What it does
The company states that it provides telecommunications and technology services globally through two reportable segments: Communications and Latin America. Communications provides wireless and wireline telecom and broadband services to U.S. consumers and businesses globally. Its Mobility unit supplies nationwide wireless service and equipment; Business Wireline serves business, government, wholesale and multinational customers; and Consumer Wireline provides fiber broadband, fixed wireless internet and legacy voice services. The Latin America segment provides wireless service and equipment in Mexico.
Source: AT&T Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing lists service and equipment as the principal revenue categories for Mobility and the Latin America segment. Mobility includes wireless voice and data service, prepaid offerings and device sales. Business Wireline generates revenue from legacy and transitional services, fiber and advanced connectivity services, and equipment. Consumer Wireline generates revenue from broadband, legacy voice and data, and other service and equipment. The Communications segment accounted for $120.9 billion of 2025 revenue, while the filing describes it as providing approximately 97% of 2025 segment operating revenues.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Wireless Service | $70.1 billion | 46.7% | 3.02% |
| Equipment | $24.5 billion | 16.3% | 10.3% |
| Other Capitalized Property Plant and Equipment | $24.5 billion | 16.3% | 10.3% |
| Business Service | $16.0 billion | 10.6% | 11.3% |
| Legacy Voice and Data | $10.4 billion | 6.90% | −17.8% |
| IP Broadband | $3.5 billion | 2.36% | −7.30% |
| Other Service | $1.2 billion | 0.78% | −9.46% |
Source: AT&T Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company serves consumers, businesses, governmental and wholesale customers. At December 31, 2025, it reported 120 million Mobility subscribers, including postpaid, prepaid and reseller subscribers. Consumer Wireline provided broadband and internet services to approximately 14.7 million customers. In Mexico, the company reported approximately 24.7 million wireless subscribers across postpaid and prepaid services. The filing states that Communications serves consumers in the United States and businesses globally, while the Latin America segment operates in Mexico. U.S. revenue was $120.2 billion in 2025, according to the geographic revenue data.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $120.2 billion | 95.7% | 2.86% |
| Mexico | $4.4 billion | 3.52% | 3.31% |
| Asia/Pacific Rim | $395.0 million | 0.31% | −14.5% |
| Europe | $382.0 million | 0.30% | −13.4% |
| Other | $114.0 million | 0.09% | −1.72% |
| Latin America | $110.0 million | 0.09% | −26.2% |
Source: AT&T Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that competition is increasing in communications and digital services from traditional and nontraditional providers. In U.S. wireless, it identifies two national wireless providers, regional providers, resellers, certain cable companies and providers of communications applications on data networks, but does not name the U.S. national providers. In Mexico, the filing names América Móvil as controlling the most significant market share. For broadband, it cites large cable companies, wireless broadband providers, fixed wireless, satellite and internet-based providers. It says competition is based principally on offerings, price, network quality, coverage and customer service.
Source: AT&T Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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Inflationary pressures on devices, network components, labor and distribution may affect network construction, sourcing and results.
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Government regulation, regulatory proceedings and private litigation could increase costs or alter customer perceptions.
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Extreme weather events and climate effects could damage infrastructure and disrupt services.
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Wireless and broadband demand requires significant capital deployment and ongoing access to spectrum.
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Increasing competition may pressure pricing, margins, customer retention and operating results.
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Cyberattacks affecting the company’s or suppliers’ networks, systems or data may adversely affect operations or results.
Source: AT&T Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The company employed approximately 133,030 people as of December 31, 2025. The filing states that approximately 43% of employees were represented by the Communications Workers of America, the International Brotherhood of Electrical Workers or other unions. It lists several labor contracts scheduled to expire in 2026 and says that work stoppages or labor disruptions may occur after collective-bargaining agreements expire if new agreements are not reached. The company’s principal executive offices are in Dallas, Texas. The filing does not state that its business is seasonal.
Source: AT&T Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov