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

Rhea-AI Filing Summary

AT&T Inc. (T) reporting person Arroyo F. Thaddeus, Chief Strategy & Development Officer, filed a Form 4 disclosing transactions dated 08/29/2025. The filing shows an acquisition of 723.113 deferred stock units at a price of $29.29 each; these units are deferred stock units settled 1-for-1 in common stock. After the reported transactions the reporting person beneficially owns 5,739.979 shares indirectly. The filing also cites 3,060.901 shares held in a 401(k) (based on a 7/31/2025 statement) and lists a disposition of 379,962 common shares. The Form 4 was signed by an attorney-in-fact on 09/03/2025.

Insights

Securities Analyst

TL;DR: Officer records modest deferred unit purchase and a large reported disposition; net holdings remain primarily indirect.

The filing documents a payroll-funded purchase of 723.113 deferred stock units at $29.29 each, with deferred units settling in stock on a 1-for-1 basis. The report distinguishes indirect holdings (5,739.979 shares) and retirement-plan holdings (3,060.901 shares). It also records a reported disposition of 379,962 shares. From an investor-activity perspective, the purchase is routine compensation deferral; the large disposition is notable in absolute terms but the filing does not provide context (e.g., cash needs, transfers, or plan reallocation), so its economic significance relative to AT&T’s outstanding shares cannot be assessed from this form alone.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 reporting requirements; transactions appear to include routine plan activity and an unexplained large disposition.

The document identifies the reporting person as an officer and provides transaction codes and quantities. The purchase is described as deferred stock units acquired via payroll deductions with company matching, which aligns with typical equity compensation plans. The filing notes a large disposition of 379,962 common shares but lacks explanatory detail about the nature of that disposition (sale, transfer, or plan distribution). For governance review, the filing is complete as a Form 4, but stakeholders seeking intent or timing context would need additional disclosure or commentary from the filer.

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^*

Arroyo F. Thaddeus

(Last) (First) (Middle)

208 S. AKARD

(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)
	Chief Strategy & Dev Officer

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)		723.113	A	$29.29	5,739.979	I	By Benefit Plan
Common Stock								3,060.901(2)	I	By 401(k)
Common Stock								379,962	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.
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FAQ

What transactions did Arroyo F. Thaddeus report on the Form 4 for AT&T (T)?

The report shows an acquisition of 723.113 deferred stock units at $29.29 per unit and a reported disposition of 379,962 common shares.

How are the acquired deferred stock units settled according to the filing?

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

What level of ownership does the Form 4 show after these transactions?

After the reported transactions the filing shows 5,739.979 shares beneficially owned indirectly, plus 3,060.901 shares noted in a 401(k) statement dated 7/31/2025.

Was the purchase made through a company plan or payroll deductions?

Yes. The acquisition is described as deferred stock units purchased with automatic payroll deductions and partial company matching contributions.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by /s/ Johnell C. Holland, Attorney-in-fact on 09/03/2025.