T · 10-K filed 9 Feb 2026 · year to 31 Dec 2025

AT&T

20 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Single-source equipment suppliers

depends onnamed as a risk

In some instances, we depend on key single-source suppliers to provide important inputs where there are few alternative suppliers available.Risk factors (Item 1A)

Other companies

International Brotherhood of Electrical Workers (IBEW)

approximately 43% of our workforcenamed as a risk

As of December 31, 2025, approximately 43% of our workforce was represented by the Communications Workers of America (CWA), the International Brotherhood of Electrical Workers (IBEW) or other unions.Risk factors (Item 1A)

Also named by AEE, EIX, ES, EVRG, FE, MYRG, NEE, PNW and 2 more

Communications Workers of America (CWA)

approximately 43% of our workforcenamed as a risk

Also named by LUMN, VZ

EchoStar Corporation

depends on

We will continue to deploy low- and mid-band spectrum to improve speed and capacity, including spectrum to be acquired from our pending transactions with EchoStar Corporation (EchoStar) and other spectrum acquisitions.Business (Item 1)

Lumen Technologies Mass Markets fiber business

We will also focus on accelerating our fiber expansion, organically and through our pending acquisition of substantially all of Lumen’s Mass Markets fiber business.Business (Item 1)

Competitors

Cable companies

competes withnamed as a risk

In order to stem broadband connectivity losses to cable competitors in our non-fiber wireline areas, we have been expanding our all-fiber wireline network and where we offer our fixed wireless access product.Risk factors (Item 1A)

América Móvil

competes with

We are one of three facilities-based providers in Mexico (retail and wholesale), with the most significant market share controlled by América Móvil.Business (Item 1)

Also named by AMT

Places

Mexico

operates in · approximately 3% of 2025 segment operating revenuesnamed as a risk

The Latin America segment provided approximately 3% of 2025 segment operating revenues and less than 1% of our 2025 total segment operating income.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

United States

concentrated in · approximately 97% of 2025 segment operating revenues

The Communications segment provided approximately 97% of 2025 segment operating revenues and accounted for substantially all of our 2025 total segment operating income.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Hazards

Lead-clad telecommunications cables

named as a risk

We may be subject to additional litigation, government investigations and potentially new regulation or legislation relating to lead-clad cables.Risk factors (Item 1A)

July 2024 customer call data cybersecurity incident

named as a risk

For example, in July 2024, we disclosed a cybersecurity incident on Item 1.05 of Form 8-K relating to the copying of mobile customer call data.Risk factors (Item 1A)

Commodities and inputs

Medical and prescription drug costs

exposed to its price · approximately 477,000 retirees and dependentsnamed as a risk

Lower than assumed investment returns, an increase in our benefit obligations, and higher than assumed medical and prescription drug costs will increase expenses.Risk factors (Item 1A)

Semiconductors

exposed to its pricenamed as a risk

Recent spending by hyperscalers and others to support AI is beginning to pressure supply chains for goods such as semiconductors and other network components.Risk factors (Item 1A)

Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO and 16 more

Wireless spectrum

depends onnamed as a risk

If we cannot acquire needed spectrum, if our 5G and fiber standalone or converged offerings fail to gain acceptance in the marketplace or if we otherwise fail to deploy the services customers desire on a timely basis with acceptable quality and at reasonable costs, then our ability to attract and retain customers, and, therefore, maintain and improve our operating margins, could be materially adversely affected.Risk factors (Item 1A)

Also named by TMUS

Regulators

Federal Communications Commission (FCC)

subject tonamed as a risk

While the FCC has generally renewed licenses, the FCC has authority to both revoke a license for cause and to deny a license renewal if a renewal is not in the public interest.Business (Item 1)

Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more

Laws and programs

Tariffs

exposed to its pricenamed as a risk

The imposition of tariffs and their duration and uncertainty surrounding further tariffs and congressional action regarding spending and taxation, which may result in changes in government spending and affect business and consumer spending trends.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Violations of the FCPA could have a material adverse effect on our operating results.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Communications Act of 1934

subject to

The Communications Act of 1934 and other related laws give the FCC authority to regulate the U.S. operations of our interstate telecommunications services.Business (Item 1)

Also named by ASTS, CMCSA, ECHO, NXST, RHP, TMUS, VZ

FirstNet

earns from

Through FirstNet® services, we also provide a nationwide wireless broadband network dedicated to public safety.Business (Item 1)

Also named by ASTS

Technology

Copper network decommissioning

subject tonamed as a risk

If we do not obtain regulatory approvals for our network transition or obtain approvals with onerous conditions, we could experience significant cost and competitive disadvantages.Risk factors (Item 1A)