AT&T INC. — Director's Dealing 2026

Jan 20, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2026-01-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-15	Common Stock	M	36102	—	Acquired	593563	Direct
2026-01-15	Common Stock	F	7943	$23.61	Disposed	585620	Direct
2026-01-15	Common Stock	M	42027	—	Acquired	627647	Direct
2026-01-15	Common Stock	F	14618	$23.61	Disposed	613029	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-01-15	Restricted Stock Units (2023)	$	M	36102	Disposed		Common Stock (36102)	Direct
2026-01-15	Restricted Stock Units (2024)	$	M	42027	Disposed		Common Stock (42027)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8851.2377	Indirect
Common Stock	170751.037	Indirect

Footnotes

F1: 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 1/15/2024, 1/15/2025, and 1/15/2026. Vesting (but not distribution) is accelerated on retirement eligibility.

F2: Mandatory tax withholding on distribution of Restricted Stock Units.

F3: 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 1/15/2025,1/15/2026, and 1/15/2027. Vesting (but not distribution) is accelerated on retirement eligibility.

F4: Based on a 401(k) plan statement dated 11/30/2025.