FORM 10-K UNITED STATES ANNUAL REPORT PURSUANT TO …

1 FORM 10-K UNITED STATESSECURITIES AND exchange COMMISSIONW ashington, 20549(Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES exchange ACT OF 1934 For the fiscal year ended December 31, 2020OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES exchange ACT OF 1934 For the transition period from _____ to Commission File Number: 001-8610AT&T INC. Incorporated under the laws of the State of Employer Identification Number 43-1301883208 S. Akard St., Dallas, Texas, 75202 Telephone Number 210-821-4105 Securities registered PURSUANT to Section 12(b) of the Act: Name of each exchangeTitle of each classTrading Symbol(s)on which registeredCommon Shares (Par Value $ Per Share)TNew York Stock ExchangeDepositary Shares, each representing a 1/1000th interest in a share Perpetual Preferred Stock, Series AT PRANew York Stock ExchangeDepositary Shares, each representing a 1/1000th interest in a share Perpetual Preferred Stock, Series CT PRCNew York Stock ExchangeAT&T Inc.

2 Global Notes due December 4, 2020T 20 New York Stock ExchangeAT&T Inc. Global Notes due December 17, 2021T 21 BNew York Stock ExchangeAT&T Inc. Global Notes due June 1, 2022T 22 BNew York Stock ExchangeAT&T Inc. Global Notes due March 15, 2023T 23 New York Stock ExchangeAT&T Inc. Global Notes due May 19, 2023T 23 CNew York Stock ExchangeAT&T Inc. Floating Rate Global Notes due September 5, 2023T 23 DNew York Stock ExchangeAT&T Inc. Global Notes due September 5, 2023T 23 ENew York Stock ExchangeAT&T Inc. Global Notes due September 5, 2023T 23 ANew York Stock ExchangeAT&T Inc. Global Notes due September 15, 2023T 23 FNew York Stock ExchangeAT&T Inc. Global Notes due March 15, 2024T 24 ANew York Stock ExchangeAT&T Inc. Global Notes due December 17, 2025T 25 New York Stock ExchangeAT&T Inc. Global Notes due March 4, 2026T 26 ENew York Stock exchange Name of each exchangeTitle of each classTrading Symbol(s)on which registeredAT&T Inc. Global Notes due September 5, 2026T 26 DNew York Stock ExchangeAT&T Inc.

3 Global Notes due December 4, 2026T 26 ANew York Stock ExchangeAT&T Inc. Global Notes due May 19, 2028T 28 CNew York Stock ExchangeAT&T Inc. Global Notes due September 5, 2029T 29 DNew York Stock ExchangeAT&T Inc. Global Notes due September 14, 2029T 29 BNew York Stock ExchangeAT&T Inc. Global Notes due December 17, 2029T 29 ANew York Stock ExchangeAT&T Inc. Global Notes due March 4, 2030T 30 BNew York Stock ExchangeAT&T Inc. Global Notes due May 19, 2032T 32 ANew York Stock ExchangeAT&T Inc. Global Notes due December 17, 2032T 32 New York Stock ExchangeAT&T Inc. Global Notes due November 18, 2033T 33 New York Stock ExchangeAT&T Inc. Global Notes due March 15, 2034T 34 New York Stock ExchangeAT&T Inc. Global Notes due March 15, 2035T 35 New York Stock ExchangeAT&T Inc. Global Notes due September 4, 2036T 36 ANew York Stock ExchangeAT&T Inc. Global Notes due May 19, 2038T 38 CNew York Stock ExchangeAT&T Inc. Global Notes due September 14, 2039T 39 BNew York Stock ExchangeAT&T Inc.

4 Global Notes due April 30, 2040T 40 New York Stock ExchangeAT&T Inc. Global Notes due June 1, 2043T 43 New York Stock ExchangeAT&T Inc. Global Notes due June 1, 2044T 44 New York Stock ExchangeAT&T Inc. Global Notes due June 1, 2049T 49 ANew York Stock ExchangeAT&T Inc. Global Notes due March 1, 2050T 50 New York Stock ExchangeAT&T Inc. Global Notes due September 1, 2050T50 ANew York Stock ExchangeAT&T Inc. Global Notes due November 1, 2066 TBBNew York Stock ExchangeAT&T Inc. Global Notes due August 1, 2067 TBCNew York Stock ExchangeSecurities registered PURSUANT to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports PURSUANT to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

5 Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted PURSUANT to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the exchange Accelerated Filer Accelerated Filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided PURSUANT to Section 13(a) of the exchange Act.

6 Indicate by check mark whether the registrant has filed a REPORT on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 7262(b)) by the registered public accounting firm that prepared or issued its audit REPORT . Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the exchange Act). Yes No Based on the closing price of $ per share on June 30, 2020, the aggregate market value of our voting and non-voting common stock held by non-affiliates was $215 February 12, 2021, common shares outstanding were 7,131,763, INCORPORATED BY REFERENCE(1)Portions of AT&T Inc. s Notice of 2021 ANNUAL Meeting and Proxy Statement dated on or about March 11, 2021 to be filed within the period permitted under General Instruction G(3) (Parts III and IV).TABLE OF CONTENTSItemPagePART Safety Disclosures23 Information about our Executive Officers24 PART for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Financial s Discussion and Analysis of Financial Condition and Results of and Qualitative Disclosures about Market Statements and Supplementary in and Disagreements with Accountants on Accounting and Financial and Information127 PART , Executive Officers and Corporate Ownership of Certain Beneficial Owners and Management and Related Stockholder Relationships and Related Transactions, and Director Accountant Fees and Services130 PART and Financial Statement 10-K Summary133AT&T in millions except per share amountsPART IITEM 1.

7 BUSINESSGENERALAT&T Inc. ( AT&T, we or the Company ) is a holding company incorporated under the laws of the State of Delaware in 1983 and has its principal executive offices at 208 S. Akard St., Dallas, Texas, 75202 (telephone number 210-821-4105). We maintain an internet website at (This website address is for information only and is not intended to be an active link or to incorporate any website information into this document.) We file electronically with the Securities and exchange Commission (SEC) required reports on Form 8-K, Form 10-Q and Form 10-K; proxy materials; registration statements on Forms S-3 and S-8, as necessary; and other forms or reports as required. The SEC maintains a website ( ) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. We make available, free of charge, on our website our ANNUAL REPORT on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC.

8 We also make available on that website, and in print, if any stockholder or other person so requests, our Code of Ethics applicable to all employees and Directors, our Corporate Governance Guidelines, and the charters for all committees of our Board of Directors, including Audit, Human Resources and Corporate Governance and Nominating. Any changes to our Code of Ethics or waiver of our Code of Ethics for senior financial officers, executive officers or Directors will be posted on that reference to a Note refers to the Notes to Consolidated Financial Statements in Item , formerly known as SBC Communications Inc. (SBC), was formed as one of several regional holding companies created to hold AT&T Corp. s (ATTC) local telephone companies. On January 1, 1984, we were spun-off from ATTC PURSUANT to an anti-trust consent decree, becoming an independent publicly-traded telecommunications services provider. At formation, we primarily operated in five southwestern our formation, we have expanded our footprint and operations by acquiring various businesses, most significantly: Our subsidiaries merged with Pacific Telesis Group in 1997, Southern New England Telecommunications Corporation in 1998 and Ameritech Corporation in 1999, thereby expanding our wireline operations as the incumbent local exchange carrier (ILEC) into a total of 13 STATES .

9 In 2005, we merged one of our subsidiaries with ATTC, creating one of the world s leading telecommunications providers. In connection with the merger, we changed the name of our company from SBC Communications Inc. to AT&T Inc. In 2006, we merged one of our subsidiaries with BellSouth Corporation (BellSouth) making us the ILEC in an additional nine STATES . With the BellSouth acquisition, we also acquired BellSouth s 40 percent economic interest in AT&T Mobility LLC (AT&T Mobility), formerly Cingular Wireless LLC, resulting in 100 percent ownership of AT&T Mobility. In 2014, we completed the acquisition of wireless provider Leap Wireless International, Inc. and sold our ILEC operations in Connecticut, which we had previously acquired in 1998. In 2015, we acquired wireless properties in Mexico, and acquired DIRECTV, a leading provider of digital television entertainment services in both the UNITED STATES and Latin America. In June 2018, we acquired Time Warner Inc.

10 (Time Warner), a leader in media and entertainment that operates the Turner, Home Box Office (HBO) and Warner Bros. business units. We also acquired Otter Media Holdings and advertising platform AppNexus in August 2018. In October 2020, we sold our wireless and wireline operations in Puerto Rico and the Virgin in millions except per share amounts1 GeneralWe are a leading provider of telecommunications, media and technology services globally. The services and products that we offer vary by market and utilize various technology platforms in a range of geographies. Our reportable segments are organized as follows:The Communications segment provides services to businesses and consumers located in the and businesses globally. Our business strategies reflect bundled product offerings that cut across product lines and utilize shared assets. This segment contains the following business units: Mobility provides nationwide wireless service and equipment. Video provides video, including over-the-top (OTT) services and also sells multiplatform advertising services recognized as video revenues.