Press Release: AT&T Delivers Strong Third-Quarter -5-

The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.

Adjusting Items Dollars in millions Third Quarter Nine-Month Period 2026 2025 2026 2025 Operating Expenses Transaction, legal and other costs(1) $ 44 $ 487 $ 339 $ 615 Benefit-related (gain) loss 16 (62) (60) (126) Asset impairments and abandonments and restructuring 3,372 -- 3,658 504 Adjustments to Operations and Support Expenses 3,432 425 3,937 993 Amortization of intangible assets 80 10 221 28 Adjustments to Operating Expenses 3,512 435 4,158 1,021 Other Equity in net income of DIRECTV -- -- -- (1,926) Gain on sale of DIRECTV -- (5,479) -- (5,479) Benefit-related (gain) loss, impairments of investments and other (10) (99) (71) (224) Adjustments to Income from Continuing Operations BeforeIncome Taxes 3,502 (5,143) 4,087 (6,608) Tax impact of adjustments (34) 67 106 (266) Tax-related items -- 177 365 177 Adjustments to Income From Continuing Operations $ 3,536 $ (5,387) $ 3,616 $ (6,519) Preferred stock redemption gain -- -- -- (90) Adjustments to Income From Continuing OperationsAttributable to Common Stock $ 3,536 $ (5,387) $ 3,616 $ (6,609) (1) Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses, other income (expense) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.

Adjusted Operating Income, Adjusted Operating Income Margin,Adjusted EBITDA and Adjusted EBITDA Margin Dollars in millions Third Quarter Nine-Month Period 2026 2025 2026 2025 Operating Income $ 4,095 $ 6,119 $ 17,791 $ 18,374 Adjustments to Operating Expenses 3,512 435 4,158 1,021 Adjusted Operating Income $ 7,607 $ 6,554 $ 21,949 $ 19,395

EBITDA $ 9,073 $ 11,436 $ 32,701 $ 34,132 Adjustments to Operations and Support Expenses 3,432 425 3,937 993 Adjusted EBITDA $ 12,505 $ 11,861 $ 36,638 $ 35,125

Total Operating Revenues $ 32,322 $ 30,709 $ 95,386 $ 92,182

Operating Income Margin 12.7 % 19.9 % 18.7 % 19.9 % Adjusted Operating Income Margin 23.5 % 21.3 % 23.0 % 21.0 % Adjusted EBITDA Margin 38.7 % 38.6 % 38.4 % 38.1 %

Adjusted Diluted EPS Third Quarter Nine-Month Period 2026 2025 2026 2025 Diluted Earnings Per Share (EPS) From ContinuingOperations $ 0.13 $ 1.29 $ 1.34 $ 2.51 Gain on sale of DIRECTV -- (0.79) -- (0.79) Equity in net income of DIRECTV -- -- -- (0.21) Restructuring and impairments 0.50 -- 0.53 0.05 Benefit-related, transaction, legal and other items 0.02 0.04 0.04 0.04 Tax-related items -- -- (0.05) -- Adjusted EPS $ 0.65 $ 0.54 $ 1.86 $ 1.60 Year-over-year growth - Adjusted 20.4% 16.3% Weighted Average Common Shares Outstanding withDilution (000,000) 6,844 7,169 6,938 7,203

Net Debt to Adjusted EBITDA

Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by adding debt classified as held-for-sale related to our Mexico wireless business and subtracting cash and cash equivalents and deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt.

Net Debt to Adjusted EBITDA - 2026 Dollars in millions Three Months Ended Dec. 31, March 31, June 30, Sept. 30, FourQuarters 2025(1) 2026(1) 2026(1) 2026 Adjusted EBITDA $ 11,236 $ 11,795 $ 12,338 $ 12,505 $ 47,874 End-of-period current debt 9,483 End-of-period long-term debt 150,144 Total End-of-Period Debt 159,627 Add: Mexico held-for-sale finance leases 1,209 Less: Cash and Cash Equivalents 10,767 Less: Time Deposits 250 Net Debt Balance 149,819 Annualized Net Debt to Adjusted EBITDA Ratio 3.13 (1) As reported in AT&T's Form 8-K filed July 22, 2026.

Net Debt to Adjusted EBITDA - 2025 Dollars in millions Three Months Ended Dec. 31, March 31, June 30, Sept. 30, FourQuarters 2024(1) 2025(1) 2025(1) 2025(1) Adjusted EBITDA $ 10,791 $ 11,533 $ 11,731 $ 11,861 $ 45,916 End-of-period current debt 11,378 End-of-period long-term debt 128,090 Total End-of-Period Debt 139,468 Less: Cash and Cash Equivalents 20,272 Less: Time Deposits 350 Net Debt Balance 118,846 Annualized Net Debt to Adjusted EBITDA Ratio 2.59 (1) As reported in AT&T's Form 8-K filed July 22, 2026.

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October 21, 2026 06:30 ET (10:30 GMT)