v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
NOTE 11. DEBT

Long-term debt of AT&T and its subsidiaries, including interest rates and maturities, is summarized as follows at December 31:
20252024
Notes and debentures
Interest Rates1
Maturities
0.00%
–
2.99%2025–2033$22,240 $21,860 
3.00%
–
4.99%2025–206189,379 83,725 
5.00%
–
6.99%2025–209529,165 22,679 
7.00%
–
8.75%2025–20973,524 3,565 
Fair value of interest rate swaps recorded in debt3 6 
144,311 131,835 
Unamortized (discount) premium – net(9,193)(9,340)
Unamortized issuance costs(400)(379)
Total notes and debentures134,718 122,116 
Finance lease obligations1,382 1,416 
Total long-term debt, including current maturities136,100 123,532 
Current maturities of long-term debt(9,011)(5,089)
Total long-term debt$127,089 $118,443 
1Foreign debt includes the impact from hedges, when applicable.

We had outstanding Euro, British pound sterling, Canadian dollar, Australian dollar and Swiss franc denominated debt of approximately $35,307 and $30,685 at December 31, 2025 and 2024, respectively.

The weighted-average interest rate of our long-term debt portfolio, including credit agreement borrowings and the impact of derivatives, was approximately 4.2% as of December 31, 2025 and 2024.

Our long-term debt maturing within one year was $9,011 and $5,089 at December 31, 2025 and 2024, respectively. We had no outstanding commercial paper or other short-term borrowings as of December 31, 2025 and 2024.
Financing Activities
During 2025, we received net proceeds of $14,027 on the issuance of $14,111 in long-term debt, with an average weighted maturity of approximately 12.3 years and a weighted average interest rate of 5.0%. We repaid $5,399 of long-term debt with a weighted average interest rate of 4.7%. Our debt activity during 2025 primarily consisted of the following:
First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
Full Year 2025
Issuance of notes and debentures:
USD notes
$— $3,473 $4,959 $— $8,432 
EUR notes
2,956 — 2,639 — 5,595 
Debt issuances
$2,956 $3,473 $7,598 $— $14,027 
Repayments:
USD notes
$— $— $— $(145)$(145)
EUR notes
(1,321)(32)— (2,441)(3,794)
CAD notes— — — (960)(960)
Other(205)(62)(229)(133)(629)
Repayments of long-term debt$(1,526)$(94)$(229)$(3,679)$(5,528)

As of December 31, 2025 and 2024, we were in compliance with all covenants and conditions of instruments governing our debt. Substantially all of our outstanding long-term debt is unsecured. Maturities of outstanding long-term notes and debentures, as of December 31, 2025, and the corresponding weighted-average interest rate scheduled for repayment are as follows:

20262027202820292030Thereafter
Debt repayments1,2
$8,652 $8,953 $6,905 $6,918 $7,020 $106,216 
Weighted-average interest rate 2
3.1%3.8%3.2%4.6%4.3%4.3%
1Debt repayments represent maturity value. Foreign debt includes the impact from hedges, when applicable.
2Includes credit agreement borrowings.

On February 5, 2026, we issued $6,500 principal amount of global notes due 2031 to 2056 with a weighted average coupon of 5.2%. We intend to use the net proceeds from this issuance for general corporate purposes, which may include debt repayments and pending acquisitions.

Credit Facilities

General
On November 3, 2025, we entered into (i) a $12,000 Second Amended and Restated Credit Agreement (Revolving Credit Agreement), with Citibank, N.A., as agent, amending and restating our existing $12,000 Amended and Restated Credit Agreement, dated as of November 18, 2022, and (ii) a $17,500 Delayed Draw Term Loan Credit Agreement (Term Loan), with Bank of America, N.A., as agent. No amount was outstanding under either the Revolving Credit Agreement or the Term Loan as of December 31, 2025.

The Revolving Credit Agreement and the Term Loan contain covenants that are customary for an issuer with investment grade senior debt credit ratings, including a net debt-to-EBITDA financial ratio covenant requiring us to maintain, as of the last day of each fiscal quarter, a ratio of not more than 3.75 to 1.

The events of default under the Revolving Credit Agreement and the Term Loan are customary for agreements of this type and such events would result in the acceleration of, or permit the requisite lenders to accelerate, as applicable, required payments under the relevant agreement and could increase the applicable margin under the relevant agreement by 2.00% per annum.

Revolving Credit Agreement
Advances under the Revolving Credit Agreement denominated in U.S. dollars will bear interest, at our option, either:
•at a variable annual rate equal to: (1) the highest of (but not less than zero) (a) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank’s base rate, (b) 0.5% per annum above the federal funds rate, and (c) the forward-looking term rate based on the secured overnight financing rate (Term SOFR) for a period of one
month plus 1.00%, plus (2) an applicable margin, as set forth in the Revolving Credit Agreement (Applicable Margin for Base Advances); or
•at a rate equal to: (i) Term SOFR for a period of one, three or six months, as applicable, plus (ii) an applicable margin, as set forth in the Revolving Credit Agreement (Applicable Margin for Benchmark Rate Revolving Advances).

Advances under the Revolving Credit Agreement denominated in Euro will bear interest at the Euro Interbank Offered Rate (EURIBOR) plus the Applicable Margin for Benchmark Rate Revolving Advances.

Advances under the Revolving Credit Agreement denominated in Sterling will bear interest at the Sterling Overnight Index Average (SONIA) plus the Applicable Margin for Benchmark Rate Revolving Advances.

The Applicable Margin for Benchmark Rate Revolving Advances will be equal to 0.690%, 0.805%, 0.920% or 1.045% per annum depending on our senior unsecured long-term debt ratings. The Applicable Margin for Base Rate Revolving Advances will be equal to the greater of (x) 0.00% and (y) the relevant Applicable Margin for Benchmark Rate Revolving Advances minus 1.00% per annum, depending on our senior unsecured long-term debt ratings.

We will also pay a facility fee of 0.06%, 0.07% or 0.08% per annum of the amount of the lender commitments, depending on AT&T’s credit rating under the Revolving Credit Agreement.

The obligations of the lenders under the Revolving Credit Agreement to provide advances to us will terminate on November 3, 2030, unless the commitments are terminated in whole prior to that date. All advances must be repaid no later than the date on which lenders are no longer obligated to make any advances under the Revolving Credit Agreement.

The Revolving Credit Agreement provides that we and the lenders representing more than 50% of the facility amount may agree to extend their commitments under the Revolving Credit Agreement for two one-year periods beyond the initial termination date. We have the right to terminate, in whole or in part, amounts committed by the lenders under the Revolving Credit Agreement in excess of any outstanding advances; however, any such terminated commitments may not be reinstated.

The proceeds of the advances shall be solely for general corporate purposes.

Delayed Draw Term Loan Credit Agreement
The Term Loan is comprised of (i) a $6,000 364-day delayed draw term loan facility (364-Day Term Loan Facility) and (ii) a $11,500 two-year delayed draw term loan facility (Two-Year Term Loan Facility). Each of the 364-Day Term Loan Facility and Two-Year Term Loan Facility is available for a single draw at any time before November 3, 2026. The proceeds of the Term Loan will be used for general corporate purposes, which may include financing acquisitions of additional spectrum.

Advances will bear interest, at our option, either:
•at a variable annual rate (Base Rate) equal to: (1) the highest of (but not less than zero) (a) the prime rate quoted by Bank of America, N.A., (b) 0.5% per annum above the federal funds rate, and (c) the forward-looking SOFR term rate administered by the Chicago Mercantile Exchange (or any successor administrator) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations) (Term SOFR Screen Rate) for a period of one month plus 1.00%, plus (2) an applicable margin, as set forth in the Term Loan (Applicable Margin for Base Rate Term Advances); or
•at a variable annual rate based upon Term SOFR (SOFR Rate) equal to: (1) the Term SOFR Screen Rate with a term equivalent to the applicable interest period of the advance plus (2) an applicable margin, as set forth in the Term Loan (Applicable Margin for SOFR Rate Term Advances).

The Applicable Margin for SOFR Rate Term Advances will be equal to 0.450%, 0.575%, 0.825%, 0.950% and 1.075% per annum for the 364-Day Term Loan Facility and 0.550%, 0.675%, 0.925%, 1.050% and 1.175% per annum for the Two-Year Term Loan Facility, in each case, depending on our senior unsecured long-term debt ratings. The Applicable Margin for Base Rate Term Advances under the Term Loan will be equal to the greater of (x) 0.00% and (y) the relevant Applicable Margin for SOFR Rate Term Advances minus 1.00% per annum, depending on our unsecured long-term debt ratings.

Commencing March 3, 2026, we will also pay a fee of 0.05%, 0.06%, 0.07%, 0.08% or 0.10% per annum of the amount of unused lender commitments, depending on our senior unsecured long-term debt ratings.

The Term Loan is not subject to amortization, and the entire principal amount of (i) the 364-Day Term Loan Facility will be due and payable 364 days after the date on which the borrowing is made and (ii) the Two-Year Term Loan Facility will be due and payable two years after the date on which the borrowing is made.