Equity Method Investments	12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	NOTE 10. EQUITY METHOD INVESTMENTS Investments in partnerships, joint ventures and less than majority-owned subsidiaries in which we have significant influence are accounted for under the equity method. Our investments in equity affiliates at December 31, 2025, primarily included our interests in DriveNets and Gigapower. On July 2, 2025, we sold our interest in DIRECTV to TPG Capital (TPG). DIRECTV Prior to its sale, we accounted for our investment in DIRECTV under the equity method of accounting. DIRECTV was considered a VIE for accounting purposes. As DIRECTV was jointly governed by a board with representation from both AT&T and TPG, with TPG having tie-breaking authority on certain key decisions, most significantly the appointment and removal of the CEO, we concluded that we were not the primary beneficiary of DIRECTV. Our ownership interest in DIRECTV included $4,250 of junior preferred interests, an additional distribution preference of $4,200 and a 70% economic interest in common units. In third-quarter 2024, our investment in DIRECTV was reduced to zero on our consolidated balance sheet, as a result of aggregate cash receipts exceeding our initial investment balance plus our cumulative equity in DIRECTV earnings. As we were not committed, implicitly or explicitly, to provide financial or other support to DIRECTV, we recorded cash distributions received in excess of our share of DIRECTV’s earnings in “Equity in net income of affiliates” in the consolidated statements of income and as cash provided by operations in the consolidated statements of cash flows. Prior to sale, during 2025, 2024 and 2023, we recognized $1,926, $2,027 and $1,666 of equity in net income of affiliates and received total distributions of $1,926, $2,955 and $3,715, respectively, from DIRECTV. The book value of our investment in DIRECTV was $0 at December 31, 2025 and 2024. Upon the sale of our interests in DIRECTV in July 2025, we recorded a current note receivable of approximately $3,600 and a long-term receivable of $500. The disposition of DIRECTV also resulted in the release of approximately $2,900 of historical deferred tax liabilities. We recorded a gain on the sale of DIRECTV of approximately $5,600, which includes the impact of the transfer of deferred tax liabilities, indemnification liabilities and unfavorable contracts, in “Other income (expense) – net” in the consolidated statements of income in 2025. As of December 31, 2025, we have received $3,100 of cash on the current note receivable, which was included in “Dispositions” in the consolidated statements of cash flows. DriveNets We hold a 16.6% interest in DriveNets, which designs and builds high-scale networking solutions for service providers and AI infrastructures. Gigapower We hold a 50% interest in our joint venture Gigapower, LLC (Gigapower), which provides a fiber network in select areas to internet service providers and other businesses across the United States. SKY Mexico In June 2024, we sold our 41.3% interest in SKY Mexico, a leading pay-TV provider in Mexico.

Investments in partnerships, joint ventures and less than majority-owned subsidiaries in which we have significant influence are accounted for under the equity method.

Our investments in equity affiliates at December 31, 2025, primarily included our interests in DriveNets and Gigapower. On July 2, 2025, we sold our interest in DIRECTV to TPG Capital (TPG).

DIRECTV Prior to its sale, we accounted for our investment in DIRECTV under the equity method of accounting. DIRECTV was considered a VIE for accounting purposes. As DIRECTV was jointly governed by a board with representation from both AT&T and TPG, with TPG having tie-breaking authority on certain key decisions, most significantly the appointment and removal of the CEO, we concluded that we were not the primary beneficiary of DIRECTV.

Our ownership interest in DIRECTV included $4,250 of junior preferred interests, an additional distribution preference of $4,200 and a 70% economic interest in common units.

In third-quarter 2024, our investment in DIRECTV was reduced to zero on our consolidated balance sheet, as a result of aggregate cash receipts exceeding our initial investment balance plus our cumulative equity in DIRECTV earnings. As we were not committed, implicitly or explicitly, to provide financial or other support to DIRECTV, we recorded cash distributions received in excess of our share of DIRECTV’s earnings in “Equity in net income of affiliates” in the consolidated statements of income and as cash provided by operations in the consolidated statements of cash flows.

Prior to sale, during 2025, 2024 and 2023, we recognized $1,926, $2,027 and $1,666 of equity in net income of affiliates and received total distributions of $1,926, $2,955 and $3,715, respectively, from DIRECTV. The book value of our investment in DIRECTV was $0 at December 31, 2025 and 2024.

Upon the sale of our interests in DIRECTV in July 2025, we recorded a current note receivable of approximately $3,600 and a long-term receivable of $500. The disposition of DIRECTV also resulted in the release of approximately $2,900 of historical deferred tax liabilities. We recorded a gain on the sale of DIRECTV of approximately $5,600, which includes the impact of the transfer of deferred tax liabilities, indemnification liabilities and unfavorable contracts, in “Other income (expense) – net” in the

consolidated statements of income in 2025. As of December 31, 2025, we have received $3,100 of cash on the current note receivable, which was included in “Dispositions” in the consolidated statements of cash flows.

DriveNets We hold a 16.6% interest in DriveNets, which designs and builds high-scale networking solutions for service providers and AI infrastructures.

Gigapower We hold a 50% interest in our joint venture Gigapower, LLC (Gigapower), which provides a fiber network in select areas to internet service providers and other businesses across the United States.