EX-99.2 3 t-1q2025exhibit992.htm EX-99.2 AT&T INC. SELECTED FINANCIAL STATEMENTS AND OPERATING DATA Document

AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
UnauditedFirst QuarterPercent
20252024Change
Operating Revenues
Service$25,138 $24,842 1.2 %
Equipment5,488 5,186 5.8 %
Total Operating Revenues30,626 30,028 2.0 %
Operating Expenses
Cost of revenues
Equipment5,694 5,143 10.7 %
Other cost of revenues (exclusive of depreciation
   and amortization shown separately below)
6,339 6,811 (6.9)%
Selling, general and administrative7,145 7,021 1.8 %
Asset impairments and abandonments and restructuring504 159 — %
Depreciation and amortization5,190 5,047 2.8 %
Total Operating Expenses24,872 24,181 2.9 %
Operating Income5,754 5,847 (1.6)%
Interest Expense1,658 1,724 (3.8)%
Equity in Net Income of Affiliates1,440 295 — %
Other Income (Expense) — Net455 451 0.9 %
Income Before Income Taxes5,991 4,869 23.0 %
Income Tax Expense1,299 1,118 16.2 %
Net Income4,692 3,751 25.1 %
Net Income Attributable to Noncontrolling Interest(341)(306)(11.4)%
Net Income Attributable to AT&T$4,351 $3,445 26.3 %
Preferred Stock Dividends and Redemption Gain44 (50)— %
Net Income Attributable to Common Stock$4,395 $3,395 29.5 %
Basic Earnings Per Share Attributable to Common Stock$0.61 $0.47 29.8 %
Weighted Average Common Shares Outstanding (000,000)7,213 7,192 0.3 %
Diluted Earnings Per Share Attributable to Common Stock$0.61 $0.47 29.8 %
Weighted Average Common Shares Outstanding with Dilution (000,000)7,223 7,193 0.4 %
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AT&T Inc.  
Financial Data  
Consolidated Balance Sheets
Dollars in millions
Mar. 31,Dec. 31,
20252024
Assets(Unaudited)
Current Assets
Cash and cash equivalents$6,885 $3,298 
Accounts receivable – net of related allowances for credit loss of $357 and $3759,228 9,638 
Inventories2,593 2,270 
Prepaid and other current assets15,074 15,962 
Total current assets33,780 31,168 
Property, Plant and Equipment – Net128,453 128,871 
Goodwill – Net63,432 63,432 
Licenses – Net127,344 127,035 
Other Intangible Assets – Net5,255 5,255 
Investments in and Advances to Equity Affiliates942 295 
Operating Lease Right-Of-Use Assets21,006 20,909 
Other Assets17,255 17,830 
Total Assets$397,467 $394,795 
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year$8,902 $5,089 
Accounts payable and accrued liabilities33,113 35,657 
Advanced billings and customer deposits3,951 4,099 
Dividends payable2,033 2,027 
Total current liabilities47,999 46,872 
Long-Term Debt117,259 118,443 
Deferred Credits and Other Noncurrent Liabilities
Noncurrent deferred tax liabilities59,144 58,939 
Postemployment benefit obligation9,040 9,025 
Operating lease liabilities17,433 17,391 
Other noncurrent liabilities24,753 23,900 
Total deferred credits and other noncurrent liabilities110,370 109,255 
Redeemable Noncontrolling Interest1,981 1,980 
Stockholders’ Equity
Preferred stock— — 
Common stock7,621 7,621 
Additional paid-in capital106,302 109,108 
Retained earnings 4,215 1,871 
Treasury stock(14,252)(15,023)
Accumulated other comprehensive income (loss)(142)795 
Noncontrolling interest16,114 13,873 
Total stockholders’ equity119,858 118,245 
Total Liabilities and Stockholders’ Equity$397,467 $394,795 
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AT&T Inc.  
Financial Data  
Consolidated Statements of Cash Flows
Dollars in millions
UnauditedFirst Quarter
20252024
Operating Activities
Net income$4,692 $3,751 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization5,190 5,047 
Provision for uncollectible accounts516 472 
Asset impairments and abandonments and restructuring504 159 
Pension and postretirement benefit expense (credit)(397)(471)
Net (gain) loss on investments81 201 
Changes in operating assets and liabilities:
Receivables15 512 
Equipment installment receivables and related sales1,212 24 
Contract asset and cost deferral(147)101 
Inventories, prepaid and other current assets(661)(24)
Accounts payable and other accrued liabilities(3,297)(3,419)
Changes in income taxes1,285 1,141 
Postretirement claims and contributions(68)(54)
Other - net124 107 
Total adjustments4,357 3,796 
Net Cash Provided by Operating Activities 9,049 7,547 
Investing Activities
Capital expenditures(4,277)(3,758)
Acquisitions, net of cash acquired(20)(211)
Dispositions11 8 
Distributions from DIRECTV in excess of cumulative equity in earnings— 194 
(Purchases), sales and settlements of securities and investments - net45 1,079 
Other - net(717)(273)
Net Cash Used in Investing Activities (4,958)(2,961)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less— 1,933 
Issuance of other short-term borrowings— 491 
Repayment of other short-term borrowings— (1,996)
Issuance of long-term debt2,956 — 
Repayment of long-term debt(1,526)(4,685)
Payment of vendor financing(203)(841)
Redemption of preferred stock(2,075)— 
Purchase of treasury stock(218)(157)
Issuance of treasury stock17 — 
Issuance of preferred interests in subsidiary2,221 — 
Dividends paid(2,091)(2,034)
Other - net366 (526)
Net Cash Used in Financing Activities(553)(7,815)
Net increase (decrease) in cash and cash equivalents and restricted cash3,538 (3,229)
Cash and cash equivalents and restricted cash beginning of year3,406 6,833 
Cash and Cash Equivalents and Restricted Cash End of Period$6,944 $3,604 
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AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
UnauditedFirst QuarterPercent
20252024Change
Capital expenditures
Purchase of property and equipment$4,240 $3,721 13.9 %
Interest during construction37 37 — %
Total Capital Expenditures$4,277 $3,758 13.8 %
Acquisitions, net of cash acquired
Business acquisitions$— $— — %
Spectrum acquisitions1 145 (99.3)%
Interest during construction - spectrum19 66 (71.2)%
Total Acquisitions$20 $211 (90.5)%
Cash paid for interest$1,804 $2,077 (13.1)%
Cash paid for income taxes, net of (refunds)$11 $(9)— %
Dividends Declared per Common Share$0.2775 $0.2775 — %
End of Period Common Shares Outstanding (000,000)7,196 7,170 0.4 %
Debt Ratio50.9 %52.4 %(150) BP
Total Employees139,970 148,290 (5.6)%
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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.

Segment Results
Dollars in millions
UnauditedFirst QuarterPercent
20252024Change
Segment Operating Revenues
Mobility$21,570 $20,594 4.7 %
Business Wireline4,468 4,913 (9.1)%
Consumer Wireline3,522 3,350 5.1 %
Total Segment Operating Revenues29,560 28,857 2.4 %
Segment Operating Income (Loss)
Mobility6,740 6,468 4.2 %
Business Wireline(98)64 — %
Consumer Wireline349 213 63.8 %
Total Segment Operating Income $6,991 $6,745 3.6 %
Operating Income Margin23.7 %23.4 %30  BP



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Mobility

Mobility provides nationwide wireless service and equipment.
Mobility Results
Dollars in millions
UnauditedFirst QuarterPercent
20252024Change
Operating Revenues
Service$16,651 $15,994 4.1 %
Equipment4,919 4,600 6.9 %
Total Operating Revenues21,570 20,594 4.7 %
Operating Expenses
Operations and support12,304 11,639 5.7 %
Depreciation and amortization2,526 2,487 1.6 %
Total Operating Expenses14,830 14,126 5.0 %
Operating Income$6,740 $6,468 4.2 %
Operating Income Margin31.2 %31.4 %(20) BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20252024Change
Mobility Subscribers
Postpaid89,463 87,450 2.3 %
Postpaid phone73,031 71,558 2.1 %
Prepaid18,955 19,211 (1.3)%
Reseller9,542 7,852 21.5 %
Total Mobility Subscribers117,960 114,513 3.0 %
First QuarterPercent
20252024Change
Mobility Net Additions
Postpaid Phone Net Additions324 349 (7.2)%
Total Phone Net Additions304 350 (13.1)%
Postpaid290 389 (25.4)%
Prepaid(34)1 — %
Reseller(136)351 — %
Total Mobility Net Additions1
120 741 (83.8)%
Postpaid Churn0.99 %0.89 %10 BP
Postpaid Phone-Only Churn0.83 %0.72 %11 BP
1Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.
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Business Wireline

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, our fixed wireless access product, traditional voice and data services and related equipment to business customers.
Business Wireline Results
Dollars in millions
UnauditedFirst QuarterPercent
20252024Change
Operating Revenues
Legacy and other transitional services$2,475 $2,997 (17.4)%
Fiber and advanced connectivity services1,780 1,703 4.5 %
Equipment213 213 — %
Total Operating Revenues4,468 4,913 (9.1)%
Operating Expenses  
Operations and support3,068 3,487 (12.0)%
Depreciation and amortization1,498 1,362 10.0 %
Total Operating Expenses4,566 4,849 (5.8)%
Operating Income (Loss)$(98)$64 — %
Operating Income Margin(2.2)%1.3 %(350) BP

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Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and AT&T Internet Air (AIA) services, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.
Consumer Wireline Results
Dollars in millions
UnauditedFirst QuarterPercent
20252024Change
Operating Revenues
Broadband$2,984 $2,722 9.6 %
Legacy voice and data services286 342 (16.4)%
Other service and equipment252 286 (11.9)%
Total Operating Revenues3,522 3,350 5.1 %
Operating Expenses
Operations and support2,224 2,256 (1.4)%
Depreciation and amortization949 881 7.7 %
Total Operating Expenses3,173 3,137 1.1 %
Operating Income$349 $213 63.8 %
Operating Income Margin9.9 %6.4 %350  BP
 
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
20252024Change
Broadband Connections
Broadband1
14,112 13,784 2.4 %
Fiber Broadband Connections9,592 8,559 12.1 %
First QuarterPercent
20252024Change
Broadband Net Additions
Broadband Net Additions1,2
137 55 — %
Fiber Broadband Net Additions261 252 3.6 %
1Includes AIA.
2First-quarter 2025 excludes the impact of subscriber disconnections resulting from the termination of AIA services in areas with unfavorable regulatory requirements.
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LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.
Segment Results
Dollars in millions
UnauditedFirst QuarterPercent
 20252024Change
Operating Revenues
Wireless service$615 $690 (10.9)%
Wireless equipment356 373 (4.6)%
Total Segment Operating Revenues971 1,063 (8.7)%
Operating Expenses
Operations and support778 883 (11.9)%
Depreciation and amortization150 177 (15.3)%
Total Segment Operating Expenses928 1,060 (12.5)%
Operating Income$43 $3 — %
Operating Income Margin4.4 %0.3 %410  BP
Supplementary Operating Data
Subscribers and connections in thousands
UnauditedMarch 31,Percent
 20252024Change
Mexico Wireless Subscribers
Postpaid5,997 5,352 12.1 %
Prepaid17,376 16,742 3.8 %
Reseller235 365 (35.6)%
Total Mexico Wireless Subscribers23,608 22,459 5.1 %
 First QuarterPercent
 20252024Change
Mexico Wireless Net Additions
Postpaid160 116 37.9 %
Prepaid(110)79 — %
Reseller(18)(52)65.4 %
Total Mexico Wireless Net Additions32 143 (77.6)%

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SUPPLEMENTAL SEGMENT RECONCILIATION
Three Months Ended
Dollars in millions
Unaudited
March 31, 2025
RevenuesOperations
and Support
Expenses		Depreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$21,570 $12,304 $2,526 $6,740 
Business Wireline4,468 3,068 1,498 (98)
Consumer Wireline3,522 2,224 949 349 
Total Communications29,560 17,596 4,973 6,991 
Latin America971 778 150 43 
Segment Total30,531 18,374 5,123 7,034 
Corporate and Other
Corporate:
DTV-related retained costs— 56 50 (106)
Parent administration support1 439 8 (446)
Securitization fees28 214 — (186)
Value portfolio66 10 — 56 
Total Corporate95 719 58 (682)
Certain significant items— 589 9 (598)
Total Corporate and Other95 1,308 67 (1,280)
AT&T Inc.$30,626 $19,682 $5,190 $5,754 
March 31, 2024
RevenuesOperations
and Support
Expenses		Depreciation
and
Amortization		Operating
Income (Loss)
Communications
Mobility$20,594 $11,639 $2,487 $6,468 
Business Wireline4,913 3,487 1,362 64 
Consumer Wireline3,350 2,256 881 213 
Total Communications28,857 17,382 4,730 6,745 
Latin America1,063 883 177 3 
Segment Total29,920 18,265 4,907 6,748 
Corporate and Other
Corporate:
DTV-related retained costs— 134 120 (254)
Parent administration support— 392 1 (393)
Securitization fees26 165 — (139)
Value portfolio82 26 4 52 
Total Corporate108 717 125 (734)
Certain significant items— 152 15 (167)
Total Corporate and Other108 869 140 (901)
AT&T Inc.$30,028 $19,134 $5,047 $5,847 
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