AT&T : Financial and Operational Trends (T 1Q26 Trending Schedule)

Published: 2026-04-22 06:46:16 ET T

Published on 04/22/2026 at 06:46 am EDT

1@2026

EARNINGS

m AT&T

Financiai and

April 22, 2026

Consolidated Statements of Income2

AT&T Inc.

Dollars and shares in millions except per share amounts; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Operating Revenues

Service

$ 24,842

$ 25,006

$ 25,134

$ 25,153

$ 100,135

$ 25,138

$ 25,292

$ 25,336

$ 25,392

$ 101,158

$ 25,478

Equipment

5,186

4,791

5,079

7,145

22,201

5,488

5,555

5,373

8,074

24,490

6,028

Total Operating Revenues

30,028

29,797

30,213

32,298

122,336

30,626

30,847

30,709

33,466

125,648

31,506

Operating Expenses

Cost of revenues Equipment

5,143

4,815

4,933

7,358

22,249

5,694

5,738

5,468

8,496

25,396

6,305

Other cost of revenues

6,811

6,627

6,697

6,837

26,972

6,339

6,412

6,351

6,322

25,424

6,261

Selling, general and administrative

7,021

7,043

6,958

7,389

28,411

7,145

6,945

7,454

7,398

28,942

7,316

Asset impairments and abandonments and restructuring

159

480

4,422

5,075

504

334

838

Depreciation and amortization

5,047

5,072

5,087

5,374

20,580

5,190

5,251

5,317

5,128

20,886

4,966

Total Operating Expenses

24,181

24,037

28,097

26,972

103,287

24,872

24,346

24,590

27,678

101,486

24,848

Operating Income

5,847

5,760

2,116

5,326

19,049

5,754

6,501

6,119

5,788

24,162

6,658

Interest Expense

1,724

1,699

1,675

1,661

6,759

1,658

1,655

1,700

1,791

6,804

1,813

Equity in Net Income (Loss) of Affiliates

295

348

272

1,074

1,989

1,440

485

(20)

(10)

1,895

(41)

Other Income (Expense) - Net

451

682

717

569

2,419

455

767

6,254

278

7,754

594

Income from Continuing Operations Before Income Taxes

4,869

5,091

1,430

5,308

16,698

5,991

6,098

10,653

4,265

27,007

5,398

Income Tax Expense on Continuing Operations

1,118

1,142

1,285

900

4,445

1,299

1,237

976

109

3,621

1,179

Income from Continuing Operations

3,751

3,949

145

4,408

12,253

4,692

4,861

9,677

4,156

23,386

4,219

Loss from Discontinued Operations, Net of Tax

(38)

Net Income

3,751

3,949

145

4,408

12,253

4,692

4,861

9,677

4,156

23,386

4,181

Less: Net Income Attributable to Noncontrolling Interest

(306)

(352)

(319)

(328)

(1,305)

(341)

(361)

(363)

(368)

(1,433)

(352)

Net Income (Loss) Attributable to AT&T

$ 3,445

$ 3,597

$ (174)

$ 4,080

$ 10,948

$ 4,351

$ 4,500

$ 9,314

$ 3,788

$ 21,953

$ 3,829

Less: Preferred Stock Dividends and Redemption Gain

(50)

(51)

(52)

(49)

(202)

(36)

(64)

(36)

Net Income (Loss) Attributable to Common Stock

$ 3,395

$ 3,546

$ (226)

$ 4,031

$ 10,746

$ 4,395

$ 4,464

$ 9,278

$ 3,752

$ 21,889

$ 3,793

Diluted Earnings (Loss) Per Share Attributable to Common Stock

$ 0.47

$ 0.49

$ (0.03)

$ 0.56

$ 1.49

$ 0.61

$ 0.62

$ 1.29

$ 0.53

$ 3.04

$ 0.54

Diluted Earnings (Loss) Per Share Attributable to Common Stock - Continuing Operations

0.47

0.49

(0.03)

0.56

1.49

0.61

0.62

1.29

0.53

3.04

0.54

Adjusted Diluted Earnings Per Share Attributable to Common Stock1

0.48

0.51

0.54

0.43

1.95

0.51

0.54

0.52

2.12

0.57

Weighted Average Common Shares Outstanding - Basic

7,192

7,196

7,202

7,207

7,199

7,213

7,209

7,156

7,098

7,169

7,017

Weighted Average Common Shares Outstanding - with Dilution

7,193

7,198

7,208

7,215

7,204

7,223

7,219

7,169

7,108

7,179

7,027

EBITDA1 $ 10,894 $ 10,832 $ 7,203 $ 10,700

Adjusted EBITDA1 $ 11,046 $ 11,337 $ 11,586 $ 10,791

$ 39,629

$ 44,760

$ 10,944 $ 11,752 $ 11,436 $ 10,916

$ 11,533 $ 11,731 $ 11,861 $ 11,236

37.7% 38.0% 38.6% 33.6%

$ 45,048

$ 46,361

36.9%

$ 11,624

$ 11,795

37.4%

Adjusted EBITDA Margin1 36.8% 38.0% 38.3% 33.4%

36.6%

Financial and Operating Statistics Summary

AT&T Inc.

Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Dividends Declared Per Common Share

$ 0.2775

$ 1.11

$ 0.2775

$ 1.11

$ 0.2775

End of Period Common Shares Outstanding (000,000)

7,170

7,174

7,176

7,196

7,161

7,109

7,037

6,965

Debt Ratio

52.4%

51.8%

52.2%

50.7%

50.9%

51.7%

52.0%

51.4%

52.0%

Total Employees (000)

148.3

146.0

143.6

141.0

140.0

137.6

135.7

133.0

132.6

See Notes to Financial and Operational Trends on page 16.

Consolidated Statements of Cash Flows2

AT&T Inc.

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Operating Activities

Income from continuing operations

Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization

Provision for uncollectible accounts

Asset impairments and abandonments and restructuring Pension and postretirement benefit expense (credit) Actuarial (gain) loss on pension and postretirement benefits Net (gain) loss on investments

Changes in operating assets and liabilities: Receivables

Equipment installment receivables and related sales Contract asset and cost deferral

Inventories, prepaid and other current assets Accounts payable and other accrued liabilities

Changes in income taxes

Postretirement claims and contributions

$ 3,751

$ 3,949

$ 145

$ 4,408

$ 12,253

$ 4,692

$ 4,861

$ 9,677

$ 4,156

$ 23,386

$ 4,219

5,047

5,072

5,087

5,374

20,580

5,190

5,251

5,317

5,128

20,886

4,966

472

470

489

538

1,969

516

521

555

679

2,271

560

159

480

4,422

5,075

504

334

838

(471)

(470)

(471)

(1,883)

(397)

(1,588)

(396)

519

201

(16)

(97)

(8)

(112)

(5,691)

(167)

(5,889)

512

(382)

444

(451)

123

(262)

(366)

(913)

(1,526)

(119)

(344)

(579)

(947)

(1,846)

1,212

(97)

(309)

(482)

324

255

101

220

262

(423)

160

(147)

(152)

(183)

(726)

(1,208)

(327)

(24)

443

(1,077)

728

(661)

344

(1,635)

1,492

(460)

(173)

(3,419)

(1,342)

330

3,327

(1,104)

(3,297)

(1,143)

2,411

2,913

884

(2,770)

1,141

835

686

(684)

1,978

1,285

378

946

(383)

2,226

1,147

(54)

(39)

(36)

(37)

(166)

(68)

(35)

(490)

(843)

(1,436)

(72)

Other - net

107

217

630

472

1,426

124

606

317

1,057

277

Total adjustments

3,796

5,144

10,090

7,488

26,518

4,357

4,902

475

7,164

16,898

3,376

Net Cash Provided by Operating Activities from Continuing Operations

7,547

9,093

10,235

11,896

38,771

9,049

9,763

10,152

11,320

40,284

7,595

Investing Activities

Capital expenditures3

(3,758)

(4,360)

(5,302)

(6,843)

(20,263)

(4,277)

(4,897)

(4,887)

(6,781)

(20,842)

(4,877)

Acquisitions, net of cash acquired3

(211)

(59)

(52)

(58)

(380)

(20)

(28)

(332)

(379)

(2,674)

Dispositions

399

2,779

3,218

628

Distributions from DIRECTV in excess of cumulative equity in earnings

194

392

342

928

(Purchases), sales and settlements of securities - net

1,079

1,422

2,575

(1,129)

1,109

156

181

(14)

Other - net

(273)

(63)

(196)

107

(425)

(717)

(61)

(11)

(166)

(955)

(547)

Net Cash Used in Investing Activities from Continuing Operations

(2,961)

(4,016)

(5,150)

(5,363)

(17,490)

(4,958)

(6,086)

(3,389)

(4,344)

(18,777)

(7,484)

Financing Activities

Net change in short-term borrowings with original maturities of three months or less

1,933

753

(2,686)

Issuance of other short-term borrowings

491

Repayment of other short-term borrowings

(1,996)

(491)

(2,487)

Issuance of long-term debt

2,956

3,473

7,598

14,027

8,098

Repayment of long-term debt

(4,685)

(2,225)

(203)

(3,184)

(10,297)

(1,526)

(94)

(229)

(3,679)

(5,528)

(5,247)

Payment of vendor financing

(841)

(550)

(180)

(221)

(1,792)

(203)

(220)

(400)

(358)

(1,181)

(212)

Redemption of preferred stock

(2,075)

Purchase of treasury stock

(157)

(2)

(43)

(13)

(215)

(218)

(961)

(1,490)

(1,831)

(4,500)

(2,475)

Issuance of treasury stock

Issuance of preferred interests in subsidiary

2,221

Redemption of preferred interests in subsidiary

(65)

Dividends paid

(2,034)

(2,099)

(2,038)

(2,037)

(8,208)

(2,091)

(2,044)

(2,033)

(2,012)

(8,180)

(1,997)

Other - net

(526)

(866)

(416)

(426)

(2,234)

366

(199)

(459)

(834)

(1,126)

(265)

Net Cash (Used in) Provided by Financing Activities from Continuing Operations

(7,815)

(5,478)

(5,562)

(5,853)

(24,708)

(553)

(45)

2,989

(8,777)

(6,386)

(2,097)

Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations

(3,229)

(401)

(477)

680

(3,427)

3,538

3,632

9,752

(1,801)

15,121

(1,986)

Cash Flows from Discontinued Operations:

Cash used in operating activities

(38)

Cash used in investing activities

(4,171)

Cash used in financing activities

Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations

(4,209)

Net increase (decrease) in cash and cash equivalents and restricted cash

(3,229)

(401)

(477)

680

(3,427)

3,538

3,632

9,752

(1,801)

15,121

(6,195)

Cash and cash equivalents and restricted cash beginning of period

6,833

3,604

3,203

2,726

6,833

3,406

6,944

10,576

20,328

3,406

18,527

Cash and Cash Equivalents and Restricted Cash End of Period

$ 3,604

$ 3,203

$ 2,726

$ 3,406

$ 6,944

$ 10,576

$ 20,328

$ 18,527

$ 12,332

See Notes to Financial and Operational Trends on page 16.

AT&T Inc.

Free Cash Flow

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

$ 7,595

(4,877)

(212)

$ 2,506

AT&T Inc.

Supplemental Free Cash Flow Walk from Adjusted EBITDA5

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

$ 11,795

560

(5,089)

(1,894)

(1)

(3,134)

269

$ 2,506

AT&T Inc.

Additional Cash Flow Information - Continuing Operations2

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Capital Investment Detail

Purchase of property and equipment

$ 3,721

$ 4,321

$ 5,259

$ 6,800

$ 20,101

$ 4,240

$ 4,857

$ 4,843

$ 6,737

$ 20,677

$ 4,835

Interest during construction - capital expenditures

162

165

Capital expenditures

$ 3,758

$ 4,360

$ 5,302

$ 6,843

$ 20,263

$ 4,277

$ 4,897

$ 4,887

$ 6,781

$ 20,842

$ 4,877

Add: Vendor financing payments

841

550

180

221

1,792

203

220

400

358

1,181

212

Capital Investment1

$ 4,599

$ 4,910

$ 5,482

$ 7,064

$ 22,055

$ 4,480

$ 5,117

$ 5,287

$ 7,139

$ 22,023

$ 5,089

Acquisitions, net of cash acquired

Cash paid for interest

$ 2,077

$ 1,567

$ 1,971

$ 1,517

$ 7,132

$ 1,804

$ 1,512

$ 1,855

$ 1,454

$ 6,625

$ 1,936

Interest during construction

103

361

221

Cash paid for interest (less capitalized interest)

$ 1,974

$ 1,471

$ 1,882

$ 1,444

$ 6,771

$ 1,748

$ 1,457

$ 1,799

$ 1,400

$ 6,404

$ 1,894

See Notes to Financial and Operational Trends on page 16.

Cash Flow Detail

Net cash provided by operating activities from continuing operations

$ 7,547

$ 9,093

$ 10,235

$ 11,896

$ 38,771

Less: Distributions from DIRECTV classified as operating activities

(324)

(350)

(281)

(1,072)

(2,027)

Less: Cash taxes paid on DIRECTV

149

121

132

254

656

Less: Capital expenditures

(3,758)

(4,360)

(5,302)

(6,843)

(20,263)

Less: Vendor financing payments

(841)

(550)

(180)

(221)

(1,792)

Free Cash Flow1, 2

$ 2,773

$ 3,954

$ 4,604

$ 4,014

$ 15,345

$ 9,049

$ 9,763

$ 10,152

$ 11,320

$ 40,284

(1,423)

(503)

(1,926)

251

(4,277)

(4,897)

(4,887)

(6,781)

(20,842)

(203)

(220)

(400)

(358)

(1,181)

$ 3,146

$ 4,394

$ 4,865

$ 4,181

$ 16,586

Adjusted EBITDA1

$ 11,046

$ 11,337

$ 11,586

$ 10,791

$ 44,760

Noncash Adj. to EBITDA

Bad debt expense

472

470

489

538

1,969

Capital investment1

(4,599)

(4,910)

(5,482)

(7,064)

(22,055)

Cash paid for interest (less capitalized interest)

(1,974)

(1,471)

(1,882)

(1,444)

(6,771)

Cash (paid) for income taxes, net of refunds

(308)

(583)

(1,574)

(2,456)

Less: Cash taxes paid on DIRECTV

149

121

132

254

656

Working capital

(2,806)

(1,405)

(620)

2,234

(2,597)

Other

476

120

964

279

1,839

Free Cash Flow1, 2

$ 2,773

$ 3,954

$ 4,604

$ 4,014

$ 15,345

$ 11,533

$ 11,731

$ 11,861

$ 11,236

$ 46,361

516

521

555

679

2,271

(4,480)

(5,117)

(5,287)

(7,139)

(22,023)

(1,748)

(1,457)

(1,799)

(1,400)

(6,404)

(11)

(869)

(17)

(456)

(1,353)

251

(2,878)

(1,310)

(82)

2,284

(1,986)

214

644

(366)

(1,023)

(531)

$ 3,146

$ 4,394

$ 4,865

$ 4,181

$ 16,586

Business and spectrum acquisitions

$ 145

$ 2

$ 6

$ 28

$ 181

$ 1

$ 13

$ (13)

$ 322

$ 323

$ 2,674

Interest during construction - spectrum

199

Operating Revenues4

AT&T Inc.

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Advanced Connectivity

$ 26,023

$ 25,859

$ 26,497

$ 28,705

$107,084

$ 27,192

$ 27,497

$ 27,503

$ 30,232

$112,424

$ 28,471

Consumer

19,630

19,543

20,182

22,221

81,576

20,976

21,295

21,274

23,714

87,259

22,152

Business

6,393

6,316

6,315

6,484

25,508

6,216

6,202

6,229

6,518

25,165

6,319

Legacy

2,834

2,723

2,577

2,434

10,568

2,368

2,202

2,013

1,889

8,472

1,768

Latin America

1,063

1,103

1,022

1,044

4,232

971

1,054

1,095

1,259

4,379

1,173

Corporate and Other6

108

112

117

115

452

373

Operating Revenues

$ 30,028

$ 29,797

$ 30,213

$ 32,298

$122,336

$ 30,626

$ 30,847

$ 30,709

$ 33,466

$125,648

$ 31,506

Adjusted EBITDA4

AT&T Inc.

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Advanced Connectivity

$ 10,371

$ 10,630

$ 10,886

$ 10,390

$ 42,277

$ 10,945

$ 11,141

$ 11,493

$ 10,968

$ 44,547

$ 11,558

Consumer

8,673

8,853

9,133

8,764

35,423

9,175

9,429

9,701

9,286

37,591

9,563

Business

1,698

1,777

1,753

1,626

6,854

1,770

1,712

1,792

1,682

6,956

1,995

Legacy

1,104

1,151

1,083

913

4,251

1,019

959

679

682

3,339

612

Latin America

180

178

168

171

697

193

201

199

223

816

220

Corporate and Other6

(609)

(622)

(551)

(683)

(2,465)

(624)

(570)

(510)

(637)

(2,341)

(595)

Adjusted EBITDA1

$ 11,046

$ 11,337

$ 11,586

$ 10,791

$ 44,760

$ 11,533

$ 11,731

$ 11,861

$ 11,236

$ 46,361

$ 11,795

See Notes to Financial and Operational Trends on page 16.

Advanced Connectivity Segment4

Statement of Segment Income

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Segment Operating Revenues

Wireless service

$ 15,994

$ 16,277

$ 16,539

$ 16,563

$ 65,373

$ 16,651

$ 16,853

$ 16,926

$ 16,954

$ 67,384

$ 16,941

Advanced home internet

1,756

1,839

1,957

2,079

7,631

2,198

2,299

2,411

2,502

9,410

2,799

Business fiber and advanced connectivity

1,672

1,702

1,719

1,760

6,853

1,755

1,769

1,832

1,887

7,243

1,882

Business transitional and other

1,614

1,479

1,411

1,402

5,906

1,294

1,249

1,198

1,170

4,911

1,083

Other service

174

175

169

166

684

162

164

162

650

158

Total Service Revenues

21,210

21,472

21,795

21,970

86,447

22,060

22,334

22,529

22,675

89,598

22,863

Equipment

4,813

4,387

4,702

6,735

20,637

5,132

5,163

4,974

7,557

22,826

5,608

Total Segment Operating Revenues

$ 26,023

$ 25,859

$ 26,497

$ 28,705

$ 107,084

$ 27,192

$ 27,497

$ 27,503

$ 30,232

$ 112,424

$ 28,471

Segment Operating Expenses

Operations and support

$ 15,652

$ 15,229

$ 15,611

$ 18,315

$ 64,807

$ 16,247

$ 16,356

$ 16,010

$ 19,264

$ 67,877

$ 16,913

Depreciation and amortization

4,730

4,776

4,813

5,114

19,433

4,973

5,035

5,076

4,875

19,959

4,705

Total Segment Operating Expenses

20,382

20,005

20,424

23,429

84,240

21,220

21,391

21,086

24,139

87,836

21,618

Segment Operating Income

$ 5,641

$ 5,854

$ 6,073

$ 5,276

$ 22,844

$ 5,972

$ 6,106

$ 6,417

$ 6,093

$ 24,588

$ 6,853

Segment Operating Income Margin 21.7% 22.6% 22.9% 18.4%

EBITDA1 $ 10,371 $ 10,630 $ 10,886 $ 10,390

21.3%

$ 42,277

22.0% 22.2% 23.3% 20.2%

$ 10,945 $ 11,141 $ 11,493 $ 10,968

40.3% 40.5% 41.8% 36.3%

21.9%

$ 44,547

39.6%

24.1%

$ 11,558

40.6%

EBITDA Margin1 39.9% 41.1% 41.1% 36.2%

39.5%

See Notes to Financial and Operational Trends on page 16.

Volumes in thousands; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

18,329

109,173

90,844

74,214

16,630

18,225 18,195 18,044 18,329

108,418 108,696 108,799 109,173

90,193 90,501 90,755 90,844

73,031 73,408 73,801 74,214

17,162 17,093 16,954 16,630

18,257

108,223

89,966

72,749

17,217

Retail Wireless Subscribers7

109,292

Wireless Subscribers 106,661 107,270 107,584 108,223

Phone Subscribers 88,991 89,377 89,664 89,966

Postpaid Phone Subscribers 71,558 71,930 72,285 72,749

Prepaid Phone Subscribers 17,433 17,447 17,379 17,217

91,057

74,503

16,554

Other Subscribers

17,670 17,893 17,920 18,257

18,235

Retail Wireless Net Adds7

Wireless Net Adds 390 675 380 703

Phone Net Adds 350 454 358 363

Postpaid Phone Net Adds 349 419 403 482

Prepaid Phone Net Adds 1 35 (45) (119)

2,148

1,525

1,653

(128)

256 327 161 458

304 367 322 166

324 401 405 421

(20) (34) (83) (255)

1,202

1,159

1,551

(392)

158

222

294

(72)

Other Net Adds

221

340

623

(48)

(40)

(161)

292

(64)

Wireless Churn8

Phone Churn

Postpaid Phone Churn

1.10%

0.72%

1.04%

0.70%

1.13%

0.78%

1.18%

0.85%

1.12%

0.76%

1.16%

0.83%

1.17%

0.87%

1.24%

0.92%

1.31%

0.98%

1.22%

0.90%

1.20%

0.89%

Prepaid Phone Churn

2.65%

2.47%

2.62%

2.61%

2.58%

2.55%

2.43%

2.63%

2.75%

2.59%

2.62%

Wireless ARPU9

Phone ARPU

Postpaid Phone ARPU

$ 51.87

55.57

$ 52.54

56.42

$ 53.14

57.07

$ 52.92

56.72

$ 52.62

56.45

$ 52.74

56.56

$ 53.21

57.04

$ 52.90

56.64

$ 52.85

56.57

$ 52.93

56.70

$ 52.86

56.51

Prepaid Phone ARPU

36.71

36.56

36.88

36.99

36.79

36.57

36.89

36.77

36.49

36.68

36.49

Other Wireless Metrics

Postpaid Phone Gross Adds and Upgrades (in millions) 4.4 4.4 5.1 6.3

Postpaid Upgrade Rate10 3.0% 2.9% 3.5% 4.6%

20.1

14.0%

5.1 5.2 6.0 6.7

3.3% 3.3% 4.1% 4.7%

7.1 7.5 7.8 8.0

23.0

15.6%

8.0

5.4

3.5%

8.2

FirstNet Connections (in millions)11 5.9 6.1 6.4 6.7

6.7

See Notes to Financial and Operational Trends on page 16.

Operating Volumes and Statistics - Internet

Volumes in thousands; Unaudited 3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Advanced Connectivity Internet Connections

Internet Connections 9,617

10,034

10,429

10,939

11,443

11,952

12,565

13,128

14,833

Fiber Connections

9,099

9,360

9,600

9,928

10,211

10,480

10,789

11,088

12,501

AT&T Fiber12

8,559

8,798

9,024

9,331

9,592

9,835

10,123

10,406

11,800

AT&T Business Fiber12

540

562

576

597

619

645

666

682

701

Fixed Wireless Connections

518

674

829

1,011

1,232

1,472

1,776

2,040

2,332

AT&T Internet Air

203

342

477

634

803

1,006

1,276

1,497

1,736

Business Fixed Wireless12

315

332

352

377

429

466

500

543

596

Advanced Connectivity Internet Net Adds

Internet Net Adds

402

417

395

510

1,724

516

509

613

563

2,201

584

Fiber Net Adds

275

261

240

328

1,104

283

269

309

299

1,160

292

AT&T Fiber12

252

239

226

307

1,024

261

243

288

283

1,075

273

AT&T Business Fiber12

Fixed Wireless Net Adds

127

156

155

182

620

233

240

304

264

1,041

292

AT&T Internet Air

110

139

135

157

541

181

203

270

221

875

239

Business Fixed Wireless12

166

Converged Customers

Advanced Home Internet connections with AT&T Wireless13

3,462

3,652

3,820

4,054

4,255

4,534

4,863

5,164

5,684

% Advanced Home Internet connections with AT&T Wireless

39.5%

40.0%

40.2%

40.7%

40.9%

41.8%

42.7%

43.4%

42.0%

AT&T Fiber connections with AT&T Wireless13

3,356

3,476

3,579

3,736

3,859

4,022

4,205

4,374

4,742

% AT&T Fiber connections with AT&T Wireless

39.2%

39.5%

39.7%

40.0%

40.2%

40.9%

41.5%

42.0%

40.2%

Fiber Location Metrics

Volumes in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Total Consumer and Business Locations Reached14

27.1

27.8

28.3

28.9

29.5

30.3

31.2

32.0

37.5

AT&T Owned and Operated

32.7

AT&T Fiber Ventures

4.8

Fiber Served Locations - Consumer15

21.5

22.1

22.7

23.3

24.0

24.6

25.4

26.1

31.3

Fiber Penetration - Consumer15

40%

38%

See Notes to Financial and Operational Trends on page 16.

Advanced Connectivity4

Consumer Results

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Operating Revenues

Wireless service

$ 13,754

$ 13,966

$ 14,211

$ 14,230

$ 56,161

$ 14,370

$ 14,559

$ 14,594

$ 14,605

$ 58,128

$ 14,584

Advanced home internet

1,756

1,839

1,957

2,079

7,631

2,198

2,299

2,411

2,502

9,410

2,799

Other service

174

175

169

166

684

162

164

162

650

158

Total Service Revenues16

15,684

15,980

16,337

16,475

64,476

16,730

17,022

17,167

17,269

68,188

17,541

Equipment

3,946

3,563

3,845

5,746

17,100

4,246

4,273

4,107

6,445

19,071

4,611

Total Operating Revenues

$ 19,630

$ 19,543

$ 20,182

$ 22,221

$ 81,576

$ 20,976

$ 21,295

$ 21,274

$ 23,714

$ 87,259

$ 22,152

Operating Expenses

Operations and support

$ 10,957

$ 10,690

$ 11,049

$ 13,457

$ 46,153

$ 11,801

$ 11,866

$ 11,573

$ 14,428

$ 49,668

$ 12,589

Depreciation and amortization

2,914

2,939

2,960

3,201

12,014

3,011

3,056

3,069

3,111

12,247

3,022

Total Operating Expenses

13,871

13,629

14,009

16,658

58,167

14,812

14,922

14,642

17,539

61,915

15,611

Operating Income

$ 5,759

$ 5,914

$ 6,173

$ 5,563

$ 23,409

$ 6,164

$ 6,373

$ 6,632

$ 6,175

$ 25,344

$ 6,541

Operating Income Margin 29.3% 30.3% 30.6% 25.0%

EBITDA1 $ 8,673 $ 8,853 $ 9,133 $ 8,764

28.7%

$ 35,423

29.4% 29.9% 31.2% 26.0%

$ 9,175 $ 9,429 $ 9,701 $ 9,286

43.7% 44.3% 45.6% 39.2%

29.0%

$ 37,591

43.1%

29.5%

$ 9,563

43.2%

EBITDA Margin1 44.2% 45.3% 45.3% 39.4%

43.4%

Advanced Connectivity4

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Advanced Home Internet Revenue Detail

AT&T Fiber AT&T Internet Air

$ 1,736

$ 1,796

$ 1,882

$ 1,977

102

$ 7,391

240

$ 2,066

132

$ 2,136

163

$ 2,198

213

$ 2,245

257

$ 8,645

765

$ 2,505

294

Total Advanced Home Internet Revenue

$ 1,756

$ 1,839

$ 1,957

$ 2,079

$ 7,631

$ 2,198

$ 2,299

$ 2,411

$ 2,502

$ 9,410

$ 2,799

See Notes to Financial and Operational Trends on page 16.

Advanced Connectivity

Volumes in thousands; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Postpaid17

Consumer Postpaid Wireless Subscribers

72,136

72,602

72,883

73,601

73,775

74,113

74,291

74,781

74,883

Consumer Postpaid Wireless Accounts

25,267

25,308

25,336

25,399

25,415

25,481

25,570

25,655

25,739

Consumer Postpaid Wireless ARPA

$ 149.21

$ 151.85

$ 154.26

$ 154.34

$ 151.99

$ 154.82

$ 156.77

$ 155.51

$ 156.07

$ 155.89

$ 156.23

Prepaid

Consumer Prepaid Wireless Subscribers

17,393

17,414

17,356

17,207

17,159

17,094

16,958

16,643

16,541

Consumer Prepaid Wireless ARPU9

$ 36.30

$ 36.12

$ 36.41

$ 36.54

$ 36.34

$ 36.29

$ 36.45

$ 36.38

$ 36.15

$ 36.32

$ 36.19

Advanced Connectivity

Volumes in thousands; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Advanced Home Internet Connections

Advanced Home Internet Connections12

8,762

9,140

9,501

9,965

10,395

10,841

11,399

11,903

13,536

AT&T Fiber12

8,559

8,798

9,024

9,331

9,592

9,835

10,123

10,406

11,800

AT&T Internet Air

203

342

477

634

803

1,006

1,276

1,497

1,736

Advanced Home Internet Net Adds

Advanced Home Internet Net Adds12

362

378

361

464

1,565

442

446

558

504

1,950

512

AT&T Fiber12

252

239

226

307

1,024

261

243

288

283

1,075

273

AT&T Internet Air

110

139

135

157

541

181

203

270

221

875

239

ARPU9

Advanced Home Internet ARPU $ 68.29 $ 68.45 $ 69.95 $ 71.18

AT&T Fiber ARPU 68.61 69.00 70.36 71.71

$ 69.52

69.96

$ 72.07 $ 72.19 $ 72.33 $ 71.56

72.85 73.26 73.48 72.87

61.74 60.57 62.28 61.80

$ 72.03

73.12

61.65

$ 72.46

74.09

61.01

AT&T Internet Air ARPU 48.74 51.10 61.08 62.21

58.28

See Notes to Financial and Operational Trends on page 16.

Advanced Connectivity4

Business Results

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Operating Revenues

Wireless service

$ 2,240

$ 2,311

$ 2,328

$ 2,333

$ 9,212

$ 2,281

$ 2,294

$ 2,332

$ 2,349

$ 9,256

$ 2,357

Fiber and advanced connectivity

1,672

1,702

1,719

1,760

6,853

1,755

1,769

1,832

1,887

7,243

1,882

Transitional and other

1,614

1,479

1,411

1,402

5,906

1,294

1,249

1,198

1,170

4,911

1,083

Total Service Revenues18

5,526

5,492

5,458

5,495

21,971

5,330

5,312

5,362

5,406

21,410

5,322

Equipment

867

824

857

989

3,537

886

890

867

1,112

3,755

997

Total Operating Revenues

$ 6,393

$ 6,316

$ 6,315

$ 6,484

$ 25,508

$ 6,216

$ 6,202

$ 6,229

$ 6,518

$ 25,165

$ 6,319

Operating Expenses

Operations and support

$ 4,695

$ 4,539

$ 4,562 $ 4,858

$ 18,654

$ 4,446

$ 4,490

$ 4,437

$ 4,836

$ 18,209

$ 4,324

Depreciation and amortization

1,816

1,837

1,853 1,913

7,419

1,962

1,979

2,007

1,764

7,712

1,683

Total Operating Expenses

6,511

6,376

6,415 6,771

26,073

6,408

6,469

6,444

6,600

25,921

6,007

Operating Income (Loss)

$ (118)

$ (60)

$ (100) $ (287)

$ (565)

$ (192)

$ (267)

$ (215)

$ (82)

$ (756)

$ 312

Operating Income Margin -1.8% -0.9% -1.6% -4.4%

EBITDA1 $ 1,698 $ 1,777 $ 1,753 $ 1,626

-2.2%

$ 6,854

-3.1% -4.3% -3.5% -1.3%

$ 1,770 $ 1,712 $ 1,792 $ 1,682

28.5% 27.6% 28.8% 25.8%

-3.0%

$ 6,956

27.6%

4.9%

$ 1,995

31.6%

EBITDA Margin1 26.6% 28.1% 27.8% 25.1%

26.9%

See Notes to Financial and Operational Trends on page 16.

Legacy Segment4, 19

Statement of Segment Income

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Segment Operating Revenues

Business

$ 1,414

$ 1,390

$ 1,286

$ 1,215

$ 5,305

$ 1,206

$ 1,124

$ 1,031

$ 988

$ 4,349

$ 918

Consumer

1,420

1,333

1,291

1,219

5,263

1,162

1,078

982

901

4,123

850

Total Service Revenues

2,834

2,723

2,577

2,434

10,568

2,368

2,202

2,013

1,889

8,472

1,768

Equipment

Total Segment Operating Revenues

$ 2,834

$ 2,723

$ 2,577

$ 2,434

$ 10,568

$ 2,368

$ 2,202

$ 2,013

$ 1,889

$ 8,472

$ 1,768

Segment Operating Expenses

Business

Consumer

$ 719

1,011

$ 633

939

$ 616

878

$ 638

883

$ 2,606

3,711

$ 611

738

$ 581

662

$ 648

686

$ 594

613

$ 2,434

2,699

$ 585

571

Total operations and support

1,730

1,572

1,494

1,521

6,317

1,349

1,243

1,334

1,207

5,133

1,156

Depreciation and amortization

Total Segment Operating Expenses

1,730

1,572

1,494

1,521

6,317

1,349

1,243

1,334

1,207

5,133

1,156

Segment Operating Income

$ 1,104

$ 1,151

$ 1,083

$ 913

$ 4,251

$ 1,019

$ 959

$ 679

$ 682

$ 3,339

$ 612

Segment Operating Income Margin 39.0% 42.3% 42.0% 37.5%

EBITDA1 $ 1,104 $ 1,151 $ 1,083 $ 913

40.2%

$ 4,251

43.0% 43.6% 33.7% 36.1%

$ 1,019 $ 959 $ 679 $ 682

43.0% 43.6% 33.7% 36.1%

39.4%

$ 3,339

39.4%

34.6%

$ 612

34.6%

EBITDA Margin1 39.0% 42.3% 42.0% 37.5%

40.2%

Legacy Segment4

Operating Volumes19

Volumes in thousands; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Legacy Consumer Internet Connections

5,112

4,779

4,437

4,086

3,776

3,473

3,146

2,848

2,578

Customer Location Switched Access Lines

3,253

3,062

2,887

2,736

2,572

2,373

2,222

2,066

1,909

See Notes to Financial and Operational Trends on page 16.

Statement of Segment Income

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Segment Operating Revenues

Wireless service Wireless equipment

$ 690

373

$ 699

404

$ 645

377

$ 634

410

$ 2,668

1,564

$ 615

356

$ 662

392

$ 696

399

$ 742

517

$ 2,715

1,664

$ 753

420

Total Segment Operating Revenues

$ 1,063

$ 1,103

$ 1,022

$ 1,044

$ 4,232

$ 971

$ 1,054

$ 1,095

$ 1,259

$ 4,379

$ 1,173

Segment Operating Expenses

Operations and support

$ 883

$ 925

$ 854

$ 873

$ 3,535

$ 778

$ 853

$ 896

$ 1,036

$ 3,563

$ 953

Depreciation and amortization

177

172

158

150

657

150

155

177

189

671

200

Total Segment Operating Expenses

1,060

1,097

1,012

1,023

4,192

928

1,008

1,073

1,225

4,234

1,153

Segment Operating Income

$ 3

$ 6

$ 10

$ 21

$ 40

$ 43

$ 46

$ 22

$ 34

$ 145

$ 20

Segment Operating Income Margin 0.3% 0.5% 1.0% 2.0%

EBITDA1 $ 180 $ 178 $ 168 $ 171

0.9%

$ 697

4.4% 4.4% 2.0% 2.7%

$ 193 $ 201 $ 199 $ 223

19.9% 19.1% 18.2% 17.7%

3.3%

$ 816

18.6%

1.7%

$ 220

18.8%

EBITDA Margin1 16.9% 16.1% 16.4% 16.4%

16.5%

Latin America Segment

Operating Volumes and Statistics

Volumes in thousands; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Mexico Wireless Subscribers

22,459

22,636

22,911

23,576

23,608

23,843

24,149

24,680

24,103

Postpaid

5,352

5,494

5,633

5,837

5,997

6,180

6,423

6,751

7,088

Prepaid

16,742

16,809

16,996

17,486

17,376

17,440

17,508

17,730

16,835

Reseller

365

333

282

253

235

223

218

199

180

Mexico Wireless Net Adds 143 177 275 665

Mexico Wireless Churn8 5.78% 5.78% 5.74% 5.50%

1,260

5.70%

32 235 306 531

5.64% 5.68% 5.69% 5.80%

$ 6.95 $ 7.50 $ 7.78 $ 8.15

1,104

5.70%

$ 7.60

(577)

5.61%

$ 8.32

Mexico Wireless ARPU9 $ 8.11 $ 8.28 $ 7.54 $ 7.29

$ 7.80

See Notes to Financial and Operational Trends on page 16.

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Net pension and postretirement credit, excluding actuarial gain/(loss)

$ 598

$ 597

$ 598

$ 599

$ 2,392

$ 508

$ 509

$ 508

$ 2,033

$ 501

Expected return on assets

567

568

570

2,273

517

516

2,067

531

Interest cost on projected benefit obligations

(473)

(475)

(473)

(475)

(1,896)

(480)

(479)

(1,919)

(434)

Amortization of prior service credit

504

503

504

2,015

471

472

471

1,885

404

Actuarial gain/(loss)

(56)

(519)

Gain on sale of DIRECTV

5,479

101

5,580

Benefit-related gain (loss), impairments of investments and other

(254)

(10)

(156)

(64)

189

246

(28)

Interest income

212

128

166

404

112

Other gain/(loss) items

(22)

(16)

(29)

(1)

Other Income (Expense) - Net

$ 451

$ 682

$ 717

$ 569

$ 2,419

$ 455

$ 767

$ 6,254

$ 278

$ 7,754

$ 594

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Interest expense

$ 1,724

$ 1,699

$ 1,675

$ 1,661

$ 6,759

$ 1,658

$ 1,655

$ 1,700

$ 1,791

$ 6,804

$ 1,813

Interest during construction

103

361

221

112

Interest income

212

128

166

404

See Notes to Financial and Operational Trends on page 16.

Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26

Operating Revenues

Service

$ 15,994

$ 16,277

$ 16,539

$ 16,563

$ 65,373

$ 16,651

$ 16,853

$ 16,926

$ 16,954

$ 67,384

$ 16,941

Equipment

4,600

4,203

4,513

6,566

19,882

4,919

4,992

4,787

7,400

22,098

5,380

Total Operating Revenues

$ 20,594

$ 20,480

$ 21,052

$ 23,129

$ 85,255

$ 21,570

$ 21,845

$ 21,713

$ 24,354

$ 89,482

$ 22,321

Operating Expenses

Operations and support

$ 11,639

$ 11,285

$ 11,559

$ 14,241

$ 48,724

$ 12,304

$ 12,358

$ 12,011

$ 15,191

$ 51,864

$ 12,881

Depreciation and amortization

2,487

2,476

2,490

2,764

10,217

2,526

2,556

2,577

2,763

10,422

2,611

Total Operating Expenses

14,126

13,761

14,049

17,005

58,941

14,830

14,914

14,588

17,954

62,286

15,492

Operating Income

$ 6,468

$ 6,719

$ 7,003

$ 6,124

$ 26,314

$ 6,740

$ 6,931

$ 7,125

$ 6,400

$ 27,196

$ 6,829

Operating Income Margin

31.4%

32.8%

33.3%

26.5%

30.9%

31.2%

31.7%

32.8%

26.3%

30.4%

30.6%

EBITDA1

$ 8,955

$ 9,195

$ 9,493

$ 8,888

$ 36,531

$ 9,266

$ 9,487

$ 9,702

$ 9,163

$ 37,618

$ 9,440

EBITDA Margin1

43.5%

44.9%

45.1%

38.4%

42.8%

43.0%

43.4%

44.7%

37.6%

42.0%

42.3%

EBITDA Service Margin1

56.0%

56.5%

57.4%

53.7%

55.9%

55.6%

56.3%

57.3%

54.0%

55.8%

55.7%

See Notes to Financial and Operational Trends on page 16.

Notes to Financial and Operational Trends

AT&T Inc.

1 See Discussion and Reconciliation of Non-GAAP Measures included in Form 8-K dated April 22, 2026 and additional Non-GAAP Reconciliations on page 17.

2 On February 2, 2026, we completed the acquisition of substantially all of Lumen's Mass Markets fiber business. The acquisition included customer relationships, which are included with advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). AT&T plans 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, with the results of operations and direct cash flows excluded from the Company's continuing operations. The preliminary values of the assets acquired were assigned to both continuing operations ($1.7 billion) and discontinued operations ($4.1 billion). The discontinued operations were assigned a proportionate share of goodwill and acquisition costs and related cash flows.

3 Interest during construction is included in both Acquisitions and in Capital Expenditures (see Additional Cash Flow Information on page 4).

4 Effective with the first-quarter 2026 reporting, AT&T realigned its internal management and reporting structure to reflect the evolution of its business model to focus on delivering converged advanced connectivity services across 5G and fiber to consumer and business customers. The Company's new reportable segments are: (1) Advanced Connectivity, which represents results primarily from the Company's domestic 5G and fiber-based wireless, internet and other advanced connectivity services. Results for this segment are provided in aggregate with supplemental disclosures for performance of the Company's consumer and business relationships, (2) Legacy, which represents results primarily from the Company's domestic legacy voice and data services to consumer and business customers provided over its copper-based network, and (3) Latin America, which continues to represent results for the Company's wireless business in Mexico. In addition to these reportable segments, the Company also intends to provide financial results for its Mobility business as a supplemental disclosure for a transitional period. As a convenience to investors, the Company provided recast quarterly and annual results for 2023, 2024 and 2025 in a Form 8-K dated January 28, 2026. This update did not change the historical Latin America and Corporate and Other results. There is no impact to consolidated operating income and Adjusted EBITDA.

5 Reconciling items between Adjusted EBITDA and Free Cash Flow include: (a) Cash Paid for Interest = Cash paid for interest less interest capitalized for capital expenditures and spectrum acquisitions; (b) Cash paid for income taxes less cash taxes paid for DIRECTV; (c) Working Capital = "Changes in Operating Assets and Liabilities" for the five line items reported under this caption in the Consolidated Statements of Cash Flows; (d) Other includes, but not limited to, postretirement claims and contributions, and other changes in non-current assets and liabilities not included in Working Capital.

6 Corporate and Other includes parent support costs, securitization fees associated with sales of receivables ($0.1 billion revenue and $0.7 billion operations and support expenses in 2025), value portfolio, and significant items for which the segments are not being evaluated. Prior to 2026, corporate also included DTV-related retained costs.

7 Retail phone subscribers and phone net additions are comprised of postpaid and prepaid. Retail Other subscribers and net additions include other postpaid devices (e.g. tablets, wearables, other devices), and prepaid other.

8 Churn is 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.

9 For Advanced Connectivity and Latin America segments, ARPU is defined as subscriber revenues during the period divided by average subscribers during the period.

10 Postpaid upgrade rate is calculated as total postpaid device upgrades for the quarter divided by beginning of period postpaid subscribers.

11 FirstNet connections include voice and other connections on AT&T's nationwide communications platform dedicated to public safety. Connections are mostly included as retail postpaid phone and retail other subscribers and are comprised of postpaid phone and postpaid other devices (e.g., tablets, wearables). Additionally, FirstNet connections also include connected devices. FirstNet connections include both business and consumer relationships. Consumer FirstNet connection reflect those (1) first responder subscribers that are not agency paid, and (2) relationships that receive a discount based on their association to the first responder.

12 AT&T Fiber net additions for 1Q26 exclude 1.1 million connections from the recently acquired mass markets fiber business, which was reflected as a base adjustment in the quarter. AT&T Business Fiber connections and net additions include fiber broadband internet for businesses, and exclude dedicated and ethernet fiber. Business Fixed Wireless connections and net additions include AT&T Internet Air for Business and historical fixed wireless services and exclude integrated gateway wireless connections used for secondary or back-up connectivity.

13 Advanced home internet connections with AT&T wireless is defined as AT&T Fiber (see footnote 12 above) or AT&T Internet Air (AIA) connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. AT&T Fiber connections with AT&T wireless is defined as AT&T Fiber connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. We refer to these customers as Converged customers. Beginning in 1Q26, these convergence metrics include customers from the recently acquired mass markets fiber business. Convergence metrics for the most recent quarter are presented based on available information and are subject to revision.

14 Total Consumer and Business Locations Reached with fiber represents the sum of AT&T Owned and Operated plus AT&T Fiber Ventures. AT&T Owned and Operated Locations Reached refers to the total number of potential consumer and business customer locations, such as single-family homes, apartment and condominium units, and small and medium business and enterprise sites, that are passed by the fiber network. AT&T Owned and Operated reflects our owned facilities-based fiber customer locations and excludes fiber locations in the Forged Fiber subsidiary (see footnote 2 above). AT&T Fiber Ventures Locations Reached represents locations served by Forged Fiber, Gigapower, and other commercial open access providers. Fiber location metrics are presented based on available information and are subject to revision.

15 A Fiber Location Served is defined as (1) where fiber has been built to a specific customer location, (2) the customer can place an order for fiber, and (3) service can be provisioned. Consumer fiber penetration is calculated as AT&T Fiber connections (see footnote 12 above) divided by Consumer fiber locations served, which include locations served by Forged Fiber (see footnote 2 above), Gigapower, and other commercial open access providers. Fiber location metrics are presented based on available information and are subject to revision.

16 Consumer total service revenues are comprised of wireless service, advanced home internet, and other service. Wireless service revenue is comprised of revenues from postpaid and prepaid subscribers, wireless connected devices, wholesale, and other. Advanced home internet revenue is comprised of internet revenues from AT&T Fiber and AIA. Other service revenue is comprised of VoIP and other revenues.

17 Consumer Postpaid Wireless ARPA, average revenue per account, is defined as Consumer postpaid wireless subscriber revenues during the period divided by average consumer postpaid wireless accounts during the period. Average consumer postpaid wireless accounts are calculated based on the retail wireless postpaid accounts as of the end of each month during the measurement period. An account includes monthly retail wireless revenues for a variety of connected devices.

18 Business total service revenues are comprised of wireless service, fiber and advanced connectivity, and transitional and other. Wireless service revenue is comprised of postpaid, prepaid, wireless connected devices (IoT) and reseller. Fiber and advanced connectivity revenue are comprised of AT&T dedicated internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services. Transitional and other revenue is comprised of VPN, wholesale, outsourcing, and IP sales.

19 Legacy revenues are derived from copper-based services. Legacy operating expenses represent direct operating costs and exclude allocations of shared network, IT, and corporate costs and depreciation, which are reported in the Advanced Connectivity segment. Depreciation of the shared network, including copper-based assets prior to decommissioning, is managed in the Advanced Connectivity segment, consistent with the composite group depreciation methodology. Legacy Consumer Internet Connections include non-fiber and DSL connections. Customer Location Switched Access Lines include consumer and business.

20 Other Income (Expense) - Net includes certain items, which have been excluded from adjusted EPS. These adjustments are reflected in the following line items of the schedule: (1) Actuarial gain/(loss), (2) Gain on sale of DIRECTV, and (3) Benefit-related gain (loss), impairments of investments and other. See Adjusting Items in the Financial and Operational Schedules & Non-GAAP Reconciliations. Prior service credit amortization, a component of net pension and postretirement credit, amounted to $1.9 billion in 2025. Estimated pre-tax amortization of prior service credit for the next three years is: $1.6 billion for 2026, $0.7 billion for 2027, and less than $0.1 billion for 2028.

Dollars in millions; Unaudited

3/31/24

6/30/24

9/30/24

12/31/24

2024

3/31/25

6/30/25

9/30/25

12/31/25

2025

3/31/26

Advanced Connectivity - Consumer

Operating Income

Add: Depreciation and amortization

$ 5,759

2,914

$ 5,914

2,939

$ 6,173

2,960

$ 5,563

3,201

$ 23,409

12,014

$ 6,164

3,011

$ 6,373

3,056

$ 6,632

3,069

$ 6,175

3,111

$ 25,344

12,247

$ 6,541

3,022

EBITDA

$ 8,673

$ 8,853

$ 9,133

$ 8,764

$ 35,423

$ 9,175

$ 9,429

$ 9,701

$ 9,286

$ 37,591

$ 9,563

Total Operating Revenues

$ 19,630

$ 19,543

$ 20,182

$ 22,221

$ 81,576

$ 20,976

$ 21,295

$ 21,274

$ 23,714

$ 87,259

$ 22,152

EBITDA Margin

44.2%

45.3%

39.4%

43.4%

43.7%

44.3%

45.6%

39.2%

43.1%

43.2%

Operating Income (Loss)

Add: Depreciation and amortization

$ (118)

1,816

$ (60)

1,837

$ (100)

1,853

$ (287)

1,913

$ (565)

7,419

$ (192)

1,962

$ (267)

1,979

$ (215)

2,007

$ (82)

1,764

$ (756)

7,712

$ 312

1,683

EBITDA

$ 1,698

$ 1,777

$ 1,753

$ 1,626

$ 6,854

$ 1,770

$ 1,712

$ 1,792

$ 1,682

$ 6,956

$ 1,995

Total Operating Revenues

$ 6,393

$ 6,316

$ 6,315

$ 6,484

$ 25,508

$ 6,216

$ 6,202

$ 6,229

$ 6,518

$ 25,165

$ 6,319

EBITDA Margin

26.6%

28.1%

27.8%

25.1%

26.9%

28.5%

27.6%

28.8%

25.8%

27.6%

31.6%

Operating Income

Add: Depreciation and amortization

$ 6,468

2,487

$ 6,719

2,476

$ 7,003

2,490

$ 6,124

2,764

$ 26,314

10,217

$ 6,740

2,526

$ 6,931

2,556

$ 7,125

2,577

$ 6,400

2,763

$ 27,196

10,422

$ 6,829

2,611

EBITDA

$ 8,955

$ 9,195

$ 9,493

$ 8,888

$ 36,531

$ 9,266

$ 9,487

$ 9,702

$ 9,163

$ 37,618

$ 9,440

Total Operating Revenues $ 20,594 $ 20,480 $ 21,052 $ 23,129

Service Revenues 15,994 16,277 16,539 16,563

EBITDA Margin 43.5% 44.9% 45.1% 38.4%

$ 85,255

65,373

42.8%

$ 21,570 $ 21,845 $ 21,713 $ 24,354

16,651 16,853 16,926 16,954

43.0% 43.4% 44.7% 37.6%

55.6% 56.3% 57.3% 54.0%

$ 89,482

67,384

42.0%

55.8%

$ 22,321

16,941

42.3%

55.7%

EBITDA Service Margin 56.0% 56.5% 57.4% 53.7%

55.9%

Corporate and Other

Operating Income (Loss)

$ (901)

$ (1,251)

$ (5,050)

$ (884)

$ (8,086)

$ (1,280)

$ (610)

$ (999)

$ (1,021)

$ (3,910)

$ (827)

Add: Depreciation and amortization

140

124

116

110

490

256

Add: Transaction, legal and other costs

123

487

627

146

Add: Benefit-related (gain) loss

(39)

(10)

(73)

(67)

(70)

(62)

(26)

(152)

Add: Asset impairments and abandonments and restructuring

159

480

4,422

5,075

504

334

838

EBITDA

$ (609)

$ (622)

$ (551)

$ (683)

$ (2,465)

$ (624)

$ (570)

$ (510)

$ (637)

$ (2,341)

$ (595)

* Non-GAAP reconciliations are presented for supplemental disclosures for performance of the Company's consumer and business relationships within the Advanced Connectivity segment and supplemental Mobility results. At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin and EBITDA service margin is calculated as EBITDA divided by total operating revenues and service revenues, respectively. Corporate and Other EBITDA is calculated as operating income (loss) plus depreciation and amortization and excludes significant items for which the segments are not being evaluated.

See Notes to Financial and Operational Trends on page 16.

Disclaimer

AT&T Inc. published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 10:45 UTC.