902 10,771,697 30,205 
AT&T Master Trust investments$42,649,973 $42,550,480 $99,493 
Net other assets and liabilities(1,695)(1,418)(277)
Net assets available for benefits$42,648,278 $42,549,062 $99,216 
 
EBP-43-1301883-021 [Group Trust]  
EBP, Master Trust [Line Items]  
EBP, Master Trust [Table Text Block]
Net Appreciation in Fair Value of Group Trust Investments and
Total Investment Income for the Year Ended December 31, 2025
 
 
Group Trust
Net appreciation in fair value of Group Trust Investments$762,134 
Investment Income:
Interest204,125 
Dividends21,926 
Less: investment management expenses(9,340)
Net investment income of Group Trust Investments$978,845