Form 8-K

8-K — AT&T INC.

Accession: 0000732717-26-000203

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0000732717

SIC: 4813 (TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — t-20260422.htm (Primary)

EX-99.1 — EX-99.1 AT&T INC. PRESS RELEASE 1ST QUARTER 2026 (t-1q2026exhibit991.htm)

EX-99.2 — EX-99.2 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA (t-1q2026exhibit992.htm)

EX-99.3 — EX-99.3 DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURES (t-1q2026exhibit993.htm)

GRAPHIC (a1q2026_bannerxnrxstaticho.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — 8-K 2.02 AT&T 1ST QUARTER 2026 EARNINGS RELEASE

8-K (Primary)

Filename: t-20260422.htm · Sequence: 1

t-20260422

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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

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

208 S. Akard St., Dallas, Texas

(Address of Principal Executive Offices)

75202

(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

Symbol(s) Name of each exchange

on which registered

Common Shares (Par Value $1.00 Per Share) T New York Stock Exchange

NYSE Texas

Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A T PRA New York Stock Exchange

Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C T PRC New York Stock Exchange

Title of each class

Trading

Symbol(s)

Name of each exchange

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

99.1

Press release dated April 22, 2026 reporting financial results for the first quarter ended March 31, 2026.

99.2

AT&T Inc. selected financial statements and operating data.

99.3

Discussion and reconciliation of non-GAAP measures.

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

By: /s/ Sabrina Sanders .

Sabrina Sanders

Senior Vice President - Chief Accounting Officer

and Controller

EX-99.1 — EX-99.1 AT&T INC. PRESS RELEASE 1ST QUARTER 2026

EX-99.1

Filename: t-1q2026exhibit991.htm · Sequence: 2

Document

AT&T Reports Strong First-Quarter 2026 Financial Results

Results reflect consistent execution of the Company's investment-led

customer-centric strategy

The Company reiterates all full-year 2026 and multi-year financial guidance

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%1 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 AT&T Guarantee. 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

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

•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

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

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

•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

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

•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.

First-Quarter Highlights

•Advanced Connectivity service revenue of $22.9 billion, up 3.6% year over year

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

•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

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

◦512,000 consumer advanced home internet net adds, including 273,000 AT&T Fiber2 and 239,000 AT&T Internet Air

•294,000 postpaid phone net adds with postpaid phone churn of 0.89%

•Over 37 million total consumer and business locations reached with fiber3, 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

•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 expect4:

•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%+

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

•Adjusted EPS* of $2.25 to $2.35

•Capital investment* in the $23 billion to $24 billion range

•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

•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

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

•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.

•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.

•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.

•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.

•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.

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

•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.

•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.

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

•Total debt was $138.4 billion at the end of the first quarter, and net debt* was $126.4 billion.

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

Dollars in millions

First Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

28,471

27,192

4.7

Service

22,863

22,060

3.6

Wireless Service

16,941

16,651

1.7

Advanced Home Internet

2,799

2,198

27.3

Business Fiber and Advanced Connectivity

1,882

1,755

7.2

Business Transitional and Other

1,083

1,294

(16.3)

Other Service

158

162

(2.5)

Equipment

5,608

5,132

9.3

Operating Expenses

21,618

21,220

1.9

Operating Income

6,853

5,972

14.8

Operating Income Margin

24.1

22.0

210 BP

EBITDA*

11,558

10,945

5.6

EBITDA Margin*

40.6

40.3

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.

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

Dollars in millions

First Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

1,768

2,368

(25.3)

Operating Expenses

1,156

1,349

(14.3)

Operating Income

612

1,019

(39.9)

Operating Income Margin

34.6

43.0

(840)

EBITDA*

612

1,019

(39.9)

EBITDA Margin*

34.6

43.0

(840)

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

Dollars in millions

First Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

1,173

971

20.8

Service

753

615

22.4

Equipment

420

356

18.0

Operating Expenses

1,153

928

24.2

Operating Income

(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.

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

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.

Phone: (469) 203-2327

Email: ashley.hoptay@att.com

EX-99.2 — EX-99.2 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA

EX-99.2

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AT&T Inc.

Financial Data

Consolidated Statements of Income

Dollars in millions except per share amounts

Unaudited First Quarter Percent

2026 2025 Change

Operating Revenues

Service $ 25,478 $ 25,138 1.4 %

Equipment 6,028 5,488 9.8 %

Total Operating Revenues 31,506 30,626 2.9 %

Operating Expenses

Cost of revenues

Equipment 6,305 5,694 10.7 %

Other cost of revenues (exclusive of depreciation

and amortization shown separately below)

6,261 6,339 (1.2) %

Selling, general and administrative 7,316 7,145 2.4 %

Asset impairments and abandonments and restructuring — 504 — %

Depreciation and amortization 4,966 5,190 (4.3) %

Total Operating Expenses 24,848 24,872 (0.1) %

Operating Income 6,658 5,754 15.7 %

Interest Expense 1,813 1,658 9.3 %

Equity in Net Income (Loss) of Affiliates (41) 1,440 — %

Other Income (Expense) — Net 594 455 30.5 %

Income from Continuing Operations Before Income Taxes 5,398 5,991 (9.9) %

Income tax expense on continuing operations 1,179 1,299 (9.2) %

Income From Continuing Operations 4,219 4,692 (10.1) %

Loss from discontinued operations, net of tax (38) — — %

Net Income 4,181 4,692 (10.9) %

Net Income Attributable to Noncontrolling Interest (352) (341) (3.2) %

Net Income Attributable to AT&T $ 3,829 $ 4,351 (12.0) %

Preferred Stock Dividends and Redemption Gain (36) 44 — %

Net Income Attributable to Common Stock $ 3,793 $ 4,395 (13.7) %

Basic Earnings Per Share Attributable to

Common Stock

Income from continuing operations $ 0.54 $ 0.61 (11.5) %

Loss from discontinued operations $ — $ — — %

$ 0.54 $ 0.61 (11.5) %

Weighted Average Common Shares

Outstanding (000,000)

7,017 7,213 (2.7) %

Diluted Earnings Per Share Attributable to

Common Stock

Income from continuing operations $ 0.54 $ 0.61 (11.5) %

Loss from discontinued operations $ — $ — — %

$ 0.54 $ 0.61 (11.5) %

Weighted Average Common Shares

Outstanding with Dilution (000,000)

7,027 7,223 (2.7) %

AT&T Inc.

Financial Data

Consolidated Balance Sheets

Dollars in millions

Mar. 31, Dec. 31,

2026 2025

Assets (Unaudited)

Current Assets

Cash and cash equivalents $ 11,964 $ 18,234

Accounts receivable – net of related allowances for credit loss of $363 and $429 8,335 8,843

Inventories 2,451 2,420

Prepaid and other current assets 23,532 19,235

Total current assets 46,282 48,732

Property, Plant and Equipment – Net 133,124 131,559

Goodwill – Net 63,838 63,425

Licenses – Net 129,144 128,148

Other Intangible Assets – Net 6,135 5,254

Investments in and Advances to Equity Affiliates 1,108 1,106

Operating Lease Right-Of-Use Assets 22,756 22,642

Other Assets 18,801 19,332

Total Assets $ 421,188 $ 420,198

Liabilities and Stockholders’ Equity

Current Liabilities

Debt maturing within one year $ 6,818 $ 9,011

Accounts payable and accrued liabilities 37,304 38,514

Advanced billings and customer deposits 4,330 4,266

Dividends payable 1,969 1,989

Total current liabilities 50,421 53,780

Long-Term Debt 131,589 127,089

Deferred Credits and Other Noncurrent Liabilities

Noncurrent deferred tax liabilities 59,113 58,312

Postemployment benefit obligation 8,427 8,478

Operating lease liabilities 18,907 18,943

Other noncurrent liabilities 25,109 25,104

Total deferred credits and other noncurrent liabilities 111,556 110,837

Redeemable Noncontrolling Interest 2,003 2,001

Stockholders’ Equity

Preferred stock — —

Common stock 7,621 7,621

Additional paid-in capital 106,084 106,533

Retained earnings 17,620 15,768

Treasury stock (20,273) (18,529)

Accumulated other comprehensive income (loss) (1,392) (860)

Noncontrolling interest 15,959 15,958

Total stockholders’ equity 125,619 126,491

Total Liabilities and Stockholders’ Equity $ 421,188 $ 420,198

AT&T Inc.

Financial Data

Consolidated Statements of Cash Flows

Dollars in millions

Unaudited First Quarter

2026 2025

Operating Activities

Income from continuing operations $ 4,219 $ 4,692

Adjustments to reconcile income from continuing operations to net cash provided by

operating activities from continuing operations:

Depreciation and amortization 4,966 5,190

Provision for uncollectible accounts 560 516

Asset impairments and abandonments and restructuring — 504

Pension and postretirement benefit expense (credit) (396) (397)

Net (gain) loss on investments 28 81

Changes in operating assets and liabilities:

Receivables (119) 15

Equipment installment receivables and related sales 255 1,212

Contract asset and cost deferral (327) (147)

Inventories, prepaid and other current assets (173) (661)

Accounts payable and other accrued liabilities (2,770) (3,297)

Changes in income taxes 1,147 1,285

Postretirement claims and contributions (72) (68)

Other - net 277 124

Total adjustments 3,376 4,357

Net Cash Provided by Operating Activities from Continuing Operations 7,595 9,049

Investing Activities

Capital expenditures (4,877) (4,277)

Acquisitions, net of cash acquired (2,674) (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 (7,484) (4,958)

Financing Activities

Issuance of long-term debt 8,098 2,956

Repayment of long-term debt (5,247) (1,526)

Payment of vendor financing (212) (203)

Redemption of preferred stock — (2,075)

Purchase of treasury stock (2,475) (218)

Issuance of treasury stock 1 17

Issuance of preferred interests in subsidiary — 2,221

Dividends paid (1,997) (2,091)

Other - net (265) 366

Net Cash Used in Financing Activities from Continuing Operations (2,097) (553)

Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations (1,986) 3,538

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 $ (6,195) $ 3,538

Cash and cash equivalents and restricted cash beginning of year 18,527 3,406

Cash and Cash Equivalents and Restricted Cash End of Period $ 12,332 $ 6,944

AT&T Inc.

Consolidated Supplementary Data

Supplementary Financial Data

Dollars in millions except per share amounts

Unaudited First Quarter Percent

2026 2025 Change

Capital expenditures

Purchase of property and equipment $ 4,835 $ 4,240 14.0 %

Interest during construction 42 37 13.5 %

Total Capital Expenditures $ 4,877 $ 4,277 14.0 %

Acquisitions, net of cash acquired

Business acquisitions $ 1,656 $ — — %

Spectrum acquisitions 1,018 1 — %

Interest during construction - spectrum — 19 — %

Total Acquisitions $ 2,674 $ 20 — %

Cash paid for interest $ 1,936 $ 1,804 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 (000,000) 6,965 7,196 (3.2) %

Debt Ratio 52.0 % 50.9 % 110 BP

Total Employees 132,590 139,970 (5.3) %

ADVANCED CONNECTIVITY SEGMENT

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

Segment Results

Dollars in millions

Unaudited First Quarter Percent

2026 2025 Change

Operating Revenues

Wireless service

$ 16,941 $ 16,651 1.7 %

Advanced home internet

2,799 2,198 27.3 %

Business fiber and advanced connectivity

1,882 1,755 7.2 %

Business transitional and other

1,083 1,294 (16.3) %

Other service

158 162 (2.5) %

Total Service Revenues

22,863 22,060 3.6 %

Equipment 5,608 5,132 9.3 %

Total Segment Operating Revenues 28,471 27,192 4.7 %

Operating Expenses

Operations and support 16,913 16,247 4.1 %

Depreciation and amortization 4,705 4,973 (5.4) %

Total Segment Operating Expenses 21,618 21,220 1.9 %

Operating Income $ 6,853 $ 5,972 14.8 %

Operating Income Margin 24.1 % 22.0 % 210 BP

Supplementary Operating Data

Subscribers and connections in thousands

Unaudited March 31, Percent

2026 2025 Change

Retail Wireless Subscribers1

109,292 108,418 0.8 %

Phone

91,057 90,193 1.0 %

Postpaid phone

74,503 73,031 2.0 %

Prepaid phone

16,554 17,162 (3.5) %

Other

18,235 18,225 0.1 %

Retail Wireless Net Adds1, 2

158 256 (38.3) %

Phone 222 304 (27.0) %

Postpaid phone 294 324 (9.3) %

Prepaid phone (72) (20) — %

Other (64) (48) (33.3) %

Phone churn3

1.20 % 1.16 % 4 BP

Postpaid phone churn3

0.89 % 0.83 % 6 BP

Prepaid phone churn3

2.62 % 2.55 % 7 BP

1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.

2Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity.

3Calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period.

First Quarter Percent

2026 2025 Change

Internet Connections

14,833 11,443 29.6 %

Fiber

12,501 10,211 22.4 %

AT&T Fiber

11,800 9,592 23.0 %

AT&T Business Fiber1

701 619 13.2 %

Fixed Wireless

2,332 1,232 89.3 %

AT&T Internet Air (AIA)

1,736 803 — %

Business Fixed Wireless2

596 429 38.9 %

Internet Net Adds3

584 516 13.2 %

Fiber 292 283 3.2 %

AT&T Fiber

273 261 4.6 %

AT&T Business Fiber1

19 22 (13.6) %

Fixed Wireless 292 233 25.3 %

AT&T Internet Air (AIA) 239 181 32.0 %

Business Fixed Wireless2

53 52 1.9 %

1Includes fiber broadband internet for businesses and excludes dedicated and ethernet fiber.

2Includes AT&T Internet Air for Business and historical fixed wireless services. Excludes integrated gateway wireless connections used for secondary or back-up connectivity.

3Excludes acquisition-related activity and the impact of customer disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements in the first quarter of 2025.

LEGACY SEGMENT

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

Dollars in millions

Unaudited First Quarter Percent

2026 2025 Change

Segment Operating Revenues $ 1,768 $ 2,368 (25.3) %

Segment Operating Expenses

Operations and support 1,156 1,349 (14.3) %

Depreciation and amortization — — — %

Total Operating Expenses 1,156 1,349 (14.3) %

Operating Income $ 612 $ 1,019 (39.9) %

Operating Income Margin 34.6 % 43.0 % (840) BP

LATIN AMERICA SEGMENT

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

Segment Results

Dollars in millions

Unaudited First Quarter Percent

2026 2025 Change

Operating Revenues

Wireless service $ 753 $ 615 22.4 %

Wireless equipment 420 356 18.0 %

Total Segment Operating Revenues 1,173 971 20.8 %

Operating Expenses

Operations and support 953 778 22.5 %

Depreciation and amortization 200 150 33.3 %

Total Segment Operating Expenses 1,153 928 24.2 %

Operating Income $ 20 $ 43 (53.5) %

Operating Income Margin 1.7 % 4.4 % (270) BP

Supplementary Operating Data

Subscribers and connections in thousands

Unaudited March 31, Percent

2026 2025 Change

Mexico Wireless Subscribers

Postpaid 7,088 5,997 18.2 %

Prepaid 16,835 17,376 (3.1) %

Reseller 180 235 (23.4) %

Total Mexico Wireless Subscribers 24,103 23,608 2.1 %

First Quarter Percent

2026 2025 Change

Mexico Wireless Net Additions

Postpaid 337 160 — %

Prepaid (895) (110) — %

Reseller (19) (18) (5.6) %

Total Mexico Wireless Net Additions (577) 32 — %

SUPPLEMENTAL INFORMATION - ADVANCED CONNECTIVITY

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

Dollars in millions

Unaudited First Quarter Percent

2026 2025 Change

Operating Revenues

Wireless service

$ 14,584 $ 14,370 1.5 %

Advanced home internet

2,799 2,198 27.3 %

Other service

158 162 (2.5) %

Total Service Revenues

17,541 16,730 4.8 %

Equipment 4,611 4,246 8.6 %

Total Operating Revenues 22,152 20,976 5.6 %

Operating Expenses

Operations and support 12,589 11,801 6.7 %

Depreciation and amortization 3,022 3,011 0.4 %

Total Operating Expenses 15,611 14,812 5.4 %

Operating Income $ 6,541 $ 6,164 6.1 %

Operating Income Margin 29.5 % 29.4 % 10 BP

Business Results

Dollars in millions

Unaudited First Quarter Percent

2026 2025 Change

Operating Revenues

Wireless service

$ 2,357 $ 2,281 3.3 %

Fiber and advanced connectivity

1,882 1,755 7.2 %

Transitional and other service

1,083 1,294 (16.3) %

Total Service Revenues

5,322 5,330 (0.2) %

Equipment 997 886 12.5 %

Total Operating Revenues 6,319 6,216 1.7 %

Operating Expenses

Operations and support 4,324 4,446 (2.7) %

Depreciation and amortization 1,683 1,962 (14.2) %

Total Operating Expenses 6,007 6,408 (6.3) %

Operating Income (Loss) $ 312 $ (192) — %

Operating Income Margin 4.9 % (3.1) % 800 BP

SUPPLEMENTAL SEGMENT RECONCILIATION

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 $ 16,941 $ — $ 753 $ 17,694 $ — $ 17,694

Consumer

14,584

Business

2,357

Advanced home internet 2,799 — — 2,799 — 2,799

Business fiber and advanced connectivity 1,882 — — 1,882 — 1,882

Business transitional and other 1,083 — — 1,083 — 1,083

Other service 158 1,768 — 1,926 94 2,020

Total Service 22,863 1,768 753 25,384 94 25,478

Equipment 5,608 — 420 6,028 — 6,028

Operating Revenues 28,471 1,768 1,173 31,412 94 31,506

Operating Expenses

Operations and support expenses

16,913 1,156 953 19,022 714 19,736

Asset impairment and abandonment and restructuring — — — — — —

Transaction, legal and other costs — — — — 146 146

Depreciation and amortization 4,705 — 200 4,905 61 4,966

Operating Expenses 21,618 1,156 1,153 23,927 921 24,848

Operating Income (Loss) $ 6,853 $ 612 $ 20 $ 7,485 $ (827) $ 6,658

Total other income (expense) (1,260)

Income from continuing operations before income tax $ 5,398

March 31, 2025

Advanced Connectivity Legacy Latin America Total Segment Corporate & Other AT&T Inc.

Operating Revenues

Wireless service $ 16,651 $ — $ 615 $ 17,266 $ — $ 17,266

Consumer

14,370

Business

2,281

Advanced home internet 2,198 — — 2,198 — 2,198

Business fiber and advanced connectivity 1,755 — — 1,755 — 1,755

Business transitional and other 1,294 — — 1,294 — 1,294

Other service 162 2,368 — 2,530 95 2,625

Total Service 22,060 2,368 615 25,043 95 25,138

Equipment 5,132 — 356 5,488 — 5,488

Operating Revenues 27,192 2,368 971 30,531 95 30,626

Operating Expenses

Operations and support expenses

16,247 1,349 778 18,374 725 19,099

Asset impairment and abandonment and restructuring — — — — 504 504

Transaction, legal and other costs — — — — 79 79

Depreciation and amortization 4,973 — 150 5,123 67 5,190

Operating Expenses 21,220 1,349 928 23,497 1,375 24,872

Operating Income (Loss) $ 5,972 $ 1,019 $ 43 $ 7,034 $ (1,280) $ 5,754

Total other income (expense) 237

Income from continuing operations before income tax $ 5,991

EX-99.3 — EX-99.3 DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURES

EX-99.3

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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.

Free Cash Flow

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

Dollars in millions

First Quarter

2026 2025

Net Cash Provided by Operating Activities from Continuing Operations

$ 7,595 $ 9,049

Less: Distributions from DIRECTV classified as operating activities — (1,423)

Less: Capital expenditures (4,877) (4,277)

Less: Payment of vendor financing (212) (203)

Free Cash Flow 2,506 3,146

Less: Dividends paid (1,997) (2,091)

Free Cash Flow after Dividends $ 509 $ 1,055

Free Cash Flow Dividend Payout Ratio 79.7 % 66.5 %

Cash Paid for Capital Investment

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

Dollars in millions

First Quarter

2026 2025

Capital expenditures

$ (4,877) $ (4,277)

Payment of vendor financing

(212) (203)

Cash paid for Capital Investment $ (5,089) $ (4,480)

EBITDA

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

Dollars in millions

First Quarter

2026 2025

Income from Continuing Operations

$ 4,219 $ 4,692

Additions:

Income Tax Expense 1,179 1,299

Interest Expense 1,813 1,658

Equity in Net (Income) Loss of Affiliates 41 (1,440)

Other (Income) Expense - Net (594) (455)

Depreciation and amortization 4,966 5,190

EBITDA 11,624 10,944

Transaction, legal and other costs

146 79

Benefit-related (gain) loss 25 6

Asset impairments and abandonments and restructuring — 504

Adjusted EBITDA1

$ 11,795 $ 11,533

1See "Adjusting Items" section for additional discussion and reconciliation of adjusted items.

Segment EBITDA and EBITDA Margin

Dollars in millions

First Quarter

2026 2025

Advanced Connectivity Segment

Operating Income $ 6,853 $ 5,972

Add: Depreciation and amortization 4,705 4,973

EBITDA $ 11,558 $ 10,945

Total Operating Revenues $ 28,471 $ 27,192

Operating Income Margin 24.1 % 22.0 %

EBITDA Margin 40.6 % 40.3 %

Legacy Segment

Operating Income $ 612 $ 1,019

Add: Depreciation and amortization — —

EBITDA $ 612 $ 1,019

Total Operating Revenues $ 1,768 $ 2,368

Operating Income Margin 34.6 % 43.0 %

EBITDA Margin 34.6 % 43.0 %

Latin America Segment

Operating Income

$ 20 $ 43

Add: Depreciation and amortization 200 150

EBITDA $ 220 $ 193

Total Operating Revenues $ 1,173 $ 971

Operating Income Margin 1.7 % 4.4 %

EBITDA Margin 18.8 % 19.9 %

Adjusting Items

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

Dollars in millions

First Quarter

2026 2025

Operating Expenses

Transaction, legal and other costs1

$ 146 $ 79

Benefit-related (gain) loss 25 6

Asset impairments and abandonments and restructuring

— 504

Adjustments to Operations and Support Expenses 171 589

Amortization of intangible assets 57 9

Adjustments to Operating Expenses 228 598

Other

Equity in net income of DIRECTV

— (1,423)

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

28 64

Adjustments to Income from Continuing Operations Before Income Taxes

256 (761)

Tax impact of adjustments 59 (165)

Adjustments to Income From Continuing Operations

$ 197 $ (596)

Preferred stock redemption gain

— (90)

Adjustments to Income From Continuing Operations Attributable to Common Stock

$ 197 $ (686)

1Includes 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.

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.

Adjusted Operating Income, Adjusted Operating Income Margin,

Adjusted EBITDA and Adjusted EBITDA Margin

Dollars in millions

First Quarter

2026 2025

Operating Income $ 6,658 $ 5,754

Adjustments to Operating Expenses 228 598

Adjusted Operating Income $ 6,886 $ 6,352

EBITDA $ 11,624 $ 10,944

Adjustments to Operations and Support Expenses 171 589

Adjusted EBITDA $ 11,795 $ 11,533

Total Operating Revenues $ 31,506 $ 30,626

Operating Income Margin 21.1 % 18.8 %

Adjusted Operating Income Margin 21.9 % 20.7 %

Adjusted EBITDA Margin 37.4 % 37.7 %

Adjusted Diluted EPS

First Quarter

2026 2025

Diluted Earnings Per Share (EPS) From Continuing Operations

$ 0.54 $ 0.61

Equity in net income of DIRECTV — (0.15)

Restructuring and impairments — 0.05

Benefit-related, transaction, legal and other items

0.03 —

Adjusted EPS $ 0.57 $ 0.51

Year-over-year growth - Adjusted 11.8 %

Weighted Average Common Shares Outstanding with

Dilution (000,000)

7,027 7,223

Net Debt to Adjusted EBITDA

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.

Net Debt to Adjusted EBITDA - 2026

Dollars in millions

Three Months Ended

June 30, Sept. 30, Dec. 31, March 31,

Four

Quarters

20251

2026

Adjusted EBITDA $ 11,731 $ 11,861 $ 11,236 $ 11,795 $ 46,623

End-of-period current debt 6,818

End-of-period long-term debt 131,589

Total End-of-Period Debt 138,407

Less: Cash and Cash Equivalents 11,964

Net Debt Balance 126,443

Annualized Net Debt to Adjusted EBITDA Ratio 2.71

1As reported in AT&T's Form 8-K filed January 28, 2026.

Net Debt to Adjusted EBITDA - 2025

Dollars in millions

Three Months Ended

June 30, Sept. 30, Dec. 31, March 31,

Four

Quarters

20241

20251

Adjusted EBITDA $ 11,337 $ 11,586 $ 10,791 $ 11,533 $ 45,247

End-of-period current debt 8,902

End-of-period long-term debt 117,259

Total End-of-Period Debt 126,161

Less: Cash and Cash Equivalents 6,885

Less: Time Deposits 150

Net Debt Balance 119,126

Annualized Net Debt to Adjusted EBITDA Ratio 2.63

1As reported in AT&T's Form 8-K filed January 28, 2026.

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v3.26.1

Cover

Apr. 22, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 22, 2026

Entity Registrant Name

AT&T INC.

Entity Incorporation, State or Country Code

Entity File Number

001-08610

Entity Tax Identification Number

43-1301883

Entity Address, Address Line One

208 S. Akard St.

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Dallas

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75202

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210

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821-4105

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Common Shares (Par Value $1.00 Per Share)

Entity Information [Line Items]

Title of 12(b) Security

Common Shares (Par Value $1.00 Per Share)

Trading Symbol

Security Exchange Name

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A

Entity Information [Line Items]

Title of 12(b) Security

Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A

Trading Symbol

T PRA

Security Exchange Name

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C

Entity Information [Line Items]

Title of 12(b) Security

Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C

Trading Symbol

T PRC

Security Exchange Name

NYSE

AT&T Inc. 0.250% Global Notes due March 4, 2026

Entity Information [Line Items]

Title of 12(b) Security

AT&T Inc. 0.250% Global Notes due March 4, 2026

Trading Symbol

T 26E

Security Exchange Name

NYSE

AT&T Inc. 1.800% Global Notes due September 5, 2026

Entity Information [Line Items]

Title of 12(b) Security

AT&T Inc. 1.800% Global Notes due September 5, 2026

Trading Symbol

T 26D

Security Exchange Name

NYSE

AT&T Inc. 2.900% Global Notes due December 4, 2026

Entity Information [Line Items]

Title of 12(b) Security

AT&T Inc. 2.900% Global Notes due December 4, 2026

Trading Symbol

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Security Exchange Name

NYSE

AT&T Inc. Floating Rate Global Notes due September 16, 2027

Entity Information [Line Items]

Title of 12(b) Security

AT&T Inc. Floating Rate Global Notes due September 16, 2027

Trading Symbol

T 27C

Security Exchange Name

NYSE

AT&T Inc. 1.600% Global Notes due May 19, 2028

Entity Information [Line Items]

Title of 12(b) Security

AT&T Inc. 1.600% Global Notes due May 19, 2028

Trading Symbol

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Security Exchange Name

NYSE

AT&T Inc. 2.350% Global Notes due September 5, 2029

Entity Information [Line Items]

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AT&T Inc. 2.350% Global Notes due September 5, 2029

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NYSE

AT&T Inc. 4.375% Global Notes due September 14, 2029

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AT&T Inc. 4.375% Global Notes due September 14, 2029

Trading Symbol

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Security Exchange Name

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AT&T Inc. 2.600% Global Notes due December 17, 2029

Entity Information [Line Items]

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Trading Symbol

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Security Exchange Name

NYSE

AT&T Inc. 0.800% Global Notes due March 4, 2030

Entity Information [Line Items]

Title of 12(b) Security

AT&T Inc. 0.800% Global Notes due March 4, 2030

Trading Symbol

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Security Exchange Name

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AT&T Inc. 3.150% Global Notes due June 1, 2030

Entity Information [Line Items]

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Trading Symbol

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Security Exchange Name

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AT&T Inc. 3.950% Global Notes due April 30, 2031

Entity Information [Line Items]

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Trading Symbol

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Security Exchange Name

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AT&T Inc. 2.050% Global Notes due May 19, 2032

Entity Information [Line Items]

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AT&T Inc. 2.050% Global Notes due May 19, 2032

Trading Symbol

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Security Exchange Name

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AT&T Inc. 3.550% Global Notes due December 17, 2032

Entity Information [Line Items]

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AT&T Inc. 3.550% Global Notes due December 17, 2032

Trading Symbol

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Security Exchange Name

NYSE

AT&T Inc. 3.600% Global Notes due June 1, 2033

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AT&T Inc. 5.200% Global Notes due November 18, 2033

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Security Exchange Name

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AT&T Inc. 2.450% Global Notes due March 15, 2035

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Security Exchange Name

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AT&T Inc. 3.150% Global Notes due September 4, 2036

Entity Information [Line Items]

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AT&T Inc. 1.800% Global Notes due September 14, 2039

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AT&T Inc. 7.000% Global Notes due April 30, 2040

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