AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Fourth Quarter				Percent		Year Ended				Percent
	2023		2022		Change		2023		2022		Change
Operating Revenues
Service	$	25,070	$	24,833	1.0	%	$	99,649	$	97,831	1.9	%
Equipment	6,952		6,510		6.8	%	22,779		22,910		(0.6)	%
Total Operating Revenues	32,022		31,343		2.2	%	122,428		120,741		1.4	%
Operating Expenses
Cost of revenues
Equipment	7,203		6,999		2.9	%	23,136		24,009		(3.6)	%
Other cost of revenues (exclusive of depreciation and amortization shown separately below)	6,708		6,572		2.1	%	26,987		26,839		0.6	%
Selling, general and administrative	7,485		7,516		(0.4)	%	28,874		28,961		(0.3)	%
Asset impairments and abandonments    and restructuring	589		26,753		(97.8)	%	1,193		27,498		(95.7)	%
Depreciation and amortization	4,766		4,595		3.7	%	18,777		18,021		4.2	%
Total Operating Expenses	26,751		52,435		(49.0)	%	98,967		125,328		(21.0)	%
Operating Income (Loss)	5,271		(21,092)		—	%	23,461		(4,587)		—	%
Interest Expense	1,726		1,560		10.6	%	6,704		6,108		9.8	%
Equity in Net Income of Affiliates	337		374		(9.9)	%	1,675		1,791		(6.5)	%
Other Income (Expense) — Net	(946)		(919)		(2.9)	%	1,416		5,810		(75.6)	%
Income (Loss) from Continuing Operations    Before Income Taxes	2,936		(23,197)		—	%	19,848		(3,094)		—	%
Income tax expense (benefit) on continuing    operations	354		(77)		—	%	4,225		3,780		11.8	%
Income (Loss) From Continuing Operations	2,582		(23,120)		—	%	15,623		(6,874)		—	%
Loss from discontinued operations, net of tax	—		(35)		—	%	—		(181)		—	%
Net Income (Loss)	2,582		(23,155)		—	%	15,623		(7,055)		—	%
Less: Net Income Attributable to     Noncontrolling Interest	(394)		(362)		(8.8)	%	(1,223)		(1,469)		16.7	%
Net Income (Loss) Attributable to AT&T	$	2,188	$	(23,517)	—	%	$	14,400	$	(8,524)	—	%
Less: Preferred Stock Dividends	(53)		(54)		1.9	%	(208)		(203)		(2.5)	%
Net Income (Loss) Attributable to Common Stock	$	2,135	$	(23,571)	—	%	$	14,192	$	(8,727)	—	%
Basic Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.10)	—	%
From discontinued operations	$	—	$	—	—	%	$	—	$	(0.03)	—	%
	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.13)	—	%
Weighted Average Common Shares Outstanding (000,000)	7,190		7,157		0.5	%	7,181		7,166		0.2	%
Diluted Earnings (Loss) Per Share Attributable to Common Stock
From continuing operations	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.10)	—	%
From discontinued operations	$	—	$	—	—	%	$	—	$	(0.03)	—	%
	$	0.30	$	(3.20)	—	%	$	1.97	$	(1.13)	—	%
Weighted Average Common Shares Outstanding with Dilution (000,000)	7,191		7,533		(4.5)	%	7,258		7,587		(4.3)	%

1

AT&T Inc.
Financial Data
Consolidated Balance Sheets
Dollars in millions
Unaudited	Dec. 31,		Dec. 31,
	2023		2022
Assets
Current Assets
Cash and cash equivalents	$	6,722	$	3,701
Accounts receivable – net of related allowance for credit loss of $499 and $588	10,289		11,466
Inventories	2,177		3,123
Prepaid and other current assets	17,270		14,818
Total current assets	36,458		33,108
Property, Plant and Equipment – Net	128,489		127,445
Goodwill – Net	67,854		67,895
Licenses – Net	127,219		124,092
Other Intangible Assets – Net	5,283		5,354
Investments in and Advances to Equity Affiliates	1,251		3,533
Operating Lease Right-Of-Use Assets	20,905		21,814
Other Assets	19,601		19,612
Total Assets	$	407,060	$	402,853
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	9,477	$	7,467
Note payable to DIRECTV	—		130
Accounts payable and accrued liabilities	35,852		42,644
Advanced billings and customer deposits	3,778		3,918
Dividends payable	2,020		2,014
Total current liabilities	51,127		56,173
Long-Term Debt	127,854		128,423
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	58,666		57,032
Postemployment benefit obligation	8,734		7,260
Operating lease liabilities	17,568		18,659
Other noncurrent liabilities	23,696		28,849
Total deferred credits and other noncurrent liabilities	108,664		111,800
Redeemable Noncontrolling Interest	1,973		—
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	114,519		123,610
Retained (deficit) earnings	(5,015)		(19,415)
Treasury stock	(16,128)		(17,082)
Accumulated other comprehensive income	2,300		2,766
Noncontrolling interest	14,145		8,957
Total stockholders’ equity	117,442		106,457
Total Liabilities and Stockholders’ Equity	$	407,060	$	402,853

2

AT&T Inc.
Financial Data
Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Year Ended
	2023		2022
Operating Activities
Income (loss) from continuing operations	$	15,623	$	(6,874)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by     operating activities from continuing operations:
Depreciation and amortization	18,777		18,021
Provision for uncollectible accounts	1,969		1,865
Deferred income tax expense	3,037		2,975
Net (gain) loss on investments, net of impairments	441		381
Pension and postretirement benefit expense (credit)	(2,552)		(3,237)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net	1,594		(1,999)
Asset impairments and abandonments and restructuring	1,193		27,498
Changes in operating assets and liabilities:
Receivables	82		727
Other current assets	(642)		(674)
Accounts payable and other accrued liabilities	(1,764)		(1,109)
Equipment installment receivables and related sales	(133)		154
Deferred customer contract acquisition and fulfillment costs	1		(947)
Postretirement claims and contributions	(735)		(823)
Other - net	1,423		(146)
Total adjustments	22,691		42,686
Net Cash Provided by Operating Activities from Continuing Operations	38,314		35,812
Investing Activities
Capital expenditures	(17,853)		(19,626)
Acquisitions, net of cash acquired	(2,942)		(10,200)
Dispositions	72		199
Distributions from DIRECTV in excess of cumulative equity in earnings	2,049		2,649
(Purchases), sales and settlements of securities and investments - net	(902)		82
Other - net	(84)		(3)
Net Cash Used in Investing Activities from Continuing Operations	(19,660)		(26,899)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less	(914)		(519)
Issuance of other short-term borrowings	5,406		3,955
Repayment of other short-term borrowings	(3,415)		(18,345)
Issuance of long-term debt	10,004		2,979
Repayment of long-term debt	(12,044)		(25,118)
Repayment of note payable to DIRECTV	(130)		(1,211)
Payment of vendor financing	(5,742)		(4,697)
Purchase of treasury stock	(194)		(890)
Issuance of treasury stock	3		28
Issuance of preferred interests in subsidiary	7,151		—
Redemption of preferred interests in subsidiary	(5,333)		(2,665)
Dividends paid	(8,136)		(9,859)
Other - net	(2,270)		(3,222)
Net Cash Used in Financing Activities from Continuing Operations	(15,614)		(59,564)
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	3,040		(50,651)
Cash flows from Discontinued Operations:
Cash (used in) provided by operating activities	—		(3,789)
Cash provided by investing activities	—		1,094
Cash provided by (used in) financing activities	—		35,823
Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations	—		33,128
Net increase (decrease) in cash and cash equivalents and restricted cash	$	3,040	$	(17,523)
Cash and cash equivalents and restricted cash beginning of year	3,793		21,316
Cash and Cash Equivalents and Restricted Cash End of Year	$	6,833	$	3,793

3

AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Fourth Quarter				Percent		Year Ended						Percent
	2023		2022		Change		2023			2022			Change
Capital expenditures
Purchase of property and equipment	$	4,558	$	4,179	9.1	%	$	17,674		$	19,452		(9.1)	%
Interest during construction	43		50		(14.0)	%	179			174			2.9	%
Total Capital Expenditures	$	4,601	$	4,229	8.8	%	$	17,853		$	19,626		(9.0)	%
Acquisitions, net of cash acquired
Business acquisitions	$	—	$	—	—	%	$	—		$	—		—	%
Spectrum acquisitions	1,938		4		—	%	2,247			9,080			(75.3)	%
Interest during construction - spectrum	81		237		(65.8)	%	695			1,120			(37.9)	%
Total Acquisitions	$	2,019	$	241	—	%	$	2,942		$	10,200		(71.2)	%
Cash paid for interest - continuing operations	$	1,667	$	1,791	(6.9)	%	$	7,370		$	7,772		(5.2)	%
Cash paid for income taxes, net of refunds -       continuing operations	$	841	$	192	—	%	$	1,599		$	592		—	%
Dividends Declared per Common Share	$	0.2775	$	0.2775	—	%	$	1.11		$	1.11		—	%
End of Period Common Shares Outstanding (000,000)							7,150			7,128			0.3	%
Debt Ratio							53.5		%	56.1		%	(260)	BP
Total Employees							150,470			162,920			(7.6)	%

4

COMMUNICATIONS SEGMENT

The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the U.S. and businesses globally. The Communications segment contains three reporting units: Mobility, Business Wireline, and Consumer Wireline.

Results have been recast to remove prior service credits from our historical reporting.

Segment Results
Dollars in millions
Unaudited	Fourth Quarter				Percent		Year Ended				Percent
	2023		2022		Change		2023		2022		Change
Segment Operating Revenues
Mobility	$	22,393	$	21,501	4.1	%	$	83,982	$	81,780	2.7	%
Business Wireline	5,052		5,635		(10.3)	%	20,883		22,538		(7.3)	%
Consumer Wireline	3,352		3,229		3.8	%	13,173		12,749		3.3	%
Total Segment Operating Revenues	30,797		30,365		1.4	%	118,038		117,067		0.8	%
Segment Operating Income
Mobility	6,214		5,849		6.2	%	25,861		23,812		8.6	%
Business Wireline	165		540		(69.4)	%	1,289		2,290		(43.7)	%
Consumer Wireline	229		188		21.8	%	651		634		2.7	%
Total Segment Operating Income	$	6,608	$	6,577	0.5	%	$	27,801	$	26,736	4.0	%

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited					December 31,		Percent
					2023	2022	Change
Broadband Connections
Broadband					15,078	15,075	—	%
DSL					210	311	(32.5)	%
Total Broadband Connections					15,288	15,386	(0.6)	%
Voice Connections
Retail Switched Access Lines					4,185	5,213	(19.7)	%
VoIP Connections					2,558	2,930	(12.7)	%
Total Retail Voice Connections					6,743	8,143	(17.2)	%
	Fourth Quarter		Percent		Year Ended		Percent
	2023	2022	Change		2023	2022	Change
Broadband Net Additions
Broadband	13	(37)	—	%	3	1	—	%
DSL	(21)	(29)	27.6	%	(101)	(119)	15.1	%
Total Broadband Net Additions	(8)	(66)	87.9	%	(98)	(118)	16.9	%

5

Mobility

Mobility provides nationwide wireless service and equipment.

Mobility Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Service	$	16,039		$	15,434		3.9	%	$	63,175		$	60,499		4.4	%
Equipment	6,354			6,067			4.7	%	20,807			21,281			(2.2)	%
Total Operating Revenues	22,393			21,501			4.1	%	83,982			81,780			2.7	%
Operating Expenses
Operations and support	14,017			13,572			3.3	%	49,604			49,770			(0.3)	%
Depreciation and amortization	2,162			2,080			3.9	%	8,517			8,198			3.9	%
Total Operating Expenses	16,179			15,652			3.4	%	58,121			57,968			0.3	%
Operating Income	$	6,214		$	5,849		6.2	%	$	25,861		$	23,812		8.6	%
Operating Income Margin	27.7		%	27.2		%	50	BP	30.8		%	29.1		%	170	BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2023			2022			Change
Mobility Subscribers
Postpaid									87,104			84,700			2.8	%
Postpaid phone									71,255			69,596			2.4	%
Prepaid									19,236			19,176			0.3	%
Reseller									7,468			6,043			23.6	%
Connected Devices									127,724			107,478			18.8	%
Total Mobility Subscribers1									241,532			217,397			11.1	%
1Wireless subscribers at December 31, 2023 includes an increase of 295 subscribers and connections (206 postpaid, including 74 phone, and 89 connected devices) resulting from our 3G network shutdown in February 2022.
	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Mobility Net Additions
Postpaid Phone Net Additions	526			656			(19.8)	%	1,744			2,868			(39.2)	%
Total Phone Net Additions	394			643			(38.7)	%	1,801			3,272			(45.0)	%
Postpaid	759			1,104			(31.3)	%	2,315			4,091			(43.4)	%
Prepaid	(135)			(9)			—	%	128			479			(73.3)	%
Reseller	338			150			—	%	1,279			462			—	%
Connected Devices	4,985			5,118			(2.6)	%	20,118			20,594			(2.3)	%
Total Mobility Net Additions	5,947			6,363			(6.5)	%	23,840			25,626			(7.0)	%
Postpaid Churn	1.01		%	1.01		%	—	BP	0.98		%	0.97		%	1 BP
Postpaid Phone-Only Churn	0.84		%	0.84		%	—	BP	0.81		%	0.81		%	— BP

6

Business Wireline

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services as well as traditional data services and related equipment to business customers.

Business Wireline Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Service	$	4,873		$	5,473		(11.0)	%	$	20,274		$	21,891		(7.4)	%
Equipment	179			162			10.5	%	609			647			(5.9)	%
Total Operating Revenues	5,052			5,635			(10.3)	%	20,883			22,538			(7.3)	%
Operating Expenses
Operations and support	3,518			3,735			(5.8)	%	14,217			14,934			(4.8)	%
Depreciation and amortization	1,369			1,360			0.7	%	5,377			5,314			1.2	%
Total Operating Expenses	4,887			5,095			(4.1)	%	19,594			20,248			(3.2)	%
Operating Income	$	165		$	540		(69.4)	%	$	1,289		$	2,290		(43.7)	%
Operating Income Margin	3.3		%	9.6		%	(630)	BP	6.2		%	10.2		%	(400)	BP

7

Consumer Wireline

Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services to residential customers in select locations and our fixed wireless access product that provides home internet services delivered over our 5G wireless network. Consumer Wireline also provides legacy telephony voice communication services.

Consumer Wireline Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Broadband	$	2,700		$	2,492		8.3	%	$	10,455		$	9,669		8.1	%
Legacy voice and data services	361			414			(12.8)	%	1,508			1,746			(13.6)	%
Other service and equipment	291			323			(9.9)	%	1,210			1,334			(9.3)	%
Total Operating Revenues	3,352			3,229			3.8	%	13,173			12,749			3.3	%
Operating Expenses
Operations and support	2,243			2,223			0.9	%	9,053			8,946			1.2	%
Depreciation and amortization	880			818			7.6	%	3,469			3,169			9.5	%
Total Operating Expenses	3,123			3,041			2.7	%	12,522			12,115			3.4	%
Operating Income	$	229		$	188		21.8	%	$	651		$	634		2.7	%
Operating Income Margin	6.8		%	5.8		%	100	BP	4.9		%	5.0		%	(10)	BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2023			2022			Change
Broadband Connections
Total Broadband and DSL Connections									13,890			13,991			(0.7)	%
Broadband1									13,729			13,753			(0.2)	%
Fiber Broadband Connections									8,307			7,215			15.1	%
Voice Connections
Retail Consumer Switched Access Lines									1,651			2,028			(18.6)	%
Consumer VoIP Connections									1,953			2,311			(15.5)	%
Total Retail Consumer Voice Connections									3,604			4,339			(16.9)	%
1 Includes AT&T Internet Air
	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Broadband Net Additions
Total Broadband and DSL Net Additions	3			(64)			—	%	(101)			(169)			40.2	%
Broadband Net Additions1	19			(43)			—	%	(24)			(92)			73.9	%
Fiber Broadband Net Additions	273			280			(2.5)	%	1,092			1,223			(10.7)	%
1 Includes AT&T Internet Air

8

LATIN AMERICA SEGMENT

The segment provides wireless services and equipment to customers in Mexico.

Segment Results
Dollars in millions
Unaudited	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Operating Revenues
Wireless service	$	671		$	579		15.9	%	$	2,569		$	2,162		18.8	%
Wireless equipment	419			282			48.6	%	1,363			982			38.8	%
Total Operating Revenues	1,090			861			26.6	%	3,932			3,144			25.1	%
Operating Expenses
Operations and support	953			776			22.8	%	3,349			2,812			19.1	%
Depreciation and amortization	180			164			9.8	%	724			658			10.0	%
Total Operating Expenses	1,133			940			20.5	%	4,073			3,470			17.4	%
Operating Income (Loss)	$	(43)		$	(79)		45.6	%	$	(141)		$	(326)		56.7	%
Operating Income Margin	(3.9)		%	(9.2)		%	530	BP	(3.6)		%	(10.4)		%	680	BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									December 31,						Percent
									2023			2022			Change
Mexico Wireless Subscribers
Postpaid									5,236			4,925			6.3	%
Prepaid									16,663			16,204			2.8	%
Reseller									417			474			(12.0)	%
Total Mexico Wireless Subscribers									22,316			21,603			3.3	%
	Fourth Quarter						Percent		Year Ended						Percent
	2023			2022			Change		2023			2022			Change
Mexico Wireless Net Additions
Postpaid	151			71			—	%	311			118			—	%
Prepaid	450			515			(12.6)	%	459			1,147			(60.0)	%
Reseller	(39)			19			—	%	(57)			(24)			—	%
Total Mexico Wireless Net Additions	562			605			(7.1)	%	713			1,241			(42.5)	%

9

SUPPLEMENTAL SEGMENT RECONCILIATION

Three Months Ended
Dollars in millions
Unaudited
December 31, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	22,393	$	14,017	$	8,376	$	2,162	$	6,214
Business Wireline	5,052		3,518		1,534		1,369		165
Consumer Wireline	3,352		2,243		1,109		880		229
Total Communications	30,797		19,778		11,019		4,411		6,608
Latin America - Mexico	1,090		953		137		180		(43)
Segment Total	31,887		20,731		11,156		4,591		6,565
Corporate and Other
Corporate:
DTV-related retained costs	—		172		(172)		146		(318)
Parent administration support	6		377		(371)		2		(373)
Securitization fees	24		165		(141)		—		(141)
Value portfolio	105		22		83		6		77
Total Corporate	135		736		(601)		154		(755)
Certain significant items	—		518		(518)		21		(539)
Total Corporate and Other	135		1,254		(1,119)		175		(1,294)
AT&T Inc.	$	32,022	$	21,985	$	10,037	$	4,766	$	5,271
December 31, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	21,501	$	13,572	$	7,929	$	2,080	$	5,849
Business Wireline	5,635		3,735		1,900		1,360		540
Consumer Wireline	3,229		2,223		1,006		818		188
Total Communications	30,365		19,530		10,835		4,258		6,577
Latin America - Mexico	861		776		85		164		(79)
Segment Total	31,226		20,306		10,920		4,422		6,498
Corporate and Other
Corporate:
DTV-related retained costs	—		244		(244)		141		(385)
Parent administration support	(8)		373		(381)		4		(385)
Securitization fees	17		156		(139)		—		(139)
Value portfolio	108		33		75		12		63
Total Corporate	117		806		(689)		157		(846)
Certain significant items	—		26,728		(26,728)		16		(26,744)
Total Corporate and Other	117		27,534		(27,417)		173		(27,590)
AT&T Inc.	$	31,343	$	47,840	$	(16,497)	$	4,595	$	(21,092)

10

SUPPLEMENTAL SEGMENT RECONCILIATION

Year Ended
Dollars in millions
Unaudited
December 31, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	83,982	$	49,604	$	34,378	$	8,517	$	25,861
Business Wireline	20,883		14,217		6,666		5,377		1,289
Consumer Wireline	13,173		9,053		4,120		3,469		651
Total Communications	118,038		72,874		45,164		17,363		27,801
Latin America - Mexico	3,932		3,349		583		724		(141)
Segment Total	121,970		76,223		45,747		18,087		27,660
Corporate and Other
Corporate:
DTV-related retained costs	—		686		(686)		586		(1,272)
Parent administration support	(7)		1,416		(1,423)		6		(1,429)
Securitization fees	85		604		(519)		—		(519)
Value portfolio	380		99		281		22		259
Total Corporate	458		2,805		(2,347)		614		(2,961)
Certain significant items	—		1,162		(1,162)		76		(1,238)
Total Corporate and Other	458		3,967		(3,509)		690		(4,199)
AT&T Inc.	$	122,428	$	80,190	$	42,238	$	18,777	$	23,461
December 31, 2022
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	81,780	$	49,770	$	32,010	$	8,198	$	23,812
Business Wireline	22,538		14,934		7,604		5,314		2,290
Consumer Wireline	12,749		8,946		3,803		3,169		634
Total Communications	117,067		73,650		43,417		16,681		26,736
Latin America - Mexico	3,144		2,812		332		658		(326)
Segment Total	120,211		76,462		43,749		17,339		26,410
Corporate and Other
Corporate:
DTV-related retained costs	8		878		(870)		549		(1,419)
Parent administration support	(32)		1,378		(1,410)		16		(1,426)
Securitization fees	65		419		(354)		—		(354)
Value portfolio	489		139		350		41		309
Total Corporate	530		2,814		(2,284)		606		(2,890)
Certain significant items	—		28,031		(28,031)		76		(28,107)
Total Corporate and Other	530		30,845		(30,315)		682		(30,997)
AT&T Inc.	$	120,741	$	107,307	$	13,434	$	18,021	$	(4,587)

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