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:

BELLSOUTH SAVINGS AND SECURITY 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

BellSouth Savings and Security 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
Statement 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, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2025			14

Report of Independent Registered Public Accounting Firm

Plan Administrator and Plan Participants

BellSouth Savings and Security Plan

Dallas, Texas

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of BellSouth Savings and Security Plan (the “Plan”) as of December 31, 2025 and 2024, the related statement 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 BellSouth Savings and Security 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 Plan’s 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 Plan 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 Plan is not required to have, nor were we engaged to perform, an audit of its 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 Plan’s 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 Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s 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 Plan’s auditor since 2018.

San Antonio, Texas

June 22, 2026

BellSouth Savings and Security Plan

Statements of Net Assets Available For Benefits

As of December 31, 2025 and 2024

(Dollars in Thousands)


	December 31,
	2025		2024
ASSETS
Investment in AT&T Savings Group Investment Trust	$	514,207	$	519,438
Investments at fair value	2,131,205		1,958,663
Total Investments (See Note 4)	2,645,412		2,478,101

Notes receivable from participants	45,737		50,676






Total Assets	2,691,149		2,528,777

LIABILITIES
Administrative expenses payable	1,261		1,312
Due to broker for securities purchased	391		—
Total Liabilities	1,652		1,312

Net Assets Available for Benefits	$	2,689,497	$	2,527,465


See Notes to Financial Statements.

BellSouth Savings and Security Plan

Statement of Changes in Net Assets Available For Benefits

For the Year Ended December 31, 2025

(Dollars in Thousands)


Net Assets Available for Benefits, December 31, 2024	$	2,527,465
Changes in Net Assets:
Contributions:
Participant contributions	55,312
Employer contributions	14,851
Rollover contributions	4,997
	75,160

Investment Income:
Net income from investment in AT&T Savings Group Investment Trust	25,611

Dividends	9,395
Net appreciation in fair value of investments	313,027
	348,033

Interest income on notes receivable from participants	3,939

Distributions	(264,246)
Administrative expenses	(1,447)

Net Increase Before Transfers	161,439

Transfer from AT&T Retirement Savings Plan	593

Net Increase After Transfers	162,032

Net Assets Available for Benefits, December 31, 2025	$	2,689,497


See Notes to Financial Statements.

BellSouth Savings and Security Plan

Notes to Financial Statements

(Dollars in Thousands)

NOTE 1. PLAN DESCRIPTION

The BellSouth Savings and Security Plan (Plan) is a defined contribution plan originally established by BellSouth Corporation (BellSouth), which was acquired by AT&T Inc. (AT&T or the Company) in December 2006. The following description of the Plan provides only general information. The Plan has detailed provisions covering participant eligibility, participant allotments from pay, participant withdrawals, participant loans, employer contributions and related vesting of contributions and Plan expenses. The Plan text and prospectus include complete descriptions of these and other Plan provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

The Plan participates in the AT&T Savings Group Investment Trust (Group Trust) with respect to the AT&T Stable Value Fund, International Stock Fund, AT&T Total Return Bond Fund and AT&T U.S. Stock Fund. The Bank of New York Mellon Corporation (BNY Mellon) serves as trustee for both the Group Trust and the trust holding the Plan’s assets, known as the BellSouth Savings and Security Plan Trust. Fidelity Investments Institutional Operations Company, Inc. (Fidelity) serves as recordkeeper for the Plan.

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


• AT&T Shares Fund			• Russell 1000 Growth Index
• AT&T Stable Value Fund *			• LifePath Age-Based Allocation Funds Funds (based on retirement date)
• AT&T Total Return Bond Fund *			• Small and Mid-Sized U.S. Stock Index Fund
• Total U.S. Stock Market Index Fund			• International Stock Index Fund
• AT&T U.S. Stock Fund *			• AT&T International Stock Fund *
• Indexed Stock Fund (U.S. Large Cap)

* Investment fund option of the Group Trust

Participants contribute to the Plan through payroll allotments. Participants may also contribute amounts representing distributions from other qualified defined benefit and defined contribution plans (rollovers). The Company contributes to the Plan by matching the participants’ contributions based on the provisions of the Plan. All contributions are participant directed.

Dividends on shares in the AT&T Shares Fund 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 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, Plan participants elected to receive $573 in dividend distributions. This amount is included in distributions on the Plan’s Statement of Changes in Net Assets Available for Benefits.

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 a 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 obligations under ERISA. Participants have the same voting rights in the event of a tender or exchange offer.

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

Administrative Expenses; Investment Manager Fees Each participant in the Plan may be charged for investment manager fees and administrative expenses, including trustee and other expenses considered reasonable by the Plan administrator. Investment manager fees are charged through the applicable investment option. Administrative fees are divided on a pro rata basis among investment options of the participant. An additional fee is charged to individual participants for various services provided by the Plan’s recordkeeper and other service providers. Certain expenses are paid by the Plan, Group Trust, or Company.

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

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 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 Plan. The Group Trust invests in fully benefit-responsive guaranteed investment contracts (GICs) 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 and are also valued as described above. 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 appreciation (depreciation) includes the Plan’s 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.

NOTE 3. FAIR VALUE MEASUREMENTS

Accounting Standards Codification 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;

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

• 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 Plan’s investments.

NOTE 4. INVESTMENTS

The Plan held investments in its own trust and in the Group Trust as of December 31, 2025 and 2024.

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets, other than the Plan’s investment in the Group Trust, at fair value as of December 31, 2025:


	Plan Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total

AT&T common stock	197,683		—		—		197,683
Mutual funds	2,476		—		—		2,476

Total assets in fair value hierarchy	$	200,159	$	—	$	—	$	200,159

Common/collective trusts measured at net asset value:
U.S. index stock fund1							1,003,448
International index stock fund2							108,881
Asset allocation funds3							818,717

Total assets at fair value							$	2,131,205

1 This category includes common/collective trust funds 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®”), the Russell 1000 Index, the Dow Jones U.S. Completion Total Stock Market Index and the Dow Jones U.S. Total Stock Market Index. 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 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.

3 This category includes common/collective trust funds also known as LifePath Portfolios 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.

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets, other than the Plan’s investment in the Group Trust, at fair value as of December 31, 2024:


	Plan Assets at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
AT&T common stock	$	192,612	$	—	$	—	$	192,612

Mutual funds or exchange-traded funds	2,288		—		—		2,288




Total assets in fair value hierarchy	$	194,900	$	—	$	—	$	194,900

Common/collective trusts measured at net asset value:
U.S. index stock fund1							906,589
International index stock fund2							83,608
Asset allocation funds3							773,566

Total assets at fair value							$	1,958,663

1 This category includes common/collective trust funds 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®”), the Russell 1000 Index and the Dow Jones U.S. Completion Total Stock Market Index. There are currently no redemption restrictions on these investments.

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

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.

The Plan’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 Plan’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

BellSouth Savings and Security 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 sets 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.

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

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.


	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.

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.

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

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 Income from Investment in AT&T Savings Group Investment Trust to the extent of the Plan’s ownership in the Group 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 Group Trust was not material.

Futures Contracts

The primary risk managed by the Group Trust using futures contracts is the price risk associated with investments. On behalf of the Group Trust, investment managers enter into various futures contracts to economically hedge investments. These contracts, which are considered derivatives under Accounting Standards Codification 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 Group Trust, investment managers 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.

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

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

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 Plan. 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 Plan, a material adverse change to the provisions of the Plan, if AT&T elects to withdraw 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 Plan’s loss of qualified status, un-cured material breaches of responsibilities or material and adverse changes to the provisions of the Plan. 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, the Plan held approximately $298 and $552, 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 Plan 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 the Company stock fund option 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 Plan may, at the discretion of the Plan’s participants, invest in the Company’s common stock through the AT&T Shares Fund. The Plan held 7,958,265 and 8,459,028 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 Plan on the Company’s common stock were $8,780 for the year ended December 31, 2025.

Plan assets are invested in AT&T stock either directly or through the Group Trust. Because the Company is the plan sponsor, transactions involving the Company’s stock qualify as related party transactions. In addition, certain investments held by the Plan and Group Trust are managed by BNY Mellon and Fidelity as trustee 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 Plan has received a determination letter from the Internal Revenue Service (IRS) dated June 4, 2015, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is exempt from taxation.

BellSouth Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan administrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the Code.

Accounting principles generally accepted in the United States require Plan management to evaluate uncertain tax positions taken by the Plan. 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. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025, there were no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is 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		2024
Net Assets Available for Benefits per the financial statements	$	2,689,497	$	2,527,465
Distributions payable to participants	(39)		(251)
Net Assets Available for Benefits per the Form 5500	$	2,689,458	$	2,527,214

Distributions payable to participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, but not yet paid as of that date. The following is a reconciliation of distributions to participants per the financial statements to the Form 5500 for the year ended December 31, 2025:


Distributions to participants per the financial statements	$	264,246
Distributions payable to participants at December 31, 2024	(251)
Distributions payable to participants at December 31, 2025	39
Distributions to participants per the Form 5500	$	264,034


BELLSOUTH SAVINGS AND SECURITY PLAN
EIN 58-1533433, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2025
(Dollars in Thousands)

Identity of Issue	Interest Rate	Maturity Date	Number of Shares/Units	Current Value
Common Stocks
* AT&T INC			7,958,265	$	197,683

Mutual Funds or Exchange-Traded Funds
* DREYFUS GOVT CAS MGMT INST 289		12/31/2075	2,475,436	2,476

U.S. Index Stock Funds
* BARCLAYS GLOBAL INVS N A INVT			2,520,362	368,449
* BLACKROCK RUSSELL 1000 INDEX FUND			5,078,174	479,575
* EXTENDED EQUITY MARKET FUND F			692,299	93,984
* BGI US EQUITY MARKET FUND F			236,569	61,440
Total U.S. Index Stock Funds				1,003,448

International Index Stock Fund
* BGI MSCI ACWI EX-US INDEX			2,332,426	108,881

Asset Allocation Funds
* LIFEPATH 2065 FUND			87,682	1,829
* LIFEPATH 2060 FUND			22,696	661
* LIFEPATH INDEX 2055 FUND			29,571	1,476
* LIFEPATH INDEX 2050 FUND			336,041	12,709
* LIFEPATH INDEX 2045 FUND			2,005,120	88,368
* LIFEPATH INDEX 2040 FUND			4,873,970	216,790
* LIFEPATH INDEX 2035 FUND			5,373,411	203,120
* LIFEPATH INDEX 2030 FUND			3,442,812	126,580
* LIFEPATH INDEX RETIREMENT FUND			5,574,267	167,184
Total Asset Allocation Funds				818,717



* Notes Receivable from Participants	4.25% - 10.50%			45,737

Total				$	2,176,942

* Party-in-Interest

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed by the undersigned thereunto duly authorized.


						BellSouth Savings and Security Plan
						By: AT&T Services, Inc.,
						Plan Administrator for the Foregoing Plan

			By			/s/ Sabrina Sanders
						Sabrina Sanders
						Senior Vice President, Chief Accounting Officer and Controller

Date: June 22, 2026

EXHIBIT INDEX

Exhibit identified below, Exhibit 23 filed herein as exhibit hereto.



Exhibit Number

23			Consent of Independent Registered Public Accounting Firm

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