diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8125f69e15..0993b77ebe 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -25,7 +25,7 @@ and this project adheres to [Semantic Versioning](https://semver.org).
 
 ### Fixed
 
-- Nothing yet.
+- Ignore cell formatting when the format is a single @. [Issue #4242](https://github.com/PHPOffice/PhpSpreadsheet/issues/4242) [PR #4243](https://github.com/PHPOffice/PhpSpreadsheet/pull/4243)
 
 ## 2024-11-22 - 3.5.0
 
diff --git a/src/PhpSpreadsheet/Style/NumberFormat/Formatter.php b/src/PhpSpreadsheet/Style/NumberFormat/Formatter.php
index 8ae33354ae..cb15e8f375 100644
--- a/src/PhpSpreadsheet/Style/NumberFormat/Formatter.php
+++ b/src/PhpSpreadsheet/Style/NumberFormat/Formatter.php
@@ -14,6 +14,7 @@ class Formatter extends BaseFormatter
      * Matches any @ symbol that isn't enclosed in quotes.
      */
     private const SYMBOL_AT = '/@(?=(?:[^"]*"[^"]*")*[^"]*\Z)/miu';
+    private const QUOTE_REPLACEMENT = "\u{fffe}"; // invalid Unicode character
 
     /**
      * Matches any ; symbol that isn't enclosed in quotes, for a "section" split.
@@ -125,8 +126,23 @@ public static function toFormattedString($value, string $format, ?array $callBac
         }
         // For now we do not treat strings in sections, although section 4 of a format code affects strings
         // Process a single block format code containing @ for text substitution
-        if (preg_match(self::SECTION_SPLIT, $format) === 0 && preg_match(self::SYMBOL_AT, $format) === 1) {
-            return str_replace('"', '', preg_replace(self::SYMBOL_AT, (string) $value, $format) ?? '');
+        $formatx = str_replace('\\"', self::QUOTE_REPLACEMENT, $format);
+        if (preg_match(self::SECTION_SPLIT, $format) === 0 && preg_match(self::SYMBOL_AT, $formatx) === 1) {
+            if (!str_contains($format, '"')) {
+                return str_replace('@', $value, $format);
+            }
+            //escape any dollar signs on the string, so they are not replaced with an empty value
+            $value = str_replace(
+                ['$', '"'],
+                ['\\$', self::QUOTE_REPLACEMENT],
+                (string) $value
+            );
+
+            return str_replace(
+                ['"', self::QUOTE_REPLACEMENT],
+                ['', '"'],
+                preg_replace(self::SYMBOL_AT, $value, $formatx) ?? $value
+            );
         }
 
         // If we have a text value, return it "as is"
diff --git a/tests/data/Style/NumberFormat.php b/tests/data/Style/NumberFormat.php
index 7296a248cc..58d6151284 100644
--- a/tests/data/Style/NumberFormat.php
+++ b/tests/data/Style/NumberFormat.php
@@ -1682,4 +1682,49 @@
         '#,##0.00;;"---"',
     ],
     'issue 4124' => ['1 HUF', 1, '#,##0_-[$HUF]'],
+    'issue 4242 General with dollar sign' => [
+        'General $200 - 200', // expected result
+        'General $200 - 200', // cell contents
+        NumberFormat::FORMAT_GENERAL, // cell style
+    ],
+    'issue 4242 Text with dollar sign' => [
+        'Text $200 - 200',
+        'Text $200 - 200',
+        NumberFormat::FORMAT_TEXT,
+    ],
+    'issue 4242 Text with quotes, format without' => [
+        '"Hello" she said and "Hello" I replied',
+        '"Hello" she said and "Hello" I replied',
+        NumberFormat::FORMAT_TEXT,
+    ],
+    'issue 4242 Format with quotes, text without' => [
+        'Text: $200 - 200',
+        '$200 - 200',
+        '"Text: "' . NumberFormat::FORMAT_TEXT,
+    ],
+    'issue 4242 single quote mark' => [
+        '"',
+        '"',
+        '@',
+    ],
+    'issue 4242 dollar sign' => [
+        '$100',
+        '$100',
+        '@',
+    ],
+    'issue 4242 repeat unquoted at signs' => [
+        'xy xy xy',
+        'xy',
+        '@ @ @',
+    ],
+    'issue 4242 quotes in format and text' => [
+        'Text: "Hooray" for me',
+        '"Hooray" for me',
+        '"Text: "' . NumberFormat::FORMAT_TEXT,
+    ],
+    'issue 4242 escaped quote in format' => [
+        '"Hello"',
+        'Hello',
+        '\\"@\\"',
+    ],
 ];