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

Rhea-AI Filing Summary

Jeffery S. McElfresh, Chief Operating Officer and director of AT&T Inc., reported insider transactions dated 08/29/2025. He acquired 597.472 deferred stock units at a purchase-equivalent value of $29.29 each; those units settle one-for-one in common stock and include automatic payroll deductions with partial company matching. The report also shows 8,751.4626 shares held indirectly in a 401(k) plan (per a 7/31/2025 statement) and a disposition of 557,461 common shares. After the reported activity, the filing lists 166,177.065 shares beneficially owned indirectly via a benefit plan. Explanatory notes state the deferred units convert to stock on a 1-for-1 basis and that the 401(k) balance is from a plan statement.

Positive

• Deferred stock units purchased via payroll deductions with partial company matching, supporting alignment with long-term equity incentives
• Filing includes explanatory notes clarifying that deferred units settle 1-for-1 in stock and citing a 401(k) statement date for plan balances

Negative

• Disposition of 557,461 common shares reported, representing a large sale recorded on the Form 4

Insights

Financial Analyst

TL;DR: Insider purchase of deferred units with matching plus a large outright disposition; overall impact appears routine but notable for volume.

The filing records a small purchase of 597.472 deferred stock units funded by payroll deductions and partial company matching, which will settle in shares on a 1-for-1 basis. The filing also discloses a sizeable disposition of 557,461 common shares and reports 166,177.065 shares held indirectly via a benefit plan after the transactions. Without additional context on total outstanding holdings or company-wide share counts, these transactions are difficult to translate into precise ownership percentage changes. For investors, the mix of an automatic deferral purchase and a large sale is consistent with routine compensation/portfolio management activity rather than a clearly material corporate development.

Corporate Governance Expert

TL;DR: Form 4 shows standard executive deferral and plan-based holdings with a significant share disposition; disclosure appears complete.

The report identifies the reporting person as an officer and director and provides required details: transaction types, number of units/shares, prices, and the nature of indirect ownership (benefit plan and 401(k)). The explanation clarifies that deferred stock units are settled only in stock on a 1-for-1 basis and cites a 401(k) statement for plan balances. From a compliance perspective, the Form 4 supplies the customary information investors and regulators require. The simultaneous presence of company-sponsored deferrals and a large disposition suggests personal tax/planning or portfolio rebalancing motives, but the filing itself contains no governance issues or procedural irregularities.

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^*

McElfresh Jeffery S.

(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)
	Chief Operating 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)		597.472	A	$29.29	166,177.065	I	By Benefit Plan
Common Stock								8,751.4626(2)	I	By 401(k)
Common Stock								557,461	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 transactions did Jeffery S. McElfresh report on the Form 4 for AT&T (TBC)?

The report shows an acquisition of 597.472 deferred stock units at an effective price of $29.29 and a disposition of 557,461 common shares on 08/29/2025.

How many shares does McElfresh beneficially own after these transactions?

The filing lists 166,177.065 shares beneficially owned indirectly via a benefit plan following the reported transactions.

What is the nature of the acquired deferred stock units?

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

Does the Form 4 disclose plan-based holdings?

Yes. It reports 8,751.4626 shares held indirectly in a 401(k) plan based on a 7/31/2025 plan statement.

Who signed the Form 4 filing on behalf of the reporting person?

The filing is signed by Johnell C. Holland, Attorney-in-fact as indicated on the Form 4.