AT&T Inc. (T$A) — Agentic Tribune

ITEM 1. BUSINESS

GENERAL

AT&T Inc. (“AT&T,” “we” or the “Company”) is a holding company incorporated under the laws of the State of Delaware in 1983 and has its principal executive offices at 208 S. Akard St., Dallas, Texas, 75202 (telephone number 210-821-4105). We maintain an internet website at www.att.com. (This website address is for information only and is not intended to be an active link or to incorporate any website information into this document.) We file electronically with the Securities and Exchange Commission (SEC) required reports on Form 8-K, Form 10-Q and Form 10-K; proxy materials; registration statements on Forms S-3 and S-8, as necessary; and other forms or reports as required. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. We make available, free of charge, on our website our annual report on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC. We also make available on that website, and in print, if any stockholder or other person so requests, our “Code of Ethics” applicable to all employees and Directors, our “Corporate Governance Guidelines,” and the charters for all committees of our Board of Directors, including Audit, Human Resources and Governance and Policy committees. Any changes to our Code of Ethics or waiver of our Code of Ethics for senior financial officers, executive officers or Directors will be posted on that website.

A reference to a “Note” refers to the Notes to Consolidated Financial Statements in Item 8.

History

AT&T, formerly known as SBC Communications Inc. (SBC), was formed as one of several regional holding companies created to hold AT&T Corp.’s (ATTC) local telephone companies. On January 1, 1984, we were spun-off from ATTC pursuant to an anti-trust consent decree, becoming an independent publicly traded telecommunications services provider.

Following our formation, we expanded our communications footprint and operations, most significantly:

•Our subsidiaries merged with incumbent local exchange carriers (ILEC) Pacific Telesis Group in 1997 and Ameritech Corporation in 1999.

•In 2005, we merged one of our subsidiaries with ATTC, creating one of the world’s leading telecommunications providers. In connection with the merger, we changed the name of our company from “SBC Communications Inc.” to “AT&T Inc.”

•In 2006, we acquired ILEC BellSouth Corporation (BellSouth), which included BellSouth’s 40% economic interest in AT&T Mobility LLC (AT&T Mobility), formerly Cingular Wireless LLC, resulting in 100% ownership of AT&T Mobility.

•In 2014, we completed the acquisition of wireless provider Leap Wireless International, Inc.

•In 2015, we acquired wireless properties in Mexico and acquired DIRECTV, a leading provider of digital television entertainment services in both the United States (included in our former Video business) and Latin America (referred to as Vrio, which was sold in November 2021).

•In July 2021, we closed our transaction with TPG Capital (TPG) to form a new company named DIRECTV Entertainment Holdings, LLC (DIRECTV). With the close of the transaction (DIRECTV Transaction), we separated our Video business, comprised of our U.S. video operations, and began accounting for our investment in DIRECTV under the equity method. In July 2025, we sold our remaining interest in DIRECTV to TPG.

General

We are a leading provider of telecommunications and technology services globally. The services and products that we offer vary by market and utilize various technology platforms in a range of geographies. Our reportable segments are organized as follows:

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the United States and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units:

•Mobility provides nationwide wireless service and equipment.

•Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services, as well as legacy voice and data services and related equipment, to business customers.

•Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and our fixed wireless access product (AT&T Internet Air or “AIA”) that provides internet services delivered over our 5G wireless network, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.

AT&T Inc.
Dollars in millions except per share amounts

The Latin America segment provides wireless service and equipment in Mexico.

Corporate support costs, including administrative support costs borne by AT&T where business units do not influence decision making, and results from business no longer integral to our operations are reported as Corporate and Other, which reconciles our segment results to consolidated operating income and income before income taxes.

Areas of Focus

We are a leader in providing connectivity services through our market focus areas of 5G and fiber. Fiber underpins the connectivity we deliver, both wired and wireless. Building on that fiber foundation is our solid spectrum portfolio, strengthened through Federal Communications Commission (FCC) auctions, other spectrum acquisitions and 5G deployment. We believe our fixed wireline and mobile approach will differentiate our services and provide us with additional convergence growth opportunities in the future as bandwidth demands continue to grow. We will continue to demonstrate our commitment to ensure management attention is sharply focused on growth areas and operational efficiencies.

Our integrated telecommunications network utilizes different technological platforms to provide instant connectivity at the higher speeds made possible by our fiber network expansion and wireless network enhancements. Streaming, augmented reality, “smart” technologies, user generated content and artificial intelligence (AI) are expected to continue to drive greater demand for broadband, which we believe will allow us to capitalize on our fiber and 5G deployments. During 2026, we are focused on the core capabilities of our products, our infrastructure and our network. We will also focus on accelerating our fiber expansion, organically and through our pending acquisition of substantially all of Lumen’s Mass Markets fiber business. We will continue to deploy low- and mid-band spectrum to improve speed and capacity, including spectrum to be acquired from our pending transactions with EchoStar Corporation (EchoStar) and other spectrum acquisitions. Our concentration is to aggregate the most traffic on the largest, lowest marginal cost, converged network through efficient spectrum deployment and construction of the largest high-capacity broadband solutions in the United States, while also working with regulators and customers to decommission high-cost legacy technologies over the next several years.

Wireless Service We continue to experience rapid growth in data usage as consumers are demanding seamless access across their wireless and wired devices, and businesses and municipalities are connecting an increasing number of equipment and facilities to the internet. The deployment of 5G, which allows for faster connectivity, lower latency and greater bandwidth, requires modifications of existing cell sites to add equipment supporting new frequencies, like the C-Band and the 3.45 GHz band. The increased speeds and network operating efficiency expected with 5G technology has enabled massive deployment of devices connected to the internet as well as faster delivery of data services. As the wireless industry has matured, with nearly full penetration of smartphones in the U.S. population, future wireless growth will depend on our ability to offer innovative services, plans and devices that bundle product offerings, add converged customer relationships and take advantage of our 5G wireless network.

To support higher mobile data usage, our priority is to best utilize a wireless network that has sufficient spectrum and capacity to support these innovations on as broad a geographic basis as possible. We expect to continue to invest significant capital in expanding our network capacity, as well as obtaining additional spectrum, when needed and available, that meets our long-term needs. We participate in FCC spectrum auctions, acquire spectrum licenses from third parties as it becomes available and redeploy existing spectrum previously used for more basic services to support more advanced mobile internet services.

In North America, our network covers over 441 million people with 4G LTE and over 322 million with 5G technology. In the United States, our network covers all major metropolitan areas and more than 337 million people with our LTE technology and more than 322 million people with our 5G technology.

Broadband Technology Fiber is a core priority for our business and over the last several years we have enhanced our focus to expand our fiber footprint and grow customers. At December 31, 2025, we had 10.4 million fiber consumer wireline broadband customers, adding 1.1 million during the year. The expansion builds on our recent investments to convert to a software-based network, managing the migration of wireline customers to services using our fiber infrastructure to provide broadband technology. Software-based technologies align with our global leadership in software defined network (SDN) and network function virtualization (NFV). This network approach delivers a demonstrable cost advantage in the deployment of next-generation technology over the traditional, hardware-intensive network approach. Our virtualized network supports next-generation applications like 5G and broadband-based services quickly and efficiently. At December 31, 2025, we had 16.0 million broadband connections, compared to 15.3 million broadband connections in the prior year.

In areas where fiber services are not available, in recent years we have offered fixed wireless access under our AT&T Internet Air (AIA) brand. At December 31, 2025, we had 1.5 million AIA connections, adding 875,000 during the year. With recent spectrum acquisitions, including our pending transaction with EchoStar we are expanding the capacity of the wireless network over which these services are provided to support this growth initiative.

AT&T Inc.
Dollars in millions except per share amounts

Copper Decommissioning While building the network of the future, we are actively working to exit our legacy copper network operations across the large majority of our wireline footprint. Our exit strategy includes migrating customers to fiber and wireless alternatives, and working with policy-makers to decommission our inefficient and less reliable copper network. At December 31, 2025, we had 2.1 million customer location switched access lines in service and 2.8 million legacy consumer internet connections compared to 2.7 million customer location switched access lines in service and 4.1 million legacy consumer internet connections in the prior year.

BUSINESS OPERATIONS

OPERATING SEGMENTS

Our segments are strategic business units that offer different products and services over various technology platforms and/or in different geographies that are managed accordingly. We have two reportable segments: Communications and Latin America.

Additional information about our segments, including financial information, is included under the heading “Segment Results” in Item 7 and in Note 4 of Item 8.

COMMUNICATIONS

Our Communications segment provides wireless and wireline telecom and broadband services to consumers located in the United States and businesses globally. Our Communications services and products are marketed under the AT&T, AT&T Business, Cricket, AT&T PREPAIDSM, AT&T Fiber and AT&T Internet Air brand names. The Communications segment provided approximately 97% of 2025 segment operating revenues and accounted for substantially all of our 2025 total segment operating income. This segment contains the Mobility, Business Wireline and Consumer Wireline business units.

Mobility – Our Mobility business unit provides nationwide wireless service to consumers and wholesale and resale wireless subscribers located in the United States by utilizing our network to provide voice and data services, including high-speed internet over wireless devices. We classify our subscribers as either postpaid, prepaid or reseller. As of December 31, 2025, we served 120 million Mobility subscribers, including 91 million postpaid (74 million phone), 18 million prepaid and 11 million through resellers. Our Mobility business unit revenue includes the following categories: service and equipment.

Service

We offer a comprehensive range of high-quality nationwide wireless voice and data communications services in a variety of pricing plans to meet the communications needs of targeted customer categories. Through FirstNet® services, we also provide a nationwide wireless broadband network dedicated to public safety.

Consumers continue to require increasing availability of data-centric services and a network to connect and control wireless devices. An increasing number of our subscribers are using more advanced devices, including embedded computing systems and/or software, commonly called the Internet of Things (IoT). We offer unlimited plans that include features allowing for the sharing of voice, text and data across multiple devices, which attracts subscribers from other providers and helps minimize subscriber churn. We continue to upgrade our network and coordinate with equipment manufacturers and application developers to further capitalize on the continued growing demand for wireless data services.

We also offer nationwide wireless voice and data communications to certain customers who prefer to pay in advance. These services are offered under the Cricket and AT&T PREPAID brands and are typically monthly prepaid services.

Equipment

We sell a wide variety of handsets, wireless data cards and wireless computing devices manufactured by various suppliers for use with our voice and data services. We also sell accessories, such as carrying cases/protective covers and wireless chargers. We sell online and through our own company-owned stores, agents and third-party retail stores. We provide our customers the ability to purchase handsets on an installment basis and the opportunity to bring their own device. Subscribers that bring their own devices or retain handsets for longer periods impact upgrade activity. Like other wireless service providers, we also provide postpaid contract subscribers promotional equipment offers to initiate, renew or upgrade service.

Business Wireline – Our Business Wireline business unit provides services to business customers, including multinational corporations, small and mid-sized businesses, and governmental and wholesale customers. Our Business Wireline business unit revenue includes the following categories: legacy and other transitional services, fiber and advanced connectivity services, and equipment.

Legacy and Other Transitional Services

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-K filed 2026-02-09 (period ending 2025-12-31).

AT&T Inc.
Dollars in millions except per share amounts

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

AT&T Inc. is referred to as “we,” “AT&T” or the “Company” throughout this document. AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc., and the names of the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes (Notes).

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this document generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this document can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10‑K for the fiscal year ended December 31, 2024.

We have two reportable segments: Communications and Latin America. Our segment results presented in Note 4 and discussed below follow our internal management reporting. Each segment’s percentage calculation of total segment operating revenue is derived from our segment results table in Note 4. Segment operating income is primarily attributable to our Communications segment due to prior-years operating losses in Latin America. Percentage increases and decreases that are not considered meaningful are denoted with a dash.

							Percent Change
	2025		2024		2023		2025 vs. 2024		2024 vs. 2023
Operating Revenues
Communications	$	120,896	$	117,652	$	118,038	2.8	%	(0.3)	%
Latin America	4,379		4,232		3,932		3.5		7.6
Corporate	373		452		458		(17.5)		(1.3)
AT&T Operating Revenues	$	125,648	$	122,336	$	122,428	2.7	%	(0.1)	%
Operating Income (Loss)
Communications	$	27,927	$	27,095	$	27,801	3.1	%	(2.5)	%
Latin America	145		40		(141)		—		—
Segment Operating Income	28,072		27,135		27,660		3.5		(1.9)
Corporate	(2,559)		(2,902)		(2,961)		11.8		2.0
Certain significant items	(1,351)		(5,184)		(1,238)		73.9		—
AT&T Operating Income	$	24,162	$	19,049	$	23,461	26.8	%	(18.8)	%

The Communications segment accounted for approximately 97% of our 2025 and 2024 total segment operating revenues and accounted for substantially all segment operating income in 2025 and 2024. This segment provides services to businesses and consumers located in the United States and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units:

•Mobility provides nationwide wireless service and equipment.

•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.

The Latin America segment accounted for approximately 3% of our 2025 and 2024 total segment operating revenues and less than 1% of segment operating income in 2025 and 2024. This segment provides wireless service and equipment in Mexico.

AT&T Inc.
Dollars in millions except per share amounts

RESULTS OF OPERATIONS

Consolidated Results Our financial results are summarized in the following table. We then discuss factors affecting our overall results. Additional analysis is discussed in our “Segment Results” section. We also discuss our expected revenue and expense trends for 2026 in the “Operating Environment and Trends of the Business” section.

							Percent Change
	2025		2024		2023		2025 vs. 2024		2024 vs. 2023
Operating revenues
Service	$	101,158	$	100,135	$	99,649	1.0	%	0.5	%
Equipment	24,490		22,201		22,779		10.3		(2.5)
Total Operating Revenues	125,648		122,336		122,428		2.7		(0.1)
Operating expenses
Operations and support	79,762		77,632		78,997		2.7		(1.7)
Asset impairments and abandonments and restructuring	838		5,075		1,193		(83.5)		—
Depreciation and amortization	20,886		20,580		18,777		1.5		9.6
Total Operating Expenses	101,486		103,287		98,967		(1.7)		4.4
Operating Income	24,162		19,049		23,461		26.8		(18.8)
Interest expense	6,804		6,759		6,704		0.7		0.8
Equity in net income of affiliates	1,895		1,989		1,675		(4.7)		18.7
Other income (expense) – net	7,754		2,419		1,416		—		70.8
Income Before Income Taxes	27,007		16,698		19,848		61.7		(15.9)
Net Income	23,386		12,253		15,623		90.9		(21.6)
Net Income Attributable to AT&T	21,953		10,948		14,400		—		(24.0)
Net Income Attributable to Common Stock	$	21,889	$	10,746	$	14,192	—	%	(24.3)	%

OVERVIEW

Operating revenues increased in 2025, reflecting higher Mobility and Consumer Wireline revenues, partially offset by declines in Business Wireline. Operating revenues in Mexico were also higher, overcoming unfavorable foreign exchange impacts during the first half of 2025.

Operations and support expenses increased in 2025, reflecting higher sales volumes in our Mobility business unit, which drove higher equipment, advertising, selling and bad debt expenses. Also contributing to higher costs were approximately $440 of apportioned legal settlements during 2025, higher network-related expenses and advertising costs due to the launch of a new campaign in 2025. Increases were partially offset by declines from our continued transformation efforts and lower content licensing fees.

Asset impairments and abandonments and restructuring decreased in 2025, with higher impairments in 2024. Noncash charges in 2024 primarily related to a goodwill impairment charge of $4,422 associated with our Business Wireline reporting unit as well as restructuring charges, including termination fees associated with our network modernization program to deploy commercial scale open radio access network (Open RAN). Expenses in 2025 primarily relate to restructuring severance charges.

Depreciation and amortization expense increased in 2025, primarily due to ongoing capital spending for strategic initiatives such as fiber and network upgrades, partially offset by lower depreciation from fully depreciated legacy assets and impacts from our Open RAN network modernization efforts.

Operating income increased in 2025 and decreased in 2024. Our operating margin was 19.2% in 2025, compared to 15.6% in 2024, and 19.2% in 2023.

Interest expense increased in 2025, primarily due to lower capitalized interest associated with spectrum acquisitions. The increase was partially offset by lower average commercial paper balances.

AT&T Inc.
Dollars in millions except per share amounts

Equity in net income of affiliates decreased in 2025, reflecting our sale of DIRECTV in July 2025. The decrease was partially offset by cash distributions received by AT&T in excess of the carrying amount of our investment in DIRECTV prior to disposition (see Notes 10 and 19).

Other income (expense) – net increased in 2025. The increase was primarily due to a gain of approximately $5,600 recognized on the sale of our interest in DIRECTV (see Note 10). The increase was also driven by a gain on a prior disposition and noncash impairment charges for a held-for-sale business and our SKY Mexico equity investment. Partially offsetting the increases were lower pension and postretirement benefit credits and lower returns on other benefit-related investments.

Income tax expense decreased in 2025, primarily due to a lower effective tax rate driven by a tax-free gain on sale of DIRECTV in 2025 and a goodwill impairment in 2024, which is not deductible for tax purposes.

Our effective tax rate was 13.4% in 2025, 26.6% in 2024, and 21.3% in 2023, reflecting the nonrecognition of income taxes on the DIRECTV gain and larger discrete tax benefits in 2025, and the goodwill impairment in 2024, which was not deductible for tax purposes.

Segment Results Our segments are comprised of strategic business units or other operations that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. We evaluate segment performance based on operating income as well as EBITDA and/or EBITDA margin. See “Discussion and Reconciliation of Non-GAAP Measures” for a reconciliation of EBITDA and EBITDA margin to the most comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP).

COMMUNICATIONS SEGMENT							Percent Change
	2025		2024		2023		2025 vs. 2024		2024 vs. 2023
Segment Operating Revenues
Mobility	$	89,482	$	85,255	$	83,982	5.0	%	1.5	%
Business Wireline	17,231		18,819		20,883		(8.4)		(9.9)
Consumer Wireline	14,183		13,578		13,173		4.5		3.1
Total Segment Operating Revenues	$	120,896	$	117,652	$	118,038	2.8	%	(0.3)	%
Segment Operating Income (Loss)
Mobility	$	27,196	$	26,314	$	25,861	3.4	%	1.8	%
Business Wireline	(816)		(88)		1,289		—		—
Consumer Wireline	1,547		869		651		78.0		33.5
Total Segment Operating Income	$	27,927	$	27,095	$	27,801	3.1	%	(2.5)	%

Operating revenues increased in 2025, driven by increases in Mobility service revenue and our Consumer Wireline business unit, driven by gains in wireless and broadband services. Partially offsetting these increases were declines in our Business Wireline business unit, which reflects lower demand for legacy services.

Operating income increased in 2025 and decreased in 2024. The 2025 operating income reflects an increase in operating income from our Mobility and Consumer Wireline business units, partially offset by a decrease in our Business Wireline business unit. Our Communications segment operating income margin was 23.1% in 2025, 23.0% in 2024 and 23.6% in 2023. Our Communications segment EBITDA margin was 39.6% in 2025, 39.5% in 2024 and 38.3% in 2023.

AT&T Inc.
Dollars in millions except per share amounts

Communications Business Unit Discussion

Mobility Results
							Percent Change
	2025		2024		2023		2025 vs. 2024		2024 vs. 2023
Operating revenues
Service	$	67,384	$	65,373	$	63,175	3.1	%	3.5	%
Equipment	22,098		19,882		20,807		11.1		(4.4)
Total Operating Revenues	89,482		85,255		83,982		5.0		1.5
Operating expenses
Operations and support	51,864		48,724		49,604		6.4		(1.8)
Depreciation and amortization	10,422		10,217		8,517		2.0		20.0
Total Operating Expenses	62,286		58,941		58,121		5.7		1.4
Operating Income	$	27,196	$	26,314	$	25,861	3.4	%	1.8	%

The following tables highlight other key measures of performance for Mobility:

Subscribers
				Percent Change
(in 000s)	2025	2024	2023	2025 vs. 2024		2024 vs. 2023
Postpaid	90,879	89,200	87,104	1.9	%	2.4	%
Postpaid phone	74,214	72,749	71,255	2.0		2.1
Prepaid	18,294	19,023	19,236	(3.8)		(1.1)
Reseller	10,932	9,628	7,468	13.5		28.9
Total Mobility Subscribers1	120,105	117,851	113,808	1.9	%	3.6	%
1Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.

Mobility Net Additions
							Percent Change
(in 000s)	2025		2024		2023		2025 vs. 2024		2024 vs. 2023
Postpaid Phone Net Additions	1,551		1,653		1,744		(6.2)	%	(5.2)	%
Total Phone Net Additions	1,159		1,525		1,801		(24.0)		(15.3)
Postpaid1	1,738		2,250		2,315		(22.8)		(2.8)
Prepaid	(536)		(102)		128		—		—
Reseller	1,112		2,020		1,279		(45.0)		57.9
Mobility Net Subscriber Additions2,3	2,314		4,168		3,722		(44.5)	%	12.0	%
Postpaid Churn4	1.05	%	0.92	%	0.98	%	13	BP	(6)	BP
Postpaid Phone Churn4	0.90	%	0.76	%	0.81	%	14	BP	(5)	BP
1In addition to postpaid phones, includes tablets and wearables and other. Tablet net adds (losses) were 143, 167 and (68) for the years ended December 31, 2025, 2024 and 2023, respectively. Wearables and other net adds were 44, 430 and 639 for the years ended December 31, 2025, 2024 and 2023, respectively.
2Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.
3Wireless subscribers and net additions exclude customers with free lines provided under promotional pricing until such lines are converted to paying lines.
4Calculated 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.

AT&T Inc.
Dollars in millions except per share amounts

Service revenue increased during 2025, largely due to growth from subscriber gains, partially offset by promotional activity.

ARPU

Postpaid ARPU increased in 2025 reflecting pricing actions that were largely offset by increased promotional activity, growth in our converged customer relationships, and our success in attracting customers in underpenetrated segments with lower ARPUs but attractive lifetime values, such as age 55-plus in our “value customers.”

Churn

The effective management of subscriber churn is critical to our ability to maximize revenue growth and to maintain and improve margins. Postpaid churn and postpaid phone churn were higher in 2025, partially driven by an increase in our customer base that reached the end of device financing periods, which normalized in the second half of 2025.

Equipment revenue increased in 2025, primarily driven by higher wireless device sales volumes.

Operations and support expenses increased in 2025, primarily due to higher sales volumes, which drove higher equipment, advertising, selling and bad debt expenses. The increase also reflected higher advertising due to the launch of a new campaign, and higher network costs that were partially offset by lower content licensing fees and expense declines from transformation efforts.

Depreciation expense increased in 2025, primarily due to ongoing capital spending for network upgrades and expansion, partially offset by lower depreciation impacts from our network modernization efforts.

Operating income increased in 2025 and 2024. Our Mobility operating income margin was 30.4% in 2025, 30.9% in 2024 and 30.8% in 2023. Our Mobility EBITDA margin was 42.0% in 2025, 42.8% in 2024 and 40.9% in 2023.

Business Wireline Results
							Percent Change
	2025		2024		2023		2025 vs. 2024		2024 vs. 2023
Operating revenues
Legacy and other transitional services	$	9,170	$	11,095	$	13,680	(17.4)	%	(18.9)	%
Fiber and advanced connectivity services	7,333		6,969		6,594		5.2		5.7
Equipment	728		755

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Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Next expected filings

~2026-07-23 10-Q expected by 2026-08-02 (in 38 days)
~2026-10-30 10-Q expected by 2026-11-09 (in 137 days)
~2027-02-09 10-K expected by 2027-04-01 (in 239 days)
~2027-04-26 10-Q expected by 2027-05-06 (in 315 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-05-29 S-8 Employee Benefit Plan Registration
2026-05-20 8-K Officer/Director Change; Bylaws/Articles Amended; Shareholder Vote Results; Financial Statements and Exhibits
2026-04-30 8-K Other Events; Financial Statements and Exhibits
2026-04-27 10-Q Quarterly Report
2026-04-27 424B2 Prospectus Supplement
2026-04-22 8-K Other Events; Financial Statements and Exhibits
2026-04-22 8-K Earnings Release; Financial Statements and Exhibits
2026-03-12 8-K Other Events; Financial Statements and Exhibits
2026-02-09 10-K Annual Report
2026-02-05 8-K Other Events; Financial Statements and Exhibits
2026-01-28 8-K Earnings Release; Financial Statements and Exhibits
2026-01-28 8-K Other Events; Financial Statements and Exhibits
2025-11-03 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
2025-10-31 10-Q Quarterly Report
2025-10-22 8-K Earnings Release; Financial Statements and Exhibits

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