Companies: 11,119     total market cap: A$213.299 T
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AT&T
T
#133
Rank
A$228.77 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$32.92
Share price
-0.33%
Change (1 day)
-20.70%
Change (1 year)
๐Ÿ“ก Telecommunication
Categories

AT&T Inc. is a North American telecommunications company. In addition to telephone, data and video telecommunications, AT&T also provides mobile communications and internet services for companies, private customers and government organizations. AT&T has long had a monopoly in the United States and Canada.

  1. AT&T
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

AT&T - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026

or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number 001-08610

AT&T INC.

Incorporated under the laws of the State of Delaware
I.R.S. Employer Identification Number 43-1301883

208 S. Akard St., Dallas, Texas 75202
Telephone Number: (210) 821-4105

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)
Name of each exchange
on which registered
Common Shares (Par Value $1.00 Per Share)TNew York Stock Exchange
NYSE Texas
Depositary Shares, each representing a 1/1000th interest in a
share of 5.000% Perpetual Preferred Stock, Series A
T PRANew York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a
share of 4.750% Perpetual Preferred Stock, Series C
T PRCNew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 5, 2026T 26DNew York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026T 26ANew York Stock Exchange
AT&T Inc. Floating Rate Global Notes due September 16, 2027
T 27C
New York Stock Exchange
AT&T Inc. 1.600% Global Notes due May 19, 2028T 28CNew York Stock Exchange
AT&T Inc. 2.350% Global Notes due September 5, 2029T 29DNew York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029T 29BNew York Stock Exchange
AT&T Inc. 2.600% Global Notes due December 17, 2029T 29ANew York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030T 30BNew York Stock Exchange
AT&T Inc. 3.150% Global Notes due June 1, 2030
T 30C
New York Stock Exchange
AT&T Inc. 3.950% Global Notes due April 30, 2031T 31FNew York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032T 32ANew York Stock Exchange

  Name of each exchange
Title of each classTrading Symbol(s)on which registered
AT&T Inc. 3.550% Global Notes due December 17, 2032T 32New York Stock Exchange
AT&T Inc. 3.600% Global Notes due June 1, 2033
T 33A
New York Stock Exchange
AT&T Inc. 5.200% Global Notes due November 18, 2033T 33New York Stock Exchange
AT&T Inc. 3.375% Global Notes due March 15, 2034T 34New York Stock Exchange
AT&T Inc. 4.300% Global Notes due November 18, 2034T 34CNew York Stock Exchange
AT&T Inc. 2.450% Global Notes due March 15, 2035T 35New York Stock Exchange
AT&T Inc. 3.150% Global Notes due September 4, 2036T 36ANew York Stock Exchange
AT&T Inc. 4.050% Global Notes due June 1, 2037
T 37B
New York Stock Exchange
AT&T Inc. 2.600% Global Notes due May 19, 2038T 38CNew York Stock Exchange
AT&T Inc. 1.800% Global Notes due September 14, 2039T 39BNew York Stock Exchange
AT&T Inc. 7.000% Global Notes due April 30, 2040T 40New York Stock Exchange
AT&T Inc. 4.250% Global Notes due June 1, 2043T 43New York Stock Exchange
AT&T Inc. 4.875% Global Notes due June 1, 2044T 44New York Stock Exchange
AT&T Inc. 4.000% Global Notes due June 1, 2049T 49ANew York Stock Exchange
AT&T Inc. 4.250% Global Notes due March 1, 2050T 50New York Stock Exchange
AT&T Inc. 3.750% Global Notes due September 1, 2050T 50ANew York Stock Exchange
AT&T Inc. 5.350% Global Notes due November 1, 2066TBBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company☐
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒

At July 16, 2026, there were 6,852,385,650 common shares outstanding.


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

AT&T INC.
CONSOLIDATED STATEMENTS OF INCOME
Dollars in millions except per share amounts
(Unaudited)
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Operating Revenues    
Service$25,977 $25,292 $51,455 $50,430 
Equipment5,581 5,555 11,609 11,043 
Total operating revenues31,558 30,847 63,064 61,473 
Operating Expenses
Cost of revenues
Equipment5,741 5,738 12,046 11,432 
Other cost of revenues (exclusive of depreciation and
amortization shown separately below)
6,306 6,412 12,567 12,751 
Selling, general and administrative7,221 6,945 14,537 14,090 
Asset impairments and abandonments and restructuring
286 — 286 504 
Depreciation and amortization4,966 5,251 9,932 10,441 
Total operating expenses24,520 24,346 49,368 49,218 
Operating Income7,038 6,501 13,696 12,255 
Other Income (Expense)
Interest expense(1,883)(1,655)(3,696)(3,313)
Equity in net income (loss) of affiliates
(29)485 (70)1,925 
Other income (expense) — net
696 767 1,290 1,222 
Total other income (expense)(1,216)(403)(2,476)(166)
Income from Continuing Operations Before Income Taxes5,822 6,098 11,220 12,089 
Income tax expense on continuing operations784 1,237 1,963 2,536 
Income from Continuing Operations5,038 4,861 9,257 9,553 
Loss from discontinued operations, net of tax(28)— (66)— 
Net Income5,010 4,861 9,191 9,553 
Net Income Attributable to Noncontrolling Interest
(383)(361)(735)(702)
Net Income Attributable to AT&T$4,627 $4,500 $8,456 $8,851 
Preferred Stock Dividends and Redemption Gain
(36)(36)(72)8 
Net Income Attributable to Common Stock$4,591 $4,464 $8,384 $8,859 
Basic Earnings Per Share from continuing operations$0.66 $0.62 $1.21 $1.22 
Basic Loss Per Share from discontinued operations— — (0.01)— 
Basic Earnings Per Share Attributable to Common Stock$0.66 $0.62 $1.20 $1.22 
Diluted Earnings Per Share from continuing operations$0.66 $0.62 $1.21 $1.22 
Diluted Loss Per Share from discontinued operations— — (0.01)— 
Diluted Earnings Per Share Attributable to Common Stock$0.66 $0.62 $1.20 $1.22 
Weighted Average Number of Common Shares
Outstanding — Basic (in millions)
6,938 7,209 6,977 7,211 
Weighted Average Number of Common Shares
Outstanding — with Dilution (in millions)
6,946 7,219 6,987 7,221 
See Notes to Consolidated Financial Statements.
3

AT&T INC.    
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME   
Dollars in millions    
(Unaudited)    
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Net income$5,010 $4,861 $9,191 $9,553 
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment, net of taxes of $3, $61, $13 and
$71
9 188 43 209 
Securities:
Net unrealized gains (losses), net of taxes of $0, $1, $0
and $4
— 2 (1)12 
Reclassification adjustment included in net income, net of
taxes of $1, $1, $1 and $1
2 3 2 4 
Derivative instruments:
Net unrealized gains (losses), net of taxes of $163, $32,
$70 and $(171)
491 96 221 (528)
Reclassification adjustment included in net income, net of
taxes of $3, $3, $7 and $7
11 11 22 22 
Defined benefit postretirement plans:
Amortization of net prior service credit included in net
income, net of taxes of $(98), $(114), $(196) and $(229)
(306)(358)(612)(714)
Other comprehensive income (loss)207 (58)(325)(995)
Total comprehensive income5,217 4,803 8,866 8,558 
Less: Total comprehensive income attributable to
noncontrolling interest
(383)(361)(735)(702)
Total Comprehensive Income Attributable to AT&T$4,834 $4,442 $8,131 $7,856 
See Notes to Consolidated Financial Statements.

4

AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
June 30,December 31,
 20262025
Assets(Unaudited)
Current Assets  
Cash and cash equivalents$17,570 $18,234 
Accounts receivable – net of related allowances for credit loss of $372 and $429
8,521 8,843 
Inventories2,368 2,420 
Prepaid and other current assets23,375 19,235 
Total current assets51,834 48,732 
Property, plant and equipment352,703 347,570 
Less: accumulated depreciation and amortization(218,488)(216,011)
Property, Plant and Equipment – Net134,215 131,559 
Goodwill – Net63,865 63,425 
Licenses – Net129,123 128,148 
Other Intangible Assets – Net6,063 5,254 
Investments in and Advances to Equity Affiliates1,130 1,106 
Operating Lease Right-Of-Use Assets22,781 22,642 
Other Assets19,348 19,332 
Total Assets$428,359 $420,198 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$9,323 $9,011 
Accounts payable and accrued liabilities38,049 38,514 
Advanced billings and customer deposits4,065 4,266 
Dividends payable1,945 1,989 
Total current liabilities53,382 53,780 
Long-Term Debt134,631 127,089 
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities60,401 58,312 
Postemployment benefit obligation8,267 8,478 
Operating lease liabilities18,934 18,943 
Other noncurrent liabilities24,305 25,104 
Total deferred credits and other noncurrent liabilities111,907 110,837 
Redeemable Noncontrolling Interest2,005 2,001 
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at June 30, 2026 and December 31, 2025):
Series A (48,000 issued and outstanding at June 30, 2026 and December 31, 2025)
— — 
Series B (0 issued and outstanding at June 30, 2026 and 20,000 issued and
0 outstanding at December 31, 2025)
— — 
Series C (70,000 issued and outstanding at June 30, 2026 and December 31, 2025)
— — 
Common stock ($1 par value, 14,000,000,000 authorized at June 30, 2026 and
December 31, 2025: issued 7,620,748,598 at June 30, 2026 and December 31, 2025)
7,621 7,621 
Additional paid-in capital106,161 106,533 
Retained earnings20,293 15,768 
Treasury stock (741,978,242 at June 30, 2026 and 583,246,242 at December 31, 2025, at cost)
(22,446)(18,529)
Accumulated other comprehensive income (loss)(1,185)(860)
Noncontrolling interest15,990 15,958 
Total stockholders’ equity126,434 126,491 
Total Liabilities and Stockholders’ Equity$428,359 $420,198 
See Notes to Consolidated Financial Statements.
5

AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)  
 Six months ended
 June 30,
 20262025
Operating Activities  
Income from continuing operations
$9,257 $9,553 
Adjustments to reconcile income from continuing operations to net cash provided by
     operating activities from continuing operations:
Depreciation and amortization
9,932 10,441 
Provision for uncollectible accounts
1,149 1,037 
Asset impairments and abandonments and restructuring286 504 
Pension and postretirement benefit expense (credit)
(791)(794)
Net (gain) loss on investments
(170)(31)
Changes in operating assets and liabilities:
Receivables
(418)(247)
Equipment installment receivables and related sales
(176)1,115 
Contract asset and cost deferral
(464)(299)
Inventories, prepaid and other current assets
320 (317)
Accounts payable and other accrued liabilities
(2,565)(4,440)
Changes in income taxes
1,829 1,663 
Postretirement claims and contributions(264)(103)
Other - net471 730 
Total adjustments9,139 9,259 
Net Cash Provided by Operating Activities from Continuing Operations
18,396 18,812 
Investing Activities
Capital expenditures(10,577)(9,174)
Acquisitions, net of cash acquired(2,725)(48)
Dispositions747 40 
(Purchases), sales and settlements of securities - net
(24)(1,084)
Other - net(654)(778)
Net Cash Used in Investing Activities from Continuing Operations
(13,233)(11,044)
Financing Activities
Issuance of long-term debt14,037 6,429 
Repayment of long-term debt(5,398)(1,620)
Payment of vendor financing(643)(423)
Redemption of preferred stock
— (2,075)
Purchase of treasury stock(4,669)(1,179)
Issuance of treasury stock1 17 
Issuance of preferred interests in subsidiary— 2,221 
Dividends paid(3,973)(4,135)
Other - net(772)167 
Net Cash Used in Financing Activities from Continuing Operations
(1,417)(598)
Net increase in cash and cash equivalents and restricted cash from continuing operations3,746 7,170 
Cash Flows from Discontinued Operations:
Cash provided by operating activities31 — 
Cash used in investing activities(4,363)— 
Cash used in financing activities— — 
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued
   operations		(4,332)— 
Net increase (decrease) in cash and cash equivalents and restricted cash$(586)$7,170 
Cash and cash equivalents and restricted cash beginning of year18,527 3,406 
Cash and Cash Equivalents and Restricted Cash End of Period$17,941 $10,576 
See Notes to Consolidated Financial Statements.
6

AT&T INC.    
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Dollars and shares in millions except per share amounts    
(Unaudited)    
 Three months endedSix months ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 SharesAmountSharesAmountSharesAmountSharesAmount
Preferred Stock - Series A        
Balance at beginning of period— $— — $— — $— — $— 
Balance at end of period— $— — $— — $— — $— 
Preferred Stock - Series B
Balance at beginning of period— $— — $— — $— — $— 
Retirement of stock— — — — 
Balance at end of period— $— — $— — $— — $— 
Preferred Stock - Series C
Balance at beginning of period— $— — $— — $— — $— 
Balance at end of period— $— — $— — $— — $— 
Common Stock
Balance at beginning of period7,621 $7,621 7,621 $7,621 7,621 $7,621 7,621 $7,621 
Balance at end of period7,621 $7,621 7,621 $7,621 7,621 $7,621 7,621 $7,621 
Additional Paid-In Capital
Balance at beginning of period$106,084 $106,302 $106,533 $109,108 
Redemption of preferred stock
— — — (2,165)
Issuance of treasury stock— (4)(287)(456)
Share-based compensation77 83 (85)(106)
Balance at end of period$106,161 $106,381 $106,161 $106,381 
Retained Earnings
Balance at beginning of period$17,620 $4,215 $15,768 $1,871 
Net income attributable to AT&T4,627 4,500 8,456 8,851 
Preferred stock redemption gain
— — — 90 
Preferred stock dividends(36)(35)(71)(121)
Common stock dividends
($0.2775, $0.2775, $0.5550
and $0.5550 per share)
(1,918)(2,000)(3,860)(4,011)
Balance at end of period$20,293 $6,680 $20,293 $6,680 
See Notes to Consolidated Financial Statements.
7

AT&T INC.    
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - continued
Dollars and shares in millions except per share amounts    
(Unaudited)    
 Three months endedSix months ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 SharesAmountSharesAmountSharesAmountSharesAmount
Treasury Stock        
Balance at beginning of period(656)$(20,273)(425)$(14,252)(583)$(18,529)(445)$(15,023)
Repurchase and acquisition of
common stock
(86)(2,177)(34)(968)(181)(4,672)(43)(1,186)
Reissuance of treasury stock— 4 — 10 22 755 29 999 
Balance at end of period(742)$(22,446)(459)$(15,210)(742)$(22,446)(459)$(15,210)
Accumulated Other Comprehensive Income (Loss) Attributable to AT&T, net of tax
Balance at beginning of period$(1,392)$(142)$(860)$795 
Other comprehensive income
(loss) attributable to AT&T
207 (58)(325)(995)
Balance at end of period$(1,185)$(200)$(1,185)$(200)
Noncontrolling Interest1
Balance at beginning of period$15,959 $16,114 $15,958 $13,873 
Net income attributable to
noncontrolling interest
347 326 663 631 
Issuance and acquisition by
noncontrolling owners
— — — 2,221 
Distributions(316)(318)(631)(603)
Balance at end of period$15,990 $16,122 $15,990 $16,122 
Total Stockholders’ Equity at
beginning of period
$125,619 $119,858 $126,491 $118,245 
Total Stockholders’ Equity at
end of period
$126,434 $121,394 $126,434 $121,394 
1Excludes redeemable noncontrolling interest
See Notes to Consolidated Financial Statements.

8
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Dollars in millions except per share amounts

NOTE 1. PREPARATION OF INTERIM FINANCIAL STATEMENTS
 
Basis of Presentation Throughout this document, AT&T Inc. is referred to as “we,” “AT&T” or the “Company.” The consolidated financial statements include the accounts of the Company and subsidiaries and affiliates which we control. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this document in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. The results for the interim periods are not necessarily indicative of those for the full year. These consolidated financial statements include all adjustments that are necessary to present fairly the results for the presented interim periods, consisting of normal recurring accruals and other items.

On February 2, 2026, we closed our transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen’s Mass Markets fiber business for $5,756 cash, including purchase price adjustments. The acquisition included customer relationships, which we include with our advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). We plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations in the accompanying financial statements. (See Notes 8 and 12)

The consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. All significant intercompany transactions are eliminated in consolidation. Investments in entities that we do not control but have significant influence are accounted for under the equity method.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions, including estimates of fair value, probable losses and expenses, that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Unless otherwise noted, the information in Notes 1 through 11 refer only to our continued operations and do not include discussion of balances or activity of our discontinued operations.

Effective with our first-quarter 2026 reporting, we realigned our internal management and reporting structure to reflect the evolution of our business model to focus on delivering converged advanced connectivity services across 5G and fiber to consumer and business customers. This new segment reporting structure also provides better visibility into the progress of exiting our copper-based Legacy operations. (See Notes 4 and 5)

As a result of our change to this new segment reporting structure, we were required to reassess the assignment of goodwill and perform impairment testing of the previous and updated reporting units as of January 1, 2026; no impairment was recorded. The assignment of goodwill was based on the relative fair value of the reporting unit, which is deemed to be our principal operating segments or one level below. The goodwill from our previous Consumer Wireline and Mobility reporting units within the Communications segment was fully assigned to the reporting units comprising the Advanced Connectivity segment. No goodwill was assigned to the reporting unit comprising the Legacy segment as we expect sustained declines in Legacy service revenues driven by progress on our copper-based network decommissioning.

Stock Repurchase Program In December 2024, the Board of Directors authorized the repurchase of up to $10,000 of AT&T common stock. We began buying back stock under this program in the second quarter of 2025. On January 27, 2026, the Board approved an authorization to repurchase an additional $10,000 of common stock. For the six months ended June 30, 2026, we repurchased approximately 174 million shares totaling $4,435 under the December 2024 authorization, excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022.

To implement repurchase authorizations, we use open market repurchase programs, relying on Rule 10b5-1 of the Securities Exchange Act of 1934 where feasible.

Retirement of Series B Preferred Shares On May 15, 2026, we retired all of the Series B cumulative preferred shares that were redeemed in May 2025.

9
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

NOTE 2. EARNINGS PER SHARE
 
A reconciliation of the numerators and denominators of basic and diluted earnings per share is shown in the table below:
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Numerators    
Numerator for basic earnings per share:    
Income from Continuing Operations$5,038 $4,861 $9,257 $9,553 
Net Income Attributable to Noncontrolling Interest
(383)(361)(735)(702)
Preferred Stock Dividends and Redemption Gain
(36)(36)(72)8 
Income from continuing operations attributable to
common stock
4,619 4,464 8,450 8,859 
Loss from discontinued operations, net of tax(28)— (66)— 
Net Income Attributable to Common Stock$4,591 $4,464 $8,384 $8,859 
Dilutive impact of share-based compensation2 2 5 6 
Numerator for diluted earnings per share$4,593 $4,466 $8,389 $8,865 
Denominators (000,000)
Denominator for basic earnings per share:
Weighted average number of common shares outstanding6,938 7,209 6,977 7,211 
Dilutive impact of share-based compensation (in shares)8 10 10 10 
Denominator for diluted earnings per share6,946 7,219 6,987 7,221 

NOTE 3. OTHER COMPREHENSIVE INCOME
 
Changes in the balances of each component included in accumulated other comprehensive income (OCI) are presented below. All amounts are net of tax.
 Foreign Currency Translation Adjustment Net Unrealized Gains (Losses) on Securities Net Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2025$(1,401)$(28)$(1,209)$1,778 $(860)
Other comprehensive income
(loss) before reclassifications
43 (1)221 — 263 
Amounts reclassified from
accumulated OCI
— 12 122 2(612)3(588)
Net other comprehensive
income (loss)
43 1 243 (612)(325)
Balance as of June 30, 2026$(1,358)$(27)$(966)$1,166 $(1,185)
10
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

 Foreign Currency Translation Adjustment Net Unrealized Gains (Losses) on Securities Net Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2024$(1,755)$(46)$(604)$3,200 $795 
Other comprehensive income
(loss) before reclassifications
209 12 (528)— (307)
Amounts reclassified from
accumulated OCI
— 14 122 2(714)3(688)
Net other comprehensive
income (loss)
209 16 (506)(714)(995)
Balance as of June 30, 2025$(1,546)$(30)$(1,110)$2,486 $(200)
1(Gains) losses are included in “Other income (expense) - net” in the consolidated statements of income.
2(Gains) losses are primarily included in “Interest expense” in the consolidated statements of income (see Note 7).
3The amortization of prior service credit associated with postretirement benefits are included in “Other income (expense) - net” in the consolidated statements of income (see Note 6).

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 three reportable segments: Advanced Connectivity, Legacy 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, which are primarily comprised of costs for wireless devices, network access, rents, leases, sales support, customer provisioning and commissions. Operating costs and depreciation of our shared network, including copper-based assets prior to decommissioning, are managed in our Advanced Connectivity segment. Our Legacy and Latin America segments are primarily evaluated on a direct cost basis. Our CODM does not review disaggregated assets on a segment basis, therefore, that information is not presented.

The Advanced Connectivity segment provides domestic 5G and fiber-based wireless, internet and other advanced connectivity services to consumer and business customers.

The Legacy segment provides domestic legacy voice and data services to consumer and business customers over our copper-based network. Legacy segment results include revenues derived from copper-based services and direct operating costs.

The Latin America segment provides wireless service and equipment in Mexico.

Corporate and Other reconciles our segment results to consolidated operating income and income from continuing operations before income taxes and includes parent support costs, securitization fees, operations from business no longer integral to operations and significant items for which the segments are not being evaluated. Significant items typically include costs associated with the merger and integration of acquired or divested businesses, including amortization of intangible assets, legal and other items that cover historical periods, novel theories of liability and are separate and distinct from normal recurring costs, benefit-related gains and losses, employee separation charges associated with voluntary and/or strategic offers, asset impairments and abandonments and restructuring.
 
“Total other income (expense)” consists of “Interest expense,” “Other income (expense) – net” and “Equity in net income (loss) of affiliates” and is managed only on a total company basis and are, accordingly, reflected only in consolidated results.
11
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

For the three months ended June 30, 2026
Advanced ConnectivityLegacyLatin AmericaTotal SegmentCorporate & OtherAT&T Inc.
Operating Revenues
Wireless service$17,413 $— $780 $18,193 $— $18,193 
Consumer
14,992 
Business
2,421 
Advanced home internet2,926 — — 2,926 — 2,926 
Business fiber and advanced connectivity1,946 — — 1,946 — 1,946 
Business transitional and other1,042 — — 1,042 — 1,042 
Other service151 1,632 — 1,783 87 1,870 
Total Service23,478 1,632 780 25,890 87 25,977 
Equipment5,137 — 444 5,581 — 5,581 
Operating Revenues28,615 1,632 1,224 31,471 87 31,558 
Operating Expenses
Operations and support expenses16,583 1,109 997 18,689 430 19,119 
Asset impairments and abandonments and restructuring— — — — 286 286 
Transaction, legal and other costs— — — — 149 149 
Depreciation and amortization4,687 — 189 4,876 90 4,966 
Operating Expenses21,270 1,109 1,186 23,565 955 24,520 
Operating Income (Loss)$7,345 $523 $38 $7,906 $(868)$7,038 
Total other income (expense)(1,216)
Income from continuing operations before income tax$5,822 

For the three months ended June 30, 2025
Advanced ConnectivityLegacyLatin AmericaTotal SegmentCorporate & OtherAT&T Inc.
Operating Revenues
Wireless service$16,853 $— $662 $17,515 $— $17,515 
Consumer
14,559 
Business
2,294 
Advanced home internet2,299 — — 2,299 — 2,299 
Business fiber and advanced connectivity1,769 — — 1,769 — 1,769 
Business transitional and other1,249 — — 1,249 — 1,249 
Other service164 2,202 — 2,366 94 2,460 
Total Service22,334 2,202 662 25,198 94 25,292 
Equipment5,163 — 392 5,555 — 5,555 
Operating Revenues27,497 2,202 1,054 30,753 94 30,847 
Operating Expenses
Operations and support expenses16,356 1,243 853 18,452 594 19,046 
Asset impairments and abandonments and restructuring— — — — — — 
Transaction, legal and other costs— — — — 49 49 
Depreciation and amortization5,035 — 155 5,190 61 5,251 
Operating Expenses21,391 1,243 1,008 23,642 704 24,346 
Operating Income (Loss)$6,106 $959 $46 $7,111 $(610)$6,501 
Total other income (expense)(403)
Income from continuing operations before income tax$6,098 
12
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

For the six months ended June 30, 2026
Advanced ConnectivityLegacyLatin AmericaTotal SegmentCorporate & OtherAT&T Inc.
Operating Revenues
Wireless service$34,354 $— $1,533 $35,887 $— $35,887 
Consumer
29,576 
Business
4,778 
Advanced home internet5,725 — — 5,725 — 5,725 
Business fiber and advanced connectivity3,828 — — 3,828 — 3,828 
Business transitional and other2,125 — — 2,125 — 2,125 
Other service309 3,400 — 3,709 181 3,890 
Total Service46,341 3,400 1,533 51,274 181 51,455 
Equipment10,745 — 864 11,609 — 11,609 
Operating Revenues57,086 3,400 2,397 62,883 181 63,064 
Operating Expenses
Operations and support expenses
33,496 2,265 1,950 37,711 1,144 38,855 
Asset impairments and abandonments and restructuring— — — — 286 286 
Transaction, legal and other costs— — — — 295 295 
Depreciation and amortization9,392 — 389 9,781 151 9,932 
Operating Expenses42,888 2,265 2,339 47,492 1,876 49,368 
Operating Income (Loss)$14,198 $1,135 $58 $15,391 $(1,695)$13,696 
Total other income (expense)(2,476)
Income from continuing operations before income tax$11,220 

For the six months ended June 30, 2025
Advanced ConnectivityLegacyLatin AmericaTotal SegmentCorporate & OtherAT&T Inc.
Operating Revenues
Wireless service$33,504 $— $1,277 $34,781 $— $34,781 
Consumer
28,929 
Business
4,575 
Advanced home internet4,497 — — 4,497 — 4,497 
Business fiber and advanced connectivity3,524 — — 3,524 — 3,524 
Business transitional and other2,543 — — 2,543 — 2,543 
Other service326 4,570 — 4,896 189 5,085 
Total Service44,394 4,570 1,277 50,241 189 50,430 
Equipment10,295 — 748 11,043 — 11,043 
Operating Revenues54,689 4,570 2,025 61,284 189 61,473 
Operating Expenses
Operations and support expenses
32,603 2,592 1,631 36,826 1,319 38,145 
Asset impairments and abandonments and restructuring— — — — 504 504 
Transaction, legal and other costs— — — — 128 128 
Depreciation and amortization10,008 — 305 10,313 128 10,441 
Operating Expenses42,611 2,592 1,936 47,139 2,079 49,218 
Operating Income (Loss)$12,078 $1,978 $89 $14,145 $(1,890)$12,255 
Total other income (expense)(166)
Income from continuing operations before income tax$12,089 
13
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

NOTE 5. REVENUE RECOGNITION

We report our revenues net of sales taxes and record certain regulatory fees, primarily Universal Service Fund (USF) fees, on a net basis. Revenue is disaggregated by services provided by segment, with additional details provided for our Advanced Connectivity consumer and business relationships (see Note 4).

Deferred Customer Contract Acquisition and Fulfillment Costs
Costs to acquire and fulfill customer contracts, including commissions on service activations are deferred and amortized over the contract period or expected customer relationship life, which typically ranges from three years to seven years.
 
The following table presents the deferred customer contract acquisition and fulfillment costs included on our consolidated balance sheets:
 June 30,December 31,
Consolidated Balance Sheets20262025
Deferred Acquisition Costs  
Prepaid and other current assets$3,620 $3,550 
Other Assets5,109 4,778 
Total deferred customer contract acquisition costs$8,729 $8,328 
Deferred Fulfillment Costs
Prepaid and other current assets$1,683 $1,862 
Other Assets2,781 2,864 
Total deferred customer contract fulfillment costs$4,464 $4,726 

The following table presents deferred customer contract acquisition and fulfillment cost amortization, which are primarily included in “Selling, general and administrative” and “Other cost of revenues,” respectively, for the six months ended:
 June 30,June 30,
Consolidated Statements of Income20262025
Deferred acquisition cost amortization$2,037 $1,854 
Deferred fulfillment cost amortization960 1,171 
Contract Assets and Liabilities
A contract asset is recorded when revenue is recognized in advance of our right to bill and receive consideration. The contract asset will decrease as services are provided and billed. For example, when installment sales include promotional discounts (e.g., trade-in device credits) the difference between revenue recognized and consideration received is recorded as a contract asset to be amortized over the contract term.

Our contract assets primarily relate to our wireless businesses. Promotional equipment sales where we offer handset credits, which are allocated between equipment and service in proportion to their standalone selling prices, when customers commit to a specified service period result in additional contract assets recognized. These contract assets will amortize over the service contract period, resulting in lower future service revenue.

When consideration is received in advance of the delivery of goods or services, a contract liability is recorded. Reductions in the contract liability will be recorded as we satisfy the performance obligations.

The following table presents contract assets and liabilities on our consolidated balance sheets:
 June 30,December 31,
Consolidated Balance Sheets20262025
Contract asset$8,140 $7,816 
Current portion in “Prepaid and other current assets”
4,385 4,131 
Contract liability4,175 4,409 
Current portion in “Advanced billings and customer deposits”
3,926 4,136 
14
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

Our beginning of period contract liability recorded as customer contract revenue during 2026 was $3,570.
 
Remaining Performance Obligations
Remaining performance obligations represent services we are required to provide to customers under bundled or discounted arrangements, which are satisfied as services are provided over the contract term. In determining the transaction price allocated, we do not include non-recurring charges and estimates for usage, nor do we consider arrangements with an original expected duration of less than one year, which are primarily prepaid wireless and residential internet agreements.
 
Remaining performance obligations associated with business contracts reflect recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments. Performance obligations associated with wireless contracts are estimated using a portfolio approach in which we review all relevant promotional activities, calculating the remaining performance obligation using the average service component for the portfolio and the average device price. As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $44,582, of which we expect to recognize approximately 74% by the end of 2027, with the balance recognized thereafter.

NOTE 6. PENSION AND POSTRETIREMENT BENEFITS
 
Many of our employees are covered by one of our noncontributory pension plans. We also provide certain medical, dental, life insurance and death benefits to certain retired employees under various plans and accrue actuarially determined postretirement benefit costs. Our objective in funding these plans, in combination with the standards of the Employee Retirement Income Security Act of 1974, as amended (ERISA), is to accumulate assets sufficient to provide benefits described in the plans to employees upon their retirement. We do not have significant funding requirements in 2026. During the second quarter of 2026, we voluntarily contributed $100 to our pension plans, with an additional $250 planned in the second half of 2026.
 
We recognize actuarial gains and losses on pension and postretirement plan assets in our consolidated results as a component of “Other income (expense) – net” at our annual measurement date of December 31, unless earlier remeasurements are required.

The following table details qualified pension and postretirement benefit costs included in the accompanying consolidated statements of income. The service cost component of net periodic pension (credit) cost is recorded in operating expenses in the consolidated statements of income while the remaining components are recorded in “Other income (expense) – net.”
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Pension cost:  
Service cost – benefits earned during the period$100 $107 $201 $214 
Interest cost on projected benefit obligation362 401 723 801 
Expected return on assets(524)(509)(1,049)(1,016)
Amortization of prior service credit(12)(12)(23)(24)
Net pension (credit) cost$(74)$(13)$(148)$(25)
Postretirement cost:
Service cost – benefits earned during the period$3 $5 $7 $9 
Interest cost on accumulated postretirement benefit
obligation
73 79 146 159 
Expected return on assets(5)(8)(11)(18)
Amortization of prior service credit(392)(460)(785)(919)
Net postretirement (credit) cost$(321)$(384)$(643)$(769)
Combined net pension and postretirement (credit) cost$(395)$(397)$(791)$(794)

15
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

NOTE 7. FAIR VALUE MEASUREMENTS AND DISCLOSURE
 
The Fair Value Measurement and Disclosure framework in ASC 820, “Fair Value Measurement,” provides a three-tiered fair value hierarchy based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs.
 
The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Our valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.
 
The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values. We believe our valuation methods are appropriate and consistent with other market participants. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used since December 31, 2025.
 
Long-Term Debt and Other Financial Instruments
The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial instruments are summarized as follows:
 June 30, 2026December 31, 2025
 CarryingFairCarryingFair
 AmountValueAmountValue
Notes and debentures1
$142,578 $133,178 $134,718 $127,852 
Investment securities2
1,684 1,684 1,609 1,609 
1Includes credit agreement borrowings.
2Excludes investments accounted for under the equity method.

The carrying amount of debt with an original maturity of less than one year approximates fair value. The fair value measurements used for notes and debentures are considered Level 2 and are determined using various methods, including quoted prices for identical or similar securities in both active and inactive markets.
 
Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of June 30, 2026 and December 31, 2025. Derivatives designated as hedging instruments are reflected as “Prepaid and other current assets,” “Other Assets,” “Accounts payable and accrued liabilities,” and “Other noncurrent liabilities” on our consolidated balance sheets.
 June 30, 2026
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$624 $— $— $624 
International equities9 — — 9 
Fixed income equities219 — — 219 
Available-for-Sale Debt Securities— 579 — 579 
Asset Derivatives
Cross-currency swaps— 588 — 588 
Liability Derivatives
Cross-currency swaps— (2,415)— (2,415)

16
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

 December 31, 2025
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$566 $— $— $566 
International equities8 — — 8 
Fixed income equities217 — — 217 
Available-for-Sale Debt Securities— 587 — 587 
Asset Derivatives
Cross-currency swaps— 876 — 876 
Liability Derivatives
Cross-currency swaps— (2,050)— (2,050)

Investment Securities
Our investment securities include both equity and debt securities that are measured at fair value, as well as equity securities without readily determinable fair values. A substantial portion of the fair values of our investment securities is estimated based on quoted market prices. Investments in equity securities not traded on a national securities exchange are valued at cost, less any impairment, and adjusted for changes resulting from observable, orderly transactions for identical or similar securities. Investments in debt securities not traded on a national securities exchange are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows.
 
The components comprising total gains and losses in the period on equity securities are as follows:
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Total gains (losses) recognized on equity securities$79 $48 $47 $21 
Gains (losses) recognized on equity securities sold— — — — 
Unrealized gains (losses) recognized on equity securities held at end of period$79 $48 $47 $21 

At June 30, 2026, available-for-sale debt securities totaling $579 have maturities as follows - less than one year: $63; one to three years: $145; three to five years: $118; five or more years: $253.
 
Our cash equivalents (money market securities) and short-term investments (certificate and time deposits) are recorded at amortized cost, and the respective carrying amounts approximate fair values. Short-term investments are recorded in “Prepaid and other current assets” and our investment securities are recorded in “Other Assets” on the consolidated balance sheets.
 
Derivative Financial Instruments
We enter into derivative transactions to manage certain market risks, primarily interest rate risk and foreign currency exchange risk. This includes the use of interest rate swaps, interest rate locks, foreign exchange forward contracts and combined interest rate foreign exchange contracts (cross-currency swaps). We do not use derivatives for trading or speculative purposes. We record derivatives on our consolidated balance sheets at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2). Cash flows associated with derivative instruments are presented in the same category on the consolidated statements of cash flows as the item being hedged.
 
Fair Value Hedging Periodically, we enter into and designate fixed-to-floating interest rate swaps as fair value hedges. The purpose of these swaps is to manage interest rate risk by managing our mix of fixed-rate and floating-rate debt. These swaps involve the receipt of fixed-rate amounts for floating interest rate payments over the life of the swaps without exchange of the underlying principal amount.
 
We also designate most of our cross-currency swaps and foreign exchange contracts as fair value hedges. The purpose of these contracts is to hedge foreign currency risk associated with changes in spot rates on foreign denominated debt. For cross-currency hedges, we have elected to exclude the change in fair value of the swap related to both time value and cross-currency
17
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

basis spread from the assessment of hedge effectiveness. For foreign exchange contracts, we have elected to exclude the change in fair value of forward points from the assessment of hedge effectiveness.
 
Unrealized and realized gains or losses from fair value hedges impact the same category on the consolidated statements of income as the item being hedged, including the earnings impact of excluded components. In instances where we have elected to exclude components from the assessment of hedge effectiveness related to fair value hedges, unrealized gains or losses on such excluded components are recorded as a component of accumulated OCI and recognized into earnings over the life of the hedging instrument. Unrealized gains on derivatives designated as fair value hedges are recorded at fair value as assets, and unrealized losses are recorded at fair market value as liabilities. Except for excluded components, changes in the fair value of derivative instruments designated as fair value hedges are offset against the change in fair value of the hedged assets or liabilities through earnings. In the six months ended June 30, 2026 and 2025, no ineffectiveness was measured on fair value hedges.
 
Cash Flow Hedging We designate some of our cross-currency swaps as cash flow hedges to hedge our exposure to variability in expected future cash flows that are attributable to foreign currency risk and interest rate risk generated from our foreign-denominated debt. These agreements include initial and final exchanges of principal from fixed foreign denominated amounts to fixed U.S. dollar denominated amounts, to be exchanged at a specified rate that is usually determined by the market spot rate upon issuance. They also include an interest rate swap of a fixed or floating foreign denominated interest rate to a fixed U.S. dollar denominated interest rate.

Unrealized gains on derivatives designated as cash flow hedges are recorded at fair value as assets and unrealized losses are recorded at fair value as liabilities. For derivative instruments designated as cash flow hedges, changes in fair value are reported as a component of accumulated OCI and are reclassified into the consolidated statements of income in the same period the hedged transaction affects earnings.

Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt. Over the next 12 months, we expect to reclassify $59 from accumulated OCI to “Interest expense” due to the amortization of net losses on historical interest rate locks.

Collateral and Credit-Risk Contingency We have entered into agreements with our derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. At June 30, 2026, we had posted collateral of $25 (a deposit asset) and held collateral of $177 (a receipt liability). Under the agreements, if AT&T’s credit rating had been downgraded two ratings levels by Fitch Ratings, one level by S&P and one level by Moody’s before the final collateral exchange in June, we would have been required to post additional collateral of $51. If AT&T’s credit rating had been downgraded three ratings levels by Fitch Ratings, two levels by S&P and two levels by Moody’s, we would have been required to post additional collateral of $1,940. At December 31, 2025, we had posted collateral of $513 (a deposit asset) and held collateral of $314 (a receipt liability). We do not offset the fair value of collateral, whether the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) exists, against the fair value of the derivative instruments.
 
Following are the notional amounts of our outstanding derivative positions:
 June 30,December 31,
20262025
Cross-currency swaps$36,037 $35,741 
Total$36,037 $35,741 
18
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

Following are the related hedged items affecting our financial position and performance:
Effect of Derivatives on the Consolidated Statements of Income   
 Three months endedSix months ended
 June 30,June 30,
Fair Value Hedging Relationships2026202520262025
Interest rate swaps (“Interest expense”):    
Gain (loss) on interest rate swaps$— $(1)$(1)$(2)
Gain (loss) on long-term debt— 1 1 2 
Cross-currency swaps:
Gain (loss) on cross-currency swaps(283)2,735 (870)3,859 
Gain (loss) on long-term debt283 (2,735)870 (3,859)
Gain (loss) recognized in accumulated OCI642 128 267 (703)

In addition, the net swap settlements that accrued and settled in the periods above were offset against “Interest expense.” 

The following table presents information for our cash flow hedging relationships:
 Three months endedSix months ended
 June 30,June 30,
Cash Flow Hedging Relationships2026202520262025
Cross-currency swaps:    
Gain (loss) recognized in accumulated OCI$12 $— $24 $4 
Interest rate locks:
Interest income (expense) reclassified from accumulated
OCI into income
(14)(14)(29)(29)

NOTE 8. ACQUISITIONS, DISPOSITIONS AND OTHER ADJUSTMENTS
 
Fiber On February 2, 2026, we acquired substantially all of Lumen’s Mass Markets fiber business for $5,756, including purchase price adjustments. The preliminary values of assets acquired were approximately $900 in customer relationships, $3,400 in property, plant and equipment, and $800 of goodwill. The customer relationships are managed in our Advanced Connectivity segment and will be amortized using the sum-of-the-months method over six years. Property, plant and equipment primarily represent the acquired fiber network, which we placed in Forged Fiber, a wholly owned subsidiary.

In connection with this transaction, we plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations. These discontinued operations include the fiber network assets, which support the acquired customer relationships through intercompany transactions. The discontinued operations were also assigned a proportionate share of goodwill and acquisition costs and related cash flows. (See Note 12)

NOTE 9. SALES OF RECEIVABLES
 
We have agreements with various third-party financial institutions pertaining to the sales of certain types of our accounts receivable. The most significant of these programs are discussed in detail below and generally consist of (1) receivables arising from equipment installment plans, which are sold for cash and beneficial interests, such as deferred purchase price, when applicable, and (2) revolving trade receivables, which are sold for cash. Under the terms of our agreements for these programs, we continue to service the transferred receivables on behalf of the financial institutions.

19
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

The following table sets forth a summary of cash proceeds received, net of remittances paid, from sales of receivables:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Net cash received (paid) from equipment installment
receivables program1
$(482)$(135)$(214)$724 
Net cash received (paid) from revolving receivables program
64 (42)30 91 
Total net cash impact to cash flows from operating activities2
$(418)$(177)$(184)$815 
1Cash from initial sales of $2,832 and $2,779 for the three months and $6,315 and $6,577 for the six months ended June 30, 2026
      and 2025, respectively.
2Net of facility fees.

The sales of receivables did not have a material impact on our consolidated statements of income or to “Total Assets” reported on our consolidated balance sheets. We reflect cash receipts on sold receivables as cash flows from operations in our consolidated statements of cash flows. In the event cash is received on the beneficial interests, those receipts are classified as cash flows from investing activities, when applicable.
 
Our equipment installment and revolving receivables programs are discussed in detail below. The following table sets forth a summary of the receivables and accounts being serviced:
 June 30, 2026December 31, 2025
 Equipment Equipment 
 InstallmentRevolvingInstallmentRevolving
Gross receivables:$3,220 $286 $3,725 $425 
Balance sheet classification
Accounts receivable
Notes receivable
1,704 — 1,886 — 
Trade receivables
363 286 304 425 
Other Assets
Noncurrent notes and trade receivables
1,153 — 1,535 — 
Outstanding portfolio of receivables derecognized from
our consolidated balance sheets
$12,156 $3,040 $11,987 $2,940 
Cash proceeds received, net of remittances1
9,341 3,040 9,617 2,940 
1Represents amounts to which financial institutions remain entitled, excluding the beneficial interests.

Equipment Installment Receivables Program
We offer our customers the option to purchase certain wireless devices in installments over a specified period of time and, in many cases, once certain conditions are met, they may be eligible to trade in the original equipment for a new device and have the remaining unpaid balance paid or settled.
 
We maintain a program under which we transfer a portion of these receivables through our bankruptcy-remote subsidiary in exchange for cash and beneficial interests. In the event a customer trades in a device prior to the end of the installment contract period, we agree to make a payment to the financial institutions equal to any outstanding remaining installment receivable balance. Accordingly, we record a guarantee obligation for this estimated amount at the time the receivables are transferred.
 
20
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

The following table sets forth a summary of equipment installment receivables sold under this program:
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Gross receivables sold1
$2,863 $2,807 $6,379 $6,642 
Net receivables sold2
2,738 2,687 6,093 6,375 
Cash proceeds received2,832 2,779 6,315 6,577 
Guarantee obligation recorded217 219 496 499 
1Receivables net of promotion credits.
2Receivables net of allowance and other reserves.

Beneficial interests, when applicable, and guarantee obligations are initially recorded at estimated fair value and subsequently adjusted for changes in present value of expected cash flows. The estimation of their fair values is based on remaining installment payments expected to be collected and the expected timing and value of device trade-ins. The estimated value of the device trade-ins considers prices offered to us by independent third parties and contemplates changes in value after the launch of a device model. The fair value measurements used for the beneficial interests and the guarantee obligation are considered Level 3 under the Fair Value Measurement and Disclosure framework (see Note 7).

The following table presents the previously transferred equipment installment receivables, which we repurchased in exchange for the associated beneficial interests:
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Fair value of repurchased receivables$1,022 $1,011 $1,747 $2,948 
Carrying value of beneficial interests1,023 1,011 1,749 2,944 
Gain (loss) on repurchases1
$(1)$— $(2)$4 
1These gains (losses) are included in “Selling, general and administrative” expense in the consolidated statements of income.

At June 30, 2026 and December 31, 2025, our beneficial interests were $2,584 and $2,067, respectively, of which $1,646 and $1,338 are included in “Prepaid and other current assets” on our consolidated balance sheets, with the remainder in “Other Assets.” The guarantee obligation at June 30, 2026 and December 31, 2025 was $498 and $410, respectively, of which $263 and $216 are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets, with the remainder in “Other noncurrent liabilities.” Our maximum exposure to loss as a result of selling these equipment installment receivables is limited to the total amount of our beneficial interests and guarantee obligation.

Revolving Receivables Program
We maintain a revolving agreement that allows us to transfer up to $3,040 of certain receivables through our bankruptcy-remote subsidiaries to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. This agreement is subject to renewal on an annual basis and the transfer limit may be expanded or reduced from time to time. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The transferred receivables are fully guaranteed by our bankruptcy-remote subsidiaries, which hold additional receivables in the amount of $286 that are pledged as collateral under this agreement. The transfers are recorded at fair value of the proceeds received and obligations assumed less derecognized receivables. Our maximum exposure to loss related to these receivables transferred is limited to the derecognized amount outstanding.

21
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

The following table sets forth a summary of the revolving receivables sold:
 Three months endedSix months ended
 June 30,June 30,
 2026202520262025
Gross receivables sold/cash proceeds received1
$7,805 $7,673 $15,306 $15,016 
Total collections under revolving agreement
7,705 7,673 15,206 14,846 
Net cash proceeds received
$100 $— $100 $170 
Net receivables sold2
$7,597 $7,463 $14,891 $14,605 
1Includes initial sales of receivables of $100 and $0 for the three months and $100 and $170 for the six months ended June 30, 2026
              and 2025, respectively.
2Receivables net of allowance and other reserves.

NOTE 10. SUPPLIER AND VENDOR FINANCING PROGRAMS

Supplier Financing Program
We actively manage the timing of our supplier payments for operating items to optimize the use of our cash and seek to make payments on 90-day or greater terms, while providing suppliers with access to bank facilities that permit earlier payment at their cost. Our supplier financing program does not result in changes to our normal, contracted payment cycles or cash from operations.

At the supplier’s election, they can receive payment of AT&T obligations prior to the scheduled due dates, at a discounted price from the third-party financial institution. The discounted price paid to participating suppliers is based on a variable rate that is indexed to the overnight borrowing rate. We agree to pay the financial institution the stated amount generally within 90 days of receipt of the invoice. We do not have pledged assets or other guarantees under our supplier financing program.

Suppliers had elected to sell to the third-party financial institutions $3,689 and $3,090 of our outstanding payment obligations as of June 30, 2026 and December 31, 2025, respectively. These amounts are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets. Our supplier financing programs are reported as operating or investing (when capitalizable) activities in our consolidated statements of cash flows when paid.

Direct Supplier Financing
We also have arrangements with suppliers of handset inventory that allow us to extend the stated payment terms by up to approximately 120 days, with an average of 85 days outstanding, at an additional cost to us (variable rate extension fee). We had $6,725 of direct supplier financing outstanding as of June 30, 2026 and $6,901 as of December 31, 2025, which are included in “Accounts payable and accrued liabilities” on our consolidated balance sheets. Our direct supplier financing is reported as operating activities in our statements of cash flows when paid.

Vendor Financing
We enter into multi-year software licensing arrangements, which, consistent with industry standards, are paid over the license terms of two to five years. Additionally, in connection with capital improvements and the acquisition of other productive assets, we negotiate favorable payment terms of 120 days or more. We refer to these arrangements as vendor financing, with the balances and activities including equipment and software arrangements. Vendor financing payments are reported as financing activities in our statements of cash flows when paid. For the six months ended June 30, 2026 and 2025, we recorded vendor financing commitments of $1,603 and $831, respectively. We had $2,868 of vendor financing payables at June 30, 2026, with $1,875 included in “Accounts payable and accrued liabilities” and $1,892 of vendor financing payables at December 31, 2025, with $956 included in “Accounts payable and accrued liabilities.”

22
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

NOTE 11. ADDITIONAL FINANCIAL INFORMATION
 
Cash and Cash Flows
We typically maintain our restricted cash balances for purchases and sales of certain investment securities and funding of certain deferred compensation benefit payments.

The following table summarizes cash and cash equivalents and restricted cash balances contained on our consolidated balance sheets:
 June 30,December 31,
 2026202520252024
Cash and cash equivalents
$17,570 $10,499 $18,234 $3,298 
Restricted cash in Prepaid and other current assets312 1 157 1 
Restricted cash in Other Assets59 76 136 107 
Cash and Cash Equivalents and Restricted Cash$17,941 $10,576 $18,527 $3,406 

The following table summarizes cash paid during the periods for interest and income taxes:
Six months ended
 June 30,
Cash paid (received) during the period for:20262025
Interest$3,734 $3,316 
Income taxes, net of refunds91 880 
The following table summarizes capital expenditures:
Six months ended
June 30,
20262025
Purchase of property and equipment$10,486 $9,097 
Interest during construction - capital expenditures2
91 77 
Total Capital Expenditures $10,577 $9,174 
The following table summarizes acquisitions, net of cash acquired:
Six months ended
June 30,
20262025
Business acquisitions1
$1,691 $— 
Spectrum acquisitions1,034 14 
Interest during construction - spectrum2
— 34 
Total Acquisitions1
$2,725 $48 
1Approximately $4,100 of cash paid for acquisitions was reported as investing activities from discontinued operations.
2Total capitalized interest was $91 and $111 for the six months ended June 30, 2026 and 2025, respectively.

23
AT&T INC.
JUNE 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Dollars in millions except per share amounts

NOTE 12. DISCONTINUED OPERATIONS

As discussed in Notes 1 and 8, on February 2, 2026, we acquired substantially all of Lumen’s Mass Markets fiber business, including fiber network assets that are held in a new, wholly owned subsidiary, Forged Fiber, which is reflected as discontinued operations. Forged Fiber will continue to support the accompanying acquired fiber customers retained by our Advanced Connectivity segment. To reflect ongoing commercial arrangements following the disposal, results in the second quarter and for the first six months of 2026 have been presented on a gross basis, with approximately $137 and $232, respectively, of operating expenses reported in continuing operations and the corresponding revenues reported in discontinued operations. Discontinued operations were also allocated a proportionate share of goodwill, acquisition-related costs and related cash flows.

A summary of operating results included in income (loss) from discontinued operations are shown in the table below:
Three months endedSix months ended
June 30,June 30,
20262026
Revenues$154 $253 
Operating Expenses
Cost of revenues75 126 
Selling, general and administrative1
90 171 
Total operating expenses165 297 
Other income (expense) – net(26)(43)
Net income (loss) before income taxes(37)(87)
Income tax (benefit) expense
(9)(21)
Loss from discontinued operations, net of tax$(28)$(66)
1Includes proportionate transaction costs.

The following are the preliminary values for the major classes of assets and liabilities associated with our discontinued operations and classified as held-for-sale on our consolidated balance sheet at June 30:
2026
Assets:
Current Assets$152 
Property, Plant and Equipment1
3,702 
Goodwill445 
Other Assets175 
Total Assets, discontinued operations2
$4,474 
Liabilities:
Current liabilities$423 
Other liabilities— 
Total Liabilities, discontinued operations2
$423 
1Includes $266 of capital additions after acquisition.
2Held-for-sale assets are reported in “Other current assets” and held-for-sale liabilities are reported in “Accounts payable and accrued liabilities.”
24
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts


RESULTS OF OPERATIONS
 
AT&T Inc. is referred to as “we,” “AT&T” or the “Company” throughout this document. AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc., and the names of the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes (Notes). Percentage increases and decreases that are not considered meaningful are denoted with a dash.
On February 2, 2026, we closed our transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen’s Mass Markets fiber business. The acquisition included customer relationships, which we include with our advanced home internet services and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). We plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations in the accompanying financial statements and are not included in our discussion of continuing operations. (See Notes 8 and 12)
Consolidated Results Our financial results from continuing operations are summarized in the discussions that follow. Additional analysis is discussed in our “Segment Results” section.
 Second QuarterSix-Month Period
   Percent  Percent
 20262025Change20262025Change
Operating Revenues      
Service$25,977 $25,292 2.7 %$51,455 $50,430 2.0 %
Equipment5,581 5,555 0.5 11,609 11,043 5.1 
Total Operating Revenues31,558 30,847 2.3 63,064 61,473 2.6 
Operating Expenses
    
Operations and support
19,554 19,095 2.4 39,436 38,777 1.7 
Depreciation and amortization4,966 5,251 (5.4)9,932 10,441 (4.9)
Total Operating Expenses24,520 24,346 0.7 49,368 49,218 0.3 
Operating Income7,038 6,501 8.3 13,696 12,255 11.8 
Interest expense1,883 1,655 13.8 3,696 3,313 11.6 
Equity in net income (loss) of affiliates
(29)485 — (70)1,925 — 
Other income (expense) — net
696 767 (9.3)1,290 1,222 5.6 
Income from Continuing Operations Before Income Taxes5,822 6,098 (4.5)11,220 12,089 (7.2)
Income from Continuing Operations5,038 4,861 3.6 %9,257 9,553 (3.1)%

Operating revenues increased in the second quarter and for the first six months of 2026, reflecting higher Advanced Connectivity fiber and wireless revenues, with fiber revenues including the impact of acquiring Lumen’s mass markets fiber business. Operating revenues in Mexico were also higher due to favorable foreign exchange impacts. Offsetting the increases were lower Legacy revenues as we continue to work towards the decommissioning of our copper-based legacy network.

Operations and support expenses increased in the second quarter and for the first six months of 2026. The increase in the second quarter was primarily due to an asset abandonment charge associated with the reprioritization of our spectrum strategy, higher advertising expense, incremental customer costs related to our acquired mass markets fiber business and higher bad debt expenses driven by subscriber growth. These increases were partially offset by cost reductions from transformation initiatives, lower content licensing fees and gains on tower transactions.

The increase for the first six months was primarily due to higher wireless sales volumes, which drove higher equipment, selling and bad debt expenses. The increase was also due to higher network costs that included vendor credits in the prior year, and
25
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts

incremental customer costs related to our acquired mass markets fiber business, which were partially offset by cost reductions from transformation initiatives, higher restructuring charges in the prior year and lower content licensing fees.

Depreciation and amortization expense decreased in the second quarter and for the first six months of 2026, primarily due to lower depreciation from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives such as fiber and network upgrades.

Operating income increased in the second quarter and for the first six months of 2026. Our operating income margin in the second quarter increased from 21.1% in 2025 to 22.3% in 2026 and for the first six months increased from 19.9% in 2025 to 21.7% in 2026.

Interest expense increased in the second quarter and for the first six months of 2026, primarily due to higher debt balances and interest rates on long-term borrowings.

Equity in net income (loss) of affiliates decreased in the second quarter and for the first six months of 2026, primarily due to the sale of our interest in DIRECTV Entertainment Holdings, LLC to TPG Capital on July 2, 2025.

Other income (expense) – net decreased in the second quarter and increased for the first six months of 2026. The decrease in the second quarter was primarily due to a gain recognized in the second quarter of 2025 associated with a prior disposition, partially offset by higher returns on benefit-related investments and interest income from higher average cash balances.

The increase for the first six months was primarily due to interest income from higher average cash balances.

Income tax expense decreased in the second quarter and for the first six months of 2026. The decrease was primarily due to lower income from continuing operations before income tax and the resolution of certain Internal Revenue Service (IRS) examinations.

Our effective tax rate was 13.5% in the second quarter and 17.5% for the first six months of 2026, versus 20.3% and 21.0% in the comparable periods in the prior year, reflecting the resolution of certain IRS examinations.

Segment Results 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. Effective with our first-quarter 2026 reporting, we realigned our internal management and reporting structure to reflect the evolution of our business model to focus on delivering converged advanced connectivity services across 5G and fiber to consumer and business customers. This new segment reporting structure also provides better visibility into the progress of exiting our copper-based legacy operations.
Our segment results presented in Note 4 and discussed below follow our internal management reporting. We evaluate segment performance based on operating income as well as EBITDA and/or EBITDA margin. See “Discussion and Reconciliation of Non-GAAP Measures” for a reconciliation of EBITDA and EBITDA margin to the most comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP). We have three reportable segments: Advanced Connectivity, Legacy and Latin America.

The Advanced Connectivity segment provides domestic 5G and fiber-based wireless, internet and other advanced connectivity services to consumer and business customers. We also provide supplemental information on our advanced consumer and business customer relationships as the product lifecycles in these customer categories influence the growth trajectories of Advanced Connectivity segment results. The Legacy segment provides domestic legacy voice and data services to consumer and business customers over our copper-based network. Legacy segment results include revenues derived from copper-based services and direct operating costs. The Latin America segment provides wireless service and equipment in Mexico.
26
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts


ADVANCED CONNECTIVITY SEGMENT
Second QuarterSix-Month Period
20262025Percent Change20262025Percent Change
Segment Operating Revenues
Wireless service
$17,413 $16,853 3.3 %$34,354 $33,504 2.5 %
Advanced home internet
2,926 2,299 27.3 5,725 4,497 27.3 
Business fiber and advanced connectivity
1,946 1,769 10.0 3,828 3,524 8.6 
Business transitional and other
1,042 1,249 (16.6)2,125 2,543 (16.4)
Other service
151 164 (7.9)309 326 (5.2)
Total Service Revenues
23,478 22,334 5.1 46,341 44,394 4.4 
Equipment5,137 5,163 (0.5)10,745 10,295 4.4 
Total Segment Operating Revenues28,615 27,497 4.1 57,086 54,689 4.4 
Segment Operating Expenses
Operations and support
16,583 16,356 1.4 33,496 32,603 2.7 
Depreciation and amortization4,687 5,035 (6.9)9,392 10,008 (6.2)
Total Segment Operating Expenses21,270 21,391 (0.6)42,888 42,611 0.7 
Operating Income$7,345 $6,106 20.3 %$14,198 $12,078 17.6 %

The following tables highlight other key measures of performance for Advanced Connectivity:
Wireless
June 30,
(in 000s)20262025Percent Change
Retail Wireless Subscribers1
109,800108,6961.0 %
Phone
91,43990,5011.0 
Postpaid phone
74,92173,4082.1 
Prepaid phone
16,51817,093(3.4)
Other
18,36118,1950.9 %
Second QuarterSix-Month Period
20262025Percent Change20262025Percent Change
Retail Wireless Net Adds1, 2
54932767.9 %70758321.3 %
Phone43636718.8 658671(1.9)
Postpaid phone4324017.7 7267250.1 
Prepaid phone4(34)— (68)(54)(25.9)
Other113(40)— %49(88)— %
Phone churn3
1.12 %1.17 %(5) BP1.16 %1.15 %1  BP
Postpaid phone churn3
0.86 %0.87 %(1) BP0.87 %0.85 %2  BP
Prepaid phone churn3
2.30 %2.43 %(13) BP2.46 %2.49 %(3) 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.
3Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period.

27
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts

Internet
June 30,
(in 000s)20262025Percent Change
Internet Connections
15,47911,95229.5  %
Fiber
12,86810,48022.8 
AT&T Fiber
12,1449,83523.5 
AT&T Business Fiber1
72464512.2 
Fixed Wireless
2,6111,47277.4 
AT&T Internet Air (AIA)
1,9511,00693.9 
Business Fixed Wireless2
66046641.6 %
Second QuarterSix-Month Period
20262025Percent Change20262025Percent Change
Internet Net Adds3
64650926.9 %1,2301,02520.0 %
Fiber36726936.4 65955219.4 
AT&T Fiber
34424341.6 61750422.4 
AT&T Business Fiber1
2326(11.5)4248(12.5)
Fixed Wireless27924016.3 57147320.7 
AT&T Internet Air (AIA)2152035.9 45438418.2 
Business Fixed Wireless2
643773.0  %1178931.5  %
1Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.
2Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity.
3Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025.

Wireless service revenue increased in the second quarter and for the first six months of 2026 driven by growth in retail wireless subscribers in underpenetrated categories and converged accounts, and pricing actions that were partially offset by promotional discounts on wireless subscriber additions. The effective management of subscriber churn is critical to our ability to maximize revenue growth and to maintain and improve margins. Phone churn was lower in the second quarter and slightly higher for the first six months of 2026, reflecting the competitive dynamics of the industry.

Advanced home internet revenue increased in the second quarter and for the first six months of 2026 driven by an increase in fiber and AIA revenues. Fiber revenues increased 21.4% and 21.3% in the second quarter of 2026 and for the first six months, due to growth in fiber customers, including customers of our acquired mass markets fiber business. We expect revenue growth to continue as we invest further in building our fiber footprint. AIA revenue increases exceeded 100% as we continue to make these services available in additional markets and ramp marketing and promotion activities.

Business fiber and advanced connectivity revenues increased in the second quarter and for the first six months of 2026 driven by higher fiber and fixed wireless revenues.

Business transitional and other revenues decreased in the second quarter and for the first six months of 2026 driven by lower demand for Virtual Private Network (VPN) and wholesale services, both of which we expect to continue.

Other service revenues decreased in the second quarter and for the first six months of 2026, reflecting the continued decline in the number of consumer VoIP customers.

Equipment revenue decreased in the second quarter and increased for the first six months of 2026, with lower hardware sales to business customers in the second quarter offset by higher wireless device sales volumes. The increase for the first six months was primarily driven by higher wireless device sales volumes.

28
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts

Operations and support expenses increased in the second quarter and for the first six months of 2026. The increase in the second quarter was primarily due to higher advertising expense, incremental customer costs related to our acquired mass markets fiber business and higher bad debt expenses driven by subscriber growth. These increases were partially offset by cost reductions from transformation initiatives, lower content licensing fees and gains on tower transactions.

The increase for the first six months was primarily due to higher wireless sales volumes, which drove higher equipment, selling and bad debt expenses. The increase was also due to higher network costs that included vendor credits in the prior year, and incremental customer costs related to our acquired mass markets fiber business, which were partially offset by cost reductions from transformation initiatives and lower content licensing fees.

Depreciation expense decreased in the second quarter and for the first six months of 2026, primarily due to lower depreciation from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives such as fiber and network upgrades. Depreciation of our shared network, including copper-based assets prior to decommissioning, is managed in our Advanced Connectivity segment, consistent with our composite group depreciation methodology.

Operating income increased in the second quarter and for the first six months of 2026. Our Advanced Connectivity operating income margin in the second quarter increased from 22.2% in 2025 to 25.7% in 2026 and for the first six months increased from 22.1% in 2025 to 24.9% in 2026. Our Advanced Connectivity EBITDA margin in the second quarter increased from 40.5% in 2025 to 42.0% in 2026 and for the first six months increased from 40.4% in 2025 to 41.3% in 2026.

LEGACY SEGMENT
Second QuarterSix-Month Period
20262025Percent Change20262025Percent Change
Segment Operating Revenues$1,632 $2,202 (25.9)%$3,400 $4,570 (25.6)%
Segment Operating Expenses
Operations and support1,109 1,243 (10.8)2,265 2,592 (12.6)
Depreciation and amortization— — — — — — 
Total Segment Operating Expenses
1,109 1,243 (10.8)2,265 2,592 (12.6)
Operating Income
$523 $959 (45.5)%$1,135 $1,978 (42.6)%

Operating revenues decreased in the second quarter and for the first six months of 2026, driven by lower demand for legacy services, which we expect to continue as we decommission our copper-based legacy network.

Operations and support represent direct operating costs and decreased in the second quarter and for the first six months of 2026. Expense declines were primarily driven by lower personnel and other costs resulting from the decommissioning of our legacy network and lower fulfillment cost amortization, which we expect to continue. These decreases were partially offset by vendor settlements.

Operating income decreased in the second quarter and for the first six months of 2026. Our Legacy operating income and EBITDA margins in the second quarter decreased from 43.6% in 2025 to 32.0% in 2026 and for the first six months decreased from 43.3% in 2025 to 33.4% in 2026.

29
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts

LATIN AMERICA SEGMENT
Second Quarter
Six-Month Period
 20262025Percent Change20262025Percent Change
Segment Operating Revenues      
Service$780 $662 17.8 %$1,533 $1,277 20.0 %
Equipment444 392 13.3 864 748 15.5 
Total Segment Operating Revenues1,224 1,054 16.1 2,397 2,025 18.4 
Segment Operating Expenses
Operations and support997 853 16.9 1,950 1,631 19.6 
Depreciation and amortization189 155 21.9 389 305 27.5 
Total Segment Operating Expenses1,186 1,008 17.7 2,339 1,936 20.8 
Operating Income
$38 $46 (17.4)%$58 $89 (34.8)%

The following tables highlight other key measures of performance for Mexico:
Subscribers
    June 30,
(in 000s)   20262025Percent Change
Postpaid   7,457 6,180 20.7 %
Prepaid   15,829 17,440 (9.2)
Reseller   149 223 (33.2)
Total Mexico Wireless Subscribers   23,435 23,843 (1.7)%
Mexico Wireless Net Additions
 
Second Quarter
Six-Month Period
(in 000s)20262025Change20262025Percent Change
Postpaid369 183 — %706 343 — %
Prepaid(1,006)64 — (1,901)(46)— 
Reseller(31)(12)— (50)(30)(66.7)
Total Mexico Wireless Net Additions(668)235 — %(1,245)267 — %

Service revenues increased in the second quarter and for the first six months of 2026, primarily due to favorable foreign exchange impacts and growth in postpaid subscribers and ARPU.

Equipment revenues increased in the second quarter and for the first six months of 2026, substantially due to favorable foreign exchange impacts.

Operations and support expenses increased in the second quarter and for the first six months of 2026, driven by unfavorable foreign exchange rates and higher bad debt expenses.

Depreciation and amortization expense increased in the second quarter and for the first six months of 2026, driven by unfavorable foreign exchange rates and spectrum renewal fees, with accelerated depreciation impacting the first three months of the year.

Operating income decreased in the second quarter and for the first six months of 2026. Our Mexico operating income margin in the second quarter decreased from 4.4% in 2025 to 3.1% in 2026 and for the first six months decreased from 4.4% in 2025 to 2.4% in 2026. Our Mexico EBITDA margin in the second quarter decreased from 19.1% in 2025 to 18.5% in 2026 and for the first six months decreased from 19.5% in 2025 to 18.6% in 2026.
30
AT&T INC.
JUNE 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Dollars in millions except per share amounts


SUPPLEMENTAL INFORMATION

The following tables present supplemental information on the consumer and business relationships within our Advanced Connectivity segment.

Advanced Connectivity
Consumer
Second QuarterSix-Month Period
20262025Percent Change20262025Percent Change
Operating revenues
Wireless service
$14,992 $14,559 3.0 %$29,576 $28,929 2.2 %
Advanced home internet
2,926 2,299 27.3 5,725 4,497 27.3 
Other service
151 164 (7.9)309 326 (5.2)
Total Service Revenues
18,069 17,022 6.2 35,610 33,752 5.5 
Equipment
4,260 4,273 (0.3)8,871 8,519 4.1 
Total Operating Revenues22,329 21,295 4.9 44,481 42,271 5.2 
Operating expenses
Operations and support
12,23411,8663.1 24,82323,6674.9 
Depreciation and amortization2,976 3,056 (2.6)5,998 6,067 (1.1)
Total Operating Expenses15,210 14,922 1.9 30,821 29,734 3.7 
Operating Income$7,119 $6,373 11.7 %$13,660 $12,537 9.0 %
Advanced Connectivity
Business
Second QuarterSix-Month Period
20262025Percent Change20262025Percent Change
Operating revenues
Wireless service
$2,421 $2,294 5.5 %$4,778 $4,575 4.4 %
Fiber and advanced connectivity
1,946 1,769 10.0 3,828 3,524 8.6 
Transitional and other service
1,042 1,249 (16.6)2,125 2,543 (16.4)
Total Service Revenues
5,409 5,312 1.8 10,731 10,642 0.8 
Equipment877 890 (1.5)1,874 1,776 5.5 
Total Operating Revenues6,286 6,202 1.4 12,605 12,418 1.5 
Operating expenses
Operations and support
4,349 4,490 (3.1)8,673 8,936 (2.9)
Depreciation and amortization1,711 1,979 (13.5)3,394 3,941 (13.9)
Total Operating Expenses6,060 6,469 (6.3)12,067 12,877 (6.3)
Operating Income (Loss)
$226 $(267)— %$538 $(459)— %
31
AT&T INC.
JUNE 30, 2026
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts

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 November 15, 2023, pursuant to a congressional directive, the FCC adopted rules to “facilitate” equal access to broadband and prevent digital discrimination in broadband access. The rules prohibited covered entities from implementing policies or practices not justified by genuine issues of technical or economic feasibility, that differentially impact consumers’ access to broadband internet access service based on prohibited characteristics (including income level, race and ethnicity) or that have such differential impact, whether intentional or not. The rules broadly applied prospectively to all aspects of an ISP’s service that could impact a consumer’s ability to access broadband. Several business associations filed appeals challenging the rules and several of those appeals were consolidated in the Eighth Circuit. On May 6, 2026, the Eighth Circuit vacated the FCC’s digital discrimination rules, holding that under the plain language of the implementing law, the FCC could not adopt rules imposing “disparate impact” liability. The FCC will need to adopt new rules consistent with the statute.

For a 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, 2025.

LIQUIDITY AND CAPITAL RESOURCES
 
Continuing operations for the six months ended June 30,
20262025
Cash provided by operating activities
$18,396 $18,812 
Cash used in investing activities
(13,233)(11,044)
Cash used in financing activities
(1,417)(598)

June 30,December 31,
20262025
Cash and cash equivalents
$17,570 $18,234 
Total debt
143,954 136,100 

Our cash balance at June 30, 2026 remained elevated as we anticipate the completion of our pending transaction with EchoStar Corporation (EchoStar). We had $17,570 in cash and cash equivalents available at June 30, 2026, decreasing $664 since December 31, 2025. Cash and cash equivalents included cash of $5,744 and money market funds and other cash equivalents of $11,826. Approximately $1,251 of our cash and cash equivalents were held in accounts outside of the U.S. and may be subject to restrictions on repatriation.

For the first six months of 2026, cash inflows were primarily provided by cash receipts from operations, including cash from our sale and transfer of our receivables to third parties. These inflows exceeded cash used to meet the needs of the business, including, but not limited to, payment of operating expenses. The cash generated from operating activities was primarily used to fund capital improvements and business acquisitions, repay long-term debt, repurchase common stock and make dividend payments to stockholders. We maintain availability under our credit facilities and our commercial paper program to meet our short-term liquidity requirements.

Cash Provided by Operating Activities from Continuing Operations
During the first six months of 2026, cash provided by operating activities was $18,396, compared to $18,812 for the first six months of 2025, with the prior year benefiting from $1,675 of cash received from DIRECTV, net of related tax payments. Cash from operations in 2026 includes increases resulting from lower cash tax payments and the timing of working capital payments, which were partially offset by $100 of voluntarily contribution to our pension plans.

32
AT&T INC.
JUNE 30, 2026
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts

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 approximately 120 days, with an average of 85 days outstanding, 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 $272 and $2,146 for the six months ended June 30, 2026 and 2025, respectively. All supplier financing payments are due within one year. (See Note 10)

Cash Used in Investing Activities from Continuing Operations
For the first six months of 2026, cash used in investing activities totaled $13,233 and consisted primarily of $10,577 (including interest during construction) for capital expenditures. During the first six months of 2026, investing activities also included $360 of FirstNet sustainability payments, net of reinvestment, and approximately $574 related to the note receivable payment from DIRECTV. In addition, we paid $1,018 in connection with our January 2026 acquisition of select spectrum licenses from United States Cellular Corporation (UScellular) and $5,756 in connection with our February 2026 acquisition of Lumen’s Mass Markets fiber business, of which $1,656 was included in investing activities from continuing operations and $4,100 was included as investing activities from discontinued operations (see Notes 1, 8 and 12).

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 six months of 2026, vendor financing payments were $643, compared to $423 for the first six months of 2025. Capital expenditures for the first six months of 2026 were $10,577, and when including $643 cash paid for vendor financing, capital investment was $11,220 ($1,623 higher 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 six months of 2026, we placed $1,603 of productive assets in service under vendor financing arrangements (compared to $831 in the prior-year comparable period). The amount of capital expenditures is influenced by demand for services and products, capacity needs and network enhancements.

On August 25, 2025, we agreed to purchase Federal Communications Commission (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 subject to certain 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, which was deployed in cell sites covering nearly two-thirds of the U.S. population. We expect to close this transaction by the end of July 2026 and will fund the acquisition using a combination of cash on hand and term loan borrowings.

Cash Provided by or Used in Financing Activities from Continuing Operations
For the first six months of 2026, cash used in financing activities totaled $1,417 and was comprised of debt repayments, common stock repurchases, dividend payments, and vendor financing payments, partially offset by issuances of long-term debt.

33
AT&T INC.
JUNE 30, 2026
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts

A tabular summary of our debt activities for the six months ended June 30, 2026 is as follows:
First
Quarter		Second
Quarter
Six months ended June 30, 2026
Issuance of Notes and Debentures:
USD notes$6,465 $5,939 $12,404 
CAD notes
1,633 — 1,633 
Debt Issuances$8,098 $5,939 $14,037 
Repayments
USD notes$(3,741)$— $(3,741)
EUR notes(1,103)(32)(1,135)
AUD notes
(216)— (216)
Other(187)(119)(306)
Repayments of long-term debt$(5,247)$(151)$(5,398)

The weighted average interest rate of our long-term debt portfolio, including credit agreement borrowings and the impact of derivatives, was approximately 4.4% as of June 30, 2026 and 4.2% as of December 31, 2025. We had $142,578 of total notes and debentures outstanding at June 30, 2026. This also included Euro, British pound sterling, Canadian dollar, Australian dollar, and Swiss franc denominated debt that totaled approximately $34,652.

At June 30, 2026, we had $9,323 of long-term debt maturing within one year. We had no outstanding commercial paper or other short-term borrowings on June 30, 2026.

For the first six months of 2026, we paid $643 of cash under our vendor financing program, compared to $423 in the prior-year comparable period. Total vendor financing payables included in our June 30, 2026 consolidated balance sheet were $2,868, with $1,875 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 six months of 2026, we repurchased approximately 174 million shares totaling $4,435 under our $10,000 common stock repurchase authorization approved by the Board of Directors in December 2024 (the “2024 Authorization”), excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022. On January 27, 2026, the Board approved an authorization to repurchase an additional $10,000 of common stock (the “2026 Authorization”). At June 30, 2026, we had approximately $1,296 remaining under the 2024 Authorization, and $10,000 remaining under the 2026 Authorization.

We paid dividends on common and preferred shares of $3,973 during the first six months of 2026, compared with $4,135 for the first six months of 2025.

Dividends on common stock declared by our Board of Directors totaled $0.5550 per share in the first six months of 2026 and 2025. Our dividend policy considers the expectations and requirements of stockholders, capital funding requirements of AT&T and long-term growth opportunities.

Credit Facilities
The following summary of our various credit and loan agreements does not purport to be complete. The summaries of the Revolving Credit Agreement and Term Loan (each as defined below) are qualified in their 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 3, 2030 (Revolving Credit Agreement). No amount was outstanding under the Revolving Credit Agreement as of June 30, 2026.

In November 2025, we entered into a $17,500 Delayed Draw Term Loan Credit Agreement (Term Loan), with Bank of America, N.A., as agent. The Term Loan is comprised of (i) a $6,000 364-day delayed draw term loan facility (364-Day Term
34
AT&T INC.
JUNE 30, 2026
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued
Dollars in millions except per share amounts

Loan Facility) and (ii) a $11,500 two-year delayed draw term loan facility (Two-Year Term Loan Facility). Each of the 364-Day Term Loan Facility and Two-Year Term Loan Facility is available for a single draw at any time before November 3, 2026. No amount was outstanding under the Term Loan as of June 30, 2026.

In March 2026, we entered into two bilateral term loan facilities totaling $1,500, that will allow us to borrow funds during the year. When drawn, $500 will be due in 2031 and $1,000 will be due in 2033. Advances will bear interest at a variable rate based on the secured overnight financing rate (SOFR) plus a margin. No amounts were outstanding under these facilities as of June 30, 2026.

In May 2026, we entered into a $1,000 bilateral term loan facility, that will allow us to borrow funds during the year. When drawn, $1,000 will be due in 2029. Advances will bear interest at a variable rate based on SOFR plus a margin. No amount was outstanding under this facility as of June 30, 2026.

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.

The Revolving Credit Agreement and the Term Loan contain covenants that are customary for an issuer with investment grade senior debt credit ratings, including a net debt-to-EBITDA financial ratio covenant requiring us to maintain, as of the last day of each fiscal quarter, a ratio of not more than 3.75-to-1. As of June 30, 2026, 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 $36,037 derivative portfolio, counterparties are still required to post collateral. During the first six months of 2026, we received $351 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 June 30, 2026, our debt ratio was 52.8%, compared to 51.7% at June 30, 2025 and 51.4% at December 31, 2025. 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.
35
AT&T INC.
JUNE 30, 2026
 
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 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 operations. 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.

Second QuarterSix-Month Period
PercentPercent
20262025Change20262025Change
Advanced Connectivity Segment
Operating income
$7,345 $6,106 20.3 %$14,198 $12,078 17.6 %
Add: Depreciation and amortization
4,687 5,035 (6.9)9,392 10,008 (6.2)
EBITDA
$12,032 $11,141 8.0 %$23,590 $22,086 6.8 %
Operating income margin
25.7 %22.2 %24.9 %22.1 %
EBITDA margin
42.0 %40.5 %41.3 %40.4 %
Legacy Segment
Operating income$523 $959 (45.5)%$1,135 $1,978 (42.6)%
Add: Depreciation and amortization
— — — — — — 
EBITDA$523 $959 (45.5)%$1,135 $1,978 (42.6)%
Operating income margin32.0 %43.6 %33.4 %43.3 %
EBITDA margin32.0 %43.6 %33.4 %43.3 %
Latin America Segment
Operating income$38 $46 (17.4)%$58 $89 (34.8)%
Add: Depreciation and amortization
189 155 21.9 389 305 27.5 
EBITDA$227 $201 12.9 %$447 $394 13.5 %
Operating income margin3.1 %4.4 %2.4 %4.4 %
EBITDA margin18.5 %19.1 %18.6 %19.5 %
36
AT&T INC.
JUNE 30, 2026
Item 3. Quantitative and Qualitative Disclosures About Market Risk

At June 30, 2026, we had no interest rate swaps.

We have fixed-to-fixed and floating-to-fixed cross-currency swaps on foreign currency-denominated debt instruments with a U.S. dollar notional value of $36,037 to hedge our exposure to changes in foreign currency exchange rates and interest rates. These derivatives have been designated as fair value or cash flow hedges with a net fair value of $(1,827) at June 30, 2026.

Item 4. Controls and Procedures

The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the registrant is recorded, processed, summarized, accumulated and communicated to its management, including its principal executive and principal financial officers, to allow timely decisions regarding required disclosure, and reported within the time periods specified in the SEC’s rules and forms. The Chief Executive Officer and Chief Financial Officer have performed an evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of June 30, 2026. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the registrant’s disclosure controls and procedures were effective as of June 30, 2026.
 
There have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
37
AT&T INC.
JUNE 30, 2026

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
Information set forth in this report contains forward-looking statements that are subject to risks and uncertainties, and actual results could differ materially. Many of these factors are discussed in more detail in the “Risk Factors” section herein and in our most recent Form 10-K. We claim the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.

The following factors could cause our future results to differ materially from those expressed in the forward-looking statements:
•Adverse economic and political changes, public health emergencies and our ability to access financial markets on favorable terms.
•Increases in our benefit plans’ costs, including due to worse-than-assumed investment returns and discount rates, mortality assumptions, medical cost trends, or healthcare laws or regulations.
•The final outcome of FCC and other federal, state or foreign government agency proceedings (including judicial review of such proceedings) and legislative and regulatory efforts involving issues important to our business, including, without limitation, results of pending governmental investigations; the transition from legacy technologies to IP-based infrastructure, including the withdrawal of legacy TDM-based services; universal service; broadband deployment; wireless equipment siting regulations; E911 services; rules concerning digital discrimination; competition policy; privacy; net neutrality; copyright protection; availability of new spectrum on fair and reasonable terms; and wireless and satellite license awards and renewals, and our response to such legislative and regulatory efforts.
•Enactment of or changes to state, local, federal and/or foreign tax laws and regulations, and actions by tax agencies and judicial authorities, and the resolution of disputes with any taxing jurisdictions.
•U.S. and foreign laws and regulations regarding intellectual property rights protection and privacy, personal data protection and user consent.
•Our ability to compete in a competitive industry and against competitors that can offer product/service offerings at lower prices due to lower cost structures and regulatory and legislative actions adverse to us, including non-regulation of comparable alternative technologies and/or government-owned or subsidized networks, and our response to such competition and emerging technologies, including artificial intelligence.
•Disruptions in our supply chain that have a material impact on our ability to acquire needed goods and services.
•The development and delivery of attractive and profitable wireless and broadband offerings and devices, including our ability to match speeds and coverage areas offered by competitors; and the availability, cost and/or reliability of technologies required to provide such offerings.
•Our ability to adequately fund additional wireless spectrum and network development, deployment and maintenance; and regulations and conditions relating to spectrum use, licensing, obtaining additional spectrum, technical standards and deployment and usage, including network management rules.
•Our ability to manage growth in wireless data services, including network quality.
•The outcome of pending, threatened or potential litigation and arbitration.
•The impact from major equipment, software or other failures or errors that disrupt our networks or cyber incidents; the effect of security breaches related to the network or customer information; our inability to obtain handsets, equipment/software or have handsets, equipment/software serviced in a timely and cost-effective manner; severe weather conditions or other natural disasters including earthquakes and forest fires; public health emergencies; energy shortages; or wars or terrorist attacks.
•The issuance by the FASB or other accounting oversight bodies of new or revised accounting standards.
•The imposition of tariffs and their duration and uncertainty surrounding further tariffs and congressional action regarding spending and taxation, which may result in changes in government spending and affect business and consumer spending trends.
•Our ability to realize or sustain the expected benefits of our business transformation initiatives, which are designed to reduce costs, enable legacy rationalization, streamline distribution, remove redundancies and simplify and improve processes and support functions.
•Our ability to successfully complete acquisitions, divestitures and joint venture transactions, as well as achieve our expectations regarding the financial impact of completed and/or pending transactions.

Readers are cautioned that other factors discussed in this report and in our most recent Form 10-K, although not enumerated here, also could materially affect our future earnings.
38
AT&T INC.
JUNE 30, 2026
PART II – OTHER INFORMATION
Dollars in millions except per share amounts

Item 1A. Risk Factors

We discuss in our Annual Report on Form 10-K for the year ended December 31, 2025 various risks that may materially affect our business. We use this section to update this discussion to reflect material developments. For the second quarter of 2026, there were no such material developments.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) A summary of our repurchases of common stock during the second quarter of 2026 is as follows:
 (a)(b)(c)(d)
Period
Total Number of Shares (or Units) Purchased1,2
Average Price Paid Per Share (or Unit)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs1
Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under The Plans or Programs
April 1, 2026 - April 30, 202623,214,943 $26.73 23,205,000 $12,832 
May 1, 2026 - May 31, 202636,147,814 $25.14 36,143,712 $11,923 
June 1, 2026 - June 30, 202626,871,268 $23.36 26,863,791 $11,296 
Total86,234,025 $25.01 86,212,503  
1In December 2024, our Board of Directors approved, and we announced, an authorization to repurchase up to $10,000 of common stock. In January 2026, our Board of Directors approved, and we announced, an authorization to repurchase an additional $10,000 of common stock. The authorizations have no expiration date.
2Of the shares repurchased or transferred, 21,522 were acquired through the withholding of taxes on the vesting of restricted stock and performance shares or in respect of the exercise price of options.

Item 5. Other Information

(c) During the quarter ended June 30, 2026, no director or officer (as defined in Rule 16a-1(f)) of the Company adopted or terminated a contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or a non-Rule 10b5-1 trading arrangement.
39
AT&T INC.
JUNE 30, 2026
Item 6. Exhibits

The following exhibits are filed or incorporated by reference as a part of this report:
Exhibit 
NumberExhibit Description
3.1
Restated Certificate of Incorporation, filed with the Secretary of State of Delaware on May 15, 2026 (Exhibit 3.1 to Form 8-K filed on May 20, 2026)
10.1
10.2
Stock Purchase and Deferral Plan as amended on May 14, 2026 (Exhibit 10-b to Form S-8 filed on May 29, 2026)
10.3
31
Rule 13a-14(a)/15d-14(a) Certifications
 
 
32
101
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Balance Sheets, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, (formatted as Inline XBRL and contained in Exhibit 101).

40

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AT&T Inc.
July 22, 2026/s/ Pascal Desroches
Pascal Desroches
Senior Executive Vice President
and Chief Financial Officer

41

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