t-20260622

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:1-8610

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

AT&T RETIREMENT SAVINGS PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

AT&T INC.

208 S. Akard, Dallas, Texas 75202

AT&T Retirement Savings Plan

Financial Statements, Supplemental Schedule and Exhibit

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1

Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024			2
Statements of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025			3
Notes to Financial Statements			4

Supplemental Schedule:

Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2025			18

Report of Independent Registered Public Accounting Firm

Plan Administrator and Plan Participants

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Dallas, Texas

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of AT&T Retirement Savings Plan and AT&T Puerto Rico Retirement Savings Plan (the “Plans”) as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of AT&T Retirement Savings Plan and AT&T Puerto Rico Retirement Savings Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis of Opinion

These financial statements are the responsibility of the Plans’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plans in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plans are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plans’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plans’ financial statements. The supplemental schedule is the responsibility of the Plans’ management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule of assets (held at end of year) is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ Forvis Mazars, LLP

We have served as the Plans’ auditor since 2018.

San Antonio, Texas

June 22, 2026

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Statements of Net Assets Available For Benefits

As of December 31, 2025 and 2024

(Dollars in Thousands)


	December 31, 2025				December 31, 2024
	AT&T Retirement Savings Plan		AT&T Puerto Rico Retirement Savings Plan		AT&T Retirement Savings Plan		AT&T Puerto Rico Retirement Savings Plan
Assets
Investment in AT&T Savings Plan Master Trust, (Note 4)	$	45,195,392	$	109,153	$	42,549,062	$	99,216

Notes receivable from participants	549,650		605		572,733		685


Total Receivables	549,650		605		572,733		685

Net Assets Available for Benefits	$	45,745,042	$	109,758	$	43,121,795	$	99,901

See Notes to Financial Statements.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Statements of Changes in Net Assets Available For Benefits

For the Year Ended December 31, 2025

(Dollars in Thousands)


	AT&T Retirement Savings Plan		AT&T Puerto Rico Retirement Savings Plan
Net Assets Available for Benefits, December 31, 2024	$	43,121,795	$	99,901
Changes in Net Assets:
Contributions:
Participant contributions	1,041,393		461
Employer contributions	511,325		332
Rollover contributions	126,338		26
	1,679,056		819

Net income from investment in AT&T Savings Plan Master Trust	6,328,250		15,642

Interest income on notes receivable from participants	47,142		68

Distributions	(5,416,544)		(6,576)
Administrative expenses	(14,064)		(96)

Net Increase Before Transfers	2,623,840		9,857


Transfer to Bellsouth Savings and Security Plan	(593)		—



Net Increase After Transfers	2,623,247		9,857

Net Assets Available for Benefits, December 31, 2025	$	45,745,042	$	109,758

See Notes to Financial Statements.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements

(Dollars in Thousands)

NOTE 1. PLAN DESCRIPTIONS

The following descriptions provide only general information. Detailed provisions covering participant eligibility, participant allotments from pay, participant withdrawals, participant loans, employer contributions and related vesting of contributions and plan expenses are provided in the plan texts and prospectuses. The AT&T Retirement Savings Plan (ARSP) and AT&T Puerto Rico Retirement Savings Plan (ARSP-PR) (collectively referred to as the Plans) are defined contribution plans and are subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

The AT&T Retirement Savings Plan (ARSP) was originally established by BellSouth Corporation (BellSouth), which was acquired by AT&T Inc. (AT&T or the Company), in December 2006. The AT&T Puerto Rico Retirement Savings Plan (ARSP-PR) was originally established by CCPR Inc. The ARSP-PR became sponsored by AT&T effective December 31, 2008.

The Plans participate in the AT&T Savings Plan Master Trust (AT&T Master Trust) for certain participant investment fund options as described below. The AT&T Master Trust invests in the AT&T Savings Group Investment Trust (Group Trust) for the remaining participant investment fund options. The Bank of New York Mellon Corporation (BNY Mellon) serves as trustee for both the AT&T Master Trust and Group Trust. With respect to the ARSP-PR, BNY Mellon serves as a U.S. custodian pursuant to a custodian agreement and Oriental Financial Group serves as trustee of the associated trust known as the AT&T Puerto Rico Retirement Savings Plan Trust. Fidelity Investments Institutional Operations Company, Inc. (Fidelity) serves as recordkeeper for the Plans.

During 2025 and 2024, participants could invest their contributions in one or more of the available funds in 1% increments:


• AT&T Total Return Bond Fund*			• Small and Mid-Sized U.S. Stock Index Fund**
• AT&T U.S. Stock Fund*			• International Stock Index Fund**
• AT&T International Stock Fund*			• Large Cap U.S. Stock Index Fund**
• AT&T Stable Value Fund*			• AT&T Shares Fund**
• Total U.S. Stock Market Index Fund**			• Fidelity BrokerageLink®**
• AT&T Age-Based Asset Allocation Funds (based on retirement date)**

* Investment fund option of the Group Trust.

** Investment fund option of the AT&T Master Trust.

Participants contribute to the Plans through payroll allotments. The Company contributes to the Plans by matching the participants’ contributions based on the provisions of the respective plan. For the ARSP, some matching contributions are made in the form of cash and are participant directed immediately upon allocation. The majority of Company matching contributions for the ARSP and all Company matching contributions for the ARSP-PR are made solely in the form of shares of AT&T’s common stock. Matching contributions made in stock into the ARSP are held in an Employee Stock Ownership Plan (ESOP), which is part of the AT&T Shares Fund, within the AT&T Master Trust. Matching contributions made in stock into the ARSP-PR are held in a separate stock bonus portion of the ARSP-PR. Company contributions made to the Plans can be immediately diversified into any of the fund options above. Dividends on AT&T shares held in the ARSP can either be reinvested in the AT&T Shares Fund on a quarterly basis, or paid into a short-term interest bearing fund for distribution (or pass-through) before the end of the year. Interest earned on dividends held in the short-term interest bearing fund are used to purchase additional units of the AT&T Shares Fund in the participant’s account. During 2025, participants in the ARSP elected to receive $15,465 in dividend distributions, which are included in distributions on the statements of changes in net assets available for benefits. Dividends on AT&T shares held in the ARSP-PR are not eligible for pass-through and are reinvested in the AT&T Shares Fund on a quarterly basis.

Each participant is entitled to exercise voting rights attributable to the AT&T shares allocated to their account and is notified by the Company prior to the time that such rights may be exercised. Subject to the fiduciary provisions of ERISA, the trustee will not vote any allocated shares for which instructions have not been given by the participant. The trustee votes any unallocated shares in the same proportion as it votes those shares that were allocated to the extent the proportionate vote is consistent with the trustee’s fiduciary obligation under ERISA. Participants have the same voting rights in the event of a tender or exchange offer.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

Although it has not expressed any intent to do so, AT&T has the right under the Plans to discontinue its contributions at any time and to terminate the Plans subject to the provisions of ERISA. In the event that the Plans are terminated, subject to the conditions set forth by ERISA, the account balances of all participants shall be 100% vested.

Administrative and Operating Expenses; Investment Manager Fees Except to the extent paid by the Company, all expenses incident to the administration and operation of the Plans are charged to participants, either directly to their accounts or through the investment funds offered under the Group Trust or AT&T Master Trust, in accordance with administrative procedures established by the Plan administrator. Investment manager fees are charged through the investment funds. Expenses charged directly to participant accounts (e.g., recordkeeping, communications fees) are reflected as a periodic fee on the participant account statements. In addition, expenses and fees with respect to certain transactions and services (e.g., plan loan initiation fees) are charged directly to participants who incur them rather than to the Plans as a whole.

NOTE 2. ACCOUNTING POLICIES

The accompanying financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP), which require management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Distributions are recorded when paid.

Investment Valuation and Income Recognition Investments are stated at fair value except those investments that are fully benefit-responsive investments which are stated at contract value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the year. If no sale was reported on that date, they are valued at the last reported bid price. Shares of registered investment companies (i.e. mutual funds) are valued based on quoted market prices, which represent the net asset value of shares held at year-end.

Common/collective trust funds and 103-12 investment entities (i.e. an investment entity that holds the assets of two or more plans which are not members of a related group or employee benefit plan) are valued at quoted redemption values that represent the net asset values (NAV) of units held at year-end. Publicly traded partnerships are valued using trades on a national securities exchange based on the last reported sales price on the last business day of the year.

Investment contracts held by a defined contribution plan are required to be reported at contract value. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plans. The Group Trust invests in fully benefit-responsive and synthetic guaranteed investment contracts (Synthetic GICs). The underlying investments of the Synthetic GICs are owned by the Group Trust and are comprised of corporate bonds and notes, registered investment companies and government securities. The contract value of the fully benefit-responsive investment contracts represents contributions plus earnings, less participant withdrawals and administrative expenses.

Purchases and sales of securities are reflected as of the trade date. Dividend income is recognized on the ex-dividend date. Interest earned on investments is recognized on the accrual basis. Net income includes the Plans' gains and losses on investments bought and sold as well as held during the year.

Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs) and Level 3 (significant unobservable inputs) are recognized on the period ending date.

Notes Receivable from Participants Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued, but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2025 or 2024. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a distribution is recorded.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

NOTE 3. FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurement, establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 Inputs to the valuation methodology include:

• Quoted prices for similar assets and liabilities in active markets;

• Quoted prices for identical or similar assets or liabilities in inactive markets;

• Inputs other than quoted market prices that are observable for the asset or liability;

• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The valuation methodologies described in Note 2 may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while Plan management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used at December 31, 2025 and 2024.

See Note 4 for fair value hierarchy for the Group Trust’s and AT&T Master Trust’s investments.

NOTE 4. INVESTMENTS

The Plans held investments in the AT&T Master Trust (for certain investment fund options as disclosed in Note 1), and the AT&T Master Trust held an investment in the Group Trust as of December 31, 2025 and 2024.

AT&T Savings Plan Master Trust Investments

AT&T established the AT&T Master Trust to manage assets of pooled investment options among various AT&T sponsored employee benefit plans.

Each participating plan’s interest in the investment fund options (i.e., separate accounts) of the AT&T Master Trust is based on account balances of the participants and their elected investment fund options. The AT&T Master Trust assets are allocated among the participating plans by assigning to each plan those transactions (primarily contributions, benefit payments, and expenses) that can be specifically identified, and by allocating investment income and administrative expenses related to the AT&T Master Trust on a daily basis based on each participant’s account balance within each investment fund option.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

The participating plans and ownership percentages of the AT&T Master Trust are listed below:


	December 31,
	2025		2024
AT&T Retirement Savings Plan	99.76	%	99.77	%
AT&T Puerto Rico Retirement Savings Plan	0.24	%	0.23	%

Total	100.00%		100.00%

The ownership percentages of the individual investment fund options under the AT&T Retirement Savings Plan and the AT&T Puerto Rico Retirement Savings Plan are commensurate to the above ownership percentages.

The financial position of the AT&T Master Trust was as follows:


	December 31, 2025
	AT&T Master Trust		AT&T Retirement Savings Plan Interest		AT&T Puerto Rico Retirement Savings Plan Interest
Interest-bearing cash	$	42	$	42	$	—
AT&T common stock	4,023,865		4,017,982		5,883
Mutual funds	42,365		42,201		164
Common/collective trust funds	26,715,343		26,645,834		69,509
Fidelity BrokerageLink	3,736,544		3,736,234		310
Investment in Group Trust	10,787,560		10,753,962		33,598
AT&T Master Trust investments	$	45,305,719	$	45,196,255	$	109,464

Net other assets and liabilities	(1,174)		(863)		(311)

Net assets available for benefits	$	45,304,545	$	45,195,392	$	109,153

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)


	December 31, 2024
	AT&T Master Trust		AT&T Retirement Savings Plan Interest		AT&T Puerto Rico Retirement Savings Plan Interest
AT&T common stock	$	3,859,277	$	3,853,789	$	5,488

Mutual funds	48,445		48,290		155
Common/collective trust funds	24,697,041		24,633,665		63,376
Fidelity BrokerageLink	3,243,308		3,243,039		269
Investment in Group Trust	10,801,902		10,771,697		30,205
AT&T Master Trust investments	$	42,649,973	$	42,550,480	$	99,493

Net other assets and liabilities	(1,695)		(1,418)		(277)

Net assets available for benefits	$	42,648,278	$	42,549,062	$	99,216

Net Appreciation in Fair Value of AT&T Master Trust Investments and

Total Investment Income for the Year Ended December 31, 2025


Net appreciation in fair value of AT&T Master Trust Investments	$	5,204,225
Investment income:
Dividends	186,168
Interest	268
Income from investment in Group Trust	953,231

Net investment income of AT&T Master Trust Investments	$	6,343,892

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

The following tables set forth by level, within the fair value hierarchy, the AT&T Master Trust’s assets at fair value, excluding its investment in the Group Trust:


	AT&T Master Trust Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Interest-bearing cash	$	42	$	—	$	—	$	42
AT&T common stock	4,023,865		—		—		4,023,865
Mutual funds	42,365		—		—		42,365
Self-directed brokerage accounts	3,702,555		33,989		—		3,736,544
Total assets in fair value hierarchy	$	7,768,827	$	33,989	$	—	$	7,802,816

Common/collective trusts measured at net asset value
Asset allocation funds1							8,356,475
Total U.S. stock market index fund2							3,028,277
Large cap U.S. stock index fund3							9,342,538
Small and mid-sized U.S. stock index fund4							3,043,821
International stock index fund5							2,944,232

Total assets at fair value							$	34,518,159

1 This category includes 14 common/collective trust funds also known as Age-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the underlying investments over time to correspond with various retirement years. There are currently no redemption restrictions on these investments.

2 This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Dow Jones Total U.S. Stock Market Index. There are currently no redemption restrictions on this investment.

3 This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Standard and Poor’s Composite Stock Price Index of 500 stocks (the S&P 500®). There are currently no redemption restrictions on this investment.

4 This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the Dow Jones U.S. Completion Total Stock Market Index. There are currently no redemption restrictions on this investment.

5 This category includes a common/collective trust fund with an objective of providing investment results that approximate the overall performance of the common stocks included in the All Country World Index ex U.S. Index. Except for a short-term trading fee applicable to certain participant transactions, there are currently no redemption restrictions on this investment.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)


	AT&T Master Trust Assets at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
AT&T common stock	$	3,859,277	$	—	$	—	$	3,859,277

Mutual funds	48,445		—		—		48,445
Self-directed brokerage accounts	3,213,618		29,690		—		3,243,308

Total assets in fair value hierarchy	$	7,121,340	$	29,690	$	—	$	7,151,030

Common/collective trusts measured at net asset value
Asset allocation funds1							7,544,658
Total U.S. stock market index fund2							2,774,504
Large cap U.S. stock index fund3							8,803,530
Small and mid-sized U.S. stock index fund4							3,141,256
International stock index fund5							2,433,093

Total assets at fair value							$	31,848,071

AT&T Savings Group Investment Trust Investments

AT&T established the Group Trust to manage assets of pooled investment options among various AT&T sponsored employee benefit trusts. Each participating trust’s interest in the investment fund options (i.e., separate accounts) of the Group Trust is based on account balances of the participants and their elected investment fund options. The Group Trust assets are allocated among the participating plans by assigning to each trust those transactions (primarily contributions, distributions, and expenses) that can be specifically identified and by allocating investment income and administrative expenses to the individual plans on a daily basis based on each participant’s account balance within each investment fund option.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

The AT&T Master Trust’s interest in each of the investment fund options within the Group Trust is disclosed below as of December 31, 2025.


	AT&T Total Return Bond Fund				AT&T U.S. Stock Fund				AT&T International Stock Fund				AT&T Stable Value Fund				Group Trust
	AT&T Master Trust		BellSouth Savings and Security Plan		AT&T Master Trust		BellSouth Savings and Security Plan		AT&T Master Trust		BellSouth Savings and Security Plan		AT&T Master Trust		BellSouth Savings and Security Plan		Total

Foreign cash	$	2,428	$	68	$	3	$	—	$	431	$	15	$	—	$	—	$	2,945
Mortgage-backed securities	793,952		22,172		—		—		—		—		—		—		816,124
Corporate debt	850,881		23,762		—		—		—		—		—		—		874,643
Government securities	492,022		13,740		—		—		—		—		—		—		505,762
Common/collective trust funds	887,253		24,777		2,441,849		27,781		413,231		13,062		—		—		3,807,953
Equities	—		—		851,739		9,690		123,671		3,907		—		—		989,007

Futures	22		1		—		—		—		—		—		—		23
Registered investment companies	21,134		590		34,622		394		1,698		54		106,383		9,554		174,429
Group Trust investments at fair value	3,047,692		85,110		3,328,213		37,865		539,031		17,038		106,383		9,554		7,170,886
Unsettled trades/other	(427,678)		(11,943)		142		2		898		28		7,290		655		(430,606)
Fully benefit-responsive investments contracts valued at contract value	—		—		—		—		—		—		4,185,589		375,898		4,561,487
Group Trust net assets	$	2,620,014	$	73,167	$	3,328,355	$	37,867	$	539,929	$	17,066	$	4,299,262	$	386,107	$	11,301,767

The AT&T Master Trust’s interest in each of the investment fund options within the Group Trust is disclosed below as of December 31, 2024.


	AT&T Total Return Bond Fund				AT&T U.S. Stock Fund				AT&T International Stock Fund				AT&T Stable Value Fund				Group Trust
	AT&T Master Trust		BellSouth Savings and Security Plan		AT&T Master Trust		BellSouth Savings and Security Plan		AT&T Master Trust		BellSouth Savings and Security Plan		AT&T Master Trust		BellSouth Savings and Security Plan		Total

Foreign cash	$	7,333	$	180	$	3	$	—	$	509	$	15	$	—	$	—	$	8,040
Mortgage-backed securities	822,920		20,185		—		—		—		—		—		—		843,105
Corporate debt	916,579		22,482		—		—		903		25		—		—		939,989
Government securities	312,107		7,656		—		—		—		—		—		—		319,763
Common/collective trust funds	815,461		20,002		2,756,137		25,871		335,590		9,144		—		—		3,962,205
Equities	—		—		466,275		4,377		115,662		3,152		—		—		589,466

Futures	(2,473)		(61)		—		—		—		—		—		—		(2,534)
Registered investment companies	16,868		414		25,683		241		4,391		120		142,307		12,793		202,817
Group Trust investments at fair value	2,888,795		70,858		3,248,098		30,489		457,055		12,456		142,307		12,793		6,862,851
Unsettled trades/other	(418,727)		(10,271)		(132)		(1)		576		16		7,321		658		(420,560)
Fully benefit-responsive investments contracts valued at contract value	—		—		—		—		—		—		4,476,607		402,440		4,879,047
Group Trust net assets	$	2,470,068	$	60,587	$	3,247,966	$	30,488	$	457,631	$	12,472	$	4,626,235	$	415,891	$	11,321,338

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

Net Appreciation in Fair Value of Group Trust Investments and

Total Investment Income for the Year Ended December 31, 2025


	Group Trust
Net appreciation in fair value of Group Trust Investments	$	762,134
Investment Income:
Interest	204,125
Dividends	21,926
Less: investment management expenses	(9,340)
Net investment income of Group Trust Investments	$	978,845

The following tables set forth by level, within the fair value hierarchy, the Group Trust’s assets at fair value as of December 31, 2025 and 2024:


	Group Trust Assets at Fair Value December 31, 2025
	Level 1		Level 2		Level 3		Total
Corporate debt	$	—	$	874,643	$	—	$	874,643
Mortgage-backed securities	—		816,124		—		816,124

Foreign cash	2,945		—		—		2,945
Equities	989,007		—		—		989,007

Futures	23		—		—		23
Registered investment companies	174,429		—		—		174,429
Government securities	—		505,762		—		505,762

Total assets in fair value hierarchy	$	1,166,404	$	2,196,529	$	—	$	3,362,933

Investments measured at net asset value
U.S. common/collective trusts1							3,219,358
International common/collective trusts2							191,020
103-12 investments3							235,273
Non-publicly traded registered investments companies4							162,302

Total assets at fair value							$	7,170,886

1 The objective of the common/collective trust funds held in the AT&T U.S. Stock Fund is to deliver diversified exposure to the total U.S. equity market as represented by the Russell 3000 Index. The objective of the common/collective trust funds held in the AT&T Total Return Bond Fund is to deliver diversified exposure to the fixed income market as represented by the Bloomberg Barclays Aggregate Index. There are currently no redemption restrictions on these investments.

2 The objective of the common/collective trust funds held in the AT&T International Stock Fund is to provide diversified exposure to international markets as represented by the All Country World Index ex U.S., MSCI Emerging Markets Net Dividend Index, MSCI Australia Index and MSCI Canada Index. There are currently no redemption restrictions on these investments.

3 The objective of these equity commingled funds is to provide diversified exposure to international markets as represented by the All Country World Index ex U.S. that invest in both developed and emerging countries. These funds have redemption restrictions limited to daily and monthly settlement.

4 These are non-publicly traded registered investment companies, consisting of a short-term floating rate portfolio plus publicly-traded high-yield and asset-backed fixed income securities. The fair value of the investments in this group have been estimated using the net asset values reported by the fund manager. These funds are utilized on a discretionary basis as part of a broad fixed income mandate. These are open-ended funds, with no final termination dates. There are currently no redemption restrictions on this investment.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)


	Group Trust Assets at Fair Value December 31, 2024
	Level 1		Level 2		Level 3		Total
Corporate debt	$	—	$	939,989	$	—	$	939,989
Mortgage-backed securities	—		843,105		—		843,105

Foreign cash	8,040		—		—		8,040
Equities	589,466		—		—		589,466

Futures	(2,534)		—		—		(2,534)
Registered investment companies	202,817		—		—		202,817
Government securities	—		319,763		—		319,763

Total assets in fair value hierarchy	$	797,789	$	2,102,857	$	—	$	2,900,646

Investments measured at net asset value
U.S. common/collective trusts1							3,542,987
International common/collective trusts2							137,693
103-12 investments3							207,042
Non-publicly traded registered investments companies4							74,483

Total assets at fair value							$	6,862,851

1 The objective of the common/collective trust funds held in the AT&T U.S. Stock Fund is to deliver diversified exposure to the large-capitalization U.S. equity market as represented by the Russell 3000 Index. The objective of the common/collective trust funds held in the AT&T Total Return Bond Fund is to deliver diversified exposure to the fixed income market as represented by the Bloomberg Barclays Aggregate Index. There are currently no redemption restrictions on these investments.

Derivative Financial Instruments

In the normal course of operations, Group Trust assets and liabilities held in the AT&T Stable Value Fund (Stable Value Fund) may include derivative financial instruments (futures and foreign currency forward contracts). These instruments involve, in varying degrees, elements of credit and market volatility risks in excess of more traditional investment holdings such as equity and debt instruments. The intent is to use derivative financial instruments as an economic hedge to manage market volatility and foreign currency exchange rate risk associated with the Stable Value Fund’s investment assets. The gains (losses) are located on the Statement of Changes in Net Assets Available for Benefits as Net Loss from Investment in AT&T Savings Plan Master Trust to the extent of the Plans’ ownership in the AT&T Master Trust. The Group Trust’s fiduciaries do not anticipate any material adverse effect on the Group Trust’s financial position resulting from its involvement in these instruments.

At December 31, 2025 and 2024, the fair value of derivative financial instruments held by the AT&T Master Trust was not material.

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

Futures Contracts

The primary risk managed by the Group Trust using futures contracts is the price risk associated with investments. On behalf of the AT&T Master Trust, investment managers for the Group Trust enter into various futures contracts to economically hedge investments in domestic securities. These contracts, which are considered derivatives under ASC Topic 815, Derivatives and Hedging are agreements between two parties to buy or sell a security or financial interest at a set price on a future date and are standardized and exchange-traded. Upon entering into such a contract on behalf of the Group Trust, the investment manager is required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Pursuant to the contract, the investment manager agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded on a daily basis by the trustee as a realized gain or loss equal to the difference in the value of the contract between daily closing prices. Upon entering into such contracts, the Group Trust bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Group Trust may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Group Trust since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The investments in the Group Trust are subject to equity price risk and interest rate risk, in the normal course of pursuing its investment objectives. The U.S. interest rate futures held in the portfolio as of December 31, 2025 and 2024 were used primarily to hedge and manage the duration risk of the portfolio.

Foreign Currency Contracts

The primary risks managed by the Group Trust using foreign currency forward contracts is the foreign currency exchange rate risk associated with the Group Trust’s investments denominated in foreign currencies. On behalf of the AT&T Master Trust, investment managers for the Group Trust enter into forward foreign currency contracts, which are agreements to exchange foreign currencies at a specified future date at a specified rate, the terms of which are not standardized on an exchange. These contracts are intended to minimize the effect of currency fluctuations on the performance of investments denominated in foreign currencies. Although in some cases, forward foreign currency contracts are used to express a view on the direction of a particular currency, risk arises both from the possible inability of the counterparties to meet the terms of the contracts (credit risk) and from movement in foreign currency exchange rates (market risk). Foreign currency forward contracts are entered into with major banks to minimize credit risk, and accordingly, no credit reserve has been established against these amounts. The contracts are recorded at fair value on the date the contract is entered into, which is typically zero.

The fair value of the foreign currency contracts are disclosed in unsettled trades and other of the Group Trust and are included in the Statement of Net Assets Available for Benefits to the extent of the Plans’ ownership in the AT&T Master Trust.

Fully Benefit-Responsive Investment Contracts

The Stable Value Fund consists of fully benefit-responsive investment contracts with various financial institutions and insurance companies which can be accounted for by the Plan at contract value. Generally contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. The investments held by the Stable Value Fund as of December 31, 2025 and 2024 include Synthetic GICs which are fully benefit-responsive investment contracts. Synthetic GICs are constructed by combining a stable value insurance wrapper contract and a fixed income portfolio. The assets supporting the Synthetic GICs are owned by the Group Trust and generally consist of high quality fixed income securities. Traditional Guaranteed Investment Contracts (“Traditional GICs” also known as “General Account GICs”) are issued by insurance companies and typically pay a guaranteed fixed or floating rate of interest over the life of the contract with a repayment of principal at maturity. A Synthetic GIC is similar to a Traditional GIC but has unbundled the insurance and investment components of the Traditional GIC.

Wrapper contracts are typically issued by a bank or insurance company, and seek to provide preservation of principal by permitting daily liquidity at contract value for participant directed transactions, in accordance with the provisions of the Plans. Wrapper contracts amortize the realized and unrealized gains and losses on the underlying fixed income investments through adjustments to the future interest crediting rate of the contract. Wrapper contracts typically contain contractual provisions that prevent the interest crediting rate from falling below zero.

In certain circumstances, the amount withdrawn from the wrapper contract could be payable at fair value rather than at contract value. These events include termination of the Plans, a material adverse change to the provisions of the Plans, if AT&T elects to withdraw

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

from a wrapper contract in order to switch to a different investment provider or, in the event of a spin-off or sale of a division, if the terms of the successor plan do not meet the contract issuers’ underwriting criteria for issuance of a clone wrapper contract. Events that would permit a wrapper contract issuer to terminate a wrapper contract upon short notice include the Plans’ loss of qualified status, un-cured material breaches of responsibilities or material and adverse changes to the provisions of the Plans. The Company does not believe any of the events are probable of occurring in the foreseeable future.

Interest Bearing Cash

At December 31, 2025 and 2024, ARSP held approximately $21,932 and $25,210, respectively, and ARSP-PR held approximately $78 and $122, respectively, of unallocated interest bearing cash related to contributions, uncashed checks and fees pending allocation to participant accounts or clearance through the plan funds.

Investment Risk

Investments held by the Group Trust and the AT&T Master Trust are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investments could occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits. Participants’ accounts that are invested in funds holding AT&T stock are exposed to market risk in the event of a significant decline in the value of AT&T stock.

Additionally, the Group Trust invests in securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, delinquencies or defaults, or both, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

NOTE 5. RELATED PARTY AND PARTIES-IN-INTEREST TRANSACTIONS

The Plans may, at the discretion of the Plans' participants or via the Company match, invest through the AT&T Master Trust in the Company’s common stock through the AT&T Shares Fund. The AT&T Master Trust held 161,991,346 and 169,489,545 shares of the Company’s common stock in the AT&T Shares Fund as of December 31, 2025 and 2024, respectively. Dividends earned by the AT&T Master Trust on the Company’s common stock were $184,813 for the year ended December 31, 2025.

The assets of the Plans are invested in AT&T stock either through the Group Trust or AT&T Master Trust. Because the Company is the plan sponsor of the Plans, transactions involving the Company’s stock qualify as related party transactions. In addition, certain investments held by the Plans, Group Trust, and AT&T Master Trust are managed by BNY Mellon and Fidelity as trustee or custodian and record keeper, respectively, as defined by various agreements. Therefore, these transactions and fees paid to these entities qualify as parties-in-interest transactions. All of these transactions are exempt from the prohibited transactions rules.

NOTE 6. TAX STATUS

The ARSP has received a determination letter from the IRS dated February 15, 2022, stating that the ARSP is qualified under Section 401(a) of the IRC and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS the Plan was amended. Once qualified, the ARSP is required to operate in conformity with the IRC to maintain its qualification. The Plan administrator believes the ARSP is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.

The ARSP-PR has received a determination letter from the Commonwealth of Puerto Rico’s Department of Treasury (Treasury) dated May 29, 2018 stating that the ARSP-PR is qualified under Section 1081.01 of the Internal Revenue Code for a New Puerto Rico (the Puerto Rico Code), and therefore, the related trust is exempt from taxation. Once qualified, the ARSP-PR is required to operate in conformity with the Puerto Rico Code to maintain its qualification. The Plan administrator believes the ARSP-PR is being operated in

AT&T Retirement Savings Plan

AT&T Puerto Rico Retirement Savings Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

compliance with the applicable requirements of the Puerto Rico Code and, therefore, believes that the ARSP-PR, as amended, is qualified and the related trust is tax exempt.

Accounting principles generally accepted in the United States require Plan management to evaluate uncertain tax positions taken by the Plans. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS or Treasury. The Plans’ administrator has analyzed the tax positions taken by the Plans, and has concluded that as of December 31, 2025, there were no uncertain positions taken or expected to be taken. The Plans have recognized no interest or penalties related to uncertain tax positions. The Plans are subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

NOTE 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of Net Assets Available for Benefits per the financial statements to the Form 5500 as of December 31, 2025:


	AT&T Retirement Savings Plan		AT&T Puerto Rico Retirement Savings Plan
Net Assets Available for Benefits per the financial statements	$	45,745,042	$	109,758
Distributions payable to participants	(10,504)		—
Net Assets Available for Benefits per the Form 5500	$	45,734,538	$	109,758

The following is a reconciliation of Net Assets Available for Benefits per the financial statements to the Form 5500 as of December 31, 2024:


	AT&T Retirement Savings Plan		AT&T Puerto Rico Retirement Savings Plan
Net Assets Available for Benefits per the financial statements	$	43,121,795	$	99,901
Distributions payable to participants	(5,869)		—
Net Assets Available for Benefits per the Form 5500	$	43,115,926	$	99,901

SEC Form 11-K filed by AT&T Inc.