Consolidated Statements of Income

Consolidated Statements of Income AT&T Inc.

Dollars in millions except per share amounts Unaudited Operating Revenues Operating Expenses Cost of revenues

Equipment Broadcast, programming and operations Other cost of revenues Selling, general and administrative Asset impairments and abandonments Depreciation and amortization Total Operating Expenses Operating Income (Loss) Interest Expense Equity in Net Income (Loss) of Affiliates Other Income (Expense) ? Net Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Less: Net Income Attributable to Noncontrolling Interest Net Income (Loss) Attributable to AT&T Less: Preferred Stock Dividends Net Income (Loss) Attributable to Common Stock Diluted Earnings Per Share Attributable to Common Stock

Adjusted Diluted Earnings Per Share Attributable to Common Stock

EBITDA1 Adjusted EBITDA1 Adjusted EBITDA Margin1

Financial and Operating Statistics Summary AT&T Inc.

Dollars in millions except per share amounts Unaudited Capital Expenditures:

Purchase of property and equipment Interest during construction Dividends Declared Per Share Annual Dividend Per Share Growth End of Period Common Shares Outstanding (000,000) Debt Ratio Total Employees See Notes to Financial and Operational Trends on page 16.

3/31/19

6/30/19

9/30/19

12/31/19

2019

$ 44,827 $ 44,957 $ 44,588 $ 46,821 $ 181,193

3/31/202

6/30/20

9/30/20

12/31/20

2020

$ 42,779 $ 40,950 $ 42,340 $ 45,691 $ 171,760

4,502

4,061

4,484

5,606

18,653

4,092

7,652

7,730

7,066

8,684

31,132

6,754

8,585

8,721

8,604

8,446

34,356

8,342

9,649

9,844

9,584

10,345

39,422

8,760

-

-

-

1,458

1,458

123

7,206

7,101

6,949

6,961

28,217

7,222

37,594

37,457

36,687

41,500

153,238

35,293

7,233

7,500

7,901

5,321

27,955

7,486

2,141

2,149

2,083

2,049

8,422

2,018

(7)

40

3

(30)

6

(6)

286

(318)

(935)

(104)

(1,071)

803

5,371

5,073

4,886

3,138

18,468

6,265

1,023

1,099

937

434

3,493

1,302

4,348

3,974

3,949

2,704

14,975

4,963

(252)

(261)

(249)

(310)

(1,072)

(353)

$ 4,096 $ 3,713 $ 3,700 $ 2,394 $ 13,903 $ 4,610 $

-

-

-

(3)

(3)

(32)

$ 4,096 $ 3,713 $ 3,700 $ 2,391 $ 13,900 $ 4,578 $

$

0.56 $

0.51 $

0.50 $

0.33 $

1.89 $

0.63 $

$

0.86 $

0.89 $

0.94 $

0.89 $

3.57 $

0.84 $

3,978 5,889 8,116 9,831 2,319 7,285 37,418 3,532 2,041

(10) 1,017 2,498

935 1,563

(282) 1,281 $

(52) 1,229 $

0.17 $ 0.83 $

4,552

7,084

19,706

6,912

7,750

27,305

8,375

8,076

32,909

9,266

10,182

38,039

73

16,365

18,880

7,030

6,979

28,516

36,208

56,436 165,355

6,132 (10,745)

6,405

1,972

1,894

7,925

5

106

95

(231)

(3,020)

(1,431)

3,934 (15,553)

(2,856)

766

(2,038)

965

3,168 (13,515)

(3,821)

(352)

(368)

(1,355)

2,816 $ (13,883) $ (5,176)

(54)

(55)

(193)

2,762 $ (13,938) $ (5,369) 0.39 $ (1.95) $ (0.75)

0.76 $ 0.75 $ 3.18

$ 14,439 $ 14,601 $ 14,850 $ 12,282 $ 56,172 $ 14,708 $

$ 14,802 $ 15,041 $ 15,079 $ 14,365 $ 59,287 $ 14,232 $

33.0%

33.4%

33.8%

30.7%

32.7%

33.3%

10,817 $ 14,112 $

34.5%

13,162 $ (3,766) $ 34,921

13,313 $ 12,889 $ 54,546

31.4%

28.2%

31.8%

3/31/19

6/30/19

9/30/19

12/31/19

2019

3/31/20

6/30/20

9/30/20

12/31/20

2020

$ 5,121 $ 5,421 $ 5,141 $ 3,752 $

61

51

48

40

$

0.51 $

0.51 $

0.51 $

0.52 $

2.0%

2.0%

2.0%

2.0%

7,297

7,305

7,303

7,255

47.4%

46.8%

45.9%

44.7%

262,290

257,790

251,840

247,800

19,435 200 2.05

$ 4,938 $

28

$

0.52 $

2.0%

7,125

45.7%

244,490

4,434 $ 32

0.52 $ 2.0% 7,125 46.6% 243,350

3,819 $ 2,361 $ 15,552

32

31

123

0.52 $ 0.52 $ 2.08

2.0%

0.0%

7,125

7,126

44.9%

46.7%

234,630 230,760

Page 2

Consolidated Statements of Cash Flows AT&T Inc. Dollars in millions

Unaudited Operating Activities Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Amortization of film and television costs Undistributed earnings from investments in equity affiliates Provision for uncollectible accounts Deferred income tax expense (benefit) Net (gain) loss from investments, net of impairments Pension and postiretirement benefit expense (credit) Actuarial (gain) loss on pension and postretirement benefits Asset impairment and abandonments Changes in operating assets and liabilities:

Receivables Other current assets, inventories and theatrical film and television production costs Accounts payable and other accrued liabilities Equipment installment receivables and related sales Deferred customer contract acquisition and fulfillment costs Postretirement claims and contributions Other - net Total adjustments Net Cash Provided by Operating Activities

Investing Activities Capital expenditures3 Acquisitions, net of cash acquired Dispositions (Purchases), sales and settlements of securities and investments, net Advances to and investments in equity affiliates, net Net Cash (Used in) Provided by Investing Activities

Financing Activities Net change in short-term borrowings with original maturities of three months or less Issuance of other short-term borrowings Repayment of other short-term borrowings Issuance of long-term debt Repayment of long-term debt Payment of vendor financing Issuance of preferred stock Purchase of treasury stock Issuance of treasury stock Issuance of preferred interests in subsidiary Redemption of preferred interest in subsidiary Dividends paid Other Net Cash (Used in) Provided by Financing Activities Net increase (decrease) in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash beginning of period Cash and Cash Equivalents and Restricted Cash End of Period

Cash paid for interest See Notes to Financial and Operational Trends on page 16.

12/31/19

3/31/202

$

2,704

$

4,963

$

6,961 2,528

214 720 767 (204) (705) 1,123 1,458

7,222 2,269

39 780 259 (646) (748)

123

309 (3,515)

(588) (300) (114) (373) 958 9,239 11,943

1,695 (3,267) (3,884)

535 105 (111) (468) 3,903 8,866

6/30/20

1,563

$

7,285 1,716

25 419 394 (59) (747)

2,319

827 (2,325)

37 (309) 217 (117) 814 10,496 12,059

9/30/20

12/31/20

3,168

$

(13,515)

7,030 2,463

44 412 1,595

16 (750)

63 73

6,979 2,155

(70) 361 (573) (53) (747) 4,106 16,365

(201) (2,244) (1,058)

(374) 131 (181) 1,936 8,955 12,123

(105) (5,234) 3,495 (1,281)

(77) (576) (1,148) 23,597 10,082

(3,792) (685) 909 (88) (32)

(3,688)

(4,966) (100) 118 (6) (68)

(5,022)

(4,466) (1,074)

229 53 2

(5,256)

(3,851) (41) 81 397 (34)

(3,448)

(2,392) (636) 3,213 53 (60) 178

(254)

1,742

(1,244)

(515)

-

-

1,390

7,050

1,000

-

(2,202)

-

(5,975)

(1,735)

(1,757)

2,005

4,357

16,703

10,927

1

(3,224)

(4,422)

(12,862)

(20,299)

(2,381)

(449)

(791)

(563)

(611)

(1,001)

1,164

3,869

-

-

-

(2,008)

(5,463)

(17)

(3)

(15)

55

58

26

4

17

6,388

-

-

1,979

-

-

-

-

-

(1,950)

(3,726)

(3,737)

(3,737)

(3,741)

(3,741)

(491)

(3,102)

807

(2,863)

588

(2,742)

(6,099)

188

(15,857)

(10,239)

5,513

(2,255)

6,991

(7,182)

21

6,782

12,295

10,040

17,031

9,849

$

12,295 $

10,040 $

17,031 $

9,849 $

9,870

$

1,755 $

2,376 $

1,826 $

2,459 $

1,576

Page 3

AT&T Inc. Free Cash Flow & Capital Investment Detail

Dollars in millions Unaudited Cash Flow Detail

Net cash provided by operating activities Less: Capital expenditures Free Cash Flow1

Capital Investment Detail Capital expenditures Add: Vendor financing payments

Capital Investment1 Add: FirstNet capital expenditures reimbursement

Gross Capital Investment1

AT&T Inc. FirstNet - Capital Expenditures and Reimbursements

Dollars in millions Unaudited Capital Expenditures Impact Capital expenditures FirstNet capital expenditures reimbursement Capital expenditures, gross

FirstNet Reimbursements Capital expenditures Operating expenses Total reimbursements

See Notes to Financial and Operational Trends on page 16.

3/31/19

6/30/19

9/30/19

12/31/19

3/31/20

6/30/20

9/30/20

12/31/20

$ 11,052 $ 14,284 $ 11,389 $ 11,943 $

(5,182)

(5,472)

(5,189)

(3,792)

5,870

8,812

6,200

8,151

8,866 $ (4,966) 3,900

12,059 $ (4,466) 7,593

12,123 $ (3,851) 8,272

10,082 (2,392) 7,690

$ 5,182 $ 5,472 $ 5,189 $ 3,792 $ 4,966 $ 4,466 $ 3,851 $ 2,392

819

1,017

765

449

791

563

611

1,001

6,001

6,489

5,954

4,241

5,757

5,029

4,462

3,393

-

103

-

902

7

72

64

920

6,001

6,592

5,954

5,143

5,764

5,101

4,526

4,313

3/31/19

6/30/19

9/30/19

12/31/19

3/31/20

6/30/20

9/30/20

12/31/20

$ 5,182 $ 5,472 $ 5,189 $ 3,792 $ 4,966 $ 4,466 $ 3,851 $ 2,392

-

103

-

902

7

72

64

920

5,182

5,575

5,189

4,694

4,973

4,538

3,915

3,312

$

-$

103 $

-$

902 $

7$

72 $

64 $

920

-

31

-

338

3

58

18

488

-

134

-

1,240

10

130

82

1,408

Page 4

Operating Revenues and Adjusted EBITDA

AT&T Inc. Dollars in millions Unaudited

Operating Revenues Communications

Mobility Video8 Broadband8 Business Wireline8 WarnerMedia14 Turner Home Box Office Warner Bros. Eliminations and other14 Latin America Vrio Mexico Corporate, Acquisition Related and Significant Items14 Eliminations4 Consolidation4

3/31/19

6/30/19

9/30/19 12/31/19

3/31/20

6/30/20

9/30/20 12/31/20

$ 44,827 $ 44,957 $ 44,588 $ 46,821 $ 42,779 $ 40,950 $ 42,340 $ 45,691

35,169

35,267

35,401

36,522

34,249

33,592

34,287

36,722

17,363

17,292

17,701

18,700

17,402

17,149

17,894

20,119

8,075

8,032

7,942

8,075

7,407

7,021

7,014

7,168

3,256

3,338

3,257

3,161

3,111

3,050

3,041

3,116

6,475

6,605

6,501

6,586

6,329

6,372

6,338

6,319

8,747

8,777

8,282

9,453

7,765

6,728

7,395

8,554

3,443

3,410

3,007

3,262

3,162

2,988

3,176

3,242

1,510

1,716

1,819

1,704

1,497

1,627

1,781

1,903

3,518

3,389

3,333

4,118

3,240

3,256

2,411

3,247

276

262

123

369

(134)

(1,143)

27

162

1,718

1,757

1,730

1,758

1,590

1,232

1,396

1,498

1,067

1,032

1,013

982

887

752

753

762

651

725

717

776

703

480

643

736

449

478

475

463

471

523

550

388

(906)

(923)

(879)

(873)

(883)

(831)

(880)

(868)

(350)

(399)

(421)

(502)

(413)

(294)

(408)

(603)

Adjusted EBITDA Communications

Mobility Video8 Broadband8 Business Wireline8 WarnerMedia14 Latin America Vrio Mexico Corporate14 Eliminations and Consolidation4

See Notes to Financial and Operational Trends on page 16.

$ 14,802 $ 15,041 $ 15,079 $ 14,365 $ 14,232 $ 14,112 $ 13,313 $ 12,889

12,570

13,254

12,635

12,100

12,838

12,751

12,275

11,145

7,322

7,770

7,753

7,530

7,833

7,817

7,712

7,096

1,505

1,357

1,035

628

1,277

1,081

1,014

619

1,295

1,491

1,363

1,412

1,342

1,253

1,037

1,104

2,448

2,636

2,484

2,530

2,386

2,600

2,512

2,326

2,658

2,401

3,023

3,005

2,160

2,072

1,912

2,719

127

63

105

205

93

33

59

95

201

151

162

202

104

91

78

81

(74)

(88)

(57)

3

(11)

(58)

(19)

14

(235)

(316)

(299)

(492)

(485)

(488)

(563)

(506)

(318)

(361)

(385)

(454)

(374)

(256)

(370)

(565)

Page 5

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