AT&T Inc.
Financial Data
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited	Second Quarter				Percent		Six-Month Period				Percent
	2024		2023		Change		2024		2023		Change
Operating Revenues
Service	$	25,006	$	24,850	0.6	%	$	49,848	$	49,467	0.8	%
Equipment	4,791		5,067		(5.4)	%	9,977		10,589		(5.8)	%
Total Operating Revenues	29,797		29,917		(0.4)	%	59,825		60,056		(0.4)	%
Operating Expenses
Cost of revenues
Equipment	4,815		5,056		(4.8)	%	9,958		10,714		(7.1)	%
Other cost of revenues (exclusive of depreciation    and amortization shown separately below)	6,627		6,771		(2.1)	%	13,438		13,444		—	%
Selling, general and administrative	7,043		7,009		0.5	%	14,064		14,184		(0.8)	%
Asset impairments and abandonments and restructuring	480		—		—	%	639		—		—	%
Depreciation and amortization	5,072		4,675		8.5	%	10,119		9,306		8.7	%
Total Operating Expenses	24,037		23,511		2.2	%	48,218		47,648		1.2	%
Operating Income	5,760		6,406		(10.1)	%	11,607		12,408		(6.5)	%
Interest Expense	1,699		1,608		5.7	%	3,423		3,316		3.2	%
Equity in Net Income of Affiliates	348		380		(8.4)	%	643		918		(30.0)	%
Other Income (Expense) — Net	682		987		(30.9)	%	1,133		1,922		(41.1)	%
Income Before Income Taxes	5,091		6,165		(17.4)	%	9,960		11,932		(16.5)	%
Income Tax Expense	1,142		1,403		(18.6)	%	2,260		2,717		(16.8)	%
Net Income	3,949		4,762		(17.1)	%	7,700		9,215		(16.4)	%
Less: Net Income Attributable to Noncontrolling Interest	(352)		(273)		(28.9)	%	(658)		(498)		(32.1)	%
Net Income Attributable to AT&T	$	3,597	$	4,489	(19.9)	%	$	7,042	$	8,717	(19.2)	%
Less: Preferred Stock Dividends	(51)		(52)		1.9	%	(101)		(104)		2.9	%
Net Income Attributable to Common Stock	$	3,546	$	4,437	(20.1)	%	$	6,941	$	8,613	(19.4)	%
Basic Earnings Per Share Attributable to Common Stock	$	0.49	$	0.61	(19.7)	%	$	0.96	$	1.19	(19.3)	%
Weighted Average Common Shares Outstanding (000,000)	7,196		7,180		0.2	%	7,194		7,174		0.3	%
Diluted Earnings Per Share Attributable to Common Stock	$	0.49	$	0.61	(19.7)	%	$	0.96	$	1.19	(19.3)	%
Weighted Average Common Shares Outstanding with Dilution (000,000)	7,198		7,180		0.3	%	7,195		7,327		(1.8)	%

1

AT&T Inc.
Financial Data
Consolidated Balance Sheets
Dollars in millions
	Jun. 30,		Dec. 31,
	2024		2023
Assets	(Unaudited)
Current Assets
Cash and cash equivalents	$	3,093	$	6,722
Accounts receivable – net of related allowances for credit loss of $443 and $499	9,686		10,289
Inventories	1,816		2,177
Prepaid and other current assets	15,273		17,270
Total current assets	29,868		36,458
Property, Plant and Equipment – Net	127,772		128,489
Goodwill – Net	67,854		67,854
Licenses – Net	127,279		127,219
Other Intangible Assets – Net	5,277		5,283
Investments in and Advances to Equity Affiliates	584		1,251
Operating Lease Right-Of-Use Assets	20,582		20,905
Other Assets	18,810		19,601
Total Assets	$	398,026	$	407,060
Liabilities and Stockholders’ Equity
Current Liabilities
Debt maturing within one year	$	5,249	$	9,477
Accounts payable and accrued liabilities	31,173		35,852
Advanced billings and customer deposits	3,981		3,778
Dividends payable	2,026		2,020
Total current liabilities	42,429		51,127
Long-Term Debt	125,355		127,854
Deferred Credits and Other Noncurrent Liabilities
Deferred income taxes	58,918		58,666
Postemployment benefit obligation	8,744		8,734
Operating lease liabilities	17,174		17,568
Other noncurrent liabilities	24,082		23,696
Total deferred credits and other noncurrent liabilities	108,918		108,664
Redeemable Noncontrolling Interest	1,977		1,973
Stockholders’ Equity
Preferred stock	—		—
Common stock	7,621		7,621
Additional paid-in capital	111,515		114,519
Retained earnings (deficit)	2		(5,015)
Treasury stock	(15,268)		(16,128)
Accumulated other comprehensive income	1,440		2,300
Noncontrolling interest	14,037		14,145
Total stockholders’ equity	119,347		117,442
Total Liabilities and Stockholders’ Equity	$	398,026	$	407,060

2

AT&T Inc.
Financial Data
Consolidated Statements of Cash Flows
Dollars in millions
Unaudited	Six-Month Period
	2024		2023
Operating Activities
Net income	$	7,700	$	9,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,119		9,306
Provision for uncollectible accounts	942		929
Deferred income tax expense	1,203		1,836
Net (gain) loss on investments, net of impairments	185		(160)
Pension and postretirement benefit expense (credit)	(941)		(1,341)
Actuarial and settlement (gain) loss on pension and postretirement benefits - net	—		(74)
Asset impairments and abandonments and restructuring	639		—
Changes in operating assets and liabilities:
Receivables	130		1,342
Other current assets	1,149		1,106
Accounts payable and other accrued liabilities	(4,831)		(5,769)
Equipment installment receivables and related sales	(320)		(302)
Deferred customer contract acquisition and fulfillment costs	294		34
Postretirement claims and contributions	(93)		(556)
Other - net	464		1,034
Total adjustments	8,940		7,385
Net Cash Provided by Operating Activities	16,640		16,600
Investing Activities
Capital expenditures	(8,118)		(8,605)
Acquisitions, net of cash acquired	(270)		(515)
Dispositions	14		16
Distributions from DIRECTV in excess of cumulative equity in earnings	586		974
(Purchases), sales and settlements of securities and investments - net	1,147		(1,056)
Other - net	(336)		(55)
Net Cash Used in Investing Activities	(6,977)		(9,241)
Financing Activities
Net change in short-term borrowings with original maturities of three months or less	2,686		(914)
Issuance of other short-term borrowings	491		5,406
Repayment of other short-term borrowings	(2,487)		(867)
Issuance of long-term debt	2		9,633
Repayment of long-term debt	(6,910)		(7,609)
Repayment of note payable to DIRECTV	—		(130)
Payment of vendor financing	(1,391)		(3,756)
Purchase of treasury stock	(159)		(189)
Issuance of treasury stock	—		3
Issuance of preferred interests in subsidiary	—		7,151
Redemption of preferred interests in subsidiary	—		(5,333)
Dividends paid	(4,133)		(4,097)
Other - net	(1,392)		(828)
Net Cash Used in Financing Activities	(13,293)		(1,530)
Net increase (decrease) in cash and cash equivalents and restricted cash	(3,630)		5,829
Cash and cash equivalents and restricted cash beginning of year	6,833		3,793
Cash and Cash Equivalents and Restricted Cash End of Period	$	3,203	$	9,622

3

AT&T Inc.
Consolidated Supplementary Data
Supplementary Financial Data
Dollars in millions except per share amounts
Unaudited	Second Quarter				Percent		Six-Month Period						Percent
	2024		2023		Change		2024			2023			Change
Capital expenditures
Purchase of property and equipment	$	4,321	$	4,224	2.3	%	$	8,042		$	8,515		(5.6)	%
Interest during construction	39		46		(15.2)	%	76			90			(15.6)	%
Total Capital Expenditures	$	4,360	$	4,270	2.1	%	$	8,118		$	8,605		(5.7)	%
Acquisitions, net of cash acquired
Business acquisitions	$	—	$	—	—	%	$	—		$	—		—	%
Spectrum acquisitions	2		5		(60.0)	%	147			68			—	%
Interest during construction - spectrum	57		219		(74.0)	%	123			447			(72.5)	%
Total Acquisitions	$	59	$	224	(73.7)	%	$	270		$	515		(47.6)	%
Cash paid for interest	$	1,567	$	1,633	(4.0)	%	$	3,644		$	3,604		1.1	%
Cash paid for income taxes, net of (refunds)	$	308	$	325	(5.2)	%	$	299		$	335		(10.7)	%
Dividends Declared per Common Share	$	0.2775	$	0.2775	—	%	$	0.5550		$	0.5550		—	%
End of Period Common Shares Outstanding (000,000)							7,170			7,149			0.3	%
Debt Ratio							51.8		%	54.8		%	(300)	BP
Total Employees							146,040			156,630			(6.8)	%

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.

Segment Results
Dollars in millions
Unaudited	Second Quarter				Percent		Six-Month Period				Percent
	2024		2023		Change		2024		2023		Change
Segment Operating Revenues
Mobility	$	20,480	$	20,315	0.8	%	$	41,074	$	40,897	0.4	%
Business Wireline	4,755		5,279		(9.9)	%	9,668		10,610		(8.9)	%
Consumer Wireline	3,347		3,251		3.0	%	6,697		6,490		3.2	%
Total Segment Operating Revenues	28,582		28,845		(0.9)	%	57,439		57,997		(1.0)	%
Segment Operating Income
Mobility	6,719		6,613		1.6	%	13,187		12,884		2.4	%
Business Wireline	102		396		(74.2)	%	166		774		(78.6)	%
Consumer Wireline	184		168		9.5	%	397		262		51.5	%
Total Segment Operating Income	$	7,005	$	7,177	(2.4)	%	$	13,750	$	13,920	(1.2)	%

Supplementary Operating Data
Subscribers and connections in thousands
Unaudited					June 30,		Percent
					2024	2023	Change
Broadband Connections
Broadband					15,185	15,045	0.9	%
DSL					167	259	(35.5)	%
Total Broadband Connections					15,352	15,304	0.3	%
Voice Connections
Retail Consumer Switched Access Lines					3,702	4,677	(20.8)	%
Consumer VoIP Connections					2,387	2,749	(13.2)	%
Total Retail Consumer Voice Connections					6,089	7,426	(18.0)	%
	Second Quarter		Percent		Six-Month Period		Percent
	2024	2023	Change		2024	2023	Change
Broadband Net Additions
Broadband	42	(16)	—	%	107	(30)	—	%
DSL	(24)	(25)	4.0	%	(43)	(52)	17.3	%
Total Broadband Net Additions	18	(41)	—	%	64	(82)	—	%

5

Mobility

Mobility provides nationwide wireless service and equipment.

Mobility Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Operating Revenues
Service	$	16,277		$	15,745		3.4	%	$	32,271		$	31,228		3.3	%
Equipment	4,203			4,570			(8.0)	%	8,803			9,669			(9.0)	%
Total Operating Revenues	20,480			20,315			0.8	%	41,074			40,897			0.4	%
Operating Expenses
Operations and support	11,285			11,579			(2.5)	%	22,924			23,792			(3.6)	%
Depreciation and amortization	2,476			2,123			16.6	%	4,963			4,221			17.6	%
Total Operating Expenses	13,761			13,702			0.4	%	27,887			28,013			(0.4)	%
Operating Income	$	6,719		$	6,613		1.6	%	$	13,187		$	12,884		2.4	%
Operating Income Margin	32.8		%	32.6		%	20	BP	32.1		%	31.5		%	60	BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2024			2023			Change
Mobility Subscribers
Postpaid									87,999			85,846			2.5	%
Postpaid phone									71,930			70,331			2.3	%
Prepaid									19,271			19,352			(0.4)	%
Reseller									8,204			6,656			23.3	%
Total Mobility Subscribers1									115,474			111,854			3.2	%
1Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.
	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Mobility Net Additions
Postpaid Phone Net Additions	419			326			28.5	%	768			750			2.4	%
Total Phone Net Additions	454			449			1.1	%	804			913			(11.9)	%
Postpaid	593			464			27.8	%	982			1,006			(2.4)	%
Prepaid	82			167			(50.9)	%	83			207			(59.9)	%
Reseller	322			432			(25.5)	%	673			540			24.6	%
Total Mobility Net Additions1	997			1,063			(6.2)	%	1,738			1,753			(0.9)	%
Postpaid Churn	0.85		%	0.95		%	(10)	BP	0.87		%	0.97		%	(10) BP
Postpaid Phone-Only Churn	0.70		%	0.79		%	(9)	BP	0.71		%	0.80		%	(9) BP
1Excludes migrations between wireless subscriber categories, including connected devices, and acquisition-related activity during the period.

6

Business Wireline

Business Wireline provides advanced ethernet-based fiber services, IP Voice and managed professional services, our fixed wireless access product, traditional voice and data services and related equipment to business customers.

Business Wireline Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Operating Revenues
Service	$	4,571		$	5,114		(10.6)	%	$	9,271		$	10,314		(10.1)	%
Equipment	184			165			11.5	%	397			296			34.1	%
Total Operating Revenues	4,755			5,279			(9.9)	%	9,668			10,610			(8.9)	%
Operating Expenses
Operations and support	3,267			3,550			(8.0)	%	6,754			7,173			(5.8)	%
Depreciation and amortization	1,386			1,333			4.0	%	2,748			2,663			3.2	%
Total Operating Expenses	4,653			4,883			(4.7)	%	9,502			9,836			(3.4)	%
Operating Income	$	102		$	396		(74.2)	%	$	166		$	774		(78.6)	%
Operating Income Margin	2.1		%	7.5		%	(540)	BP	1.7		%	7.3		%	(560)	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. Consumer Wireline also provides legacy telephony voice communication services.

Consumer Wireline Results
Dollars in millions
Unaudited	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Operating Revenues
Broadband	$	2,741		$	2,561		7.0	%	$	5,463		$	5,088		7.4	%
Legacy voice and data services	323			383			(15.7)	%	665			779			(14.6)	%
Other service and equipment	283			307			(7.8)	%	569			623			(8.7)	%
Total Operating Revenues	3,347			3,251			3.0	%	6,697			6,490			3.2	%
Operating Expenses
Operations and support	2,249			2,226			1.0	%	4,505			4,510			(0.1)	%
Depreciation and amortization	914			857			6.7	%	1,795			1,718			4.5	%
Total Operating Expenses	3,163			3,083			2.6	%	6,300			6,228			1.2	%
Operating Income	$	184		$	168		9.5	%	$	397		$	262		51.5	%
Operating Income Margin	5.5		%	5.2		%	30	BP	5.9		%	4.0		%	190	BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2024			2023			Change
Broadband Connections
Total Broadband and DSL Connections									13,962			13,895			0.5	%
Broadband1									13,836			13,695			1.0	%
Fiber Broadband Connections									8,798			7,738			13.7	%
Voice Connections
Retail Consumer Switched Access Lines									1,468			1,829			(19.7)	%
Consumer VoIP Connections									1,794			2,126			(15.6)	%
Total Retail Consumer Voice Connections									3,262			3,955			(17.5)	%
1 Includes AT&T Internet Air
	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Broadband Net Additions
Total Broadband and DSL Net Additions	32			(54)			—	%	72			(96)			—	%
Broadband Net Additions1	52			(35)			—	%	107			(58)			—	%
Fiber Broadband Net Additions	239			251			(4.8)	%	491			523			(6.1)	%
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	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Operating Revenues
Wireless service	$	699		$	635		10.1	%	$	1,389		$	1,226		13.3	%
Wireless equipment	404			332			21.7	%	777			624			24.5	%
Total Segment Operating Revenues	1,103			967			14.1	%	2,166			1,850			17.1	%
Operating Expenses
Operations and support	925			821			12.7	%	1,808			1,559			16.0	%
Depreciation and amortization	172			185			(7.0)	%	349			360			(3.1)	%
Total Segment Operating Expenses	1,097			1,006			9.0	%	2,157			1,919			12.4	%
Operating Income (Loss)	$	6		$	(39)		—	%	$	9		$	(69)		—	%
Operating Income Margin	0.5		%	(4.0)		%	450	BP	0.4		%	(3.7)		%	410	BP
Supplementary Operating Data
Subscribers and connections in thousands
Unaudited									June 30,						Percent
									2024			2023			Change
Mexico Wireless Subscribers
Postpaid									5,494			5,030			9.2	%
Prepaid									16,809			16,196			3.8	%
Reseller									333			463			(28.1)	%
Total Mexico Wireless Subscribers									22,636			21,689			4.4	%
	Second Quarter						Percent		Six-Month Period						Percent
	2024			2023			Change		2024			2023			Change
Mexico Wireless Net Additions
Postpaid	142			56			—	%	258			105			—	%
Prepaid	67			50			34.0	%	146			(8)			—	%
Reseller	(32)			(30)			(6.7)	%	(84)			(11)			—	%
Total Mexico Wireless Net Additions	177			76			—	%	320			86			—	%

9

SUPPLEMENTAL SEGMENT RECONCILIATION

Three Months Ended
Dollars in millions
Unaudited
June 30, 2024
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	20,480	$	11,285	$	9,195	$	2,476	$	6,719
Business Wireline	4,755		3,267		1,488		1,386		102
Consumer Wireline	3,347		2,249		1,098		914		184
Total Communications	28,582		16,801		11,781		4,776		7,005
Latin America - Mexico	1,103		925		178		172		6
Segment Total	29,685		17,726		11,959		4,948		7,011
Corporate and Other
Corporate:
DTV-related retained costs	—		116		(116)		102		(218)
Parent administration support	—		443		(443)		2		(445)
Securitization fees	29		150		(121)		—		(121)
Value portfolio	83		25		58		5		53
Total Corporate	112		734		(622)		109		(731)
Certain significant items	—		505		(505)		15		(520)
Total Corporate and Other	112		1,239		(1,127)		124		(1,251)
AT&T Inc.	$	29,797	$	18,965	$	10,832	$	5,072	$	5,760
June 30, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	20,315	$	11,579	$	8,736	$	2,123	$	6,613
Business Wireline	5,279		3,550		1,729		1,333		396
Consumer Wireline	3,251		2,226		1,025		857		168
Total Communications	28,845		17,355		11,490		4,313		7,177
Latin America - Mexico	967		821		146		185		(39)
Segment Total	29,812		18,176		11,636		4,498		7,138
Corporate and Other
Corporate:
DTV-related retained costs	—		178		(178)		152		(330)
Parent administration support	(3)		332		(335)		2		(337)
Securitization fees	17		154		(137)		—		(137)
Value portfolio	91		24		67		6		61
Total Corporate	105		688		(583)		160		(743)
Certain significant items	—		(28)		28		17		11
Total Corporate and Other	105		660		(555)		177		(732)
AT&T Inc.	$	29,917	$	18,836	$	11,081	$	4,675	$	6,406

10

SUPPLEMENTAL SEGMENT RECONCILIATION

Six Months Ended
Dollars in millions
Unaudited
June 30, 2024
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	41,074	$	22,924	$	18,150	$	4,963	$	13,187
Business Wireline	9,668		6,754		2,914		2,748		166
Consumer Wireline	6,697		4,505		2,192		1,795		397
Total Communications	57,439		34,183		23,256		9,506		13,750
Latin America - Mexico	2,166		1,808		358		349		9
Segment Total	59,605		35,991		23,614		9,855		13,759
Corporate and Other
Corporate:
DTV-related retained costs	—		250		(250)		222		(472)
Parent administration support	—		835		(835)		3		(838)
Securitization fees	55		315		(260)		—		(260)
Value portfolio	165		51		114		9		105
Total Corporate	220		1,451		(1,231)		234		(1,465)
Certain significant items	—		657		(657)		30		(687)
Total Corporate and Other	220		2,108		(1,888)		264		(2,152)
AT&T Inc.	$	59,825	$	38,099	$	21,726	$	10,119	$	11,607
June 30, 2023
	Revenues		Operations and Support Expenses		EBITDA		Depreciation and Amortization		Operating Income (Loss)
Communications
Mobility	$	40,897	$	23,792	$	17,105	$	4,221	$	12,884
Business Wireline	10,610		7,173		3,437		2,663		774
Consumer Wireline	6,490		4,510		1,980		1,718		262
Total Communications	57,997		35,475		22,522		8,602		13,920
Latin America - Mexico	1,850		1,559		291		360		(69)
Segment Total	59,847		37,034		22,813		8,962		13,851
Corporate and Other
Corporate:
DTV-related retained costs	—		347		(347)		296		(643)
Parent administration support	(12)		706		(718)		3		(721)
Securitization fees	36		275		(239)		—		(239)
Value portfolio	185		52		133		11		122
Total Corporate	209		1,380		(1,171)		310		(1,481)
Certain significant items	—		(72)		72		34		38
Total Corporate and Other	209		1,308		(1,099)		344		(1,443)
AT&T Inc.	$	60,056	$	38,342	$	21,714	$	9,306	$	12,408

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