AT&T INC. (T) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that AT&T INC. surfaced in its latest filing.

• In 2023, The Wall Street Journal published a series of articles alleging that lead-clad telecommunications cables are a public health hazard or may pose environmental risks, and the company is currently subject to litigation and has received inquiries from government authorities, with potential for additional litigation, investigations, and regulation.2023
• The company is currently subject to litigation and government inquiries related to lead-clad cable assertions, with potential for additional litigation, investigations, and regulation.
• In July 2024, the company disclosed a cybersecurity incident on Form 8-K relating to the copying of mobile customer call data.July 2024
• As of December 31, 2025, approximately 43% of the workforce was represented by the Communications Workers of America (CWA), the International Brotherhood of Electrical Workers (IBEW) or other unions.December 31, 2025
• Obligation to comply with the Foreign Corrupt Practices Act (FCPA), with exposure to violations potentially material.
• Participation in spectrum auctions.
• Transitioning services from the copper-based network, requiring regulatory approvals at state and federal levels.
• Expansion of all-fiber wireline network and deployment of 5G and fiber networks.
• Incurred debt to fund significant acquisitions and spectrum purchases.
• Experienced credit rating downgrades from historical levels.
• Litigation relating to alleged adverse health effects on customers or employees using wireless devices.
• Lawsuits in the U.S. and foreign countries include claims relating to antitrust, patent infringement, wage and hour, personal injury, environmental, customer data and privacy violations, cyberattacks, regulatory proceedings, breach of contract, and selling and collection practices.