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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 September 30, 2026


☐	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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares (Par Value $1.00 Per Share)	T	New 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 PRA	New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C	T PRC	New York Stock Exchange



AT&T Inc. 1.800% Global Notes due September 5, 2026	T 26D	New York Stock Exchange
AT&T Inc. 2.900% Global Notes due December 4, 2026	T 26A	New 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, 2028	T 28C	New York Stock Exchange
AT&T Inc. Floating Rate Global Notes due August 17, 2028	T 28E	New York Stock Exchange
AT&T Inc. 2.350% Global Notes due September 5, 2029	T 29D	New York Stock Exchange
AT&T Inc. 4.375% Global Notes due September 14, 2029	T 29B	New York Stock Exchange
AT&T Inc. 2.600% Global Notes due December 17, 2029	T 29A	New York Stock Exchange
AT&T Inc. 0.800% Global Notes due March 4, 2030	T 30B	New York Stock Exchange
AT&T Inc. 3.150% Global Notes due June 1, 2030	T 30C	New York Stock Exchange
AT&T Inc. 3.600% Global Notes due August 3, 2030	T 30E	New York Stock Exchange
AT&T Inc. 3.950% Global Notes due April 30, 2031	T 31F	New York Stock Exchange
AT&T Inc. 2.050% Global Notes due May 19, 2032	T 32A	New York Stock Exchange


		Name of each exchange
Title of each class	Trading Symbol(s)	on which registered
AT&T Inc. 3.550% Global Notes due December 17, 2032	T 32	New 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% 全球票据 2033年11月18日到期	T 33	纽约证券交易所
AT&T Inc. 3.375% 全球票据 2034年3月15日到期	T 34	纽约证券交易所
AT&T Inc. 4.150% 全球票据 2034年8月3日到期	T 34E	纽约证券交易所
AT&T Inc. 4.300% 全球票据 2034年11月18日到期	T 34C	纽约证券交易所
AT&T Inc. 2.450% 全球票据 2035年3月15日到期	T 35	纽约证券交易所
AT&T Inc. 3.150% 全球票据 2036年9月4日到期	T 36A	纽约证券交易所
AT&T Inc. 4.050% 全球票据 2037年6月1日到期	T 37B	纽约证券交易所
AT&T Inc. 2.600% 全球票据 2038年5月19日到期	T 38C	纽约证券交易所
AT&T Inc. 4.550% 全球票据 2038年8月3日到期	T 38D	纽约证券交易所
AT&T Inc. 1.800% 全球票据 2039年9月14日到期	T 39B	纽约证券交易所
AT&T Inc. 7.000% 全球票据 2040年4月30日到期	T 40	纽约证券交易所
AT&T Inc. 4.250% 全球票据 2043年6月1日到期	T 43	纽约证券交易所
AT&T Inc. 4.875% 全球票据 2044年6月1日到期	T 44	纽约证券交易所
AT&T Inc. 5.050% 全球票据 2045年8月3日到期	T 45B	纽约证券交易所
AT&T Inc. 4.000% 全球票据 2049年6月1日到期	T 49A	纽约证券交易所
AT&T Inc. 4.250% 全球票据 2050年3月1日到期	T 50	纽约证券交易所
AT&T Inc. 3.750% 全球票据 2050年9月1日到期	T 50A	纽约证券交易所
AT&T Inc. 7.050% 全球票据 2052年8月3日到期	T 52	纽约证券交易所
AT&T Inc. 5.350% 全球票据 2066年11月1日到期	TBB	纽约证券交易所

请勾选方框表明注册人（1）是否在过去12个月内（或注册人需提交此类报告的较短期间）已提交根据《1934年证券交易法》第13条或第15(d)条应提交的所有报告，以及（2）是否在过去90天内一直受此类提交要求约束。

是 ☒ 否 ☐

请勾选方框表明注册人是否已根据《法规S-T》第405条（本章第232.405条）的要求，在过去12个月内（或注册人需提交此类文件的较短期间）提交了所有应提交的交互式数据文件。

是 ☒ 否 ☐

请勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司，还是新兴成长公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。


大型加速提交者	☒	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 October 15, 2026, there were 6,736,473,433 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 ended		Nine months ended
	September 30,		September 30,
	2026		2025		2026		2025
Operating Revenues
Service	$	26,301			$	25,336		$	77,756	$	75,766
Equipment	6,021			5,373			17,630		16,416
Total operating revenues	32,322			30,709			95,386		92,182

Operating Expenses
Cost of revenues
Equipment	6,098			5,468			18,144		16,900

Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,344			6,351			18,911		19,102
Selling, general and administrative	7,435			7,454			21,972		21,544
Asset impairments and abandonments and restructuring	3,372			—			3,658		504
Depreciation and amortization	4,978			5,317			14,910		15,758
Total operating expenses	28,227			24,590			77,595		73,808
Operating Income	4,095			6,119			17,791		18,374
Other Income (Expense)
Interest expense	(1,979)			(1,700)			(5,675)		(5,013)
Equity in net income (loss) of affiliates	(10)			(20)			(80)		1,905
Other income (expense) — net	590			6,254			1,880		7,476
Total other income (expense)	(1,399)			4,534			(3,875)		4,368
Income from Continuing Operations Before Income Taxes	2,696			10,653			13,916		22,742
Income tax expense on continuing operations	1,390			976			3,353		3,512
Income from Continuing Operations	1,306			9,677			10,563		19,230
Loss from discontinued operations, net of tax	(37)			—			(103)		—
Net Income	1,269			9,677			10,460		19,230
Net Income Attributable to Noncontrolling Interest	(378)			(363)			(1,113)		(1,065)
Net Income Attributable to AT&T	$	891			$	9,314		$	9,347	$	18,165
Preferred Stock Dividends and Redemption Gain	(36)			(36)			(108)		(28)
Net Income Attributable to Common Stock	$	855			$	9,278		$	9,239	$	18,137
Basic Earnings Per Share from continuing operations	$	0.13			$	1.29		$	1.34	$	2.51
Basic Loss Per Share from discontinued operations	(0.01)			—			(0.01)		—
Basic Earnings Per Share Attributable to Common Stock	$	0.12			$	1.29		$	1.33	$	2.51
Diluted Earnings Per Share from continuing operations	$	0.13			$	1.29		$	1.34	$	2.51
Diluted Loss Per Share from discontinued operations	(0.01)			—			(0.01)		—
Diluted Earnings Per Share Attributable to Common Stock	$	0.12			$	1.29		$	1.33	$	2.51
Weighted Average Number of Common Shares Outstanding — Basic (in millions)	6,835			7,156			6,929		7,193
Weighted Average Number of Common Shares Outstanding — with Dilution (in millions)	6,844			7,169			6,938		7,203

See Notes to Consolidated Financial Statements.


AT&T INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Dollars in millions
(Unaudited)
	Three months ended		Nine months ended
	September 30,		September 30,
	2026		2025		2026		2025
Net income	$	1,269			$	9,677		$	10,460	$	19,230
Other comprehensive income (loss), net of tax:
Foreign currency:
Translation adjustment, net of taxes of $(3), $25, $10 and $96	(14)			78			29		287

Securities:
Net unrealized gains (losses), net of taxes of $(5), $2, $(5) and $6	(16)			8			(17)		20
Reclassification adjustment included in net income, net of taxes of $0, $0, $1 and $1	2			—			4		4
Derivative instruments:
Net unrealized gains (losses), net of taxes of $126, $(62), $196 and $(233)	427			(194)			648		(722)
Reclassification adjustment included in net income, net of taxes of $4, $4, $11 and $11	11			11			33		33

Defined benefit postretirement plans:

Amortization of net prior service credit included in net income, net of taxes of $(97), $(114), $(293) and $(343)	(307)			(356)			(919)		(1,070)
Reclassification adjustment realized in net income, net of taxes of $0, $(4), $0 and $(4)	—			5			—		5
Other comprehensive income (loss)	103			(448)			(222)		(1,443)
Total comprehensive income	1,372			9,229			10,238		17,787
Less: Total comprehensive income attributable to noncontrolling interest	(378)			(363)			(1,113)		(1,065)
Total Comprehensive Income Attributable to AT&T	$	994			$	8,866		$	9,125	$	16,722

See Notes to Consolidated Financial Statements.


AT&T INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions except per share amounts
	September 30,		December 31,
	2026		2025
Assets	(Unaudited)
Current Assets
Cash and cash equivalents	$	10,767			$	18,234
Accounts receivable – net of related allowances for credit loss of $272 and $429	7,992			8,843
Inventories	2,893			2,420
Prepaid and other current assets	19,477			19,235
Assets held for sale	11,216			—
Total current assets	52,345			48,732
Property, plant and equipment	349,015			347,570
Less: accumulated depreciation and amortization	(216,861)			(216,011)
Property, Plant and Equipment – Net	132,154			131,559
Goodwill – Net	63,865			63,425
Licenses – Net	149,357			128,148
Other Intangible Assets – Net	5,987			5,254
Investments in and Advances to Equity Affiliates	1,173			1,106
Operating Lease Right-Of-Use Assets	22,352			22,642
Other Assets	18,638			19,332
Total Assets	$	445,871			$	420,198
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	9,483			$	9,011
Accounts payable and accrued liabilities	38,335			38,514
Advanced billings and customer deposits	3,909			4,266
Dividends payable	1,912			1,989
Liabilities held for sale	6,636			—
Total current liabilities	60,275			53,780
Long-Term Debt	150,144			127,089
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities	61,551			58,312
Postemployment benefit obligation	8,100			8,478
Operating lease liabilities	18,520			18,943
Other noncurrent liabilities	22,521			25,104
Total deferred credits and other noncurrent liabilities	110,692			110,837
Redeemable Noncontrolling Interest	2,006			2,001
Stockholders’ Equity
Preferred stock ($1 par value, 10,000,000 authorized at September 30, 2026 and December 31, 2025):
Series A (48,000 issued and outstanding at September 30, 2026 and December 31, 2025)	—			—
Series B (0 issued and outstanding at September 30, 2026 and 20,000 issued and 0 outstanding at December 31, 2025)	—			—
Series C (70,000 issued and outstanding at September 30, 2026 and December 31, 2025)	—			—
Common stock ($1 par value, 14,000,000,000 authorized at September 30, 2026 and December 31, 2025: issued 7,620,748,598 at September 30, 2026 and December 31, 2025)	7,621			7,621
Additional paid-in capital	106,239			106,533
Retained earnings	19,265			15,768
Treasury stock (859,308,786 at September 30, 2026 and 583,246,242 at December 31, 2025, at cost)	(25,268)			(18,529)
Accumulated other comprehensive income (loss)	(1,082)			(860)
Noncontrolling interest	15,979			15,958
Total stockholders’ equity	122,754			126,491
Total Liabilities and Stockholders’ Equity	$	445,871			$	420,198

See Notes to Consolidated Financial Statements.


AT&T INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions
(Unaudited)
	Nine months ended
	September 30,
	2026		2025
Operating Activities
Income from continuing operations	$	10,563			$	19,230
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	14,910			15,758
Provision for uncollectible accounts	1,817			1,592
Asset impairments and abandonments and restructuring	3,658			504
Pension and postretirement benefit expense (credit)	(1,187)			(1,191)

Net (gain) loss on investments	(277)			(5,722)
Changes in operating assets and liabilities:
Receivables	(903)			(613)
Equipment installment receivables and related sales	(1,016)			806
Contract asset and cost deferral	(617)			(482)
Inventories, prepaid and other current assets	(823)			(1,952)
Accounts payable and other accrued liabilities	(1,253)			(2,029)
Changes in income taxes	3,209			2,609
Postretirement claims and contributions	(364)			(593)
Other - net	1,198			1,047
Total adjustments	18,352			9,734
Net Cash Provided by Operating Activities from Continuing Operations	28,915			28,964
Investing Activities
Capital expenditures	(15,638)			(14,061)
Acquisitions, net of cash acquired	(25,677)			(47)
Dispositions	858			439

(Purchases), sales and settlements of securities - net	(1)			25
Other - net	(1,062)			(789)


Net Cash Used in Investing Activities from Continuing Operations	(41,520)			(14,433)
Financing Activities

Issuance of other short-term borrowings	3,000			—
Repayment of other short-term borrowings	(3,000)			—
Issuance of long-term debt	35,870			14,027
Repayment of long-term debt	(10,172)			(1,849)

Payment of vendor financing	(1,148)			(823)

Redemption of preferred stock	—			(2,075)
Purchase of treasury stock	(7,472)			(2,669)
Issuance of treasury stock	1			19
Issuance of preferred interests in subsidiary	—			2,221

Dividends paid	(5,923)			(6,168)

Other - net	(1,487)			(292)
Net Cash Provided by Financing Activities from Continuing Operations	9,669			2,391
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	(2,936)			16,922
Cash Flows from Discontinued Operations:
Cash provided by operating activities	197			—
Cash used in investing activities	(4,607)			—
Cash used in financing activities	—			—
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	(4,410)			—
Net increase (decrease) in cash and cash equivalents and restricted cash	$	(7,346)			$	16,922
Cash and cash equivalents and restricted cash beginning of year	18,527			3,406
Cash and Cash Equivalents and Restricted Cash End of Period	$	11,181			$	20,328
See Notes to Consolidated Financial Statements.


AT&T INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Dollars and shares in millions except per share amounts
(Unaudited)
	Three months ended	Nine months ended
	September 30, 2026	September 30, 2025		September 30, 2026	September 30, 2025
	Shares	Amount		Shares	Amount		Shares		Amount		Shares		Amount
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 period	7,621		$	7,621		7,621			$	7,621			7,621		$	7,621		7,621	$	7,621


Balance at end of period	7,621		$	7,621		7,621			$	7,621			7,621		$	7,621		7,621	$	7,621
Additional Paid-In Capital
Balance at beginning of period		$	106,161				$	106,381					$	106,533			$	109,108
Redemption of preferred stock		—				—					—				(2,165)




Issuance of treasury stock		(3)				(5)					(290)				(461)
Share-based compensation		81				85					(4)				(21)

Balance at end of period		$	106,239				$	106,461					$	106,239			$	106,461
Retained Earnings
Balance at beginning of period		$	20,293				$	6,680					$	15,768			$	1,871


Net income attributable to AT&T		891				9,314					9,347				18,165
Preferred stock redemption gain		—				—					—				90
Preferred stock dividends		(36)				(36)					(107)				(157)
Common stock dividends ($0.2775, $0.2775, $0.8325 and $0.8325 per share)		(1,883)				(1,984)					(5,743)				(5,995)
Balance at end of period		$	19,265				$	13,974					$	19,265			$	13,974

See Notes to Consolidated Financial Statements.


AT&T INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - continued
Dollars and shares in millions except per share amounts
(Unaudited)
	Three months ended	Nine months ended
	September 30, 2026	September 30, 2025		September 30, 2026	September 30, 2025
	Shares	Amount		Shares	Amount		Shares		Amount		Shares	Amount
Treasury Stock
Balance at beginning of period	(742)		$	(22,446)		(459)			$	(15,210)		(583)		$	(18,529)		(445)	$	(15,023)
Repurchase and acquisition of common stock	(117)		(2,830)		(53)			(1,504)			(298)		(7,502)		(96)		(2,690)
Reissuance of treasury stock	—		8		—			14			22		763		29		1,013
Balance at end of period	(859)		$	(25,268)		(512)			$	(16,700)		(859)		$	(25,268)		(512)	$	(16,700)
Accumulated Other Comprehensive Income (Loss) Attributable to AT&T, net of tax
Balance at beginning of period		$	(1,185)				$	(200)				$	(860)			$	795
Other comprehensive income (loss) attributable to AT&T		103				(448)					(222)			(1,443)
Balance at end of period		$	(1,082)				$	(648)				$	(1,082)			$	(648)
Noncontrolling Interest1
Balance at beginning of period		$	15,990				$	16,122				$	15,958			$	13,873


Net income attributable to noncontrolling interest		343				327					1,006			958
Issuance and acquisition by noncontrolling owners		—				—					—			2,221
Redemption of noncontrolling interest		—				(79)					—			(79)
Distributions		(354)				(323)					(985)			(926)

Balance at end of period		$	15,979				$	16,047				$	15,979			$	16,047
Total Stockholders’ Equity at beginning of period		$	126,434				$	121,394				$	126,491			$	118,245
Total Stockholders’ Equity at end of period		$	122,754				$	126,755				$	122,754			$	126,755
1Excludes redeemable noncontrolling interest

See Notes to Consolidated Financial Statements.

AT&T INC.

SEPTEMBER 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Dollars in millions except per share amounts

NOTE 1. PREPARATION OF INTERIM FINANCIAL STATEMENTS

列报基础在本文档中，AT&T Inc. 被称为“我们”、“AT&T”或“公司”。合并财务报表包括公司的账户以及我们控制的子公司和关联公司。AT&T 是一家控股公司，其子公司和关联公司在全球电信和技术行业运营。您应结合我们截至 2025 年 12 月 31 日的年度报告 10-K 表格中的合并财务报表和附注一起阅读本文档。中期期间的结果不一定反映全年的情况。这些合并财务报表包括为公允列报所必需的调整，包括正常经常性应计和其它项目。

2026 年 2 月 2 日，我们完成了与 Lumen Technologies, Inc.（Lumen）的交易，并以 5,756 现金（包括购买价格调整）收购了 Lumen 的大部分大众市场光纤业务。此次收购包括客户关系，我们将其纳入我们的高级家庭互联网服务中，以及光纤网络资产，这些资产被放置在一个全资子公司 Forged Fiber 37 Services, LLC（Forged Fiber）中。我们计划将 Forged Fiber 的控股权出售给一个将共同投资该持续业务的股权合作伙伴。因此，Forged Fiber 符合持有待售的条件，因此在附带的财务报表中作为终止经营列示。（参见注释 8 和 12）

合并财务报表包括我们控制的子公司，以及我们被认定为主要受益人的可变利益实体（VIE）。合并中消除了所有重大的内部交易。我们不控制但具有重大影响的实体的投资按权益法核算。

按照美国通用会计原则（GAAP）编制财务报表需要管理层做出估计和假设，包括公允价值、可能损失和费用的估计，这些估计和假设会影响财务报表和附注中报告的金额。实际结果可能与这些估计不同。除非另有说明，注释 1 至 11 中的信息仅指我们的持续经营，不包括对我们的终止经营的余额或活动的讨论。

自 2026 年第一季度报告起，我们重新调整了内部管理和报告结构，以反映我们业务模式的演变，专注于向消费者和企业客户提供 5G 和光纤的融合先进连接服务。这种新的分部报告结构也提供了更好的可见性，以跟踪我们退出基于铜线的遗留业务的进展。（参见注释 4）

由于我们对这一新业务报告结构的更改，我们需要重新评估商誉的分配，并在2026年1月1日对以前和更新后的报告单位进行减值测试；未记录任何减值。商誉的分配基于报告单位的相对公允价值，这被视为我们的主要运营部门或下一级。我们通信部门中以前的消费者有线和移动报告单位的商誉已全部分配给先进连接部门的报告单位。由于我们预计受基于铜线网络退役进展的影响，遗留业务服务收入将持续下降，因此未将任何商誉分配给包含遗留部门的报告单位。

股票回购计划 2024年12月，董事会批准了最多回购100亿美元的AT&T普通股。我们于2025年第二季度开始根据该计划回购股票。2026年1月27日，董事会批准了额外回购100亿美元普通股的授权。2026年第三季度，我们完成了2024年12月授权下的股票回购，并随后开始根据2026年1月授权进行回购。

截至2026年9月30日的九个月内，我们根据2024年12月的授权回购了约2.32亿股，总计57.31亿美元，以及根据2026年1月的授权回购了约5900万股，总计15.04亿美元，不包括经纪费用和《2022年通胀削减法案》规定的1%消费税。

为实施回购授权，我们使用公开市场回购计划，并在可行的情况下依赖《1934年证券交易法》中的规则10b5-1。

B系列优先股的清算 2026年5月15日，我们清算了2025年5月赎回的所有B系列累计优先股。

AT&T公司

2026年9月30日

合并财务报表附注（未审计）- 续

除每股金额外，金额以百万美元计

注2. 每股收益

下表显示了基本每股收益和稀释每股收益的分子和分母的调节情况：


	截至三个月末		截至九个月末
	2026年9月30日		2026年9月30日
	2026		2025		2026		2025
分子
基本每股收益的分子：
持续经营的收入	$	1,306			$	9,677		$	10,563	$	19,230
归属于非控制性权益的净收入	(378)			(363)			(1,113)		(1,065)
优先股股息和赎回收益	(36)			(36)			(108)		(28)
归属于普通股的持续经营的收入普通股	892			9,278			9,342		18,137
终止经营的损失，税后	(37)			—			(103)		—


归属于普通股的净收入	$	855			$	9,278		$	9,239	$	18,137


基于股份的补偿的稀释影响	—			3			8		9
稀释每股收益的分子	$	855			$	9,281		$	9,247	$	18,146
分母（百万）
基本每股收益的分母：
加权平均普通股数	6,835			7,156			6,929		7,193


基于股份的补偿的稀释影响（以股数计）	9			13			9		10
稀释每股收益的分母	6,844			7,169			6,938		7,203

注3. 其他综合收益

包含在其他综合收益（OCI）中的每个组成部分的余额变动如下所示。所有金额均为税后金额。外币折算调整包括约800美元与我们持有待售的墨西哥无线业务相关（参见第8号注释）。


	外币折算调整		证券未实现损益		衍生工具未实现损益		设定受益后退休计划	其他综合收益（损失）
截至2025年12月31日的余额	$	(1,401)			$	(28)		$	(1,209)		$	1,778	$	(860)
其他综合收益（损失）在重新分类前	29			(17)			648		—		660
从其他综合收益重新分类的金额累计其他综合收益	—		1	4		1	33	2	(919)	3	(882)
其他综合收益（损失）	29			(13)			681		(919)		(222)
截至2026年9月30日的余额	$	(1,372)			$	(41)		$	(528)		$	859	$	(1,082)

AT&T 公司

2026年9月30日

合并财务报表附注（未审计）- 续

除每股金额外，金额以百万美元计


	外币折算调整		证券未实现损益		衍生工具未实现损益		设定受益后退休计划	其他综合收益（损失）
截至2024年12月31日的余额	$	(1,755)			$	(46)		$	(604)		$	3,200	$	795
其他综合收益（损失）在重新分类前	287			20			(722)		—		(415)
从累计其他综合收益重新分类的金额累计其他综合收益	—		1	4		1	33	2	(1,065)	3	(1,028)
其他综合收益（损失）	287			24			(689)		(1,065)		(1,443)
截至2025年9月30日的余额	$	(1,468)			$	(22)		$	(1,293)		$	2,135	$	(648)
1（收益）损失包含在合并损益表的“其他收入（费用）- 净额”中。
2（收益）损失主要包含在合并损益表的“利息费用”中（参见第7号注释）。
3与后退休福利相关的前期服务信用摊销包含在合并损益表的“其他收入（费用）- 净额”中（参见第6号注释）。

注释4. 分部信息

我们的分部由战略业务单元或其他运营组成，这些运营通过各种技术平台和/或在不同地区向不同的客户群提供产品和服务，并据此进行管理。我们有三个可报告分部：高级连接、传统业务和拉丁美洲。

我们的首席运营决策者（CODM）是我们的董事会主席、首席执行官兼总裁。当管理业务时，我们的CODM使用运营收入来评估绩效和分配资源，包括资本分配。我们的CODM通过审查实际和预测的“运营和支持费用”信息来管理运营，这些费用主要由无线设备、网络接入、租金、租赁、销售支持、客户开通和佣金的成本组成。共享网络的运营成本和折旧，包括在退役前的铜基资产，由我们的高级连接分部管理。我们的传统业务和拉丁美洲分部主要以直接成本为基础进行评估。我们的CODM不按分部审查细分资产，因此不提供相关信息。

高级连接业务段为消费者和企业客户提供国内5G和基于光纤的无线、互联网及其他高级连接服务。

传统业务段通过我们的铜线网络为消费者和企业客户提供传统的语音和数据服务。传统业务段的业绩包括来自铜线服务的收入和直接运营成本。

拉丁美洲业务段在墨西哥提供无线服务和设备。2026年10月13日，我们签署了一项协议，出售我们的墨西哥无线业务，这构成了我们整个拉丁美洲业务段。该交易预计将在2027年第一季度完成。截至2026年9月30日，我们已采用持有待售会计处理，并继续在拉丁美洲业务段业绩中按持续经营方式呈现结果，这与截至2026年9月30日的业绩评估和资源分配决策一致。（参见第8号注释）

企业和其他将我们的业务段业绩调整为合并运营收入和税前持续经营收入，并包括母公司支持成本、证券化费用、不再与运营相关的业务运营以及段落未被评估的重大事项。重大事项通常包括与收购或出售业务的合并和整合相关的成本，包括无形资产的摊销、法律和其他涵盖历史时期的事项、新颖的法律责任理论，以及与正常经常性成本分开和不同的与福利相关的收益和损失、与自愿和/或战略提议相关的员工离职费用、资产减值和废弃以及重组。

“其他收入（支出）”包括“利息支出”、“其他收入（支出）-净额”和“联营公司净收入（损失）的权益”，仅在公司整体基础上进行管理，因此仅反映在合并结果中。

AT&T 公司

2026年9月30日

合并财务报表附注（未审计）- 续

除每股金额外，金额以百万美元计


截至2026年9月30日的三个月
	高级连接	传统	拉丁美洲		总业务段	企业与其它	AT&T 公司
运营收入
无线服务	$	17,764		$	—	$	798	$	18,562		$	—	$	18,562
消费者	15,283
企业	2,481
高级家庭互联网	2,975		—		—		2,975	—		2,975
企业光纤和高级连接	1,992		—		—		1,992	—		1,992
企业过渡和其他	1,023		—		—		1,023	—		1,023
其他服务	148		1,519		—		1,667	82		1,749
总服务	23,902		1,519		798		26,219	82		26,301
设备	5,579		—		442		6,021	—		6,021
运营收入	29,481		1,519		1,240		32,240	82		32,322
运营费用



运营和支持费用	17,151		1,021		1,004		19,176	657		19,833
资产减值和废弃及重组	—		—		—		—	3,372		3,372

交易、法律和其他费用	—		—		—		—	44		44
折旧和摊销	4,702		—		191		4,893	85		4,978
运营费用	21,853		1,021		1,195		24,069	4,158		28,227

运营收入（亏损）	$	7,628		$	498	$	45	$	8,171		$	(4,076)	$	4,095



其他收入（支出）							(1,399)
税前持续经营收入						$	2,696


截至2025年9月30日的三个月
	高级连接	传统	拉丁美洲		总段	企业及其他	AT&T Inc.
运营收入
无线服务	$	16,926		$	—	$	696	$	17,622		$	—	$	17,622
消费者	14,594
企业	2,332
高级家庭互联网	2,411		—		—		2,411	—		2,411
企业光纤和高级连接	1,832		—		—		1,832	—		1,832
企业过渡及其他	1,198		—		—		1,198	—		1,198
其他服务	162		2,013		—		2,175	98		2,273
总服务	22,529		2,013		696		25,238	98		25,336
设备	4,974		—		399		5,373	—		5,373
运营收入	27,503		2,013		1,095		30,611	98		30,709
运营费用



运营和支持费用	16,010		1,334		896		18,240	546		18,786
资产减值和弃置及重组	—		—		—		—	—		—

交易、法律及其他费用	—		—		—		—	487		487
折旧和摊销	5,076		—		177		5,253	64		5,317
运营费用	21,086		1,334		1,073		23,493	1,097		24,590

运营收入（亏损）	$	6,417		$	679	$	22	$	7,118		$	(999)	$	6,119



其他收入（支出）总计							4,534
税前持续经营收入						$	10,653

AT&T INC.

2026年9月30日

合并财务报表附注（未审计）- 续

金额以百万美元计，除非另有说明


截至2026年9月30日的九个月
	高级连接	传统	拉丁美洲		总段	企业及其他	AT&T Inc.
运营收入
无线服务	$	52,118		$	—	$	2,331	$	54,449		$	—	$	54,449
消费者	44,859
企业	7,259
高级家庭互联网	8,700		—		—		8,700	—		8,700
企业光纤和高级连接	5,820		—		—		5,820	—		5,820
企业过渡及其他	3,148		—		—		3,148	—		3,148
其他服务	457		4,919		—		5,376	263		5,639
总服务	70,243		4,919		2,331		77,493	263		77,756
设备	16,324		—		1,306		17,630	—		17,630
运营收入	86,567		4,919		3,637		95,123	263		95,386
运营费用



运营和支持费用	50,647		3,286		2,954		56,887	1,801		58,688
资产减值和弃置及重组	—		—		—		—	3,658		3,658

交易、法律及其他费用	—		—		—		—	339		339
折旧和摊销	14,094		—		580		14,674	236		14,910
运营费用	64,741		3,286		3,534		71,561	6,034		77,595

运营收入（亏损）	$	21,826		$	1,633	$	103	$	23,562		$	(5,771)	$	17,791



其他收入（支出）总计							(3,875)
税前持续经营收入						$	13,916


截至2025年9月30日的九个月
	高级连接	传统	拉丁美洲		总段	企业及其他	AT&T Inc.
运营收入
无线服务	$	50,430		$	—	$	1,973	$	52,403		$	—	$	52,403
消费者	43,523
企业	6,907
高级家庭互联网	6,908		—		—		6,908	—		6,908
企业光纤和高级连接	5,356		—		—		5,356	—		5,356
企业过渡及其他	3,741		—		—		3,741	—		3,741
其他服务	488		6,583		—		7,071	287		7,358
总服务	66,923		6,583		1,973		75,479	287		75,766
设备	15,269		—		1,147		16,416	—		16,416
运营收入	82,192		6,583		3,120		91,895	287		92,182
运营费用



运营和支持费用	48,613		3,926		2,527		55,066	1,865		56,931
资产减值和弃置及重组	—		—		—		—	504		504

交易、法律及其他费用	—		—		—		—	615		615
折旧和摊销	15,084		—		482		15,566	192		15,758
运营费用	63,697		3,926		3,009		70,632	3,176		73,808

运营收入（亏损）	$	18,495		$	2,657	$	111	$	21,263		$	(2,889)	$	18,374



其他收入（支出）总计							4,368
税前持续经营收入						$	22,742

AT&T INC.

2026年9月30日

合并财务报表附注（未审计）- 续

金额以百万美元计，除非另有说明

第5号注释：收入确认

我们报告的收入已扣除了销售税，并以净额记录某些监管费用，主要是普遍服务基金（USF）费用。收入按各业务部门提供的服务进行细分，有关我们高级连接消费者和企业关系的更多细节，请参见注释4。

递延客户合同获取和履行成本

获取和履行客户合同的成本，包括服务激活的佣金，将被递延并在合同期间或预期客户关系寿命内摊销，通常从三年到七年不等。

下表显示了包含在我们合并资产负债表中的递延客户合同获取和履行成本：


	9月30日		12月31日
合并资产负债表	2026		2025
递延获取成本
预付及其他流动资产	$	3,473			$	3,550
其他资产	5,142			4,778
递延客户合同获取成本总额	$	8,615			$	8,328
递延履行成本
预付及其他流动资产	$	1,689			$	1,862
其他资产	2,671			2,864
递延客户合同履行成本总额	$	4,360			$	4,726

截至2026年9月30日包含在“待售资产”中的递延客户合同获取成本，包括我们墨西哥无线业务的362美元递延获取成本（其中116美元从“其他资产”重新分类），反映了待售处理（参见注释8）。

下表显示了递延客户合同获取和履行成本的摊销情况，这些成本主要分别包含在“销售、一般及行政费用”和“其他收入成本”中，适用于截至：


	9月30日		9月30日
合并利润表	2026		2025
递延获取成本摊销	$	3,098			$	2,830
递延履行成本摊销	1,438			1,733

合同资产和负债

当我们在有权开票和收取对价之前确认收入时，会记录合同资产。随着服务的提供和开票，合同资产将减少。例如，当分期销售包含促销折扣（如以旧换新设备信用）时，确认的收入与收到的对价之间的差额将作为合同资产记录，并在合同期间内摊销。

我们的合同资产主要与我们的无线业务有关。当客户提供指定服务期承诺时，我们提供手机信用的促销设备销售，这些信用按其单独售价的比例在设备和服务之间分配，从而产生额外的合同资产。这些合同资产将在服务合同期间内摊销，导致未来服务收入减少。

当我们在交付商品或服务之前收到对价时，会记录合同负债。当我们履行履约义务时，将减少合同负债。

AT&T 公司

2026年9月30日

合并财务报表附注（未审计）- 续

金额以百万美元计，除非另有说明

下表显示了我们合并资产负债表上的合同资产和负债：


	9月30日		12月31日
合并资产负债表	2026		2025
合同资产	$	7,731			$	7,816
“预付及其他流动资产”中的当期部分	4,172			4,131
合同负债	4,287			4,409
“预收账款及客户存款”中的当期部分	3,857			4,136

我们2026年期间开始的合同负债在当期确认为顾客合同收入为3,853美元。

截至2026年9月30日，包含在“待出售资产”中的合同资产包括我们墨西哥无线业务的419美元合同资产（其中142美元是从“其他资产”重分类的），反映了待出售处理。截至2026年9月30日，包含在“待出售负债”中的合同负债包括我们墨西哥无线业务的238美元合同负债（其中147美元是从“其他非流动负债”重分类的），反映了待出售处理。（参见注释8）

剩余履约义务

剩余履约义务代表我们根据捆绑或折扣安排必须向客户提供的服务，这些义务在合同期间提供服务时得到履行。在确定分配的交易价格时，我们不包括一次性费用和使用量的估计值，也不考虑原始预期持续时间不足一年的安排，这些安排主要是预付无线和住宅互联网协议。

与业务合同相关的剩余履约义务反映了定期计费的费用，已调整以反映销售激励和收入调整的估计值。与无线合同相关的履约义务通过组合方法进行估算，我们审查所有相关的促销活动，使用组合的平均服务部分和平均设备价格来计算剩余履约义务。截至2026年9月30日，分配给剩余履约义务的交易价格总额为42,922美元，其中不包括与我们待出售的墨西哥无线业务相关的1,279美元，我们预计到2027年底将确认约63%，其余部分将在之后确认。

注释6. 养老金和退休后福利

我们许多员工都参加了我们的非供款养老金计划之一。我们还根据各种计划，为某些退休员工提供医疗、牙科、人寿保险和死亡福利，并根据精算确定的退休后福利成本进行计提。我们在资助这些计划时的目标，结合1974年修订的《员工退休收入保障法》（ERISA）的标准，是积累足够的资产，以在员工退休时提供计划中描述的福利。我们在2026年没有重大的资助要求。2026年第二季度，我们自愿向养老金计划捐赠了100美元，计划在2026年第四季度再捐赠250美元。

我们在合并结果中确认养老金和退休后计划资产的精算收益和损失，作为“其他收入（支出）-净额”的一部分，在12月31日的年度计量日确认，除非需要提前重新计量。

AT&T公司

2026年9月30日

合并财务报表附注（未审计）- 续

以百万美元计，每股金额除外

下表详细列示了包含在附带合并损益表中的合格养老金和退休后福利成本。净定期养老金（贷方）成本中的服务成本部分记录在合并损益表中的运营费用中，而其余部分记录在“其他收入（支出）-净额”中。


	截至		截至
	9月30日		9月30日
	2026		2025		2026		2025
养老金成本：
服务成本 - 期间内获得的福利	$	101			$	107		$	302	$	321
预计福利义务的利息成本	361			400			1,084		1,201
资产的预期回报	(525)			(507)			(1,574)		(1,523)
前期服务贷方的摊销	(11)			(12)			(34)		(36)



净养老金（贷方）成本	$	(74)			$	(12)		$	(222)	$	(37)

退休后福利成本：
服务成本 - 期间内获得的福利	$	4			$	4		$	11	$	13
累计退休后福利的利息成本义务	73			80			219		239
资产的预期回报	(6)			(10)			(17)		(28)
前期服务贷方的摊销	(393)			(459)			(1,178)		(1,378)


净退休后福利（贷方）成本	$	(322)			$	(385)		$	(965)	$	(1,154)
养老金和退休后福利的合计净（贷方）成本	$	(396)			$	(397)		$	(1,187)	$	(1,191)

注7. 公允价值计量和披露

ASC 820“公允价值计量”中的公允价值计量和披露框架提供了一个基于确定公允价值所用输入值的可靠性程度的三层公允价值层级。第一层级指的是基于活跃市场中相同资产的报价确定的公允价值。第二层级指的是使用显著其他可观测输入值估算的公允价值，第三层级包括使用显著不可观测输入值估算的公允价值。

资产或负债在公允价值层级中的级别基于对公允价值计量重要的任何输入值的最低级别。我们的估值技术最大限度地使用可观测输入值，并最小化不可观测输入值的使用。

上述估值方法可能产生一个公允价值计算，该计算可能不反映未来可实现净值或未来公允价值。我们认为我们的估值方法是适当且与其他市场参与者一致的。使用不同的方法或假设来确定某些金融工具的公允价值可能导致报告日的公允价值计量不同。自2025年12月31日起，所使用的方法没有发生变化。

长期债务和其他金融工具

我们长期债务（包括本期到期的）和其他金融工具的账面价值和估计公允价值如下所示：


	2026年9月30日		2025年12月31日
	账面		公允		账面		公允
	金额		价值		金额		价值
票据和债券1	$	159,464			$	141,751		$	134,718	$	127,852


投资证券2	1,624			1,624			1,609		1,609
1包括信用协议借款。
2不包括按权益法核算的投资。

AT&T公司

2026年9月30日

合并财务报表附注（未审计）- 续

以百万美元计，每股金额除外

期限不足一年的债务的账面金额近似于公允价值。用于应付票据和债券的公允价值计量被视为第2级，并使用各种方法确定，包括在活跃和不活跃市场中相同或类似证券的报价。

以下是截至2026年9月30日和2025年12月31日按公允价值计量的投资证券和衍生工具的公允价值层级。指定为对冲工具的衍生工具在我们的合并资产负债表上反映为“预付款和其他流动资产”、“其他资产”、“应付账款和应计负债”以及“其他非流动负债”。


	2026年9月30日
	第1级		第2级		第3级		总计
权益证券
国内权益	$	633			$	—		$	—	$	633
国际权益	7			—			—		7
固定收益权益	209			—			—		209
可供出售债务证券	—			518			—		518
资产衍生工具

交叉货币互换	—			573			—		573


负债衍生工具

交叉货币互换	—			(2,109)			—		(2,109)


	2025年12月31日
	第1级		第2级		第3级		总计
权益证券
国内权益	$	566			$	—		$	—	$	566
国际权益	8			—			—		8
固定收益权益	217			—			—		217
可供出售债务证券	—			587			—		587
资产衍生工具

交叉货币互换	—			876			—		876


负债衍生工具

交叉货币互换	—			(2,050)			—		(2,050)

投资证券

我们的投资证券包括按公允价值计量的权益和债务证券，以及公允价值难以确定的权益证券。我们投资证券的大部分公允价值是根据报价市场价估算的。在国家证券交易所未上市的权益证券投资按成本计价，扣除任何减值，并根据相同或类似证券的可观测有序交易进行调整。在国家证券交易所未上市的债务证券投资使用定价模型、具有类似特征的证券报价或折现现金流进行估值。

AT&T 公司

2026年9月30日

合并财务报表附注（未审计）- 续

金额以百万美元计，除非另有说明

构成权益证券期间总收益和损失的组成部分如下：


	三个月结束		九个月结束
	2026年9月30日		2026年9月30日
	2026		2025		2026		2025
在权益证券上确认的总收益（损失）	$	2			$	43		$	49	$	64
在权益证券出售时确认的收益（损失）	1			1			1		1
在期末持有的权益证券上确认的未实现收益（损失）	$	1			$	42		$	48	$	63

截至2026年9月30日，可供出售债务证券总额为518美元，到期情况如下 - 不到一年：40美元；一至三年：133美元；三至五年：121美元；五年或以上：224美元。

我们的现金等价物（货币市场证券）和短期投资（存单和定期存款）按摊余成本计量，各自的账面金额接近公允价值。短期投资记录在合并资产负债表的“预付款项和其他流动资产”中，我们的投资证券记录在“其他资产”中。

衍生金融工具

我们进行衍生交易以管理某些市场风险，主要是利率风险和外汇汇率风险。这包括使用利率互换、利率锁定、外汇远期合约和利率与外汇组合互换（交叉货币互换）。我们不将衍生品用于交易或投机目的。我们按公允价值记录衍生品，该公允价值基于可观察的市场数据，包括收益率曲线和外汇汇率（我们所有的衍生品均为第二层级）。与衍生工具相关的现金流在合并现金流量表中与被对冲项目相同的类别中列示。

公允价值对冲我们定期进行并指定固定利率对浮动利率互换作为公允价值对冲。这些互换的目的是通过管理固定利率和浮动利率债务的组合来管理利率风险。这些互换涉及在互换期限内收取固定利率金额，支付浮动利率金额，而不交换基础本金金额。

我们还将大部分交叉货币互换和外汇合约指定为公允价值对冲。这些合约的目的是对冲与外币计价债务的即期汇率变动相关的外汇风险。对于交叉货币对冲，我们选择将与时间价值和交叉货币基差变动相关的互换公允价值变动排除在对冲有效性评估之外。对于外汇合约，我们选择将远期点的公允价值变动排除在对冲有效性评估之外。

公允价值对冲的未实现和已实现损益影响合并损益表中与被对冲项目相同的类别，包括被排除部分的收益影响。在我们选择将与公允价值对冲相关的部分排除在对冲有效性评估之外的情况下，此类被排除部分的未实现损益作为累计其他综合收益的一部分记录，并在对冲工具的生命周期内确认为收益。指定为公允价值对冲的衍生品的未实现收益按公允价值记录为资产，未实现损失按公允市场价值记录为负债。除被排除部分外，指定为公允价值对冲的衍生品的公允价值变动与被对冲资产或负债的公允价值变动通过收益相互抵消。在截至2026年9月30日和2025年9月30日的九个月内，未对公允价值对冲进行无效性测量。

现金流对冲我们将部分交叉货币互换指定为现金流对冲，以对冲我们因外币风险和由外币计价债务产生的利率风险而导致的预期未来现金流波动性。这些协议包括从固定外币金额到固定美元金额的本金初始和最终交换，交换汇率通常由发行时的市场即期汇率确定。它们还包括将固定或浮动外币利率转换为固定美元利率的利率互换。

作为现金流对冲指定的衍生品的未实现收益按公允价值记录为资产，未实现损失按公允价值记录为负债。对于作为现金流对冲指定的衍生工具，公允价值变动报告

AT&T INC.

2026年9月30日

合并财务报表附注（未经审计）- 续

除每股金额外，金额以百万美元计

作为累计其他综合收益的一部分，并在对冲交易影响收益的同一期间转入合并损益表。

我们定期进入并指定利率锁定，以部分对冲由于基准利率在预计发行固定利率债务之前期间上升而导致的利息支付变化风险。我们将利率锁定指定为现金流对冲。我们在结算利率锁定时产生的损益将在相关债务的存续期内分摊至收入。在接下来的12个月内，我们预计由于历史利率锁定的净损失摊销，将从累计其他综合收益中重新分类59美元至“利息支出”。

抵押品和信用风险或有事项我们与衍生品交易对手签订了协议，根据各自的信用评级和净额结算协议设定了抵押品阈值。截至2026年9月30日，我们已提交了263美元（存款资产）的抵押品，并持有208美元（收款负债）的抵押品。根据协议，如果在9月最终抵押品交换前，AT&T的信用评级被Fitch Ratings下调两个评级级别，被S&P下调一个评级级别，被Moody’s下调一个评级级别，我们将被要求额外提交45美元的抵押品。如果AT&T的信用评级被Fitch Ratings下调三个评级级别，被S&P下调两个评级级别，被Moody’s下调两个评级级别，我们将被要求额外提交1,682美元的抵押品。截至2025年12月31日，我们已提交了513美元（存款资产）的抵押品，并持有314美元（收款负债）的抵押品。我们不将抵押品的公允价值（无论是否存在收回现金抵押品的权利（应收款）或返还现金抵押品的义务（应付账款））与衍生品的公允价值进行抵消。

以下是我们的未到期衍生品头寸的名义金额：


	2026年9月30日		2025年12月31日
2026		2025

交叉货币互换	$	41,144		$	35,741


总计	$	41,144		$	35,741

以下是影响我们财务状况和业绩的相关对冲项目：


衍生品对合并损益表的影响
	截至三个月末		截至九个月末
	9月30日		9月30日
公允价值对冲关系	2026		2025		2026		2025
利率互换（“利息支出”）：
利率互换的收益（损失）	$	—			$	—		$	(1)	$	(2)
长期债务的收益（损失）	—			—			1		2
交叉货币互换：
交叉货币互换的收益（损失）	(242)			(324)			(1,112)		3,535
长期债务的收益（损失）	242			324			1,112		(3,535)
在累计其他综合收益中确认的收益（损失）	541			(258)			808		(961)

此外，上述期间内累计并结算的净互换结算额已抵减了“利息支出”。

下表展示了我们现金流量对冲关系的信息：


	截至三个月末		截止九个月
	9月30日		9月30日
现金流量对冲关系	2026		2025		2026		2025
跨货币互换：
在累计其他综合收益中确认的收益（损失）	$	12			$	2		$	36	$	6



利率锁定：

从累计其他综合收益中重分类至收入的利息收入（支出）其他综合收益转入收入	(15)			(15)			(44)		(44)

AT&T 公司

2026年9月30日

合并财务报表附注（未审计）- 持续

金额以百万美元计，除非另有说明

第8号注释：收购、处置和其他调整

频谱2026年7月28日，我们完成了从EchoStar Corporation收购600 MHz和3.45 GHz联邦通信委员会（FCC）许可证的交易，价格为22,650百万美元。这些许可证将用于扩展我们的5G网络，满足未来的容量需求并支持未来的无线通信服务。这些许可证在2026年9月30日的合并资产负债表中列为“许可证 – 净额”。在频谱准备就绪用于其预期用途之前，利息将被资本化。

光纤 2026年2月2日，我们以5,756百万美元的价格收购了Lumen的大部分大众市场光纤业务，包括购买价格调整。所收购资产的初步价值约为900百万美元的客户关系、3,400百万美元的固定资产和800百万美元的商誉。客户关系由我们的高级连接业务部门管理，并将在六年内按月数总和法进行摊销。固定资产主要代表所收购的光纤网络，我们已将其置于全资子公司Forged Fiber中。

In connection with this transaction, we planned to sell a controlling interest in Forged Fiber to an equity partner that would co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale upon acquisition 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)

On October 6, 2026, we entered into an agreement with affiliates of Global Infrastructure Partners (GIP), a part of BlackRock, and Canada Pension Plan Investment Board (CPP Investments) (collectively the “Investor Group”) to sell a 50% interest in Composite Fiber 37, LLC (Composite Fiber 37), the parent of Forged Fiber, creating a joint venture that will own Forged Fiber and Gigapower, LLC (Gigapower). Under the agreement, AT&T and GIP will contribute their current interests in Gigapower to Composite Fiber 37 and the Investor Group will purchase equity in the joint venture, resulting in AT&T owning 50% and the Investor Group owning the remaining 50%.

Composite Fiber 37 will be jointly governed by a board with representation from both AT&T and the Investor Group, and the Investor Group will have tie-breaking authority over the appointment and removal of the chief executive officer and/or chief

financial officer, a key governance decision. Based on the expected governance and economic terms, we expect to

account for our investment in the joint venture under the equity method of accounting as we do not expect to be the primary beneficiary. The transaction is expected to close in the first half of 2027.

Satellite Joint Venture On September 14, 2026, we entered into an agreement with a subsidiary of Verizon Communications Inc. and T-Mobile USA, Inc. to form a joint venture aimed at eliminating wireless dead zones in the U.S. by pooling certain spectrum resources to increase capacity and enable satellite providers to reach more customers through a unified platform. The joint venture is expected to accelerate direct-to-device communications by using satellite-based technologies to address coverage gaps, especially in unserved and underserved communities. We expect to license certain intellectual property to the joint venture and also to commit to provide access to certain spectrum licenses to satellite service providers who contract with the joint venture. We account for our investment in the joint venture under the equity method of accounting.

Mexico On October 13, 2026, we entered into an agreement to sell our wireless business in Mexico. In the third quarter of 2026, we classified our Mexico wireless business as held-for-sale and reported the disposal group at fair value less cost to sell, which resulted in a noncash, pre-tax impairment charge of approximately $2,560. At September 30, 2026, our consolidated balance sheet includes approximately $600 of cash and restricted cash, $6,400 of Mexico held-for-sale assets reported in “Assets held for sale,” primarily related to spectrum licenses and property, plant and equipment, and approximately $5,900 of related liabilities reported in “Liabilities held for sale,” primarily related to vendor financing and finance lease obligations, associated with our Mexico wireless operations. In addition, approximately $800 of cumulative foreign currency translation adjustment is included in “Accumulated other comprehensive income (loss).” The transaction is expected to close in the first quarter of 2027, pending customary closing conditions and regulatory approvals. We expect to receive approximately $2,000 in cash at closing, subject to adjustments, plus additional contractual and contingent benefits.

AT&T INC.

SEPTEMBER 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

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.

The following table sets forth a summary of cash proceeds received, net of remittances paid, from sales of receivables:


	Three months ended		Nine months ended
	September 30,		September 30,
	2026		2025		2026		2025
Net cash received (paid) from equipment installment receivables program1	$	(305)			$	(250)		$	(519)	$	474
Net cash received (paid) from revolving receivables program	(34)			(38)			(4)		53

Total net cash impact to cash flows from operating activities2	$	(339)			$	(288)		$	(523)	$	527
1Cash from initial sales of $2,812 and $2,451 for the three months and $9,127 and $9,028 for the nine months ended September 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:


	September 30, 2026		December 31, 2025
	Equipment				Equipment
	Installment		Revolving		Installment		Revolving
Gross receivables:1	$	2,690			$	445		$	3,725	$	425
Balance sheet classification
Accounts receivable
Notes receivable1	1,374			—			1,886		—
Trade receivables	478			445			304		425
Other Assets
Noncurrent notes and trade receivables1	838			—			1,535		—

Outstanding portfolio of receivables derecognized from our consolidated balance sheets	$	12,162			$	3,040		$	11,987	$	2,940
Cash proceeds received, net of remittances2	9,059			3,040			9,617		2,940
1Gross receivables at September 30, 2026 excludes equipment installment notes receivable of $951 ($449 of which were reclassified from “Other Assets”) related to our held-for-sale Mexico wireless business, which are included in “Assets held for sale.”
2Represents amounts to which financial institutions remain entitled, excluding the beneficial interests.

AT&T INC.

SEPTEMBER 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

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.

The following table sets forth a summary of equipment installment receivables sold under this program:


	Three months ended		Nine months ended
	September 30,		September 30,
	2026		2025		2026		2025
Gross receivables sold1	$	2,812			$	2,476		$	9,191	$	9,118
Net receivables sold2	2,683			2,370			8,776		8,745
Cash proceeds received	2,812			2,451			9,127		9,028

Guarantee obligation recorded	265			191			761		690
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 ended		Nine months ended
	September 30,		September 30,
	2026		2025		2026		2025
Fair value of repurchased receivables	$	827			$	903		$	2,574	$	3,851
Carrying value of beneficial interests	834			896			2,583		3,840
Gain (loss) on repurchases1	$	(7)			$	7		$	(9)	$	11
1These gains (losses) are included in “Selling, general and administrative” expense in the consolidated statements of income.

At September 30, 2026 and December 31, 2025, our beneficial interests were $2,860 and $2,067, respectively, of which $1,829 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 September 30, 2026 and December 31, 2025 was $473 and $410, respectively, of which $252 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-

AT&T INC.

SEPTEMBER 30, 2026

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Dollars in millions except per share amounts

remote subsidiaries, which hold additional receivables in the amount of $445 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.

The following table sets forth a summary of the revolving receivables sold:


	Three months ended		Nine months ended
	September 30,		September 30,
	2026		2025		2026		2025
Gross receivables sold/cash proceeds received1	$	7,930			$	7,656		$	23,236	$	22,672
Total collections under revolving agreement	7,930			7,656			23,136		22,502

Net cash proceeds received	$	—			$	—		$	100	$	170

Net receivables sold2	$	7,727			$	7,446		$	22,618	$	22,051

1Includes initial sales of receivables of $0 and $0 for the three months and $100 and $170 for the nine months ended September 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 with our suppliers.

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 pay the financial institution the stated amount on average 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 $4,328 and $3,090 of our outstanding payment obligations as of September 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 $4,929 of direct supplier financing outstanding as of September 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 nine months ended September 30, 2026 and 2025, we recorded vendor financing commitments of $1,839 and $1,014, respectively. We had $2,465 of vendor financing payables at September 30, 2026, with $1,653 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.”

AT&T INC.

SEPTEMBER 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:


	September 30,		December 31,
	2026		2025		2025		2024
Cash and cash equivalents1	$	10,767			$	20,272		$	18,234	$	3,298

Restricted cash in Prepaid and other current assets1	353			2			157		1
Restricted cash in Other Assets	61			54			136		107
Cash and Cash Equivalents and Restricted Cash1	$	11,181			$	20,328		$	18,527	$	3,406
1 Includes $297 of cash and cash equivalents and $287 of restricted cash related to our held-for-sale Mexico wireless business.

The following table summarizes cash paid during the periods for interest and income taxes:


	Nine months ended
	September 30,
Cash paid (received) during the period for:	2026		2025
Interest	$	5,724			$	5,171
Income taxes, net of refunds	112			897


The following table summarizes capital expenditures:
	Nine months ended
	September 30,
	2026		2025
Purchase of property and equipment	$	15,496			$	13,940
Interest during construction - capital expenditures2	142			121
Total Capital Expenditures	$	15,638			$	14,061

The following table summarizes acquisitions, net of cash acquired:
	Nine months ended
	September 30,
	2026		2025
Business acquisitions1	$	1,702			$	—
Spectrum acquisitions	23,876			1
Interest during construction - spectrum2	99			46
Total Acquisitions1	$	25,677			$	47
1Approximately $4,100 of cash paid for acquisitions was reported as investing activities from discontinued operations.
2Total capitalized interest was $241 and $167 for the nine months ended September 30, 2026 and 2025, respectively.

AT&T INC.

SEPTEMBER 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 third quarter and for the first nine months of 2026 have been presented on a gross basis, with approximately $159 and $391, 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 ended		Nine months ended
	September 30,		September 30,
	2026		2026
Revenues	$	147			$	400
Operating Expenses
Cost of revenues	62			188
Selling, general and administrative1	108			279


Total operating expenses	170			467


Other income (expense) – net	(26)			(69)

Net income (loss) before income taxes	(49)			(136)
Income tax (benefit) expense	(12)			(33)
Loss from discontinued operations, net of tax	$	(37)			$	(103)
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 September 30:


	2026
Assets:
Current Assets	$	153
Property, Plant and Equipment1	4,031
Goodwill	445

Other Assets	152
Total Assets, discontinued operations2	$	4,781

Liabilities:
Current liabilities	$	712
Other liabilities	11
Total Liabilities, discontinued operations2	$	723
1Includes $509 of capital additions after acquisition.
2Held-for-sale assets are reported in “Assets held for sale” and held-for-sale liabilities are reported in “Liabilities held for sale.”

AT&T INC.

SEPTEMBER 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). Upon acquisition, we sought an equity partner to co-invest in Forged Fiber and have since agreed to sell a controlling interest in the 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.


	Third Quarter		Nine-Month Period
					Percent						Percent
	2026		2025		Change		2026		2025		Change
Operating Revenues
Service	$	26,301			$	25,336			3.8	%		$	77,756	$	75,766	2.6	%
Equipment	6,021			5,373			12.1			17,630			16,416	7.4
Total Operating Revenues	32,322			30,709			5.3			95,386			92,182	3.5

Operating Expenses

Operations and support	23,249			19,273			20.6			62,685			58,050	8.0
Depreciation and amortization	4,978			5,317			(6.4)			14,910			15,758	(5.4)
Total Operating Expenses	28,227			24,590			14.8			77,595			73,808	5.1
Operating Income	4,095			6,119			(33.1)			17,791			18,374	(3.2)
Interest expense	1,979			1,700			16.4			5,675			5,013	13.2
Equity in net income (loss) of affiliates	(10)			(20)			50.0			(80)			1,905	—
Other income (expense) — net	590			6,254			(90.6)			1,880			7,476	(74.9)
Income from Continuing Operations Before Income Taxes	2,696			10,653			(74.7)			13,916			22,742	(38.8)
Income from Continuing Operations	1,306			9,677			(86.5)	%		10,563			19,230	(45.1)	%

Operating revenues increased in the third quarter and for the first nine months of 2026, reflecting higher Advanced Connectivity wireless service, fiber and equipment revenues, with fiber revenues including the impact of acquiring Lumen’s mass markets fiber business. Operating revenues in Mexico were also higher due to growth in postpaid revenues and 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 third quarter and for the first nine months of 2026, primarily due to a noncash impairment charge associated with our held-for-sale Mexico wireless business, employee separation charges, higher wireless equipment sales which drove higher equipment and bad debt expenses, and incremental customer costs related to our acquired mass markets fiber business. These cost increases were partially offset by cost reductions from transformation initiatives and apportioned legal settlements in 2025. The increase for the first nine months also included an asset abandonment

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts

charge associated with the reprioritization of our spectrum strategy in the second quarter of 2026, which was partially offset by lower content licensing fees and higher gains on tower transactions.

Depreciation and amortization expense decreased in the third quarter and for the first nine 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 decreased in the third quarter and for the first nine months of 2026. Our operating income margin in the third quarter decreased from 19.9% in 2025 to 12.7% in 2026 and for the first nine months decreased from 19.9% in 2025 to 18.7% in 2026.

Interest expense increased in the third quarter and for the first nine months of 2026, primarily due to higher debt balances and interest rates on long-term borrowings. Interest expense is expected to remain elevated as a result of debt issued to fund our recent spectrum acquisition, partially offset by capitalized interest related to those spectrum assets not yet placed into service (see Note 8).

Equity in net income (loss) of affiliates increased in the third quarter and decreased for the first nine months of 2026. The increase in the third quarter was not meaningful and did not contain any individually material changes. The decrease for the first nine months was primarily due to the sale of our interest in DIRECTV Entertainment Holdings, LLC (DIRECTV) to TPG Capital on July 2, 2025.

Other income (expense) – net decreased in the third quarter and for the first nine months of 2026, primarily due to a gain recognized in the third quarter of 2025 associated with the sale of our interest in DIRECTV. The decrease for the first nine months was partially offset by higher interest income from higher cash balances in anticipation of our recent spectrum acquisition (see Note 8).

Income tax expense increased in the third quarter and decreased for the first nine months of 2026. The increase in the third quarter was primarily due to tax expense associated with the held-for-sale accounting of our Mexico wireless business and a lower effective tax rate in 2025 resulting from a tax-free gain on the sale of DIRECTV. The decrease for the first nine months was primarily due to lower income from continuing operations before income taxes and the resolution of certain Internal Revenue Service (IRS) examinations, partially offset by tax expense associated with the held-for-sale accounting of our Mexico wireless business and a lower effective tax rate in 2025 resulting from a tax-free gain on the sale of DIRECTV.

Our effective tax rate was 51.6% in the third quarter and 24.1% for the first nine months of 2026, versus 9.2% and 15.4% in the comparable periods in the prior year. The higher effective tax rate in the third quarter of 2026 was primarily due to the held-for-sale accounting of our Mexico wireless business and the nonrecognition of income taxes on the DIRECTV gain in 2025. The higher effective tax rate for the first nine months of 2026 was primarily due to the held-for-sale accounting of our Mexico wireless business, partially offset by the resolution of certain IRS examinations and a lower effective tax rate in 2025 resulting from a tax-free gain on the sale of DIRECTV.

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

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts

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.


ADVANCED CONNECTIVITY SEGMENT
	Third Quarter		Nine-Month Period
	2026	2025	Percent Change		2026	2025	Percent Change
Segment Operating Revenues
Wireless service	$	17,764		$	16,926		5.0	%	$	52,118		$	50,430	3.3	%
Advanced home internet	2,975		2,411		23.4			8,700	6,908		25.9
Business fiber and advanced connectivity	1,992		1,832		8.7			5,820	5,356		8.7
Business transitional and other	1,023		1,198		(14.6)			3,148	3,741		(15.9)
Other service	148		162		(8.6)			457	488		(6.4)
Total Service Revenues	23,902		22,529		6.1			70,243	66,923		5.0
Equipment	5,579		4,974		12.2			16,324	15,269		6.9
Total Segment Operating Revenues	29,481		27,503		7.2			86,567	82,192		5.3

Segment Operating Expenses

Operations and support	17,151		16,010		7.1			50,647	48,613		4.2
Depreciation and amortization	4,702		5,076		(7.4)			14,094	15,084		(6.6)
Total Segment Operating Expenses	21,853		21,086		3.6			64,741	63,697		1.6
Operating Income	$	7,628		$	6,417		18.9	%	$	21,826		$	18,495	18.0	%

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts

The following tables highlight other key measures of performance for Advanced Connectivity:


Wireless
			September 30,
(in 000s)					2026	2025	Percent Change
Retail Wireless Subscribers1					110,237	108,799	1.3	%
Phone					91,736	90,755	1.1
Postpaid phone					75,283	73,801	2.0
Prepaid phone					16,453	16,954	(3.0)
Other					18,501	18,044	2.5	%

	Third Quarter		Nine-Month Period
	2026	2025	Percent Change		2026	2025	Percent Change
Retail Wireless Net Adds1, 2	537	161	—	%		1,244	744	67.2	%
Phone	358	322	11.2			1,016	993	2.3
Postpaid phone	379	405	(6.4)			1,105	1,130	(2.2)
Prepaid phone	(21)	(83)	74.7			(89)	(137)	35.0
Other	179	(161)	—	%		228	(249)	—	%

Phone churn3	1.19	%	1.24	%	(5)	BP		1.17	%	1.18	%	(1)	BP
Postpaid phone churn3	0.92	%	0.92	%	—	BP		0.89	%	0.87	%	2	BP
Prepaid phone churn3	2.41	%	2.63	%	(22)	BP		2.44	%	2.53	%	(9)	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.

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts


Internet
			September 30,
(in 000s)					2026	2025	Percent Change
Internet Connections					16,248	12,565	29.3	%
Fiber					13,310	10,789	23.4
AT&T Fiber					12,560	10,123	24.1
AT&T Business Fiber1					750	666	12.6
Fixed Wireless					2,938	1,776	65.4
AT&T Internet Air (AIA)					2,231	1,276	74.8
Business Fixed Wireless2					707	500	41.4	%

	Third Quarter		Nine-Month Period
	2026	2025	Percent Change		2026	2025	Percent Change
Internet Net Adds3	769	613	25.4	%		1,999	1,638	22.0	%
Fiber	442	309	43.0			1,101	861	27.9
AT&T Fiber	416	288	44.4			1,033	792	30.4
AT&T Business Fiber1	26	21	23.8			68	69	(1.4)
Fixed Wireless	327	304	7.6			898	777	15.6
AT&T Internet Air (AIA)	280	270	3.7			734	654	12.2
Business Fixed Wireless2	47	34	38.2	%		164	123	33.3	%
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 third quarter and for the first nine 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 third quarter and for the first nine months of 2026.

Advanced home internet revenue increased in the third quarter and for the first nine months of 2026 driven by an increase in fiber and AIA revenues. Fiber revenues increased 18.7% in the third quarter and 20.4% for the first nine months of 2026, 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.

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

Business transitional and other revenues decreased in the third quarter and for the first nine 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 third quarter and for the first nine months of 2026, reflecting the continued decline in the number of consumer VoIP customers.

Equipment revenue increased in the third quarter and for the first nine months of 2026, primarily due to higher wireless device sales driven by higher device prices, partially offset by lower hardware sales to business customers.

Operations and support expenses increased in the third quarter and for the first nine months of 2026. The increase for the third quarter was primarily driven by growth in wireless retail subscribers which drove higher equipment and bad debt

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts

expenses, higher advertising expenses and incremental customer costs related to our acquired mass markets fiber business. These increases were partially offset by cost reductions from transformation initiatives.

The increase for the first nine months was primarily due to higher wireless revenue, which drove higher equipment and bad debt expenses and higher advertising 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, lower content licensing fees and higher gains on tower transactions.

Depreciation expense decreased in the third quarter and for the first nine 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 third quarter and for the first nine months of 2026. Our Advanced Connectivity operating income margin in the third quarter increased from 23.3% in 2025 to 25.9% in 2026 and for the first nine months increased from 22.5% in 2025 to 25.2% in 2026. Our Advanced Connectivity EBITDA margin in the third quarter remained consistent at 41.8% in 2025 and 2026 and for the first nine months increased from 40.9% in 2025 to 41.5% in 2026.


LEGACY SEGMENT	Third Quarter		Nine-Month Period
	2026		2025	Percent Change		2026	2025	Percent Change



Segment Operating Revenues	$	1,519			$	2,013	(24.5)	%	$	4,919		$	6,583	(25.3)	%

Segment Operating Expenses
Operations and support	1,021			1,334		(23.5)		3,286		3,926	(16.3)
Depreciation and amortization	—			—		—		—		—	—
Total Segment Operating Expenses	1,021			1,334		(23.5)		3,286		3,926	(16.3)
Operating Income	$	498			$	679	(26.7)	%	$	1,633		$	2,657	(38.5)	%

Operating revenues decreased in the third quarter and for the first nine 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 third quarter and for the first nine 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 third quarter and for the first nine months of 2026. Our Legacy operating income and EBITDA margins in the third quarter decreased from 33.7% in 2025 to 32.8% in 2026 and for the first nine months decreased from 40.4% in 2025 to 33.2% in 2026.

AT&T INC.

SEPTEMBER 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	Third Quarter		Nine-Month Period
	2026		2025	Percent Change		2026	2025	Percent Change
Segment Operating Revenues
Service	$	798			$	696	14.7	%	$	2,331		$	1,973	18.1	%
Equipment	442			399		10.8		1,306		1,147	13.9
Total Segment Operating Revenues	1,240			1,095		13.2		3,637		3,120	16.6

Segment Operating Expenses

Operations and support	1,004			896		12.1		2,954		2,527	16.9
Depreciation and amortization	191			177		7.9		580		482	20.3
Total Segment Operating Expenses	1,195			1,073		11.4		3,534		3,009	17.4
Operating Income	$	45			$	22	—	%	$	103		$	111	(7.2)	%

The following tables highlight other key measures of performance for Mexico:


Subscribers
					September 30,
(in 000s)					2026		2025		Percent Change

Postpaid					7,939			6,423		23.6	%
Prepaid					15,317			17,508		(12.5)
Reseller					77			218		(64.7)
Total Mexico Wireless Subscribers					23,333			24,149		(3.4)	%

Mexico Wireless Net Additions
	Third Quarter	Nine-Month Period
(in 000s)	2026	2025		Percent Change	2026		2025		Percent Change

Postpaid	482		243		98.4	%		1,188		586		—	%
Prepaid	(512)		68		—			(2,413)		22		—
Reseller	(72)		(5)		—			(122)		(35)		—
Total Mexico Wireless Net Additions	(102)		306		—	%		(1,347)		573		—	%

On October 13, 2026, we entered into an agreement to sell our Mexico wireless business, which is the entirety of our Latin America segment (see Note 8). We applied held-for-sale accounting in continuing operations as of September 30, 2026, and continue to present results within the Latin America segment.

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

Equipment revenues increased in the third quarter and for the first nine months of 2026, primarily due to favorable foreign exchange impacts and higher equipment sales.

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

Depreciation and amortization expense increased in the third quarter and for the first nine months of 2026, driven by unfavorable foreign exchange rates. For the first nine months of 2026, expenses also increased due to spectrum renewal fees, with accelerated depreciation impacting the first three months of the year, partially offset by lower in-service assets. Beginning

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Dollars in millions except per share amounts

in the fourth quarter, due to classification of our Mexico wireless business as held-for-sale, all depreciation and amortization expense will cease.

Operating income increased in the third quarter and decreased for the first nine months of 2026. Our Mexico operating income margin in the third quarter increased from 2.0% in 2025 to 3.6% in 2026 and for the first nine months decreased from 3.6% in 2025 to 2.8% in 2026. Our Mexico EBITDA margin in the third quarter increased from 18.2% in 2025 to 19.0% in 2026 and for the first nine months decreased from 19.0% in 2025 to 18.8% in 2026.

SUPPLEMENTAL INFORMATION

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


Advanced Connectivity Consumer
	Third Quarter		Nine-Month Period
	2026	2025	Percent Change		2026	2025	Percent Change
Operating revenues
Wireless service	$	15,283		$	14,594		4.7	%	$	44,859		$	43,523	3.1	%
Advanced home internet	2,975		2,411		23.4			8,700	6,908		25.9
Other service	148		162		(8.6)			457	488		(6.4)
Total Service Revenues	18,406		17,167		7.2			54,016	50,919		6.1
Equipment	4,642		4,107		13.0			13,513	12,626		7.0
Total Operating Revenues	23,048		21,274		8.3			67,529	63,545		6.3

Operating expenses

Operations and support	12,735	11,573	10.0			37,558	35,240	6.6
Depreciation and amortization	2,973		3,069		(3.1)			8,971	9,136		(1.8)
Total Operating Expenses	15,708		14,642		7.3			46,529	44,376		4.9
Operating Income	$	7,340		$	6,632		10.7	%	$	21,000		$	19,169	9.6	%

AT&T INC.

SEPTEMBER 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 Business
	Third Quarter		Nine-Month Period
	2026	2025	Percent Change		2026	2025	Percent Change
Operating revenues
Wireless service	$	2,481		$	2,332		6.4	%	$	7,259		$	6,907	5.1	%
Fiber and advanced connectivity	1,992		1,832		8.7			5,820	5,356		8.7
Transitional and other service	1,023		1,198		(14.6)			3,148	3,741		(15.9)
Total Service Revenues	5,496		5,362		2.5			16,227	16,004		1.4
Equipment	937		867		8.1			2,811	2,643		6.4
Total Operating Revenues	6,433		6,229		3.3			19,038	18,647		2.1

Operating expenses

Operations and support	4,416		4,437		(0.5)			13,089	13,373		(2.1)
Depreciation and amortization	1,729		2,007		(13.9)			5,123	5,948		(13.9)
Total Operating Expenses	6,145		6,444		(4.6)			18,212	19,321		(5.7)
Operating Income (Loss)	$	288		$	(215)		—	%	$	826		$	(674)	—	%

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.

For a discussion of these regulations, 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 and “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Competitive and Regulatory Environment” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

LIQUIDITY AND CAPITAL RESOURCES


Continuing operations for the nine months ended September 30,	2026		2025
Cash provided by operating activities	$	28,915			$	28,964
Cash used in investing activities	(41,520)			(14,433)
Cash provided by financing activities	9,669			2,391


	September 30,		December 31,
	2026		2025
Cash and cash equivalents	$	10,767			$	18,234
Total debt	159,627			136,100

We had $10,767 in cash and cash equivalents available at September 30, 2026, decreasing $7,467 since December 31, 2025, reflecting the completion of our spectrum acquisition. Cash and cash equivalents included cash of $3,523 and money market funds and other cash equivalents of $7,244. Approximately $1,387 of our cash and cash equivalents, including $297 related to our held-for-sale Mexico wireless business, were held in accounts outside of the U.S. and may be subject to restrictions on repatriation.

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

For the first nine 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 nine months of 2026, cash provided by operating activities was $28,915, compared to $28,964 for the first nine 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 voluntary contributions to our pension plans.

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 supplier financing and direct supplier financing, including principal and interest payments, was to decrease cash from operating activities approximately $1,784 and $2,430 for the nine months ended September 30, 2026 and 2025, respectively. All supplier financing payments are due within one year. (See Note 10)

Cash Provided by or Used in Investing Activities from Continuing Operations

For the first nine months of 2026, cash used in investing activities totaled $41,520 and consisted primarily of $15,638 (including interest during construction) for capital expenditures, and $22,650 related to the July acquisition of Federal Communications Commission (FCC) licenses from EchoStar Corporation (see Note 8). During the first nine months of 2026, investing activities also included $615 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 nine months of 2026, vendor financing payments were $1,148, compared to $823 for the first nine months of 2025. Capital expenditures for the first nine months of 2026 were $15,638, and when including $1,148 cash paid for vendor financing, capital investment was $16,786 ($1,902 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 nine months of 2026, we placed $1,839 of productive assets in service under vendor financing arrangements (compared to $1,014 in the prior-year comparable period). The amount of capital expenditures is influenced by demand for services and products, capacity needs and network enhancements.

Cash Provided by or Used in Financing Activities from Continuing Operations

For the first nine months of 2026, cash provided by financing activities totaled $9,669 and was comprised of issuances of long-term debt, partially offset by debt repayments, common stock repurchases, dividend payments, and vendor financing payments.

AT&T INC.

SEPTEMBER 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 nine months ended September 30, 2026 is as follows:


	First Quarter	Second Quarter	Third Quarter	Nine months ended September 30, 2026

Issuance of Notes and Debentures:
364-Day Term Loan Facility	$	—		$	—	$	3,000	$	3,000
Issuance of other short-term borrowings	$	—		$	—	$	3,000	$	3,000

USD notes	$	6,465		$	5,939	$	1,098	$	13,502
CAD notes	1,633		—		—	1,633
EUR notes	—		—		6,025	6,025
GBP notes	—		—		727	727
Two-Year Term Loan Facility	—		—		11,486	11,486
Private Financing	—		—		2,497	2,497
Issuance of long-term debt	$	8,098		$	5,939	$	21,833	$	35,870

Repayments:
364-Day Term Loan Facility	$	—		$	—	$	(3,000)	$	(3,000)
Repayment of other short-term borrowings	$	—		$	—	$	(3,000)	$	(3,000)

USD notes	$	(3,741)		$	—	$	(408)	$	(4,149)
EUR notes	(1,103)		(32)		(1,677)	(2,812)
AUD notes	(216)		—		—	(216)
Two-Year Term Loan Facility	—		—		(2,500)	(2,500)
Other	(187)		(119)		(189)	(495)
Repayment of long-term debt	$	(5,247)		$	(151)	$	(4,774)	$	(10,172)

The weighted average interest rate of our long-term debt portfolio, including credit agreement borrowings and the impact of derivatives, was approximately 4.5% as of September 30, 2026 and 4.2% as of December 31, 2025. We had $159,464 of total notes and debentures outstanding at September 30, 2026. This also included Euro, British pound sterling, Canadian dollar, Australian dollar, and Swiss franc denominated debt that totaled approximately $39,468.

At September 30, 2026, we had $9,483 of long-term debt maturing within one year. We had no outstanding commercial paper or other short-term borrowings on September 30, 2026.

For the first nine months of 2026, we paid $1,148 of cash under our vendor financing program, compared to $823 in the prior-year comparable period. Total vendor financing payables included in our September 30, 2026 consolidated balance sheet were $2,465, with $1,653 due within one year (in “Accounts payable and accrued liabilities”) and the remainder predominantly due within five years (in “Other noncurrent liabilities”).

We exhausted the $10,000 common stock repurchase authorization approved by the Board of Directors in December 2024 (the “2024 Authorization”) during the third quarter of 2026 and subsequently began repurchases under an additional $10,000 common stock repurchase authorization approved by the Board of Directors in January 2026 (the “2026 Authorization”). During the first nine months of 2026, we repurchased approximately 232 million shares totaling $5,731 under the 2024 Authorization and approximately 59 million shares totaling $1,504 under the 2026 Authorization, excluding brokerage fees and the one percent excise tax imposed by the Inflation Reduction Act of 2022. At September 30, 2026, approximately $8,496 remained available for repurchases under the 2026 Authorization.

We paid dividends on common and preferred shares of $5,923 during the first nine months of 2026, compared with $6,168 for the first nine months of 2025.

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

Dividends on common stock declared by our Board of Directors totaled $0.8325 per share in the first nine 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 September 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 Loan Facility) and (ii) a $11,500 two-year delayed draw term loan facility (Two-Year Term Loan Facility). On July 28, 2026, we borrowed $11,500 under the Two-Year Term Loan Facility and $3,000 under the 364-Day Term Loan Facility to fund the acquisition of FCC licenses from EchoStar. In August 2026, the 364-Day Term Loan Facility was repaid in full and terminated. We also repaid $2,500 of borrowings under the Two-Year Term Loan Facility. As of September 30, 2026, $9,000 was outstanding under the Two-Year Term Loan Facility.

In March 2026, we entered into two bilateral term loan facilities totaling $1,500. In July 2026, we drew $500 under one facility maturing in 2031 and $1,000 under one facility maturing in 2033. Borrowings under these facilities bear interest at a variable rate based on the secured overnight financing rate (SOFR) plus a margin. As of September 30, 2026, $1,500 was outstanding under these facilities.

In May 2026, we entered into a $1,000 bilateral term loan facility and subsequently drew $1,000 under the facility during July 2026. The borrowing bears interest at a variable rate based on SOFR plus a margin. As of September 30, 2026, $1,000 was outstanding and is due on July 28, 2029.

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 September 30, 2026, we were in compliance with the covenants for our credit facilities.

Collateral Arrangements

Most of our counterparty collateral arrangements require AT&T to post cash collateral only when net derivative exposures are unfavorable to AT&T and exceed specified exposure thresholds or upon certain credit rating downgrades. In contrast, counterparties are generally required to post collateral when net derivative positions are in AT&T's favor, with no minimum exposure threshold. These arrangements cover the majority of our approximate $41,144 derivative portfolio. During the first nine months of 2026, we received $144 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 September 30, 2026, our debt ratio was 56.1%, compared to 52.0% at September 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.

On October 13, 2026, we entered into an agreement to sell our wireless business in Mexico. In the third quarter of 2026, we classified our Mexico wireless business as held-for-sale (See Note 8). The transaction is expected to close in the first quarter of

AT&T INC.

SEPTEMBER 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Continued

Dollars in millions except per share amounts

2027, pending customary closing conditions and regulatory approvals. We expect to receive approximately $2,000 in cash at closing, subject to adjustments, plus additional contractual and contingent benefits.

AT&T INC.

SEPTEMBER 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.


	Third Quarter		Nine-Month Period
					Percent					Percent
	2026		2025		Change		2026	2025		Change
Advanced Connectivity Segment
Operating income	$	7,628			$	6,417		18.9	%		$	21,826	$	18,495	18.0	%
Add: Depreciation and amortization	4,702			5,076			(7.4)		14,094			15,084	(6.6)
EBITDA	$	12,330			$	11,493		7.3	%		$	35,920	$	33,579	7.0	%

Operating income margin	25.9	%		23.3	%			25.2	%		22.5	%
EBITDA margin	41.8	%		41.8	%			41.5	%		40.9	%

Legacy Segment
Operating income	$	498			$	679		(26.7)	%		$	1,633	$	2,657	(38.5)	%
Add: Depreciation and amortization	—			—			—		—			—	—
EBITDA	$	498			$	679		(26.7)	%		$	1,633	$	2,657	(38.5)	%

Operating income margin	32.8	%		33.7	%			33.2	%		40.4	%
EBITDA margin	32.8	%		33.7	%			33.2	%		40.4	%

Latin America Segment
Operating income	$	45			$	22		—	%		$	103	$	111	(7.2)	%
Add: Depreciation and amortization	191			177			7.9		580			482	20.3
EBITDA	$	236			$	199		18.6	%		$	683	$	593	15.2	%

Operating income margin	3.6	%		2.0	%			2.8	%		3.6	%
EBITDA margin	19.0	%		18.2	%			18.8	%		19.0	%

Item 3. Quantitative and Qualitative Disclosures About Market Risk

At September 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 $41,144 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 $(1,536) at September 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

AT&T INC.

SEPTEMBER 30, 2026

September 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 September 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.

AT&T INC.

SEPTEMBER 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.

AT&T INC.

SEPTEMBER 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 third quarter of 2026, there were no such material developments.

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


	(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
July 1, 2026 - July 31, 2026	44,035,953		$	21.81		44,026,014	$	10,336
August 1, 2026 - August 31, 2026	40,654,206		$	24.44		40,626,043	$	9,343
September 1, 2026 - September 30, 2026	32,861,572		$	25.82		32,820,956	$	8,496
Total	117,551,731		$	23.84		117,473,013
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. During the third quarter of 2026, we exhausted the repurchase capacity under the December 2024 authorization.
2Of the shares repurchased or transferred, 78,718 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 September 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.

AT&T INC.

SEPTEMBER 30, 2026

Item 6. Exhibits

The following exhibits are filed or incorporated by reference as a part of this report:


Exhibit
Number		Exhibit Description
10.1		AT&T Executive Physical Program
10.2		AT&T Inc. Health Plan
10.3		Supplemental Life Insurance Plan
31		Rule 13a-14(a)/15d-14(a) Certifications
		31.1 Certification of Principal Executive Officer
		31.2 Certification of Principal Financial Officer
32		Section 1350 Certifications
101		The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 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 September 30, 2026, (formatted as Inline XBRL and contained in Exhibit 101).

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.

October 21, 2026	/s/ Pascal Desroches
	Pascal Desroches
	Senior Executive Vice President
	and Chief Financial Officer

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