Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________________________

FORM 8-K

______________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) January 24, 2024

______________________________________________________

AT&T INC.

(Exact Name of Registrant as Specified in Charter)

______________________________________________________

Delaware

001-08610

43-1301883

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

208 S. Akard St., Dallas, Texas

(Address of Principal Executive Offices)

75202

(Zip Code)

Registrant’s telephone number, including area code (210) 821-4105

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Common Shares (Par Value $1.00 Per Share)

New York Stock Exchange

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

T PRA

New York Stock Exchange

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

T PRC

New York Stock Exchange

AT&T Inc. 2.400% Global Notes due March 15, 2024

T 24A

New York Stock Exchange

AT&T Inc. Floating Rate Global Notes due March 6, 2025

T 25A

New York Stock Exchange

AT&T Inc. 3.550% Global Notes due November 18, 2025

T 25B

New York Stock Exchange

AT&T Inc. 3.500% Global Notes due December 17, 2025

T 25

New York Stock Exchange

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

T 26E

New York Stock Exchange

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

T 26D

New York Stock Exchange

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

T 26A

New York Stock Exchange

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

T 28C

New York Stock Exchange

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

T 29D

New York Stock Exchange

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

T 29B

New York Stock Exchange

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

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

T 29A

New York Stock Exchange

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

T 30B

New York Stock Exchange

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

T 31F

New York Stock Exchange

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

T 32A

New York Stock Exchange

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

T 32

New York Stock Exchange

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

T 33

New York Stock Exchange

AT&T Inc. 3.375% Global Notes due March 15, 2034

T 34

New York Stock Exchange

AT&T Inc. 4.300% Global Notes due November 18, 2034

T 34C

New York Stock Exchange

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

T 35

New York Stock Exchange

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

T 36A

New York Stock Exchange

AT&T Inc. 2.600% Global Notes due May 19, 2038

T 38C

New York Stock Exchange

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

T 39B

New York Stock Exchange

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

T 40

New York Stock Exchange

AT&T Inc. 4.250% Global Notes due June 1, 2043

T 43

New York Stock Exchange

AT&T Inc. 4.875% Global Notes due June 1, 2044

T 44

New York Stock Exchange

AT&T Inc. 4.000% Global Notes due June 1, 2049

T 49A

New York Stock Exchange

AT&T Inc. 4.250% Global Notes due March 1, 2050

T 50

New York Stock Exchange

AT&T Inc. 3.750% Global Notes due September 1, 2050

T 50A

New York Stock Exchange

AT&T Inc. 5.350% Global Notes due November 1, 2066

TBB

New York Stock Exchange

AT&T Inc. 5.625% Global Notes due August 1, 2067

TBC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

The registrant announced on January 24, 2024, its results of operations for the fourth quarter of 2023. The text of the press release and accompanying financial information are attached as exhibits and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

The following exhibits are furnished as part of this report:


(d)	Exhibits

	99.1	Press release dated January 24, 2024 reporting financial results for the fourth quarter ended December 31, 2023.

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

	99.3	Discussion and reconciliation of non-GAAP measures.

	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			AT&T INC.



Date: January 24, 2024			By: /s/ Sabrina Sanders . Sabrina Sanders Senior Vice President - Chief Accounting Officer and Controller

AT&T Delivers Strong 2023 Results, Cash from Operations and Free Cash Flow Driven by 5G and Fiber Growth

AT&T’s multi-year, investment-led strategy delivers improved free cash flow as company attracts and retains profitable customers

DALLAS, January 24, 2024 — AT&T Inc. (NYSE: T) delivered strong fourth-quarter and full-year results highlighted by profitable 5G and AT&T Fiber subscriber gains. As a result, the company posted strong operating income and cash from operations, and surpassed its full-year guidance for adjusted EBITDA*, mobility service and broadband revenue growth as well as its previously increased guidance for free cash flow*.

Solid fourth-quarter results and strong free cash flow close out a strong year

•Fourth quarter cash from operating activities of $11.4 billion, up $1.0 billion or 10.0% year over year; Full-year cash from operating activities of $38.3 billion, up $2.5 billion versus the prior year.

•Fourth quarter free cash flow* of $6.4 billion; Full-year free cash flow* of $16.8 billion, exceeded previously increased guidance, and up $2.6 billion versus the prior year.

•Fourth quarter revenues of $32.0 billion, up 2.2% year over year.

•Fourth quarter operating income of $5.3 billion, with adjusted operating income* of $5.8 billion; Full-year operating income of $23.5 billion, with adjusted operating income* of $24.7 billion, up 5.0% year over year.

“We accomplished exactly what we said we would in 2023, delivering sustainable growth and consistent business performance, resulting in full-year free cash flow of $16.8 billion, ahead of our raised guidance. As we advance our lead in converged connectivity, we will continue to scale our best-in-class 5G and fiber networks to meet customers’ growing demand for seamless, ubiquitous broadband, and drive durable growth for shareholders,” said John Stankey, AT&T CEO.

Strategy enables profitable 5G and fiber subscriber growth

•Full-year Mobility service revenues up 4.4%, above guidance; company’s best-ever full-year Mobility operating income.

•Full-year consumer broadband revenues up 8.1%, above guidance; driven by full-year AT&T Fiber revenue growth of 26.6%.

•526,000 postpaid phone net adds in the fourth quarter; more than 1.7 million for the full-year 2023 with historically low churn levels and continued strong ARPU growth.

•273,000 AT&T Fiber net adds in the fourth quarter; 1.1 million net adds for full-year 2023, 16 straight quarters with more than 200,000 net adds; sixth straight year with 1 million or more AT&T Fiber net adds.

Transformation helping to support margin growth

•Achieved $6 billion+ run-rate cost savings target in mid-year 2023; Strong early progress on achieving an incremental $2 billion+ run-rate cost savings target by mid-2026.

* Further clarification and explanation of non-GAAP measures and reconciliations to their most comparable GAAP measures can be found in the “Non-GAAP Measures and Reconciliations to GAAP Measures” section of the release and at https://investors.att.com.

A leading investor in America’s broadband infrastructure

•Continued to enhance the largest wireless network in North America1 and expand the most reliable 5G network1; mid-band 5G spectrum now covers 210 million+ people, achieving end-of-year target.

•Grew the nation’s largest fiber network, which now passes 26 million+ consumer and business locations; on track to pass 30 million+ locations with fiber by the end of 2025.

2024 Outlook

For the full year, AT&T expects:

•Wireless service revenue growth in the 3% range.

•Broadband revenue growth of 7%+.

•Adjusted EBITDA* growth in the 3% range.

•Capital investment* in the $21-$22 billion range.

•Free cash flow* in the $17-$18 billion range.

•Adjusted EPS* of $2.15 to $2.25, which includes an expected ($0.17) higher depreciation expense, including accelerated depreciation from our open radio access network (Open RAN) transformation, ($0.07) lower other income due to declines in non-cash prior service credit amortization included in pension and postretirement benefits costs, ($0.05) lower capitalized interest and ($0.03) lower adjusted equity income from the DIRECTV investment*.

•In 2025, the company expects to deliver Adjusted EPS* growth.

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Note: AT&T’s fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, January 24, 2024. The webcast and related materials, including financial highlights, will be available on AT&T’s Investor Relations website at https://investors.att.com.

Consolidated Financial Results

Revenues for the fourth quarter totaled $32.0 billion versus $31.3 billion in the year-ago quarter, up 2.2%. This increase primarily reflects higher Mobility, and to a lesser extent, Mexico and Consumer Wireline revenues, partly offset by continued declines in Business Wireline revenues.

Operating expenses were $26.8 billion versus $52.4 billion in the year-ago quarter. Operating expenses decreased primarily from non-cash goodwill impairment charges in the prior year quarter and benefits of continued transformation efforts, including lower personnel costs in 2023, partially offset by inflationary increases. The year-over-year decrease was partially offset by increased depreciation expense and higher equipment costs from the sale of higher-priced devices at Mobility and subscriber growth in Mexico.

Operating income (loss) was $5.3 billion versus ($21.1) billion in the year-ago quarter. When adjusting for certain items, adjusted operating income* from continuing operations was $5.8 billion versus $5.7 billion in the year-ago quarter.

Equity in net income of affiliates was $0.3 billion, primarily from the DIRECTV investment. With adjustment for our proportionate share of intangible amortization, adjusted equity in net income from the DIRECTV investment* was $0.6 billion.

Income (loss) from continuing operations was $2.6 billion versus ($23.1) billion in the year-ago quarter. Earnings per common share from continuing operations was $0.30 versus ($3.20) in the year-ago quarter. Adjusting for $0.24, which includes an actuarial loss on benefit plans, restructuring and impairments, our proportionate share of intangible amortization from the DIRECTV equity method investment and other items, adjusted earnings per diluted common share from continuing operations* was $0.54 compared to $0.61 in the year-ago quarter.

Cash from operating activities from continuing operations was $11.4 billion, up $1.0 billion year over year, reflecting operational growth, lower mobile device payments, and lower voluntary benefit plan contributions, partly offset by higher cash tax payments.

Capital expenditures were $4.6 billion in the quarter. Capital investment*, which includes $1.0 billion of cash payments for vendor financing, totaled $5.6 billion. Free cash flow* was $6.4 billion for the quarter.

Page 3

Full-Year Results

Revenues for the full year totaled $122.4 billion versus $120.7 billion in 2022, up 1.4%, primarily driven by higher revenues from Mobility, and to a lesser extent, Mexico and Consumer Wireline revenues, partially offset by lower Business Wireline revenues. Revenue increases also reflect favorable impacts of foreign exchange rates in Mexico.

Operating expenses were $99.0 billion compared with $125.3 billion in 2022 primarily due to non-cash goodwill impairment charges in the prior year, benefits of continued transformation efforts, including lower personnel costs in 2023, partially offset by inflationary cost increases. To a lesser extent, the year-over-year decrease reflects lower equipment costs at Mobility, driven by lower device sales and associated selling costs in 2023 and 3G network shutdown costs in the first quarter of 2022, higher returns on benefit-related assets and lower customer support costs. Partially offsetting these decreases were higher depreciation expense, increased amortization of deferred customer acquisition costs and unfavorable impact of foreign exchange.

Operating income (loss) was $23.5 billion versus ($4.6) billion in 2022. When adjusting for certain items, adjusted operating income* from continuing operations was $24.7 billion versus $23.5 billion a year ago.

Equity in net income of affiliates was $1.7 billion, primarily from the DIRECTV investment. With adjustment for our proportionate share of intangible amortization, adjusted equity in net income from the DIRECTV investment* for full-year 2023 was $2.9 billion.

Income (loss) from continuing operations was $15.6 billion versus ($6.9) billion a year ago. Earnings per common share from continuing operations was $1.97 versus ($1.10) for full-year 2022. With adjustments for both years, adjusted earnings per diluted common share from continuing operations* was $2.41 versus $2.57 for full-year 2022.

Cash from operating activities from continuing operations was $38.3 billion, up from $35.8 billion in the prior year, due to operational growth, timing of working capital, including lower device payments partially offset by lower receivable sales, and higher cash income tax payments.

Capital expenditures were $17.9 billion for the full year. Capital investment*, which includes $5.7 billion of cash payments for vendor financing, totaled $23.6 billion. Free cash flow* was $16.8 billion for the full year.

Total debt was $137.3 billion at the end of the fourth quarter, and net debt* was $128.9 billion. The company expects to achieve net debt-to-adjusted EBITDA* in the 2.5x range in the first half of 2025.

Communications Operational Highlights

Fourth-quarter revenues were $30.8 billion, up 1.4% year over year due to increases in Mobility and Consumer Wireline, which more than offset a decline in Business Wireline. Operating income was $6.6 billion, up 0.5% year over year, with operating income margin of 21.5%, compared to 21.7% in the year-ago quarter.

Page 4

Mobility

•Revenues were up 4.1% year over year to $22.4 billion due to both higher service and equipment revenues. Service revenues were $16.0 billion, up 3.9% year over year, primarily driven by subscriber and postpaid ARPU growth. Equipment revenues were $6.4 billion, up 4.7% year over year, driven by sales of higher-priced phones.

•Operating expenses were $16.2 billion, up 3.4% year over year, primarily due to higher network costs, increased amortization of customer acquisition costs, higher equipment costs driven by sales of higher-priced devices, and higher depreciation expense.

•Operating income was $6.2 billion, up 6.2% year over year. Operating income margin was 27.7%, compared to 27.2% in the year-ago quarter.

•EBITDA* was $8.4 billion, up 5.6% year over year with EBITDA margin* of 37.4%, up from 36.9% a year ago. EBITDA service margin* was 52.2%, up from 51.4% in the year-ago quarter.

•Total wireless net adds were 5.9 million including:

o759,000 postpaid net adds with:

o526,000 postpaid phone net adds

o(48,000) postpaid tablet and other branded computing device net losses

o281,000 other net adds

o(132,000) prepaid phone net losses

•Postpaid churn was 1.01%, consistent with the year-ago quarter.

•Postpaid phone churn was 0.84%, consistent with the year-ago quarter.

•Prepaid churn was 2.97%, with Cricket substantially lower, versus 2.87% in the year-ago quarter.

•Postpaid phone-only ARPU was $56.23, up 1.4% versus the year-ago quarter, due to a mix shift to higher-priced unlimited plans and pricing actions.

•FirstNet® connections reached more than 5.5 million across approximately 27,500 agencies. FirstNet is the nationwide communications platform dedicated to public safety. The AT&T and FirstNet networks cover more than 99% of the U.S. population, and FirstNet covers more first responders than any other network in America.

Business Wireline

•Revenues were $5.1 billion, down 10.3% year over year due to lower demand for legacy voice and data services and product simplification, partly offset by growth in connectivity services.

•Operating expenses were $4.9 billion, down 4.1% year over year due to lower personnel costs associated with ongoing transformation initiatives and lower wholesale network access costs.

•Operating income was $165 million, down 69.4%, with operating income margin of 3.3% compared to 9.6% in the year-ago quarter. Operating income for the prior year quarter included impacts of about $100 million, primarily discrete intellectual property transaction revenues that did not repeat in 2023.

•EBITDA* was $1.5 billion, down 19.3% year over year, and was impacted by the items described above. EBITDA margin* was 30.4%, compared to 33.7% in the year-ago quarter.

Page 5

Consumer Wireline

•Revenues were $3.4 billion, up 3.8% year over year due to gains in broadband more than offsetting declines in legacy voice and data and other services. Broadband revenues increased 8.3% due to fiber growth of 21.9%, partly offset by non-fiber revenue declines of 8.4%.

•Operating expenses were $3.1 billion, up 2.7% year over year due to increased depreciation expense, higher network-related and selling costs, partly offset by lower customer support costs.

•Operating income was $229 million, up 21.8% year over year with operating income margin of 6.8%, compared to 5.8% in the year-ago quarter.

•EBITDA* was $1.1 billion, up 10.2% year over year with EBITDA margin* of 33.1%, up from 31.2% in the year-ago quarter.

•Total broadband gains, excluding DSL, were 19,000, reflecting AT&T Fiber net adds of 273,000 and AT&T Internet Air net adds of 67,000, more than offsetting other non-fiber losses.

Latin America – Mexico Operational Highlights

Revenues were $1.1 billion, up 26.6% year over year primarily due to growth in both service and equipment revenues. Service revenues were $671 million, up 15.9% year over year, driven by favorable foreign exchange and subscriber growth. Equipment revenues were $419 million, up 48.6% year over year due to higher sales from subscriber growth and favorable foreign exchange rates.

Operating loss was ($43) million compared to ($79) million in the year-ago quarter. EBITDA* was $137 million compared to $85 million in the year-ago quarter, reflecting improved operations and the net favorable impact of foreign exchange.

Total wireless net adds were 562,000, including 450,000 prepaid net adds, 151,000 postpaid net adds and (39,000) reseller net losses.

FirstNet and the FirstNet logo are registered trademarks and service marks of the First Responder Network Authority. All other marks are the property of their respective owners.

1 Based on comparison of carrier owned & operated networks. No AT&T on-net coverage in select countries, including Canada. Details: att.com/international. destinations covered: att.com/globalcountries. 5G claim based on nationwide GWS drive test data. GWS conducts paid drive tests for AT&T and uses the data in its analysis. AT&T 5G requires compatible plan and device. 5G coverage not available everywhere. Learn more at att.com/5Gforyou

About AT&T

We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures.

Page 6

Non-GAAP Measures and Reconciliations to GAAP Measures

Reconciliations of non-GAAP financial measures cited in this document to the most directly comparable GAAP financial measures can be found at https://investors.att.com and in our Form 8-K dated January 24, 2024. Free cash flow, EBITDA, adjusted EBITDA, adjusted operating income, adjusted diluted EPS, net debt and net debt-to-adjusted EBITDA are non-GAAP financial measures frequently used by investors and credit rating agencies. All results metrics discussed below represent continuing operations.

Free cash flow for 4Q23 of $6.4 billion is cash from operating activities of $11.4 billion, plus cash distributions from DIRECTV classified as investing activities of $0.6 billion, minus capital expenditures of $4.6 billion and cash paid for vendor financing of $1.0 billion. For 2023, free cash flow of $16.8 billion is cash from operating activities of $38.3 billion, plus cash distributions from DIRECTV classified as investing activities of $2.0 billion, minus capital expenditures of $17.9 billion and cash paid for vendor financing of $5.7 billion. For 2022, free cash flow of $14.1 billion is cash from operating activities of $35.8 billion, plus cash distributions from DIRECTV classified as investing activities of $2.6 billion, minus capital expenditures of $19.6 billion and cash paid for vendor financing of $4.7 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, cash distributions from DIRECTV, capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.

Adjusted Operating Income is operating income adjusted for revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions. For 4Q23, Adjusted Operating Income of $5.8 billion is calculated as operating income of $5.3 billion plus $0.5 billion of adjustments. For 4Q22, Adjusted Operating Income of $5.7 billion is calculated as operating income of ($21.1) billion plus $26.7 billion of adjustments.

For 2023, Adjusted Operating Income of $24.7 billion is calculated as operating income of $23.5 billion plus $1.2 billion of adjustments. For 2022, Adjusted Operating Income of $23.5 billion is calculated as operating income of ($4.6) billion plus $28.1 billion of adjustments. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated January 24, 2024.

EBITDA is operating income before depreciation and amortization. EBITDA margin is operating income before depreciation and amortization, divided by total revenues. EBITDA service margin is operating income before depreciation and amortization, divided by total service revenues. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Adjusted EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected Adjusted EBITDA and the most comparable GAAP metrics without unreasonable effort.

Capital investment provides a comprehensive view of cash used to invest in our networks, product developments and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($1.0 billion in 4Q23, $5.7 billion in 2023). For 2024, capital investment is expected to be in the $21-$22 billion range. Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metrics without unreasonable effort.

Adjusted diluted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairment, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation.

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We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income.

The tax impact of adjusting items is calculated using the effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.

For 4Q23, Adjusted EPS of $0.54 is Diluted EPS of $0.30 adjusted for $0.18 actuarial loss on benefit plans, $0.06 restructuring and impairments, $0.03 proportionate share of intangible amortization at the DIRECTV equity method investment and $0.01 of benefit-related, transaction and other costs, minus $0.04 benefit from tax items. For 4Q22, Adjusted EPS of $0.61 is Reported EPS of ($3.20) adjusted for $3.57 impairments, abandonments and restructuring, $0.19 actuarial loss on benefit plans, $0.04 proportionate share of intangible amortization at the DIRECTV equity method investment, $0.04 benefit-related and other costs and $0.01 impact of Accounting Standards Update (ASU) No. 2020-06, minus $0.04 benefit from tax items.

For 2023, Adjusted EPS from continuing operations of $2.41 is Diluted EPS of $1.97 adjusted for $0.18 restructuring and impairments, $0.17 net actuarial and settlement loss on benefit plans, and $0.14 proportionate share of intangible amortization at the DIRECTV equity method investment, minus $0.04 benefit from tax items and $0.01 of benefit-related, transaction and other costs. For 2022, Adjusted EPS of $2.57 is Reported EPS from continuing operations of ($1.10) adjusted for $3.59 impairments, abandonments and restructuring, $0.19 benefit-related and other costs, $0.16 proportionate share of intangible amortization at the DIRECTV equity method investment and $0.06 impact of ASU No. 2020-06, minus $0.20 actuarial gain on benefit plans and $0.13 benefit from tax items.

The company expects adjustments to 2024 reported diluted EPS to include our proportionate share of intangible amortization at the DIRECTV equity method investment in the range of $0.5-$0.7 billion, a non-cash mark-to-market benefit plan gain/loss and other items. The company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our projected 2024 and 2025 Adjusted EPS depend on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort.

Adjusted Equity in Net Income from DIRECTV investment of $0.6 billion for 4Q23 ($2.9 billion for 2023) is calculated as equity income from DIRECTV of $0.3 billion ($1.7 billion for 2023) reported in Equity in Net Income of Affiliates and excludes $0.3 billion ($1.3 billion for 2023) of AT&T’s proportionate share of the noncash depreciation and amortization of fair value accretion from DIRECTV’s revaluation of assets and purchase price allocation.

Net Debt of $128.9 billion at December 31, 2023 is calculated as Total Debt of $137.3 billion less Cash and Cash Equivalents of $6.7 billion and Time Deposits (i.e. deposits at financial institutions that are greater than 90 days) of $1.8 billion.

Net debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt is calculated by subtracting cash and cash equivalents and Time Deposits, from Total Debt. Adjusted EBITDA is calculated as defined above. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.

For more information, contact:

Brittany Siwald

AT&T Inc.

Phone: (214) 202-6630

Email: brittany.a.siwald@att.com

Page 8


AT&T Inc.
Financial Data

Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Fourth Quarter				Percent		Year Ended				Percent
	2023		2022		Change		2023		2022		Change
Operating Revenues
Service	$	25,070	$	24,833	1.0	%	$	99,649	$	97,831	1.9	%
Equipment	6,952		6,510		6.8	%	22,779		22,910		(0.6)	%
Total Operating Revenues	32,022		31,343		2.2	%	122,428		120,741		1.4	%

Operating Expenses
Cost of revenues
Equipment	7,203		6,999		2.9	%	23,136		24,009		(3.6)	%

Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,708		6,572		2.1	%	26,987		26,839		0.6	%
Selling, general and administrative	7,485		7,516		(0.4)	%	28,874		28,961		(0.3)	%
Asset impairments and abandonments and restructuring	589		26,753		(97.8)	%	1,193		27,498		(95.7)	%
Depreciation and amortization	4,766		4,595		3.7	%	18,777		18,021		4.2	%
Total Operating Expenses	26,751		52,435		(49.0)	%	98,967		125,328		(21.0)	%
Operating Income (Loss)	5,271		(21,092)		—	%	23,461		(4,587)		—	%
Interest Expense	1,726		1,560		10.6	%	6,704		6,108		9.8	%
Equity in Net Income of Affiliates	337		374		(9.9)	%	1,675		1,791		(6.5)	%
Other Income (Expense) — Net	(946)		(919)		(2.9)	%	1,416		5,810		(75.6)	%
Income (Loss) from Continuing Operations Before Income Taxes	2,936		(23,197)		—	%	19,848		(3,094)		—	%
Income tax expense (benefit) on continuing operations	354		(77)		—	%	4,225		3,780		11.8	%
Income (Loss) From Continuing Operations	2,582		(23,120)		—	%	15,623		(6,874)		—	%
Loss from discontinued operations, net of tax	—		(35)		—	%	—		(181)		—	%
Net Income (Loss)	2,582		(23,155)		—	%	15,623		(7,055)		—	%
Less: Net Income Attributable to Noncontrolling Interest	(394)		(362)		(8.8)	%	(1,223)		(1,469)		16.7	%
Net Income (Loss) Attributable to AT&T	$	2,188	$	(23,517)	—	%	$	14,400	$	(8,524)	—	%
Less: Preferred Stock Dividends	(53)		(54)		1.9	%	(208)		(203)		(2.5)	%
Net Income (Loss) Attributable to Common Stock	$	2,135	$	(23,571)	—	%	$	14,192	$	(8,727)	—	%

Basic Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.10)	—	%
From discontinued operations	$	—	$	—	—	%	$	—	$	(0.03)	—	%
	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.13)	—	%
Weighted Average Common Shares Outstanding (000,000)	7,190		7,157		0.5	%	7,181		7,166		0.2	%
Diluted Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.10)	—	%
From discontinued operations	$	—	$	—	—	%	$	—	$	(0.03)	—	%
	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.13)	—	%
Weighted Average Common Shares Outstanding with Dilution (000,000)	7,191		7,533		(4.5)	%	7,258		7,587		(4.3)	%


AT&T Inc.
Financial Data

Consolidated Balance Sheets
Dollars in millions
Unaudited	Dec. 31,		Dec. 31,
	2023		2022
Assets
Current Assets
Cash and cash equivalents	$	6,722	$	3,701
Accounts receivable – net of related allowance for credit loss of $499 and $588	10,289		11,466
Inventories	2,177		3,123
Prepaid and other current assets	17,270		14,818
Total current assets	36,458		33,108
Property, Plant and Equipment – Net	128,489		127,445
Goodwill – Net	67,854		67,895
Licenses – Net	127,219		124,092
Other Intangible Assets – Net	5,283		5,354
Investments in and Advances to Equity Affiliates	1,251		3,533
Operating Lease Right-Of-Use Assets	20,905		21,814
Other Assets	19,601		19,612
Total Assets	$	407,060	$	402,853
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	9,477	$	7,467
Note payable to DIRECTV	—		130
Accounts payable and accrued liabilities	35,852		42,644
Advanced billings and customer deposits	3,778		3,918
Dividends payable	2,020		2,014
Total current liabilities	51,127		56,173
Long-Term Debt	127,854		128,423
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	58,666		57,032
Postemployment benefit obligation	8,734		7,260
Operating lease liabilities	17,568		18,659
Other noncurrent liabilities	23,696		28,849
Total deferred credits and other noncurrent liabilities	108,664		111,800
Redeemable Noncontrolling Interest	1,973		—
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	114,519		123,610
Retained (deficit) earnings	(5,015)		(19,415)
Treasury stock	(16,128)		(17,082)
Accumulated other comprehensive income	2,300		2,766
Noncontrolling interest	14,145		8,957
Total stockholders’ equity	117,442		106,457
Total Liabilities and Stockholders’ Equity	$	407,060	$	402,853


AT&T Inc.
Financial Data

Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Year Ended
	2023		2022
Operating Activities
Income (loss) from continuing operations	$	15,623	$	(6,874)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	18,777		18,021


Provision for uncollectible accounts	1,969		1,865
Deferred income tax expense	3,037		2,975
Net (gain) loss on investments, net of impairments	441		381
Pension and postretirement benefit expense (credit)	(2,552)		(3,237)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net	1,594		(1,999)
Asset impairments and abandonments and restructuring	1,193		27,498
Changes in operating assets and liabilities:
Receivables	82		727
Other current assets	(642)		(674)
Accounts payable and other accrued liabilities	(1,764)		(1,109)
Equipment installment receivables and related sales	(133)		154
Deferred customer contract acquisition and fulfillment costs	1		(947)
Postretirement claims and contributions	(735)		(823)
Other - net	1,423		(146)
Total adjustments	22,691		42,686
Net Cash Provided by Operating Activities from Continuing Operations	38,314		35,812

Investing Activities
Capital expenditures	(17,853)		(19,626)
Acquisitions, net of cash acquired	(2,942)		(10,200)
Dispositions	72		199
Distributions from DIRECTV in excess of cumulative equity in earnings	2,049		2,649
(Purchases), sales and settlements of securities and investments - net	(902)		82
Other - net	(84)		(3)
Net Cash Used in Investing Activities from Continuing Operations	(19,660)		(26,899)

Financing Activities
Net change in short-term borrowings with original maturities of three months or less	(914)		(519)
Issuance of other short-term borrowings	5,406		3,955
Repayment of other short-term borrowings	(3,415)		(18,345)
Issuance of long-term debt	10,004		2,979
Repayment of long-term debt	(12,044)		(25,118)
Repayment of note payable to DIRECTV	(130)		(1,211)
Payment of vendor financing	(5,742)		(4,697)

Purchase of treasury stock	(194)		(890)
Issuance of treasury stock	3		28
Issuance of preferred interests in subsidiary	7,151		—
Redemption of preferred interests in subsidiary	(5,333)		(2,665)
Dividends paid	(8,136)		(9,859)
Other - net	(2,270)		(3,222)
Net Cash Used in Financing Activities from Continuing Operations	(15,614)		(59,564)
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	3,040		(50,651)
Cash flows from Discontinued Operations:
Cash (used in) provided by operating activities	—		(3,789)
Cash provided by investing activities	—		1,094
Cash provided by (used in) financing activities	—		35,823
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	—		33,128
Net increase (decrease) in cash and cash equivalents and restricted cash	$	3,040	$	(17,523)
Cash and cash equivalents and restricted cash beginning of year	3,793		21,316
Cash and Cash Equivalents and Restricted Cash End of Year	$	6,833	$	3,793


AT&T Inc.
Consolidated Supplementary Data

Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Fourth Quarter				Percent		Year Ended						Percent
	2023		2022		Change		2023			2022			Change
Capital expenditures
Purchase of property and equipment	$	4,558	$	4,179	9.1	%	$	17,674		$	19,452		(9.1)	%
Interest during construction	43		50		(14.0)	%	179			174			2.9	%
Total Capital Expenditures	$	4,601	$	4,229	8.8	%	$	17,853		$	19,626		(9.0)	%

Acquisitions, net of cash acquired
Business acquisitions	$	—	$	—	—	%	$	—		$	—		—	%
Spectrum acquisitions	1,938		4		—	%	2,247			9,080			(75.3)	%
Interest during construction - spectrum	81		237		(65.8)	%	695			1,120			(37.9)	%
Total Acquisitions	$	2,019	$	241	—	%	$	2,942		$	10,200		(71.2)	%

Cash paid for interest - continuing operations	$	1,667	$	1,791	(6.9)	%	$	7,370		$	7,772		(5.2)	%

Cash paid for income taxes, net of refunds - continuing operations	$	841	$	192	—	%	$	1,599		$	592		—	%

Dividends Declared per Common Share	$	0.2775	$	0.2775	—	%	$	1.11		$	1.11		—	%

End of Period Common Shares Outstanding (000,000)							7,150			7,128			0.3	%
Debt Ratio							53.5		%	56.1		%	(260)	BP
Total Employees							150,470			162,920			(7.6)	%

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.

Results have been recast to remove prior service credits from our historical reporting.


Segment Results
Dollars in millions
Unaudited	Fourth Quarter				Percent		Year Ended				Percent
	2023		2022		Change		2023		2022		Change
Segment Operating Revenues
Mobility	$	22,393	$	21,501	4.1	%	$	83,982	$	81,780	2.7	%
Business Wireline	5,052		5,635		(10.3)	%	20,883		22,538		(7.3)	%
Consumer Wireline	3,352		3,229		3.8	%	13,173		12,749		3.3	%
Total Segment Operating Revenues	30,797		30,365		1.4	%	118,038		117,067		0.8	%

Segment Operating Income
Mobility	6,214		5,849		6.2	%	25,861		23,812		8.6	%
Business Wireline	165		540		(69.4)	%	1,289		2,290		(43.7)	%
Consumer Wireline	229		188		21.8	%	651		634		2.7	%
Total Segment Operating Income	$	6,608	$	6,577	0.5	%	$	27,801	$	26,736	4.0	%


Supplementary Operating Data
Subscribers and connections in thousands
Unaudited					December 31,		Percent
					2023	2022	Change
Broadband Connections
Broadband					15,078	15,075	—	%
DSL					210	311	(32.5)	%
Total Broadband Connections					15,288	15,386	(0.6)	%

Voice Connections
Retail Switched Access Lines					4,185	5,213	(19.7)	%
VoIP Connections					2,558	2,930	(12.7)	%
Total Retail Voice Connections					6,743	8,143	(17.2)	%

	Fourth Quarter		Percent		Year Ended		Percent
	2023	2022	Change		2023	2022	Change
Broadband Net Additions
Broadband	13	(37)	—	%	3	1	—	%
DSL	(21)	(29)	27.6	%	(101)	(119)	15.1	%
Total Broadband Net Additions	(8)	(66)	87.9	%	(98)	(118)	16.9	%

Mobility

Mobility provides nationwide wireless service and equipment.


Mobility Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Service	$	16,039		$	15,434		3.9	%	$	63,175		$	60,499		4.4	%
Equipment	6,354			6,067			4.7	%	20,807			21,281			(2.2)	%
Total Operating Revenues	22,393			21,501			4.1	%	83,982			81,780			2.7	%

Operating Expenses
Operations and support	14,017			13,572			3.3	%	49,604			49,770			(0.3)	%
Depreciation and amortization	2,162			2,080			3.9	%	8,517			8,198			3.9	%
Total Operating Expenses	16,179			15,652			3.4	%	58,121			57,968			0.3	%
Operating Income	$	6,214		$	5,849		6.2	%	$	25,861		$	23,812		8.6	%

Operating Income Margin	27.7		%	27.2		%	50	BP	30.8		%	29.1		%	170	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2023			2022			Change
Mobility Subscribers
Postpaid									87,104			84,700			2.8	%
Postpaid phone									71,255			69,596			2.4	%
Prepaid									19,236			19,176			0.3	%
Reseller									7,468			6,043			23.6	%
Connected Devices									127,724			107,478			18.8	%
Total Mobility Subscribers1									241,532			217,397			11.1	%
1Wireless subscribers at December 31, 2023 includes an increase of 295 subscribers and connections (206 postpaid, including 74 phone, and 89 connected devices) resulting from our 3G network shutdown in February 2022.

	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Mobility Net Additions
Postpaid Phone Net Additions	526			656			(19.8)	%	1,744			2,868			(39.2)	%
Total Phone Net Additions	394			643			(38.7)	%	1,801			3,272			(45.0)	%

Postpaid	759			1,104			(31.3)	%	2,315			4,091			(43.4)	%
Prepaid	(135)			(9)			—	%	128			479			(73.3)	%
Reseller	338			150			—	%	1,279			462			—	%
Connected Devices	4,985			5,118			(2.6)	%	20,118			20,594			(2.3)	%
Total Mobility Net Additions	5,947			6,363			(6.5)	%	23,840			25,626			(7.0)	%

Postpaid Churn	1.01		%	1.01		%	—	BP	0.98		%	0.97		%	1 BP
Postpaid Phone-Only Churn	0.84		%	0.84		%	—	BP	0.81		%	0.81		%	— BP

Business Wireline

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


Business Wireline Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Service	$	4,873		$	5,473		(11.0)	%	$	20,274		$	21,891		(7.4)	%
Equipment	179			162			10.5	%	609			647			(5.9)	%
Total Operating Revenues	5,052			5,635			(10.3)	%	20,883			22,538			(7.3)	%

Operating Expenses
Operations and support	3,518			3,735			(5.8)	%	14,217			14,934			(4.8)	%
Depreciation and amortization	1,369			1,360			0.7	%	5,377			5,314			1.2	%
Total Operating Expenses	4,887			5,095			(4.1)	%	19,594			20,248			(3.2)	%
Operating Income	$	165		$	540		(69.4)	%	$	1,289		$	2,290		(43.7)	%

Operating Income Margin	3.3		%	9.6		%	(630)	BP	6.2		%	10.2		%	(400)	BP

Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services to residential customers in select locations and our fixed wireless access product that provides home internet services delivered over our 5G wireless network. Consumer Wireline also provides legacy telephony voice communication services.


Consumer Wireline Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Broadband	$	2,700		$	2,492		8.3	%	$	10,455		$	9,669		8.1	%
Legacy voice and data services	361			414			(12.8)	%	1,508			1,746			(13.6)	%
Other service and equipment	291			323			(9.9)	%	1,210			1,334			(9.3)	%
Total Operating Revenues	3,352			3,229			3.8	%	13,173			12,749			3.3	%

Operating Expenses
Operations and support	2,243			2,223			0.9	%	9,053			8,946			1.2	%
Depreciation and amortization	880			818			7.6	%	3,469			3,169			9.5	%
Total Operating Expenses	3,123			3,041			2.7	%	12,522			12,115			3.4	%
Operating Income	$	229		$	188		21.8	%	$	651		$	634		2.7	%

Operating Income Margin	6.8		%	5.8		%	100	BP	4.9		%	5.0		%	(10)	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2023			2022			Change





Broadband Connections
Total Broadband and DSL Connections									13,890			13,991			(0.7)	%
Broadband1									13,729			13,753			(0.2)	%
Fiber Broadband Connections									8,307			7,215			15.1	%

Voice Connections
Retail Consumer Switched Access Lines									1,651			2,028			(18.6)	%
Consumer VoIP Connections									1,953			2,311			(15.5)	%
Total Retail Consumer Voice Connections									3,604			4,339			(16.9)	%
1 Includes AT&T Internet Air

	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change





Broadband Net Additions
Total Broadband and DSL Net Additions	3			(64)			—	%	(101)			(169)			40.2	%
Broadband Net Additions1	19			(43)			—	%	(24)			(92)			73.9	%
Fiber Broadband Net Additions	273			280			(2.5)	%	1,092			1,223			(10.7)	%
1 Includes AT&T Internet Air

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
	2023			2022			Change		2023			2022			Change
Operating Revenues
Wireless service	$	671		$	579		15.9	%	$	2,569		$	2,162		18.8	%
Wireless equipment	419			282			48.6	%	1,363			982			38.8	%
Total Operating Revenues	1,090			861			26.6	%	3,932			3,144			25.1	%

Operating Expenses
Operations and support	953			776			22.8	%	3,349			2,812			19.1	%
Depreciation and amortization	180			164			9.8	%	724			658			10.0	%
Total Operating Expenses	1,133			940			20.5	%	4,073			3,470			17.4	%
Operating Income (Loss)	$	(43)		$	(79)		45.6	%	$	(141)		$	(326)		56.7	%

Operating Income Margin	(3.9)		%	(9.2)		%	530	BP	(3.6)		%	(10.4)		%	680	BP

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2023			2022			Change
Mexico Wireless Subscribers
Postpaid									5,236			4,925			6.3	%
Prepaid									16,663			16,204			2.8	%
Reseller									417			474			(12.0)	%
Total Mexico Wireless Subscribers									22,316			21,603			3.3	%

	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Mexico Wireless Net Additions
Postpaid	151			71			—	%	311			118			—	%
Prepaid	450			515			(12.6)	%	459			1,147			(60.0)	%
Reseller	(39)			19			—	%	(57)			(24)			—	%
Total Mexico Wireless Net Additions	562			605			(7.1)	%	713			1,241			(42.5)	%

SUPPLEMENTAL SEGMENT RECONCILIATION


Three Months Ended
Dollars in millions
Unaudited
December 31, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	22,393	$	14,017	$	8,376	$	2,162	$	6,214
Business Wireline	5,052		3,518		1,534		1,369		165
Consumer Wireline	3,352		2,243		1,109		880		229
Total Communications	30,797		19,778		11,019		4,411		6,608
Latin America - Mexico	1,090		953		137		180		(43)
Segment Total	31,887		20,731		11,156		4,591		6,565
Corporate and Other
Corporate:
DTV-related retained costs	—		172		(172)		146		(318)
Parent administration support	6		377		(371)		2		(373)
Securitization fees	24		165		(141)		—		(141)
Value portfolio	105		22		83		6		77
Total Corporate	135		736		(601)		154		(755)
Certain significant items	—		518		(518)		21		(539)
Total Corporate and Other	135		1,254		(1,119)		175		(1,294)
AT&T Inc.	$	32,022	$	21,985	$	10,037	$	4,766	$	5,271


December 31, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	21,501	$	13,572	$	7,929	$	2,080	$	5,849
Business Wireline	5,635		3,735		1,900		1,360		540
Consumer Wireline	3,229		2,223		1,006		818		188
Total Communications	30,365		19,530		10,835		4,258		6,577
Latin America - Mexico	861		776		85		164		(79)
Segment Total	31,226		20,306		10,920		4,422		6,498
Corporate and Other
Corporate:
DTV-related retained costs	—		244		(244)		141		(385)
Parent administration support	(8)		373		(381)		4		(385)
Securitization fees	17		156		(139)		—		(139)
Value portfolio	108		33		75		12		63
Total Corporate	117		806		(689)		157		(846)
Certain significant items	—		26,728		(26,728)		16		(26,744)
Total Corporate and Other	117		27,534		(27,417)		173		(27,590)
AT&T Inc.	$	31,343	$	47,840	$	(16,497)	$	4,595	$	(21,092)

SUPPLEMENTAL SEGMENT RECONCILIATION


Year Ended
Dollars in millions
Unaudited
December 31, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	83,982	$	49,604	$	34,378	$	8,517	$	25,861
Business Wireline	20,883		14,217		6,666		5,377		1,289
Consumer Wireline	13,173		9,053		4,120		3,469		651
Total Communications	118,038		72,874		45,164		17,363		27,801
Latin America - Mexico	3,932		3,349		583		724		(141)
Segment Total	121,970		76,223		45,747		18,087		27,660
Corporate and Other
Corporate:
DTV-related retained costs	—		686		(686)		586		(1,272)
Parent administration support	(7)		1,416		(1,423)		6		(1,429)
Securitization fees	85		604		(519)		—		(519)
Value portfolio	380		99		281		22		259
Total Corporate	458		2,805		(2,347)		614		(2,961)


Certain significant items	—		1,162		(1,162)		76		(1,238)

Total Corporate and Other	458		3,967		(3,509)		690		(4,199)
AT&T Inc.	$	122,428	$	80,190	$	42,238	$	18,777	$	23,461


December 31, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	81,780	$	49,770	$	32,010	$	8,198	$	23,812
Business Wireline	22,538		14,934		7,604		5,314		2,290
Consumer Wireline	12,749		8,946		3,803		3,169		634
Total Communications	117,067		73,650		43,417		16,681		26,736
Latin America - Mexico	3,144		2,812		332		658		(326)
Segment Total	120,211		76,462		43,749		17,339		26,410
Corporate and Other
Corporate:
DTV-related retained costs	8		878		(870)		549		(1,419)
Parent administration support	(32)		1,378		(1,410)		16		(1,426)
Securitization fees	65		419		(354)		—		(354)
Value portfolio	489		139		350		41		309
Total Corporate	530		2,814		(2,284)		606		(2,890)



Certain significant items	—		28,031		(28,031)		76		(28,107)

Total Corporate and Other	530		30,845		(30,315)		682		(30,997)
AT&T Inc.	$	120,741	$	107,307	$	13,434	$	18,021	$	(4,587)

Discussion and Reconciliation of Non-GAAP Measures for Continuing Operations

We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (GAAP).

Free Cash Flow

Free cash flow is defined as cash from operations and cash distributions from DIRECTV classified as investing activities minus capital expenditures and cash paid for vendor financing (classified as financing activities). Free cash flow after dividends is defined as cash from operations and cash distributions from DIRECTV classified as investing activities, minus capital expenditures, cash paid for vendor financing and dividends on common and preferred shares. Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures and vendor financing, and from our continued economic interest in the U.S. video operations as part of our DIRECTV equity method investment, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners.


Free Cash Flow and Free Cash Flow Dividend Payout Ratio
Dollars in millions
	Fourth Quarter						Year Ended
	2023			2022			2023			2022
Net cash provided by operating activities from continuing operations1	$	11,378		$	10,348		$	38,314		$	35,812
Add: Distributions from DIRECTV classified as investing activities	602			444			2,049			2,649
Less: Capital expenditures	(4,601)			(4,229)			(17,853)			(19,626)
Less: Cash paid for vendor financing	(1,006)			(460)			(5,742)			(4,697)
Free Cash Flow	6,373			6,103			16,768			14,138

Less: Dividends paid	(2,020)			(2,014)			(8,136)			(9,859)
Free Cash Flow after Dividends	$	4,353		$	4,089		$	8,632		$	4,279
Free Cash Flow Dividend Payout Ratio	31.7		%	33.0		%	48.5		%	69.7		%
1Includes distributions from DIRECTV of $332 and $1,666 in the fourth quarter and for the year ended December 31, 2023, and $379 and $1,808 in the fourth quarter and for the year ended December 31, 2022.

Cash Paid for Capital Investment

In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems.


Cash Paid for Capital Investment
Dollars in millions
	Fourth Quarter				Year Ended
	2023		2022		2023		2022
Capital Expenditures	$	(4,601)	$	(4,229)	$	(17,853)	$	(19,626)
Cash paid for vendor financing	(1,006)		(460)		(5,742)		(4,697)
Cash paid for Capital Investment	$	(5,607)	$	(4,689)	$	(23,595)	$	(24,323)

EBITDA

Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these do not reflect the operating results of our subscriber base or operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP.

EBITDA service margin is calculated as EBITDA divided by service revenues.

These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing cash generation potential with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance.

We believe EBITDA Service Margin (EBITDA as a percentage of service revenues) to be a more relevant measure than EBITDA Margin (EBITDA as a percentage of total revenue) for our Mobility business unit operating margin. We also use wireless service revenues to calculate margin to facilitate comparison, both internally and externally with our wireless competitors, as they calculate their margins using wireless service revenues as well.

There are material limitations to using these non-GAAP financial measures. EBITDA, EBITDA margin and EBITDA service margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA, EBITDA margin and EBITDA service margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.


EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
	Fourth Quarter				Year Ended
	2023		2022		2023		2022
Income (Loss) from Continuing Operations	$	2,582	$	(23,120)	$	15,623	$	(6,874)
Additions:
Income Tax Expense (Benefit)	354		(77)		4,225		3,780
Interest Expense	1,726		1,560		6,704		6,108
Equity in Net (Income) of Affiliates	(337)		(374)		(1,675)		(1,791)
Other (Income) Expense - Net	946		919		(1,416)		(5,810)
Depreciation and amortization	4,766		4,595		18,777		18,021
EBITDA	10,037		(16,497)		42,238		13,434
Transaction and other cost	26		84		98		425
Benefit-related (gain) loss	(97)		(109)		(129)		108
Asset impairments and abandonments and restructuring	589		26,753		1,193		27,498

Adjusted EBITDA1	$	10,555	$	10,231	$	43,400	$	41,465


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


Segment and Business Unit EBITDA, EBITDA Margin and EBITDA Service Margin
Dollars in millions
	Fourth Quarter						Year Ended
	2023			2022			2023			2022
Communications Segment
Operating Income	$	6,608		$	6,577		$	27,801		$	26,736
Add: Depreciation and amortization	4,411			4,258			17,363			16,681
EBITDA	11,019			10,835			45,164			43,417

Total Operating Revenues	30,797			30,365			118,038			117,067
Operating Income Margin	21.5		%	21.7		%	23.6		%	22.8		%
EBITDA Margin	35.8		%	35.7		%	38.3		%	37.1		%

Mobility
Operating Income	$	6,214		$	5,849		$	25,861		$	23,812
Add: Depreciation and amortization	2,162			2,080			8,517			8,198
EBITDA	8,376			7,929			34,378			32,010

Total Operating Revenues	22,393			21,501			83,982			81,780
Service Revenues	16,039			15,434			63,175			60,499
Operating Income Margin	27.7		%	27.2		%	30.8		%	29.1		%
EBITDA Margin	37.4		%	36.9		%	40.9		%	39.1		%
EBITDA Service Margin	52.2		%	51.4		%	54.4		%	52.9		%

Business Wireline
Operating Income	$	165		$	540		$	1,289		$	2,290
Add: Depreciation and amortization	1,369			1,360			5,377			5,314
EBITDA	1,534			1,900			6,666			7,604

Total Operating Revenues	5,052			5,635			20,883			22,538
Operating Income Margin	3.3		%	9.6		%	6.2		%	10.2		%
EBITDA Margin	30.4		%	33.7		%	31.9		%	33.7		%

Consumer Wireline
Operating Income	$	229		$	188		$	651		$	634
Add: Depreciation and amortization	880			818			3,469			3,169
EBITDA	1,109			1,006			4,120			3,803

Total Operating Revenues	3,352			3,229			13,173			12,749
Operating Income Margin	6.8		%	5.8		%	4.9		%	5.0		%
EBITDA Margin	33.1		%	31.2		%	31.3		%	29.8		%

Latin America Segment
Operating Income	$	(43)		$	(79)		$	(141)		$	(326)
Add: Depreciation and amortization	180			164			724			658
EBITDA	137			85			583			332

Total Operating Revenues	1,090			861			3,932			3,144
Operating Income Margin	-3.9		%	-9.2		%	-3.6		%	-10.4		%
EBITDA Margin	12.6		%	9.9		%	14.8		%	10.6		%

Adjusting Items

Adjusting items include revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions, including the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income.


Adjusting Items
Dollars in millions
	Fourth Quarter				Year Ended
	2023		2022		2023		2022
Operating Expenses
Transaction and other costs	$	26	$	84	$	98	$	425
Benefit-related (gain) loss	(97)		(109)		(129)		108
Asset impairments and abandonments and restructuring	589		26,753		1,193		27,498

Adjustments to Operations and Support Expenses	518		26,728		1,162		28,031
Amortization of intangible assets	21		16		76		76
Adjustments to Operating Expenses	539		26,744		1,238		28,107
Other
DIRECTV intangible amortization (proportionate share)	294		359		1,269		1,547
Benefit-related (gain) loss, impairment of equity investment and other	76		420		390		1,242
Actuarial and settlement (gain) loss – net	1,739		1,839		1,594		(1,999)
Adjustments to Income Before Income Taxes	2,648		29,362		4,491		28,897
Tax impact of adjustments	632		1,082		1,038		882
Tax-related items	271		329		271		977
Adjustments to Net Income	$	1,745	$	27,951	$	3,182	$	27,038

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairment, benefit-related gains and losses, employee separation and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends.

Adjusted Operating Revenues, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.


Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin
Dollars in millions
	Fourth Quarter						Year Ended
	2023			2022			2023			2022
Operating Income	$	5,271		$	(21,092)		$	23,461		$	(4,587)
Adjustments to Operating Expenses	539			26,744			1,238			28,107
Adjusted Operating Income	5,810			5,652			24,699			23,520

EBITDA	10,037			(16,497)			42,238			13,434
Adjustments to Operations and Support Expenses	518			26,728			1,162			28,031
Adjusted EBITDA	10,555			10,231			43,400			41,465

Total Operating Revenues	32,022			31,343			122,428			120,741

Operating Income Margin	16.5		%	(67.3)		%	19.2		%	(3.8)		%
Adjusted Operating Income Margin	18.1		%	18.0		%	20.2		%	19.5		%
Adjusted EBITDA Margin	33.0		%	32.6		%	35.4		%	34.3		%


Adjusted Diluted EPS
	Fourth Quarter					Year Ended
	2023			2022		2023			2022
Diluted Earnings Per Share (EPS)	$	0.30		$	(3.20)	$	1.97		$	(1.10)
DIRECTV intangible amortization (proportionate share)	0.03			0.04		0.14			0.16
Actuarial and settlement (gain) loss – net1	0.18			0.19		0.17			(0.20)
Restructuring and impairments	0.06			3.57		0.18			3.59
Benefit-related, transaction and other costs1, 2	0.01			0.05		(0.01)			0.25
Tax-related items	(0.04)			(0.04)		(0.04)			(0.13)
Adjusted EPS	$	0.54		$	0.61	$	2.41		$	2.57


Year-over-year growth - Adjusted	-11.5		%			-6.2		%
Weighted Average Common Shares Outstanding with Dilution (000,000)	7,191			7,533		7,258			7,587
1Includes adjustments for actuarial gains or losses associated with our pension and postemployment benefit plans, which we immediately recognize in the income statement, pursuant to our accounting policy for the recognition of actuarial gains/losses. We recorded total net actuarial and settlement losses of $1.6 billion in 2023. As a result, adjusted EPS reflects an expected return on plan assets of $2.7 billion (based on an average expected return on plan assets of 7.5% for our pension trust and 6.5% for our VEBA trusts), rather than the actual return on plan assets of $2.0 billion (actual pension return of 5.2% and VEBA return of 9.1%), included in the GAAP measure of income.
2As of January 1, 2022, we adopted Accounting Standards Update (ASU) No. 2020-06, which requires that instruments which may be settled in cash or stock to be presumed settled in stock in calculating diluted EPS. While our intent was to settle the Mobility II preferred interests in cash, the ability to settle this instrument in AT&T shares resulted in additional dilutive impact, the magnitude of which was influenced by the fair value of the Mobility II preferred interests and the average AT&T common stock price during the reporting period, which could vary from period-to-period. For these reasons, we excluded the impact of ASU 2020-06 from our adjusted EPS calculation. The per share impact of ASU 2020-06 was to decrease reported diluted EPS $0.00 and $0.01 for the quarters ended December 31, 2023 and 2022, and $0.00 and $0.06 for the year ended December 31, 2023 and 2022, respectively. The Mobility II preferred interests were repurchased on April 5, 2023.

Net Debt to Adjusted EBITDA

Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt.


Net Debt to Adjusted EBITDA - 2023
Dollars in millions
	Three Months Ended
	March. 31		June 30,		Sept. 30,		Dec. 31,		Four Quarters
	2023 1		2023 1		2023 1		2023
Adjusted EBITDA	$	10,589	$	11,053	$	11,203	$	10,555	$	43,400
End-of-period current debt									9,477
End-of-period long-term debt									127,854
Total End-of-Period Debt									137,331
Less: Cash and Cash Equivalents									6,722
Less: Time Deposits									1,750
Net Debt Balance									128,859
Annualized Net Debt to Adjusted EBITDA Ratio									2.97
1As reported in AT&T's Form 8-K filed October 19, 2023.


Net Debt to Adjusted EBITDA - 2022
Dollars in millions
	Three Months Ended
	March 31,		June 30,		Sept. 30,		Dec. 31,		Four Quarters
	2022 1		2022 1		2022 1		2022 1
Adjusted EBITDA	$	10,190	$	10,330	$	10,714	$	10,231	$	41,465
End-of-period current debt									7,467
End-of-period long-term debt									128,423
Total End-of-Period Debt									135,890
Less: Cash and Cash Equivalents									3,701
Net Debt Balance									132,189
Annualized Net Debt to Adjusted EBITDA Ratio									3.19
1As reported in AT&T's Form 8-K filed October 19, 2023.

Supplemental Operational Measures

As a supplemental presentation to our Communications segment operating results, we are providing a view of our AT&T Business Solutions results which includes both wireless and fixed operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Our supplemental presentation of business solutions operations is calculated by combining our Mobility and Business Wireline operating units, and then adjusting to remove non-business operations. The following table presents a reconciliation of our supplemental Business Solutions results.


Supplemental Operational Measure
	Fourth Quarter
	December 31, 2023									December 31, 2022
	Mobility		Business Wireline		Adj.1		Business Solutions			Mobility		Business Wireline		Adj.1		Business Solutions			Percent Change
Operating Revenues
Wireless service	$	16,039	$	—	$	(13,648)	$	2,391		$	15,434	$	—	$	(13,176)	$	2,258		5.9	%
Wireline services	—		4,873		—		4,873			—		5,473		—		5,473			(11.0)	%
Wireless equipment	6,354		—		(5,451)		903			6,067		—		(5,130)		937			(3.6)	%
Wireline equipment	—		179		—		179			—		162		—		162			10.5	%
Total Operating Revenues	22,393		5,052		(19,099)		8,346			21,501		5,635		(18,306)		8,830			(5.5)	%

Operating Expenses
Operations and support	14,017		3,518		(11,683)		5,852			13,572		3,735		(11,354)		5,953			(1.7)	%
EBITDA	8,376		1,534		(7,416)		2,494			7,929		1,900		(6,952)		2,877			(13.3)	%
Depreciation and amortization	2,162		1,369		(1,765)		1,766			2,080		1,360		(1,716)		1,724			2.4	%
Total Operating Expenses	16,179		4,887		(13,448)		7,618			15,652		5,095		(13,070)		7,677			(0.8)	%
Operating Income	$	6,214	$	165	$	(5,651)	$	728		$	5,849	$	540	$	(5,236)	$	1,153		(36.9)	%

Operating Income Margin							8.7		%							13.1		%
1Non-business wireless reported in the Communications segment under the Mobility business unit.
Results have been recast to conform to the current period's classification.



Supplemental Operational Measure
	Year Ended
	December 31, 2023									December 31, 2022
	Mobility		Business Wireline		Adj.1		Business Solutions			Mobility		Business Wireline		Adj.1		Business Solutions			Percent Change
Operating Revenues
Wireless service	$	63,175	$	—	$	(53,752)	$	9,423		$	60,499	$	—	$	(51,710)	$	8,789		7.2	%
Wireline service	—		20,274		—		20,274			—		21,891		—		21,891			(7.4)	%
Wireless equipment	20,807		—		(17,585)		3,222			21,281		—		(17,712)		3,569			(9.7)	%
Wireline equipment	—		609		—		609			—		647		—		647			(5.9)	%
Total Operating Revenues	83,982		20,883		(71,337)		33,528			81,780		22,538		(69,422)		34,896			(3.9)	%

Operating Expenses
Operations and support	49,604		14,217		(40,980)		22,841			49,770		14,934		(41,127)		23,577			(3.1)	%
EBITDA	34,378		6,666		(30,357)		10,687			32,010		7,604		(28,295)		11,319			(5.6)	%
Depreciation and amortization	8,517		5,377		(6,951)		6,943			8,198		5,314		(6,763)		6,749			2.9	%
Total Operating Expenses	58,121		19,594		(47,931)		29,784			57,968		20,248		(47,890)		30,326			(1.8)	%
Operating Income	$	25,861	$	1,289	$	(23,406)	$	3,744		$	23,812	$	2,290	$	(21,532)	$	4,570		(18.1)	%

Operating Income Margin							11.2		%							13.1		%
1Non-business wireless reported in the Communications segment under the Mobility business unit.
Results have been recast to conform to the current period's classification.

Cover	Jan. 24, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 24, 2024
Entity Registrant Name	AT&T INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-08610
Entity Tax Identification Number	43-1301883
Entity Address, Address Line One	208 S. Akard St.
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75202
City Area Code	210
Local Phone Number	821-4105
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000732717
Amendment Flag	false
Common Shares (Par Value $1.00 Per Share)
Entity Information [Line Items]
Title of 12(b) Security	Common Shares (Par Value $1.00 Per Share)
Trading Symbol	T
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1000th interest in a share of 5.000% Perpetual Preferred Stock, Series A
Trading Symbol	T PRA
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1000th interest in a share of 4.750% Perpetual Preferred Stock, Series C
Trading Symbol	T PRC
Security Exchange Name	NYSE
AT&T Inc. 2.400% Global Notes due March 15, 2024
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.400% Global Notes due March 15, 2024
Trading Symbol	T 24A
Security Exchange Name	NYSE
AT&T Inc. Floating Rate Global Notes due March 6, 2025
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. Floating Rate Global Notes due March 6, 2025
Trading Symbol	T 25A
Security Exchange Name	NYSE
AT&T Inc. 3.550% Global Notes due November 18, 2025
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.550% Global Notes due November 18, 2025
Trading Symbol	T 25B
Security Exchange Name	NYSE
AT&T Inc. 3.500% Global Notes due December 17, 2025
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.500% Global Notes due December 17, 2025
Trading Symbol	T 25
Security Exchange Name	NYSE
AT&T Inc. 0.250% Global Notes due March 4, 2026
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 0.250% Global Notes due March 4, 2026
Trading Symbol	T 26E
Security Exchange Name	NYSE
AT&T Inc. 1.800% Global Notes due September 5, 2026
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 1.800% Global Notes due September 5, 2026
Trading Symbol	T 26D
Security Exchange Name	NYSE
AT&T Inc. 2.900% Global Notes due December 4, 2026
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.900% Global Notes due December 4, 2026
Trading Symbol	T 26A
Security Exchange Name	NYSE
AT&T Inc. 1.600% Global Notes due May 19, 2028
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 1.600% Global Notes due May 19, 2028
Trading Symbol	T 28C
Security Exchange Name	NYSE
AT&T Inc. 2.350% Global Notes due September 5, 2029
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.350% Global Notes due September 5, 2029
Trading Symbol	T 29D
Security Exchange Name	NYSE
AT&T Inc. 4.375% Global Notes due September 14, 2029
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 4.375% Global Notes due September 14, 2029
Trading Symbol	T 29B
Security Exchange Name	NYSE
AT&T Inc. 2.600% Global Notes due December 17, 2029
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.600% Global Notes due December 17, 2029
Trading Symbol	T 29A
Security Exchange Name	NYSE
AT&T Inc. 0.800% Global Notes due March 4, 2030
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 0.800% Global Notes due March 4, 2030
Trading Symbol	T 30B
Security Exchange Name	NYSE
AT&T Inc. 3.950% Global Notes due April 30, 2031
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.950% Global Notes due April 30, 2031
Trading Symbol	T 31F
Security Exchange Name	NYSE
AT&T Inc. 2.050% Global Notes due May 19, 2032
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.050% Global Notes due May 19, 2032
Trading Symbol	T 32A
Security Exchange Name	NYSE
AT&T Inc. 3.550% Global Notes due December 17, 2032
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.550% Global Notes due December 17, 2032
Trading Symbol	T 32
Security Exchange Name	NYSE
AT&T Inc. 5.200% Global Notes due November 18, 2033
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 5.200% Global Notes due November 18, 2033
Trading Symbol	T 33
Security Exchange Name	NYSE
AT&T Inc. 3.375% Global Notes due March 15, 2034
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.375% Global Notes due March 15, 2034
Trading Symbol	T 34
Security Exchange Name	NYSE
AT&T Inc. 4.300% Global Notes due November 18, 2034
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 4.300% Global Notes due November 18, 2034
Trading Symbol	T 34C
Security Exchange Name	NYSE
AT&T Inc. 2.450% Global Notes due March 15, 2035
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.450% Global Notes due March 15, 2035
Trading Symbol	T 35
Security Exchange Name	NYSE
AT&T Inc. 3.150% Global Notes due September 4, 2036
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.150% Global Notes due September 4, 2036
Trading Symbol	T 36A
Security Exchange Name	NYSE
AT&T Inc. 2.600% Global Notes due May 19, 2038
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 2.600% Global Notes due May 19, 2038
Trading Symbol	T 38C
Security Exchange Name	NYSE
AT&T Inc. 1.800% Global Notes due September 14, 2039
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 1.800% Global Notes due September 14, 2039
Trading Symbol	T 39B
Security Exchange Name	NYSE
AT&T Inc. 7.000% Global Notes due April 30, 2040
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 7.000% Global Notes due April 30, 2040
Trading Symbol	T 40
Security Exchange Name	NYSE
AT&T Inc. 4.250% Global Notes due June 1, 2043
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 4.250% Global Notes due June 1, 2043
Trading Symbol	T 43
Security Exchange Name	NYSE
AT&T Inc. 4.875% Global Notes due June 1, 2044
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 4.875% Global Notes due June 1, 2044
Trading Symbol	T 44
Security Exchange Name	NYSE
AT&T Inc. 4.000% Global Notes due June 1, 2049
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 4.000% Global Notes due June 1, 2049
Trading Symbol	T 49A
Security Exchange Name	NYSE
AT&T Inc. 4.250% Global Notes due March 1, 2050
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 4.250% Global Notes due March 1, 2050
Trading Symbol	T 50
Security Exchange Name	NYSE
AT&T Inc. 3.750% Global Notes due September 1, 2050
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 3.750% Global Notes due September 1, 2050
Trading Symbol	T 50A
Security Exchange Name	NYSE
AT&T Inc. 5.350% Global Notes due November 1, 2066
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 5.350% Global Notes due November 1, 2066
Trading Symbol	TBB
Security Exchange Name	NYSE
AT&T Inc. 5.625% Global Notes due August 1, 2067
Entity Information [Line Items]
Title of 12(b) Security	AT&T Inc. 5.625% Global Notes due August 1, 2067
Trading Symbol	TBC
Security Exchange Name	NYSE