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ATI

ATI Q1 2026 Earnings

Reported Apr 30, 2026 at 7:33 AM ET · SEC Source

Q1 26 EPS

$1.00

BEAT +13.53%

Est. $0.88

Q1 26 Revenue

$1.15B

MISS 2.60%

Est. $1.18B

vs S&P Since Q1 26

+19.0%

BEATING MARKET

ATI +23.6% vs S&P +4.6%

Market Reaction

Did ATI Beat Earnings? Q1 2026 Results

ATI delivered a headline-grabbing first quarter for fiscal 2026, posting adjusted earnings per share of $1.00 against a consensus estimate of $0.88, a beat of 13.53% that signaled the company's margin transformation is gaining traction. Revenue came … Read more ATI delivered a headline-grabbing first quarter for fiscal 2026, posting adjusted earnings per share of $1.00 against a consensus estimate of $0.88, a beat of 13.53% that signaled the company's margin transformation is gaining traction. Revenue came in at $1.15 billion, essentially flat year-over-year at +0.6% and slightly below the $1.18 billion consensus estimate, but the real story was profitability: adjusted EBITDA margin expanded 310 basis points year-over-year to 20.1%, powered by a favorable shift toward high-margin aerospace and defense products, which grew 6% and represented 69% of total sales. Commercial jet engine revenue alone reached $472.00 million, anchoring the quarter's mix improvement and helping the High Performance Materials and Components segment achieve a 24.9% EBITDA margin. Operating cash flow swung to $128.20 million from negative $92.50 million a year ago, a dramatic reversal that reinforced confidence in the earnings quality. ATI raised its full-year 2026 adjusted EPS guidance to $4.20-$4.48 and lifted its adjusted free cash flow outlook to $465.00 million-$525.00 million, with shares recently touching record levels as investors responded to the stronger financial profile.

Key Takeaways

  • • 6% year-over-year increase in aerospace & defense sales
  • • 8% increase in commercial jet engine sales year-over-year in HPMC
  • • Favorable sales mix shift toward higher-margin aerospace products
  • • Favorable pricing of exotic alloys in AA&S
  • • Operational discipline and sustained operating efficiencies
  • • Adjusted EBITDA margin expansion of 310 bps year-over-year to 20.1%
  • • Operating cash flow improvement of more than $220 million year-over-year
  • • Lower effective tax rate of 11.8% due to discrete tax benefits

ATI Forward Guidance & Outlook

ATI raised its full-year 2026 guidance across all key metrics. Adjusted EBITDA is now expected at $1,010M–$1,060M (prior: $975M–$1,025M). Adjusted EPS is guided to $4.20–$4.48 (prior: $3.99–$4.27). Adjusted free cash flow is expected at $465M–$525M (prior: $430M–$490M). For Q2 2026, the company expects adjusted EBITDA of $245M–$255M and adjusted EPS of $0.98–$1.04. Management noted that while macro uncertainties exist, demand for ATI's differentiated materials remains strong and customer production continues to ramp. Long-term contractual positions and critical roles across aerospace and defense markets position the company well to navigate the environment.

24/7 Wall St

ATI YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

ATI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We delivered a strong start to 2026, exceeding the upper end of our first quarter earnings guidance range. On a year-over-year basis, we achieved double-digit earnings growth, expanded segment margins, and improved first quarter operating cash flow by more than $220 million – our best quarterly performance in fifteen years. Our laser focus on operational discipline is delivering.”

— Kimberly A. Fields, Q1 2026 Earnings Press Release

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