302026
EARNINGS
Financial and
October 21, 2026
Consolidated Statements of Income2AT&T Inc.
Dollars and shares in millions except per share amounts; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26
Operating Revenues | |||||||||||||||
Service | $ 24,842 | $ 25,006 | $ 25,134 | $ 25,153 | $ 100,135 | $ 25,138 | $ 25,292 | $ 25,336 | $ 25,392 | $ 101,158 | $ 25,478 | $ 25,977 | $ 26,301 | ||
Equipment | 5,186 | 4,791 | 5,079 | 7,145 | 22,201 | 5,488 | 5,555 | 5,373 | 8,074 | 24,490 | 6,028 | 5,581 | 6,021 | ||
Total Operating Revenues | 30,028 | 29,797 | 30,213 | 32,298 | 122,336 | 30,626 | 30,847 | 30,709 | 33,466 | 125,648 | 31,506 | 31,558 | 32,322 | ||
Operating Expenses | |||||||||||||||
Cost of revenues | |||||||||||||||
Equipment | 5,143 | 4,815 | 4,933 | 7,358 | 22,249 | 5,694 | 5,738 | 5,468 | 8,496 | 25,396 | 6,305 | 5,741 | 6,098 | ||
Other cost of revenues | 6,811 | 6,627 | 6,697 | 6,837 | 26,972 | 6,339 | 6,412 | 6,351 | 6,322 | 25,424 | 6,261 | 6,306 | 6,344 | ||
Selling, general and administrative | 7,021 | 7,043 | 6,958 | 7,389 | 28,411 | 7,145 | 6,945 | 7,454 | 7,398 | 28,942 | 7,316 | 7,221 | 7,435 | ||
Asset impairments and abandonments and restructuring | 159 | 480 | 4,422 | 14 | 5,075 | 504 | - | - | 334 | 838 | - | 286 | 3,372 | ||
Depreciation and amortization | 5,047 | 5,072 | 5,087 | 5,374 | 20,580 | 5,190 | 5,251 | 5,317 | 5,128 | 20,886 | 4,966 | 4,966 | 4,978 | ||
Total Operating Expenses | 24,181 | 24,037 | 28,097 | 26,972 | 103,287 | 24,872 | 24,346 | 24,590 | 27,678 | 101,486 | 24,848 | 24,520 | 28,227 | ||
Operating Income | 5,847 | 5,760 | 2,116 | 5,326 | 19,049 | 5,754 | 6,501 | 6,119 | 5,788 | 24,162 | 6,658 | 7,038 | 4,095 | ||
Interest Expense | 1,724 | 1,699 | 1,675 | 1,661 | 6,759 | 1,658 | 1,655 | 1,700 | 1,791 | 6,804 | 1,813 | 1,883 | 1,979 | ||
Equity in Net Income (Loss) of Affiliates | 295 | 348 | 272 | 1,074 | 1,989 | 1,440 | 485 | (20) | (10) | 1,895 | (41) | (29) | (10) | ||
Other Income (Expense) - Net | 451 | 682 | 717 | 569 | 2,419 | 455 | 767 | 6,254 | 278 | 7,754 | 594 | 696 | 590 | ||
Income from Continuing Operations Before Income Taxes | 4,869 | 5,091 | 1,430 | 5,308 | 16,698 | 5,991 | 6,098 | 10,653 | 4,265 | 27,007 | 5,398 | 5,822 | 2,696 | ||
Income Tax Expense on Continuing Operations | 1,118 | 1,142 | 1,285 | 900 | 4,445 | 1,299 | 1,237 | 976 | 109 | 3,621 | 1,179 | 784 | 1,390 | ||
Income from Continuing Operations | 3,751 | 3,949 | 145 | 4,408 | 12,253 | 4,692 | 4,861 | 9,677 | 4,156 | 23,386 | 4,219 | 5,038 | 1,306 | ||
Loss from Discontinued Operations, Net of Tax | - | - | - | - | - | - | - | - | - | - | (38) | (28) | (37) | ||
Net Income | 3,751 | 3,949 | 145 | 4,408 | 12,253 | 4,692 | 4,861 | 9,677 | 4,156 | 23,386 | 4,181 | 5,010 | 1,269 | ||
Less: Net Income Attributable to Noncontrolling Interest | (306) | (352) | (319) | (328) | (1,305) | (341) | (361) | (363) | (368) | (1,433) | (352) | (383) | (378) | ||
Net Income (Loss) Attributable to AT&T | $ 3,445 | $ 3,597 | $ (174) | $ 4,080 | $ 10,948 | $ 4,351 | $ 4,500 | $ 9,314 | $ 3,788 | $ 21,953 | $ 3,829 | $ 4,627 | $ 891 | ||
Less: Preferred Stock Dividends and Redemption Gain | (50) | (51) | (52) | (49) | (202) | 44 | (36) | (36) | (36) | (64) | (36) | (36) | (36) | ||
Net Income (Loss) Attributable to Common Stock | $ 3,395 | $ 3,546 | $ (226) | $ 4,031 | $ 10,746 | $ 4,395 | $ 4,464 | $ 9,278 | $ 3,752 | $ 21,889 | $ 3,793 | $ 4,591 | $ 855 |
Diluted Earnings (Loss) Per Share Attributable to Common Stock Diluted Earnings (Loss) Per Share Attributable to Common Stock - Continuing Operations Adjusted Diluted Earnings Per Share Attributable to Common Stock1 | $ 0.47 0.47 0.48 | $ 0.49 0.49 0.51 | $ (0.03) (0.03) 0.54 | $ 0.56 0.56 0.43 | $ 1.49 1.49 1.95 | $ 0.61 | $ 0.62 | $ 1.29 | $ 0.53 | $ 3.04 | $ 0.54 | $ 0.66 | $ 0.12 | |
0.61 | 0.62 | 1.29 | 0.53 | 3.04 | 0.54 | 0.66 | 0.13 | |||||||
0.51 | 0.54 | 0.54 | 0.52 | 2.12 | 0.57 | 0.65 | 0.65 | |||||||
Weighted Average Common Shares Outstanding - Basic | 7,192 | 7,196 | 7,202 | 7,207 | 7,199 | 7,213 | 7,209 | 7,156 | 7,098 | 7,169 | 7,017 | 6,938 | 6,835 | |
Weighted Average Common Shares Outstanding - with Dilution | 7,193 | 7,198 | 7,208 | 7,215 | 7,204 | 7,223 | 7,219 | 7,169 | 7,108 | 7,179 | 7,027 | 6,946 | 6,844 | |
EBITDA1 $ 10,894 $ 10,832 $ 7,203 $ 10,700 Adjusted EBITDA1 $ 11,046 $ 11,337 $ 11,586 $ 10,791 | $ 39,629 $ 44,760 | $ 10,944 $ 11,752 $ 11,436 $ 10,916 $ 11,533 $ 11,731 $ 11,861 $ 11,236 37.7% 38.0% 38.6% 33.6% | $ 45,048 $ 46,361 36.9% | $ 11,624 $ 12,004 $ 9,073 $ 11,795 $ 12,338 $ 12,505 37.4% 39.1% 38.7% |
Adjusted EBITDA Margin1 36.8% 38.0% 38.3% 33.4% | 36.6% |
AT&T Inc.
Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26
Dividends Declared Per Common Share $ 0.2775 $ 0.2775 $ 0.2775 $ 0.2775 End of Period Common Shares Outstanding (000,000) 7,170 7,170 7,174 7,176 Debt Ratio 52.4% 51.8% 52.2% 50.7% | $ 1.11 7,176 50.7% | $ 0.2775 $ 0.2775 $ 0.2775 $ 0.2775 7,196 7,161 7,109 7,037 50.9% 51.7% 52.0% 51.4% 140.0 137.6 135.7 133.0 | $ 1.11 7,037 51.4% 133.0 | $ 0.2775 $ 0.2775 $ 0.2775 6,965 6,879 6,761 52.0% 52.8% 56.1% 132.6 130.9 127.2 |
Total Employees (000) 148.3 146.0 143.6 141.0 | 141.0 |
See Notes to Financial and Operational Trends on page 16.
Consolidated Statements of Cash Flows2
AT&T Inc.
Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26
Operating Activities | $ 4,219 4,966 560 -(396) -28 (119) 255 (327) (173) (2,770) 1,147 (72) 277 3,376 7,595 (4,877) (2,674) 628 -(14) (547) (7,484) - - -8,098 (5,247) (212) | $ 5,038 4,966 589 286 (395) -(198) (299) (431) (137) 493 205 682 (192) 194 5,763 10,801 (5,700) (51) 119 -(10) (107) (5,749) - - -5,939 (151) (431) | $ 1,306 4,978 668 3,372 (396) -(107) (485) (840) (153) (1,143) 1,312 1,380 (100) 727 9,213 10,519 (5,061) (22,952) 111 -23 (408) (28,287) -3,000 (3,000) 21,833 (4,774) (505) | ||||||||||||
Income from continuing operations | $ 3,751 | $ 3,949 | $ 145 | $ 4,408 | $ 12,253 | $ 4,692 | $ 4,861 | $ 9,677 | $ 4,156 | $ 23,386 | |||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 5,047 | 5,072 | 5,087 | 5,374 | 20,580 | 5,190 | 5,251 | 5,317 | 5,128 | 20,886 | |||||
Provision for uncollectible accounts | 472 | 470 | 489 | 538 | 1,969 | 516 | 521 | 555 | 679 | 2,271 | |||||
Asset impairments and abandonments and restructuring | 159 | 480 | 4,422 | 14 | 5,075 | 504 | - | - | 334 | 838 | |||||
Pension and postretirement benefit expense (credit) | (471) | (470) | (471) | (471) | (1,883) | (397) | (397) | (397) | (397) | (1,588) | |||||
Actuarial (gain) loss on pension and postretirement benefits | - | - | - | 56 | 56 | - | - | - | 519 | 519 | |||||
Net (gain) loss on investments | 201 | (16) | (97) | (8) | 80 | 81 | (112) | (5,691) | (167) | (5,889) | |||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables | 512 | (382) | 444 | (451) | 123 | 15 | (262) | (366) | (913) | (1,526) | |||||
Equipment installment receivables and related sales | 24 | (344) | (579) | (947) | (1,846) | 1,212 | (97) | (309) | (482) | 324 | |||||
Contract asset and cost deferral | 101 | 220 | 262 | (423) | 160 | (147) | (152) | (183) | (726) | (1,208) | |||||
Inventories, prepaid and other current assets | (24) | 443 | (1,077) | 728 | 70 | (661) | 344 | (1,635) | 1,492 | (460) | |||||
Accounts payable and other accrued liabilities | (3,419) | (1,342) | 330 | 3,327 | (1,104) | (3,297) | (1,143) | 2,411 | 2,913 | 884 | |||||
Changes in income taxes | 1,141 | 835 | 686 | (684) | 1,978 | 1,285 | 378 | 946 | (383) | 2,226 | |||||
Postretirement claims and contributions | (54) | (39) | (36) | (37) | (166) | (68) | (35) | (490) | (843) | (1,436) | |||||
Other - net | 107 | 217 | 630 | 472 | 1,426 | 124 | 606 | 317 | 10 | 1,057 | |||||
Total adjustments | 3,796 | 5,144 | 10,090 | 7,488 | 26,518 | 4,357 | 4,902 | 475 | 7,164 | 16,898 | |||||
Net Cash Provided by Operating Activities from Continuing Operations | 7,547 | 9,093 | 10,235 | 11,896 | 38,771 | 9,049 | 9,763 | 10,152 | 11,320 | 40,284 | |||||
Investing Activities | |||||||||||||||
Capital expenditures3 | (3,758) | (4,360) | (5,302) | (6,843) | (20,263) | (4,277) | (4,897) | (4,887) | (6,781) | (20,842) | |||||
Acquisitions, net of cash acquired3 | (211) | (59) | (52) | (58) | (380) | (20) | (28) | 1 | (332) | (379) | |||||
Dispositions | 8 | 6 | 52 | 9 | 75 | 11 | 29 | 399 | 2,779 | 3,218 | |||||
Distributions from DIRECTV in excess of cumulative equity in earnings | 194 | 392 | 342 | - | 928 | - | - | - | - | - | |||||
(Purchases), sales and settlements of securities - net | 1,079 | 68 | 6 | 1,422 | 2,575 | 45 | (1,129) | 1,109 | 156 | 181 | |||||
Other - net | (273) | (63) | (196) | 107 | (425) | (717) | (61) | (11) | (166) | (955) | |||||
Net Cash Used in Investing Activities from Continuing Operations | (2,961) | (4,016) | (5,150) | (5,363) | (17,490) | (4,958) | (6,086) | (3,389) | (4,344) | (18,777) | |||||
Financing Activities | |||||||||||||||
Net change in short-term borrowings with original maturities of three months or less | 1,933 | 753 | (2,686) | - | - | - | - | - | - | - | |||||
Issuance of other short-term borrowings | 491 | - | - | - | 491 | - | - | - | - | - | |||||
Repayment of other short-term borrowings | (1,996) | (491) | - | - | (2,487) | - | - | - | - | - | |||||
Issuance of long-term debt | - | 2 | 2 | 15 | 19 | 2,956 | 3,473 | 7,598 | - | 14,027 | |||||
Repayment of long-term debt | (4,685) | (2,225) | (203) | (3,184) | (10,297) | (1,526) | (94) | (229) | (3,679) | (5,528) | |||||
Payment of vendor financing | (841) | (550) | (180) | (221) | (1,792) | (203) | (220) | (400) | (358) | (1,181) | |||||
Redemption of preferred stock | - | - | - | - | - | (2,075) | - | - | - | (2,075) | - | - | - | ||
Purchase of treasury stock | (157) | (2) | (43) | (13) | (215) | (218) | (961) | (1,490) | (1,831) | (4,500) | (2,475) | (2,194) | (2,803) | ||
Issuance of treasury stock | - | - | 2 | 13 | 15 | 17 | - | 2 | 2 | 21 | 1 | - | - | ||
Issuance of preferred interests in subsidiary | - | - | - | - | - | 2,221 | - | - | - | 2,221 | - | - | - | ||
Redemption of preferred interests in subsidiary | - | - | - | - | - | - | - | - | (65) | (65) | - | - | - | ||
Dividends paid | (2,034) | (2,099) | (2,038) | (2,037) | (8,208) | (2,091) | (2,044) | (2,033) | (2,012) | (8,180) | (1,997) | (1,976) | (1,950) | ||
Other - net | (526) | (866) | (416) | (426) | (2,234) | 366 | (199) | (459) | (834) | (1,126) | (265) | (507) | (715) | ||
Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (7,815) | (5,478) | (5,562) | (5,853) | (24,708) | (553) | (45) | 2,989 | (8,777) | (6,386) | (2,097) | 680 | 11,086 | ||
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | (3,229) | (401) | (477) | 680 | (3,427) | 3,538 | 3,632 | 9,752 | (1,801) | 15,121 | (1,986) | 5,732 | (6,682) | ||
Cash Flows from Discontinued Operations: | (38) (4,171) -(4,209) (6,195) 18,527 | 69 (192) -(123) 5,609 12,332 | 166 (244) -(78) (6,760) 17,941 | ||||||||||||
Cash (used in) provided by operating activities | - | - | - | - | - | - | - | - | - | - | |||||
Cash used in investing activities | - | - | - | - | - | - | - | - | - | - | |||||
Cash used in financing activities | - | - | - | - | - | - | - | - | - | - | |||||
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | - | - | - | - | - | - | - | - | - | |||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (3,229) | (401) | (477) | 680 | (3,427) | 3,538 | 3,632 | 9,752 | (1,801) | 15,121 | |||||
Cash and cash equivalents and restricted cash beginning of period | 6,833 | 3,604 | 3,203 | 2,726 | 6,833 | 3,406 | 6,944 | 10,576 | 20,328 | 3,406 | |||||
Cash and Cash Equivalents and Restricted Cash End of Period | $ 3,604 | $ 3,203 | $ 2,726 | $ 3,406 | $ 3,406 | $ 6,944 | $ 10,576 | $ 20,328 | $ 18,527 | $ 18,527 | $ 12,332 | $ 17,941 | $ 11,181 | ||
See Notes to Financial and Operational Trends on page 16.
AT&T Inc.Free Cash Flow
Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26
Cash Flow Detail | |||||
Net cash provided by operating activities from continuing operations | $ 7,547 | $ 9,093 | $ 10,235 | $ 11,896 | $ 38,771 |
Less: Distributions from DIRECTV classified as operating activities | (324) | (350) | (281) | (1,072) | (2,027) |
Less: Cash taxes paid on DIRECTV | 149 | 121 | 132 | 254 | 656 |
Less: Capital expenditures | (3,758) | (4,360) | (5,302) | (6,843) | (20,263) |
Less: Vendor financing payments | (841) | (550) | (180) | (221) | (1,792) |
Free Cash Flow1, 2 | $ 2,773 | $ 3,954 | $ 4,604 | $ 4,014 | $ 15,345 |
$ 9,049 | $ 9,763 | $ 10,152 | $ 11,320 | $ 40,284 | $ 7,595 | $ 10,801 | $ 10,519 | |
(1,423) | (503) | - | - | (1,926) | - | - | - | |
- | 251 | - | - | 251 | - | - | - | |
(4,277) | (4,897) | (4,887) | (6,781) | (20,842) | (4,877) | (5,700) | (5,061) | |
(203) | (220) | (400) | (358) | (1,181) | (212) | (431) | (505) | |
$ 3,146 | $ 4,394 | $ 4,865 | $ 4,181 | $ 16,586 | $ 2,506 | $ 4,670 | $ 4,953 | |
Supplemental Free Cash Flow Walk from Adjusted EBITDA5
Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26
Adjusted EBITDA1 | $ 11,046 | $ 11,337 | $ 11,586 | $ 10,791 | $ 44,760 | $ 11,533 | $ 11,731 | $ 11,861 | $ 11,236 | $ 46,361 | $ 11,795 560 (5,089) (1,894) (1) -(3,134) 269 | $ 12,338 589 (6,131) (1,749) (90) -(169) (118) | $ 12,505 668 (5,566) (1,840) (21) -(1,309) 516 | ||
Noncash Adj. to EBITDA | |||||||||||||||
Bad debt expense | 472 | 470 | 489 | 538 | 1,969 | 516 | 521 | 555 | 679 | 2,271 | |||||
Capital investment1 | (4,599) | (4,910) | (5,482) | (7,064) | (22,055) | (4,480) | (5,117) | (5,287) | (7,139) | (22,023) | |||||
Cash paid for interest (less capitalized interest) | (1,974) | (1,471) | (1,882) | (1,444) | (6,771) | (1,748) | (1,457) | (1,799) | (1,400) | (6,404) | |||||
Cash (paid) for income taxes, net of refunds | 9 | (308) | (583) | (1,574) | (2,456) | (11) | (869) | (17) | (456) | (1,353) | |||||
Less: Cash taxes paid on DIRECTV | 149 | 121 | 132 | 254 | 656 | - | 251 | - | - | 251 | |||||
Working capital | (2,806) | (1,405) | (620) | 2,234 | (2,597) | (2,878) | (1,310) | (82) | 2,284 | (1,986) | |||||
Other | 476 | 120 | 964 | 279 | 1,839 | 214 | 644 | (366) | (1,023) | (531) | |||||
Free Cash Flow1, 2 | $ 2,773 | $ 3,954 | $ 4,604 | $ 4,014 | $ 15,345 | $ 3,146 | $ 4,394 | $ 4,865 | $ 4,181 | $ 16,586 | $ 2,506 | $ 4,670 | $ 4,953 | ||
Additional Cash Flow Information - Continuing Operations2
Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26
Capital Investment Detail | ||||||||||||||
Purchase of property and equipment | $ 3,721 | $ 4,321 | $ 5,259 | $ 6,800 | $ 20,101 | $ 4,240 | $ 4,857 | $ 4,843 | $ 6,737 | $ 20,677 | $ 4,835 | $ 5,651 | $ 5,010 | |
Interest during construction - capital expenditures | 37 | 39 | 43 | 43 | 162 | 37 | 40 | 44 | 44 | 165 | 42 | 49 | 51 | |
Capital expenditures | $ 3,758 | $ 4,360 | $ 5,302 | $ 6,843 | $ 20,263 | $ 4,277 | $ 4,897 | $ 4,887 | $ 6,781 | $ 20,842 | $ 4,877 | $ 5,700 | $ 5,061 | |
Add: Vendor financing payments | 841 | 550 | 180 | 221 | 1,792 | 203 | 220 | 400 | 358 | 1,181 | 212 | 431 | 505 | |
Capital Investment1 | $ 4,599 | $ 4,910 | $ 5,482 | $ 7,064 | $ 22,055 | $ 4,480 | $ 5,117 | $ 5,287 | $ 7,139 | $ 22,023 | $ 5,089 | $ 6,131 | $ 5,566 | |
Acquisitions, net of cash acquired
Business and spectrum acquisitions | $ 145 $ | 2 $ | 6 | $ 28 | $ 181 | $ 1 $ | 13 $ | (13) | $ 322 | $ 323 | $ 2,674 $ | 51 $ 22,853 | ||
Interest during construction - spectrum | 66 | 57 | 46 | 30 | 199 | 19 | 15 | 12 | 10 | 56 | - | - 99 |
Cash paid for interest $ 2,077 $ 1,567 $ 1,971 $ 1,517 | $ 7,132 | $ 1,804 $ 1,512 $ 1,855 $ 1,454 | $ 6,625 | $ 1,936 $ 1,798 $ 1,990 42 49 150 $ 1,894 $ 1,749 $ 1,840 | |
Interest during construction 103 96 89 73 | 361 | 56 55 56 54 | 221 | ||
Cash paid for interest (less capitalized interest) $ 1,974 $ 1,471 $ 1,882 $ 1,444 | $ 6,771 | $ 1,748 $ 1,457 $ 1,799 $ 1,400 | $ 6,404 | ||
See Notes to Financial and Operational Trends on page 16.
Operating Revenues4 AT&T Inc. Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Advanced Connectivity | $ 26,023 | $ 25,859 | $ 26,497 | $ 28,705 | $ 107,084 | $ 27,192 | $ 27,497 | $ 27,503 | $ 30,232 | $ 112,424 | $ 28,471 | $ 28,615 | $ 29,481 |
Consumer | 19,630 | 19,543 | 20,182 | 22,221 | 81,576 | 20,976 | 21,295 | 21,274 | 23,714 | 87,259 | 22,152 | 22,329 | 23,048 |
Business | 6,393 | 6,316 | 6,315 | 6,484 | 25,508 | 6,216 | 6,202 | 6,229 | 6,518 | 25,165 | 6,319 | 6,286 | 6,433 |
Legacy | 2,834 | 2,723 | 2,577 | 2,434 | 10,568 | 2,368 | 2,202 | 2,013 | 1,889 | 8,472 | 1,768 | 1,632 | 1,519 |
Latin America | 1,063 | 1,103 | 1,022 | 1,044 | 4,232 | 971 | 1,054 | 1,095 | 1,259 | 4,379 | 1,173 | 1,224 | 1,240 |
Corporate and Other6 | 108 | 112 | 117 | 115 | 452 | 95 | 94 | 98 | 86 | 373 | 94 | 87 | 82 |
Operating Revenues | $ 30,028 | $ 29,797 | $ 30,213 | $ 32,298 | $ 122,336 | $ 30,626 | $ 30,847 | $ 30,709 | $ 33,466 | $ 125,648 | $ 31,506 | $ 31,558 | $ 32,322 |
Advanced Connectivity | $ 10,371 | $ 10,630 | $ 10,886 | $ 10,390 | $ 42,277 | $ 10,945 | $ 11,141 | $ 11,493 | $ 10,968 | $ 44,547 | $ 11,558 | $ 12,032 | $ 12,330 |
Consumer | 8,673 | 8,853 | 9,133 | 8,764 | 35,423 | 9,175 | 9,429 | 9,701 | 9,286 | 37,591 | 9,563 | 10,095 | 10,313 |
Business | 1,698 | 1,777 | 1,753 | 1,626 | 6,854 | 1,770 | 1,712 | 1,792 | 1,682 | 6,956 | 1,995 | 1,937 | 2,017 |
Legacy | 1,104 | 1,151 | 1,083 | 913 | 4,251 | 1,019 | 959 | 679 | 682 | 3,339 | 612 | 523 | 498 |
Latin America | 180 | 178 | 168 | 171 | 697 | 193 | 201 | 199 | 223 | 816 | 220 | 227 | 236 |
Corporate and Other6 | (609) | (622) | (551) | (683) | (2,465) | (624) | (570) | (510) | (637) | (2,341) | (595) | (444) | (559) |
Adjusted EBITDA1 | $ 11,046 | $ 11,337 | $ 11,586 | $ 10,791 | $ 44,760 | $ 11,533 | $ 11,731 | $ 11,861 | $ 11,236 | $ 46,361 | $ 11,795 | $ 12,338 | $ 12,505 |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity Segment4 Statement of Segment Income | |||||||||||||||
Dollars in millions; Unaudited | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | 2024 | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | 2025 | 3/31/26 6/30/26 9/30/26 | ||||
Segment Operating Revenues | |||||||||||||||
Wireless service | $ 15,994 | $ 16,277 | $ 16,539 | $ 16,563 | $ 65,373 | $ 16,651 | $ 16,853 | $ 16,926 | $ 16,954 | $ 67,384 | $ 16,941 $ 17,413 $ 17,764 | ||||
Advanced home internet | 1,756 | 1,839 | 1,957 | 2,079 | 7,631 | 2,198 | 2,299 | 2,411 | 2,502 | 9,410 | 2,799 | 2,926 | 2,975 | ||
Business fiber and advanced connectivity | 1,672 | 1,702 | 1,719 | 1,760 | 6,853 | 1,755 | 1,769 | 1,832 | 1,887 | 7,243 | 1,882 | 1,946 | 1,992 | ||
Business transitional and other | 1,614 | 1,479 | 1,411 | 1,402 | 5,906 | 1,294 | 1,249 | 1,198 | 1,170 | 4,911 | 1,083 | 1,042 | 1,023 | ||
Other service | 174 | 175 | 169 | 166 | 684 | 162 | 164 | 162 | 162 | 650 | 158 | 151 | 148 | ||
Total Service Revenues | 21,210 | 21,472 | 21,795 | 21,970 | 86,447 | 22,060 | 22,334 | 22,529 | 22,675 | 89,598 | 22,863 | 23,478 | 23,902 | ||
Equipment | 4,813 | 4,387 | 4,702 | 6,735 | 20,637 | 5,132 | 5,163 | 4,974 | 7,557 | 22,826 | 5,608 | 5,137 | 5,579 | ||
Total Segment Operating Revenues | $ 26,023 | $ 25,859 | $ 26,497 | $ 28,705 | $ 107,084 | $ 27,192 | $ 27,497 | $ 27,503 | $ 30,232 | $ 112,424 | $ 28,471 | $ 28,615 | $ 29,481 | ||
Segment Operating Expenses
Operations and support Depreciation and amortization | $ 15,652 4,730 | $ 15,229 4,776 | $ 15,611 4,813 | $ 18,315 5,114 | $ 64,807 19,433 | $ 16,247 4,973 | $ 16,356 5,035 | $ 16,010 5,076 | $ 19,264 4,875 | $ 67,877 19,959 | $ 16,913 4,705 | $ 16,583 4,687 | $ 17,151 4,702 |
Total Segment Operating Expenses | 20,382 | 20,005 | 20,424 | 23,429 | 84,240 | 21,220 | 21,391 | 21,086 | 24,139 | 87,836 | 21,618 | 21,270 | 21,853 |
Segment Operating Income | $ 5,641 | $ 5,854 | $ 6,073 | $ 5,276 | $ 22,844 | $ 5,972 | $ 6,106 | $ 6,417 | $ 6,093 | $ 24,588 | $ 6,853 | $ 7,345 | $ 7,628 |
Segment Operating Income Margin | 21.7% | 22.6% | 22.9% | 18.4% | 21.3% | 22.0% | 22.2% | 23.3% | 20.2% | 21.9% | 24.1% | 25.7% | 25.9% |
EBITDA1 | $ 10,371 | $ 10,630 | $ 10,886 | $ 10,390 | $ 42,277 | $ 10,945 | $ 11,141 | $ 11,493 | $ 10,968 | $ 44,547 | $ 11,558 | $ 12,032 | $ 12,330 |
EBITDA Margin1 | 39.9% | 41.1% | 41.1% | 36.2% | 39.5% | 40.3% | 40.5% | 41.8% | 36.3% | 39.6% | 40.6% | 42.0% | 41.8% |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity Segment4 Operating Volumes and Statistics - Wireless Volumes in thousands; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Retail Wireless Subscribers7 | |||||||||||||
Wireless Subscribers | 106,661 | 107,270 | 107,584 | 108,223 | 108,223 | 108,418 | 108,696 | 108,799 | 109,173 | 109,173 | 109,292 | 109,800 | 110,237 |
Phone Subscribers | 88,991 | 89,377 | 89,664 | 89,966 | 89,966 | 90,193 | 90,501 | 90,755 | 90,844 | 90,844 | 91,057 | 91,439 | 91,736 |
Postpaid Phone Subscribers | 71,558 | 71,930 | 72,285 | 72,749 | 72,749 | 73,031 | 73,408 | 73,801 | 74,214 | 74,214 | 74,503 | 74,921 | 75,283 |
Prepaid Phone Subscribers | 17,433 | 17,447 | 17,379 | 17,217 | 17,217 | 17,162 | 17,093 | 16,954 | 16,630 | 16,630 | 16,554 | 16,518 | 16,453 |
Other Subscribers | 17,670 | 17,893 | 17,920 | 18,257 | 18,257 | 18,225 | 18,195 | 18,044 | 18,329 | 18,329 | 18,235 | 18,361 | 18,501 |
390 | 675 | 380 | 703 | 2,148 | 256 | 327 | 161 | 458 | 1,202 | 158 | 549 | 537 | ||
350 | 454 | 358 | 363 | 1,525 | 304 | 367 | 322 | 166 | 1,159 | 222 | 436 | 358 | ||
349 | 419 | 403 | 482 | 1,653 | 324 | 401 | 405 | 421 | 1,551 | 294 | 432 | 379 | ||
1 | 35 | (45) | (119) | (128) | (20) | (34) | (83) | (255) | (392) | (72) | 4 | (21) | ||
40 | 221 | 22 | 340 | 623 | (48) | (40) | (161) | 292 | 43 | (64) | 113 | 179 |
Retail Wireless Net Adds7
Wireless Net Adds Phone Net Adds
Postpaid Phone Net Adds Prepaid Phone Net Adds
Other Net Adds
Wireless Churn8
Phone Churn | 1.10% | 1.04% | 1.13% | 1.18% | 1.12% | 1.16% | 1.17% | 1.24% | 1.31% | 1.22% | 1.20% | 1.12% | 1.19% |
Postpaid Phone Churn | 0.72% | 0.70% | 0.78% | 0.85% | 0.76% | 0.83% | 0.87% | 0.92% | 0.98% | 0.90% | 0.89% | 0.86% | 0.92% |
Prepaid Phone Churn | 2.65% | 2.47% | 2.62% | 2.61% | 2.58% | 2.55% | 2.43% | 2.63% | 2.75% | 2.59% | 2.62% | 2.30% | 2.41% |
Wireless ARPU9
Phone ARPU | $ 51.87 | $ 52.54 | $ 53.14 | $ 52.92 | $ 52.62 | $ 52.74 | $ 53.21 | $ 52.90 | $ 52.85 | $ 52.93 | $ | 52.86 | $ 54.16 | $ 54.93 |
Postpaid Phone ARPU | 55.57 | 56.42 | 57.07 | 56.72 | 56.45 | 56.56 | 57.04 | 56.64 | 56.57 | 56.70 | 56.51 | 58.01 | 58.90 | |
Prepaid Phone ARPU | 36.71 | 36.56 | 36.88 | 36.99 | 36.79 | 36.57 | 36.89 | 36.77 | 36.49 | 36.68 | 36.49 | 36.81 | 36.88 |
Other Wireless Metrics
Postpaid Phone Gross Adds and Upgrades (in millions) | 4.4 | 4.4 | 5.1 | 6.3 | 20.1 | 5.1 | 5.2 | 6.0 | 6.7 | 23.0 | 5.4 | 5.2 | 5.8 |
Postpaid Upgrade Rate10 | 3.0% | 2.9% | 3.5% | 4.6% | 14.0% | 3.3% | 3.3% | 4.1% | 4.7% | 15.6% | 3.5% | 3.2% | 3.7% |
FirstNet Connections (in millions)11 | 5.9 | 6.1 | 6.4 | 6.7 | 6.7 | 7.1 | 7.5 | 7.8 | 8.0 | 8.0 | 8.2 | 8.4 | 8.7 |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity Segment4 Operating Volumes and Statistics - Internet | |||||||||||||||
Volumes in thousands; Unaudited | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | 2024 | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | 2025 | 3/31/26 | 6/30/26 | 9/30/26 | ||
Advanced Connectivity Internet Connections | |||||||||||||||
Internet Connections | 9,617 | 10,034 | 10,429 | 10,939 | 10,939 | 11,443 | 11,952 | 12,565 | 13,128 | 13,128 | 14,833 | 15,479 | 16,248 | ||
Fiber Connections | 9,099 | 9,360 | 9,600 | 9,928 | 9,928 | 10,211 | 10,480 | 10,789 | 11,088 | 11,088 | 12,501 | 12,868 | 13,310 | ||
AT&T Fiber12 | 8,559 | 8,798 | 9,024 | 9,331 | 9,331 | 9,592 | 9,835 | 10,123 | 10,406 | 10,406 | 11,800 | 12,144 | 12,560 | ||
AT&T Business Fiber12 | 540 | 562 | 576 | 597 | 597 | 619 | 645 | 666 | 682 | 682 | 701 | 724 | 750 | ||
Fixed Wireless Connections | 518 | 674 | 829 | 1,011 | 1,011 | 1,232 | 1,472 | 1,776 | 2,040 | 2,040 | 2,332 | 2,611 | 2,938 | ||
AT&T Internet Air | 203 | 342 | 477 | 634 | 634 | 803 | 1,006 | 1,276 | 1,497 | 1,497 | 1,736 | 1,951 | 2,231 | ||
Business Fixed Wireless12 | 315 | 332 | 352 | 377 | 377 | 429 | 466 | 500 | 543 | 543 | 596 | 660 | 707 | ||
Advanced Connectivity Internet Net Adds
Internet Net Adds | 402 | 417 | 395 | 510 | 1,724 | 516 | 509 | 613 | 563 | 2,201 | 584 | 646 | 769 |
Fiber Net Adds | 275 | 261 | 240 | 328 | 1,104 | 283 | 269 | 309 | 299 | 1,160 | 292 | 367 | 442 |
AT&T Fiber12 | 252 | 239 | 226 | 307 | 1,024 | 261 | 243 | 288 | 283 | 1,075 | 273 | 344 | 416 |
AT&T Business Fiber12 | 23 | 22 | 14 | 21 | 80 | 22 | 26 | 21 | 16 | 85 | 19 | 23 | 26 |
Fixed Wireless Net Adds | 127 | 156 | 155 | 182 | 620 | 233 | 240 | 304 | 264 | 1,041 | 292 | 279 | 327 |
AT&T Internet Air | 110 | 139 | 135 | 157 | 541 | 181 | 203 | 270 | 221 | 875 | 239 | 215 | 280 |
Business Fixed Wireless12 | 17 | 17 | 20 | 25 | 79 | 52 | 37 | 34 | 43 | 166 | 53 | 64 | 47 |
Converged Customers
Advanced Home Internet connections with AT&T Wireless13 | 3,462 | 3,652 | 3,820 | 4,054 | 4,054 | 4,255 | 4,534 | 4,863 | 5,164 | 5,164 | 5,684 | 5,986 | 6,335 |
% Advanced Home Internet connections with AT&T Wireless | 39.5% | 40.0% | 40.2% | 40.7% | 40.7% | 40.9% | 41.8% | 42.7% | 43.4% | 43.4% | 42.0% | 42.5% | 42.8% |
AT&T Fiber connections with AT&T Wireless13 | 3,356 | 3,476 | 3,579 | 3,736 | 3,736 | 3,859 | 4,022 | 4,205 | 4,374 | 4,374 | 4,742 | 4,920 | 5,125 |
% AT&T Fiber connections with AT&T Wireless | 39.2% | 39.5% | 39.7% | 40.0% | 40.0% | 40.2% | 40.9% | 41.5% | 42.0% | 42.0% | 40.2% | 40.5% | 40.8% |
Total Consumer and Business Locations Reached14 | 27.1 | 27.8 | 28.3 | 28.9 | 28.9 | 29.5 | 30.3 | 31.2 | 32.0 | 32.0 | 37.5 | 38.6 | 39.7 |
AT&T Owned and Operated | - | - | - | - | - | - | - | - | - | - | 32.7 | 33.7 | 34.7 |
AT&T Fiber Ventures | - | - | - | - | - | - | - | - | - | - | 4.8 | 4.9 | 5.0 |
Fiber Served Locations - Consumer15 | 21.5 | 22.1 | 22.7 | 23.3 | 23.3 | 24.0 | 24.6 | 25.4 | 26.1 | 26.1 | 31.3 | 32.1 | 33.0 |
Fiber Penetration - Consumer15 | 40% | 40% | 40% | 40% | 40% | 40% | 40% | 40% | 40% | 40% | 38% | 38% | 38% |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity4 Consumer Results | ||||||||||||||
Dollars in millions; Unaudited | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | 2024 | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | 2025 | 3/31/26 6/30/26 9/30/26 | |||
Operating Revenues | ||||||||||||||
Wireless service | $ 13,754 | $ 13,966 | $ 14,211 | $ 14,230 | $ 56,161 | $ 14,370 | $ 14,559 | $ 14,594 | $ 14,605 | $ 58,128 | $ 14,584 $ 14,992 $ 15,283 | |||
Advanced home internet | 1,756 | 1,839 | 1,957 | 2,079 | 7,631 | 2,198 | 2,299 | 2,411 | 2,502 | 9,410 | 2,799 | 2,926 | 2,975 | |
Other service | 174 | 175 | 169 | 166 | 684 | 162 | 164 | 162 | 162 | 650 | 158 | 151 | 148 | |
Total Service Revenues16 | 15,684 | 15,980 | 16,337 | 16,475 | 64,476 | 16,730 | 17,022 | 17,167 | 17,269 | 68,188 | 17,541 | 18,069 | 18,406 | |
Equipment | 3,946 | 3,563 | 3,845 | 5,746 | 17,100 | 4,246 | 4,273 | 4,107 | 6,445 | 19,071 | 4,611 | 4,260 | 4,642 | |
Total Operating Revenues | $ 19,630 | $ 19,543 | $ 20,182 | $ 22,221 | $ 81,576 | $ 20,976 | $ 21,295 | $ 21,274 | $ 23,714 | $ 87,259 | $ 22,152 | $ 22,329 | $ 23,048 | |
Operating Expenses
Operations and support Depreciation and amortization | $ 10,957 2,914 | $ 10,690 2,939 | $ 11,049 2,960 | $ 13,457 3,201 | $ 46,153 12,014 | $ 11,801 3,011 | $ 11,866 3,056 | $ 11,573 3,069 | $ 14,428 3,111 | $ 49,668 12,247 | $ 12,589 3,022 | $ 12,234 2,976 | $ 12,735 2,973 |
Total Operating Expenses | 13,871 | 13,629 | 14,009 | 16,658 | 58,167 | 14,812 | 14,922 | 14,642 | 17,539 | 61,915 | 15,611 | 15,210 | 15,708 |
Operating Income | $ 5,759 | $ 5,914 | $ 6,173 | $ 5,563 | $ 23,409 | $ 6,164 | $ 6,373 | $ 6,632 | $ 6,175 | $ 25,344 | $ 6,541 | $ 7,119 | $ 7,340 |
Operating Income Margin | 29.3% | 30.3% | 30.6% | 25.0% | 28.7% | 29.4% | 29.9% | 31.2% | 26.0% | 29.0% | 29.5% | 31.9% | 31.8% |
EBITDA1 | $ 8,673 | $ 8,853 | $ 9,133 | $ 8,764 | $ 35,423 | $ 9,175 | $ 9,429 | $ 9,701 | $ 9,286 | $ 37,591 | $ 9,563 | $ 10,095 | $ 10,313 |
EBITDA Margin1 | 44.2% | 45.3% | 45.3% | 39.4% | 43.4% | 43.7% | 44.3% | 45.6% | 39.2% | 43.1% | 43.2% | 45.2% | 44.7% |
Advanced Home Internet Revenue Detail | ||||||||||||||
AT&T Fiber AT&T Internet Air | $ 1,736 20 | $ 1,796 43 | $ 1,882 75 | $ 1,977 102 | $ 7,391 240 | $ 2,066 132 | $ 2,136 163 | $ 2,198 213 | $ 2,245 257 | $ 8,645 765 | $ | 2,505 294 | $ 2,593 333 | $ 2,609 366 |
Total Advanced Home Internet Revenue | $ 1,756 | $ 1,839 | $ 1,957 | $ 2,079 | $ 7,631 | $ 2,198 | $ 2,299 | $ 2,411 | $ 2,502 | $ 9,410 | $ | 2,799 | $ 2,926 | $ 2,975 |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity Consumer Operating Volumes and Other Metrics - Retail Wireless7 Volumes in thousands; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Postpaid17 | |||||||||||||
Consumer Postpaid Wireless Subscribers | 72,136 | 72,602 | 72,883 | 73,601 | 73,601 | 73,775 | 74,113 | 74,291 | 74,781 | 74,781 | 74,883 | 75,229 | 75,282 |
Consumer Postpaid Wireless Accounts | 25,267 | 25,308 | 25,336 | 25,399 | 25,399 | 25,415 | 25,481 | 25,570 | 25,655 | 25,655 | 25,739 | 25,886 | 25,934 |
Consumer Postpaid Wireless ARPA | $ 149.21 | $ 151.85 | $ 154.26 | $ 154.34 | $ 151.99 | $ 154.82 | $ 156.77 | $ 155.51 | $ 156.07 | $ 155.89 | $ 156.23 | $ 160.18 | $ 163.07 |
Prepaid
Consumer Prepaid Wireless Subscribers | 17,393 | 17,414 | 17,356 | 17,207 | 17,207 | 17,159 | 17,094 | 16,958 | 16,643 | 16,643 | 16,541 | 16,518 | 16,471 |
Consumer Prepaid Wireless ARPU9 | $ 36.30 | $ 36.12 | $ 36.41 | $ 36.54 | $ 36.34 | $ 36.29 | $ 36.45 | $ 36.38 | $ 36.15 | $ 36.32 | $ 36.19 | $ 36.53 | $ 36.59 |
Advanced Home Internet Connections | |||||||||||||
Advanced Home Internet Connections12 | 8,762 | 9,140 | 9,501 | 9,965 | 9,965 | 10,395 | 10,841 | 11,399 | 11,903 | 11,903 | 13,536 | 14,095 | 14,791 |
AT&T Fiber12 | 8,559 | 8,798 | 9,024 | 9,331 | 9,331 | 9,592 | 9,835 | 10,123 | 10,406 | 10,406 | 11,800 | 12,144 | 12,560 |
AT&T Internet Air | 203 | 342 | 477 | 634 | 634 | 803 | 1,006 | 1,276 | 1,497 | 1,497 | 1,736 | 1,951 | 2,231 |
Advanced Home Internet Net Adds
Advanced Home Internet Net Adds12 | 362 | 378 | 361 | 464 | 1,565 | 442 | 446 | 558 | 504 | 1,950 | 512 | 559 | 696 |
AT&T Fiber12 | 252 | 239 | 226 | 307 | 1,024 | 261 | 243 | 288 | 283 | 1,075 | 273 | 344 | 416 |
AT&T Internet Air | 110 | 139 | 135 | 157 | 541 | 181 | 203 | 270 | 221 | 875 | 239 | 215 | 280 |
ARPU9
Advanced Home Internet ARPU | $ 68.29 | $ 68.45 | $ 69.95 | $ 71.18 | $ 69.52 | $ 72.07 | $ 72.19 | $ 72.33 | $ 71.56 | $ 72.03 | $ | 72.46 | $ 70.66 | $ 68.55 |
AT&T Fiber ARPU | 68.61 | 69.00 | 70.36 | 71.71 | 69.96 | 72.85 | 73.26 | 73.48 | 72.87 | 73.12 | 74.09 | 72.29 | 70.35 | |
AT&T Internet Air ARPU | 48.74 | 51.10 | 61.08 | 62.21 | 58.28 | 61.74 | 60.57 | 62.28 | 61.80 | 61.65 | 61.01 | 60.09 | 57.97 |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity4 Business Results | ||||||||||||||
Dollars in millions; Unaudited | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | 2024 | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | 2025 | 3/31/26 6/30/26 9/30/26 | |||
Operating Revenues | ||||||||||||||
Wireless service | $ 2,240 | $ 2,311 | $ 2,328 | $ 2,333 | $ 9,212 | $ 2,281 | $ 2,294 | $ 2,332 | $ 2,349 | $ 9,256 | $ 2,357 $ 2,421 $ 2,481 | |||
Fiber and advanced connectivity | 1,672 | 1,702 | 1,719 | 1,760 | 6,853 | 1,755 | 1,769 | 1,832 | 1,887 | 7,243 | 1,882 | 1,946 | 1,992 | |
Transitional and other | 1,614 | 1,479 | 1,411 | 1,402 | 5,906 | 1,294 | 1,249 | 1,198 | 1,170 | 4,911 | 1,083 | 1,042 | 1,023 | |
Total Service Revenues18 | 5,526 | 5,492 | 5,458 | 5,495 | 21,971 | 5,330 | 5,312 | 5,362 | 5,406 | 21,410 | 5,322 | 5,409 | 5,496 | |
Equipment | 867 | 824 | 857 | 989 | 3,537 | 886 | 890 | 867 | 1,112 | 3,755 | 997 | 877 | 937 | |
Total Operating Revenues | $ 6,393 | $ 6,316 | $ 6,315 | $ 6,484 | $ 25,508 | $ 6,216 | $ 6,202 | $ 6,229 | $ 6,518 | $ 25,165 | $ 6,319 | $ 6,286 | $ 6,433 | |
Operating Expenses
Operations and support | $ 4,695 | $ 4,539 | $ 4,562 | $ 4,858 | $ 18,654 | $ 4,446 | $ 4,490 | $ 4,437 | $ 4,836 | $ 18,209 | $ 4,324 | $ 4,349 | $ 4,416 |
Depreciation and amortization | 1,816 | 1,837 | 1,853 | 1,913 | 7,419 | 1,962 | 1,979 | 2,007 | 1,764 | 7,712 | 1,683 | 1,711 | 1,729 |
Total Operating Expenses | 6,511 | 6,376 | 6,415 | 6,771 | 26,073 | 6,408 | 6,469 | 6,444 | 6,600 | 25,921 | 6,007 | 6,060 | 6,145 |
Operating Income (Loss) | $ (118) | $ (60) | $ (100) | $ (287) | $ (565) | $ (192) | $ (267) | $ (215) | $ (82) | $ (756) | $ 312 | $ 226 | $ 288 |
Operating Income Margin | -1.8% | -0.9% | -1.6% | -4.4% | -2.2% | -3.1% | -4.3% | -3.5% | -1.3% | -3.0% | 4.9% | 3.6% | 4.5% |
EBITDA1 | $ 1,698 | $ 1,777 | $ 1,753 | $ 1,626 | $ 6,854 | $ 1,770 | $ 1,712 | $ 1,792 | $ 1,682 | $ 6,956 | $ 1,995 | $ 1,937 | $ 2,017 |
EBITDA Margin1 | 26.6% | 28.1% | 27.8% | 25.1% | 26.9% | 28.5% | 27.6% | 28.8% | 25.8% | 27.6% | 31.6% | 30.8% | 31.4% |
See Notes to Financial and Operational Trends on page 16.
Legacy Segment4, 19 Statement of Segment Income Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Segment Operating Revenues | ||||||||||||||
Business | $ 1,414 | $ 1,390 | $ 1,286 | $ 1,215 | $ 5,305 | $ 1,206 | $ 1,124 | $ 1,031 | $ 988 | $ 4,349 | $ | 918 | $ 856 | $ 824 |
Consumer | 1,420 | 1,333 | 1,291 | 1,219 | 5,263 | 1,162 | 1,078 | 982 | 901 | 4,123 | 850 | 776 | 695 | |
Total Service Revenues | 2,834 | 2,723 | 2,577 | 2,434 | 10,568 | 2,368 | 2,202 | 2,013 | 1,889 | 8,472 | 1,768 | 1,632 | 1,519 | |
Equipment | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Total Segment Operating Revenues | $ 2,834 | $ 2,723 | $ 2,577 | $ 2,434 | $ 10,568 | $ 2,368 | $ 2,202 | $ 2,013 | $ 1,889 | $ 8,472 | $ | 1,768 | $ 1,632 | $ 1,519 |
Segment Operating Expenses
Business Consumer | $ 719 1,011 | $ 633 939 | $ 616 878 | $ 638 883 | $ 2,606 3,711 | $ 611 738 | $ 581 662 | $ 648 686 | $ 594 613 | $ 2,434 2,699 | $ 585 571 | $ 554 555 | $ 532 489 |
Total operations and support | 1,730 | 1,572 | 1,494 | 1,521 | 6,317 | 1,349 | 1,243 | 1,334 | 1,207 | 5,133 | 1,156 | 1,109 | 1,021 |
Depreciation and amortization | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Segment Operating Expenses | 1,730 | 1,572 | 1,494 | 1,521 | 6,317 | 1,349 | 1,243 | 1,334 | 1,207 | 5,133 | 1,156 | 1,109 | 1,021 |
Segment Operating Income | $ 1,104 | $ 1,151 | $ 1,083 | $ 913 | $ 4,251 | $ 1,019 | $ 959 | $ 679 | $ 682 | $ 3,339 | $ 612 | $ 523 | $ 498 |
Segment Operating Income Margin | 39.0% | 42.3% | 42.0% | 37.5% | 40.2% | 43.0% | 43.6% | 33.7% | 36.1% | 39.4% | 34.6% | 32.0% | 32.8% |
EBITDA1 | $ 1,104 | $ 1,151 | $ 1,083 | $ 913 | $ 4,251 | $ 1,019 | $ 959 | $ 679 | $ 682 | $ 3,339 | $ 612 | $ 523 | $ 498 |
EBITDA Margin1 | 39.0% | 42.3% | 42.0% | 37.5% | 40.2% | 43.0% | 43.6% | 33.7% | 36.1% | 39.4% | 34.6% | 32.0% | 32.8% |
Legacy Consumer Internet Connections | 5,112 | 4,779 | 4,437 | 4,086 | 4,086 | 3,776 | 3,473 | 3,146 | 2,848 | 2,848 | 2,578 | 2,324 | 2,065 |
Customer Location Switched Access Lines | 3,253 | 3,062 | 2,887 | 2,736 | 2,736 | 2,572 | 2,373 | 2,222 | 2,066 | 2,066 | 1,909 | 1,747 | 1,579 |
See Notes to Financial and Operational Trends on page 16.
Latin America Segment20 Statement of Segment Income Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Segment Operating Revenues | ||||||||||||||
Wireless service | $ 690 | $ 699 | $ 645 | $ 634 | $ 2,668 | $ 615 | $ 662 | $ 696 | $ 742 | $ 2,715 | $ | 753 | $ 780 | $ 798 |
Wireless equipment | 373 | 404 | 377 | 410 | 1,564 | 356 | 392 | 399 | 517 | 1,664 | 420 | 444 | 442 | |
Total Segment Operating Revenues | $ 1,063 | $ 1,103 | $ 1,022 | $ 1,044 | $ 4,232 | $ 971 | $ 1,054 | $ 1,095 | $ 1,259 | $ 4,379 | $ | 1,173 | $ 1,224 | $ 1,240 |
Segment Operating Expenses
Operations and support | $ 883 | $ 925 | $ 854 | $ 873 | $ 3,535 | $ 778 | $ 853 | $ 896 | $ 1,036 | $ 3,563 | $ 953 | $ 997 | $ 1,004 |
Depreciation and amortization | 177 | 172 | 158 | 150 | 657 | 150 | 155 | 177 | 189 | 671 | 200 | 189 | 191 |
Total Segment Operating Expenses | 1,060 | 1,097 | 1,012 | 1,023 | 4,192 | 928 | 1,008 | 1,073 | 1,225 | 4,234 | 1,153 | 1,186 | 1,195 |
Segment Operating Income | $ 3 | $ 6 | $ 10 | $ 21 | $ 40 | $ 43 | $ 46 | $ 22 | $ 34 | $ 145 | $ 20 | $ 38 | $ 45 |
Segment Operating Income Margin | 0.3% | 0.5% | 1.0% | 2.0% | 0.9% | 4.4% | 4.4% | 2.0% | 2.7% | 3.3% | 1.7% | 3.1% | 3.6% |
EBITDA1 | $ 180 | $ 178 | $ 168 | $ 171 | $ 697 | $ 193 | $ 201 | $ 199 | $ 223 | $ 816 | $ 220 | $ 227 | $ 236 |
EBITDA Margin1 | 16.9% | 16.1% | 16.4% | 16.4% | 16.5% | 19.9% | 19.1% | 18.2% | 17.7% | 18.6% | 18.8% | 18.5% | 19.0% |
Mexico Wireless Subscribers | 22,459 | 22,636 | 22,911 | 23,576 | 23,576 | 23,608 | 23,843 | 24,149 | 24,680 | 24,680 | 24,103 | 23,435 | 23,333 |
Postpaid | 5,352 | 5,494 | 5,633 | 5,837 | 5,837 | 5,997 | 6,180 | 6,423 | 6,751 | 6,751 | 7,088 | 7,457 | 7,939 |
Prepaid | 16,742 | 16,809 | 16,996 | 17,486 | 17,486 | 17,376 | 17,440 | 17,508 | 17,730 | 17,730 | 16,835 | 15,829 | 15,317 |
Reseller | 365 | 333 | 282 | 253 | 253 | 235 | 223 | 218 | 199 | 199 | 180 | 149 | 77 |
Mexico Wireless Net Adds | 143 | 177 | 275 | 665 | 1,260 | 32 | 235 | 306 | 531 | 1,104 | (577) | (668) | (102) | |
Mexico Wireless Churn8 | 5.78% | 5.78% | 5.74% | 5.50% | 5.70% | 5.64% | 5.68% | 5.69% | 5.80% | 5.70% | 5.61% | 5.15% | 4.45% | |
Mexico Wireless ARPU9 | $ 8.11 | $ 8.28 | $ 7.54 | $ 7.29 | $ 7.80 | $ 6.95 | $ 7.50 | $ 7.78 | $ 8.15 | $ 7.60 | $ | 8.32 | $ 8.93 | $ 9.24 |
See Notes to Financial and Operational Trends on page 16.
AT&T Inc. Other Income (Expense) - Net21 Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Net pension and postretirement credit, excluding actuarial gain/(loss) | $ 598 | $ 597 | $ 598 | $ 599 | $ 2,392 | $ 508 | $ 509 | $ 508 | $ 508 | $ 2,033 | $ 501 | $ 498 | $ 501 |
Expected return on assets | 567 | 568 | 568 | 570 | 2,273 | 517 | 517 | 517 | 516 | 2,067 | 531 | 529 | 531 |
Interest cost on projected benefit obligations | (473) | (475) | (473) | (475) | (1,896) | (480) | (480) | (480) | (479) | (1,919) | (434) | (435) | (434) |
Amortization of prior service credit | 504 | 504 | 503 | 504 | 2,015 | 471 | 472 | 471 | 471 | 1,885 | 404 | 404 | 404 |
Actuarial gain/(loss) | - | - | - | (56) | (56) | - | - | - | (519) | (519) | - | - | - |
Gain on sale of DIRECTV | - | - | - | - | - | - | - | 5,479 | 101 | 5,580 | - | - | - |
Benefit-related gain (loss), impairments of investments and other | (254) | 16 | 92 | (10) | (156) | (64) | 189 | 99 | 22 | 246 | (28) | 89 | 10 |
Interest income | 64 | 47 | 49 | 52 | 212 | 40 | 70 | 128 | 166 | 404 | 112 | 120 | 102 |
Other gain/(loss) items | 43 | 22 | (22) | (16) | 27 | (29) | (1) | 40 | - | 10 | 9 | (11) | (23) |
Other Income (Expense) - Net | $ 451 | $ 682 | $ 717 | $ 569 | $ 2,419 | $ 455 | $ 767 | $ 6,254 | $ 278 | $ 7,754 | $ 594 | $ 696 | $ 590 |
Interest expense | $ 1,724 | $ 1,699 | $ 1,675 | $ 1,661 | $ 6,759 | $ 1,658 | $ 1,655 | $ 1,700 | $ 1,791 | $ 6,804 | $ 1,813 | $ 1,883 | $ 1,979 |
Interest during construction | 103 | 96 | 89 | 73 | 361 | 56 | 55 | 56 | 54 | 221 | 42 | 49 | 150 |
Interest income | 64 | 47 | 49 | 52 | 212 | 40 | 70 | 128 | 166 | 404 | 112 | 120 | 102 |
See Notes to Financial and Operational Trends on page 16.
Advanced Connectivity Supplemental Mobility Results4
Dollars in millions; Unaudited 3/31/24 6/30/24 9/30/24 12/31/24 2024 3/31/25 6/30/25 9/30/25 12/31/25 2025 3/31/26 6/30/26 9/30/26Operating Revenues | |||||||||||||
Service | $ 15,994 | $ 16,277 | $ 16,539 | $ 16,563 | $ 65,373 | $ 16,651 | $ 16,853 | $ 16,926 | $ 16,954 | $ 67,384 | $ 16,941 | $ 17,413 | $ 17,764 |
Equipment | 4,600 | 4,203 | 4,513 | 6,566 | 19,882 | 4,919 | 4,992 | 4,787 | 7,400 | 22,098 | 5,380 | 5,008 | 5,444 |
Total Operating Revenues | $ 20,594 | $ 20,480 | $ 21,052 | $ 23,129 | $ 85,255 | $ 21,570 | $ 21,845 | $ 21,713 | $ 24,354 | $ 89,482 | $ 22,321 | $ 22,421 | $ 23,208 |
Operating Expenses
Operations and support Depreciation and amortization | $ 11,639 2,487 | $ 11,285 2,476 | $ 11,559 2,490 | $ 14,241 2,764 | $ 48,724 10,217 | $ 12,304 2,526 | $ 12,358 2,556 | $ 12,011 2,577 | $ 15,191 2,763 | $ 51,864 10,422 | $ 12,881 2,611 | $ 12,287 2,554 | $ 12,806 2,531 |
Total Operating Expenses | 14,126 | 13,761 | 14,049 | 17,005 | 58,941 | 14,830 | 14,914 | 14,588 | 17,954 | 62,286 | 15,492 | 14,841 | 15,337 |
Operating Income | $ 6,468 | $ 6,719 | $ 7,003 | $ 6,124 | $ 26,314 | $ 6,740 | $ 6,931 | $ 7,125 | $ 6,400 | $ 27,196 | $ 6,829 | $ 7,580 | $ 7,871 |
Operating Income Margin | 31.4% | 32.8% | 33.3% | 26.5% | 30.9% | 31.2% | 31.7% | 32.8% | 26.3% | 30.4% | 30.6% | 33.8% | 33.9% |
EBITDA1 | $ 8,955 | $ 9,195 | $ 9,493 | $ 8,888 | $ 36,531 | $ 9,266 | $ 9,487 | $ 9,702 | $ 9,163 | $ 37,618 | $ 9,440 | $ 10,134 | $ 10,402 |
EBITDA Margin1 | 43.5% | 44.9% | 45.1% | 38.4% | 42.8% | 43.0% | 43.4% | 44.7% | 37.6% | 42.0% | 42.3% | 45.2% | 44.8% |
EBITDA Service Margin1 | 56.0% | 56.5% | 57.4% | 53.7% | 55.9% | 55.6% | 56.3% | 57.3% | 54.0% | 55.8% | 55.7% | 58.2% | 58.6% |
See Notes to Financial and Operational Trends on page 16.
Notes to Financial and Operational Trends
AT&T Inc.
1 See Discussion and Reconciliation of Non-GAAP Measures included in Form 8-K dated October 21, 2026 and additional Non-GAAP Reconciliations on page 17.
2 On February 2, 2026, we completed the acquisition of substantially all of Lumen's Mass Markets fiber business. The acquisition included customer relationships, which are included with advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). Upon acquisition, we sought an equity partner to co-invest in Forged Fiber and have since agreed to sell a controlling interest in the business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations, with the results of operations and direct cash flows excluded from the Company's continuing operations. The preliminary values of the assets acquired were assigned to both continuing operations ($1.7 billion) and discontinued operations ($4.1 billion). The discontinued operations were assigned a proportionate share of goodwill and acquisition costs and related cash flows.
3 Interest during construction is included in both Acquisitions and in Capital Expenditures (see Additional Cash Flow Information on page 4).
4 Effective with the first-quarter 2026 reporting, AT&T realigned its internal management and reporting structure to reflect the evolution of its business model to focus on delivering converged advanced connectivity services across 5G and fiber to consumer and business customers. The Company's new reportable segments are: (1) Advanced Connectivity, which represents results primarily from the Company's domestic 5G and fiber-based wireless, internet and other advanced connectivity services. Results for this segment are provided in aggregate with supplemental disclosures for performance of the Company's consumer and business relationships, (2) Legacy, which represents results primarily from the Company's domestic legacy voice and data services to consumer and business customers provided over its copper-based network, and (3) Latin America, which continues to represent results for the Company's wireless business in Mexico. In addition to these reportable segments, the Company also intends to provide financial results for its Mobility business as a supplemental disclosure for a transitional period through the third quarter of 2026. As a convenience to investors, the Company provided recast quarterly and annual results for 2023, 2024 and 2025 in a Form 8-K dated January 28, 2026. This update did not change the historical Latin America and Corporate and Other results. There is no impact to consolidated operating income and Adjusted EBITDA.
5 Reconciling items between Adjusted EBITDA and Free Cash Flow include: (a) noncash adjustment to remove Bad Debt Expense; (b) Capital Investment; (c) Cash Paid for Interest = Cash paid for interest less interest capitalized for capital expenditures and spectrum acquisitions; (d) Cash Paid for Income Taxes less cash taxes paid for DIRECTV; (e) Working Capital = "Changes in Operating Assets and Liabilities" for the five line items reported under this caption in the Consolidated Statements of Cash Flows; (f) Other includes, but not limited to, postretirement claims and contributions, and other changes in non-current assets and liabilities not included in Working Capital.
6 Corporate and Other includes parent support costs, securitization fees associated with sales of receivables ($0.1 billion revenue and $0.7 billion operations and support expenses in 2025), value portfolio, and significant items for which the segments are not being evaluated. Prior to 2026, Corporate also included DTV-related retained costs.
7 Retail phone subscribers and phone net additions are comprised of postpaid and prepaid. Retail Other subscribers and net additions include other postpaid devices (e.g. tablets, wearables, other devices), and prepaid other.
8 Churn is calculated by dividing the aggregate number of wireless subscribers who canceled service during a month by the total number of wireless subscribers at the beginning of that month. The churn rate for the period is equal to the average of the churn rate for each month of that period.
9 For Advanced Connectivity and Latin America segments, ARPU is defined as subscriber revenues during the period divided by average subscribers during the period.
10 Postpaid upgrade rate is calculated as total postpaid device upgrades for the quarter divided by beginning of period postpaid subscribers.
11 FirstNet connections include voice and other connections on AT&T's nationwide communications platform dedicated to public safety. Connections are mostly included as retail postpaid phone and retail other subscribers and are comprised of postpaid phone and postpaid other devices (e.g., tablets, wearables). Additionally, FirstNet connections also include connected devices. FirstNet connections include both business (e.g., public safety agencies & organizations) and consumer (e.g., individual public safety professionals).
12 AT&T Fiber net additions for 1Q26 exclude 1.1 million connections from the recently acquired mass markets fiber business, which was reflected as a base adjustment in the quarter. AT&T Fiber net adds also include legacy brands of the acquired fiber business. AT&T Business Fiber connections and net additions include fiber broadband internet for businesses, and exclude dedicated and ethernet fiber. Business Fixed Wireless connections and net additions include AT&T Internet Air for Business and historical fixed wireless services and exclude integrated gateway wireless connections used for secondary or back-up connectivity.
13 Advanced home internet connections with AT&T wireless is defined as AT&T Fiber (see footnote 12 above) or AT&T Internet Air (AIA) connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. AT&T Fiber connections with AT&T wireless is defined as AT&T Fiber connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. We refer to these customers as Converged customers. Beginning in 1Q26, these convergence metrics include customers from the recently acquired mass markets fiber business. Convergence metrics for the most recent quarter are presented based on available information and are subject to revision.
14 Total Consumer and Business Locations Reached with fiber represents the sum of AT&T Owned and Operated plus AT&T Fiber Ventures. AT&T Owned and Operated Locations Reached refers to the total number of potential consumer and business customer locations, such as single-family homes, apartment and condominium units, and small and medium business and enterprise sites, that are passed by the fiber network. AT&T Owned and Operated reflects our owned facilities-based fiber customer locations and excludes fiber locations in the Forged Fiber subsidiary (see footnote 2 above). AT&T Fiber Ventures Locations Reached represents locations served by Forged Fiber, Gigapower, and other commercial open access providers. Fiber location metrics are presented based on available information and are subject to revision.
15 A Fiber Location Served is defined as (1) where fiber has been built to a specific customer location, (2) the customer can place an order for fiber, and (3) service can be provisioned. Consumer fiber penetration is calculated as AT&T Fiber connections (see footnote 12 above) divided by Consumer fiber locations served, which include locations served by Forged Fiber (see footnote 2 above), Gigapower, and other commercial open access providers. Fiber location metrics are presented based on available information and are subject to revision.
16 Consumer total service revenues are comprised of wireless service, advanced home internet, and other service. Wireless service revenue is comprised of revenues from postpaid and prepaid subscribers, wireless connected devices, wholesale, and other. Advanced home internet revenue is comprised of internet revenues from AT&T Fiber and AIA. Other service revenue is comprised of VoIP and other revenues.
17 Consumer Postpaid Wireless ARPA, average revenue per account, is defined as Consumer postpaid wireless subscriber revenues during the period divided by average consumer postpaid wireless accounts during the period. Average consumer postpaid wireless accounts are calculated based on the retail wireless postpaid accounts as of the end of each month during the measurement period. An account includes monthly retail wireless revenues for a variety of connected devices.
18 Business total service revenues are comprised of wireless service, fiber and advanced connectivity, and transitional and other. Wireless service revenue is comprised of postpaid, prepaid, wireless connected devices (IoT) and reseller. Fiber and advanced connectivity revenue is comprised of AT&T dedicated internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services. Transitional and other revenue is comprised of VPN, wholesale, outsourcing, and IP sales.
19 Legacy revenues are derived from copper-based services. Legacy operating expenses represent direct operating costs and exclude allocations of shared network, IT, and corporate costs and depreciation, which are reported in the Advanced Connectivity segment. Depreciation of the shared network, including copper-based assets prior to decommissioning, is managed in the Advanced Connectivity segment, consistent with the composite group depreciation methodology. Legacy Consumer Internet Connections include non-fiber and DSL connections. Customer Location Switched Access Lines include consumer and business.
20 On October 13, 2026, we entered into an agreement to sell our Mexico wireless business, which is the entirety of our Latin America segment. The transaction is expected to close in the first quarter of 2027. We applied held-for-sale accounting as of September 30, 2026, and continue to present results in continuing operations within the Latin America segment results.
21 Other Income (Expense) - Net includes certain items, which have been excluded from adjusted EPS. These adjustments are reflected in the following line items of the schedule: (1) Actuarial gain/(loss), (2) Gain on sale of DIRECTV, and (3) Benefit-related gain (loss), impairments of investments and other. See Adjusting Items in the Financial and Operational Schedules & Non-GAAP Reconciliations. Prior service credit amortization, a component of net pension and postretirement credit, amounted to $1.9 billion in 2025. Estimated pre-tax amortization of prior service credit for the next three years is: $1.6 billion for 2026, $0.7 billion for 2027, and less than $0.1 billion for 2028.
Non-GAAP Reconciliations - EBITDA and EBITDA Margins1,*Dollars in millions; Unaudited | 3/31/24 | 6/30/24 | 9/30/24 | 12/31/24 | 2024 | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | 2025 | 3/31/26 | 6/30/26 | 9/30/26 |
Advanced Connectivity - Consumer Operating Income Add: Depreciation and amortization | $ 5,759 2,914 | $ 5,914 2,939 | $ 6,173 2,960 | $ 5,563 3,201 | $ 23,409 12,014 | $ 6,164 3,011 | $ 6,373 3,056 | $ 6,632 3,069 | $ 6,175 3,111 | $ 25,344 12,247 | $ 6,541 3,022 | $ 7,119 2,976 | $ 7,340 2,973 |
EBITDA | $ 8,673 | $ 8,853 | $ 9,133 | $ 8,764 | $ 35,423 | $ 9,175 | $ 9,429 | $ 9,701 | $ 9,286 | $ 37,591 | $ 9,563 | $ 10,095 | $ 10,313 |
Total Operating Revenues $ 19,630 $ 19,543 $ 20,182 $ 22,221 | $ 81,576 | $ 20,976 $ 21,295 $ 21,274 $ 23,714 43.7% 44.3% 45.6% 39.2% | $ 87,259 43.1% | $ 22,152 $ 22,329 $ 23,048 43.2% 45.2% 44.7% |
EBITDA Margin 44.2% 45.3% 45.3% 39.4% | 43.4% |
Operating Income (Loss) Add: Depreciation and amortization | $ (118) 1,816 | $ (60) 1,837 | $ (100) 1,853 | $ (287) 1,913 | $ (565) 7,419 | $ (192) 1,962 | $ (267) 1,979 | $ (215) 2,007 | $ (82) 1,764 | $ (756) 7,712 | $ 312 1,683 | $ 226 1,711 | $ 288 1,729 |
EBITDA | $ 1,698 | $ 1,777 | $ 1,753 | $ 1,626 | $ 6,854 | $ 1,770 | $ 1,712 | $ 1,792 | $ 1,682 | $ 6,956 | $ 1,995 | $ 1,937 | $ 2,017 |
Total Operating Revenues $ 6,393 $ 6,316 $ 6,315 $ 6,484 | $ 25,508 | $ 6,216 $ 6,202 $ 6,229 $ 6,518 28.5% 27.6% 28.8% 25.8% | $ 25,165 27.6% | $ 6,319 $ 6,286 $ 6,433 31.6% 30.8% 31.4% |
EBITDA Margin 26.6% 28.1% 27.8% 25.1% | 26.9% |
Operating Income Add: Depreciation and amortization | $ 6,468 2,487 | $ 6,719 2,476 | $ 7,003 2,490 | $ 6,124 2,764 | $ 26,314 10,217 | $ 6,740 2,526 | $ 6,931 2,556 | $ 7,125 2,577 | $ 6,400 2,763 | $ 27,196 10,422 | $ 6,829 2,611 | $ 7,580 2,554 | $ 7,871 2,531 |
EBITDA | $ 8,955 | $ 9,195 | $ 9,493 | $ 8,888 | $ 36,531 | $ 9,266 | $ 9,487 | $ 9,702 | $ 9,163 | $ 37,618 | $ 9,440 | $ 10,134 | $ 10,402 |
Total Operating Revenues $ 20,594 $ 20,480 $ 21,052 $ 23,129 Service Revenues 15,994 16,277 16,539 16,563 EBITDA Margin 43.5% 44.9% 45.1% 38.4% | $ 85,255 65,373 42.8% | $ 21,570 $ 21,845 $ 21,713 $ 24,354 16,651 16,853 16,926 16,954 43.0% 43.4% 44.7% 37.6% 55.6% 56.3% 57.3% 54.0% | $ 89,482 67,384 42.0% 55.8% | $ 22,321 $ 22,421 $ 23,208 16,941 17,413 17,764 42.3% 45.2% 44.8% 55.7% 58.2% 58.6% |
EBITDA Service Margin 56.0% 56.5% 57.4% 53.7% | 55.9% |
Corporate and Other | |||||||||||||||
Operating Income (Loss) | $ (901) | $ (1,251) | $ (5,050) | $ (884) | $ (8,086) | $ (1,280) | $ (610) | $ (999) | $ (1,021) | $ (3,910) | $ (827) | $ (868) | $ (4,076) | ||
Add: Depreciation and amortization | 140 | 124 | 116 | 110 | 490 | 67 | 61 | 64 | 64 | 256 | 61 | 90 | 85 | ||
Add: Transaction, legal and other costs | 32 | 35 | 34 | 22 | 123 | 79 | 49 | 487 | 12 | 627 | 146 | 149 | 44 | ||
Add: Benefit-related (gain) loss | (39) | (10) | (73) | 55 | (67) | 6 | (70) | (62) | (26) | (152) | 25 | (101) | 16 | ||
Add: Asset impairments and abandonments and restructuring | 159 | 480 | 4,422 | 14 | 5,075 | 504 | - | - | 334 | 838 | - | 286 | 3,372 | ||
EBITDA | $ (609) | $ (622) | $ (551) | $ (683) | $ (2,465) | $ (624) | $ (570) | $ (510) | $ (637) | $ (2,341) | $ (595) | $ (444) | $ (559) | ||
* Non-GAAP reconciliations are presented for supplemental disclosures for performance of the Company's consumer and business relationships within the Advanced Connectivity segment and supplemental Mobility results. At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin and EBITDA service margin is calculated as EBITDA divided by total operating revenues and service revenues, respectively. Corporate and Other EBITDA is calculated as operating income (loss) plus depreciation and amortization and excludes significant items for which the segments are not being evaluated.
See Notes to Financial and Operational Trends on page 16.