ATI Inc. (ATI) Earnings
ATI Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.99. ATI has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +11.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.88 | $1.00 | +13.6% | $1.2B | -3.0% |
| Feb 3, 2026 | $0.89 | $0.93 | +4.5% | $1.2B | -0.3% |
| Jul 31, 2025 | $0.72 | $0.74 | +2.8% | $1.1B | -0.2% |
| May 1, 2025 | $0.58 | $0.72 | +24.1% | $1.1B | +0.2% |
| Feb 4, 2025 | $0.60 | $0.79 | +31.7% | $1.2B | +10.2% |
| Apr 30, 2024 | $0.41 | $0.48 | +17.1% | $1.0B | +1.5% |
| Feb 1, 2024 | $0.62 | $0.64 | +3.2% | $1.9B | +83.6% |
| Nov 2, 2023 | $0.53 | $0.55 | +3.8% | $1.9B | +79.8% |
| Aug 2, 2023 | $0.55 | $0.59 | +7.3% | $1.0B | -1.9% |
| May 4, 2023 | $0.48 | $0.49 | +2.1% | $1.0B | +2.9% |
| Feb 2, 2023 | $0.53 | $0.53 | +0.0% | $1.0B | -0.4% |
| Nov 2, 2022 | $0.52 | $0.53 | +1.9% | $1.0B | +9.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Delivered strong first quarter performance with revenue $1.15 billion, adjusted EBITDA $232 million, up 19% YOY. - Order backlog grew 10% sequentially to $4.1 billion. - Disciplined execution improving throughput, yields, and production flow. - Strategically allocating capacity to highest value opportunities in aerospace, defense, and specialty energy. - Renewed five-year agreement supporting Naval Nuclear Program. - Advanced alloys and solutions segment achieved margins in high teens. - Recognized as General Dynamics Land Systems 2025 Supplier of the Year for high-performance titanium plate and sheet for ground armor.
Guidance
- Raised full-year adjusted EBITDA guidance to $1,010,000,000 to $1,060,000,000, midpoint $1,035,000,000, 20% growth YOY. - Adjusted EPS range $4.20 to $4.48. - Adjusted free cash flow range $465 to $525,000,000, midpoint $495 million, $115 million higher than 2025. - Second quarter 2026 adjusted EBITDA expected $245 to $255 million, EPS range 98 cents to $1.04. - Aerospace and defense markets showing robust demand, momentum building through the year.
Segment performance
Revenue was $1.15 billion. 69% attributed to aerospace and defense. Adjusted EBITDA was $232 million, up 19% year-over-year. Adjusted EBITDA margin reached 20%, up more than 300 basis points year over year. Adjusted free cash flow was $75 million. Defense revenues grew 9% year over year and on track for mid-teens growth in full year 2026. Aerospace jet engine sales grew 12% year over year, full year outlook for revenue growth in mid-teens. Specialty energy revenue grew 22% year over year, driven by nuclear and land-based gas turbine markets.
Risks & headwinds
- Monitoring geopolitical developments in the Middle East, primarily watching demand impacted by fuel price, MRO activity levels, and aircraft retirements. - Helium supply monitoring as a small portion of costs, but with alternatives available. - Energy cost monitoring and management through pass-throughs, natural gas hedges, and other innovative projects.
Analyst Q&A
Q: About aftermarket of business, how it performed in first quarter and impact of Middle East.
A: Aftermarket strong in aerospace, especially jet engine. No impact seen from Middle East, demand strong.
Q: Source of adjusted EBITDA guidance increase.
A: Confidence in defense and jet engine business, contracts securing.
Q: Expand on pricing and HP margins.
A: Constrained market, differentiated materials, tight backlogs, price and mix driving margin.
Q: Planned or anticipated capacity additions.
A: Titanium and nickel investments on track.
Q: Benefit from Cameco contract in first quarter.
A: Little benefit in Q1, prospective.
Q: Split of backlog across end markets.
A: About three-quarters in HPMC segment.
Q: Jet engine percent of sales and future shift.
A: Around 40% now, likely to increase.
Q: Missiles as part of defense exposure.
A: Small portion but accelerating.
Q: Tariff outlook.
A: Passing through tariffs, working on refund policy.
Q: Debottlenecking initiative and nickel alloy capacity.
A: Progressing well, output and quality improved.
Q: Incrementals by segment.
A: Consolidated incremental margin around 40%, HPMC and A&S segments differing.
Q: Supply side angle of Middle East impact.
A: Monitoring helium supply, no cost impact seen.
Q: Acceleration of A&D growth rate.
A: Will start to see in Q2.
Q: Commercial aftermarket jet engine revenue.
A: Heavily weighted towards next-gen.
Q: Core driver for military growth.
A: Naval nuclear, exotic alloys.
Q: Managing and prioritizing line time for assets.
A: Prioritizing capacity to highest margin markets.
Q: Specialty energy growth.
A: Mid-teens full year, lumpy but driven by land-based gas turbines and nuclear.