TBBMEDIUM SIGNALFINANCIAL10-K

AT&T restructured its debt portfolio while demonstrating improved operational performance and substantially higher current assets.

The company retired maturing debt and issued new notes with extended maturities through 2037, suggesting active debt management and market confidence in longer-term obligations. The meaningful expansion in current assets alongside improved operating income indicates strengthened liquidity and operational efficiency, though the overall debt burden continues to grow modestly.

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

AT&T's balance sheet shows substantially higher current assets alongside a meaningful increase in total liabilities, driven primarily by debt restructuring activities. Operating income grew notably while inventory levels increased modestly, suggesting improved operational performance. The company appears to be strengthening its liquidity position while actively managing its substantial debt portfolio through refinancing activities.

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 .
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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.
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