AT&T INC. — Director's Dealing 2026

Feb 2, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2026-01-29

Reporting Person: McElfresh Jeffery S. (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-29	Common Stock	A	418500	—	Acquired	589251.037	Indirect
2026-01-29	Common Stock	F	164839.7703	$25.13	Disposed	424411.2667	Indirect
2026-01-29	Common Stock	D	167416.2297	$25.13	Disposed	256995.037	Indirect
2026-01-29	Common Stock	D	86244	—	Disposed	170751.037	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-01-29	Restricted Stock Units (2026)	$	A	94509	Acquired		Common Stock (94509)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8851.2377	Indirect
Common Stock	699273	Direct

Footnotes

F1: Total performance shares distributed.

F2: Each performance share is equivalent in value to a share of common stock.

F3: Mandatory tax withholding on distribution of performance shares.

F4: Represents portion of the performance shares distributed in cash, after taxes.

F5: Reflects transfer of 86,244 shares owned indirectly by benefit plan to direct ownership due to distribution of performance shares.

F6: Based on a 401(k) plan statement dated 11/30/2025.

F7: Restricted stock units acquired pursuant to the 2018 Incentive Plan. Each unit will convert into one share of issuer's common stock. One-third of the units vests and distributes on each of 2/15/2027, 2/15/2028, and 2/15/2029. Vesting (but not distribution) is accelerated on retirement eligibility.