EX-99.4 5 t-4q2025exhibit994.htm EX-99.4 SUPPLEMENTAL QUARTERLY FINANCIAL INFORMATION Document
AT&T Inc.
Supplemental Segment Information
Unaudited
Dollars in millions

Advanced Connectivity Segment
3/31/236/30/239/30/2312/31/2320233/31/246/30/249/30/2412/31/2420243/31/256/30/259/30/2512/31/252025
Segment Operating Revenues
Wireless service$15,483 $15,745 $15,908 $16,039 $63,175 $15,994 $16,277 $16,539 $16,563 $65,373 $16,651 $16,853 $16,926 $16,954 $67,384 
Advanced home internet 1,453 1,523 1,615 1,686 6,277 1,756 1,839 1,957 2,079 7,631 2,198 2,299 2,411 2,502 9,410 
Business fiber and advanced connectivity 1,558 1,582 1,627 1,684 6,451 1,672 1,702 1,719 1,760 6,853 1,755 1,769 1,832 1,887 7,243 
Business transitional and other 1,857 1,823 1,854 1,704 7,238 1,614 1,479 1,411 1,402 5,906 1,294 1,249 1,198 1,170 4,911 
Other service177 177 174 177 705 174 175 169 166 684 162 164 162 162 650 
Total Service Revenues20,528 20,850 21,178 21,290 83,846 21,210 21,472 21,795 21,970 86,447 22,060 22,334 22,529 22,675 89,598 
Equipment5,230 4,735 4,918 6,533 21,416 4,813 4,387 4,702 6,735 20,637 5,132 5,163 4,974 7,557 22,826 
Total Segment Operating Revenues$25,758 $25,585 $26,096 $27,823 $105,262 $26,023 $25,859 $26,497 $28,705 $107,084 $27,192 $27,497 $27,503 $30,232 $112,424 
Segment Operating Expenses
Operations and support$16,254 $15,624 $15,836 $18,151 $65,865 $15,652 $15,229 $15,611 $18,315 $64,807 $16,247 $16,356 $16,010 $19,264 $67,877 
Depreciation and amortization4,289 4,313 4,350 4,411 17,363 4,730 4,776 4,813 5,114 19,433 4,973 5,035 5,076 4,875 19,959 
Total Segment Operating Expenses20,543 19,937 20,186 22,562 83,228 20,382 20,005 20,424 23,429 84,240 21,220 21,391 21,086 24,139 87,836 
Segment Operating Income$5,215 $5,648 $5,910 $5,261 $22,034 $5,641 $5,854 $6,073 $5,276 $22,844 $5,972 $6,106 $6,417 $6,093 $24,588 
Segment Operating Income Margin20.2 %22.1 %22.6 %18.9 %20.9 %21.7 %22.6 %22.9 %18.4 %21.3 %22.0 %22.2 %23.3 %20.2 %21.9 %
EBITDA1
 $9,504  $9,961  $10,260  $9,672  $39,397  $10,371  $10,630  $10,886  $10,390  $42,277  $10,945  $11,141  $11,493  $10,968  $44,547
EBITDA Margin1
36.9 %38.9 %39.3 %34.8 %37.4 %39.9 %41.1 %41.1 %36.2 %39.5 %40.3 %40.5 %41.8 %36.3 %39.6 %
1 See Non-GAAP Reconciliations

AT&T Inc.
Supplemental Segment Information
Unaudited
Dollars in millions
Advanced Connectivity Segment
Supplemental Information
Consumer Operating Revenues3/31/236/30/239/30/2312/31/2320233/31/246/30/249/30/2412/31/2420243/31/256/30/259/30/2512/31/252025
Wireless services $13,324 $13,504 $13,672 $13,792 $54,292 $13,754 $13,966 $14,211 $14,230 $56,161 $14,370 $14,559 $14,594 $14,605 $58,128 
Advanced home internet 1,453 1,523 1,615 1,686 6,277 1,756 1,839 1,957 2,079 7,631 2,198 2,299 2,411 2,502 9,410 
Wholesale and other service177 177 174 177 705 174 175 169 166 684 162 164 162 162 650 
Total Service Revenues14,954 15,204 15,461 15,655 61,274 15,684 15,980 16,337 16,475 64,476 16,730 17,022 17,167 17,269 68,188 
Equipment4,422 3,910 4,121 5,576 18,029 3,946 3,563 3,845 5,746 17,100 4,246 4,273 4,107 6,445 19,071 
Total Operating Revenues$19,376 $19,114 $19,582 $21,231 $79,303 $19,630 $19,543 $20,182 $22,221 $81,576 $20,976 $21,295 $21,274 $23,714 $87,259 
Business Operating Revenues3/31/236/30/239/30/2312/31/2320233/31/246/30/249/30/2412/31/2420243/31/256/30/259/30/2512/31/252025
Wireless service$2,159 $2,241 $2,236 $2,247 $8,883 $2,240 $2,311 $2,328 $2,333 $9,212 $2,281 $2,294 $2,332 $2,349 $9,256 
Fiber and advanced connectivity 1,558 1,582 1,627 1,684 6,451 1,672 1,702 1,719 1,760 6,853 1,755 1,769 1,832 1,887 7,243 
Transitional and other service1,857 1,823 1,854 1,704 7,238 1,614 1,479 1,411 1,402 5,906 1,294 1,249 1,198 1,170 4,911 
Total Service Revenues5,574 5,646 5,717 5,635 22,572 5,526 5,492 5,458 5,495 21,971 5,330 5,312 5,362 5,406 21,410 
Equipment808 825 797 957 3,387 867 824 857 989 3,537 886 890 867 1,112 3,755 
Total Operating Revenues$6,382 $6,471 $6,514 $6,592 $25,959 $6,393 $6,316 $6,315 $6,484 $25,508 $6,216 $6,202 $6,229 $6,518 $25,165 


AT&T Inc.
Supplemental Segment Information
Unaudited
Dollars in millions
Legacy Segment
3/31/236/30/239/30/2312/31/2320233/31/246/30/249/30/2412/31/2420243/31/256/30/259/30/2512/31/252025
Total Segment Operating Revenues$3,394 $3,260 $3,148 $2,974 $12,776 $2,834 $2,723 $2,577 $2,434 $10,568 $2,368 $2,202 $2,013 $1,889 $8,472 
Segment Operating Expenses
Operations and support$1,866 $1,731 $1,785 $1,627 $7,009 $1,730 $1,572 $1,494 $1,521 $6,317 $1,349 $1,243 $1,334 $1,207 $5,133 
Depreciation and amortization— — — — — — — — — — — — — — — 
Total Segment Operating Expenses1,866 1,731 1,785 1,627 7,009 1,730 1,572 1,494 1,521 6,317 1,349 1,243 1,334 1,207 5,133 
Segment Operating Income$1,528 $1,529 $1,363 $1,347 $5,767 $1,104 $1,151 $1,083 $913 $4,251 $1,019 $959 $679 $682 $3,339 
Segment Operating Income Margin45.0 %46.9 %43.3 %45.3 %45.1 %39.0 %42.3 %42.0 %37.5 %40.2 %43.0 %43.6 %33.7 %36.1 %39.4 %
EBITDA1
$1,528 $1,529 $1,363 $1,347 $5,767 $1,104 $1,151 $1,083 $913 $4,251 $1,019 $959 $679 $682 $3,339 
EBITDA Margin1
45.0 %46.9 %43.3 %45.3 %45.1 %39.0 %42.3 %42.0 %37.5 %40.2 %43.0 %43.6 %33.7 %36.1 %39.4 %
1 See Non-GAAP Reconciliations

AT&T Inc.
Supplemental Segment Information
Unaudited
Dollars in millions
NON-GAAP RECONCILIATIONS

EBITDA
Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these either do not reflect the operating results of our subscriber base or are operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. EBITDA margin is calculated as EBITDA divided by operating revenues.

These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing cash generation potential with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance.

There are material limitations to using these non-GAAP financial measures. EBITDA and EBITDA margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA and EBITDA margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.

Advanced Connectivity Segment
3/31/236/30/239/30/2312/31/2320233/31/246/30/249/30/2412/31/2420243/31/256/30/259/30/2512/31/252025
Segment Operating Income$5,215 $5,648 $5,910 $5,261 $22,034 $5,641 $5,854 $6,073 $5,276 $22,844 $5,972 $6,106 $6,417 $6,093 $24,588 
Less: Depreciation and amortization4,289 4,313 4,350 4,411 17,363 4,730 4,776 4,813 5,114 19,433 4,973 5,035 5,076 4,875 19,959 
EBITDA$9,504 $9,961 $10,260 $9,672 $39,397 $10,371 $10,630 $10,886 $10,390 $42,277 $10,945 $11,141 $11,493 $10,968 $44,547 

Legacy Segment
3/31/236/30/239/30/2312/31/2320233/31/246/30/249/30/2412/31/2420243/31/256/30/259/30/2512/31/252025
Segment Operating Income$1,528 $1,529 $1,363 $1,347 $5,767 $1,104 $1,151 $1,083 $913 $4,251 $1,019 $959 $679 $682 $3,339 
Less: Depreciation and amortization— — — — — — — — — — — — — — — 
EBITDA$1,528 $1,529 $1,363 $1,347 $5,767 $1,104 $1,151 $1,083 $913 $4,251 $1,019 $959 $679 $682 $3,339