美国电话电报 2025年度报告

FORM 10-K (Mark One) ☒ OF THE SECURITIES EXCHANGE ACT OF 1934 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-8610 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(b) of the Act (continued):Title of each class AT&T Inc. 3.375% Global Notes due March 15, 2034AT&T Inc. 4.300% Global Notes due November 18, 2034AT&T Inc. 2.450% Global Notes due March 15, 2035AT&T Inc. 3.150% Global Notes due September 4, 2036AT&T Inc. 4.050% Global Notes due June 1, 2037AT&T Inc. 2.600% Global Notes due May 19, 2038AT&T Inc. 1.800% Global Notes due September 14, 2039AT&T Inc. 7.000% Global Notes due April 30, 2040AT&T Inc. 4.250% Global Notes due June 1, 2043AT&T Inc. 4.875% Global Notes due June 1, 2044AT&T Inc. 4.000% Global Notes due June 1, 2049AT&T Inc. 4.250% Global Notes due March 1, 2050AT&T Inc. 3.750% Global Notes due September 1, 2050AT&T Inc. 5.350% Global Notes due November 1, 2066 Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filerSmaller reporting companyEmerging growth company Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ Based on the closing price of $28.94 per share on June 30, 2025, the aggregate market value of our voting and non-voting commonstock held by non-affiliates was $207 billion. At January28, 2026, common shares outstanding were 7,000,577,201. DOCUMENTS INCORPORATED BY REFERENCEPortions of AT&T Inc.’s Notice of 2026 Annual Meeting and Proxy Statement dated on or about March 23, 2026, to be filed within the period permitted under General Instruction G(3) (Part III). TABLE OF CONTENTSItem PART I 1.Business1A.Risk Factors1B.Unresolved Staff Comments1C.Cybersecurity2.Properties3.Legal Proceedings4.Mine Safety Disclosures Information about our Executive Officers17 PART II 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities186.[Reserved]197.Management’s Discussion and Analysis of Financial Condition and Results of Operations207A.Quantitative and Qualitative Disclosures about Market Risk378.Financial Statements and Supplementary Data429.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure909A.Controls and Procedures909B.Other Information909C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections90 PART III 10.Directors, Executive Officers and Corporate Gove