AT&T (T) Form 4: director acquires 1,694.4669 deferred units

Rhea-AI Filing Summary

AT&T Inc. (T) disclosed a Form 4 for a director reporting equity changes on 10/31/2025. The reporting person acquired 1,694.4669 deferred stock units at $24.75 per unit.

After the transaction, the director beneficially owned 152,822.6004 deferred stock units indirectly by a benefit plan, plus 62,076 shares indirectly by a family trust and 7,000 shares indirectly by a trust. Deferred stock units are paid in cash equal to the value of one AT&T share after the individual ceases to be a director.

Insights

Equity compensation analyst

Administrative insider update with non-cash DSU accrual; neutral impact.

The filing records an award of deferred stock units (DSUs)—1,694.4669 units valued at $24.75 per unit on 10/31/2025. DSUs are a non-cash form of director compensation tracked as units linked to common stock value.

Total DSUs held rose to 152,822.6004 indirectly via a benefit plan. The report also notes indirect ownership of 62,076 and 7,000 common shares via trusts. DSUs pay out in cash after board service ends, so immediate cash flow or dilution effects are not indicated in this excerpt.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MCCALLISTER MICHAEL B

(Last) (First) (Middle)

208 S. AKARD STREET

(Street)

DALLAS TX 75202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AT&T INC. [ T ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								62,076	I	By Family Trust
Common Stock								7,000	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	10/31/2025		A		1,694.4669		(1)	(1)	Common Stock	1,694.4669	$24.75	152,822.6004	I	By Benefit Plan

Explanation of Responses:

1. Deferred stock units acquired pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan. After the reporting person ceases to be a director, each unit is paid out in cash equal to the value of one share of AT&T common stock at times elected by the director.

	/s/ Johnell C. Holland, Attorney-in-fact	11/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did AT&T (T) disclose in this Form 4?

A director acquired 1,694.4669 deferred stock units on 10/31/2025 at $24.75 per unit, updating beneficial ownership balances.

How many deferred stock units does the AT&T (T) director now hold?

The director beneficially owns 152,822.6004 deferred stock units indirectly by a benefit plan.

What indirect common stock holdings were reported for AT&T (T)?

Indirect holdings include 62,076 shares by a family trust and 7,000 shares by a trust.

How are AT&T (T) deferred stock units settled?

Each unit is paid out in cash equal to the value of one AT&T share after the individual ceases to be a director.

Was this AT&T (T) Form 4 filed for multiple reporting persons?

No. It indicates the form was filed by one reporting person.

What is the security type acquired in AT&T (T) Form 4?

The acquired instrument is Deferred Stock Units, a derivative security linked to AT&T common stock value.