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© 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T Proprietary (Internal Use Only) - Not for use or disclosure outside the AT&T companies except under written agreement 2025 4th Quarter Earnings January 28, 2026 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.
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Cautionary Language Concerning Forward-looking Statements Information set forth in this presentation 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 presentation based on new information or otherwise. This presentation may contain certain non-GAAP financial measures (as identified throughout with an “*”). Reconciliations between the non-GAAP financial measures and the most comparable GAAP financial measures are available at the end of this presentation and on the company’s website at investors.att.com. © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. 2
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2025 Highlights 74.2M Postpaid Phone Subscribers +1.5M Net Additions 10.4M AT&T Fiber Subscribers +1M Net Additions 32M+ Fiber Consumer & Business Locations Reached* 3M+ added in 2025 +42% Convergence rate* 200 basis point increase YoY 3 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. * See end of presentation for non-GAAP reconciliations & other definitions
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© 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. +1.0% Service Revenue Growth YoY +4.1% Adj. EBITDA* Growth YoY $4.2B Free Cash Flow* Adjusted EBITDA* $ in billions Adjusted EPS* excludes DIRECTV Revenue $ in billions Free Cash Flow* $ in billions, excludes DIRECTV 4Q25 Consolidated Results Adj. EBITDA Margin* Service Revenue * See end of presentation for non-GAAP reconciliations 4 $33.5$30.7$30.8$30.6$32.3 $25.4$25.3$25.3$25.1$25.2 +1.0% YoY +0.8% YoY +1.1% YoY +1.2% YoY +0.3% YoY 4Q253Q252Q251Q254Q24 $11.2$11.9$11.7$11.5$10.8 +4.1% YoY +2.4% YoY +3.5% YoY +4.4% YoY+2.2% YoY 33.6%38.6%38.0%37.7%33.4% 0. 0% 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 60. 0% 70. 0% 80. 0% 90. 0% $0. 0B $2. 0B $4. 0B $6. 0B $8. 0B $10. 0B $12. 0B $14. 0B 4Q253Q252Q251Q254Q24 $4.2 $4.9 $4.4 $3.1 $4.0 4Q253Q252Q251Q254Q24 $0.52$0.54$0.54$0.51 $0.43 4Q253Q252Q251Q254Q24
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4Q25 Mobility | Delivering Balanced & Profitable Growth +421K Postpaid Phone Net Adds +2.4% Service Revenue Growth YoY +3.1% EBITDA* Growth YoY Revenue $ in billions EBITDA* $ in billions Service Revenue EBITDA Margin* * See end of presentation for non-GAAP reconciliations Postpaid Phone ARPUPostpaid Phone Net Adds Net Adds in thousands 5 Postpaid Phone Churn $24.4 $21.7$21.8$21.6$23.1 $17.0$16.9$16.9$16.7$16.6 +2.4% YoY +2.3% YoY +3.5% YoY +4.1% YoY +3.3% YoY 4Q253Q252Q251Q254Q24 $9.2$9.7$9.5$9.3$8.9 +3.1% YoY +2.2% YoY +3.2% YoY +3.5% YoY+6.1% YoY 37.6%44.7%43.4%43.0%38.4% 0. 0% 20. 0% 40. 0% 60. 0% 80. 0% 100. 0% 120. 0% $0. 0B $2. 0B $4. 0B $6. 0B $8. 0B $ 10. 0B 4Q253Q252Q251Q254Q24 421405401 324 482 0.98%0.92%0.87%0.83%0.85% 4Q253Q252Q251Q254Q24 $56.57$56.64$57.04$56.56$56.72 -0.3% YoY -0.8% YoY +1.1% YoY +1.8% YoY +0.9% YoY 4Q253Q252Q251Q254Q24 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.
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Revenue $ in billions Net Adds Net Adds in thousands EBITDA* $ in billions Converged Customers* in millions +283K AT&T Fiber Net Adds +221K AT&T Internet Air Net Adds +13.6% AT&T Fiber Revenue Growth YoY 4Q25 Consumer Wireline | Winning in Fiber & Convergence Fiber Revenue EBITDA Margin* AT&T Fiber Connections with AT&T Mobility* Convergence Rate*Fiber ARPU * See end of presentation for non-GAAP reconciliations & other definitions AT&T Fiber Connections Total Broadband Fiber 6 $3.6$3.6$3.5$3.5$3.5 $2.2$2.2$2.1$2.1$2.0 +13.6% YoY +16.8% YoY +18.9% YoY +19.0% YoY +17.8% YoY 4Q253Q252Q251Q254Q24 $1.4$1.3$1.3$1.3$1.2 +12.5% YoY+15.1% YoY +17.8% YoY +18.6% YoY+9.8% YoY 38.4%36.3%36.5%36.9%35.2% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 50. 0% 55. 0% 60. 0% 65. 0% 70. 0% $0. 0B $ 0. 2B $0. 4B $0. 6B $0. 8B $1. 0B $1. 2B $ 1. 4B $1. 6B 4Q253Q252Q251Q254Q24 283288 243261 307 210232 150137123 $72.87$73.48$73.26$72.85$71.71 $40. 00 $45. 00 $50. 00 $55. 00 $60. 00 $ 65. 00 $70. 00 $75. 00 $80. 00 0 50 100 150 200 250 300 350 400 450 500 4Q253Q252Q251Q254Q24 10.410.19.89.69.3 4.44.24.03.93.7 42.0%41.5%40.9%40.2%40.0% 29. 0% 31. 0% 33. 0 % 35. 0 % 37. 0 % 39. 0% 41. 0 % 43. 0% 0. 0 3. 0 6. 0 9. 0 12. 0 15. 0 4Q253Q252Q251Q254Q24 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.
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Revenue $ in billions +6.8% Fiber & Advanced Connectivity Services Revenue Growth YoY -6.7% EBITDA* Growth YoY 4Q25 Business Wireline | Managing Connectivity Transition 7 EBITDA Margin* $1.1$1.2 $1.3$1.4 $1.2 -6.7% YoY -12.9% YoY -11.3% YoY -1.8% YoY-22.0% YoY 26.6%27.8%30.6%31.3%26.3% 0. 0% 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 60. 0% 70. 0% 80. 0% 90. 0% 100. 0% 4Q253Q252Q251Q254Q24 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. EBITDA* $ in billions Fiber & Advanced Connectivity Services Revenue * See end of presentation for non-GAAP reconciliations
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$1.8B 4Q25 Share Repurchases From 2024 Authorization Capital Investment* $ in billions Net Debt* & Leverage $ in billions • Cash and cash equivalents of $18.2B as of end of 4Q25 • Immaterial FX impact to debt balance in 4Q25 (full year 2025 pressure of ~$3.9B) • Returned $12.4B to shareholders in 2025 via dividends and share repurchases authorized in 2024 4Q25 Capital Allocation Capital Expenditures Dividends Paid Vendor Financing Payments * See end of presentation for non-GAAP reconciliations Shareholder Returns $ in billions Share Repurchases Under 2024 Authorization-$2.7B Net Debt* Reduction YoY 8 Net Debt-to- Adj. EBITDA* $7.1 $5.3$5.1 $4.5 $7.1 $6.8 $4.9$4.9$4.3 $6.8 4Q253Q252Q251Q254Q24 $117.4$118.8$120.3$119.1$120.1 2.53x2.59x2.64x2.63x2.68x 1. 50x 2. 0x 2. 50x 3. 0x 3. 50x 4. 0x 4. 50x 5. 0x 4Q253Q252Q251Q254Q24 $2.0$2.0$2.0$2.1$2.0 $1.8B$1.5B$1.0B $3.8$3.5 $3.0 $2.1$2.0 4Q253Q252Q251Q254Q24 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.
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Long-Term Outlook | 2026 - 2028 * See end of presentation for non-GAAP reconciliations 9 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. SERVICE REVENUE Growth in low-single-digit range annually Advanced Connectivity Growth in mid-single-digit range annually, including expected growth of 5%+ in 2026 ADJUSTED EBITDA* Growth in the 3% to 4% range in 2026, improving to 5%+ in 2028 Advanced Connectivity Growth in mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026 CAPITAL INVESTMENT* $23B to $24B range annually FREE CASH FLOW* $18B+ in 2026, $19B+ in 2027, and $21B+ in 2028 ADJUSTED EPS* $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028
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Q&A © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.10
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Non-GAAP Measures and Reconciliations to GAAP Measures EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Adjusted EBITDA is calculated by excluding from operating revenues and operating expenses certain significant items that are non-operational or non- recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Adjusted EBITDA margin is adjusted EBITDA divided by total operating revenues. Estimates for Adjusted EBITDA, and EBITDA at the segment level, depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations for projected adjusted EBITDA or segment EBITDA, and the most comparable GAAP metrics without unreasonable effort. 11 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Dollars in millions 4Q23 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 Net Income 2,582$ 3,751$ 3,949$ 145$ 4,408$ 12,253$ 4,692$ 4,861$ 9,677$ 4,156$ 23,386$ Additions: Income Tax Expense 354 1,118 1,142 1,285 900 4,445 1,299 1,237 976 109 3,621 Interest Expense 1,726 1,724 1,699 1,675 1,661 6,759 1,658 1,655 1,700 1,791 6,804 Equity in Net (Income) Loss of Affiliates (337) (295) (348) (272) (1,074) (1,989) (1,440) (485) 20 10 (1,895) Other (Income) Expense - Net 946 (451) (682) (717) (569) (2,419) (455) (767) (6,254) (278) (7,754) Depreciation and amortization 4,766 5,047 5,072 5,087 5,374 20,580 5,190 5,251 5,317 5,128 20,886 EBITDA 10,037 10,894 10,832 7,203 10,700 39,629 10,944 11,752 11,436 10,916 45,048 Transaction, legal and other costs1 26 32 35 34 22 123 79 49 487 12 627 Benefit-related (gain) loss (97) (39) (10) (73) 55 (67) 6 (70) (62) (26) (152) Asset impairments and abandonments and restructuring 589 159 480 4,422 14 5,075 504 - - 334 838 Adjusted EBITDA 10,555$ 11,046$ 11,337$ 11,586$ 10,791$ 44,760$ 11,533$ 11,731$ 11,861$ 11,236$ 46,361$ YoY Growth Rate 2.2% 4.4% 3.5% 2.4% 4.1% 3.6% Operating Income 5,271$ 5,847$ 5,760$ 2,116$ 5,326$ 19,049$ 5,754$ 6,501$ 6,119$ 5,788$ 24,162$ YoY Growth Rate 1.0 % (1.6)% 12.9 % 189.2 % 8.7 % 26.8 % Total Operating Revenues 32,298 30,626 30,847 30,709 33,466 125,648 Operating Income Margin 16.5% 18.8% 21.1% 19.9% 17.3% Adjusted EBITDA Margin 33.4% 37.7% 38.0% 38.6% 33.6% 1 Includes certain legal reserves and settlements that cover extended historical periods and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024. The third quarter of 2025 and the year ended December 31, 2025 also includes approximately $440M of apportioned property and casualty settlements. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin
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Non-GAAP Measures and Reconciliations to GAAP Measures At the segment or business unit level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. AT&T Fiber connections with AT&T Mobility is defined as AT&T Fiber connections that are also primary Mobility account holders that subscribe to consumer postpaid phone service. We refer to these customers as Converged Customers. 4Q25 convergence metrics are presented based on available information and are subject to revision. Convergence rate represents the ratio of Converged Customers to AT&T Fiber connections. Reached Locations with fiber include consumer and business locations: (i) passed with fiber, and (ii) served with fiber through commercial open-access providers. 12 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Dollars in millions 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Mobility Operating Income $ 6,214 $ 6,468 $ 6,719 $ 7,003 $ 6,124 $ 6,740 $ 6,931 $ 7,125 $ 6,400 YoY Growth Rate (1.4)% 4.2 % 3.2 % 1.7 % 4.5 % Add: Depreciation and amortization 2,162 2,487 2,476 2,490 2,764 2,526 2,556 2,577 2,763 EBITDA $ 8,376 $ 8,955 $ 9,195 $ 9,493 $ 8,888 $ 9,266 $ 9,487 $ 9,702 $ 9,163 YoY Growth Rate 6.1% 3.5% 3.2% 2.2% 3.1% Total Operating Revenues 23,129 21,570 21,845 21,713 24,354 Operating Income Margin 26.5% 31.2% 31.7% 32.8% 26.3% EBITDA Margin 38.4% 43.0% 43.4% 44.7% 37.6% Consumer Wireline Operating Income $ 229 $ 213 $ 184 $ 196 $ 276 $ 349 $ 335 $ 325 $ 538 YoY Growth Rate 20.5 % 63.8 % 82.1 % 65.8 % 94.9 % Add: Depreciation and amortization 880 881 914 924 942 949 958 964 832 EBITDA $ 1,109 $ 1,094 $ 1,098 $ 1,120 $ 1,218 $ 1,298 $ 1,293 $ 1,289 $ 1,370 YoY Growth Rate 9.8 % 18.6 % 17.8 % 15.1 % 12.5 % Total Operating Revenues 3,465 3,522 3,541 3,555 3,565 Operating Income Margin 8.0 % 9.9 % 9.5 % 9.1 % 15.1 % EBITDA Margin 35.2 % 36.9 % 36.5 % 36.3 % 38.4 % Business Wireline Operating Income (Loss) $ 165 $ 64 $ 102 $ (43) $ (211) $ (98) $ (201) $ (354) $ (163) YoY Growth Rate (227.9)% (253.1)% (297.1)% (723.3)% 22.7 % Add: Depreciation and amortization 1,369 1,362 1,386 1,399 1,408 1,498 1,521 1,535 1,280 EBITDA $ 1,534 $ 1,426 $ 1,488 $ 1,356 $ 1,197 $ 1,400 $ 1,320 $ 1,181 $ 1,117 YoY Growth Rate (22.0)% (1.8)% (11.3)% (12.9)% (6.7)% Total Operating Revenues 4,545 4,468 4,313 4,248 4,202 Operating Income Margin (4.6)% (2.2)% (4.7)% (8.3)% (3.9)% EBITDA Margin 26.3 % 31.3 % 30.6 % 27.8 % 26.6 % Business Unit EBITDA, EBITDA Margin
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Non-GAAP Measures and Reconciliations to GAAP Measures 13 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Reconciliations of adjusted EPS to the most comparable GAAP metric can be found at investors.att.com and in our Form 8-K dated January 28, 2026. The company expects adjustments to 2026 reported diluted EPS to include acquisition-related amortization, a non-cash mark-to- market benefit plan gain/loss and other items. The company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. AT&T’s projected 2026-2028 adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, the Company cannot provide reconciliations between these projected non- GAAP metrics and the most comparable GAAP metrics without unreasonable effort. Net debt-to-adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our net debt-to-adjusted EBITDA ratio is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA (defined and calculated above). Net debt is calculated by subtracting cash and cash equivalents and time deposits (deposits at financial institutions that are greater than 90 days, e.g., certificates of deposit and time deposits), from total debt. 4Q24 1Q25 2Q25 3Q25 4Q25 2025 Diluted Earnings Per Share (EPS) $ 0.56 $ 0.61 $ 0.62 $ 1.29 $ 0.53 $ 3.04 Gain on sale of DIRECTV - - - (0.79) (0.01) (0.80) Equity in net income of DIRECTV (0.12) (0.15) (0.05) - - (0.21) Actuarial (gain) loss - net 0.01 - - - 0.06 0.06 Restructuring and impairments - 0.05 - - 0.04 0.09 Benefit-related, transaction, legal and other items 0.01 - (0.03) 0.04 (0.02) 0.02 Tax-related items (0.03) - - - (0.08) (0.08) Adjusted EPS (excludes DIRECTV) $ 0.43 $ 0.51 $ 0.54 $ 0.54 $ 0.52 $ 2.12 Adjusted Diluted EPS Dollars in millions 4Q24 1Q25 2Q25 3Q25 4Q25 Adjusted EBITDA $ 10,791 $ 11,533 $ 11,731 $ 11,861 $ 11,236 Trailing Twelve Months Adjusted EBITDA 44,760 45,247 45,641 45,916 46,361 Total Debt 123,532 126,161 132,311 139,468 136,100 Less: Cash and Cash Equivalents 3,298 6,885 10,499 20,272 18,234 Less: Time Deposits 150 150 1,500 350 500 Net Debt 120,084 119,126 120,312 118,846 117,366 Annualized Net Debt-to-Adjusted EBITDA Ratio 2.68 2.63 2.64 2.59 2.53 Net Debt-to-Adjusted EBITDA
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Non-GAAP Measures and Reconciliations to GAAP Measures 14 © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. Prior periods have been recast to conform to the current period presentation to remove cash flows from our investment in DIRECTV, which we sold to TPG. Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity method investment (cash distributions less cash taxes paid from DIRECTV), minus capital expenditures and cash paid for vendor financing (classified as financing activities). Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the company is not able to provide a reconciliations between projected 2026-2028 free cash flow and the most comparable GAAP metrics without unreasonable effort. Dividend Payout Ratio: Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. Total dividend payout ratio for 2025 is calculated at total dividends paid of $8.2 billion divided by free cash flow of $16.6 billion. Capital investment includes capital expenditures and cash paid for vendor financing. Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the company is not able to provide reconciliations between projected 2026- 2028 capital investment and the most comparable GAAP metric without unreasonable effort. Capital intensity is calculated as capital investment divided by operating revenues. Due to high variability and difficulty in predicting items that impact capital expenditures, vendor financing payments and future levels of revenues, the Company is not able to provide reconciliations between projected capital investment and projected capital intensity and the most comparable GAAP metrics without unreasonable effort. Dollars in millions 4Q24 1Q25 2Q25 3Q25 4Q25 2025 Net Cash Provided by Operating Activities $ 11,896 $ 9,049 $ 9,763 $ 10,152 $ 11,320 $ 40,284 Less: Distributions from DIRECTV classified as operating activities (1,072) (1,423) (503) - - (1,926) Less: Cash taxes paid on DIRECTV 254 - 251 - - 251 Less: Capital expenditures (6,843) (4,277) (4,897) (4,887) (6,781) (20,842) Less: Payment of vendor financing (221) (203) (220) (400) (358) (1,181) Free Cash Flow (excludes DIRECTV) $ 4,014 $ 3,146 $ 4,394 $ 4,865 $ 4,181 $ 16,586 Free Cash Flow Dollars in millions 4Q24 1Q25 2Q25 3Q25 4Q25 2025 Capital expenditures $ 6,843 $ 4,277 $ 4,897 $ 4,887 $ 6,781 $ 20,842 Payment of vendor financing 221 203 220 400 358 1,181 Capital Investment $ 7,064 $ 4,480 $ 5,117 $ 5,287 $ 7,139 $ 22,023 Capital Investment