Form 8-K

8-K — AT&T INC.

Accession: 0000732717-26-000294

Filed: 2026-07-22

Period: 2026-07-22

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-20260722.htm (Primary)

EX-99.1 — EX-99.1 AT&T INC. PRESS RELEASE 2ND QUARTER 2026 (t-2q2026exhibit991.htm)

EX-99.2 — EX-99.2 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA (t-2q2026exhibit992.htm)

EX-99.3 — EX-99.3 DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURES (t-2q2026exhibit993.htm)

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8-K — 8-K 2.01 AT&T 2ND QUARTER 2026 EARNINGS RELEASE

8-K (Primary)

Filename: t-20260722.htm · Sequence: 1

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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) July 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. 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 July 22, 2026, its results of operations for the second 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 July 22, 2026 reporting financial results for the second quarter ended June 30, 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: July 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 2ND QUARTER 2026

EX-99.1

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

Document

AT&T Delivers Strong Second-Quarter Results as Investment-Led Strategy Gains Momentum

AT&T adds more than 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers

The Company reiterates all consolidated full-year 2026 and multi-year financial guidance and multi-year capital return plans, with accelerated pace of share repurchases in 2026

DALLAS, July 22, 2026 — AT&T Inc. (NYSE: T) reported strong second-quarter results, driven by consistent execution of the Company’s investment-led strategy, demonstrating improved growth in consolidated service revenue and profitability. The Company continues to grow its base of high-value converged customers as it delivered a record quarter for combined fiber and fixed wireless net adds and its strongest consumer postpaid wireless account growth in more than three years.

"The accelerated growth we delivered this quarter shows our structural advantages to lead the next era of connectivity," said John Stankey, AT&T Chairman and CEO. "We are accelerating the pace of our planned share repurchases this year to approximately $10 billion, reflecting our confidence in our market position. With an industry-leading position in fiber – the best connectivity technology available – we believe our network performance and operating scale can't be matched."

Second-Quarter Consolidated Results1

•Revenues totaled $31.6 billion, up 2.3% from the year-ago quarter

•Diluted EPS from continuing operations was $0.66, versus $0.62 in the year-ago quarter; adjusted EPS* was $0.65, versus $0.54 in the year-ago quarter

•Operating income was $7.0 billion; adjusted operating income* was $7.5 billion

•Income from continuing operations was $5.0 billion, up 3.6% year over year; adjusted EBITDA* was $12.3 billion, up 5.2% year over year

•Cash from operating activities from continuing operations was $10.8 billion, versus $9.8 billion in the year-ago quarter

•Capital expenditures related to continuing operations were $5.7 billion; capital investment* was $6.1 billion

•Free cash flow* was $4.7 billion, versus $4.4 billion in the year-ago quarter

* 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.

Second-Quarter Highlights

•Added over 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers

•Advanced Connectivity service revenue of $23.5 billion, up 5.1% year over year

•Advanced Connectivity operating income of $7.3 billion, up 20.3% year over year with EBITDA* of $12.0 billion, up 8.0%

•42.5% of households with AT&T's advanced home internet services also chose AT&T wireless2

•646,000 total consumer and business Advanced Connectivity internet net adds, including 367,000 fiber and 279,000 fixed wireless

•432,000 postpaid phone net adds with postpaid phone churn of 0.86%

•Added more than 1 million total consumer and business locations reached with fiber for a total of 38.6 million; 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 20303

•Returned $4.1 billion to shareholders, including approximately $2.2 billion in common share repurchases under the 2024 authorization

Outlook and Capital Allocation Plan

AT&T maintains its 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.

The Company’s long-term outlook for 2026-2028 includes4:

•Service revenue growth in the low-single-digit range annually

◦Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026

◦Legacy service revenue decline of 20%+ in 2026 and be immaterial by the end of 2029

•Adjusted EBITDA* growth in the 3% to 4% range in 2026, improving to 5% or better in 2028

◦Advanced Connectivity EBITDA* growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026

◦Legacy EBITDA* expected to turn negative after 2027, until AT&T has substantially eliminated direct costs associated with operating its copper-based network5

•Adjusted EPS* of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028

•Capital investment* in the $23 billion to $24 billion range annually during 2026-2028

•Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028

•Strong capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and approximately $24 billion of share repurchases, including approximately $10 billion during 2026

Note: AT&T’s second-quarter 2026 earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, July 22, 2026. The webcast and related materials, including financial highlights, will be available at investors.att.com.

Consolidated Financial Results

•Revenues for the second quarter totaled $31.6 billion, versus $30.8 billion in the year-ago quarter, up 2.3%. This was largely due to growth in Advanced Connectivity fiber and wireless revenues, with fiber revenues including the impact of our first-quarter acquisition of Lumen’s mass markets fiber business. Revenues in Mexico were also higher due to favorable foreign exchange impacts. 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 $24.5 billion, versus $24.3 billion in the year-ago quarter. Operating expenses increased due to an asset abandonment charge associated with the reprioritization of the Company’s spectrum strategy, higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth. These increases were largely offset by lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also offsetting the increase were cost reductions from transformation initiatives, lower content licensing fees, and gains on tower transactions.

•Operating income was $7.0 billion, versus $6.5 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income* was $7.5 billion, versus $6.5 billion in the year-ago quarter.

•Income from continuing operations was $5.0 billion, versus $4.9 billion in the year-ago quarter, which included equity in net income of DIRECTV.

•Income from continuing operations attributable to common stock was $4.6 billion, versus $4.5 billion in the year-ago quarter. Earnings per diluted common share from continuing operations was $0.66, versus $0.62 in the year-ago quarter. Adjusting for $(0.01), which includes a benefit from tax items that were primarily offset by an asset abandonment charge, and transaction, legal, and other items, adjusted earnings per diluted common share* was $0.65, versus $0.54 in the year-ago quarter.

•Adjusted EBITDA* was $12.3 billion, versus $11.7 billion in the year-ago quarter.

•Cash from operating activities from continuing operations was $10.8 billion, versus $9.8 billion in the year-ago quarter, which benefitted from $0.3 billion of cash received from DIRECTV, net of related tax payments. The increase reflects lower cash tax payments and timing of working capital payments, which were partially offset by a voluntary pension plan contribution of $100 million.

•Capital expenditures related to continuing operations were $5.7 billion, compared to $4.9 billion in the year-ago quarter. Capital investment* totaled $6.1 billion, versus $5.1 billion in the year-ago

quarter. Cash payments for vendor financing totaled $0.4 billion, versus $0.2 billion in the year-ago quarter.

•Free cash flow* was $4.7 billion, versus $4.4 billion in the year-ago quarter.

•Total debt was $144.0 billion at the end of the second quarter, and net debt* was $126.4 billion.

Segment Results6

Advanced Connectivity service revenues grew 5.1% year over year, driving growth in operating income of 20.3% and EBITDA* of 8.0%. Internet net adds were 646,000 — comprised of 367,000 fiber and 279,000 fixed wireless — and postpaid phone net adds were 432,000.

Advanced Connectivity

Dollars in millions

Second Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

28,615

27,497

4.1

Service

23,478

22,334

5.1

Wireless Service

17,413

16,853

3.3

Advanced Home Internet

2,926

2,299

27.3

Business Fiber and Advanced Connectivity

1,946

1,769

10.0

Business Transitional and Other

1,042

1,249

(16.6)

Other Service

151

164

(7.9)

Equipment

5,137

5,163

(0.5)

Operating Expenses

21,270

21,391

(0.6)

Operating Income

7,345

6,106

20.3

Operating Income Margin

25.7

22.2

350 BP

EBITDA*

12,032

11,141

8.0

EBITDA Margin*

42.0

40.5

150

Advanced Connectivity segment revenues grew 4.1% year over year, driven by service revenue growth of 5.1%. Wireless service revenue increased due to growth in retail wireless subscribers in underpenetrated categories and converged accounts, and pricing actions that were partially offset by promotional discounts on wireless subscriber additions. Advanced home internet revenue growth, which included an impact from the acquired mass markets fiber business that closed in the first quarter, 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 down 0.6% year over year, 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 cost reductions from transformation initiatives, lower content licensing fees, and tower transaction gains. These decreases were partially offset by higher advertising expense,

incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth.

Operating income was $7.3 billion, up 20.3% year over year. EBITDA* was $12.0 billion, up $891 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

Second Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

1,632

2,202

(25.9)

Operating Expenses

1,109

1,243

(10.8)

Operating Income

523

959

(45.5)

Operating Income Margin

32.0

43.6

(1,160)

EBITDA*

523

959

(45.5)

EBITDA Margin*

32.0

43.6

(1,160)

Legacy segment revenues were down 25.9% 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 $1.1 billion, down 10.8% 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, partially offset by vendor settlements. Operating income and EBITDA* were $523 million, down $436 million year over year.

Latin America

Dollars in millions

Second Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

1,224

1,054

16.1

Service

780

662

17.8

Equipment

444

392

13.3

Operating Expenses

1,186

1,008

17.7

Operating Income

(17.4)

EBITDA*

227

201

12.9

Latin America segment revenues were up 16.1% year over year, primarily driven by favorable foreign exchange rates and postpaid wireless subscriber growth. Operating expenses were up 17.7% year over year due to unfavorable foreign exchange rates, higher bad debt expense, and higher depreciation expense. Operating income was $38 million, down $8 million year over year. EBITDA* was $227 million, up $26 million year over year.

1 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 year-to-date results, unless otherwise indicated. The recently 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.

2 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. This 2Q26 convergence metric is presented based on available information and is subject to revision.

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) AT&T Fiber Ventures locations, which represent locations served from the recently acquired mass markets fiber business, Gigapower, and other commercial open access providers.

4 The Company's long-term outlook for 2026-2028 is presented on a continuing operations basis and excludes discontinued operations.

5 The strategy to remove legacy fixed costs across a geography is tied to the decommissioning of infrastructure after all customers have been upgraded to newer services. Gaining approvals could delay this decommissioning beyond 2029.

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

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 July 22, 2026. Adjusted diluted EPS, adjusted operating income, EBITDA, EBITDA margin, 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 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 2Q26, adjusted EPS of $0.65 is diluted EPS from continuing operations of $0.66 adjusted to remove $0.05 benefit from tax items and adjusted for a $0.03 asset abandonment charge, and $0.01 for benefit-related, transaction, legal and other items. For 2Q25, adjusted EPS of $0.54 is diluted EPS of $0.62 minus $0.05 equity in net income of DIRECTV and minus $0.03 benefit-related, transaction, legal and other items. 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.

The Company expects adjustments to 2026 reported diluted EPS from continuing operations to include acquisition-related amortization of approximately $0.3 billion (based on preliminary information), 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 a reconciliation between this projected non-GAAP metric and the most comparable GAAP metric 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 2Q26, adjusted operating income of $7.5 billion is calculated as operating income of $7.0 billion, plus adjustments of $418 million. For 2Q25, adjusted operating income of $6.5 billion is calculated as operating income of $6.5 billion minus adjustments of $12 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 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 2Q26, adjusted EBITDA of $12.3 billion is calculated as income from continuing operations of $5.0 billion, plus income tax expense of $0.8 billion, plus interest expense of $1.9 billion, plus equity in net income (loss) of affiliates of $(29) million, minus other income (expense) – net of $0.7 billion, plus depreciation and amortization of $5.0 billion, plus adjustments of $334 million. For 2Q25, adjusted EBITDA of $11.7 billion is calculated as income from continuing operations of $4.9 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) – net of $0.8 billion, plus depreciation and amortization of $5.3 billion, minus adjustments of $21 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026.

At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. For 2Q26, Advanced Connectivity EBITDA of $12.0 billion is operating income of $7.3 billion plus depreciation and amortization of $4.7 billion. For 2Q25, Advanced Connectivity EBITDA of $11.1 billion is operating income of $6.1 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 2Q26 of $4.7 billion is cash from operating activities from continuing operations of $10.8 billion, minus capital expenditures of $5.7 billion and cash paid for vendor financing of $0.4 billion. For 2Q25, free cash flow of $4.4 billion is cash from operating activities of $9.8 billion, less cash distributions from DIRECTV classified as operating activities of $0.5 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. 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 a reconciliation 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 ($0.4 billion in 2Q26, $0.2 billion in 2Q25). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing

payments, the Company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metric without unreasonable effort.

Net debt of $126.4 billion at June 30, 2026, is calculated as total debt of $144.0 billion less cash and cash equivalents of $17.6 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:

Brennan Edwards

AT&T Inc.

Phone: (972) 209-2753

Email: brennan.edwards@att.com

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

EX-99.2

Filename: t-2q2026exhibit992.htm · Sequence: 3

Document

AT&T Inc.

Financial Data

Consolidated Statements of Income

Dollars in millions except per share amounts

Unaudited Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Operating Revenues

Service $ 25,977 $ 25,292 2.7 % $ 51,455 $ 50,430 2.0 %

Equipment 5,581 5,555 0.5 % 11,609 11,043 5.1 %

Total Operating Revenues 31,558 30,847 2.3 % 63,064 61,473 2.6 %

Operating Expenses

Cost of revenues

Equipment 5,741 5,738 0.1 % 12,046 11,432 5.4 %

Other cost of revenues (exclusive of depreciation

and amortization shown separately below)

6,306 6,412 (1.7) % 12,567 12,751 (1.4) %

Selling, general and administrative 7,221 6,945 4.0 % 14,537 14,090 3.2 %

Asset impairments and abandonments and restructuring 286 — — % 286 504 (43.3) %

Depreciation and amortization 4,966 5,251 (5.4) % 9,932 10,441 (4.9) %

Total Operating Expenses 24,520 24,346 0.7 % 49,368 49,218 0.3 %

Operating Income 7,038 6,501 8.3 % 13,696 12,255 11.8 %

Interest Expense 1,883 1,655 13.8 % 3,696 3,313 11.6 %

Equity in Net Income (Loss) of Affiliates (29) 485 — % (70) 1,925 — %

Other Income (Expense) — Net 696 767 (9.3) % 1,290 1,222 5.6 %

Income from Continuing Operations Before

Income Taxes 5,822 6,098 (4.5) % 11,220 12,089 (7.2) %

Income tax expense on continuing operations 784 1,237 (36.6) % 1,963 2,536 (22.6) %

Income From Continuing Operations 5,038 4,861 3.6 % 9,257 9,553 (3.1) %

Loss from discontinued operations, net of tax (28) — — % (66) — — %

Net Income 5,010 4,861 3.1 % 9,191 9,553 (3.8) %

Net Income Attributable to Noncontrolling Interest (383) (361) (6.1) % (735) (702) (4.7) %

Net Income Attributable to AT&T $ 4,627 $ 4,500 2.8 % $ 8,456 $ 8,851 (4.5) %

Preferred Stock Dividends and Redemption Gain (36) (36) — % (72) 8 — %

Net Income Attributable to Common Stock $ 4,591 $ 4,464 2.8 % $ 8,384 $ 8,859 (5.4) %

Basic Earnings Per Share Attributable to

Common Stock

Income from continuing operations $ 0.66 $ 0.62 6.5 % $ 1.21 $ 1.22 (0.8) %

Loss from discontinued operations — — — % (0.01) — — %

$ 0.66 $ 0.62 6.5 % $ 1.20 $ 1.22 (1.6) %

Weighted Average Common Shares

Outstanding (000,000)

6,938 7,209 (3.8) % 6,977 7,211 (3.2) %

Diluted Earnings Per Share Attributable to

Common Stock

Income from continuing operations $ 0.66 $ 0.62 6.5 % $ 1.21 $ 1.22 (0.8) %

Loss from discontinued operations — — — % (0.01) — — %

$ 0.66 $ 0.62 6.5 % $ 1.20 $ 1.22 (1.6) %

Weighted Average Common Shares

Outstanding with Dilution (000,000)

6,946 7,219 (3.8) % 6,987 7,221 (3.2) %

AT&T Inc.

Financial Data

Consolidated Balance Sheets

Dollars in millions

Jun. 30, Dec. 31,

2026 2025

Assets (Unaudited)

Current Assets

Cash and cash equivalents $ 17,570 $ 18,234

Accounts receivable – net of related allowances for credit loss of $372 and $429 8,521 8,843

Inventories 2,368 2,420

Prepaid and other current assets 23,375 19,235

Total current assets 51,834 48,732

Property, Plant and Equipment – Net 134,215 131,559

Goodwill – Net 63,865 63,425

Licenses – Net 129,123 128,148

Other Intangible Assets – Net 6,063 5,254

Investments in and Advances to Equity Affiliates 1,130 1,106

Operating Lease Right-Of-Use Assets 22,781 22,642

Other Assets 19,348 19,332

Total Assets $ 428,359 $ 420,198

Liabilities and Stockholders’ Equity

Current Liabilities

Debt maturing within one year $ 9,323 $ 9,011

Accounts payable and accrued liabilities 38,049 38,514

Advanced billings and customer deposits 4,065 4,266

Dividends payable 1,945 1,989

Total current liabilities 53,382 53,780

Long-Term Debt 134,631 127,089

Deferred Credits and Other Noncurrent Liabilities

Noncurrent deferred tax liabilities 60,401 58,312

Postemployment benefit obligation 8,267 8,478

Operating lease liabilities 18,934 18,943

Other noncurrent liabilities 24,305 25,104

Total deferred credits and other noncurrent liabilities 111,907 110,837

Redeemable Noncontrolling Interest 2,005 2,001

Stockholders’ Equity

Preferred stock — —

Common stock 7,621 7,621

Additional paid-in capital 106,161 106,533

Retained earnings 20,293 15,768

Treasury stock (22,446) (18,529)

Accumulated other comprehensive income (loss) (1,185) (860)

Noncontrolling interest 15,990 15,958

Total stockholders’ equity 126,434 126,491

Total Liabilities and Stockholders’ Equity $ 428,359 $ 420,198

AT&T Inc.

Financial Data

Consolidated Statements of Cash Flows

Dollars in millions

Unaudited Six-Month Period

2026 2025

Operating Activities

Income from continuing operations $ 9,257 $ 9,553

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

operating activities from continuing operations:

Depreciation and amortization 9,932 10,441

Provision for uncollectible accounts 1,149 1,037

Asset impairments and abandonments and restructuring 286 504

Pension and postretirement benefit expense (credit) (791) (794)

Net (gain) loss on investments (170) (31)

Changes in operating assets and liabilities:

Receivables (418) (247)

Equipment installment receivables and related sales (176) 1,115

Contract asset and cost deferral (464) (299)

Inventories, prepaid and other current assets 320 (317)

Accounts payable and other accrued liabilities (2,565) (4,440)

Changes in income taxes 1,829 1,663

Postretirement claims and contributions (264) (103)

Other - net 471 730

Total adjustments 9,139 9,259

Net Cash Provided by Operating Activities from Continuing Operations 18,396 18,812

Investing Activities

Capital expenditures (10,577) (9,174)

Acquisitions, net of cash acquired (2,725) (48)

Dispositions 747 40

(Purchases), sales and settlements of securities - net (24) (1,084)

Other - net (654) (778)

Net Cash Used in Investing Activities from Continuing Operations (13,233) (11,044)

Financing Activities

Issuance of long-term debt 14,037 6,429

Repayment of long-term debt (5,398) (1,620)

Payment of vendor financing (643) (423)

Redemption of preferred stock — (2,075)

Purchase of treasury stock (4,669) (1,179)

Issuance of treasury stock 1 17

Issuance of preferred interests in subsidiary — 2,221

Dividends paid (3,973) (4,135)

Other - net (772) 167

Net Cash Used in Financing Activities from Continuing Operations (1,417) (598)

Net increase in cash and cash equivalents and restricted cash from continuing operations 3,746 7,170

Cash flows from Discontinued Operations:

Cash provided by operating activities 31 —

Cash used in investing activities (4,363) —

Cash used in financing activities — —

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

operations (4,332) —

Net increase (decrease) in cash and cash equivalents and restricted cash $ (586) $ 7,170

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

Cash and Cash Equivalents and Restricted Cash End of Period $ 17,941 $ 10,576

AT&T Inc.

Consolidated Supplementary Data

Supplementary Financial Data

Dollars in millions except per share amounts

Unaudited Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Capital expenditures

Purchase of property and equipment $ 5,651 $ 4,857 16.3 % $ 10,486 $ 9,097 15.3 %

Interest during construction 49 40 22.5 % 91 77 18.2 %

Total Capital Expenditures $ 5,700 $ 4,897 16.4 % $ 10,577 $ 9,174 15.3 %

Acquisitions, net of cash acquired

Business acquisitions $ 35 $ — — % $ 1,691 $ — — %

Spectrum acquisitions 16 13 23.1 % 1,034 14 — %

Interest during construction - spectrum — 15 — % — 34 — %

Total Acquisitions $ 51 $ 28 82.1 % $ 2,725 $ 48 — %

Cash paid for interest $ 1,798 $ 1,512 18.9 % $ 3,734 $ 3,316 12.6 %

Cash paid for income taxes, net of (refunds) $ 90 $ 869 (89.6) % $ 91 $ 880 (89.7) %

Dividends Declared per Common Share $ 0.2775 $ 0.2775 — % $ 0.5550 $ 0.5550 — %

End of Period Common Shares Outstanding (000,000) 6,879 7,161 (3.9) %

Debt Ratio 52.8 % 51.7 % 110 BP

Total Employees 130,870 137,550 (4.9) %

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 Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Operating Revenues

Wireless service

$ 17,413 $ 16,853 3.3 % $ 34,354 $ 33,504 2.5 %

Advanced home internet

2,926 2,299 27.3 % 5,725 4,497 27.3 %

Business fiber and advanced connectivity

1,946 1,769 10.0 % 3,828 3,524 8.6 %

Business transitional and other

1,042 1,249 (16.6) % 2,125 2,543 (16.4) %

Other service

151 164 (7.9) % 309 326 (5.2) %

Total Service Revenues

23,478 22,334 5.1 % 46,341 44,394 4.4 %

Equipment 5,137 5,163 (0.5) % 10,745 10,295 4.4 %

Total Segment Operating Revenues 28,615 27,497 4.1 % 57,086 54,689 4.4 %

Operating Expenses

Operations and support 16,583 16,356 1.4 % 33,496 32,603 2.7 %

Depreciation and amortization 4,687 5,035 (6.9) % 9,392 10,008 (6.2) %

Total Segment Operating Expenses 21,270 21,391 (0.6) % 42,888 42,611 0.7 %

Operating Income $ 7,345 $ 6,106 20.3 % $ 14,198 $ 12,078 17.6 %

Operating Income Margin 25.7 % 22.2 % 350 BP 24.9 % 22.1 % 280 BP

Supplementary Operating Data

Subscribers and connections in thousands

Unaudited June 30, Percent

2026 2025 Change

Retail Wireless Subscribers1

109,800 108,696 1.0 %

Phone

91,439 90,501 1.0 %

Postpaid phone

74,921 73,408 2.1 %

Prepaid phone

16,518 17,093 (3.4) %

Other

18,361 18,195 0.9 %

Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Retail Wireless Net Adds1, 2

549 327 67.9 % 707 583 21.3 %

Phone 436 367 18.8 % 658 671 (1.9) %

Postpaid phone 432 401 7.7 % 726 725 0.1 %

Prepaid phone 4 (34) — % (68) (54) (25.9) %

Other 113 (40) — % 49 (88) — %

Phone churn3

1.12 % 1.17 % (5) BP 1.16 % 1.15 % 1 BP

Postpaid phone churn3

0.86 % 0.87 % (1) BP 0.87 % 0.85 % 2 BP

Prepaid phone churn3

2.30 % 2.43 % (13) BP 2.46 % 2.49 % (3) 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.

June 30, Percent

2026 2025 Change

Internet Connections

15,479 11,952 29.5 %

Fiber

12,868 10,480 22.8 %

AT&T Fiber

12,144 9,835 23.5 %

AT&T Business Fiber1

724 645 12.2 %

Fixed Wireless

2,611 1,472 77.4 %

AT&T Internet Air (AIA)

1,951 1,006 93.9 %

Business Fixed Wireless2

660 466 41.6 %

Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Internet Net Adds3

646 509 26.9 % 1,230 1,025 20.0 %

Fiber 367 269 36.4 % 659 552 19.4 %

AT&T Fiber

344 243 41.6 % 617 504 22.4 %

AT&T Business Fiber1

23 26 (11.5) % 42 48 (12.5) %

Fixed Wireless 279 240 16.3 % 571 473 20.7 %

AT&T Internet Air (AIA) 215 203 5.9 % 454 384 18.2 %

Business Fixed Wireless2

64 37 73.0 % 117 89 31.5 %

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 Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Segment Operating Revenues $ 1,632 $ 2,202 (25.9) % $ 3,400 $ 4,570 (25.6) %

Segment Operating Expenses

Operations and support 1,109 1,243 (10.8) % 2,265 2,592 (12.6) %

Depreciation and amortization — — — % — — — %

Total Operating Expenses 1,109 1,243 (10.8) % 2,265 2,592 (12.6) %

Operating Income $ 523 $ 959 (45.5) % $ 1,135 $ 1,978 (42.6) %

Operating Income Margin 32.0 % 43.6 % (1,160) BP 33.4 % 43.3 % (990) BP

LATIN AMERICA SEGMENT

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

Segment Results

Dollars in millions

Unaudited Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Operating Revenues

Wireless service $ 780 $ 662 17.8 % $ 1,533 $ 1,277 20.0 %

Wireless equipment 444 392 13.3 % 864 748 15.5 %

Total Segment Operating Revenues 1,224 1,054 16.1 % 2,397 2,025 18.4 %

Operating Expenses

Operations and support 997 853 16.9 % 1,950 1,631 19.6 %

Depreciation and amortization 189 155 21.9 % 389 305 27.5 %

Total Segment Operating Expenses 1,186 1,008 17.7 % 2,339 1,936 20.8 %

Operating Income $ 38 $ 46 (17.4) % $ 58 $ 89 (34.8) %

Operating Income Margin 3.1 % 4.4 % (130) BP 2.4 % 4.4 % (200) BP

Supplementary Operating Data

Subscribers and connections in thousands

Unaudited June 30, Percent

2026 2025 Change

Mexico Wireless Subscribers

Postpaid 7,457 6,180 20.7 %

Prepaid 15,829 17,440 (9.2) %

Reseller 149 223 (33.2) %

Total Mexico Wireless Subscribers 23,435 23,843 (1.7) %

Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Mexico Wireless Net Additions

Postpaid 369 183 — % 706 343 — %

Prepaid (1,006) 64 — % (1,901) (46) — %

Reseller (31) (12) — % (50) (30) (66.7) %

Total Mexico Wireless Net Additions (668) 235 — % (1,245) 267 — %

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 Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Operating Revenues

Wireless service

$ 14,992 $ 14,559 3.0 % $ 29,576 $ 28,929 2.2 %

Advanced home internet

2,926 2,299 27.3 % 5,725 4,497 27.3 %

Other service

151 164 (7.9) % 309 326 (5.2) %

Total Service Revenues

18,069 17,022 6.2 % 35,610 33,752 5.5 %

Equipment 4,260 4,273 (0.3) % 8,871 8,519 4.1 %

Total Operating Revenues 22,329 21,295 4.9 % 44,481 42,271 5.2 %

Operating Expenses

Operations and support 12,234 11,866 3.1 % 24,823 23,667 4.9 %

Depreciation and amortization 2,976 3,056 (2.6) % 5,998 6,067 (1.1) %

Total Operating Expenses 15,210 14,922 1.9 % 30,821 29,734 3.7 %

Operating Income $ 7,119 $ 6,373 11.7 % $ 13,660 $ 12,537 9.0 %

Operating Income Margin 31.9 % 29.9 % 200 BP 30.7 % 29.7 % 100 BP

Business Results

Dollars in millions

Unaudited Second Quarter Percent Six-Month Period Percent

2026 2025 Change 2026 2025 Change

Operating Revenues

Wireless service

$ 2,421 $ 2,294 5.5 % $ 4,778 $ 4,575 4.4 %

Fiber and advanced connectivity

1,946 1,769 10.0 % 3,828 3,524 8.6 %

Transitional and other service

1,042 1,249 (16.6) % 2,125 2,543 (16.4) %

Total Service Revenues

5,409 5,312 1.8 % 10,731 10,642 0.8 %

Equipment 877 890 (1.5) % 1,874 1,776 5.5 %

Total Operating Revenues 6,286 6,202 1.4 % 12,605 12,418 1.5 %

Operating Expenses

Operations and support 4,349 4,490 (3.1) % 8,673 8,936 (2.9) %

Depreciation and amortization 1,711 1,979 (13.5) % 3,394 3,941 (13.9) %

Total Operating Expenses 6,060 6,469 (6.3) % 12,067 12,877 (6.3) %

Operating Income (Loss) $ 226 $ (267) — % $ 538 $ (459) — %

Operating Income Margin 3.6 % (4.3) % 790 BP 4.3 % (3.7) % 800 BP

SUPPLEMENTAL SEGMENT RECONCILIATION

Three Months Ended

Dollars in millions

Unaudited

June 30, 2026

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

Operating Revenues

Wireless service $ 17,413 $ — $ 780 $ 18,193 $ — $ 18,193

Consumer

14,992

Business

2,421

Advanced home internet 2,926 — — 2,926 — 2,926

Business fiber and advanced connectivity 1,946 — — 1,946 — 1,946

Business transitional and other 1,042 — — 1,042 — 1,042

Other service 151 1,632 — 1,783 87 1,870

Total Service 23,478 1,632 780 25,890 87 25,977

Equipment 5,137 — 444 5,581 — 5,581

Operating Revenues 28,615 1,632 1,224 31,471 87 31,558

Operating Expenses

Operations and support expenses

16,583 1,109 997 18,689 430 19,119

Asset impairments and abandonments and restructuring — — — — 286 286

Transaction, legal and other costs — — — — 149 149

Depreciation and amortization 4,687 — 189 4,876 90 4,966

Operating Expenses 21,270 1,109 1,186 23,565 955 24,520

Operating Income (Loss) $ 7,345 $ 523 $ 38 $ 7,906 $ (868) $ 7,038

Total other income (expense) (1,216)

Income from continuing operations before income tax $ 5,822

June 30, 2025

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

Operating Revenues

Wireless service $ 16,853 $ — $ 662 $ 17,515 $ — $ 17,515

Consumer

14,559

Business

2,294

Advanced home internet 2,299 — — 2,299 — 2,299

Business fiber and advanced connectivity 1,769 — — 1,769 — 1,769

Business transitional and other 1,249 — — 1,249 — 1,249

Other service 164 2,202 — 2,366 94 2,460

Total Service 22,334 2,202 662 25,198 94 25,292

Equipment 5,163 — 392 5,555 — 5,555

Operating Revenues 27,497 2,202 1,054 30,753 94 30,847

Operating Expenses

Operations and support expenses 16,356 1,243 853 18,452 594 19,046

Asset impairments and abandonments and restructuring — — — — — —

Transaction, legal and other costs — — — — 49 49

Depreciation and amortization 5,035 — 155 5,190 61 5,251

Operating Expenses 21,391 1,243 1,008 23,642 704 24,346

Operating Income (Loss) $ 6,106 $ 959 $ 46 $ 7,111 $ (610) $ 6,501

Total other income (expense) (403)

Income from continuing operations before income tax $ 6,098

SUPPLEMENTAL SEGMENT RECONCILIATION

Six Months Ended

Dollars in millions

Unaudited

June 30, 2026

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

Operating Revenues

Wireless service $ 34,354 $ — $ 1,533 $ 35,887 $ — $ 35,887

Consumer

29,576

Business

4,778

Advanced home internet 5,725 — — 5,725 — 5,725

Business fiber and advanced connectivity 3,828 — — 3,828 — 3,828

Business transitional and other 2,125 — — 2,125 — 2,125

Other service 309 3,400 — 3,709 181 3,890

Total Service 46,341 3,400 1,533 51,274 181 51,455

Equipment 10,745 — 864 11,609 — 11,609

Operating Revenues 57,086 3,400 2,397 62,883 181 63,064

Operating Expenses

Operations and support expenses

33,496 2,265 1,950 37,711 1,144 38,855

Asset impairments and abandonments and restructuring — — — — 286 286

Transaction, legal and other costs — — — — 295 295

Depreciation and amortization 9,392 — 389 9,781 151 9,932

Operating Expenses 42,888 2,265 2,339 47,492 1,876 49,368

Operating Income (Loss) $ 14,198 $ 1,135 $ 58 $ 15,391 $ (1,695) $ 13,696

Total other income (expense) (2,476)

Income from continuing operations before income tax $ 11,220

June 30, 2025

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

Operating Revenues

Wireless service $ 33,504 $ — $ 1,277 $ 34,781 $ — $ 34,781

Consumer

28,929

Business

4,575

Advanced home internet 4,497 — — 4,497 — 4,497

Business fiber and advanced connectivity 3,524 — — 3,524 — 3,524

Business transitional and other 2,543 — — 2,543 — 2,543

Other service 326 4,570 — 4,896 189 5,085

Total Service 44,394 4,570 1,277 50,241 189 50,430

Equipment 10,295 — 748 11,043 — 11,043

Operating Revenues 54,689 4,570 2,025 61,284 189 61,473

Operating Expenses

Operations and support expenses

32,603 2,592 1,631 36,826 1,319 38,145

Asset impairments and abandonments and restructuring — — — — 504 504

Transaction, legal and other costs — — — — 128 128

Depreciation and amortization 10,008 — 305 10,313 128 10,441

Operating Expenses 42,611 2,592 1,936 47,139 2,079 49,218

Operating Income (Loss) $ 12,078 $ 1,978 $ 89 $ 14,145 $ (1,890) $ 12,255

Total other income (expense) (166)

Income from continuing operations before income tax $ 12,089

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

EX-99.3

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Document

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

Second Quarter Six-Month Period

2026 2025 2026 2025

Net Cash Provided by Operating Activities from Continuing Operations

$ 10,801 $ 9,763 $ 18,396 $ 18,812

Less: Distributions from DIRECTV classified as operating activities — (503) — (1,926)

Less: Cash taxes paid on DIRECTV — 251 — 251

Less: Capital expenditures (5,700) (4,897) (10,577) (9,174)

Less: Payment of vendor financing (431) (220) (643) (423)

Free Cash Flow 4,670 4,394 7,176 7,540

Less: Dividends paid (1,976) (2,044) (3,973) (4,135)

Free Cash Flow after Dividends $ 2,694 $ 2,350 $ 3,203 $ 3,405

Free Cash Flow Dividend Payout Ratio 42.3 % 46.5 % 55.4 % 54.8 %

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

Second Quarter Six-Month Period

2026 2025 2026 2025

Capital expenditures

$ (5,700) $ (4,897) $ (10,577) $ (9,174)

Payment of vendor financing

(431) (220) (643) (423)

Cash paid for Capital Investment $ (6,131) $ (5,117) $ (11,220) $ (9,597)

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

Second Quarter Six-Month Period

2026 2025 2026 2025

Income from Continuing Operations

$ 5,038 $ 4,861 $ 9,257 $ 9,553

Additions:

Income Tax Expense 784 1,237 1,963 2,536

Interest Expense 1,883 1,655 3,696 3,313

Equity in Net (Income) Loss of Affiliates 29 (485) 70 (1,925)

Other (Income) Expense - Net (696) (767) (1,290) (1,222)

Depreciation and amortization 4,966 5,251 9,932 10,441

EBITDA 12,004 11,752 23,628 22,696

Transaction, legal and other costs

149 49 295 128

Benefit-related (gain) loss (101) (70) (76) (64)

Asset impairments and abandonments and restructuring 286 — 286 504

Adjusted EBITDA1

$ 12,338 $ 11,731 $ 24,133 $ 23,264

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

Segment EBITDA and EBITDA Margin

Dollars in millions

Second Quarter Six-Month Period

2026 2025 2026 2025

Advanced Connectivity Segment

Operating Income $ 7,345 $ 6,106 $ 14,198 $ 12,078

Add: Depreciation and amortization 4,687 5,035 9,392 10,008

EBITDA $ 12,032 $ 11,141 $ 23,590 $ 22,086

Total Operating Revenues $ 28,615 $ 27,497 $ 57,086 $ 54,689

Operating Income Margin 25.7 % 22.2 % 24.9 % 22.1 %

EBITDA Margin 42.0 % 40.5 % 41.3 % 40.4 %

Legacy Segment

Operating Income $ 523 $ 959 $ 1,135 $ 1,978

Add: Depreciation and amortization — — — —

EBITDA $ 523 $ 959 $ 1,135 $ 1,978

Total Operating Revenues $ 1,632 $ 2,202 $ 3,400 $ 4,570

Operating Income Margin 32.0 % 43.6 % 33.4 % 43.3 %

EBITDA Margin 32.0 % 43.6 % 33.4 % 43.3 %

Latin America Segment

Operating Income

$ 38 $ 46 $ 58 $ 89

Add: Depreciation and amortization 189 155 389 305

EBITDA $ 227 $ 201 $ 447 $ 394

Total Operating Revenues $ 1,224 $ 1,054 $ 2,397 $ 2,025

Operating Income Margin 3.1 % 4.4 % 2.4 % 4.4 %

EBITDA Margin 18.5 % 19.1 % 18.6 % 19.5 %

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

Second Quarter Six-Month Period

2026 2025 2026 2025

Operating Expenses

Transaction, legal and other costs1

$ 149 $ 49 $ 295 $ 128

Benefit-related (gain) loss (101) (70) (76) (64)

Asset impairments and abandonments and restructuring

286 — 286 504

Adjustments to Operations and Support Expenses 334 (21) 505 568

Amortization of intangible assets 84 9 141 18

Adjustments to Operating Expenses 418 (12) 646 586

Other

Equity in net income of DIRECTV

— (503) — (1,926)

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

(89) (189) (61) (125)

Adjustments to Income from Continuing Operations Before

Income Taxes

329 (704) 585 (1,465)

Tax impact of adjustments 81 (168) 140 (333)

Tax-related items 365 — 365 —

Adjustments to Income From Continuing Operations

$ (117) $ (536) $ 80 $ (1,132)

Preferred stock redemption gain

— — — (90)

Adjustments to Income From Continuing Operations

Attributable to Common Stock

$ (117) $ (536) $ 80 $ (1,222)

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 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 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

Second Quarter Six-Month Period

2026 2025 2026 2025

Operating Income $ 7,038 $ 6,501 $ 13,696 $ 12,255

Adjustments to Operating Expenses 418 (12) 646 586

Adjusted Operating Income $ 7,456 $ 6,489 $ 14,342 $ 12,841

EBITDA $ 12,004 $ 11,752 $ 23,628 $ 22,696

Adjustments to Operations and Support Expenses 334 (21) 505 568

Adjusted EBITDA $ 12,338 $ 11,731 $ 24,133 $ 23,264

Total Operating Revenues $ 31,558 $ 30,847 $ 63,064 $ 61,473

Operating Income Margin 22.3 % 21.1 % 21.7 % 19.9 %

Adjusted Operating Income Margin 23.6 % 21.0 % 22.7 % 20.9 %

Adjusted EBITDA Margin 39.1 % 38.0 % 38.3 % 37.8 %

Adjusted Diluted EPS

Second Quarter Six-Month Period

2026 2025 2026 2025

Diluted Earnings Per Share (EPS) From Continuing

Operations

$ 0.66 $ 0.62 $ 1.21 $ 1.22

Equity in net income of DIRECTV — (0.05) — (0.21)

Restructuring and impairments 0.03 — 0.03 0.05

Benefit-related, transaction, legal and other items

0.01 (0.03) 0.03 (0.01)

Tax-related items (0.05) — (0.05) —

Adjusted EPS $ 0.65 $ 0.54 $ 1.22 $ 1.05

Year-over-year growth - Adjusted 20.4 % 16.2 %

Weighted Average Common Shares Outstanding with

Dilution (000,000)

6,946 7,219 6,987 7,221

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

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

Four

Quarters

20251

20261

2026

Adjusted EBITDA $ 11,861 $ 11,236 $ 11,795 $ 12,338 $ 47,230

End-of-period current debt 9,323

End-of-period long-term debt 134,631

Total End-of-Period Debt 143,954

Less: Cash and Cash Equivalents 17,570

Net Debt Balance 126,384

Annualized Net Debt to Adjusted EBITDA Ratio 2.68

1As reported in AT&T's Form 8-K filed April 22, 2026.

Net Debt to Adjusted EBITDA - 2025

Dollars in millions

Three Months Ended

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

Four

Quarters

20241

20251

Adjusted EBITDA $ 11,586 $ 10,791 $ 11,533 $ 11,731 $ 45,641

End-of-period current debt 9,254

End-of-period long-term debt 123,057

Total End-of-Period Debt 132,311

Less: Cash and Cash Equivalents 10,499

Less: Time Deposits 1,500

Net Debt Balance 120,312

Annualized Net Debt to Adjusted EBITDA Ratio 2.64

1As reported in AT&T's Form 8-K filed April 22, 2026.

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Cover

Jul. 22, 2026

Entity Information [Line Items]

Document Type

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Jul. 22, 2026

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Trading Symbol

Security Exchange Name

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Entity Information [Line Items]

Title of 12(b) Security

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Security Exchange Name

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Title of 12(b) Security

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Security Exchange Name

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Entity Information [Line Items]

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Trading Symbol

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Security Exchange Name

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Entity Information [Line Items]

Title of 12(b) Security

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Trading Symbol

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Security Exchange Name

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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

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Security Exchange Name

NYSE

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

Entity Information [Line Items]

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Security Exchange Name

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Security Exchange Name

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