T-PAMEDIUM SIGNALFINANCIAL10-K

AT&T executed significant debt refinancing while substantially increasing current assets and maintaining steady operational performance.

The company refinanced maturing debt with longer-term securities extending through 2037, providing enhanced liquidity management and reduced near-term refinancing risk. The substantial increase in current assets alongside moderate debt growth suggests improved financial flexibility, though investors should monitor the underlying drivers of this balance sheet expansion.

Comparing 2026-02-09 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

AT&T's balance sheet showed notably strengthened liquidity with current assets growing substantially to $48.7B, while total liabilities increased meaningfully to $279.0B primarily driven by debt refinancing activities. Operating income grew solidly by 26.8% to $24.2B, indicating healthy operational performance. The overall financial picture suggests a company actively managing its capital structure while maintaining strong operational momentum and enhanced near-term financial flexibility.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+56.4%
$31.2B→$48.7B

Current assets grew 56.4% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
+35.1%
$206.6B→$279.0B

Liabilities grew 35.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Income
P&L
+26.8%
$19.0B→$24.2B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Inventory
Balance Sheet
+25.4%
$2.9B→$3.6B

Inventory built 25.4% — monitor whether demand supports this build or if write-downs may follow.

Current Liabilities
Balance Sheet
+14.7%
$46.9B→$53.8B

Current liabilities rose 14.7% — increased short-term obligations, watch current ratio.

Total Debt
Balance Sheet
+10.3%
$122.1B→$134.7B

Debt rose 10.3% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-09
PRIOR — 2025-02-12
ADDED
Floating Rate Global Notes due September 16, 2027 T 27C New York Stock Exchange AT T Inc.
3.150% Global Notes due June 1, 2030 T 30C New York Stock Exchange AT T Inc.
3.600% Global Notes due June 1, 2033 T 33A New York Stock Exchange AT T Inc.
4.050% Global Notes due June 1, 2037 T 37B New York Stock Exchange AT T Inc.
At January 28, 2026, common shares outstanding were 7,000,577,201 .
s Notice of 2026 Annual Meeting and Proxy Statement dated on or about March 23, 2026, to be filed within the period permitted under General Instruction G(3) (Part III).
Management s Discussion and Analysis of Financial Condition and Results of Operations 20 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 9A.
In 2015, we acquired wireless properties in Mexico and acquired DIRECTV, a leading provider of digital television entertainment services in both the United States (included in our former Video business) and Latin America (referred to as Vrio, which was sold in November 2021).
In July 2025, we sold our remaining interest in DIRECTV to TPG.
REMOVED
Floating Rate Global Notes due March 6, 2025 T 25A New York Stock Exchange AT T Inc.
5.350% Global Notes due November 1, 2066 TBB New York Stock Exchange AT T Inc.
At January 31, 2025, common shares outstanding were 7,178,183,000 .
s Notice of 2025 Annual Meeting and Proxy Statement dated on or about April 4, 2025, to be filed within the period permitted under General Instruction G(3) (Part III).
Management s Discussion and Analysis of Financial Condition and Results of Operations 19 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 9A.
In 2015, we acquired wireless properties in Mexico and acquired DIRECTV, a leading provider of digital television entertainment services in both the United States (included in our Video business) and Latin America (referred to as Vrio).
From 2018 through April 2022, we acquired and held various investments in entertainment businesses, namely Time Warner Inc., which comprised a substantial portion of our previous WarnerMedia segment.
In September 2024, we agreed to sell our remaining interest in DIRECTV to TPG, which we expect to close in mid-2025.
In April 2022, we completed the separation of our WarnerMedia business in a Reverse Morris Trust transaction (WarnerMedia/Discovery Transaction).
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