TMEDIUM SIGNALFINANCIAL10-K

AT&T completed significant debt refinancing with new note issuances while current assets expanded substantially and operating performance improved modestly.

The company executed a debt refinancing strategy, replacing shorter-term floating rate notes with longer-dated fixed-rate instruments extending maturities through 2037, which should provide more predictable financing costs. The share count reduction of approximately 178 million shares suggests continued capital return activity, while improved operating income indicates modest operational momentum.

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

AT&T's balance sheet shows a substantially stronger liquidity position with current assets growing meaningfully from $31.2B to $48.7B, while total debt increased modestly by 10.3% to $134.7B reflecting the refinancing activity. Operating income improved by nearly 27% to $24.2B, suggesting better operational execution. The overall picture indicates a company strengthening its financial flexibility through improved liquidity and extended debt maturity profile while generating modestly better operating results.

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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