AT&T INC.T
AT&T INC. Segments Disclosure
NOTE 4. SEGMENT INFORMATION
Our segments are comprised of strategic business units or other operations that offer products and services to different customer segments over various technology platforms and/or in different geographies that are managed accordingly. We have two reportable segments: Communications and Latin America.
Our chief operating decision maker (CODM) is our Chief Executive Officer and President. Our CODM uses operating income to evaluate performance and allocate resources, including capital allocations, when managing the business. Our CODM manages operations through the review of actual and forecasted “Operations and Support Expenses” information at a segment and business unit level, with Communications and Latin America segments primarily evaluated on a direct cost basis and comprised of equipment, compensation, network and technology, sales, advertising and other costs.
Additionally, business unit expenses within the Communications segment include direct and shared costs. Direct costs are incurred in support of products and services offered by the business units, such as equipment costs (predominantly wireless devices), network access, rents, leases, sales support, customer provisioning and commission expenses. Shared costs amongst the business units generally include information technology, network engineering and construction costs, advertising and other general and administrative expense.
The Communications segment provides wireless and wireline telecom and broadband services to consumers located in the United States and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units:
•Mobility provides nationwide wireless service and equipment.
•Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services, as well as legacy voice and data services and related equipment, to business customers.
•Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and our fixed wireless access product (AT&T Internet Air or “AIA”) that provides internet services delivered over our 5G wireless network, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services.
The Latin America segment provides wireless service and equipment in Mexico.
Corporate and Other reconciles our segment results to consolidated operating income and income before income taxes.
Corporate includes:
•DTV-related retained costs, which are costs previously allocated to the Video business that were retained after the transaction, net of reimbursements from DIRECTV Entertainment Holdings, LLC (DIRECTV) under transition service agreements. With the sale of our remaining interest in DIRECTV, we will no longer report these costs in 2026 (see Note 10).
•Parent administration support, which includes costs borne by AT&T where the business units do not influence decision making.
•Securitization fees associated with our sales of receivables (see Note 17).
•Value portfolio, which are businesses no longer integral to our operations or which we no longer actively market.
Other items consist of:
•Certain significant items, which includes items associated with the merger and integration of acquired or divested businesses, including amortization of intangible assets, employee separation charges associated with voluntary and/or strategic offers, asset impairments and abandonments and restructuring, and other items for which the segments are not being evaluated.
“Interest expense” and “Other income (expense) – net” are managed only on a total company basis and are, accordingly, reflected only in consolidated results.
| For the year ended December 31, 2025 | |||||||||||||||||||||||
| Revenues | Operations and Support Expenses | Depreciation and Amortization | Operating Income (Loss) | ||||||||||||||||||||
| Communications | |||||||||||||||||||||||
| Mobility | $ | 89,482 | $ | 51,864 | $ | 10,422 | $ | 27,196 | |||||||||||||||
| Business Wireline | 17,231 | 12,213 | 5,834 | (816) | |||||||||||||||||||
| Consumer Wireline | 14,183 | 8,933 | 3,703 | 1,547 | |||||||||||||||||||
| Total Communications | 120,896 | 73,010 | 19,959 | 27,927 | |||||||||||||||||||
Latin America | 4,379 | 3,563 | 671 | 145 | |||||||||||||||||||
| Segment Total | 125,275 | 76,573 | 20,630 | 28,072 | |||||||||||||||||||
| Corporate and Other | |||||||||||||||||||||||
| Corporate: | |||||||||||||||||||||||
| DTV-related retained costs | — | 225 | 200 | (425) | |||||||||||||||||||
| Parent administration support | (1) | 1,737 | 18 | (1,756) | |||||||||||||||||||
| Securitization fees | 115 | 702 | — | (587) | |||||||||||||||||||
| Value portfolio | 259 | 50 | — | 209 | |||||||||||||||||||
| Total Corporate | 373 | 2,714 | 218 | (2,559) | |||||||||||||||||||
| Certain significant items | — | 1,313 | 38 | (1,351) | |||||||||||||||||||
| Total Corporate and Other | 373 | 4,027 | 256 | (3,910) | |||||||||||||||||||
| AT&T Inc. | $ | 125,648 | $ | 80,600 | $ | 20,886 | $ | 24,162 | |||||||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||||||||
| Revenues | Operations and Support Expenses | Depreciation and Amortization | Operating Income (Loss) | ||||||||||||||||||||
| Communications | |||||||||||||||||||||||
| Mobility | $ | 85,255 | $ | 48,724 | $ | 10,217 | $ | 26,314 | |||||||||||||||
| Business Wireline | 18,819 | 13,352 | 5,555 | (88) | |||||||||||||||||||
| Consumer Wireline | 13,578 | 9,048 | 3,661 | 869 | |||||||||||||||||||
| Total Communications | 117,652 | 71,124 | 19,433 | 27,095 | |||||||||||||||||||
Latin America | 4,232 | 3,535 | 657 | 40 | |||||||||||||||||||
| Segment Total | 121,884 | 74,659 | 20,090 | 27,135 | |||||||||||||||||||
| Corporate and Other | |||||||||||||||||||||||
| Corporate: | |||||||||||||||||||||||
| DTV-related retained costs | — | 465 | 414 | (879) | |||||||||||||||||||
| Parent administration support | (2) | 1,722 | 6 | (1,730) | |||||||||||||||||||
| Securitization fees | 116 | 628 | — | (512) | |||||||||||||||||||
| Value portfolio | 338 | 102 | 17 | 219 | |||||||||||||||||||
| Total Corporate | 452 | 2,917 | 437 | (2,902) | |||||||||||||||||||
| Certain significant items | — | 5,131 | 53 | (5,184) | |||||||||||||||||||
| Total Corporate and Other | 452 | 8,048 | 490 | (8,086) | |||||||||||||||||||
| AT&T Inc. | $ | 122,336 | $ | 82,707 | $ | 20,580 | $ | 19,049 | |||||||||||||||
| For the year ended December 31, 2023 | |||||||||||||||||||||||
| Revenues | Operations and Support Expenses | Depreciation and Amortization | Operating Income (Loss) | ||||||||||||||||||||
| Communications | |||||||||||||||||||||||
| Mobility | $ | 83,982 | $ | 49,604 | $ | 8,517 | $ | 25,861 | |||||||||||||||
| Business Wireline | 20,883 | 14,217 | 5,377 | 1,289 | |||||||||||||||||||
| Consumer Wireline | 13,173 | 9,053 | 3,469 | 651 | |||||||||||||||||||
| Total Communications | 118,038 | 72,874 | 17,363 | 27,801 | |||||||||||||||||||
Latin America | 3,932 | 3,349 | 724 | (141) | |||||||||||||||||||
| Segment Total | 121,970 | 76,223 | 18,087 | 27,660 | |||||||||||||||||||
| Corporate and Other | |||||||||||||||||||||||
| Corporate: | |||||||||||||||||||||||
| DTV-related retained costs | — | 686 | 586 | (1,272) | |||||||||||||||||||
| Parent administration support | (7) | 1,416 | 6 | (1,429) | |||||||||||||||||||
| Securitization fees | 85 | 604 | — | (519) | |||||||||||||||||||
| Value portfolio | 380 | 99 | 22 | 259 | |||||||||||||||||||
| Total Corporate | 458 | 2,805 | 614 | (2,961) | |||||||||||||||||||
| Certain significant items | — | 1,162 | 76 | (1,238) | |||||||||||||||||||
| Total Corporate and Other | 458 | 3,967 | 690 | (4,199) | |||||||||||||||||||
| AT&T Inc. | $ | 122,428 | $ | 80,190 | $ | 18,777 | $ | 23,461 | |||||||||||||||
The following table is a reconciliation of Segment Operating Income to “Income Before Income Taxes” reported in our consolidated statements of income:
For the years ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Communications | $ | 27,927 | $ | 27,095 | $ | 27,801 | |||||||||||
| Latin America | 145 | 40 | (141) | ||||||||||||||
| Segment Operating Income | 28,072 | 27,135 | 27,660 | ||||||||||||||
| Reconciling Items: | |||||||||||||||||
| Corporate | (2,559) | (2,902) | (2,961) | ||||||||||||||
Transaction, legal and other costs | (627) | (123) | (98) | ||||||||||||||
| Amortization of intangibles acquired | (38) | (53) | (76) | ||||||||||||||
| Asset impairments and abandonments and restructuring | (838) | (5,075) | (1,193) | ||||||||||||||
| Benefit-related gains (losses) | 152 | 67 | 129 | ||||||||||||||
AT&T Operating Income | 24,162 | 19,049 | 23,461 | ||||||||||||||
Interest expense | 6,804 | 6,759 | 6,704 | ||||||||||||||
| Equity in net income of affiliates | 1,895 | 1,989 | 1,675 | ||||||||||||||
| Other income (expense) – net | 7,754 | 2,419 | 1,416 | ||||||||||||||
Income Before Income Taxes | $ | 27,007 | $ | 16,698 | $ | 19,848 | |||||||||||
The following table sets forth revenues earned from customers, and property, plant and equipment located in different geographic areas:
At or for the years ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Revenues | Net Property, Plant & Equipment | Revenues | Net Property, Plant & Equipment | Revenues | Net Property, Plant & Equipment | ||||||||||||||||||||||||||||||
| United States | $ | 120,219 | $ | 128,181 | $ | 116,882 | $ | 125,573 | $ | 117,097 | $ | 124,387 | |||||||||||||||||||||||
| Mexico | 4,428 | 3,097 | 4,286 | 2,981 | 3,993 | 3,750 | |||||||||||||||||||||||||||||
| Asia/Pacific Rim | 395 | 68 | 462 | 82 | 521 | 99 | |||||||||||||||||||||||||||||
| Europe | 382 | 126 | 441 | 139 | 504 | 166 | |||||||||||||||||||||||||||||
| Latin America | 110 | 54 | 149 | 60 | 194 | 67 | |||||||||||||||||||||||||||||
| Other | 114 | 33 | 116 | 36 | 119 | 20 | |||||||||||||||||||||||||||||
| Total | $ | 125,648 | $ | 131,559 | $ | 122,336 | $ | 128,871 | $ | 122,428 | $ | 128,489 | |||||||||||||||||||||||
The following table presents assets, investments in equity affiliates and capital expenditures by segment:
| At or for the years ended December 31, | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||
| Assets | Investments in Equity Method Investees | Capital Expenditures | Assets | Investments in Equity Method Investees | Capital Expenditures | |||||||||||||||||||||||||||||||||
| Communications | $ | 500,244 | $ | — | $ | 19,588 | $ | 481,757 | $ | — | $ | 19,335 | ||||||||||||||||||||||||||
| Latin America | 9,460 | — | 276 | 7,808 | — | 269 | ||||||||||||||||||||||||||||||||
Corporate and eliminations | (89,506) | 1,106 | 978 | (94,770) | 295 | 659 | ||||||||||||||||||||||||||||||||
| Total | $ | 420,198 | $ | 1,106 | $ | 20,842 | $ | 394,795 | $ | 295 | $ | 20,263 | ||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 13, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.