# EDGAR Filing Document

**Accession Number:** 0000732717
**File Stem:** 0000732717-26-000203
**Filing Date:** 2026-4
**Character Count:** 89856
**Document Hash:** b60d89e11fd3b9cdc2c003c3a77d9b99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000732717-26-000203.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000732717-26-000203

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260422

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**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:** 26881253

**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-20260422

**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) April 22, 2026**

**______________________________________________________**

**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 |
|  |  | NYSE Texas |
| Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A | T PRA | New York Stock Exchange |
| Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C | T PRC | New York Stock Exchange |

---

------

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| | | |
|:---|:---|:---|
| **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. Floating Rate Global Notes due September 16, 2027 | T 27C | New York Stock Exchange |
| AT&T Inc. 1.600% Global Notes due May 19, 2028 | T 28C | New York Stock Exchange |
| AT&T Inc. 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 April 22, 2026, its results of operations for the first quarter of 2026. 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-1q2026exhibit991.htm)</u> | <u>[Press release dated April 22, 2026 reporting financial results for the first quarter ended March 31, 2026.](t-1q2026exhibit991.htm)</u> |
|  | <u>[99.2](t-1q2026exhibit992.htm)</u> | <u>[AT&T Inc. selected financial statements and operating data.](t-1q2026exhibit992.htm)</u> |
|  | <u>[99.3](t-1q2026exhibit993.htm)</u> | <u>[Discussion and reconciliation of non-GAAP measures.](t-1q2026exhibit993.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: April 22, 2026 | &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

![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

**AT&T Reports Strong First-Quarter 2026 Financial Results**

*Results reflect consistent execution of the Company's investment-led <br>customer-centric strategy*

*The Company reiterates all full-year 2026 and multi-year financial guidance <br>and capital return plans*

DALLAS, April 22, 2026 — AT&T Inc. (NYSE: T) reported first-quarter results, achieving its fastest-ever year-over-year organic growth in its advanced connectivity convergence rate, with nearly 45%<sup>1</sup> of advanced home internet subscribers also choosing AT&T wireless. Customers are increasingly purchasing their internet and wireless together from AT&T, highlighting the strength of the Company's differentiated, investment-led strategy to drive converged advanced connectivity at scale.

"We saw our best first quarter ever for Advanced Connectivity internet customer net additions, demonstrating the solid foundation of assets we have built," said **John Stankey, AT&T Chairman and CEO.** "We're uniquely positioned to deliver more of what customers want — fiber and 5G all from one provider on the nation's largest advanced converged network, backed by the <u>AT&T Guarantee</u>. The actions we've taken this quarter are evidence of how we are improving the customer value proposition, scaling faster, and accelerating growth."

*Note: With the closing of the acquisition of substantially all of Lumen's Mass Markets fiber business on February 2, 2026, the fiber customer relationships were retained by AT&T and are included in the Company's first-quarter results, unless otherwise indicated. The acquired fiber network assets, including certain fiber network build capabilities, were placed in a wholly owned subsidiary, of which AT&T plans to sell a controlling interest to an equity partner that will co-invest in the ongoing business. As such, the subsidiary is classified as held-for-sale and reflected as discontinued operations.*

**First-Quarter Consolidated Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenues** totaled **$31.5 billion**, up 2.9% from the year-ago quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diluted EPS** from continuing operations was **$0.54**, versus $0.61 in the year-ago quarter; **adjusted EPS\*** was **$0.57**, versus $0.51 in the year-ago quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** was **$6.7 billion**; **adjusted operating income\*** was **$6.9 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income** from continuing operations was **$4.2 billion**; **adjusted EBITDA\*** of **$11.8 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash from operating activities** from continuing operations was **$7.6 billion**, versus $9.0 billion in the year-ago quarter, which included $1.4 billion from the DIRECTV investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital expenditures** related to continuing operations were **$4.9 billion**; **capital investment\*** was **$5.1 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free cash flow\*** was **$2.5 billion,** versus $3.1 billion in the year-ago quarter, reflecting higher capital investment as the Company accelerates the pace of its fiber deployment

\* 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

**First-Quarter Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Advanced Connectivity service revenue of $22.9 billion**, up 3.6% year over year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Advanced Connectivity operating income of $6.9 billion**, up 14.8% year over year with **EBITDA\*** of **$11.6 billion**, up 5.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **42% of households with AT&T's advanced home internet services also chose AT&T wireless;** this approaches **45%** when excluding the impact of fiber customers acquired during the quarter, up over 3 percentage points year over year, **representing the fastest-ever reported organic growth in the advanced home internet convergence rate**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **584,000 total consumer and business Advanced Connectivity internet net adds**, including 292,000 fiber and 292,000 fixed wireless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **512,000 consumer advanced home internet net adds**, including 273,000 AT&T Fiber<sup>2</sup> and 239,000 AT&T Internet Air

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **294,000 postpaid phone net adds** with **postpaid phone churn** of 0.89%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Over 37 million** total consumer and business locations reached with fiber<sup>3</sup>, including more than 4 million acquired from Lumen during the first quarter; the Company remains on track to reach over 40 million total fiber locations by the end of 2026 and more than 60 million by the end of 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Repurchased approximately $2.3 billion** in common shares under the 2024 authorization

**Outlook and Capital Allocation Plan** 

AT&T maintains the long-term outlook and capital allocation plans provided with its fourth-quarter 2025 results. This includes the Company's outlook for improved growth in adjusted EBITDA\* and adjusted EPS\* and higher free cash flow\* through 2028, its plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases, and an expectation that its net debt-to-adjusted EBITDA ratio\* will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of its transaction with EchoStar.

For 2026, AT&T continues to expect<sup>4</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Service revenue** growth in the low-single-digit range, including Advanced Connectivity service revenue growth of 5%+ and a decline in Legacy service revenue of 20%+

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA\*** growth in the 3% to 4% range, including Advanced Connectivity EBITDA\* growth of 6%+

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EPS\*** of $2.25 to $2.35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital investment\*** in the $23 billion to $24 billion range

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free cash flow\*** of $18 billion+, including cash taxes of $1.0 billion to $1.5 billion and cash contributions to its employee pension plan of approximately $350 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Consistent capital returns**, including plans to maintain its current annualized common stock dividend of $1.11 per share and share repurchases of approximately $8 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

**Note:** AT&T's first-quarter 2026 earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, April 22, 2026. 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 first quarter totaled $31.5 billion, versus $30.6 billion in the year-ago quarter, up 2.9%. This was largely due to growth in Advanced Connectivity wireless and fiber revenues, including two months of impact from the customers acquired from the Lumen transaction. Operating revenues in Mexico were also higher due to favorable foreign exchange impacts during the first quarter of 2026. Offsetting these increases were lower Legacy revenues from lower demand for services as the Company continues to decommission its copper-based network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating expenses** were $24.8 billion, a slight decline versus $24.9 billion in the year-ago quarter. Operating expenses decreased primarily due to lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also contributing to the decline were higher restructuring charges in the year-ago quarter, cost reductions from transformation initiatives and lower content licensing fees. These decreases were largely offset by higher wireless sales volumes, which drove higher equipment, selling, and bad debt expenses, higher network costs that included vendor credits in the year-ago quarter, and incremental customer costs related to the acquired Mass Markets fiber business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** was $6.7 billion, versus $5.8 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income\* was $6.9 billion, versus $6.4 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income** from continuing operations was $4.2 billion, versus $4.7 billion in the year-ago quarter, which included equity in net income of DIRECTV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income from continuing operations attributable to common stock** was $3.8 billion, versus $4.4 billion in the year-ago quarter. Earnings per diluted common share from continuing operations was $0.54, versus $0.61 in the year-ago quarter. Adjusting for $0.03, which includes acquisition-related amortization and other items, adjusted earnings per diluted common share\* was $0.57, versus $0.51 in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA**\* was $11.8 billion, versus $11.5 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash from operating activities** from continuing operations was $7.6 billion, versus $9.0 billion in the year-ago quarter, which included $1.4 billion from the DIRECTV investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital expenditures** related to continuing operations were $4.9 billion, compared to $4.3 billion in the year-ago quarter. **Capital investment**\* totaled $5.1 billion, versus $4.5 billion in the year-ago quarter. Cash payments for vendor financing totaled $0.2 billion, consistent with the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free cash flow\*** was $2.5 billion, versus $3.1 billion in the year-ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total debt** was $138.4 billion at the end of the first quarter, and **net debt\*** was $126.4 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

**Segment Results**

*Effective with the Company's first-quarter 2026 reporting, AT&T has revised its operating segments to reflect the evolution of its business model to focus on delivering converged advanced connectivity services.*

***Advanced Connectivity service revenues grew 3.6% year over year, driving growth in operating income of 14.8% and EBITDA\* of 5.6%. Internet net adds were 584,000*** — ***comprised of 292,000 fiber and 292,000 fixed wireless*** — ***and postpaid phone net adds were 294,000.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advanced Connectivity** | **Advanced Connectivity** | **Advanced Connectivity** | **Advanced Connectivity** | **Advanced Connectivity** |
| *Dollars in millions* | First Quarter | First Quarter | Percent  | Percent  |
| *Unaudited* | **2026** | 2025 | Change | Change |
| Operating Revenues | $**28471**  | $27192  | 4.7  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | **22863**  | 22060  | 3.6  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless Service | **16941**  | 16651  | 1.7  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Home Internet | **2799**  | 2198  | 27.3  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Fiber and Advanced Connectivity | **1882**  | 1755  | 7.2  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Transitional and Other | **1083**  | 1294  | (16.3) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Service | **158**  | 162  | (2.5) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **5608**  | 5132  | 9.3  | % |
| Operating Expenses | **21618**  | 21220  | 1.9  | % |
| Operating Income | **6853**  | 5972  | 14.8  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income Margin | **24.1%** | 22.0% | 210 BP | 210 BP |
| EBITDA\* | $**11558**  | $10945  | 5.6  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin\* | **40.6%** | 40.3% | 30  | BP |

---

**Advanced Connectivity segment revenues** grew 4.7% year over year, driven by **service revenue** growth of 3.6% and increased equipment revenues of 9.3% from higher wireless device sales volumes. Wireless service revenue increased due to growth in retail wireless subscribers in underpenetrated categories and converged accounts, partially offset by the amortization of promotional activity. Advanced home internet revenue growth, which included two months of impact from the acquired Mass Markets fiber business, reflects increases in fiber and AT&T Internet Air revenues. Business fiber and advanced connectivity revenues increased largely due to higher fiber and fixed wireless revenues. Business transitional and other revenues decreased partly due to lower demand for virtual private network and wholesale services.

**Operating expenses** were up 1.9% year over year, driven by higher wireless sales volumes, which drove higher wireless equipment, selling, and bad debt expenses. The increase also included higher network costs that included vendor credits in the year-ago quarter, and higher incremental customer costs related to the acquired Mass Markets fiber business, which were partially offset by cost reductions from transformation initiatives and lower content licensing fees. Depreciation expense was lower due to fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives.

\* 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

**Operating income** was $6.9 billion, up 14.8% year over year. **EBITDA\*** was $11.6 billion, up $613 million year over year.

***Legacy revenues continued to decline year over year in line with AT&T's goal to power down and stop providing service over the large majority of its domestic copper-based network by the end of 2029.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Legacy** | **Legacy** | **Legacy** | **Legacy** | **Legacy** |
| *Dollars in millions* | First Quarter | First Quarter | Percent  | Percent  |
| *Unaudited* | **2026** | 2025 | Change | Change |
| Operating Revenues | $**1768**  | $2368  | (25.3) | % |
| Operating Expenses | **1156**  | 1349  | (14.3) | % |
| Operating Income | **612**  | 1019  | (39.9) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Income Margin | **34.6%** | 43.0% | (840) | BP |
| EBITDA\* | $**612**  | $1019  | (39.9) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin\* | **34.6%** | 43.0% | (840) | BP |

---

**Legacy segment revenues** were down 25.3% year over year, primarily due to lower demand for services as the Company continues to decommission its copper-based network. **Operating expenses**, which represent direct operating costs, were $1.2 billion, down 14.3% year over year. Expense declines were primarily driven by lower personnel and other costs resulting from the decommissioning of the copper-based network and lower fulfillment cost amortization, which were partially offset by vendor credits in the year-ago quarter. **Operating income** and **EBITDA\*** were $612 million, down $407 million year over year.

---

| | | | |
|:---|:---|:---|:---|
| **Latin America** | **Latin America** | **Latin America** | **Latin America** |
| *Dollars in millions* | First Quarter | First Quarter | Percent  |
| *Unaudited* | **2026** | 2025 | Change |
| Operating Revenues | $**1173**  | $971  | 20.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | **753**  | 615  | 22.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment | **420**  | 356  | 18.0% |
| Operating Expenses | **1153**  | 928  | 24.2% |
| Operating Income | **20**  | 43  | (53.5)% |
| EBITDA\* | **220** | 193  | 14.0% |

---

**Latin America segment revenues** were up 20.8% year over year, driven by favorable foreign exchange impacts as well as growth in subscribers and increased equipment sales. **Operating expenses** were up 24.2% year over year due to unfavorable foreign exchange rates, increased sales volumes that resulted in higher equipment costs and bad debt expense, and higher depreciation expense. **Operating income** was $20 million, down $23 million year over year. **EBITDA**\* was $220 million, up $27 million year over year.

1 Advanced home internet connections with AT&T wireless is defined as AT&T Fiber and AT&T Internet Air connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. AT&T refers to these customers as converged customers. Convergence rate represents the ratio of converged customers to advanced home internet connections. 1Q26 convergence metrics are presented based on available information and are subject to revision. Organic convergence rate excludes customers from the recently acquired Mass Markets fiber business.

\* 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

------

![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

2 Includes net adds from the recently acquired Mass Markets fiber business after the close of the acquisition.

3 Total consumer and business locations reached with fiber represents the sum of: (1) AT&T Owned and Operated locations, which reflect its customer locations passed by AT&T's fiber network and (2) Fiber Ventures locations, which represent locations served from the acquired Mass Markets fiber business, Gigapower, and other commercial open access providers.

4 The Company's 2026 outlook is presented on a continuing operations basis and excludes discontinued operations.

**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 150 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 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 April 22, 2026. 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. The information below refers only to AT&T's continuing operations and does not include discussion of balances or activity related to discontinued operations.

**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 **1Q26**, adjusted EPS of $0.57 is diluted EPS from continuing operations of $0.54 adjusted for $0.01 acquisition-related amortization and $0.02 benefit-related, transaction, legal and other items. For **1Q25**, adjusted EPS of $0.51 is diluted EPS of $0.61, adjusted for $0.05 restructuring, and a net $0.00 benefit-related, transaction, legal and other items, minus $0.15 equity in net income of DIRECTV. Transaction, legal and other costs include certain legal reserves and settlements that cover extended historical periods, novel theories of liability, and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events.

The Company expects adjustments to 2026 reported diluted EPS from continuing operations to include acquisition-related amortization of approximately $0.3 billion, 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. AT&T's projected adjusted EPS depends on future levels of revenues and

\* 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

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expenses, most of which are not reasonably estimable at this time. Accordingly, the Company 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 the Company considers non-operational in nature, including items arising from asset acquisitions or dispositions. For **1Q26**, adjusted operating income of $6.9 billion is calculated as operating income of $6.7 billion, plus $228 million of adjustments. For **1Q25**, adjusted operating income of $6.4 billion is calculated as operating income of $5.8 billion plus $0.6 billion of adjustments. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated April 22, 2026, and include transaction, legal, and other costs as discussed above.

**EBITDA** is income from continuing operations plus income tax, interest, and depreciation and amortization expenses minus equity in net income (loss) 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. Adjustments include transaction, legal, and other costs as discussed above.

For **1Q26**, adjusted EBITDA of $11.8 billion is calculated as income from continuing operations of $4.2 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.8 billion, plus equity in net income (loss) of affiliates of $(41) million, minus other income (expense) – net of $0.6 billion, plus depreciation and amortization of $5.0 billion, plus $171 million of adjustments. For **1Q25**, adjusted EBITDA of $11.5 billion is calculated as income from continuing operations of $4.7 billion, plus income tax expense of $1.3 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $1.4 billion, minus other income (expense) – net of $0.5 billion, plus depreciation and amortization of $5.2 billion, plus adjustments of $0.6 billion. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated April 22, 2026.

At the segment level, **EBITDA** is operating income before depreciation and amortization. **EBITDA margin** is EBITDA divided by total revenues. For **1Q26**, Advanced Connectivity EBITDA of $11.6 billion is operating income of $6.9 billion plus depreciation and amortization of $4.7 billion. For **1Q25**, Advanced Connectivity EBITDA of $10.9 billion is operating income of $6.0 billion plus depreciation and amortization of $5.0 billion.

Adjusted EBITDA, Advanced Connectivity EBITDA and Legacy EBITDA estimates 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 **1Q26** of $2.5 billion is cash from operating activities from continuing operations of $7.6 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. For **1Q25**, free cash flow of $3.1 billion is cash from operating activities of $9.0 billion, minus cash flows of $1.4 billion related to the DIRECTV investment that was sold in July 2025, minus capital expenditures of $4.3 billion and cash paid for vendor financing of $0.2 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 and the most comparable GAAP metric 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 1Q26, $0.2 billion in 1Q25). 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 and the most comparable GAAP metrics without unreasonable effort.

**Net debt** of $126.4 billion at March 31, 2026, is calculated as total debt of $138.4 billion less cash and cash equivalents of $12.0 billion and time deposits (i.e. deposits at financial institutions that are greater than 90 days) of $0. Net debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.

**For more information, contact:**

Ashley Hoptay

AT&T Inc.

\* 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>© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

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![a1q2026_bannerxnrxstaticho.jpg](a1q2026_bannerxnrxstaticho.jpg)

Phone: (469) 203-2327

Email: ashley.hoptay@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>© 2026 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** |
| *Dollars in millions except per share amounts* |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent |
|  | **2026** | 2025 | Change |
| **Operating Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Service | $**25478** | $25138 | 1.4% |
| &nbsp;&nbsp;&nbsp;Equipment | **6028** | 5488 | 9.8% |
| &nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **31506** | 30626 | 2.9% |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **6305** | 5694 | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other cost of revenues (exclusive of depreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;and amortization shown separately below) | **6261** | 6339 | (1.2)% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | **7316** | 7145 | 2.4% |
| &nbsp;&nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 504 | —% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **4966** | 5190 | (4.3)% |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **24848** | 24872 | (0.1)% |
| **Operating Income** | **6658** | 5754 | 15.7% |
| **Interest Expense** | **1813** | 1658 | 9.3% |
| **Equity in Net Income (Loss) of Affiliates** | **(41)** | 1440 | —% |
| **Other Income (Expense) — Net** | **594** | 455 | 30.5% |
| **Income from Continuing Operations Before Income Taxes** | **5398** | 5991 | (9.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on continuing operations | **1179** | 1299 | (9.2)% |
| **Income From Continuing Operations** | **4219** | 4692 | (10.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations, net of tax | **(38)** |  | —% |
| **Net Income** | **4181** | 4692 | (10.9)% |
| &nbsp;&nbsp;&nbsp;**Net Income Attributable to Noncontrolling Interest** | **(352)** | (341) | (3.2)% |
| **Net Income Attributable to AT&T** | $**3829** | $4351 | (12.0)% |
| &nbsp;&nbsp;&nbsp;**Preferred Stock Dividends and Redemption Gain** | **(36)** | 44 | —% |
| **Net Income Attributable to Common Stock** | $**3793** | $4395 | (13.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic Earnings Per Share Attributable to** <br>**Common Stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;Income from continuing operations | $**0.54** | $0.61 | (11.5)% |
| &nbsp;&nbsp;&nbsp;Loss from discontinued operations | $**—** | $— | —% |
|  | $**0.54** | $0.61 | (11.5)% |
| &nbsp;&nbsp;&nbsp;Weighted Average Common Shares<br>Outstanding (000000) | **7017** | 7213 | (2.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted Earnings Per Share Attributable to** <br>**Common Stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;Income from continuing operations | $**0.54** | $0.61 | (11.5)% |
| &nbsp;&nbsp;&nbsp;Loss from discontinued operations | $**—** | $— | —% |
|  | $**0.54** | $0.61 | (11.5)% |
| &nbsp;&nbsp;&nbsp;Weighted Average Common Shares<br>Outstanding with Dilution (000000) | **7027** | 7223 | (2.7)% |

---

------

---

| | | |
|:---|:---|:---|
| **AT&T Inc.** | | |
| **Financial Data** | | |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| *Dollars in millions* |  |  |
|  | **Mar. 31,** | Dec. 31, |
|  | **2026** | 2025 |
| **Assets** | **(Unaudited)** |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $**11964** | $18234 |
| Accounts receivable – net of related allowances for credit loss of $363 and $429 | **8335** | 8843 |
| Inventories | **2451** | 2420 |
| Prepaid and other current assets | **23532** | 19235 |
| Total current assets | **46282** | 48732 |
| **Property, Plant and Equipment – Net** | **133124** | 131559 |
| **Goodwill – Net** | **63838** | 63425 |
| **Licenses – Net** | **129144** | 128148 |
| **Other Intangible Assets – Net** | **6135** | 5254 |
| **Investments in and Advances to Equity Affiliates** | **1108** | 1106 |
| **Operating Lease Right-Of-Use Assets** | **22756** | 22642 |
| **Other Assets** | **18801** | 19332 |
| **Total Assets** | $**421188** | $420198 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current Liabilities** |  |  |
| Debt maturing within one year | $**6818** | $9011 |
| Accounts payable and accrued liabilities | **37304** | 38514 |
| Advanced billings and customer deposits | **4330** | 4266 |
| Dividends payable | **1969** | 1989 |
| Total current liabilities | **50421** | 53780 |
| **Long-Term Debt** | **131589** | 127089 |
| **Deferred Credits and Other Noncurrent Liabilities** |  |  |
| Noncurrent deferred tax liabilities | **59113** | 58312 |
| Postemployment benefit obligation | **8427** | 8478 |
| Operating lease liabilities | **18907** | 18943 |
| Other noncurrent liabilities | **25109** | 25104 |
| Total deferred credits and other noncurrent liabilities | **111556** | 110837 |
| **Redeemable Noncontrolling Interest** | **2003** | 2001 |
| **Stockholders' Equity** |  |  |
| Preferred stock | **—** |  |
| Common stock | **7621** | 7621 |
| Additional paid-in capital | **106084** | 106533 |
| Retained earnings | **17620** | 15768 |
| Treasury stock | **(20273)** | (18529) |
| Accumulated other comprehensive income (loss) | **(1392)** | (860) |
| Noncontrolling interest | **15959** | 15958 |
| Total stockholders' equity | **125619** | 126491 |
| **Total Liabilities and Stockholders' Equity** | $**421188** | $420198 |

---

------

---

| | | |
|:---|:---|:---|
| **AT&T Inc.** | | |
| **Financial Data** | | |
| **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** |
| *Dollars in millions* |  |  |
| *Unaudited* | First Quarter | First Quarter |
|  | **2026** | 2025 |
| **Operating Activities** |  |  |
| Income from continuing operations | $**4219** | $4692 |
| Adjustments to reconcile income from continuing operations to net cash provided by <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities from continuing operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **4966** | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for uncollectible accounts | **560** | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefit expense (credit) | **(396)** | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on investments | **28** | 81 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | **(119)** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment installment receivables and related sales | **255** | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract asset and cost deferral | **(327)** | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, prepaid and other current assets | **(173)** | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | **(2770)** | (3297) |
| Changes in income taxes | **1147** | 1285 |
| Postretirement claims and contributions | **(72)** | (68) |
| Other - net | **277** | 124 |
| Total adjustments | **3376** | 4357 |
| Net Cash Provided by Operating Activities from Continuing Operations | **7595** | 9049 |
| **Investing Activities** |  |  |
| Capital expenditures | **(4877)** | (4277) |
| Acquisitions, net of cash acquired | **(2674)** | (20) |
| Dispositions | **628** | 11 |
| (Purchases), sales and settlements of securities - net | **(14)** | 45 |
| Other - net | **(547)** | (717) |
| Net Cash Used in Investing Activities from Continuing Operations | **(7484)** | (4958) |
| **Financing Activities** |  |  |
| Issuance of long-term debt | **8098** | 2956 |
| Repayment of long-term debt | **(5247)** | (1526) |
| Payment of vendor financing | **(212)** | (203) |
| Redemption of preferred stock | **—** | (2075) |
| Purchase of treasury stock | **(2475)** | (218) |
| Issuance of treasury stock | **1** | 17 |
| Issuance of preferred interests in subsidiary | **—** | 2221 |
| Dividends paid | **(1997)** | (2091) |
| Other - net | **(265)** | 366 |
| Net Cash Used in Financing Activities from Continuing Operations | **(2097)** | (553) |
| Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | **(1986)** | 3538 |
| **Cash flows from Discontinued Operations:** |  |  |
| Cash used in operating activities | **(38)** |  |
| Cash used in investing activities | **(4171)** |  |
| Cash used in financing activities | **—** |  |
| Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued <br> operations | **(4209)** |  |
| **Net increase (decrease) in cash and cash equivalents and restricted cash** | $**(6195)** | $3538 |
| Cash and cash equivalents and restricted cash beginning of year | **18527** | 3406 |
| **Cash and Cash Equivalents and Restricted Cash End of Period** | $**12332** | $6944 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T Inc.** | | | | |
| **Consolidated Supplementary Data** | | | | |
| **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** | **Supplementary Financial Data** |
| *Dollars in millions except per share amounts* |  |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| Capital expenditures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | $**4835** | $4240 | 14.0 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest during construction | **42** | 37 | 13.5 | % |
| Total Capital Expenditures | $**4877** | $4277 | 14.0 | % |
| Acquisitions, net of cash acquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business acquisitions | $**1656** | $— |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Spectrum acquisitions | **1018** | 1 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest during construction - spectrum | **—** | 19 |  | % |
| Total Acquisitions | $**2674** | $20 |  | % |
| Cash paid for interest | $**1936** | $1804 | 7.3 | % |
| Cash paid for income taxes, net of (refunds) | $**1** | $11 | (90.9) | % |
| Dividends Declared per Common Share | $**0.2775** | $0.2775 |  | % |
| End of Period Common Shares Outstanding (000000) | **6965** | 7196 | (3.2) | % |
| Debt Ratio | **52.0%** | 50.9% | 110 | BP |
| Total Employees | **132590** | 139970 | (5.3) | % |

---

------

**<u>ADVANCED CONNECTIVITY SEGMENT</u>**

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

---

| | | | |
|:---|:---|:---|:---|
| **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** |
| *Dollars in millions* |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent |
|  | **2026** | 2025 | Change |
| **Operating Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless service | $**16941** | $16651 | 1.7% |
| &nbsp;&nbsp;&nbsp;Advanced home internet | **2799** | 2198 | 27.3% |
| &nbsp;&nbsp;&nbsp;Business fiber and advanced connectivity | **1882** | 1755 | 7.2% |
| &nbsp;&nbsp;&nbsp;Business transitional and other | **1083** | 1294 | (16.3)% |
| &nbsp;&nbsp;&nbsp;Other service | **158** | 162 | (2.5)% |
| Total Service Revenues | **22863** | 22060 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **5608** | 5132 | 9.3% |
| &nbsp;&nbsp;&nbsp;**Total Segment Operating Revenues** | **28471** | 27192 | 4.7% |
| **Operating Expenses** |  |  |  |
| Operations and support | **16913** | 16247 | 4.1% |
| Depreciation and amortization | **4705** | 4973 | (5.4)% |
| &nbsp;&nbsp;&nbsp;**Total Segment Operating Expenses** | **21618** | 21220 | 1.9% |
| **Operating Income** | $**6853** | $5972 | 14.8% |
| **Operating Income Margin** | **24.1%** | 22.0% | 210 BP |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** |
| *Subscribers and connections in thousands* |  |  |  |  |
| *Unaudited* | March 31, | March 31, | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Retail Wireless Subscribers**<sup>1</sup> | **109292** | 108418 | 0.8 | % |
| Phone | **91057** | 90193 | 1.0 | % |
| &nbsp;&nbsp;&nbsp;Postpaid phone | **74503** | 73031 | 2.0 | % |
| &nbsp;&nbsp;&nbsp;Prepaid phone | **16554** | 17162 | (3.5) | % |
| Other | **18235** | 18225 | 0.1 | % |
| **Retail Wireless Net Adds**<sup>1, 2</sup> | **158** | 256 | (38.3) | % |
| Phone | **222** | 304 | (27.0) | % |
| &nbsp;&nbsp;&nbsp;Postpaid phone | **294** | 324 | (9.3) | % |
| &nbsp;&nbsp;&nbsp;Prepaid phone | **(72)** | (20) |  | % |
| Other | **(64)** | (48) | (33.3) | % |
| Phone churn<sup>3</sup> | **1.20%** | 1.16% | 4 | BP |
| Postpaid phone churn<sup>3</sup> | **0.89%** | 0.83% | 6 | BP |
| Prepaid phone churn<sup>3</sup> | **2.62%** | 2.55% | 7 | BP |
| &nbsp;&nbsp;<sup>1</sup>Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. | &nbsp;&nbsp;<sup>1</sup>Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. | &nbsp;&nbsp;<sup>1</sup>Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. | &nbsp;&nbsp;<sup>1</sup>Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. | &nbsp;&nbsp;<sup>1</sup>Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines. |
| &nbsp;&nbsp;<sup>2</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity. | &nbsp;&nbsp;<sup>2</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity. | &nbsp;&nbsp;<sup>2</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity. | &nbsp;&nbsp;<sup>2</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity. | &nbsp;&nbsp;<sup>2</sup>Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity. |
| &nbsp;&nbsp;<sup>3</sup>Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period. | &nbsp;&nbsp;<sup>3</sup>Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period. | &nbsp;&nbsp;<sup>3</sup>Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period. | &nbsp;&nbsp;<sup>3</sup>Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period. | &nbsp;&nbsp;<sup>3</sup>Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period. |
|  | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Internet Connections** | **14833** | 11443 | 29.6 | % |
| Fiber | **12501** | 10211 | 22.4 | % |
| &nbsp;&nbsp;&nbsp;AT&T Fiber | **11800** | 9592 | 23.0 | % |
| &nbsp;&nbsp;&nbsp;AT&T Business Fiber<sup>1</sup> | **701** | 619 | 13.2 | % |
| Fixed Wireless | **2332** | 1232 | 89.3 | % |
| &nbsp;&nbsp;&nbsp;AT&T Internet Air (AIA) | **1736** | 803 |  | % |
| &nbsp;&nbsp;&nbsp;Business Fixed Wireless<sup>2</sup> | **596** | 429 | 38.9 | % |
| **Internet Net Adds**<sup>3</sup> | **584** | 516 | 13.2 | % |
| Fiber | **292** | 283 | 3.2 | % |
| &nbsp;&nbsp;&nbsp;AT&T Fiber | **273** | 261 | 4.6 | % |
| &nbsp;&nbsp;&nbsp;AT&T Business Fiber<sup>1</sup> | **19** | 22 | (13.6) | % |
| Fixed Wireless | **292** | 233 | 25.3 | % |
| &nbsp;&nbsp;&nbsp;AT&T Internet Air (AIA) | **239** | 181 | 32.0 | % |
| &nbsp;&nbsp;&nbsp;Business Fixed Wireless<sup>2</sup> | **53** | 52 | 1.9 | % |
| &nbsp;&nbsp;<sup>1</sup>Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.  | &nbsp;&nbsp;<sup>1</sup>Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.  | &nbsp;&nbsp;<sup>1</sup>Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.  | &nbsp;&nbsp;<sup>1</sup>Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.  | &nbsp;&nbsp;<sup>1</sup>Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.  |
| &nbsp;&nbsp;<sup>2</sup>Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity. | &nbsp;&nbsp;<sup>2</sup>Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity. | &nbsp;&nbsp;<sup>2</sup>Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity. | &nbsp;&nbsp;<sup>2</sup>Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity. | &nbsp;&nbsp;<sup>2</sup>Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity. |
| &nbsp;&nbsp;<sup>3</sup>Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;<sup>3</sup>Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;<sup>3</sup>Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;<sup>3</sup>Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. | &nbsp;&nbsp;<sup>3</sup>Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025. |

---

------

**<u>LEGACY SEGMENT</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** |
| *Dollars in millions* |  |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Segment Operating Revenues** | $**1768** | $2368 | (25.3) | % |
| **Segment Operating Expenses** |  |  |  |  |
| Operations and support | **1156** | 1349 | (14.3) | % |
| Depreciation and amortization | **—** |  |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1156** | 1349 | (14.3) | % |
| **Operating Income** | $**612** | $1019 | (39.9) | % |
| **Operating Income Margin** | **34.6%** | 43.0% | (840) | BP |

---

------

**<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** |
| *Dollars in millions* |  |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless service | $**753** | $615 | 22.4 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment | **420** | 356 | 18.0 | % |
| &nbsp;&nbsp;&nbsp;**Total Segment Operating Revenues** | **1173** | 971 | 20.8 | % |
| **Operating Expenses** |  |  |  |  |
| Operations and support | **953** | 778 | 22.5 | % |
| Depreciation and amortization | **200** | 150 | 33.3 | % |
| &nbsp;&nbsp;&nbsp;**Total Segment Operating Expenses** | **1153** | 928 | 24.2 | % |
| **Operating Income** | $**20** | $43 | (53.5) | % |
| **Operating Income Margin** | **1.7%** | 4.4% | (270) | BP |
| **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** | **Supplementary Operating Data** |
| *Subscribers and connections in thousands* |  |  |  |  |
| *Unaudited* | March 31, | March 31, | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Mexico Wireless Subscribers** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid | **7088** | 5997 | 18.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid | **16835** | 17376 | (3.1) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller | **180** | 235 | (23.4) | % |
| Total Mexico Wireless Subscribers | **24103** | 23608 | 2.1 | % |
|  | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Mexico Wireless Net Additions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Postpaid | **337** | 160 |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid | **(895)** | (110) |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Reseller | **(19)** | (18) | (5.6) | % |
| Total Mexico Wireless Net Additions | **(577)** | 32 |  | % |

---

------

**<u>SUPPLEMENTAL INFORMATION - ADVANCED CONNECTIVITY</u>**

We provide supplemental information on our advanced consumer and business customer relationships in the following tables as the product lifecycles in these customer categories influence the growth trajectories of Advanced Connectivity segment results.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consumer Results** | **Consumer Results** | **Consumer Results** | **Consumer Results** | **Consumer Results** |
| *Dollars in millions* |  |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless service | $**14584** | $14370 | 1.5 | % |
| &nbsp;&nbsp;&nbsp;Advanced home internet | **2799** | 2198 | 27.3 | % |
| &nbsp;&nbsp;&nbsp;Other service | **158** | 162 | (2.5) | % |
| Total Service Revenues | **17541** | 16730 | 4.8 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **4611** | 4246 | 8.6 | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **22152** | 20976 | 5.6 | % |
| **Operating Expenses** |  |  |  |  |
| Operations and support | **12589** | 11801 | 6.7 | % |
| Depreciation and amortization | **3022** | 3011 | 0.4 | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **15611** | 14812 | 5.4 | % |
| **Operating Income** | $**6541** | $6164 | 6.1 | % |
| **Operating Income Margin** | **29.5%** | 29.4% | 10 | BP |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business Results** | **Business Results** | **Business Results** | **Business Results** | **Business Results** |
| *Dollars in millions* |  |  |  |  |
| *Unaudited* | First Quarter | First Quarter | Percent | Percent |
|  | **2026** | 2025 | Change | Change |
| **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless service | $**2357** | $2281 | 3.3 | % |
| &nbsp;&nbsp;&nbsp;Fiber and advanced connectivity | **1882** | 1755 | 7.2 | % |
| &nbsp;&nbsp;&nbsp;Transitional and other service | **1083** | 1294 | (16.3) | % |
| Total Service Revenues | **5322** | 5330 | (0.2) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | **997** | 886 | 12.5 | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Revenues** | **6319** | 6216 | 1.7 | % |
| **Operating Expenses** |  |  |  |  |
| Operations and support | **4324** | 4446 | (2.7) | % |
| Depreciation and amortization | **1683** | 1962 | (14.2) | % |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **6007** | 6408 | (6.3) | % |
| **Operating Income (Loss)** | $**312** | $(192) |  | % |
| **Operating Income Margin** | **4.9%** | (3.1)% | 800 | BP |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *Dollars in millions* |  |  |  |  |  |  |
| *Unaudited* |  |  |  |  |  |  |
| ***March 31, 2026*** |  |  |  |  |  |  |
|  | **Advanced Connectivity** | **Legacy** | **Latin America** | **Total Segment** | Corporate & Other | **AT&T Inc.** |
| **Operating Revenues** |  |  |  |  |  |  |
| Wireless service | $**16941** | $**—** | $**753** | $**17694** | $**—** | $**17694** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Consumer* | ***14584*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Business* | ***2357*** |  |  |  |  |  |
| Advanced home internet | **2799** | **—** | **—** | **2799** | **—** | **2799** |
| Business fiber and advanced connectivity | **1882** | **—** | **—** | **1882** | **—** | **1882** |
| Business transitional and other | **1083** | **—** | **—** | **1083** | **—** | **1083** |
| Other service | **158** | **1768** | **—** | **1926** | **94** | **2020** |
| Total Service | **22863** | **1768** | **753** | **25384** | **94** | **25478** |
| Equipment | **5608** | **—** | **420** | **6028** | **—** | **6028** |
| **Operating Revenues** | **28471** | **1768** | **1173** | **31412** | **94** | **31506** |
| **Operating Expenses** |  |  |  |  |  |  |
| Operations and support expenses | **16913** | **1156** | **953** | **19022** | **714** | **19736** |
| Asset impairment and abandonment and restructuring | **—** | **—** | **—** | **—** | **—** | **—** |
| Transaction, legal and other costs | **—** | **—** | **—** | **—** | **146** | **146** |
| Depreciation and amortization | **4705** | **—** | **200** | **4905** | **61** | **4966** |
| **Operating Expenses** | **21618** | **1156** | **1153** | **23927** | **921** | **24848** |
| **Operating Income (Loss)** | $**6853** | $**612** | $**20** | $**7485** | $**(827)** | $**6658** |
| Total other income (expense) |  |  |  |  |  | **(1260)** |
| Income from continuing operations before income tax |  |  |  |  |  | $**5398** |
| *March 31, 2025* |  |  |  |  |  |  |
|  | **Advanced Connectivity** | **Legacy** | **Latin America** | **Total Segment** | Corporate & Other | **AT&T Inc.** |
| **Operating Revenues** |  |  |  |  |  |  |
| Wireless service | $16651 | $— | $615 | $17266 | $— | $17266 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Consumer* | *14370* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Business* | *2281* |  |  |  |  |  |
| Advanced home internet | 2198 |  |  | 2198 |  | 2198 |
| Business fiber and advanced connectivity | 1755 |  |  | 1755 |  | 1755 |
| Business transitional and other | 1294 |  |  | 1294 |  | 1294 |
| Other service | 162 | 2368 |  | 2530 | 95 | 2625 |
| Total Service | 22060 | 2368 | 615 | 25043 | 95 | 25138 |
| Equipment | 5132 |  | 356 | 5488 |  | 5488 |
| **Operating Revenues** | 27192 | 2368 | 971 | 30531 | 95 | 30626 |
| **Operating Expenses** |  |  |  |  |  |  |
| Operations and support expenses | 16247 | 1349 | 778 | 18374 | 725 | 19099 |
| Asset impairment and abandonment and restructuring |  |  |  |  | 504 | 504 |
| Transaction, legal and other costs |  |  |  |  | 79 | 79 |
| Depreciation and amortization | 4973 |  | 150 | 5123 | 67 | 5190 |
| **Operating Expenses** | 21220 | 1349 | 928 | 23497 | 1375 | 24872 |
| **Operating Income (Loss)** | $5972 | $1019 | $43 | $7034 | $(1280) | $5754 |
| Total other income (expense) |  |  |  |  |  | 237 |
| Income from continuing operations before income tax |  |  |  |  |  | $5991 |

---

## 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).

On February 2, 2026, we closed our transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen's Mass Markets fiber business. The acquisition included customer relationships, which we include with our advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). We plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations in the accompanying financial statements. The information below refers only to our continuing operations and does not include discussion of balances or activity of Forged Fiber.

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

Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity investment that was sold in July 2025, 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.

---

| | | |
|:---|:---|:---|
| **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* |  |  |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| Net Cash Provided by Operating Activities from Continuing Operations | $**7595** | $9049 |
| Less: Distributions from DIRECTV classified as operating activities | **—** | (1423) |
| Less: Capital expenditures | **(4877)** | (4277) |
| Less: Payment of vendor financing | **(212)** | (203) |
| **Free Cash Flow** | **2506** | 3146 |
| Less: Dividends paid | **(1997)** | (2091) |
| Free Cash Flow after Dividends | $**509** | $1055 |
| **Free Cash Flow Dividend Payout Ratio** | **79.7%** | 66.5% |

---

**<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.

---

| | | |
|:---|:---|:---|
| **Cash Paid for Capital Investment** | **Cash Paid for Capital Investment** | **Cash Paid for Capital Investment** |
| *Dollars in millions* |  |  |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| Capital expenditures | $**(4877)** | $(4277) |
| Payment of vendor financing | **(212)** | (203) |
| **Cash paid for Capital Investment** | $**(5089)** | $(4480) |

---

------

**<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 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.

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.

There are material limitations to using these non-GAAP financial measures. EBITDA and EBITDA margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. 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 and EBITDA margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.

---

| | | |
|:---|:---|:---|
| **EBITDA and Adjusted EBITDA** | **EBITDA and Adjusted EBITDA** | **EBITDA and Adjusted EBITDA** |
| *Dollars in millions* |  |  |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| **Income from Continuing Operations** | $**4219** | $4692 |
| Additions: |  |  |
| &nbsp;&nbsp;&nbsp;Income Tax Expense | **1179** | 1299 |
| &nbsp;&nbsp;&nbsp;Interest Expense | **1813** | 1658 |
| &nbsp;&nbsp;&nbsp;Equity in Net (Income) Loss of Affiliates | **41** | (1440) |
| &nbsp;&nbsp;&nbsp;Other (Income) Expense - Net | **(594)** | (455) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **4966** | 5190 |
| **EBITDA** | **11624** | 10944 |
| &nbsp;&nbsp;Transaction, legal and other costs | **146** | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related (gain) loss | **25** | 6 |
| &nbsp;&nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 504 |
| **Adjusted EBITDA**<sup>1</sup> | $**11795** | $11533 |
| &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. |

---

------

---

| | | |
|:---|:---|:---|
| **Segment EBITDA and EBITDA Margin** | **Segment EBITDA and EBITDA Margin** | **Segment EBITDA and EBITDA Margin** |
| *Dollars in millions* |  |  |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| **Advanced Connectivity Segment** |  |  |
| **Operating Income** | $**6853** | $5972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **4705** | 4973 |
| **EBITDA** | $**11558** | $10945 |
| **Total Operating Revenues** | $**28471** | $27192 |
| **Operating Income Margin** | **24.1%** | 22.0% |
| **EBITDA Margin** | **40.6%** | 40.3% |
| **Legacy Segment** |  |  |
| **Operating Income** | $**612** | $1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **—** |  |
| **EBITDA** | $**612** | $1019 |
| **Total Operating Revenues** | $**1768** | $2368 |
| **Operating Income Margin** | **34.6%** | 43.0% |
| **EBITDA Margin** | **34.6%** | 43.0% |
| **Latin America Segment** |  |  |
| **Operating Income** | $**20** | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization | **200** | 150 |
| **EBITDA** | $**220** | $193 |
| **Total Operating Revenues** | $**1173** | $971 |
| **Operating Income Margin** | **1.7%** | 4.4% |
| **EBITDA Margin** | **18.8%** | 19.9% |

---

**<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%.

------

---

| | | |
|:---|:---|:---|
| **Adjusting Items** | **Adjusting Items** | **Adjusting Items** |
| *Dollars in millions* |  |  |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;Transaction, legal and other costs<sup>1</sup> | $**146** | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related (gain) loss | **25** | 6 |
| &nbsp;&nbsp;Asset impairments and abandonments and restructuring | **—** | 504 |
| **Adjustments to Operations and Support Expenses** | **171** | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **57** | 9 |
| **Adjustments to Operating Expenses** | **228** | 598 |
| **Other** |  |  |
| &nbsp;&nbsp; Equity in net income of DIRECTV | **—** | (1423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related (gain) loss, impairments of investments and other | **28** | 64 |
| **Adjustments to Income from Continuing Operations Before Income Taxes** | **256** | (761) |
| &nbsp;&nbsp;&nbsp;Tax impact of adjustments | **59** | (165) |
| **Adjustments to Income From Continuing Operations** | $**197** | $(596) |
| &nbsp;&nbsp;Preferred stock redemption gain | **—** | (90) |
| **Adjustments to Income From Continuing Operations Attributable to Common Stock** | $**197** | $(686) |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events.  | &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events.  | &nbsp;&nbsp;&nbsp;<sup>1</sup>Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events.  |

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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**  |
| *Dollars in millions* |  |  |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| **Operating Income** | $**6658** | $5754 |
| Adjustments to Operating Expenses | **228** | 598 |
| **Adjusted Operating Income** | $**6886** | $6352 |
| **EBITDA** | $**11624** | $10944 |
| Adjustments to Operations and Support Expenses | **171** | 589 |
| **Adjusted EBITDA** | $**11795** | $11533 |
| Total Operating Revenues | $**31506** | $30626 |
| Operating Income Margin | **21.1%** | 18.8% |
| Adjusted Operating Income Margin | **21.9%** | 20.7% |
| **Adjusted EBITDA Margin** | **37.4%** | 37.7% |

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| | | |
|:---|:---|:---|
| **Adjusted Diluted EPS** | **Adjusted Diluted EPS** | **Adjusted Diluted EPS** |
|  | First Quarter | First Quarter |
|  | **2026** | 2025 |
| **Diluted Earnings Per Share (EPS) From Continuing Operations** | $**0.54** | $0.61 |
| &nbsp;&nbsp;&nbsp;Equity in net income of DIRECTV | **—** | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and impairments | **—** | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit-related, transaction, legal and other items | **0.03** |  |
| **Adjusted EPS** | $**0.57** | $0.51 |
| *Year-over-year growth - Adjusted* | **11.8%** |  |
| &nbsp;&nbsp;&nbsp;**Weighted Average Common Shares Outstanding with**<br>**Dilution (000000)** | **7027** | 7223 |

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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 - 2026** | **Net Debt to Adjusted EBITDA - 2026** | **Net Debt to Adjusted EBITDA - 2026** | **Net Debt to Adjusted EBITDA - 2026** | **Net Debt to Adjusted EBITDA - 2026** | **Net Debt to Adjusted EBITDA - 2026** |
| *Dollars in millions* |  |  |  |  |  |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |  |
|  | June 30, | Sept. 30, | Dec. 31, | March 31, | **Four**<br>**Quarters** |
|  | 2025<sup>1</sup> | 2025<sup>1</sup> | 2025<sup>1</sup> | 2026 | **Four**<br>**Quarters** |
| Adjusted EBITDA | $11731 | $11861 | $11236 | $11795 | $**46623** |
| &nbsp;&nbsp;&nbsp;End-of-period current debt |  |  |  |  | **6818** |
| &nbsp;&nbsp;&nbsp;End-of-period long-term debt |  |  |  |  | **131589** |
| **Total End-of-Period Debt** |  |  |  |  | **138407** |
| &nbsp;&nbsp;&nbsp;Less: Cash and Cash Equivalents |  |  |  |  | **11964** |
| **Net Debt Balance** |  |  |  |  | **126443** |
| **Annualized Net Debt to Adjusted EBITDA Ratio** |  |  |  |  | **2.71** |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. |

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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 |  |
|  | June 30, | Sept. 30, | Dec. 31, | March 31, | Four <br>Quarters |
|  | 2024<sup>1</sup> | 2024<sup>1</sup> | 2024<sup>1</sup> | 2025<sup>1</sup> | Four <br>Quarters |
| Adjusted EBITDA | $11337 | $11586 | $10791 | $11533 | $45247 |
| &nbsp;&nbsp;&nbsp;End-of-period current debt |  |  |  |  | 8902 |
| &nbsp;&nbsp;&nbsp;End-of-period long-term debt |  |  |  |  | 117259 |
| **Total End-of-Period Debt** |  |  |  |  | 126161 |
| &nbsp;&nbsp;&nbsp;Less: Cash and Cash Equivalents |  |  |  |  | 6885 |
| &nbsp;&nbsp;&nbsp;Less: Time Deposits |  |  |  |  | 150 |
| **Net Debt Balance** |  |  |  |  | 119126 |
| **Annualized Net Debt to Adjusted EBITDA Ratio** |  |  |  |  | 2.63 |
| &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. | &nbsp;&nbsp;&nbsp;<sup>1</sup>As reported in AT&T's Form 8-K filed January 28, 2026. |

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