ATI (NYSE:ATI) Announces Earnings Results

Posted by Alanna Baker on Aug 7th, 2026

ATI (NYSE:ATI – Get Free Report) released its quarterly earnings results on Thursday. The basic materials company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20, Briefing.com reports. ATI had a net margin of 9.26% and a return on equity of 26.44%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the company earned $0.74 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. ATI updated its Q3 2026 guidance to 1.310-1.370 EPS and its FY 2026 guidance to 4.900-5.180 EPS.

Here are the key takeaways from ATI’s conference call:

ATI raised its full-year outlook across key metrics, with adjusted EBITDA now projected at $1.135 billion–$1.185 billion, adjusted EPS at $4.90–$5.18, and free cash flow at $550 million–$600 million. The EBITDA midpoint implies 35% year-over-year growth, while free cash flow is expected to rise 51%.
The AA&S segment delivered a substantial improvement, with sales up 17% and EBITDA margins reaching a record 23.7%, driven by stronger pricing, mix, defense demand, and high-purity hafnium and zirconium sales. Management believes the segment can sustain margins in the mid-20% range.
Demand visibility remains strong, supported by a record $4.4 billion backlog, up 18% year over year, with about 70% expected to convert to revenue within 12 months. Jet engine revenue rose 13%, defense revenue increased 36%, and the company cited extended lead times and long-term agreements for differentiated aerospace and defense products.
HPMC performance was within expectations but some shipments shifted from the second quarter because of qualification timing at the Mexico facility and the EB2 titanium furnace. Management expects the deferred demand, alongside contract pricing and productivity gains, to support sequential improvement in the second half.
ATI generated $143 million of adjusted free cash flow in the first half versus a $50 million use a year earlier and expects positive free cash flow in every quarter of 2026. The company also repurchased $50 million of stock in the second quarter, with $495 million remaining under its authorization.

ATI Price Performance

NYSE:ATI traded up $17.46 during trading hours on Thursday, reaching $222.57. The company had a trading volume of 3,104,201 shares, compared to its average volume of 1,471,142. The company has a quick ratio of 1.17, a current ratio of 2.67 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average of $191.35 and a two-hundred day moving average of $164.02. ATI has a one year low of $70.42 and a one year high of $236.98. The firm has a market capitalization of $30.37 billion, a PE ratio of 73.70, a PEG ratio of 1.63 and a beta of 0.98.

Insider Activity

In other news, CEO Kimberly A. Fields sold 59,749 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $179.07, for a total value of $10,699,253.43. Following the sale, the chief executive officer owned 218,014 shares in the company, valued at approximately $39,039,766.98. The trade was a 21.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 192,199 shares of company stock worth $34,601,100 over the last three months. 0.98% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ATI

Hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC acquired a new position in ATI in the second quarter valued at about $75,000. Greenline Wealth Management LLC acquired a new stake in shares of ATI during the fourth quarter worth approximately $80,000. ARK Investment Management LLC increased its holdings in shares of ATI by 19.8% during the fourth quarter. ARK Investment Management LLC now owns 889 shares of the basic materials company’s stock worth $102,000 after buying an additional 147 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of ATI by 23.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 950 shares of the basic materials company’s stock valued at $109,000 after acquiring an additional 180 shares during the last quarter. Finally, Danske Bank A S bought a new position in shares of ATI in the third quarter valued at approximately $122,000.

Analysts Set New Price Targets

ATI has been the topic of a number of recent research reports. TD Cowen lifted their price target on shares of ATI from $170.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $194.00 price objective on shares of ATI in a research note on Friday, May 1st. Zacks Research raised shares of ATI from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 25th. BTIG Research lifted their target price on shares of ATI from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, KeyCorp upped their target price on shares of ATI from $175.00 to $211.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat.com, ATI presently has an average rating of “Buy” and a consensus target price of $187.62.

Read Our Latest Stock Report on ATI

Key Stories Impacting ATI

Here are the key news stories impacting ATI this week:

Positive Sentiment: ATI reported second-quarter sales of $1.26 billion, up 11% year over year, while adjusted EPS of $1.23 exceeded the $1.03 consensus estimate. GAAP EPS rose to $1.09 from $0.70, and net income increased 50% to $151 million. ATI Announces Second Quarter 2026 Results
Positive Sentiment: Profitability improved materially: adjusted EBITDA increased 37% to $284 million, with the margin expanding to 22.6% from 18.2%. Aerospace and defense sales rose 13%, and backlog reached approximately $4.4 billion, up 18%, reinforcing expectations for continued demand. ATI Q2 2026 Sales Rise 11% to $1.26 Billion
Positive Sentiment: Management raised full-year 2026 adjusted EBITDA guidance to $1.135 billion-$1.185 billion from $1.010 billion-$1.060 billion and adjusted EPS guidance to $4.90-$5.18 from $4.20-$4.48. Third-quarter adjusted EPS guidance of $1.31-$1.37 also exceeded the $1.12 analyst consensus, while free-cash-flow expectations improved. ATI Targets Higher 2026 EBITDA and Free Cash Flow
Neutral Sentiment: The stock reached a new 52-week high and trades at a relatively demanding valuation, with a reported P/E ratio above 70. The strong results may justify the premium, but the valuation raises expectations for continued earnings growth. ATI Hits a 52-Week High
Negative Sentiment: Recent insider activity shows 26 reported open-market sales and no purchases during the past six months, including sales by senior executives. This may be a cautionary signal, although insider sales can also reflect compensation or portfolio diversification.

About ATI

(Get Free Report)

Allegheny Technologies Incorporated (ATI) is a global manufacturer of specialty materials and complex components, serving aerospace, defense, oil and gas, chemical processing, medical and other industrial end markets. The company operates through two main segments: High Performance Materials & Components, which produces titanium and nickel-based alloys, stainless and specialty steels, and precision forgings; and Flat-Rolled Products, which supplies stainless steel, nickel and specialty alloy sheet, strip and precision-rolled plate.