EX-99.23t-4q2025exhibit992.htmEX-99.2 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA Document
AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Operating Revenues
Service
$
25,392
$
25,153
1.0
%
$
101,158
$
100,135
1.0
%
Equipment
8,074
7,145
13.0
%
24,490
22,201
10.3
%
Total Operating Revenues
33,466
32,298
3.6
%
125,648
122,336
2.7
%
Operating Expenses
Cost of revenues
Equipment
8,496
7,358
15.5
%
25,396
22,249
14.1
%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)
6,322
6,837
(7.5)
%
25,424
26,972
(5.7)
%
Selling, general and administrative
7,398
7,389
0.1
%
28,942
28,411
1.9
%
Asset impairments and abandonments
and restructuring
334
14
—
%
838
5,075
(83.5)
%
Depreciation and amortization
5,128
5,374
(4.6)
%
20,886
20,580
1.5
%
Total Operating Expenses
27,678
26,972
2.6
%
101,486
103,287
(1.7)
%
Operating Income
5,788
5,326
8.7
%
24,162
19,049
26.8
%
Interest Expense
1,791
1,661
7.8
%
6,804
6,759
0.7
%
Equity in Net Income (Loss) of Affiliates
(10)
1,074
—
%
1,895
1,989
(4.7)
%
Other Income (Expense) — Net
278
569
(51.1)
%
7,754
2,419
—
%
Income Before Income Taxes
4,265
5,308
(19.6)
%
27,007
16,698
61.7
%
Income Tax Expense
109
900
(87.9)
%
3,621
4,445
(18.5)
%
Net Income
4,156
4,408
(5.7)
%
23,386
12,253
90.9
%
Less: Net Income Attributable to
Noncontrolling Interest
(368)
(328)
(12.2)
%
(1,433)
(1,305)
(9.8)
%
Net Income Attributable to AT&T
$
3,788
$
4,080
(7.2)
%
$
21,953
$
10,948
—
%
Less: Preferred Stock Dividends and
Redemption Gain
(36)
(49)
26.5
%
(64)
(202)
68.3
%
Net Income Attributable to Common Stock
$
3,752
$
4,031
(6.9)
%
$
21,889
$
10,746
—
%
Basic Earnings Per Share Attributable to
Common Stock
$
0.53
$
0.56
(5.4)
%
$
3.04
$
1.49
—
%
Weighted Average Common Shares
Outstanding (000,000)
7,098
7,207
(1.5)
%
7,169
7,199
(0.4)
%
Diluted Earnings Per Share Attributable to
Common Stock
$
0.53
$
0.56
(5.4)
%
$
3.04
$
1.49
—
%
Weighted Average Common Shares
Outstanding with Dilution (000,000)
7,108
7,215
(1.5)
%
7,179
7,204
(0.3)
%
1
AT&T Inc.
Financial Data
Consolidated Balance Sheets
Dollars in millions
Unaudited
Dec. 31,
Dec. 31,
2025
2024
Assets
Current Assets
Cash and cash equivalents
$
18,234
$
3,298
Accounts receivable – net of related allowance for credit loss of $429 and $375
8,843
9,638
Inventories
2,420
2,270
Prepaid and other current assets
19,235
15,962
Total current assets
48,732
31,168
Property, Plant and Equipment – Net
131,559
128,871
Goodwill – Net
63,425
63,432
Licenses – Net
128,148
127,035
Other Intangible Assets – Net
5,254
5,255
Investments in and Advances to Equity Affiliates
1,106
295
Operating Lease Right-Of-Use Assets
22,642
20,909
Other Assets
19,332
17,830
Total Assets
$
420,198
$
394,795
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year
$
9,011
$
5,089
Accounts payable and accrued liabilities
38,514
35,657
Advanced billings and customer deposits
4,266
4,099
Dividends payable
1,989
2,027
Total current liabilities
53,780
46,872
Long-Term Debt
127,089
118,443
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities
58,312
58,939
Postemployment benefit obligation
8,478
9,025
Operating lease liabilities
18,943
17,391
Other noncurrent liabilities
25,104
23,900
Total deferred credits and other noncurrent liabilities
110,837
109,255
Redeemable Noncontrolling Interest
2,001
1,980
Stockholders’ Equity
Preferred stock
—
—
Common stock
7,621
7,621
Additional paid-in capital
106,533
109,108
Retained earnings
15,768
1,871
Treasury stock
(18,529)
(15,023)
Accumulated other comprehensive income (loss)
(860)
795
Noncontrolling interest
15,958
13,873
Total stockholders’ equity
126,491
118,245
Total Liabilities and Stockholders’ Equity
$
420,198
$
394,795
2
AT&T Inc.
Financial Data
Consolidated Statements of Cash Flows
Dollars in millions
Unaudited
Year Ended
2025
2024
Operating Activities
Net income
$
23,386
$
12,253
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
20,886
20,580
Provision for uncollectible accounts
2,271
1,969
Asset impairments and abandonments and restructuring
838
5,075
Pension and postretirement benefit expense (credit)
(1,588)
(1,883)
Actuarial (gain) loss on pension and postretirement benefits - net
519
56
Net (gain) loss on investments
(5,889)
80
Changes in operating assets and liabilities:
Receivables
(1,526)
123
Equipment installment receivables and related sales
324
(1,846)
Contract asset and cost deferral
(1,208)
160
Inventories, prepaid and other current assets
(460)
70
Accounts payable and other accrued liabilities
884
(1,104)
Changes in income taxes
2,226
1,978
Postretirement claims and contributions
(1,436)
(166)
Other - net
1,057
1,426
Total adjustments
16,898
26,518
Net Cash Provided by Operating Activities
40,284
38,771
Investing Activities
Capital expenditures
(20,842)
(20,263)
Acquisitions, net of cash acquired
(379)
(380)
Dispositions
3,218
75
Distributions from DIRECTV in excess of cumulative equity in earnings
—
928
(Purchases), sales and settlements of securities - net
181
2,575
Other - net
(955)
(425)
Net Cash Used in Investing Activities
(18,777)
(17,490)
Financing Activities
Issuance of other short-term borrowings
—
491
Repayment of other short-term borrowings
—
(2,487)
Issuance of long-term debt
14,027
19
Repayment of long-term debt
(5,528)
(10,297)
Payment of vendor financing
(1,181)
(1,792)
Redemption of preferred stock
(2,075)
—
Purchase of treasury stock
(4,500)
(215)
Issuance of treasury stock
21
15
Issuance of preferred interests in subsidiary
2,221
—
Redemption of preferred interests in subsidiary
(65)
—
Dividends paid
(8,180)
(8,208)
Other - net
(1,126)
(2,234)
Net Cash Used in Financing Activities
(6,386)
(24,708)
Net increase (decrease) in cash and cash equivalents and restricted cash
15,121
(3,427)
Cash and cash equivalents and restricted cash beginning of year
3,406
6,833
Cash and Cash Equivalents and Restricted Cash End of Year
$
18,527
$
3,406
3
AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Capital expenditures
Purchase of property and equipment
$
6,737
$
6,800
(0.9)
%
$
20,677
$
20,101
2.9
%
Interest during construction
44
43
2.3
%
165
162
1.9
%
Total Capital Expenditures
$
6,781
$
6,843
(0.9)
%
$
20,842
$
20,263
2.9
%
Acquisitions, net of cash acquired
Business acquisitions
$
—
$
—
—
%
$
—
$
—
—
%
Spectrum acquisitions
322
28
—
%
323
181
78.5
%
Interest during construction - spectrum
10
30
(66.7)
%
56
199
(71.9)
%
Total Acquisitions
$
332
$
58
—
%
$
379
$
380
(0.3)
%
Cash paid for interest
$
1,454
$
1,517
(4.2)
%
$
6,625
$
7,132
(7.1)
%
Cash paid for income taxes, net of refunds
$
456
$
1,574
(71.0)
%
$
1,353
$
2,456
(44.9)
%
Dividends Declared per Common Share
$
0.2775
$
0.2775
—
%
$
1.11
$
1.11
—
%
End of Period Common Shares Outstanding (000,000)
7,037
7,176
(1.9)
%
Debt Ratio
51.4
%
50.7
%
70
BP
Total Employees
133,030
140,990
(5.6)
%
4
COMMUNICATIONS SEGMENT
The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline and Consumer Wireline.
Segment Results
Dollars in millions
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Segment Operating Revenues
Mobility
$
24,354
$
23,129
5.3
%
$
89,482
$
85,255
5.0
%
Business Wireline
4,202
4,545
(7.5)
%
17,231
18,819
(8.4)
%
Consumer Wireline
3,565
3,465
2.9
%
14,183
13,578
4.5
%
Total Segment Operating Revenues
32,121
31,139
3.2
%
120,896
117,652
2.8
%
Segment Operating Income (Loss)
Mobility
6,400
6,124
4.5
%
27,196
26,314
3.4
%
Business Wireline
(163)
(211)
22.7
%
(816)
(88)
—
%
Consumer Wireline
538
276
94.9
%
1,547
869
78.0
%
Total Segment Operating Income
$
6,775
$
6,189
9.5
%
$
27,927
$
27,095
3.1
%
Operating Income Margin
21.1
%
19.9
%
120
BP
23.1
%
23.0
%
10
BP
5
Mobility
Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Operating Revenues
Service
$
16,954
$
16,563
2.4
%
$
67,384
$
65,373
3.1
%
Equipment
7,400
6,566
12.7
%
22,098
19,882
11.1
%
Total Operating Revenues
24,354
23,129
5.3
%
89,482
85,255
5.0
%
Operating Expenses
Operations and support
15,191
14,241
6.7
%
51,864
48,724
6.4
%
Depreciation and amortization
2,763
2,764
—
%
10,422
10,217
2.0
%
Total Operating Expenses
17,954
17,005
5.6
%
62,286
58,941
5.7
%
Operating Income
$
6,400
$
6,124
4.5
%
$
27,196
$
26,314
3.4
%
Operating Income Margin
26.3
%
26.5
%
(20)
BP
30.4
%
30.9
%
(50)
BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited
December 31,
Percent
2025
2024
Change
Mobility Subscribers
Postpaid
90,879
89,200
1.9
%
Postpaid phone
74,214
72,749
2.0
%
Prepaid
18,294
19,023
(3.8)
%
Reseller
10,932
9,628
13.5
%
Total Mobility Subscribers1
120,105
117,851
1.9
%
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Mobility Net Additions
Postpaid Phone Net Additions
421
482
(12.7)
%
1,551
1,653
(6.2)
%
Total Phone Net Additions
166
363
(54.3)
%
1,159
1,525
(24.0)
%
Postpaid
641
839
(23.6)
%
1,738
2,250
(22.8)
%
Prepaid
(183)
(136)
(34.6)
%
(536)
(102)
—
%
Reseller
699
1,110
(37.0)
%
1,112
2,020
(45.0)
%
Total Mobility Net Additions1, 2
1,157
1,813
(36.2)
%
2,314
4,168
(44.5)
%
Postpaid Churn
1.12
%
1.00
%
12
BP
1.05
%
0.92
%
13 BP
Postpaid Phone Churn
0.98
%
0.85
%
13
BP
0.90
%
0.76
%
14 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 during the period.
6
Business Wireline
Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, our fixed wireless access product, traditional voice and data services and related equipment to business customers.
Business Wireline Results
Dollars in millions
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Operating Revenues
Legacy and other transitional services
$
2,138
$
2,590
(17.5)
%
$
9,170
$
11,095
(17.4)
%
Fiber and advanced connectivity services
1,907
1,786
6.8
%
7,333
6,969
5.2
%
Equipment
157
169
(7.1)
%
728
755
(3.6)
%
Total Operating Revenues
4,202
4,545
(7.5)
%
17,231
18,819
(8.4)
%
Operating Expenses
Operations and support
3,085
3,348
(7.9)
%
12,213
13,352
(8.5)
%
Depreciation and amortization
1,280
1,408
(9.1)
%
5,834
5,555
5.0
%
Total Operating Expenses
4,365
4,756
(8.2)
%
18,047
18,907
(4.5)
%
Operating Income (Loss)
$
(163)
$
(211)
22.7
%
$
(816)
$
(88)
—
%
Operating Income Margin
(3.9)
%
(4.6)
%
70
BP
(4.7)
%
(0.5)
%
(420)
BP
7
Consumer Wireline
Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and AT&T Internet Air (AIA) services, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.
Consumer Wireline Results
Dollars in millions
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Operating Revenues
Broadband
$
3,105
$
2,911
6.7
%
$
12,187
$
11,212
8.7
%
Legacy voice and data services
219
293
(25.3)
%
1,013
1,265
(19.9)
%
Other service and equipment
241
261
(7.7)
%
983
1,101
(10.7)
%
Total Operating Revenues
3,565
3,465
2.9
%
14,183
13,578
4.5
%
Operating Expenses
Operations and support
2,195
2,247
(2.3)
%
8,933
9,048
(1.3)
%
Depreciation and amortization
832
942
(11.7)
%
3,703
3,661
1.1
%
Total Operating Expenses
3,027
3,189
(5.1)
%
12,636
12,709
(0.6)
%
Operating Income
$
538
$
276
94.9
%
$
1,547
$
869
78.0
%
Operating Income Margin
15.1
%
8.0
%
710
BP
10.9
%
6.4
%
450
BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited
December 31,
Percent
2025
2024
Change
Broadband Connections
Broadband1
14,704
13,987
5.1
%
Fiber Broadband Connections
10,406
9,331
11.5
%
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Broadband Net Additions
Broadband Net Additions1, 2
210
123
70.7
%
729
258
—
%
Fiber Broadband Net Additions
283
307
(7.8)
%
1,075
1,024
5.0
%
1 Includes AIA.
2 Excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory
requirements in the first quarter of 2025.
8
LATIN AMERICA SEGMENT
The segment provides wireless services and equipment to customers in Mexico.
Segment Results
Dollars in millions
Unaudited
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Operating Revenues
Wireless service
$
742
$
634
17.0
%
$
2,715
$
2,668
1.8
%
Wireless equipment
517
410
26.1
%
1,664
1,564
6.4
%
Total Operating Revenues
1,259
1,044
20.6
%
4,379
4,232
3.5
%
Operating Expenses
Operations and support
1,036
873
18.7
%
3,563
3,535
0.8
%
Depreciation and amortization
189
150
26.0
%
671
657
2.1
%
Total Operating Expenses
1,225
1,023
19.7
%
4,234
4,192
1.0
%
Operating Income
$
34
$
21
61.9
%
$
145
$
40
—
%
Operating Income Margin
2.7
%
2.0
%
70
BP
3.3
%
0.9
%
240
BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited
December 31,
Percent
2025
2024
Change
Mexico Wireless Subscribers
Postpaid
6,751
5,837
15.7
%
Prepaid
17,730
17,486
1.4
%
Reseller
199
253
(21.3)
%
Total Mexico Wireless Subscribers
24,680
23,576
4.7
%
Fourth Quarter
Percent
Year Ended
Percent
2025
2024
Change
2025
2024
Change
Mexico Wireless Net Additions
Postpaid
328
204
60.8
%
914
601
52.1
%
Prepaid
222
490
(54.7)
%
244
823
(70.4)
%
Reseller
(19)
(29)
34.5
%
(54)
(164)
67.1
%
Total Mexico Wireless Net Additions
531
665
(20.2)
%
1,104
1,260
(12.4)
%
9
SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
December 31, 2025
Revenues
Operations
and Support
Expenses
Depreciation
and
Amortization
Operating
Income (Loss)
Communications
Mobility
$
24,354
$
15,191
$
2,763
$
6,400
Business Wireline
4,202
3,085
1,280
(163)
Consumer Wireline
3,565
2,195
832
538
Total Communications
32,121
20,471
4,875
6,775
Latin America
1,259
1,036
189
34
Segment Total
33,380
21,507
5,064
6,809
Corporate and Other
Corporate:
DTV-related retained costs
—
56
50
(106)
Parent administration support
(3)
490
4
(497)
Securitization fees
28
164
—
(136)
Value portfolio
61
13
—
48
Total Corporate
86
723
54
(691)
Certain significant items
—
320
10
(330)
Total Corporate and Other
86
1,043
64
(1,021)
AT&T Inc.
$
33,466
$
22,550
$
5,128
$
5,788
December 31, 2024
Revenues
Operations and Support Expenses
Depreciation and Amortization
Operating Income (Loss)
Communications
Mobility
$
23,129
$
14,241
$
2,764
$
6,124
Business Wireline
4,545
3,348
1,408
(211)
Consumer Wireline
3,465
2,247
942
276
Total Communications
31,139
19,836
5,114
6,189
Latin America
1,044
873
150
21
Segment Total
32,183
20,709
5,264
6,210
Corporate and Other
Corporate:
DTV-related retained costs
—
108
97
(205)
Parent administration support
(2)
486
1
(489)
Securitization fees
30
179
—
(149)
Value portfolio
87
25
2
60
Total Corporate
115
798
100
(783)
Certain significant items
—
91
10
(101)
Total Corporate and Other
115
889
110
(884)
AT&T Inc.
$
32,298
$
21,598
$
5,374
$
5,326
10
SUPPLEMENTAL SEGMENT RECONCILIATION
Year Ended
Dollars in millions
Unaudited
December 31, 2025
Revenues
Operations
and Support
Expenses
Depreciation
and
Amortization
Operating
Income (Loss)
Communications
Mobility
$
89,482
$
51,864
$
10,422
$
27,196
Business Wireline
17,231
12,213
5,834
(816)
Consumer Wireline
14,183
8,933
3,703
1,547
Total Communications
120,896
73,010
19,959
27,927
Latin America
4,379
3,563
671
145
Segment Total
125,275
76,573
20,630
28,072
Corporate and Other
Corporate:
DTV-related retained costs
—
225
200
(425)
Parent administration support
(1)
1,737
18
(1,756)
Securitization fees
115
702
—
(587)
Value portfolio
259
50
—
209
Total Corporate
373
2,714
218
(2,559)
Certain significant items
—
1,313
38
(1,351)
Total Corporate and Other
373
4,027
256
(3,910)
AT&T Inc.
$
125,648
$
80,600
$
20,886
$
24,162
December 31, 2024
Revenues
Operations and Support Expenses
Depreciation and Amortization
Operating Income (Loss)
Communications
Mobility
$
85,255
$
48,724
$
10,217
$
26,314
Business Wireline
18,819
13,352
5,555
(88)
Consumer Wireline
13,578
9,048
3,661
869
Total Communications
117,652
71,124
19,433
27,095
Latin America
4,232
3,535
657
40
Segment Total
121,884
74,659
20,090
27,135
Corporate and Other
Corporate:
DTV-related retained costs
—
465
414
(879)
Parent administration support
(2)
1,722
6
(1,730)
Securitization fees
116
628
—
(512)
Value portfolio
338
102
17
219
Total Corporate
452
2,917
437
(2,902)
Certain significant items
—
5,131
53
(5,184)
Total Corporate and Other
452
8,048
490
(8,086)
AT&T Inc.
$
122,336
$
82,707
$
20,580
$
19,049
11
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 2 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 1 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · mobility service revenue growth
“Mobility service revenue up 2.4% to $16.95B in Q4 and 3.1% to $67.38B for the year”
Theme · fiber broadband expansion
“Fiber broadband net additions of 1,075K for the year, with connections reaching 10.4M, up 11.5%”
Theme · consumer wireline margin improvement
“Consumer wireline operating income margin expanded to 15.1% from 8.0%, up 710 BP in Q4”
Theme · postpaid phone churn pressure
“Postpaid phone churn increased to 0.98% from 0.85%, up 13 BP year-over-year in Q4”
Theme · business wireline revenue decline
“Business wireline revenue declined 7.5% in Q4, driven by legacy and transitional services down 17.5%”
Theme · equipment revenue momentum
“Total equipment revenue up 13.0% in Q4 and 10.3% for the year to $24.5B”
Theme · capital allocation through buybacks
“Repurchased $4.5B in treasury stock during the year versus $215M prior year”
Theme · mexico wireless subscriber growth
“Mexico postpaid net additions of 914K for the year, up 52.1%, reaching 6.75M subscribers”
Source: SEC EDGAR · public domain · Highlights by Palanor