ATI (ATI) Q2 2026 Earnings
Adjusted EPS excludes $23.6 million of pre-tax special items: $10.1 million start-up and transaction-related costs, $7.0 million transformation-related costs, $3.9 million restructuring-related costs, and $2.6 million losses on sale of customer accounts receivable. GAAP and non-GAAP results include a $9.9 million ($0.06/share) gain from sale of a closed manufacturing facility.
How Did ATI Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: −0.34%.
Did ATI Beat Earnings? Q2 2026 Results
Yes. ATI reported Q2 2026 earnings of $1.23 a share on Aug 6, 2026, beating the $1.04 consensus estimate by 18.3%. Revenue was $1.3B against a $1.2B estimate.
ATI Inc. delivered a standout second quarter for fiscal 2026, extending its streak of consensus beats to four consecutive quarters as adjusted EPS of $1.23 cleared the $1.04 analyst estimate by 18.26%, while revenue of $1.26 billion topped expectations by 3.51% and grew 10.6% year-over-year. The primary engine behind the results was a 90% surge in defense sales within the Advanced Alloys & Solutions segment, which helped push overall aerospace and defense revenue to 68% of total sales and drove adjusted EBITDA up 37% to $284.40 million at a 22.6% margin. Net income attributable to ATI climbed 50% year-over-year to $151.00 million, reflecting the strength of pricing gains and a richer product mix. With a record backlog of $4.40 billion, up 18% year-over-year, and investor attention already focused on whether margin gains justify the stock's premium valuation, management raised full-year adjusted EPS guidance to $4.90 to $5.18 and lifted its adjusted EBITDA outlook to $1.14 billion to $1.19 billion, signaling confidence that demand from aerospace and defense customers will continue to underpin growth.
- Strong aerospace & defense demand driving 13% year-over-year growth in that market, representing 68% of total sales
- 10% increase in commercial jet engine sales due to strong demand and pricing
- 90% year-over-year increase in defense sales within AA&S segment
- Contracted pricing improvements and favorable product mix driving margin expansion
- Adjusted EBITDA margin expanded 440 basis points year-over-year to 22.6%
- Record backlog of $4.4 billion, up 18% year-over-year
“We delivered another solid quarter, with results above the high end of our guidance and adjusted EBITDA up 37% year-over-year on 11% sales growth. This is a clear example of the earnings potential we've been building across both of our segments. Adjusted EBITDA margin expanded 440 basis points to 22.6%, and our backlog reached another record at $4.4 billion, up 18% year-over-year, as demand for our unique aerospace and defense materials continues to outpace available supply.”
ATI CEO, on the earnings call
What Is ATI's Outlook?
ATI raised its full-year 2026 guidance: Adjusted EBITDA of $1,135M-$1,185M (prior $1,010M-$1,060M), Adjusted EPS of $4.90-$5.18 (prior $4.20-$4.48), and Adjusted Free Cash Flow of $550M-$600M (prior $465M-$525M). Q3 2026 guidance: Adjusted EBITDA of $305M-$315M and Adjusted EPS of $1.31-$1.37. The outlook is supported by contracted pricing improvements, a richer product mix, and increasing production volumes as targeted investments and operational execution expand available capacity. Backlog reached a record $4.4 billion, up 18% year-over-year, with demand for aerospace and defense materials continuing to outpace supply.
ATI YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.3B | $1.1B | +10.6% |
| Gross Profit | $309.8M | $249.6M | +24.1% |
| Operating Income | $220.0M | $161.0M | +36.7% |
| Net Income | $151.0M | $100.7M | +50.0% |
ATI Revenue by Segment
When Does ATI Report Next?
Figures from SEC filings and company reports. Not investment advice.