# EDGAR Filing Document

**Accession Number:** 0000732717
**File Stem:** 0001193125-26-029695
**Filing Date:** 2026-1
**Character Count:** 10310
**Document Hash:** f838d67bf5de83d0bc9235b470458cf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-029695.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-029695

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285413
- **FILM NUMBER:** 26579405

**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
**FILED BY**: 

**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:** FWP

**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

**Filed Pursuant to Rule 433** 

**Registration No. 333-285413** 

Final Term Sheet

January 29, 2026

U.S.$6,500,000,000

AT&T Inc.

U.S.$1,500,000,000 4.400% GLOBAL NOTES DUE 2031

U.S.$1,250,000,000 4.750% GLOBAL NOTES DUE 2033

U.S.$1,250,000,000 5.125% GLOBAL NOTES DUE 2036

U.S.$850,000,000 5.850% GLOBAL NOTES DUE 2046

U.S.$1,650,000,000 6.000% GLOBAL NOTES DUE 2056

---

| | |
|:---|:---|
| ISSUER: | AT&T Inc. ("AT&T") |
| TITLE OF SECURITIES: | 4.400% Global Notes due 2031 (the "2031 Notes"),<br> 4.750% Global Notes due 2033 (the "2033 Notes"),<br> 5.125% Global Notes due 2036 (the "2036 Notes"),<br> 5.850% Global Notes due 2046 (the "2046 Notes"), and<br> 6.000% Global Notes due 2056 (the "2056 Notes" and, together with the 2031 Notes, the 2033 Notes, the 2036 Notes and the 2046 Notes, the "Notes") |
| TRADE DATE: | January 29, 2026 |
| SETTLEMENT DATE (T+5)\*: | February 5, 2026 |
| MATURITY DATE: | April 30, 2031, at par, for the 2031 Notes<br> April 30, 2033, at par, for the 2033 Notes<br> April 30, 2036, at par, for the 2036 Notes<br> April 30, 2046, at par, for the 2046 Notes<br> April 30, 2056, at par, for the 2056 Notes |
| AGGREGATE PRINCIPAL AMOUNT OFFERED: | $1,500,000,000 for the 2031 Notes<br> $1,250,000,000 for the 2033 Notes<br> $1,250,000,000 for the 2036 Notes<br> $850,000,000 for the 2046 Notes<br> $1,650,000,000 for the 2056 Notes |
| PRICE TO PUBLIC (ISSUE PRICE): | 99.933% for the 2031 Notes<br> 99.872% for the 2033 Notes<br> 99.899% for the 2036 Notes<br> 99.830% for the 2046 Notes<br> 99.901% for the 2056 Notes |

---

---

| | |
|:---|:---|
| GROSS SPREAD: | 0.250% for the 2031 Notes<br> 0.300% for the 2033 Notes<br> 0.375% for the 2036 Notes<br> 0.550% for the 2046 Notes<br> 0.700% for the 2056 Notes |
| PRICE TO AT&T: | 99.683% for the 2031 Notes<br> 99.572% for the 2033 Notes<br> 99.524% for the 2036 Notes<br> 99.280% for the 2046 Notes<br> 99.201% for the 2056 Notes |
| NET PROCEEDS: | $1,495,245,000 for the 2031 Notes<br> $1,244,650,000 for the 2033 Notes<br> $1,244,050,000 for the 2036 Notes<br> $843,880,000 for the 2046 Notes<br> $1,636,816,500 for the 2056 Notes |

---

------

---

| | |
|:---|:---|
| USE OF PROCEEDS: | AT&T intends to use the net proceeds from this offering for general corporate purposes, which may include debt repayments and pending acquisitions. |
| UNDERWRITERS' REIMBURSEMENT OF AT&T'S EXPENSES: | Underwriters to reimburse $4,000,000 of AT&T's expenses. |
| INTEREST RATE: | 4.400% per annum for the 2031 Notes<br> 4.750% per annum for the 2033 Notes<br> 5.125% per annum for the 2036 Notes<br> 5.850% per annum for the 2046 Notes<br> 6.000% per annum for the 2056 Notes |
| INTEREST PAYMENT DATES: | April 30 and October 30 of each year, commencing on October 30, 2026. |
| DENOMINATIONS: | Minimum of $2,000 and integral multiples of $1,000 thereafter. |
| OPTIONAL REDEMPTION: | Each series of the Notes may be redeemed at any time prior to the applicable Par Call Date (as set forth in the table below), as a whole or in part, at AT&T's option, at any time and from time to time on at least 5 days', but not more than 40 days', prior notice at a make-whole call equal to the greater of (i) 100% of the principal amount of the Notes of such series to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury rate plus a number of basis points equal to the applicable Make-Whole Spread (as set forth in the table below), as calculated by AT&T. Each series of the Notes may be redeemed at any time on or after the applicable Par Call Date, as a whole or in part, at AT&T's option, at any time and from time to time on at least 5 days', but not more than 40 days', prior notice at a redemption price equal to 100% of the principal amount of such series of the Notes to be redeemed. Accrued but unpaid interest will be payable to, but excluding, the redemption date. |

---

---

| | | |
|:---|:---|:---|
| **Series** | **Par Call Date** | **Make-Whole**<br> **Spread** |
| 2031 Notes | March 30, 2031 | 10 bps |
| 2033 Notes | February 28, 2033 | 15 bps |
| 2036 Notes | January 30, 2036 | 15 bps |
| 2046 Notes | October 30, 2045 | 20 bps |
| 2056 Notes | October 30, 2055 | 20 bps |

---

---

| | |
|:---|:---|
| TAX GROSS UP: | Comparable to prior AT&T transactions. |
| TAX CALL: | Comparable to prior AT&T transactions. |
| INDENTURE AND RANKING: | The Notes will be issued under an indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as trustee. The Notes will be AT&T's unsecured and unsubordinated obligations and will rank pari passu with all other indebtedness issued under the indenture. |
| ISSUER RATINGS: | Moody's: Baa2 (Stable)<br> S&P: BBB (Stable)<br> Fitch: BBB+ (Rating Watch Negative) |
| JOINT BOOKRUNNERS: | BofA Securities, Inc.<br> Deutsche Bank Securities Inc.<br> Morgan Stanley & Co. LLC<br> MUFG Securities Americas Inc.<br> TD Securities (USA) LLC<br> Wells Fargo Securities, LLC<br> Goldman Sachs & Co. LLC<br> NatWest Markets Securities Inc.<br> PNC Capital Markets LLC<br> Scotia Capital (USA) Inc.<br> Truist Securities, Inc.<br> UBS Securities LLC<br> U.S. Bancorp Investments, Inc. |

---

------

---

| | |
|:---|:---|
| SENIOR CO-MANAGERS: | ANZ Securities, Inc.<br> BNY Mellon Capital Markets, LLC<br> CIBC World Markets Corp.<br> ICBC Standard Bank Plc<br> Loop Capital Markets LLC<br> Regions Securities LLC |
| CO-MANAGERS: | Blaylock Van, LLC<br> Cabrera Capital Markets LLC<br> CastleOak Securities, L.P.<br> MFR Securities, Inc.<br> Penserra Securities LLC<br> R. Seelaus & Co., LLC<br> Samuel A. Ramirez & Company, Inc.<br> Siebert Williams Shank & Co., LLC |
| CUSIP NUMBER: | 2031 Notes: 00206R NF5<br> 2033 Notes: 00206R NG3<br> 2036 Notes: 00206R NH1<br> 2046 Notes: 00206R NJ7<br> 2056 Notes: 00206R NK4 |
| ISIN NUMBER: | 2031 Notes: US00206RNF54<br> 2033 Notes: US00206RNG38<br> 2036 Notes: US00206RNH11<br> 2046 Notes: US00206RNJ76<br> 2056 Notes: US00206RNK40 |
| REFERENCE DOCUMENT: | Prospectus Supplement, dated January 29, 2026; and<br> Prospectus, dated February 28, 2025 |

---

A SECURITIES RATING IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD SECURITIES AND MAY BE REVISED OR WITHDRAWN AT ANY TIME.

\* Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the business day before the settlement date will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors. 

**No PRIPS or UK PRIIPS KID** – No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.

THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SECURITIES AND EXCHANGE COMMISSION FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF YOU REQUEST IT BY CALLING BOFA SECURITIES, INC. AT 1-800-294-1322; DEUTSCHE BANK SECURITIES INC. AT 1-800-503-4611; MORGAN STANLEY & CO. LLC AT 1-866-718-1649; MUFG SECURITIES AMERICAS INC. AT 1-877-649-6848; TD SECURITIES (USA) LLC AT 1-855-495-9846 AND WELLS FARGO SECURITIES, LLC AT 1-800-645-3751.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.