[Form 4] AT&T Inc. 5.625% Global Notes due 2067 Insider Trading Activity

Rhea-AI Filing Summary

Pascal Desroches, Senior Executive Vice President and Chief Financial Officer of AT&T Inc., reported purchases of 1,529.25 deferred stock units on 08/29/2025 at an effective price of $29.29 per unit. The filing shows 131,330.172 total shares beneficially owned after the transaction, with portions held indirectly: 6,704.218 shares in a 401(k) (based on a 7/31/2025 statement) and other holdings stated as settled through benefit plans. The DSUs were acquired via automatic payroll deductions with partial company matching and settle 1-for-1 in common stock. The Form 4 was signed by an attorney-in-fact on 09/03/2025.

Positive

• Insider acquisition disclosed: Reporting person purchased 1,529.25 deferred stock units, increasing reported beneficial ownership to 131,330.172 shares.
• Compensation alignment: Units were purchased via automatic payroll deductions with partial company matching, indicating compensation-linked ownership that will settle 1-for-1 in stock.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchased 1,529.25 deferred stock units, modestly increasing beneficial ownership to 131,330.172 shares.

The reported acquisition is a routine, payroll-driven purchase of deferred stock units at an effective price of $29.29 that will settle in common stock on a 1-for-1 basis. The filing discloses indirect holdings including 6,704.218 shares in a 401(k) account and references company matching. For investors, this is a standard insider accumulation via compensation programs rather than a market purchase; it provides limited incremental insight into executive sentiment but does slightly increase insider alignment with shareholder outcomes.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting requirements and describes compensation-related stock deferral, not an open-market trade.

The Form 4 clearly states the acquisition arose from automatic payroll deductions and partial company matching, and notes settlement mechanics for deferred stock units. The presence of an attorney-in-fact signature and the inclusion of 401(k)-based holdings meet disclosure norms. This is a compliance-focused disclosure with no apparent governance irregularities disclosed in the report itself.

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
Estimated average burden
hours per response:			0.5

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^*

Desroches Pascal

(Last) (First) (Middle)

208 S. AKARD ST.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. Exec VP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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	08/29/2025		A(1)		1,529.25	A	$29.29	131,330.172	I	By Benefit Plan
Common Stock								6,704.218(2)	I	By 401(k)
Common Stock								847,424	D

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

Explanation of Responses:

1. Represents deferred stock units purchased by the reporting person with automatic payroll deductions and partial company matching contributions. Deferred stock units are settled only in stock on a 1-for-1 basis.

2. Based on a 401(k) plan statement dated 7/31/2025.

	/s/ Johnell C. Holland, Attorney-in-fact	09/03/2025
	** 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) insider Pascal Desroches report on Form 4?

The filing reports the purchase of 1,529.25 deferred stock units on 08/29/2025 at an effective price of $29.29, with total beneficial ownership of 131,330.172 shares after the transaction.

How were the deferred stock units acquired according to the Form 4?

The units were acquired through automatic payroll deductions with partial company matching, and deferred stock units are settled only in common stock on a 1-for-1 basis.

Does the Form 4 show holdings in retirement accounts for the reporting person?

Yes. The filing references 6,704.218 shares based on a 401(k) plan statement dated 7/31/2025 and indicates additional indirect holdings by benefit plan.

When was the Form 4 signed and who signed it?

The Form 4 bears the signature of an attorney-in-fact, Johnell C. Holland, dated 09/03/2025.

Do the deferred stock units convert to common stock?

Yes. The explanatory note states deferred stock units are settled only in stock on a 1-for-1 basis.