美国电话电报美股招股说明书(2025-09-11版)

AT&T INC. €2,250,000,000 Floating Rate Global Notes due 2027 We will pay interest on the Floating Rate Global Notes due 2027 (the “Notes”) at a rate equal to the Applicable EURIBOR Rate (as definedherein, based on the three-month EURIBOR), reset quarterly, plus 40basis points, on March16, June16, September16 and December16 of each year.The first such payment willbe made on December 16, 2025. The Notes will mature on September16, 2027. The Notes will be issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. The Notes are new issues of securities with no established trading market. We intend to apply to list the Notes on the New York Stock Exchange.We expect trading in the Notes on the New York Stock Exchange to begin within 30 days after the original issue date. Currently there is no publicmarket for the Notes. See “Risk Factors” on pageS-2of this prospectus supplement and “Risk Factors” beginning on page7 of our Annual Report on Form10-Kfor the fiscal year ended December31, 2024, which is incorporated by reference herein, to read about factors you should consider before investingin the Notes. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities orpassed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is acriminal offense. (1)The underwriters have agreed to reimburse us for certain of our expenses. See “Underwriting.” The underwriters expect to deliver the Notes in book-entry form only through the facilities of Clearstream Banking S.A. and Euroclear Bank SA/NVagainst payment in New York, New York on or about September16, 2025. Société GénéraleCorporate& Investment Banking Table of Contents We have not, and the underwriters have not, authorized any other person to provide you with different information. If anyone providesyou with different or inconsistent information, we take no responsibility for, nor can we provide any assurance as to the reliability of, any otherinformation that others may give you. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdictionwhere the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement and theaccompanying prospectus, as well as information we previously filed with the Securities and Exchange Commission and incorporated byreference, is accurate as of their respective dates. Our business, financial condition, results of operations and prospects may have changed sincethose dates. The Notes are offered globally for sale in those jurisdictions in the United States, Canada, Europe, Asia and elsewhere where it is lawful tomake such offers. References herein to “$” and “dollars” are to the currency of the United States. References to “€” and “euro” are to the lawful currencyof the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the treatyestablishing the European Community, as amended by the Treaty on European Union. The financial information presented in this prospectussupplement has been prepared in accordance with generally accepted accounting principles in the United States. In connection with the issue of the Notes, Deutsche Bank AG, London Branch, as Stabilizing Manager (or persons acting on its behalf), may over-allot the Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail.However, there is no assurance that the Stabilizing Manager (or persons acting on its behalf) will undertake stabilization action. Any stabilization actionmay begin on or after the date on which adequate public disclosure of the terms of the offer of the Notes is made and, if begun, may be ended at anytime, but it must end no later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the allotment of the Notes. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information containedin the accompanying prospectus, on the other hand, the information contained in this prospectus supplement shall control. If any statement in thisprospectus supplement conflicts with any statement in a document which we have incorporated by reference, then you should consider only thestatement in the more recent document. In this prospectus supplement, “we,” “our,” “us” and “AT&T” refer to AT&T Inc. and its consolidated subsidiaries. None of this prospectus supplement, the accompanying prospectus or any free writing prospectus is a prospectus for the purposes of Regulation(EU) 2017/1129. MiFID II product governance / Professional investors and ECPs only target market—Solely for the purposes of the manufacturers’ productapproval process, the target market as