AT&T Inc.

Company profile

• Holding company organized under Delaware law.
• Principal executive offices: 208 S. Akard St., Dallas, TX 75202.
• Leading global provider of telecommunications and technology services.
• Focus areas: 5G deployment, fiber networks, software-based networking (SDN/NFV), and integration of wireless and fixed services.

Segments

• Communications

  • Provides wireless and wireline telecommunications and broadband services to consumers in the United States and to businesses globally.
  • Brands: AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber, and AT&T Internet Air.
  • Sub-segments: Mobility, Business Wireline, and Consumer Wireline.

• Latin America

  • Provides wireless service in Mexico.

• 2025 revenue concentration

  • Communications: ~97% of segment operating revenues; accounted for substantially all of total segment operating income.
  • Latin America: ~3% of segment operating revenues and less than 1% of total segment operating income.

Key metrics (as of December 31, 2025)

• Mobility (U.S. wireless) subscribers: 120 million total
  • Postpaid: 91 million (phone: 74 million)
  • Prepaid: 18 million
  • Resellers: 11 million
• Wireless service in Mexico: 24.7 million subscribers
• Fiber and broadband
  • Fiber consumer wireline broadband customers: 10.4 million (1.1 million added during the year)
  • Total broadband connections: 16.0 million (15.3 million prior year)
  • AT&T Internet Air (fixed wireless access): 1.5 million connections (875,000 added during the year)
• Legacy connectivity and copper decommissioning
  • Customer location switched access lines in service: 2.1 million
  • Legacy consumer internet connections: 2.8 million (4.1 million prior year)
  • Prior year switched access lines: 2.7 million
• Network reach
  • North America coverage:
    • 4G LTE: over 441 million people
    • 5G: over 322 million people
  • U.S. coverage specifics:
    • LTE: more than 337 million people
    • 5G: more than 322 million people

Network and technology

• Fiber expansion is a core priority, with ongoing migration from copper to fiber and wireless alternatives.
• SDN/NFV (software-based networking) supports faster deployment and operational efficiency.
• Ongoing 5G deployment and expansion; spectrum acquisitions are being used to increase capacity.
• AT&T Internet Air (AIA) provides fixed wireless broadband where fiber is not available.

Hardware and suppliers

• Relies on multiple suppliers for network equipment, customer premises equipment, and wireless devices.
• Some products are single-sourced, exposing the company to supply disruption risk.

Strategic actions and transactions

• Pending acquisition of substantially all of Lumen’s Mass Markets fiber business to expand fiber footprint.
• EchoStar spectrum transactions expected to augment spectrum holdings.
• July 2025: sold remaining interest in DIRECTV to TPG.
• Continued emphasis on growing broadband via fiber and 5G while decommissioning legacy copper where feasible.

Financial and operating highlights (selected)

• Research and development expenses:
  • 2025: $843 million
  • 2024: $955 million
  • 2023: $954 million
• Employees (as of December 31, 2025): approximately 133,030

Governance and cybersecurity

• The Board and Audit Committee oversee privacy and data security, including cybersecurity.
• A Chief Security Officer (CISO) leads the security program, supported by a CSO team and a Cybersecurity Incident Response Plan aligned with the NIST framework.
• The company maintains ongoing collaboration with U.S. government agencies on cybersecurity and follows a structured incident response process.

Risks and considerations

• Regulatory and competitive pressures in wireless and broadband markets.
• Supply chain and input cost volatility (devices, network equipment, labor).
• Cybersecurity risks, including data breaches and evolving cyber threats.
• Macroeconomic factors such as inflation, interest rates, and capital markets conditions.
• Regulatory approvals and execution risk associated with legacy copper decommissioning and network transitions.
• Strategic execution risk related to acquisitions, divestitures, and transformation initiatives.