# EDGAR Filing Document

**Accession Number:** 0000732717
**File Stem:** 0000732717-25-000076
**Filing Date:** 2025-7
**Character Count:** 108472
**Document Hash:** dc1d0ecbd5dce4c368f7282fdae85677
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000732717-25-000076.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000732717-25-000076

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AT&T INC.
- **CENTRAL INDEX KEY:** 0000732717
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 431301883
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08610
- **FILM NUMBER:** 251141576

**BUSINESS ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202
- **BUSINESS PHONE:** 2108214105

**MAIL ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBC COMMUNICATIONS INC
- **DATE OF NAME CHANGE:** 19950501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHWESTERN BELL CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? t-20250723

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**______________________________________________________**

**FORM 8-K** 

**______________________________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported)** July 23, 2025

**______________________________________________________**

**AT&T INC.**

**(Exact Name of Registrant as Specified in Charter)**

**______________________________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-08610** | **43-1301883** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |
| **208 S. Akard St., Dallas, Texas**<br>**(Address of Principal Executive Offices)** | **208 S. Akard St., Dallas, Texas**<br>**(Address of Principal Executive Offices)** | **75202**<br>**(Zip Code)** |
| **208 S. Akard St., Dallas, Texas**<br>**(Address of Principal Executive Offices)** | **208 S. Akard St., Dallas, Texas**<br>**(Address of Principal Executive Offices)** | **75202**<br>**(Zip Code)** |

---

**Registrant's telephone number, including area code (210) 821-4105**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities Registered Pursuant to Section 12(b) of the Act**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Shares (Par Value $1.00 Per Share) | T | New York Stock Exchange |
| 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. 3.550% Global Notes due November 18, 2025 | T 25B | New York Stock Exchange |
| AT&T Inc. 3.500% Global Notes due December 17, 2025 | T 25 | New York Stock Exchange |

---

------

---

| | | |
|:---|:---|:---|
| **Title of each class** | <br>**Trading**<br>**Symbol(s)** | <br>**Name of each exchange**<br>**on which registered** |
| AT&T Inc. 0.250% Global Notes due March 4, 2026 | T 26E | 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. 1.600% Global Notes due May 19, 2028 | T 28C | 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. 3.950% 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 |
| 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% Global Notes due November 18, 2033 | T 33 | New York Stock Exchange |
| AT&T Inc. 3.375% Global Notes due March 15, 2034 | T 34 | New York Stock Exchange |
| AT&T Inc. 4.300% Global Notes due November 18, 2034 | T 34C | New York Stock Exchange |
| AT&T Inc. 2.450% Global Notes due March 15, 2035 | T 35 | New York Stock Exchange |
| AT&T Inc. 3.150% Global Notes due September 4, 2036 | T 36A | New York Stock Exchange |
| AT&T Inc. 4.050% Global Notes due June 1, 2037 | T 37B | New York Stock Exchange |
| AT&T Inc. 2.600% Global Notes due May 19, 2038 | T 38C | New York Stock Exchange |
| AT&T Inc. 1.800% Global Notes due September 14, 2039 | T 39B | New York Stock Exchange |
| AT&T Inc. 7.000% Global Notes due April 30, 2040 | T 40 | New York Stock Exchange |
| AT&T Inc. 4.250% Global Notes due June 1, 2043 | T 43 | New York Stock Exchange |
| AT&T Inc. 4.875% Global Notes due June 1, 2044 | T 44 | New York Stock Exchange |
| AT&T Inc. 4.000% Global Notes due June 1, 2049 | T 49A | New York Stock Exchange |
| AT&T Inc. 4.250% Global Notes due March 1, 2050 | T 50 | New York Stock Exchange |
| AT&T Inc. 3.750% Global Notes due September 1, 2050 | T 50A | New York Stock Exchange |
| AT&T Inc. 5.350% Global Notes due November 1, 2066 | TBB | New York Stock Exchange |

---

'

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

The registrant announced on July 23, 2025, its results of operations for the second quarter of 2025. The text of the press release and accompanying financial information are attached as exhibits and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

The following exhibits are furnished as part of this report:

---

| | | |
|:---|:---|:---|
| (d) | Exhibits | Exhibits |
|  | <u>[99.1](t-2qx2025exhibit991.htm)</u> | <u>[Press release dated July 23, 2025 reporting financial results for the second quarter ended June 30, 2025](t-2qx2025exhibit991.htm)[.](t-2qx2025exhibit991.htm)</u> |
|  | <u>[99.2](t-2q2025exhibit992.htm)</u> | <u>[AT&T Inc. selected financial statements and operating data.](t-2q2025exhibit992.htm)</u> |
|  | <u>[99.3](t-2q2025exhibit993.htm)</u> | <u>[Discussion and reconciliation of non-GAAP measures.](t-2q2025exhibit993.htm)</u> |
|  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**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 hereunto duly authorized.

---

| | |
|:---|:---|
| | AT&T INC. |
| Date: July 23, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: /<u>s/ Sabrina Sanders</u> <u>.</u><br>&nbsp;&nbsp;&nbsp;&nbsp; Sabrina Sanders<br>Senior Vice President - Chief Accounting Officer <br>&nbsp;&nbsp;&nbsp;&nbsp;and Controller |

---

## Exhibit 99.1

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

**AT&T Reports Strong Second-Quarter Financial Performance**

*Company delivers robust, high-quality 5G and fiber subscriber growth as more customers choose converged connectivity services*

DALLAS, July 23, 2025 — AT&T Inc. (NYSE: T) reported strong second-quarter results that demonstrate its ability to grow the right way by attracting high-quality 5G and fiber subscribers, while growing service revenues, resulting in improved consolidated revenues and earnings growth.

"We are winning in a highly competitive marketplace, with the nation's largest wireless and fiber networks. Customers are increasingly choosing AT&T because we have the best technology and options for wireless and broadband connectivity, backed by the AT&T Guarantee," said **John Stankey, AT&T Chairman and CEO**. "The milestones achieved this quarter – from passing more than 30 million customer locations with fiber and eclipsing 1 million total AT&T Internet Air customers, to our agreement to acquire substantially all of Lumen's Mass Markets fiber business - strengthen the industry's best and leading connectivity portfolio."

**Second-Quarter Consolidated Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenues** of **$30.8 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diluted EPS** of **$0.62**, versus $0.49 a year ago; **adjusted EPS\*** of **$0.54**, versus $0.51 a year ago

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** of **$6.5 billion**; **adjusted operating income\*** of **$6.5 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net income** of **$4.9 billion**; **adjusted EBITDA\*** of **$11.7 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash from operating activities** of **$9.8 billion**, versus $9.1 billion a year ago

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital expenditures** of **$4.9 billion**; **capital investment\*** of **$5.1 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free cash flow\*** of **$4.4 billion**, versus $4.0 billion a year ago

**Second-Quarter Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **401,000 postpaid phone net adds** with **postpaid phone churn** of **0.87%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mobility service revenues** of **$16.9 billion**, up 3.5% year over year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **243,000 AT&T Fiber net adds** and **203,000 AT&T Internet Air net adds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consumer fiber broadband revenues** of **$2.1 billion**, up 18.9% year over year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Repurchased** approximately $1.0 billion in common shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closed the sale** of entire remaining 70% stake in DIRECTV to TPG on July 2

**Impact of Tax Provisions in the One Big Beautiful Bill Act**

AT&T expects to realize $6.5 to $8.0 billion of cash tax savings during 2025-2027 relative to the guidance it provided at its 2024 Analyst & Investor Day due to tax provisions in the One Big Beautiful Bill Act. This reflects estimated savings of $1.5 to $2.0 billion in 2025 and $2.5 to $3.0 billion in each of 2026 and 2027.

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

The Company intends to invest $3.5 billion of these savings into its network to accelerate its fiber internet build-out to a pace of 4 million locations per year, a run-rate it expects to achieve by the end of 2026. As a result of this increased pace of organic fiber deployment, AT&T expects that by the end of 2030 it will reach approximately 50 million customer locations with its in-region fiber network and more than 60 million fiber locations when including the Lumen Mass Markets fiber assets it has agreed to acquire and plans to expand, its Gigapower joint venture, and agreements with other commercial open access providers<sup>1</sup>.

AT&T also intends to contribute $1.5 billion of these savings to its employee pension plan by the end of 2026, which would result in approximately 95% funding of the plan<sup>2</sup>. The remaining tax savings will add to AT&T's financial flexibility to support additional strategic investments, incremental capital returns and debt repayment, among other potential uses.

**Outlook** 

AT&T is updating certain elements of its financial guidance for 2025-2027 to reflect the impact of expected cash tax savings, as well as its year-to-date operating performance and outlook for the remainder of 2025. For the full year 2025, AT&T expects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated service revenue growth in the low-single-digit range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobility service revenue growth of 3% or better.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer fiber broadband revenue growth in the mid-to-high teens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* growth of 3% or better.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobility EBITDA\* growth of approximately 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business Wireline EBITDA\* to decline in the low-double-digit range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Wireline EBITDA\* growth in the low-to-mid-teens range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital investment\* in the $22 to $22.5 billion range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow\* in the low-to-mid $16 billion range, including over half of the planned pension funding through 2026 discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS\* of $1.97 to $2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share repurchases of $4 billion for 2025, including approximately $1.3 billion completed year to date.

AT&T continues to operate the business to achieve the strategy outlined at its 2024 Analyst & Investor Day. Accordingly, AT&T reiterates its long-term financial outlook for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated service revenue growth in the low-single-digit range annually from 2026-2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* growth of 3% or better annually from 2026-2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS\* accelerating to double-digit percentage growth in 2027.

As a result of the cash tax savings from provisions in the One Big Beautiful Bill Act, AT&T updates its financial outlook for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital investment\* in the $23 to $24 billion range annually from 2026-2027.

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow\* of $18 billion+ in 2026 and $19 billion+ in 2027.

**Note:** AT&T's second-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, July 23, 2025. The webcast and related materials, including financial highlights, will be available at investors.att.com.

**Consolidated Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenues** for the second quarter totaled $30.8 billion, versus $29.8 billion in the year-ago quarter, up 3.5%. This was due to higher Mobility and Consumer Wireline revenues, partially offset by declines in Business Wireline and Mexico, which included unfavorable foreign exchange impacts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating expenses** were $24.3 billion, versus $24.0 billion in the year-ago quarter. Operating expenses increased, primarily due to higher equipment costs associated with higher wireless equipment revenues, and higher network-related costs. Additionally, depreciation increased from our continued fiber investment and network upgrades, partially offset by lower impacts from our Open RAN network modernization efforts. These increases were partially offset by expense declines from restructuring costs in the year-ago quarter and continued transformation efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** was $6.5 billion, versus $5.8 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income\* was $6.5 billion, versus $6.3 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity in net income of affiliates** was $0.5 billion, versus $0.3 billion in the year-ago quarter, reflecting cash distributions received by AT&T in excess of the carrying amount of our investment in DIRECTV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net income** was $4.9 billion, versus $3.9 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net income attributable to common stock** was $4.5 billion, versus $3.5 billion in the year-ago quarter. Earnings per diluted common share was $0.62, versus $0.49 in the year-ago quarter. Adjusting for $(0.08) which removes equity in net income of DIRECTV and excludes other items, adjusted earnings per diluted common share\* was $0.54, versus $0.51 in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA**\* was $11.7 billion, versus $11.3 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash from operating activities** was $9.8 billion, versus $9.1 billion in the year-ago quarter, reflecting operational growth and higher distributions from DIRECTV, partially offset by higher cash tax payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital expenditures** were $4.9 billion, versus $4.4 billion in the year-ago quarter. **Capital investment**\* totaled $5.1 billion, versus $4.9 billion in the year-ago quarter. Cash payments for vendor financing totaled $0.2 billion, versus $0.6 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free cash flow,**\* which excludes cash flows from DIRECTV, was $4.4 billion, versus $4.0 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total debt** was $132.3 billion at the end of the second quarter, and **net debt**\* was $120.3 billion.

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

**Segment and Business Unit Results**

**Communications segment revenues** were $29.7 billion, up 3.9% year over year, with **operating income** up 0.9% year over year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Communications Segment** | **Communications Segment** | **Communications Segment** | **Communications Segment** | **Communications Segment** |
| *Dollars in millions* | Second Quarter | Second Quarter | Percent | Percent |
| *Unaudited* | **2025** | 2024 | Change | Change |
| Operating Revenues | $**29699** | $28582 | 3.9 | % |
| Operating Income | **7065** | 7005 | 0.9 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income Margin | **23.8%** | 24.5% | (70) | BP |

---

***Mobility service revenue grew 3.5% year over year driving EBITDA\* growth of 3.2%. Postpaid phone net adds were 401,000 with postpaid phone ARPU up 1.1% year over year.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mobility** | **Mobility** | **Mobility** | **Mobility** | **Mobility** |
| *Dollars in millions; Subscribers in thousands* | Second Quarter | Second Quarter | Percent | Percent |
| *Unaudited* | **2025** | 2024 | Change | Change |
| Operating Revenues | $**21845** | $20480 | 6.7 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | **16853** | 16277 | 3.5 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment | **4992** | 4203 | 18.8 | % |
| Operating Expenses | **14914** | 13761 | 8.4 | % |
| Operating Income | **6931** | 6719 | 3.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income Margin | **31.7%** | 32.8% | (110) | BP |
| EBITDA\* | $**9487** | $9195 | 3.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin\* | **43.4%** | 44.9% | (150) | BP |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA Service Margin\* | **56.3%** | 56.5% | (20) | BP |
| Total Wireless Net Adds<sup>3</sup> | **289** | 997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid | **479** | 593 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid Phone | **401** | 419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid Other | **78** | 174 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Phone | **(34)** | 35 |  |  |
| Postpaid Churn | **1.02%** | 0.85% | 17 | BP |
| Postpaid Phone-Only Churn | **0.87%** | 0.70% | 17 | BP |
| Prepaid Churn | **2.64%** | 2.57% | 7 | BP |
| Postpaid Phone ARPU | $**57.04** | $56.42 | 1.1 | % |

---

**Mobility revenues** were up 6.7% year over year driven by **service revenue** growth of 3.5% from postpaid phone average revenue per subscriber (ARPU) growth and subscriber gains, as well as equipment revenue growth of 18.8% from higher wireless device sales volumes. **Operating expenses** were up 8.4% year over year due to higher equipment expenses driven by higher wireless sales volumes and the sale of higher-priced devices. This increase also reflects higher network costs, higher advertising and promotion costs, and increased depreciation expense. **Operating income** was $6.9 billion, up 3.2% year over year. **EBITDA**\* was $9.5 billion, up $292 million year over year.

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

***Business Wireline revenues declined year over year driven by continued secular pressures on legacy and other transitional services that were partially offset by growth in fiber and advanced connectivity services.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business Wireline** | **Business Wireline** | **Business Wireline** | **Business Wireline** | **Business Wireline** |
| *Dollars in millions* | Second Quarter | Second Quarter | Percent | Percent |
| *Unaudited* | **2025** | 2024 | Change | Change |
| Operating Revenues | $**4313** | $4755 | (9.3) | % |
| Operating Expenses | **4514** | 4653 | (3.0) | % |
| Operating Income/(Loss) | **(201)** | 102 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income Margin | **(4.7)%** | 2.1% | (680) | BP |
| EBITDA\* | $**1320** | $1488 | (11.3) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin\* | **30.6%** | 31.3% | (70) | BP |

---

**Business Wireline revenues** were down 9.3% year over year due to declines in legacy and other transitional services of 17.3%, partially offset by growth in fiber and advanced connectivity services of 3.5%. **Operating expenses** were down 3.0% year over year due to lower personnel and lower customer support costs associated with ongoing transformation initiatives, partially offset by higher depreciation expense due to ongoing investment for strategic initiatives such as fiber. **Operating income** was $(201) million, versus $102 million in the year-ago quarter, and **EBITDA**\* was $1.3 billion, down $168 million year over year.

***Consumer Wireline achieved strong broadband revenue growth driven by an 18.9% increase in fiber revenue growth. Consumer Wireline also delivered positive broadband net adds for the eighth consecutive quarter, driven by 243,000 AT&T Fiber net adds and 203,000 AT&T Internet Air net adds.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consumer Wireline** | **Consumer Wireline** | **Consumer Wireline** | **Consumer Wireline** | **Consumer Wireline** |
| *Dollars in millions; Subscribers in thousands* | Second Quarter | Second Quarter | Percent | Percent |
| *Unaudited* | **2025** | 2024 | Change | Change |
| Operating Revenues | $**3541** | $3347 | 5.8 | % |
| Operating Expenses | **3206** | 3163 | 1.4 | % |
| Operating Income | **335** | 184 | 82.1 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income Margin | **9.5%** | 5.5% | 400 | BP |
| EBITDA\* | $**1293** | $1098 | 17.8 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin\* | **36.5%** | 32.8% | 370 | BP |
| Broadband Net Adds | **150** | 52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiber | **243** | 239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non Fiber | **(93)** | (187) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Internet Air | **203** | 139 |  |  |
| Broadband ARPU | $**71.16** | $66.17 | 7.5 | % |
| Fiber ARPU | $**73.26** | $69.00 | 6.2 | % |

---

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

**Consumer Wireline revenues** were up 5.8% year over year driven by broadband revenue growth of 10.5% due to fiber revenue growth of 18.9%, partially offset by declines in legacy voice and data services and other services. **Operating expenses** were up 1.4% year over year, primarily due to higher depreciation expense driven by fiber investment, higher network-related costs, and higher marketing costs, partially offset by lower customer support, lower costs associated with transformation initiatives, and lower content licensing costs. **Operating income** was $335 million, versus $184 million in the year-ago quarter, and **EBITDA**\* was $1.3 billion, up $195 million year over year.

---

| | | | |
|:---|:---|:---|:---|
| **Latin America Segment** | **Latin America Segment** | **Latin America Segment** | **Latin America Segment** |
| *Dollars in millions; Subscribers in thousands* | Second Quarter | Second Quarter | Percent |
| *Unaudited* | **2025** | 2024 | Change |
| Operating Revenues | $**1054** | $1103 | (4.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | **662** | 699 | (5.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment | **392** | 404 | (3.0)% |
| Operating Expenses | **1008** | 1097 | (8.1)% |
| Operating Income | **46** | 6 | —% |
| EBITDA\* | $**201** | $178 | 12.9% |
| Total Wireless Net Adds | **235** | 177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid | **183** | 142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid | **64** | 67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller | **(12)** | (32) |  |

---

**Latin America segment revenues** were down 4.4% year over year, primarily due to unfavorable impacts of foreign exchange rates, partially offset by higher equipment sales, and subscriber and ARPU growth. **Operating expenses** were down 8.1% due to the favorable impacts of foreign exchange rates, partially offset by higher equipment and selling costs resulting from higher sales. **Operating income** was $46 million compared to $6 million in the year-ago quarter. **EBITDA\*** was $201 million, compared to $178 million in the year-ago quarter.

<sup>1</sup>Locations reached with fiber include consumer and business locations: (i) passed with fiber, and (ii) served with fiber through commercial open-access providers.

<sup>2</sup>Based on pension funded status at December 31, 2024.

<sup>3</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.

**About AT&T**

We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

**Cautionary Language Concerning Forward-Looking Statements**

Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

**Non-GAAP Measures and Reconciliations to GAAP Measures**

Schedules and reconciliations of non-GAAP financial measures cited in this document to the most comparable financial measures under generally accepted accounting principles (GAAP) can be found at investors.att.com and in our Form 8-K dated July 23, 2025. Adjusted diluted EPS, adjusted operating income, EBITDA, adjusted EBITDA, free cash flow, and net debt are non-GAAP financial measures frequently used by investors and credit rating agencies. Prior periods for free cash flow and adjusted diluted EPS have been recast to conform to the current period presentation to remove cash flows and equity in net income from our investment in DIRECTV.

**Adjusted diluted EPS** is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate; in these cases, we use the actual tax expense or combined marginal rate of approximately 25%.

For **2Q25**, adjusted EPS of $0.54 is diluted EPS of $0.62 minus $0.05 equity in net income of DIRECTV and minus $0.03 benefit-related, transaction, legal and other items. For **2Q24**, adjusted EPS of $0.51 is diluted EPS of $0.49 adjusted for $0.05 restructuring and $0.01 benefit-related, transaction legal and other items, minus $0.04 equity in net income of DIRECTV. Transaction, legal and other costs include costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. The Company expects adjustments to 2025 reported diluted EPS to include a gain recognized on the sale of DIRECTV in 3Q25, an adjustment to remove equity in net income of DIRECTV (prior to the July 2, 2025 transaction close), a non-cash mark-to-market benefit plan gain/loss, and other items. The Company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our projected 2025-2027 adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort.

**Adjusted operating income** is operating income adjusted for revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions. For **2Q25**, adjusted operating income of $6.5 billion is calculated as operating income of $6.5 billion minus $12 million of adjustments. For **2Q24**, adjusted operating income of

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

$6.3 billion is calculated as operating income of $5.8 billion plus $520 million of adjustments. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 23, 2025.

**EBITDA** is net income plus income tax, interest, and depreciation and amortization expenses minus equity in net income of affiliates and other income (expense) – net. **Adjusted EBITDA** is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses.

For **2Q25**, adjusted EBITDA of $11.7 billion is calculated as net income of $4.9 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) – net of $0.8 billion, plus depreciation and amortization of $5.3 billion, minus adjustments of $21 million. For **2Q24**, adjusted EBITDA of $11.3 billion is calculated as net income of $3.9 billion, plus income tax expense of $1.1 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.3 billion, minus other income (expense) – net of $0.7 billion, plus depreciation and amortization of $5.1 billion, plus adjustments of $505 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 23, 2025.

At the segment or business unit level, **EBITDA** is operating income before depreciation and amortization. **EBITDA margin** is EBITDA divided by total revenues. **EBITDA service margin** is EBITDA divided by total service revenues.

Adjusted EBITDA estimates for 2025-2027, and Mobility EBITDA, Business Wireline EBITDA and Consumer Wireline EBITDA estimates for 2025 depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort.

**Free cash flow** for **2Q25** of $4.4 billion is cash from operating activities of $9.8 billion, less cash distributions from DIRECTV classified as operating activities of $0.5 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. For **2Q24**, free cash flow of $4.0 billion is cash from operating activities of $9.1 billion, less cash distributions from DIRECTV classified as operating activities of $0.4 billion, less cash taxes paid on DIRECTV of $0.1 billion, minus capital expenditures of $4.4 billion and cash paid for vendor financing of $0.6 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures, and vendor financing payments, the Company is not able to provide reconciliations between projected free cash flow for 2025-2027 and the most comparable GAAP metrics without unreasonable effort.

**Capital investment** provides a comprehensive view of cash used to invest in our networks, product developments, and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.2 billion in 2Q25, $0.6 billion in 2Q24). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the Company is not able to provide reconciliations between projected capital investment for 2025-2027 and the most comparable GAAP metrics without unreasonable effort.

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![earnings_bannersx2q2025x24.jpg](earnings_bannersx2q2025x24.jpg)

**Net debt** of $120.3 billion at June 30, 2025, is calculated as total debt of $132.3 billion less cash and cash equivalents of $10.5 billion and time deposits (i.e. deposits at financial institutions that are greater than 90 days) of $1.5 billion.

**For more information, contact:**

Brittany Siwald

AT&T Inc.

Phone: (214) 202-6630

Email: brittany.a.siwald@att.com

\* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

<br>© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

## Exhibit 99.2

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AT&T Inc.** | | | | | | |
| **Financial Data** | | | | | | |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| *Dollars in millions except per share amounts* |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Six-Month Period | Six-Month Period | Percent |
|  | **2025** | 2024 | Change | **2025** | 2024 | Change |
| **Operating Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service | $**25292** | $25006 | 1.1% | $**50430** | $49848 | 1.2% |
| &nbsp;&nbsp;&nbsp;Equipment | **5555** | 4791 | 15.9% | **11043** | 9977 | 10.7% |
| &nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **30847** | 29797 | 3.5% | **61473** | 59825 | 2.8% |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **5738** | 4815 | 19.2% | **11432** | 9958 | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other cost of revenues (exclusive of depreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;and amortization shown separately below) | **6412** | 6627 | (3.2)% | **12751** | 13438 | (5.1)% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | **6945** | 7043 | (1.4)% | **14090** | 14064 | 0.2% |
| &nbsp;&nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 480 | —% | **504** | 639 | (21.1)% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **5251** | 5072 | 3.5% | **10441** | 10119 | 3.2% |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **24346** | 24037 | 1.3% | **49218** | 48218 | 2.1% |
| **Operating Income** | **6501** | 5760 | 12.9% | **12255** | 11607 | 5.6% |
| **Interest Expense** | **1655** | 1699 | (2.6)% | **3313** | 3423 | (3.2)% |
| **Equity in Net Income of Affiliates** | **485** | 348 | 39.4% | **1925** | 643 | —% |
| **Other Income (Expense) — Net** | **767** | 682 | 12.5% | **1222** | 1133 | 7.9% |
| **Income Before Income Taxes** | **6098** | 5091 | 19.8% | **12089** | 9960 | 21.4% |
| **Income Tax Expense** | **1237** | 1142 | 8.3% | **2536** | 2260 | 12.2% |
| **Net Income** | **4861** | 3949 | 23.1% | **9553** | 7700 | 24.1% |
| &nbsp;&nbsp;&nbsp;**Net Income Attributable to Noncontrolling Interest** | **(361)** | (352) | (2.6)% | **(702)** | (658) | (6.7)% |
| **Net Income Attributable to AT&T** | $**4500** | $3597 | 25.1% | $**8851** | $7042 | 25.7% |
| &nbsp;&nbsp;&nbsp;**Preferred Stock Dividends and Redemption Gain** | **(36)** | (51) | 29.4% | **8** | (101) | —% |
| **Net Income Attributable to Common Stock** | $**4464** | $3546 | 25.9% | $**8859** | $6941 | 27.6% |
| &nbsp;&nbsp;&nbsp;**Basic Earnings Per Share Attributable to**<br>**Common Stock** | $**0.62** | $0.49 | 26.5% | $**1.22** | $0.96 | 27.1% |
| &nbsp;&nbsp;&nbsp;Weighted Average Common Shares<br>Outstanding (000000) | **7209** | 7196 | 0.2% | **7211** | 7194 | 0.2% |
| &nbsp;&nbsp;&nbsp;**Diluted Earnings Per Share Attributable to**<br>**Common Stock** | $**0.62** | $0.49 | 26.5% | $**1.22** | $0.96 | 27.1% |
| &nbsp;&nbsp;&nbsp;Weighted Average Common Shares<br>Outstanding with Dilution (000000) | **7219** | 7198 | 0.3% | **7221** | 7195 | 0.4% |

---

------

---

| | | |
|:---|:---|:---|
| **AT&T Inc.** | | |
| **Financial Data** | | |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| *Dollars in millions* |  |  |
|  | **Jun. 30,** | Dec. 31, |
|  | **2025** | 2024 |
| **Assets** | **(Unaudited)** |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $**10499** | $3298 |
| Accounts receivable – net of related allowances for credit loss of $392 and $375 | **8844** | 9638 |
| Inventories | **2357** | 2270 |
| Prepaid and other current assets | **17606** | 15962 |
| Total current assets | **39306** | 31168 |
| **Property, Plant and Equipment – Net** | **129094** | 128871 |
| **Goodwill – Net** | **63432** | 63432 |
| **Licenses – Net** | **127543** | 127035 |
| **Other Intangible Assets – Net** | **5255** | 5255 |
| **Investments in and Advances to Equity Affiliates** | **1011** | 295 |
| **Operating Lease Right-Of-Use Assets** | **21494** | 20909 |
| **Other Assets** | **18356** | 17830 |
| **Total Assets** | $**405491** | $394795 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current Liabilities** |  |  |
| Debt maturing within one year | $**9254** | $5089 |
| Accounts payable and accrued liabilities | **33289** | 35657 |
| Advanced billings and customer deposits | **3999** | 4099 |
| Dividends payable | **2023** | 2027 |
| Total current liabilities | **48565** | 46872 |
| **Long-Term Debt** | **123057** | 118443 |
| **Deferred Credits and Other Noncurrent Liabilities** |  |  |
| Noncurrent deferred tax liabilities | **59786** | 58939 |
| Postemployment benefit obligation | **9079** | 9025 |
| Operating lease liabilities | **17762** | 17391 |
| Other noncurrent liabilities | **23865** | 23900 |
| Total deferred credits and other noncurrent liabilities | **110492** | 109255 |
| **Redeemable Noncontrolling Interest** | **1983** | 1980 |
| **Stockholders' Equity** |  |  |
| Preferred stock | **—** |  |
| Common stock | **7621** | 7621 |
| Additional paid-in capital | **106381** | 109108 |
| Retained earnings | **6680** | 1871 |
| Treasury stock | **(15210)** | (15023) |
| Accumulated other comprehensive income (loss) | **(200)** | 795 |
| Noncontrolling interest | **16122** | 13873 |
| Total stockholders' equity | **121394** | 118245 |
| **Total Liabilities and Stockholders' Equity** | $**405491** | $394795 |

---

------

---

| | | |
|:---|:---|:---|
| **AT&T Inc.** | | |
| **Financial Data** | | |
| **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** |
| *Dollars in millions* |  |  |
| *Unaudited* | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 |
| **Operating Activities** |  |  |
| Net income | $**9553** | $7700 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **10441** | 10119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for uncollectible accounts | **1037** | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairments and abandonments and restructuring | **504** | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefit expense (credit) | **(794)** | (941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on investments | **(31)** | 185 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | **(247)** | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment installment receivables and related sales | **1115** | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract asset and cost deferral | **(299)** | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, prepaid and other current assets | **(317)** | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | **(4440)** | (4761) |
| Changes in income taxes | **1663** | 1976 |
| Postretirement claims and contributions | **(103)** | (93) |
| Other - net | **730** | 324 |
| Total adjustments | **9259** | 8940 |
| Net Cash Provided by Operating Activities | **18812** | 16640 |
| **Investing Activities** |  |  |
| Capital expenditures | **(9174)** | (8118) |
| Acquisitions, net of cash acquired | **(48)** | (270) |
| Dispositions | **40** | 14 |
| Distributions from DIRECTV in excess of cumulative equity in earnings | **—** | 586 |
| (Purchases), sales and settlements of securities and investments - net | **(1084)** | 1147 |
| Other - net | **(778)** | (336) |
| Net Cash Used in Investing Activities | **(11044)** | (6977) |
| **Financing Activities** |  |  |
| Net change in short-term borrowings with original maturities of three months or less | **—** | 2686 |
| Issuance of other short-term borrowings | **—** | 491 |
| Repayment of other short-term borrowings | **—** | (2487) |
| Issuance of long-term debt | **6429** | 2 |
| Repayment of long-term debt | **(1620)** | (6910) |
| Payment of vendor financing | **(423)** | (1391) |
| Redemption of preferred stock | **(2075)** |  |
| Purchase of treasury stock | **(1179)** | (159) |
| Issuance of treasury stock | **17** |  |
| Issuance of preferred interests in subsidiary | **2221** |  |
| Dividends paid | **(4135)** | (4133) |
| Other - net | **167** | (1392) |
| Net Cash Used in Financing Activities | **(598)** | (13293) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | **7170** | (3630) |
| Cash and cash equivalents and restricted cash beginning of year | **3406** | 6833 |
| **Cash and Cash Equivalents and Restricted Cash End of Period** | $**10576** | $3203 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AT&T Inc.** | **AT&T Inc.** | **AT&T Inc.** | **AT&T Inc.** | | | | |
| **Consolidated Supplementary Data** | **Consolidated Supplementary Data** | **Consolidated Supplementary Data** | **Consolidated Supplementary Data** | | | | |
| **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** |
| *Dollars in millions except per share amounts* |  |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | **2025** | 2024 | Change | Change |
| Capital expenditures |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | $**4857** | $4321 | 12.4% | $**9097** | $8042 | 13.1 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest during construction | **40** | 39 | 2.6% | **77** | 76 | 1.3 | % |
| Total Capital Expenditures | $**4897** | $4360 | 12.3% | $**9174** | $8118 | 13.0 | % |
| Acquisitions, net of cash acquired |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business acquisitions | $**—** | $— | —% | $**—** | $— |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Spectrum acquisitions | **13** | 2 | —% | **14** | 147 | (90.5) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest during construction - spectrum | **15** | 57 | (73.7)% | **34** | 123 | (72.4) | % |
| Total Acquisitions | $**28** | $59 | (52.5)% | $**48** | $270 | (82.2) | % |
| Cash paid for interest | $**1512** | $1567 | (3.5)% | $**3316** | $3644 | (9.0) | % |
| Cash paid for income taxes, net of (refunds) | $**869** | $308 | —% | $**880** | $299 |  | % |
| Dividends Declared per Common Share | $**0.2775** | $0.2775 | —% | $**0.5550** | $0.5550 |  | % |
| End of Period Common Shares Outstanding (000000) |  |  |  | **7161** | 7170 | (0.1) | % |
| Debt Ratio |  |  |  | **51.7%** | 51.8% | (10) | BP |
| Total Employees |  |  |  | **137550** | 146040 | (5.8) | % |

---

------

**<u>COMMUNICATIONS SEGMENT</u>**

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline and Consumer Wireline.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** |
| *Dollars in millions* |  |  |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Segment Operating Revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobility | $**21845** | $20480 | 6.7 | % | $**43415** | $41074 | 5.7 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Wireline | **4313** | 4755 | (9.3) | % | **8781** | 9668 | (9.2) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Wireline | **3541** | 3347 | 5.8 | % | **7063** | 6697 | 5.5 | % |
| Total Segment Operating Revenues | **29699** | 28582 | 3.9 | % | **59259** | 57439 | 3.2 | % |
| **Segment Operating Income (Loss)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobility | **6931** | 6719 | 3.2 | % | **13671** | 13187 | 3.7 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Wireline | **(201)** | 102 |  | % | **(299)** | 166 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Wireline | **335** | 184 | 82.1 | % | **684** | 397 | 72.3 | % |
| Total Segment Operating Income | $**7065** | $7005 | 0.9 | % | $**14056** | $13750 | 2.2 | % |
| &nbsp;&nbsp;&nbsp;**Operating Income Margin** | **23.8%** | 24.5% | (70) | BP | **23.7%** | 23.9% | (20) | BP |

---

------

**<u>Mobility</u>**

Mobility provides nationwide wireless service and equipment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mobility Results** | **Mobility Results** | **Mobility Results** | **Mobility Results** | **Mobility Results** | **Mobility Results** | **Mobility Results** | **Mobility Results** | **Mobility Results** |
| *Dollars in millions* |  |  |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Operating Revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | $**16853** | $16277 | 3.5 | % | $**33504** | $32271 | 3.8 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **4992** | 4203 | 18.8 | % | **9911** | 8803 | 12.6 | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **21845** | 20480 | 6.7 | % | **43415** | 41074 | 5.7 | % |
| **Operating Expenses** |  |  |  |  |  |  |  |  |
| Operations and support | **12358** | 11285 | 9.5 | % | **24662** | 22924 | 7.6 | % |
| Depreciation and amortization | **2556** | 2476 | 3.2 | % | **5082** | 4963 | 2.4 | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **14914** | 13761 | 8.4 | % | **29744** | 27887 | 6.7 | % |
| **Operating Income** | $**6931** | $6719 | 3.2 | % | $**13671** | $13187 | 3.7 | % |
| **Operating Income Margin** | **31.7%** | 32.8% | (110) | BP | **31.5%** | 32.1% | (60) | BP |
| **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** |
| *Subscribers and connections in thousands* |  |  |  |  |  |  |  |  |
| *Unaudited* |  |  |  |  | June 30, | June 30, | Percent | Percent |
|  |  |  |  |  | **2025** | 2024 | Change | Change |
| **Mobility Subscribers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid |  |  |  |  | **89928** | 87999 | 2.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid phone |  |  |  |  | **73408** | 71930 | 2.1 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid |  |  |  |  | **18768** | 19271 | (2.6) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller |  |  |  |  | **9549** | 8204 | 16.4 | % |
| Total Mobility Subscribers |  |  |  |  | **118245** | 115474 | 2.4 | % |
|  | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Mobility Net Additions** |  |  |  |  |  |  |  |  |
| Postpaid Phone Net Additions | **401** | 419 | (4.3) | % | **725** | 768 | (5.6) | % |
| Total Phone Net Additions | **367** | 454 | (19.2) | % | **671** | 804 | (16.5) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid | **479** | 593 | (19.2) | % | **769** | 982 | (21.7) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid | **(152)** | 82 |  | % | **(186)** | 83 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller | **(38)** | 322 |  | % | **(174)** | 673 |  | % |
| Total Mobility Net Additions<sup>1</sup> | **289** | 997 | (71.0) | % | **409** | 1738 | (76.5) | % |
| Postpaid Churn | **1.02%** | 0.85% | 17 | BP | **1.01%** | 0.87% | 14 BP | 14 BP |
| Postpaid Phone-Only Churn | **0.87%** | 0.70% | 17 | BP | **0.85%** | 0.71% | 14 BP | 14 BP |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period. |

---

------

**<u>Business Wireline</u>**

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, our fixed wireless access product, traditional voice and data services and related equipment to business customers.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** | **Business Wireline Results** |
| *Dollars in millions* |  |  |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Operating Revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy and other transitional services | $**2349** | $2839 | (17.3) | % | $**4824** | $5836 | (17.3) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiber and advanced connectivity services | **1793** | 1732 | 3.5 | % | **3573** | 3435 | 4.0 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **171** | 184 | (7.1) | % | **384** | 397 | (3.3) | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **4313** | 4755 | (9.3) | % | **8781** | 9668 | (9.2) | % |
| **Operating Expenses** |  |  |  |  |  |  |  |  |
| Operations and support | **2993** | 3267 | (8.4) | % | **6061** | 6754 | (10.3) | % |
| Depreciation and amortization | **1521** | 1386 | 9.7 | % | **3019** | 2748 | 9.9 | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **4514** | 4653 | (3.0) | % | **9080** | 9502 | (4.4) | % |
| **Operating Income (Loss)** | $**(201)** | $102 |  | % | $**(299)** | $166 |  | % |
| **Operating Income Margin** | **(4.7)%** | 2.1% | (680) | BP | **(3.4)%** | 1.7% | (510) | BP |

---

------

**<u>Consumer Wireline</u>**

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and AT&T Internet Air (AIA) services, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** | **Consumer Wireline Results** |
| *Dollars in millions* |  |  |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Operating Revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband | $**3028** | $2741 | 10.5 | % | $**6012** | $5463 | 10.0 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy voice and data services | **265** | 323 | (18.0) | % | **551** | 665 | (17.1) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service and equipment | **248** | 283 | (12.4) | % | **500** | 569 | (12.1) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **3541** | 3347 | 5.8 | % | **7063** | 6697 | 5.5 | % |
| **Operating Expenses** |  |  |  |  |  |  |  |  |
| Operations and support | **2248** | 2249 |  | % | **4472** | 4505 | (0.7) | % |
| Depreciation and amortization | **958** | 914 | 4.8 | % | **1907** | 1795 | 6.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **3206** | 3163 | 1.4 | % | **6379** | 6300 | 1.3 | % |
| **Operating Income** | $**335** | $184 | 82.1 | % | $**684** | $397 | 72.3 | % |
| **Operating Income Margin** | **9.5%** | 5.5% | 400 | BP | **9.7%** | 5.9% | 380 | BP |
| **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** |
| *Subscribers and connections in thousands* |  |  |  |  |  |  |  |  |
| *Unaudited* |  |  |  |  | June 30, | June 30, | Percent | Percent |
|  |  |  |  |  | **2025** | 2024 | Change | Change |
| **Broadband Connections** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband<sup>1</sup> |  |  |  |  | **14262** | 13836 | 3.1 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiber Broadband Connections |  |  |  |  | **9835** | 8798 | 11.8 | % |
|  | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Broadband Net Additions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband Net Additions<sup>1,2</sup> | **150** | 52 |  | % | **287** | 107 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiber Broadband Net Additions | **243** | 239 | 1.7 | % | **504** | 491 | 2.6 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup>Includes AIA. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. |

---

------

**<u>LATIN AMERICA SEGMENT</u>**

The segment provides wireless services and equipment to customers in Mexico.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** |
| *Dollars in millions* |  |  |  |  |  |  |  |  |
| *Unaudited* | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Operating Revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless service | $**662** | $699 | (5.3) | % | $**1277** | $1389 | (8.1) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment | **392** | 404 | (3.0) | % | **748** | 777 | (3.7) | % |
| &nbsp;&nbsp;&nbsp;**Total Segment Operating Revenues** | **1054** | 1103 | (4.4) | % | **2025** | 2166 | (6.5) | % |
| **Operating Expenses** |  |  |  |  |  |  |  |  |
| Operations and support | **853** | 925 | (7.8) | % | **1631** | 1808 | (9.8) | % |
| Depreciation and amortization | **155** | 172 | (9.9) | % | **305** | 349 | (12.6) | % |
| &nbsp;&nbsp;&nbsp;**Total Segment Operating Expenses** | **1008** | 1097 | (8.1) | % | **1936** | 2157 | (10.2) | % |
| **Operating Income** | $**46** | $6 |  | % | $**89** | $9 |  | % |
| **Operating Income Margin** | **4.4%** | 0.5% | 390 | BP | **4.4%** | 0.4% | 400 | BP |
| **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** |
| *Subscribers and connections in thousands* |  |  |  |  |  |  |  |  |
| *Unaudited* |  |  |  |  | June 30, | June 30, | Percent | Percent |
|  |  |  |  |  | **2025** | 2024 | Change | Change |
| **Mexico Wireless Subscribers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid |  |  |  |  | **6180** | 5494 | 12.5 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid |  |  |  |  | **17440** | 16809 | 3.8 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller |  |  |  |  | **223** | 333 | (33.0) | % |
| Total Mexico Wireless Subscribers |  |  |  |  | **23843** | 22636 | 5.3 | % |
|  | Second Quarter | Second Quarter | Percent | Percent | Six-Month Period | Six-Month Period | Percent | Percent |
|  | **2025** | 2024 | Change | Change | **2025** | 2024 | Change | Change |
| **Mexico Wireless Net Additions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid | **183** | 142 | 28.9 | % | **343** | 258 | 32.9 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid | **64** | 67 | (4.5) | % | **(46)** | 146 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller | **(12)** | (32) | 62.5 | % | **(30)** | (84) | 64.3 | % |
| Total Mexico Wireless Net Additions | **235** | 177 | 32.8 | % | **267** | 320 | (16.6) | % |

---

------

**<u>SUPPLEMENTAL SEGMENT RECONCILIATION</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *Dollars in millions* |  |  |  |  |
| *Unaudited* |  |  |  |  |
| ***June 30, 2025*** |  |  |  |  |
|  | Revenues | Operations<br>and Support<br>Expenses | Depreciation<br>and<br>Amortization | Operating<br>Income (Loss) |
| **Communications** |  |  |  |  |
| &nbsp;&nbsp;Mobility | $**21845** | $**12358** | $**2556** | $**6931** |
| &nbsp;&nbsp;Business Wireline | **4313** | **2993** | **1521** | **(201)** |
| &nbsp;&nbsp;Consumer Wireline | **3541** | **2248** | **958** | **335** |
| Total Communications | **29699** | **17599** | **5035** | **7065** |
| **Latin America** | **1054** | **853** | **155** | **46** |
| Segment Total | **30753** | **18452** | **5190** | **7111** |
| Corporate and Other |  |  |  |  |
| &nbsp;&nbsp;Corporate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DTV-related retained costs | **—** | **57** | **50** | **(107)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent administration support | **(2)** | **422** | **2** | **(426)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization fees | **30** | **174** | **—** | **(144)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Value portfolio | **66** | **11** | **—** | **55** |
| &nbsp;&nbsp;Total Corporate | **94** | **664** | **52** | **(622)** |
| &nbsp;&nbsp;Certain significant items | **—** | **(21)** | **9** | **12** |
| Total Corporate and Other | **94** | **643** | **61** | **(610)** |
| AT&T Inc. | $**30847** | $**19095** | $**5251** | $**6501** |
| *June 30, 2024* |  |  |  |  |
|  | Revenues | Operations <br>and Support <br>Expenses | Depreciation <br>and <br>Amortization | Operating<br>Income (Loss) |
| **Communications** |  |  |  |  |
| &nbsp;&nbsp;Mobility | $20480 | $11285 | $2476 | $6719 |
| &nbsp;&nbsp;Business Wireline | 4755 | 3267 | 1386 | 102 |
| &nbsp;&nbsp;Consumer Wireline | 3347 | 2249 | 914 | 184 |
| Total Communications | 28582 | 16801 | 4776 | 7005 |
| **Latin America** | 1103 | 925 | 172 | 6 |
| Segment Total | 29685 | 17726 | 4948 | 7011 |
| Corporate and Other |  |  |  |  |
| &nbsp;&nbsp;Corporate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DTV-related retained costs |  | 116 | 102 | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent administration support |  | 443 | 2 | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization fees | 29 | 150 |  | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;Value portfolio | 83 | 25 | 5 | 53 |
| &nbsp;&nbsp;Total Corporate | 112 | 734 | 109 | (731) |
| &nbsp;&nbsp;Certain significant items |  | 505 | 15 | (520) |
| Total Corporate and Other | 112 | 1239 | 124 | (1251) |
| AT&T Inc. | $29797 | $18965 | $5072 | $5760 |

---

------

**<u>SUPPLEMENTAL SEGMENT RECONCILIATION</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *Dollars in millions* |  |  |  |  |
| *Unaudited* |  |  |  |  |
| ***June 30, 2025*** |  |  |  |  |
|  | Revenues | Operations<br>and Support<br>Expenses | Depreciation<br>and<br>Amortization | Operating<br>Income (Loss) |
| **Communications** |  |  |  |  |
| &nbsp;&nbsp;Mobility | $**43415** | $**24662** | $**5082** | $**13671** |
| &nbsp;&nbsp;Business Wireline | **8781** | **6061** | **3019** | **(299)** |
| &nbsp;&nbsp;Consumer Wireline | **7063** | **4472** | **1907** | **684** |
| Total Communications | **59259** | **35195** | **10008** | **14056** |
| **Latin America** | **2025** | **1631** | **305** | **89** |
| Segment Total | **61284** | **36826** | **10313** | **14145** |
| Corporate and Other |  |  |  |  |
| &nbsp;&nbsp;Corporate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DTV-related retained costs | **—** | **113** | **100** | **(213)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent administration support | **(1)** | **861** | **10** | **(872)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization fees | **58** | **388** | **—** | **(330)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Value portfolio | **132** | **21** | **—** | **111** |
| &nbsp;&nbsp;Total Corporate | **189** | **1383** | **110** | **(1304)** |
| &nbsp;&nbsp;Certain significant items | **—** | **568** | **18** | **(586)** |
| Total Corporate and Other | **189** | **1951** | **128** | **(1890)** |
| AT&T Inc. | $**61473** | $**38777** | $**10441** | $**12255** |
| *June 30, 2024* |  |  |  |  |
|  | Revenues | Operations<br>and Support<br>Expenses | Depreciation<br>and<br>Amortization | Operating<br>Income (Loss) |
| **Communications** |  |  |  |  |
| &nbsp;&nbsp;Mobility | $41074 | $22924 | $4963 | $13187 |
| &nbsp;&nbsp;Business Wireline | 9668 | 6754 | 2748 | 166 |
| &nbsp;&nbsp;Consumer Wireline | 6697 | 4505 | 1795 | 397 |
| Total Communications | 57439 | 34183 | 9506 | 13750 |
| **Latin America** | 2166 | 1808 | 349 | 9 |
| Segment Total | 59605 | 35991 | 9855 | 13759 |
| Corporate and Other |  |  |  |  |
| &nbsp;&nbsp;Corporate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DTV-related retained costs |  | 250 | 222 | (472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Parent administration support |  | 835 | 3 | (838) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization fees | 55 | 315 |  | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Value portfolio | 165 | 51 | 9 | 105 |
| &nbsp;&nbsp;Total Corporate | 220 | 1451 | 234 | (1465) |
| &nbsp;&nbsp;Certain significant items |  | 657 | 30 | (687) |
| Total Corporate and Other | 220 | 2108 | 264 | (2152) |
| AT&T Inc. | $59825 | $38099 | $10119 | $11607 |

---

## Exhibit 99.3

**Discussion and Reconciliation of Non-GAAP Measures** 

We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (GAAP). Prior periods have been recast to conform to the current period presentation to remove cash flows and equity in net income from our investment in DIRECTV, which we sold to TPG Capital on July 2, 2025.

**<u>Free Cash Flow</u>**

Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity investment (cash distributions minus cash taxes from DIRECTV), minus capital expenditures and cash paid for vendor financing (classified as financing activities). Free cash flow after dividends is defined as cash from operations minus cash flows related to our DIRECTV equity investment, capital expenditures, cash paid for vendor financing and dividends on common and preferred shares. Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures and vendor financing, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Free Cash Flow and Free Cash Flow Dividend Payout Ratio** | **Free Cash Flow and Free Cash Flow Dividend Payout Ratio** | **Free Cash Flow and Free Cash Flow Dividend Payout Ratio** | **Free Cash Flow and Free Cash Flow Dividend Payout Ratio** | **Free Cash Flow and Free Cash Flow Dividend Payout Ratio** |
| *Dollars in millions* |  |  |  |  |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| Net Cash Provided by Operating Activities | $**9763** | $9093 | $**18812** | $16640 |
| Less: Distributions from DIRECTV classified as operating activities | **(503)** | (350) | **(1926)** | (674) |
| Less: Cash taxes paid on DIRECTV | **251** | 121 | **251** | 270 |
| Less: Capital expenditures | **(4897)** | (4360) | **(9174)** | (8118) |
| Less: Payment of vendor financing | **(220)** | (550) | **(423)** | (1391) |
| **Free Cash Flow** | **4394** | 3954 | **7540** | 6727 |
| Less: Dividends paid | **(2044)** | (2099) | **(4135)** | (4133) |
| Free Cash Flow after Dividends | $**2350** | $1855 | $**3405** | $2594 |
| **Free Cash Flow Dividend Payout Ratio** | **46.5%** | 53.1% | **54.8%** | 61.4% |

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**<u>Cash Paid for Capital Investment</u>**

In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Paid for Capital Investment** | **Cash Paid for Capital Investment** | **Cash Paid for Capital Investment** | **Cash Paid for Capital Investment** | **Cash Paid for Capital Investment** |
| *Dollars in millions* |  |  |  |  |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| Capital expenditures | $**(4897)** | $(4360) | $**(9174)** | $(8118) |
| Payment of vendor financing | **(220)** | (550) | **(423)** | (1391) |
| **Cash paid for Capital Investment** | $**(5117)** | $(4910) | $**(9597)** | $(9509) |

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**<u>EBITDA</u>**

Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these do not reflect the operating results of our subscriber base or operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not

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control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP.

EBITDA service margin is calculated as EBITDA divided by service revenues.

These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing cash generation potential with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance.

We believe EBITDA Service Margin (EBITDA as a percentage of service revenues) to be a more relevant measure than EBITDA Margin (EBITDA as a percentage of total revenue) for our Mobility business unit operating margin. We also use wireless service revenues to calculate margin to facilitate comparison, both internally and externally with our wireless competitors, as they calculate their margins using wireless service revenues as well.

There are material limitations to using these non-GAAP financial measures. EBITDA, EBITDA margin and EBITDA service margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA, EBITDA margin and EBITDA service margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.

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| | | | | |
|:---|:---|:---|:---|:---|
| **EBITDA and Adjusted EBITDA** | **EBITDA and Adjusted EBITDA** | **EBITDA and Adjusted EBITDA** | **EBITDA and Adjusted EBITDA** | **EBITDA and Adjusted EBITDA** |
| *Dollars in millions* |  |  |  |  |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| **Net Income** | $**4861** | $3949 | $**9553** | $7700 |
| Additions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income Tax Expense | **1237** | 1142 | **2536** | 2260 |
| &nbsp;&nbsp;&nbsp;Interest Expense | **1655** | 1699 | **3313** | 3423 |
| &nbsp;&nbsp;&nbsp;Equity in Net (Income) of Affiliates | **(485)** | (348) | **(1925)** | (643) |
| &nbsp;&nbsp;&nbsp;Other (Income) Expense - Net | **(767)** | (682) | **(1222)** | (1133) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **5251** | 5072 | **10441** | 10119 |
| **EBITDA** | **11752** | 10832 | **22696** | 21726 |
| &nbsp;&nbsp;Transaction, legal and other costs | **49** | 35 | **128** | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related (gain) loss | **(70)** | (10) | **(64)** | (49) |
| &nbsp;&nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 480 | **504** | 639 |
| **Adjusted EBITDA**<sup>1</sup> | $**11731** | $11337 | $**23264** | $22383 |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>See "Adjusting Items" section for additional discussion and reconciliation of adjusted items. | &nbsp;&nbsp;&nbsp;<sup>1</sup>See "Adjusting Items" section for additional discussion and reconciliation of adjusted items. | &nbsp;&nbsp;&nbsp;<sup>1</sup>See "Adjusting Items" section for additional discussion and reconciliation of adjusted items. | &nbsp;&nbsp;&nbsp;<sup>1</sup>See "Adjusting Items" section for additional discussion and reconciliation of adjusted items. | &nbsp;&nbsp;&nbsp;<sup>1</sup>See "Adjusting Items" section for additional discussion and reconciliation of adjusted items. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin** | **Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin** | **Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin** | **Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin** | **Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin** |
| *Dollars in millions* |  |  |  |  |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| **Communications Segment** | **Communications Segment** | **Communications Segment** | **Communications Segment** | **Communications Segment** |
| **Operating Income** | $**7065** | $7005 | $**14056** | $13750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **5035** | 4776 | **10008** | 9506 |
| **EBITDA** | $**12100** | $11781 | $**24064** | $23256 |
| **Total Operating Revenues** | $**29699** | $28582 | $**59259** | $57439 |
| **Operating Income Margin** | **23.8%** | 24.5% | **23.7%** | 23.9% |
| **EBITDA Margin** | **40.7%** | 41.2% | **40.6%** | 40.5% |
| **Mobility** | **Mobility** | **Mobility** | **Mobility** | **Mobility** |
| **Operating Income** | $**6931** | $6719 | $**13671** | $13187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **2556** | 2476 | **5082** | 4963 |
| **EBITDA** | $**9487** | $9195 | $**18753** | $18150 |
| **Total Operating Revenues** | $**21845** | $20480 | $**43415** | $41074 |
| Service Revenues | **16853** | 16277 | **33504** | 32271 |
| **Operating Income Margin** | **31.7%** | 32.8% | **31.5%** | 32.1% |
| **EBITDA Margin** | **43.4%** | 44.9% | **43.2%** | 44.2% |
| **EBITDA Service Margin** | **56.3%** | 56.5% | **56.0%** | 56.2% |
| **Business Wireline** | **Business Wireline** | **Business Wireline** | **Business Wireline** | **Business Wireline** |
| **Operating Income (Loss)** | $**(201)** | $102 | $**(299)** | $166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **1521** | 1386 | **3019** | 2748 |
| **EBITDA** | $**1320** | $1488 | $**2720** | $2914 |
| **Total Operating Revenues** | $**4313** | $4755 | $**8781** | $9668 |
| **Operating Income Margin** | **(4.7)%** | 2.1% | **(3.4)%** | 1.7% |
| **EBITDA Margin** | **30.6%** | 31.3% | **31.0%** | 30.1% |
| **Consumer Wireline** | **Consumer Wireline** | **Consumer Wireline** | **Consumer Wireline** | **Consumer Wireline** |
| **Operating Income** | $**335** | $184 | $**684** | $397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **958** | 914 | **1907** | 1795 |
| **EBITDA** | $**1293** | $1098 | $**2591** | $2192 |
| **Total Operating Revenues** | $**3541** | $3347 | $**7063** | $6697 |
| **Operating Income Margin** | **9.5%** | 5.5% | **9.7%** | 5.9% |
| **EBITDA Margin** | **36.5%** | 32.8% | **36.7%** | 32.7% |
| **Latin America Segment** |  |  |  |  |
| **Operating Income** | $**46** | $6 | $**89** | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **155** | 172 | **305** | 349 |
| **EBITDA** | $**201** | $178 | $**394** | $358 |
| **Total Operating Revenues** | $**1054** | $1103 | $**2025** | $2166 |
| **Operating Income Margin** | **4.4%** | 0.5% | **4.4%** | 0.4% |
| **EBITDA Margin** | **19.1%** | 16.1% | **19.5%** | 16.5% |

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**<u>Adjusting Items</u>**

Adjusting items include revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions, including the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income.

The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusting Items** | **Adjusting Items** | **Adjusting Items** | **Adjusting Items** | **Adjusting Items** |
| *Dollars in millions* |  |  |  |  |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;Transaction, legal and other costs<sup>1</sup> | $**49** | $35 | $**128** | $67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related (gain) loss | **(70)** | (10) | **(64)** | (49) |
| &nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 480 | **504** | 639 |
| **Adjustments to Operations and Support Expenses** | **(21)** | 505 | **568** | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **9** | 15 | **18** | 30 |
| **Adjustments to Operating Expenses** | **(12)** | 520 | **586** | 687 |
| **Other** |  |  |  |  |
| &nbsp;&nbsp; Equity in net income of DIRECTV | **(503)** | (350) | **(1926)** | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related (gain) loss, impairments of investments and other | **(189)** | (16) | **(125)** | 238 |
| **Adjustments to Income Before Income Taxes** | **(704)** | 154 | **(1465)** | 251 |
| &nbsp;&nbsp;&nbsp;Tax impact of adjustments | **(168)** | 35 | **(333)** | 57 |
| **Adjustments to Net Income** | $**(536)** | $119 | $**(1132)** | $194 |
| &nbsp;&nbsp;Preferred stock redemption gain | **—** |  | **(90)** |  |
| **Adjustments to Net Income Attributable to Common Stock** | $**(536)** | $119 | $**(1222)** | $194 |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. |

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Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses, other income (expense) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Operating Income, Adjusted Operating Income Margin,**<br>**Adjusted EBITDA and Adjusted EBITDA Margin**  | **Adjusted Operating Income, Adjusted Operating Income Margin,**<br>**Adjusted EBITDA and Adjusted EBITDA Margin**  | **Adjusted Operating Income, Adjusted Operating Income Margin,**<br>**Adjusted EBITDA and Adjusted EBITDA Margin**  | **Adjusted Operating Income, Adjusted Operating Income Margin,**<br>**Adjusted EBITDA and Adjusted EBITDA Margin**  | **Adjusted Operating Income, Adjusted Operating Income Margin,**<br>**Adjusted EBITDA and Adjusted EBITDA Margin**  |
| *Dollars in millions* |  |  |  |  |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| **Operating Income** | $**6501** | $5760 | $**12255** | $11607 |
| Adjustments to Operating Expenses | **(12)** | 520 | **586** | 687 |
| **Adjusted Operating Income** | $**6489** | $6280 | $**12841** | $12294 |
| **EBITDA** | $**11752** | $10832 | $**22696** | $21726 |
| Adjustments to Operations and Support Expenses | **(21)** | 505 | **568** | 657 |
| **Adjusted EBITDA** | $**11731** | $11337 | $**23264** | $22383 |
| Total Operating Revenues | $**30847** | $29797 | $**61473** | $59825 |
| Operating Income Margin | **21.1%** | 19.3% | **19.9%** | 19.4% |
| Adjusted Operating Income Margin | **21.0%** | 21.1% | **20.9%** | 20.5% |
| **Adjusted EBITDA Margin** | **38.0%** | 38.0% | **37.8%** | 37.4% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Diluted EPS** | **Adjusted Diluted EPS** | **Adjusted Diluted EPS** | **Adjusted Diluted EPS** | **Adjusted Diluted EPS** |
|  | Second Quarter | Second Quarter | Six-Month Period | Six-Month Period |
|  | **2025** | 2024 | **2025** | 2024 |
| **Diluted Earnings Per Share (EPS)** | $**0.62** | $0.49 | $**1.22** | $0.96 |
| &nbsp;&nbsp;&nbsp;Equity in net income of DIRECTV | **(0.05)** | (0.04) | **(0.21)** | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and impairments | **—** | 0.05 | **0.05** | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related, transaction, legal and other items | **(0.03)** | 0.01 | **(0.01)** | (0.01) |
| **Adjusted EPS** | $**0.54** | $0.51 | $**1.05** | $0.99 |
| *Year-over-year growth - Adjusted* | **5.9%** |  | **6.1%** |  |
| &nbsp;&nbsp;&nbsp;**Weighted Average Common Shares Outstanding with**<br>**Dilution (000000)** | **7219** | 7198 | **7221** | 7195 |

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**<u>Net Debt to Adjusted EBITDA</u>**

Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Debt to Adjusted EBITDA - 2025** | **Net Debt to Adjusted EBITDA - 2025** | **Net Debt to Adjusted EBITDA - 2025** | **Net Debt to Adjusted EBITDA - 2025** | **Net Debt to Adjusted EBITDA - 2025** | **Net Debt to Adjusted EBITDA - 2025** |
| *Dollars in millions* |  |  |  |  |  |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |  |
|  | Sept. 30, | Dec. 31, | March 31, | June 30, | **Four Quarters** |
|  | 2024<sup>1</sup> | 2024<sup>1</sup> | 2025<sup>1</sup> | 2025 | **Four Quarters** |
| Adjusted EBITDA | $11586 | $10791 | $11533 | $11731 | $**45641** |
| &nbsp;&nbsp;&nbsp;End-of-period current debt |  |  |  |  | **9254** |
| &nbsp;&nbsp;&nbsp;End-of-period long-term debt |  |  |  |  | **123057** |
| **Total End-of-Period Debt** |  |  |  |  | **132311** |
| &nbsp;&nbsp;&nbsp;Less: Cash and Cash Equivalents |  |  |  |  | **10499** |
| &nbsp;&nbsp;&nbsp;Less: Time Deposits |  |  |  |  | **1500** |
| **Net Debt Balance** |  |  |  |  | **120312** |
| **Annualized Net Debt to Adjusted EBITDA Ratio** |  |  |  |  | **2.64** |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Debt to Adjusted EBITDA - 2024** | **Net Debt to Adjusted EBITDA - 2024** | **Net Debt to Adjusted EBITDA - 2024** | **Net Debt to Adjusted EBITDA - 2024** | **Net Debt to Adjusted EBITDA - 2024** | **Net Debt to Adjusted EBITDA - 2024** |
| *Dollars in millions* |  |  |  |  |  |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |  |
|  | Sept. 30, | Dec. 31, | March 31, | June 30, | Four Quarters |
|  | 2023<sup>1</sup> | 2023<sup>1</sup> | 2024<sup>1</sup> | 2024<sup>1</sup> | Four Quarters |
| Adjusted EBITDA | $11203 | $10555 | $11046 | $11337 | $44141 |
| &nbsp;&nbsp;&nbsp;End-of-period current debt |  |  |  |  | 5249 |
| &nbsp;&nbsp;&nbsp;End-of-period long-term debt |  |  |  |  | 125355 |
| **Total End-of-Period Debt** |  |  |  |  | 130604 |
| &nbsp;&nbsp;&nbsp;Less: Cash and Cash Equivalents |  |  |  |  | 3093 |
| &nbsp;&nbsp;&nbsp;Less: Time Deposits |  |  |  |  | 650 |
| **Net Debt Balance** |  |  |  |  | 126861 |
| **Annualized Net Debt to Adjusted EBITDA Ratio** |  |  |  |  | 2.87 |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed April 23, 2025. |

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**<u>Supplemental Operational Measures</u>**

As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Our supplemental presentation of business solutions operations is calculated by combining our Mobility and Business Wireline operating units, and then adjusting to remove non-business operations. The following table presents a reconciliation of our supplemental Business Solutions results. Prior period amounts have been conformed to the current period's presentation.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** |
|  | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |  |  |
|  | **Mobility** | **Business<br>Wireline** | **Adj.**<sup>1</sup> | **Business<br>Solutions** | Mobility | Business<br>Wireline | Adj.<sup>1</sup> | Business<br>Solutions | Percent<br>Change | Percent<br>Change |
| **Operating Revenues** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless service | $**16853** | $**—** | $**(14390)** | $**2463** | $16277 | $— | $(13809) | $2468 | (0.2) | % |
| &nbsp;&nbsp;Legacy and other transitional services | **—** | **2349** | **—** | **2349** |  | 2839 |  | 2839 | (17.3) | % |
| &nbsp;&nbsp;Fiber and advanced connectivity services | **—** | **1793** | **—** | **1793** |  | 1732 |  | 1732 | 3.5 | % |
| &nbsp;&nbsp;&nbsp;Wireless equipment | **4992** | **—** | **(4168)** | **824** | 4203 |  | (3459) | 744 | 10.8 | % |
| &nbsp;&nbsp;&nbsp;Wireline equipment | **—** | **171** | **—** | **171** |  | 184 |  | 184 | (7.1) | % |
| **Total Operating Revenues** | **21845** | **4313** | **(18558)** | **7600** | 20480 | 4755 | (17268) | 7967 | (4.6) | % |
| **Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| Operations and support | **12358** | **2993** | **(10072)** | **5279** | 11285 | 3267 | (9201) | 5351 | (1.3) | % |
| EBITDA | **9487** | **1320** | **(8486)** | **2321** | 9195 | 1488 | (8067) | 2616 | (11.3) | % |
| Depreciation and amortization | **2556** | **1521** | **(2098)** | **1979** | 2476 | 1386 | (2025) | 1837 | 7.7 | % |
| **Total Operating Expenses** | **14914** | **4514** | **(12170)** | **7258** | 13761 | 4653 | (11226) | 7188 | 1.0 | % |
| **Operating Income (Loss)** | $**6931** | $**(201)** | $**(6388)** | $**342** | $6719 | $102 | $(6042) | $779 | (56.1) | % |
| Operating Income Margin |  |  |  | 4.5% |  |  |  | 9.8% | (530) | BP |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** | **Supplemental Operational Measures** |
|  | Six-Month Period | Six-Month Period | Six-Month Period | Six-Month Period | Six-Month Period | Six-Month Period | Six-Month Period | Six-Month Period |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |  |  |
|  | **Mobility** | **Business<br>Wireline** | **Adj.**<sup>1</sup> | **Business<br>Solutions** | Mobility | Business<br>Wireline | Adj.<sup>1</sup> | Business<br>Solutions | Percent<br>Change | Percent<br>Change |
| **Operating Revenues** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless service | $**33504** | $**—** | $**(28592)** | $**4912** | $32271 | $— | $(27417) | $4854 | 1.2 | % |
| &nbsp;&nbsp;Legacy and other transitional services | **—** | **4824** | **—** | **4824** |  | 5836 |  | 5836 | (17.3) | % |
| &nbsp;&nbsp;Fiber and advanced connectivity services | **—** | **3573** | **—** | **3573** |  | 3435 |  | 3435 | 4.0 | % |
| &nbsp;&nbsp;&nbsp;Wireless equipment | **9911** | **—** | **(8304)** | **1607** | 8803 |  | (7293) | 1510 | 6.4 | % |
| &nbsp;&nbsp;&nbsp;Wireline equipment | **—** | **384** | **—** | **384** |  | 397 |  | 397 | (3.3) | % |
| **Total Operating Revenues** | **43415** | **8781** | **(36896)** | **15300** | 41074 | 9668 | (34710) | 16032 | (4.6) | % |
| **Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| Operations and support | **24662** | **6061** | **(20178)** | **10545** | 22924 | 6754 | (18727) | 10951 | (3.7) | % |
| EBITDA | **18753** | **2720** | **(16718)** | **4755** | 18150 | 2914 | (15983) | 5081 | (6.4) | % |
| Depreciation and amortization | **5082** | **3019** | **(4160)** | **3941** | 4963 | 2748 | (4058) | 3653 | 7.9 | % |
| **Total Operating Expenses** | **29744** | **9080** | **(24338)** | **14486** | 27887 | 9502 | (22785) | 14604 | (0.8) | % |
| **Operating Income** | $**13671** | $**(299)** | $**(12558)** | $**814** | $13187 | $166 | $(11925) | $1428 | (43.0) | % |
| Operating Income Margin |  |  |  | 5.3% |  |  |  | 8.9% | (360) | BP |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. | &nbsp;&nbsp;&nbsp;<sup>1</sup>Non-business wireless reported in the Communications segment under the Mobility business unit. |  |  |

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