AT&T INC. (T)

AT&T Inc. is a Delaware holding company, formed in 1983 as SBC Communications and spun off from AT&T Corp. in 1984. It is a leading provider of telecommunications and technology services. Its strategy centers on 5G wireless and fiber connectivity, supported by a spectrum portfolio built through FCC auctions and other acquisitions. It is also working to retire its legacy copper network by moving customers to fiber and wireless alternatives. Its history includes mergers with Pacific Telesis, Ameritech, AT&T Corp. and BellSouth, and the acquisition of DIRECTV in 2015. It sold its remaining DIRECTV interest to TPG in July 2025.

The company has two reportable segments. Communications, about 97% of 2025 segment operating revenues and substantially all segment operating income, provides wireless and wireline telecom and broadband services to U.S. consumers and to businesses globally. It has three business units. Mobility provides nationwide wireless service and equipment, including FirstNet public safety service and prepaid service under the Cricket and AT&T PREPAID brands. It served 120 million subscribers at year-end 2025: 91 million postpaid, 18 million prepaid and 11 million through resellers. Wireline provides fiber ethernet, dedicated internet, fixed wireless, IP voice and managed services, plus legacy voice and data. Consumer Wireline provides fiber broadband, AT&T Internet Air fixed wireless access and legacy voice. It had 10.4 million fiber and 1.5 million Internet Air connections at year-end. The Latin America segment, about 3% of segment operating revenues, provides postpaid and prepaid wireless service and equipment in Mexico to about 24.7 million subscribers under the AT&T and Unefon brands. Wireless service was 54% of consolidated 2025 revenues, equipment 18%, and fiber and advanced connectivity 13%.

Customers include consumers, small and mid-sized businesses, multinational corporations, governmental and wholesale customers, and resellers. No customer accounted for 10% or more of consolidated revenues in 2023 through 2025. Its U.S. network covers all major metropolitan areas, with LTE reaching more than 337 million people and 5G more than 322 million. Products are sold online, through company-owned stores, agents and third-party retailers. Pending deals include the acquisition of Lumen's Mass Markets fiber business and spectrum from EchoStar.

AT&T sells handsets and devices made by various suppliers. Its network is increasingly software-based, using software defined networking and network function virtualization. It faces competition from two national wireless providers, regional providers, resellers and cable companies, and in broadband from large cable companies and fixed wireless, satellite and internet-based providers. In Mexico it is one of three facilities-based providers, and América Móvil holds the largest share. The business is regulated by the FCC and by state and foreign authorities. It spent $843 million on research and development in 2025 and had about 133,030 employees at year-end. Headquarters are at 208 S. Akard St., Dallas, Texas.