AT&T 2025 2nd Quarter Earnings

AT&T 2025 2nd Quarter Earnings

• 1. © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T Proprietary (Internal Use Only) - Not for use or disclosure outside the AT&T companies except under written agreement 2025 2nd Quarter Earnings July 23, 2025 © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.

• 2. Cautionary Language Concerning Forward-looking Statements Information set forth in this presentation contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this presentation based on new information or otherwise. This presentation may contain certain non-GAAP financial measures (as identified throughout with an “*”). Reconciliations between the non-GAAP financial measures and the most comparable GAAP financial measures are available at the end of this presentation and on the company’s website at investors.att.com. 2 © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.

• 3. © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. 2025 Business Priorities Grow durable 5G and Fiber relationships • Continue disciplined go-to-market strategy with a focus on putting the customer first • Grow AT&T Fiber and 5G subscribers while increasing the converged customer penetration rate 1 Effective and efficient in everything we do • Expand consolidated Adj. EBITDA margins* and make progress toward achieving $3B+ run-rate cost savings target by the end of 2027 • Integrate AI to drive efficiencies, increase productivity and improve customer experiences • Continue transition of legacy copper to 5G and fiber services • Execute wireless network modernization with peak investment in 2025 2 Deliberate capital allocation • Invest for growth in 5G and fiber with Capital Investment* in $22B to $22.5B range • Achieved net debt-to-adjusted EBITDA*in the 2.5x range in the first half of 2025 • Began enhanced shareholder return program through our $10B share repurchase authorization • Provide an attractive dividend with improved quality 3 * See end of presentation for non-GAAP reconciliations 3

• 4. 2 nd Quarter Highlights 73.4M Postpaid Phone Subscribers +401K Net Adds 9.8M AT&T Fiber Subscribers +243K Net Adds +3.5% Mobility Service Revenue Growth (year over year) +18.9% AT&T Fiber Revenue Growth (year over year) 4 © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.

• 5. © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Service Revenue Growth +1.1% YoY +3.5% Adj. EBITDA* Growth YoY $4.4B Free Cash Flow* Adjusted EBITDA* $ in billions Adjusted EPS* excludes DIRECTV Revenue $ in billions Free Cash Flow* $ in billions, excludes DIRECTV 2Q25 Consolidated Results Adj. EBITDA Margin* Service Revenue * See end of presentation for non-GAAP reconciliations x $30.6 $30.8 $32.3 $29.8 $30.2 $25.0 $25.1 $25.2 $25.1 $25.3 2Q24 3Q24 4Q24 1Q25 2Q25 +0.6% +0.1% +0.3% +1.2% +1.1% YoY YoY YoY YoY YoY $11.5 $11.7 $10.8 $11.3 $11.6 37.7% 38.0% 33.4% 38.0% 38.3% 0.0% 10. 0% 20. 0% 30. 0% 40.0% 50. 0% 60.0% 70. 0% 80.0% 90.0% $0.0B $2. 0B $4.0B $6.0B $8.0B $10.0B $12.0B $14.0B 2Q24 3Q24 4Q24 1Q25 2Q25 +2.6% +3.4% +2.2% +4.4% +3.5% YoY YoY YoY YoY YoY $4.4 $3.1 $4.0 $4.6 $4.0 2Q24 3Q24 4Q24 1Q25 2Q25 $0.54 $0.51 $0.43 $0.54 $0.51 2Q24 3Q24 4Q24 1Q25 2Q25 5

• 6. 2Q25 Mobility | Delivering Balanced & Profitable Growth © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. +401K Postpaid Phone Net Adds Service Revenue Growth +3.5% YoY +3.2% EBITDA* Growth YoY Revenue $ in billions EBITDA* $ in billions Service Revenue EBITDA Margin* * See end of presentation for non-GAAP reconciliations Postpaid Phone Net Adds Postpaid Phone ARPU Net Adds in thousands $21.6 $21.8 $23.1 $20.5 $21.1 $16.3 $16.5 $16.6 $16.7 $16.9 2Q24 3Q24 4Q24 1Q25 2Q25 +3.4% +4.0% +3.3% +4.1% +3.5% YoY YoY YoY YoY YoY $9.3 $9.5 $8.9 $9.5 $9.2 43.0% 43.4% 38.4% 44.9% 45.1% 0.0% 20. 0% 40.0% 60.0% 80.0% 10.0% 120.0% $0.0B $2. 0B $4.0B $6.0B $8.0B $10.0B 2Q24 3Q24 4Q24 1Q25 2Q25 +5.3% +6.7% +6.1% +3.5% +3.2% YoY YoY YoY YoY YoY 401 324 482 403 419 0.85% 0.83% 0.87% 0.78% 0.70% 2Q24 3Q24 4Q24 1Q25 2Q25 $57.04 $56.72 $56.56 $57.07 $56.42 2Q24 3Q24 4Q24 1Q25 2Q25 +1.4% +1.9% +0.9% +1.8% +1.1% YoY YoY YoY YoY YoY 6 Postpaid Phone Churn

• 7. © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Revenue $ in billions Net Adds Net Adds in thousands EBITDA* $ in billions Converged Customers* in millions +243K AT&T Fiber Net Adds +203K AT&T Internet Air Net Adds + AT&T Fiber Revenue Growth 18.9% YoY 2Q25 Consumer Wireline | Winning in Fiber & Convergence Fiber Revenue EBITDA Margin* AT&T Fiber Subscribers with AT&T Mobility* Convergence Rate* Fiber ARPU * See end of presentation for non-GAAP reconciliations & other definitions AT&T Fiber Subscribers $3.5 $3.5 $3.5 $3.3 $3.4 $2.1 $2.1 $1.9 $2.0 $1.8 2Q24 3Q24 4Q24 1Q25 2Q25 +18.9% +17.9% +16.7% +17.8% +19.0% YoY YoY YoY YoY YoY $1.3 $1.3 $1.2 $1.1 $1.1 35.2% 36.9% 36.5% 32.8% 32.8% 20. 0% 25. 0% 30. 0% 35. 0% 40.0% 45. 0% 50. 0% 55. 0% 60.0% 65. 0% 70. 0% $0.0B $0.2B $0.4B $0.6B $0.8B $1. 0B $1. 2B $1. 4B 2Q24 3Q24 4Q24 1Q25 2Q25 +7.1% +8.6% +9.8% +18.6% +17.8% YoY YoY YoY YoY YoY 243 261 307 226 239 150 137 52 28 123 $72.85 $73.26 $71.71 $70.36 $69.00 $30.00 $35.00 $40. 0 $45. 0 $50.00 $5.00 $60. 0 $65.00 $70.00 $75.00 $80. 0 0 50 10 150 20 250 30 350 400 450 50 2Q24 3Q24 4Q24 1Q25 2Q25 9.6 9.8 9.0 9.3 8.8 3.7 3.9 4.0 3.5 3.6 40.0% 40.2% 40.9% 39.5% 39.7% 25. 0% 27. 0% 29. 0% 31.0% 33. 0% 35. 0% 37. 0% 39. 0% 41. 0% 43. 0% 0.0 2.0 4.0 6.0 8.0 10. 0 12.0 14. 0 2Q24 3Q24 4Q24 1Q25 2Q25 Total Broadband Fiber 7

• 8. © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Business Wireline Revenue $ in billions Business Solutions* Service Revenue $ in billions Business Wireline EBITDA* $ in billions FirstNet Connections in millions Business Wireline Revenue Growth -9.3% YoY +398K FirstNet Connections Added Business Wireline EBITDA* Growth -11.3% YoY 2Q25 Business Wireline | Managing Connectivity Transition Wireless Services Legacy and Other Transitional Services Fiber and Advanced Connectivity Services * See end of presentation for non-GAAP reconciliations $4.3 $4.6 $4.5 $4.5 $4.8 2Q24 3Q24 4Q24 1Q25 2Q25 -9.3% -9.9% YoY -11.8% -10.0% -9.1% YoY YoY YoY YoY $1.3 $1.4 $1.2 $1.4 $1.5 31.3% 29.4% 26.3% 31.3% 30.6% -10.0% 10. 0% 30. 0% 50. 0% 70. 0% 90.0% 110.0% $0.0B $0.2B $0.4B $0.6B $0.8B $1. 0B $1. 2B $1. 4B $1. 6B 2Q24 3Q24 4Q24 1Q25 2Q25 -13.9% -20.0% -22.0% -1.8% YoY -11.3% YoY YoY YoY YoY $2.5 $2.5 $2.5 $2.4 $2.5 $1.7 $1.7 $1.8 $1.8 $1.8 $2.8 $2.7 $2.6 $2.5 $2.3 $6.7 $6.6 $7.0 $6.9 $6.9 2Q24 3Q24 4Q24 1Q25 2Q25 7.5 7.1 6.7 6.4 6.1 2Q24 3Q24 4Q24 1Q25 2Q25 8 EBITDA Margin*

• 9. © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. $1.0B 2Q25 Share Repurchases From 2024 Authorization Capital Investment* $ in billions Net Debt* & Leverage $ in billions • Cash and cash equivalents of $10.5B as of end of 2Q25 • FX impacts increased debt balance by $2.8B (~$4.0B YTD) • Repurchased approximately $1B of common shares in 2Q25 2Q25 Capital Allocation Capital Expenditures Dividends Paid Vendor Financing Payments * See end of presentation for non-GAAP reconciliations Shareholder Returns $ in billions Share Repurchases Under 2024 -$6.5B Authorization Net Debt* Reduction YoY $5.1 $4.5 $7.1 $5.5 $4.9 $4.9 $4.3 $6.8 $5.3 $4.4 2Q24 3Q24 4Q24 1Q25 2Q25 $120.1 $119.1 $120.3 $126.9 $125.8 2.68x 2.63x 2.64x 2.87x 2.82x 1.50x 2.0x 2.50x 3.0x 3.50x 4.0x 4.50x 5.0x $20. 0B $40. 0B $60. 0B $80. 0B $100.0B $120.0B $140.0B 2Q24 3Q24 4Q24 1Q25 2Q25 $2.1 $2.0 $2.0 $2.1 $2.0 $1.0 $3.0 $2.1 $2.0 $2.0 $2.1 2Q24 3Q24 4Q24 1Q25 2Q25 9 Net Debt-toAdj. EBITDA*

• 10. REVENUE GROWTH Consolidated Service Revenues Mobility Service Revenues Consumer Fiber Broadband Revenues low-single-digit range 3% or better mid-to-high-teens ADJUSTED EBITDA* GROWTH 3% or better CAPITAL INVESTMENT* $22B to $22.5B range FREE CASH FLOW* excludes DIRECTV low-to-mid $16B range ADJUSTED EPS* excludes DIRECTV $1.97 to $2.07 2025 Guidance © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. 2025 Financial Guidance * See end of presentation for non-GAAP reconciliations 10

• 11. Q&A © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. 11

• 12. Non-GAAP Measures and Reconciliations to GAAP Measures © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Adjusted EBITDA is calculated by excluding from operating revenues and operating expenses certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Adjusted EBITDA margin is adjusted EBITDA divided by total operating revenues. Dollars in millions 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Income $ 4,762 $ 3,826 $ 2,582 $ 3,751 $ 3,949 $ 145 $ 4,408 $ 4,692 $ 4,861 Additions: Income Tax Expense 1,403 1,154 354 1,118 1,142 1,285 900 1,299 1,237 Interest Expense 1,608 1,662 1,726 1,724 1,699 1,675 1,661 1,658 1,655 Equity in Net (Income) of Affiliates (380) (420) (337) (295) (348) (272) (1,074) (1,440) (485) Other (Income) Expense - Net (987) (440) 946 (451) (682) (717) (569) (455) (767) Depreciation and amortization 4,675 4,705 4,766 5,047 5,072 5,087 5,374 5,190 5,251 EBITDA 11,081 10,487 10,037 10,894 10,832 7,203 10,700 10,944 11,752 Transaction, legal and other costs 1 - 72 26 32 35 34 22 79 49 Benefit-related (gain) loss (28) 40 (97) (39) (10) (73) 55 6 (70) Asset impairments and abandonments and restructuring - 604 589 159 480 4,422 14 504 - Adjusted EBITDA $ 11,053 $ 11,203 $ 10,555 $ 11,046 $ 11,337 $ 11,586 $ 10,791 $ 11,533 $ 11,731 YoY Growth Rate 2.6% 3.4% 2.2% 4.4% 3.5% Operating Income $ 6,406 $ 5,782 $ 5,271 $ 5,847 $ 5,760 $ 2,116 $ 5,326 $ 5,754 $ 6,501 YoY Growth Rate (10.1)% (63.4)% 1.0 % (1.6)% 12.9 % Total Operating Revenues 29,797 30,213 32,298 30,626 30,847 Operating Income Margin 19.3% 7.0% 16.5% 18.8% 21.1% Adjusted EBITDA Margin 38.0% 38.3% 33.4% 37.7% 38.0% EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin 1 Includes costs associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024, which is presented net of expected insurance recoveries. 12

• 13. Non-GAAP Measures and Reconciliations to GAAP Measures © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. At the segment or business unit level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. AT&T Fiber subscribers with AT&T Mobility is defined as AT&T Fiber subscribers that are also primary Mobility account holders that subscribe to consumer postpaid phone service. We refer to these customers as Converged Customers. 2Q25 convergence metrics are presented based on available information and are subject to revision. Convergence rate represents the ratio of Converged Customers to AT&T Fiber subscribers. Dollars in millions 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Mobility Operating Income $ 6,613 $ 6,763 $ 6,214 $ 6,468 $ 6,719 $ 7,003 $ 6,124 $ 6,740 $ 6,931 YoY Growth Rate 1.6 % 3.5 % (1.4)% 4.2 % 3.2 % Add: Depreciation and amortization 2,123 2,134 2,162 2,487 2,476 2,490 2,764 2,526 2,556 EBITDA $ 8,736 $ 8,897 $ 8,376 $ 8,955 $ 9,195 $ 9,493 $ 8,888 $ 9,266 $ 9,487 YoY Growth Rate 5.3% 6.7% 6.1% 3.5% 3.2% Total Operating Revenues 20,480 21,052 23,129 21,570 21,845 Operating Income Margin 32.8% 33.3% 26.5% 31.2% 31.7% EBITDA Margin 44.9% 45.1% 38.4% 43.0% 43.4% Consumer Wireline Operating Income $ 168 $ 160 $ 229 $ 213 $ 184 $ 196 $ 276 $ 349 $ 335 YoY Growth Rate 9.5 % 22.5 % 20.5 % 63.8 % 82.1 % Add: Depreciation and amortization 857 871 880 881 914 924 942 949 958 EBITDA $ 1,025 $ 1,031 $ 1,109 $ 1,094 $ 1,098 $ 1,120 $ 1,218 $ 1,298 $ 1,293 YoY Growth Rate 7.1 % 8.6 % 9.8 % 18.6 % 17.8 % Total Operating Revenues 3,347 3,416 3,465 3,522 3,541 Operating Income Margin 5.5 % 5.7 % 8.0 % 9.9 % 9.5 % EBITDA Margin 32.8 % 32.8 % 35.2 % 36.9 % 36.5 % Business Wireline Operating Income (Loss) $ 396 $ 350 $ 165 $ 64 $ 102 $ (43) $ (211) $ (98) $ (201) YoY Growth Rate (74.2)% (112.3)% (227.9)% (253.1)% (297.1)% Add: Depreciation and amortization 1,333 1,345 1,369 1,362 1,386 1,399 1,408 1,498 1,521 EBITDA $ 1,729 $ 1,695 $ 1,534 $ 1,426 $ 1,488 $ 1,356 $ 1,197 $ 1,400 $ 1,320 YoY Growth Rate (13.9)% (20.0)% (22.0)% (1.8)% (11.3)% Total Operating Revenues 4,755 4,606 4,545 4,468 4,313 Operating Income Margin 2.1 % (0.9)% (4.6)% (2.2)% (4.7)% EBITDA Margin 31.3 % 29.4 % 26.3 % 31.3 % 30.6 % Business Unit EBITDA, EBITDA Margin 13

• 14. Non-GAAP Measures and Reconciliations to GAAP Measures © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Net debt-to-adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our net debt-to-adjusted EBITDA ratio is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA (defined and calculated above). Net debt is calculated by subtracting cash and cash equivalents and time deposits (deposits at financial institutions that are greater than 90 days, e.g., certificates of deposit and time deposits), from total debt. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected adjusted EBITDA and net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort. Capital investment includes capital expenditures and cash paid for vendor financing. Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metrics without unreasonable effort. Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. Prior periods have been recast to conform to the current period presentation to remove cash flows from our investment in DIRECTV, which we sold to TPG. Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity method investment (cash distributions less cash taxes paid from DIRECTV), minus capital expenditures and cash paid for vendor financing (classified as financing activities). Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort. Dollars in millions 2Q24 3Q24 4Q24 1Q25 2Q25 Adjusted EBITDA $ 11,337 $ 11,586 $ 10,791 $ 11,533 $ 11,731 Trailing Twelve Months Adjusted EBITDA 44,141 44,524 44,760 45,247 45,641 Total Debt 130,604 129,012 123,532 126,161 132,311 Less: Cash and Cash Equivalents 3,093 2,586 3,298 6,885 10,499 Less: Time Deposits 650 650 150 150 1,500 Net Debt 126,861 125,776 120,084 119,126 120,312 Annualized Net Debt-to-Adjusted EBITDA Ratio 2.87 2.82 2.68 2.63 2.64 Net Debt-to-Adjusted EBITDA Dollars in millions 2Q24 3Q24 4Q24 1Q25 2Q25 Capital expenditures $ 4,360 $ 5,302 $ 6,843 $ 4,277 $ 4,897 Payment of vendor financing 550 180 221 203 220 Capital Investment $ 4,910 $ 5,482 $ 7,064 $ 4,480 $ 5,117 Capital Investment Dollars in millions 2Q24 3Q24 4Q24 1Q25 2Q25 Net Cash Provided by Operating Activities $ 9,093 $ 10,235 $ 11,896 $ 9,049 $ 9,763 Less: Distributions from DIRECTV classified as operating activities (350) (281) (1,072) (1,423) (503) Less: Cash taxes paid on DIRECTV 121 132 254 - 251 Less: Capital expenditures (4,360) (5,302) (6,843) (4,277) (4,897) Less: Payment of vendor financing (550) (180) (221) (203) (220) Free Cash Flow (excludes DIRECTV) $ 3,954 $ 4,604 $ 4,014 $ 3,146 $ 4,394 Free Cash Flow 14

• 15. Non-GAAP Measures and Reconciliations to GAAP Measures © 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) 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. Prior periods have been recast to conform to the current period presentation to remove equity in net income from our investment in DIRECTV. Reconciliations of adjusted EPS to the most comparable GAAP metric can be found at investors.att.com and in our Form 8-K dated July 23, 2025. The company expects adjustments to 2025 reported diluted EPS to include a gain recognized on the sale of DIRECTV in 3Q25, an adjustment to remove equity in net income of DIRECTV (prior to the July 2, 2025 transaction close), a non-cash mark-to-market benefit plan gain/loss and other items. The company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. Our projected 2025 adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between this projected nonGAAP metric and the most comparable GAAP metric without unreasonable effort. As a supplemental presentation to our Communications segment operating results, AT&T Business Solutions results are provided in the Financial and Operational Schedules & Non-GAAP Reconciliations document on the company’s Investor Relations website, investors.att.com. AT&T Business Solutions includes both wireless, including FirstNet, and fixed operations and is calculated by combining our Mobility and Business Wireline operating units and then adjusting to remove non-business operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Business Solutions Service Revenue is calculated as business mobility service revenue (Mobility service revenue less adjustment for non-business Mobility service revenue reported in the Communications segment under the Mobility business unit) plus Legacy and other transitional services, plus Fiber and advanced connectivity services. 2Q24 3Q24 4Q24 1Q25 2Q25 Diluted Earnings Per Share (EPS) $ 0.49 $ (0.03) $ 0.56 $ 0.61 $ 0.62 Equity in net income of DIRECTV (0.04) (0.03) (0.12) (0.15) (0.05) Actuarial (gain) loss - net - - 0.01 - - Restructuring and impairments 0.05 0.61 - 0.05 - Benefit-related, transaction, legal and other items 0.01 (0.01) 0.01 - (0.03) Tax-related items - - (0.03) - - Adjusted EPS (excludes DIRECTV) $ 0.51 $ 0.54 $ 0.43 $ 0.51 $ 0.54 Adjusted Diluted EPS Mobility Business Wireline Adj. Business Solutions Mobility Business Wireline Adj. Business Solutions Mobility Business Wireline Adj. Business Solutions Mobility Business Wireline Adj. Business Solutions Mobility Business Wireline Adj. Business Solutions Wireless service $ 16,277 $ - $ (13,809) $ 2,468 $ 16,539 $ - $ (14,056) $ 2,483 $ 16,563 $ - $ (14,088) $ 2,475 $ 16,651 $ - $ (14,202) $ 2,449 $ 16,853 $ - $ (14,390) $ 2,463 Legacy and other transitional services - 2,839 - 2,839 - 2,669 - 2,669 - 2,590 - 2,590 - 2,475 - 2,475 - 2,349 - 2,349 Fiber and advanced connectivity services - 1,732 - 1,732 - 1,748 - 1,748 - 1,786 - 1,786 - 1,780 - 1,780 - 1,793 - 1,793 Total Service Revenues $ 16,277 $ 4,571 $ (13,809) $ 7,039 $ 16,539 $ 4,417 $ (14,056) $ 6,900 $ 16,563 $ 4,376 $ (14,088) $ 6,851 $ 16,651 $ 4,255 $ (14,202) $ 6,704 $ 16,853 $ 4,142 $ (14,390) $ 6,605 2Q25 Supplemental Operational Measures Dollars in millions 2Q24 3Q24 4Q24 1Q25 15