AT&T Results Presentation Deck

4Q21 Financial Summary $ in billions, except EPS 7 Adjusted EPS Adj. Ol Margint4 $0.75 $0.78 17.1% 16.2% 4Q20 4Q21 Revenues Revenues ex Videot5 Video impact $45.7 $41.0 $39.0 $40.6 4Q20 4Q21 Reported EPS Adjustments: Amortization of intangibles DIRECTV intangible amortization (proportionate share) Impairments Actuarial loss/(gain) on benefit plans Other adjustments Adjusted EPS Cash from Ops Free Cash Flow ² CAPEX $10.1 $7.7 4Q20 ($1.95) $0.22 $2.4 4Q20 4Q21 $2.02 $0.43 $0.03 $0.75 $11.3 January 26, 2022 / © 2022 AT&T Intellectual Property - AT&T Proprietary $8.7 $3.8 $1.3B from DTV classified as investing 4Q21 $0.69 $0.12 $0.05 $0.02 ($0.12) $0.02 $0.78 Solid revenue growth on a comparable basis 4Q21 reported revenues of $41.0B Excluding Videot5, revenues were up $1.6B, or 4.2% 2021 revenues were up 5.9% on a comparable basis†5 Adjusted EPS of $0.78 Strong cash flows and dividend coverage $11.3B in cash from operations $8.7B free cash flow t2; $26.8B for full-year 2021 $3.8B in CAPEX; $4.9B in gross capital investment ¹6 2021 dividend payout ratiot2 of ~56% + See notes slide 13 AT&T

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