AT&T Inc.
01/28/2026 | Press release | Distributed by Public on 01/28/2026 05:27
Material Event (Form 8-K)
| AT&T Inc. | ||||||||||||||||||||
| Financial Data | ||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||
| Dollars in millions except per share amounts | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Service | $ | 25,392 | $ | 25,153 | 1.0 | % | $ | 101,158 | $ | 100,135 | 1.0 | % | ||||||||
| Equipment | 8,074 | 7,145 | 13.0 | % | 24,490 | 22,201 | 10.3 | % | ||||||||||||
| Total Operating Revenues | 33,466 | 32,298 | 3.6 | % | 125,648 | 122,336 | 2.7 | % | ||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Cost of revenues | ||||||||||||||||||||
| Equipment | 8,496 | 7,358 | 15.5 | % | 25,396 | 22,249 | 14.1 | % | ||||||||||||
| Other cost of revenues (exclusive of depreciation and amortization shown separately below) | 6,322 | 6,837 | (7.5) | % | 25,424 | 26,972 | (5.7) | % | ||||||||||||
| Selling, general and administrative | 7,398 | 7,389 | 0.1 | % | 28,942 | 28,411 | 1.9 | % | ||||||||||||
|
Asset impairments and abandonments and restructuring |
334 | 14 | - | % | 838 | 5,075 | (83.5) | % | ||||||||||||
| Depreciation and amortization | 5,128 | 5,374 | (4.6) | % | 20,886 | 20,580 | 1.5 | % | ||||||||||||
| Total Operating Expenses | 27,678 | 26,972 | 2.6 | % | 101,486 | 103,287 | (1.7) | % | ||||||||||||
| Operating Income | 5,788 | 5,326 | 8.7 | % | 24,162 | 19,049 | 26.8 | % | ||||||||||||
| Interest Expense | 1,791 | 1,661 | 7.8 | % | 6,804 | 6,759 | 0.7 | % | ||||||||||||
| Equity in Net Income (Loss) of Affiliates | (10) | 1,074 | - | % | 1,895 | 1,989 | (4.7) | % | ||||||||||||
| Other Income (Expense) - Net | 278 | 569 | (51.1) | % | 7,754 | 2,419 | - | % | ||||||||||||
| Income Before Income Taxes | 4,265 | 5,308 | (19.6) | % | 27,007 | 16,698 | 61.7 | % | ||||||||||||
| Income Tax Expense | 109 | 900 | (87.9) | % | 3,621 | 4,445 | (18.5) | % | ||||||||||||
| Net Income | 4,156 | 4,408 | (5.7) | % | 23,386 | 12,253 | 90.9 | % | ||||||||||||
|
Less: Net Income Attributable to Noncontrolling Interest |
(368) | (328) | (12.2) | % | (1,433) | (1,305) | (9.8) | % | ||||||||||||
| Net Income Attributable to AT&T | $ | 3,788 | $ | 4,080 | (7.2) | % | $ | 21,953 | $ | 10,948 | - | % | ||||||||
|
Less: Preferred Stock Dividends and Redemption Gain |
(36) | (49) | 26.5 | % | (64) | (202) | 68.3 | % | ||||||||||||
| Net Income Attributable to Common Stock | $ | 3,752 | $ | 4,031 | (6.9) | % | $ | 21,889 | $ | 10,746 | - | % | ||||||||
|
Basic Earnings Per Share Attributable to
Common Stock
|
$ | 0.53 | $ | 0.56 | (5.4) | % | $ | 3.04 | $ | 1.49 | - | % | ||||||||
|
Weighted Average Common Shares
Outstanding (000,000)
|
7,098 | 7,207 | (1.5) | % | 7,169 | 7,199 | (0.4) | % | ||||||||||||
|
Diluted Earnings Per Share Attributable to
Common Stock
|
$ | 0.53 | $ | 0.56 | (5.4) | % | $ | 3.04 | $ | 1.49 | - | % | ||||||||
|
Weighted Average Common Shares
Outstanding with Dilution (000,000)
|
7,108 | 7,215 | (1.5) | % | 7,179 | 7,204 | (0.3) | % | ||||||||||||
1
| AT&T Inc. | |||||||||||
| Financial Data | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| Dollars in millions | |||||||||||
| Unaudited | Dec. 31, | Dec. 31, | |||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 18,234 | $ | 3,298 | |||||||
| Accounts receivable - net of related allowance for credit loss of $429 and $375 | 8,843 | 9,638 | |||||||||
| Inventories | 2,420 | 2,270 | |||||||||
| Prepaid and other current assets | 19,235 | 15,962 | |||||||||
| Total current assets | 48,732 | 31,168 | |||||||||
| Property, Plant and Equipment - Net | 131,559 | 128,871 | |||||||||
| Goodwill - Net | 63,425 | 63,432 | |||||||||
| Licenses - Net | 128,148 | 127,035 | |||||||||
| Other Intangible Assets - Net | 5,254 | 5,255 | |||||||||
| Investments in and Advances to Equity Affiliates | 1,106 | 295 | |||||||||
| Operating Lease Right-Of-Use Assets | 22,642 | 20,909 | |||||||||
| Other Assets | 19,332 | 17,830 | |||||||||
| Total Assets | $ | 420,198 | $ | 394,795 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current Liabilities | |||||||||||
| Debt maturing within one year | $ | 9,011 | $ | 5,089 | |||||||
| Accounts payable and accrued liabilities | 38,514 | 35,657 | |||||||||
| Advanced billings and customer deposits | 4,266 | 4,099 | |||||||||
| Dividends payable | 1,989 | 2,027 | |||||||||
| Total current liabilities | 53,780 | 46,872 | |||||||||
| Long-Term Debt | 127,089 | 118,443 | |||||||||
| Deferred Credits and Other Noncurrent Liabilities | |||||||||||
| Noncurrent deferred tax liabilities | 58,312 | 58,939 | |||||||||
| Postemployment benefit obligation | 8,478 | 9,025 | |||||||||
| Operating lease liabilities | 18,943 | 17,391 | |||||||||
| Other noncurrent liabilities | 25,104 | 23,900 | |||||||||
| Total deferred credits and other noncurrent liabilities | 110,837 | 109,255 | |||||||||
| Redeemable Noncontrolling Interest | 2,001 | 1,980 | |||||||||
| Stockholders' Equity | |||||||||||
| Preferred stock | - | - | |||||||||
| Common stock | 7,621 | 7,621 | |||||||||
| Additional paid-in capital | 106,533 | 109,108 | |||||||||
| Retained earnings | 15,768 | 1,871 | |||||||||
| Treasury stock | (18,529) | (15,023) | |||||||||
| Accumulated other comprehensive income (loss) | (860) | 795 | |||||||||
| Noncontrolling interest | 15,958 | 13,873 | |||||||||
| Total stockholders' equity | 126,491 | 118,245 | |||||||||
| Total Liabilities and Stockholders' Equity | $ | 420,198 | $ | 394,795 | |||||||
2
| AT&T Inc. | |||||||||||
| Financial Data | |||||||||||
| Consolidated Statements of Cash Flows | |||||||||||
| Dollars in millions | |||||||||||
| Unaudited | Year Ended | ||||||||||
| 2025 | 2024 | ||||||||||
| Operating Activities | |||||||||||
| Net income | $ | 23,386 | $ | 12,253 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 20,886 | 20,580 | |||||||||
| Provision for uncollectible accounts | 2,271 | 1,969 | |||||||||
| Asset impairments and abandonments and restructuring | 838 | 5,075 | |||||||||
| Pension and postretirement benefit expense (credit) | (1,588) | (1,883) | |||||||||
| Actuarial (gain) loss on pension and postretirement benefits - net | 519 | 56 | |||||||||
| Net (gain) loss on investments | (5,889) | 80 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (1,526) | 123 | |||||||||
| Equipment installment receivables and related sales | 324 | (1,846) | |||||||||
| Contract asset and cost deferral | (1,208) | 160 | |||||||||
| Inventories, prepaid and other current assets | (460) | 70 | |||||||||
| Accounts payable and other accrued liabilities | 884 | (1,104) | |||||||||
| Changes in income taxes | 2,226 | 1,978 | |||||||||
| Postretirement claims and contributions | (1,436) | (166) | |||||||||
| Other - net | 1,057 | 1,426 | |||||||||
| Total adjustments | 16,898 | 26,518 | |||||||||
| Net Cash Provided by Operating Activities | 40,284 | 38,771 | |||||||||
| Investing Activities | |||||||||||
| Capital expenditures | (20,842) | (20,263) | |||||||||
| Acquisitions, net of cash acquired | (379) | (380) | |||||||||
| Dispositions | 3,218 | 75 | |||||||||
| Distributions from DIRECTV in excess of cumulative equity in earnings | - | 928 | |||||||||
| (Purchases), sales and settlements of securities - net | 181 | 2,575 | |||||||||
| Other - net | (955) | (425) | |||||||||
| Net Cash Used in Investing Activities | (18,777) | (17,490) | |||||||||
| Financing Activities | |||||||||||
| Issuance of other short-term borrowings | - | 491 | |||||||||
| Repayment of other short-term borrowings | - | (2,487) | |||||||||
| Issuance of long-term debt | 14,027 | 19 | |||||||||
| Repayment of long-term debt | (5,528) | (10,297) | |||||||||
| Payment of vendor financing | (1,181) | (1,792) | |||||||||
| Redemption of preferred stock | (2,075) | - | |||||||||
| Purchase of treasury stock | (4,500) | (215) | |||||||||
| Issuance of treasury stock | 21 | 15 | |||||||||
| Issuance of preferred interests in subsidiary | 2,221 | - | |||||||||
| Redemption of preferred interests in subsidiary | (65) | - | |||||||||
| Dividends paid | (8,180) | (8,208) | |||||||||
| Other - net | (1,126) | (2,234) | |||||||||
| Net Cash Used in Financing Activities | (6,386) | (24,708) | |||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 15,121 | (3,427) | |||||||||
| Cash and cash equivalents and restricted cash beginning of year | 3,406 | 6,833 | |||||||||
| Cash and Cash Equivalents and Restricted Cash End of Year | $ | 18,527 | $ | 3,406 | |||||||
3
| AT&T Inc. | ||||||||||||||||||||
| Consolidated Supplementary Data | ||||||||||||||||||||
| Supplementary Financial Data | ||||||||||||||||||||
| Dollars in millions except per share amounts | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Capital expenditures | ||||||||||||||||||||
| Purchase of property and equipment | $ | 6,737 | $ | 6,800 | (0.9) | % | $ | 20,677 | $ | 20,101 | 2.9 | % | ||||||||
| Interest during construction | 44 | 43 | 2.3 | % | 165 | 162 | 1.9 | % | ||||||||||||
| Total Capital Expenditures | $ | 6,781 | $ | 6,843 | (0.9) | % | $ | 20,842 | $ | 20,263 | 2.9 | % | ||||||||
| Acquisitions, net of cash acquired | ||||||||||||||||||||
| Business acquisitions | $ | - | $ | - | - | % | $ | - | $ | - | - | % | ||||||||
| Spectrum acquisitions | 322 | 28 | - | % | 323 | 181 | 78.5 | % | ||||||||||||
| Interest during construction - spectrum | 10 | 30 | (66.7) | % | 56 | 199 | (71.9) | % | ||||||||||||
| Total Acquisitions | $ | 332 | $ | 58 | - | % | $ | 379 | $ | 380 | (0.3) | % | ||||||||
| Cash paid for interest | $ | 1,454 | $ | 1,517 | (4.2) | % | $ | 6,625 | $ | 7,132 | (7.1) | % | ||||||||
| Cash paid for income taxes, net of refunds | $ | 456 | $ | 1,574 | (71.0) | % | $ | 1,353 | $ | 2,456 | (44.9) | % | ||||||||
| Dividends Declared per Common Share | $ | 0.2775 | $ | 0.2775 | - | % | $ | 1.11 | $ | 1.11 | - | % | ||||||||
| End of Period Common Shares Outstanding (000,000) | 7,037 | 7,176 | (1.9) | % | ||||||||||||||||
| Debt Ratio | 51.4 | % | 50.7 | % | 70 | BP | ||||||||||||||
| Total Employees | 133,030 | 140,990 | (5.6) | % | ||||||||||||||||
4
COMMUNICATIONS SEGMENT
The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline and Consumer Wireline.
| Segment Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Segment Operating Revenues | ||||||||||||||||||||
| Mobility | $ | 24,354 | $ | 23,129 | 5.3 | % | $ | 89,482 | $ | 85,255 | 5.0 | % | ||||||||
| Business Wireline | 4,202 | 4,545 | (7.5) | % | 17,231 | 18,819 | (8.4) | % | ||||||||||||
| Consumer Wireline | 3,565 | 3,465 | 2.9 | % | 14,183 | 13,578 | 4.5 | % | ||||||||||||
| Total Segment Operating Revenues | 32,121 | 31,139 | 3.2 | % | 120,896 | 117,652 | 2.8 | % | ||||||||||||
| Segment Operating Income (Loss) | ||||||||||||||||||||
| Mobility | 6,400 | 6,124 | 4.5 | % | 27,196 | 26,314 | 3.4 | % | ||||||||||||
| Business Wireline | (163) | (211) | 22.7 | % | (816) | (88) | - | % | ||||||||||||
| Consumer Wireline | 538 | 276 | 94.9 | % | 1,547 | 869 | 78.0 | % | ||||||||||||
| Total Segment Operating Income | $ | 6,775 | $ | 6,189 | 9.5 | % | $ | 27,927 | $ | 27,095 | 3.1 | % | ||||||||
| Operating Income Margin | 21.1 | % | 19.9 | % | 120 | BP | 23.1 | % | 23.0 | % | 10 | BP | ||||||||
5
Mobility
Mobility provides nationwide wireless service and equipment.
| Mobility Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Service | $ | 16,954 | $ | 16,563 | 2.4 | % | $ | 67,384 | $ | 65,373 | 3.1 | % | ||||||||
| Equipment | 7,400 | 6,566 | 12.7 | % | 22,098 | 19,882 | 11.1 | % | ||||||||||||
| Total Operating Revenues | 24,354 | 23,129 | 5.3 | % | 89,482 | 85,255 | 5.0 | % | ||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 15,191 | 14,241 | 6.7 | % | 51,864 | 48,724 | 6.4 | % | ||||||||||||
| Depreciation and amortization | 2,763 | 2,764 | - | % | 10,422 | 10,217 | 2.0 | % | ||||||||||||
| Total Operating Expenses | 17,954 | 17,005 | 5.6 | % | 62,286 | 58,941 | 5.7 | % | ||||||||||||
| Operating Income | $ | 6,400 | $ | 6,124 | 4.5 | % | $ | 27,196 | $ | 26,314 | 3.4 | % | ||||||||
| Operating Income Margin | 26.3 | % | 26.5 | % | (20) | BP | 30.4 | % | 30.9 | % | (50) | BP | ||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | December 31, | Percent | ||||||||||||||||||
| 2025 | 2024 | Change | ||||||||||||||||||
| Mobility Subscribers | ||||||||||||||||||||
| Postpaid | 90,879 | 89,200 | 1.9 | % | ||||||||||||||||
| Postpaid phone | 74,214 | 72,749 | 2.0 | % | ||||||||||||||||
| Prepaid | 18,294 | 19,023 | (3.8) | % | ||||||||||||||||
| Reseller | 10,932 | 9,628 | 13.5 | % | ||||||||||||||||
|
Total Mobility Subscribers1
|
120,105 | 117,851 | 1.9 | % | ||||||||||||||||
| Fourth Quarter | Percent | Year Ended | Percent | |||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Mobility Net Additions | ||||||||||||||||||||
| Postpaid Phone Net Additions | 421 | 482 | (12.7) | % | 1,551 | 1,653 | (6.2) | % | ||||||||||||
| Total Phone Net Additions | 166 | 363 | (54.3) | % | 1,159 | 1,525 | (24.0) | % | ||||||||||||
| Postpaid | 641 | 839 | (23.6) | % | 1,738 | 2,250 | (22.8) | % | ||||||||||||
| Prepaid | (183) | (136) | (34.6) | % | (536) | (102) | - | % | ||||||||||||
| Reseller | 699 | 1,110 | (37.0) | % | 1,112 | 2,020 | (45.0) | % | ||||||||||||
|
Total Mobility Net Additions1, 2
|
1,157 | 1,813 | (36.2) | % | 2,314 | 4,168 | (44.5) | % | ||||||||||||
| Postpaid Churn | 1.12 | % | 1.00 | % | 12 | BP | 1.05 | % | 0.92 | % | 13 BP | |||||||||
| Postpaid Phone Churn | 0.98 | % | 0.85 | % | 13 | BP | 0.90 | % | 0.76 | % | 14 BP | |||||||||
|
1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.
|
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|
2Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.
|
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6
Business Wireline
Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, our fixed wireless access product, traditional voice and data services and related equipment to business customers.
| Business Wireline Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Legacy and other transitional services | $ | 2,138 | $ | 2,590 | (17.5) | % | $ | 9,170 | $ | 11,095 | (17.4) | % | ||||||||
| Fiber and advanced connectivity services | 1,907 | 1,786 | 6.8 | % | 7,333 | 6,969 | 5.2 | % | ||||||||||||
| Equipment | 157 | 169 | (7.1) | % | 728 | 755 | (3.6) | % | ||||||||||||
| Total Operating Revenues | 4,202 | 4,545 | (7.5) | % | 17,231 | 18,819 | (8.4) | % | ||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 3,085 | 3,348 | (7.9) | % | 12,213 | 13,352 | (8.5) | % | ||||||||||||
| Depreciation and amortization | 1,280 | 1,408 | (9.1) | % | 5,834 | 5,555 | 5.0 | % | ||||||||||||
| Total Operating Expenses | 4,365 | 4,756 | (8.2) | % | 18,047 | 18,907 | (4.5) | % | ||||||||||||
| Operating Income (Loss) | $ | (163) | $ | (211) | 22.7 | % | $ | (816) | $ | (88) | - | % | ||||||||
| Operating Income Margin | (3.9) | % | (4.6) | % | 70 | BP | (4.7) | % | (0.5) | % | (420) | BP | ||||||||
7
Consumer Wireline
Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and AT&T Internet Air (AIA) services, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.
| Consumer Wireline Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Broadband | $ | 3,105 | $ | 2,911 | 6.7 | % | $ | 12,187 | $ | 11,212 | 8.7 | % | ||||||||
| Legacy voice and data services | 219 | 293 | (25.3) | % | 1,013 | 1,265 | (19.9) | % | ||||||||||||
| Other service and equipment | 241 | 261 | (7.7) | % | 983 | 1,101 | (10.7) | % | ||||||||||||
| Total Operating Revenues | 3,565 | 3,465 | 2.9 | % | 14,183 | 13,578 | 4.5 | % | ||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 2,195 | 2,247 | (2.3) | % | 8,933 | 9,048 | (1.3) | % | ||||||||||||
| Depreciation and amortization | 832 | 942 | (11.7) | % | 3,703 | 3,661 | 1.1 | % | ||||||||||||
| Total Operating Expenses | 3,027 | 3,189 | (5.1) | % | 12,636 | 12,709 | (0.6) | % | ||||||||||||
| Operating Income | $ | 538 | $ | 276 | 94.9 | % | $ | 1,547 | $ | 869 | 78.0 | % | ||||||||
| Operating Income Margin | 15.1 | % | 8.0 | % | 710 | BP | 10.9 | % | 6.4 | % | 450 | BP | ||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | December 31, | Percent | ||||||||||||||||||
| 2025 | 2024 | Change | ||||||||||||||||||
| Broadband Connections | ||||||||||||||||||||
|
Broadband1
|
14,704 | 13,987 | 5.1 | % | ||||||||||||||||
| Fiber Broadband Connections | 10,406 | 9,331 | 11.5 | % | ||||||||||||||||
| Fourth Quarter | Percent | Year Ended | Percent | |||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Broadband Net Additions | ||||||||||||||||||||
|
Broadband Net Additions1, 2
|
210 | 123 | 70.7 | % | 729 | 258 | - | % | ||||||||||||
| Fiber Broadband Net Additions | 283 | 307 | (7.8) | % | 1,075 | 1,024 | 5.0 | % | ||||||||||||
|
1 Includes AIA.
|
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|
2 Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory
requirements in the first quarter of 2025.
|
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8
LATIN AMERICA SEGMENT
The segment provides wireless services and equipment to customers in Mexico.
| Segment Results | ||||||||||||||||||||
| Dollars in millions | ||||||||||||||||||||
| Unaudited | Fourth Quarter | Percent | Year Ended | Percent | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Wireless service | $ | 742 | $ | 634 | 17.0 | % | $ | 2,715 | $ | 2,668 | 1.8 | % | ||||||||
| Wireless equipment | 517 | 410 | 26.1 | % | 1,664 | 1,564 | 6.4 | % | ||||||||||||
| Total Operating Revenues | 1,259 | 1,044 | 20.6 | % | 4,379 | 4,232 | 3.5 | % | ||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Operations and support | 1,036 | 873 | 18.7 | % | 3,563 | 3,535 | 0.8 | % | ||||||||||||
| Depreciation and amortization | 189 | 150 | 26.0 | % | 671 | 657 | 2.1 | % | ||||||||||||
| Total Operating Expenses | 1,225 | 1,023 | 19.7 | % | 4,234 | 4,192 | 1.0 | % | ||||||||||||
| Operating Income | $ | 34 | $ | 21 | 61.9 | % | $ | 145 | $ | 40 | - | % | ||||||||
| Operating Income Margin | 2.7 | % | 2.0 | % | 70 | BP | 3.3 | % | 0.9 | % | 240 | BP | ||||||||
| Supplementary Operating Data | ||||||||||||||||||||
| Subscribers and connections in thousands | ||||||||||||||||||||
| Unaudited | December 31, | Percent | ||||||||||||||||||
| 2025 | 2024 | Change | ||||||||||||||||||
| Mexico Wireless Subscribers | ||||||||||||||||||||
| Postpaid | 6,751 | 5,837 | 15.7 | % | ||||||||||||||||
| Prepaid | 17,730 | 17,486 | 1.4 | % | ||||||||||||||||
| Reseller | 199 | 253 | (21.3) | % | ||||||||||||||||
| Total Mexico Wireless Subscribers | 24,680 | 23,576 | 4.7 | % | ||||||||||||||||
| Fourth Quarter | Percent | Year Ended | Percent | |||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Mexico Wireless Net Additions | ||||||||||||||||||||
| Postpaid | 328 | 204 | 60.8 | % | 914 | 601 | 52.1 | % | ||||||||||||
| Prepaid | 222 | 490 | (54.7) | % | 244 | 823 | (70.4) | % | ||||||||||||
| Reseller | (19) | (29) | 34.5 | % | (54) | (164) | 67.1 | % | ||||||||||||
| Total Mexico Wireless Net Additions | 531 | 665 | (20.2) | % | 1,104 | 1,260 | (12.4) | % | ||||||||||||
9
SUPPLEMENTAL SEGMENT RECONCILIATION
| Three Months Ended | ||||||||||||||
| Dollars in millions | ||||||||||||||
| Unaudited | ||||||||||||||
| December 31, 2025 | ||||||||||||||
| Revenues |
Operations and Support Expenses |
Depreciation and Amortization |
Operating Income (Loss) |
|||||||||||
| Communications | ||||||||||||||
| Mobility | $ | 24,354 | $ | 15,191 | $ | 2,763 | $ | 6,400 | ||||||
| Business Wireline | 4,202 | 3,085 | 1,280 | (163) | ||||||||||
| Consumer Wireline | 3,565 | 2,195 | 832 | 538 | ||||||||||
| Total Communications | 32,121 | 20,471 | 4,875 | 6,775 | ||||||||||
| Latin America | 1,259 | 1,036 | 189 | 34 | ||||||||||
| Segment Total | 33,380 | 21,507 | 5,064 | 6,809 | ||||||||||
| Corporate and Other | ||||||||||||||
| Corporate: | ||||||||||||||
| DTV-related retained costs | - | 56 | 50 | (106) | ||||||||||
| Parent administration support | (3) | 490 | 4 | (497) | ||||||||||
| Securitization fees | 28 | 164 | - | (136) | ||||||||||
| Value portfolio | 61 | 13 | - | 48 | ||||||||||
| Total Corporate | 86 | 723 | 54 | (691) | ||||||||||
| Certain significant items | - | 320 | 10 | (330) | ||||||||||
| Total Corporate and Other | 86 | 1,043 | 64 | (1,021) | ||||||||||
| AT&T Inc. | $ | 33,466 | $ | 22,550 | $ | 5,128 | $ | 5,788 | ||||||
| December 31, 2024 | ||||||||||||||
| Revenues | Operations and Support Expenses | Depreciation and Amortization | Operating Income (Loss) | |||||||||||
| Communications | ||||||||||||||
| Mobility | $ | 23,129 | $ | 14,241 | $ | 2,764 | $ | 6,124 | ||||||
| Business Wireline | 4,545 | 3,348 | 1,408 | (211) | ||||||||||
| Consumer Wireline | 3,465 | 2,247 | 942 | 276 | ||||||||||
| Total Communications | 31,139 | 19,836 | 5,114 | 6,189 | ||||||||||
| Latin America | 1,044 | 873 | 150 | 21 | ||||||||||
| Segment Total | 32,183 | 20,709 | 5,264 | 6,210 | ||||||||||
| Corporate and Other | ||||||||||||||
| Corporate: | ||||||||||||||
| DTV-related retained costs | - | 108 | 97 | (205) | ||||||||||
| Parent administration support | (2) | 486 | 1 | (489) | ||||||||||
| Securitization fees | 30 | 179 | - | (149) | ||||||||||
| Value portfolio | 87 | 25 | 2 | 60 | ||||||||||
| Total Corporate | 115 | 798 | 100 | (783) | ||||||||||
| Certain significant items | - | 91 | 10 | (101) | ||||||||||
| Total Corporate and Other | 115 | 889 | 110 | (884) | ||||||||||
| AT&T Inc. | $ | 32,298 | $ | 21,598 | $ | 5,374 | $ | 5,326 | ||||||
10
SUPPLEMENTAL SEGMENT RECONCILIATION
| Year Ended | ||||||||||||||
| Dollars in millions | ||||||||||||||
| Unaudited | ||||||||||||||
| December 31, 2025 | ||||||||||||||
| Revenues |
Operations and Support Expenses |
Depreciation and Amortization |
Operating Income (Loss) |
|||||||||||
| Communications | ||||||||||||||
| Mobility | $ | 89,482 | $ | 51,864 | $ | 10,422 | $ | 27,196 | ||||||
| Business Wireline | 17,231 | 12,213 | 5,834 | (816) | ||||||||||
| Consumer Wireline | 14,183 | 8,933 | 3,703 | 1,547 | ||||||||||
| Total Communications | 120,896 | 73,010 | 19,959 | 27,927 | ||||||||||
| Latin America | 4,379 | 3,563 | 671 | 145 | ||||||||||
| Segment Total | 125,275 | 76,573 | 20,630 | 28,072 | ||||||||||
| Corporate and Other | ||||||||||||||
| Corporate: | ||||||||||||||
| DTV-related retained costs | - | 225 | 200 | (425) | ||||||||||
| Parent administration support | (1) | 1,737 | 18 | (1,756) | ||||||||||
| Securitization fees | 115 | 702 | - | (587) | ||||||||||
| Value portfolio | 259 | 50 | - | 209 | ||||||||||
| Total Corporate | 373 | 2,714 | 218 | (2,559) | ||||||||||
| Certain significant items | - | 1,313 | 38 | (1,351) | ||||||||||
| Total Corporate and Other | 373 | 4,027 | 256 | (3,910) | ||||||||||
| AT&T Inc. | $ | 125,648 | $ | 80,600 | $ | 20,886 | $ | 24,162 | ||||||
| December 31, 2024 | ||||||||||||||
| Revenues | Operations and Support Expenses | Depreciation and Amortization | Operating Income (Loss) | |||||||||||
| Communications | ||||||||||||||
| Mobility | $ | 85,255 | $ | 48,724 | $ | 10,217 | $ | 26,314 | ||||||
| Business Wireline | 18,819 | 13,352 | 5,555 | (88) | ||||||||||
| Consumer Wireline | 13,578 | 9,048 | 3,661 | 869 | ||||||||||
| Total Communications | 117,652 | 71,124 | 19,433 | 27,095 | ||||||||||
| Latin America | 4,232 | 3,535 | 657 | 40 | ||||||||||
| Segment Total | 121,884 | 74,659 | 20,090 | 27,135 | ||||||||||
| Corporate and Other | ||||||||||||||
| Corporate: | ||||||||||||||
| DTV-related retained costs | - | 465 | 414 | (879) | ||||||||||
| Parent administration support | (2) | 1,722 | 6 | (1,730) | ||||||||||
| Securitization fees | 116 | 628 | - | (512) | ||||||||||
| Value portfolio | 338 | 102 | 17 | 219 | ||||||||||
| Total Corporate | 452 | 2,917 | 437 | (2,902) | ||||||||||
| Certain significant items | - | 5,131 | 53 | (5,184) | ||||||||||
| Total Corporate and Other | 452 | 8,048 | 490 | (8,086) | ||||||||||
| AT&T Inc. | $ | 122,336 | $ | 82,707 | $ | 20,580 | $ | 19,049 | ||||||
11
AT&T Inc. published this content on January 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 28, 2026 at 11:38 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]