ATI (ATI) Q1 2026 Earnings
How Did ATI Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +5.69%.
Did ATI Beat Earnings? Q1 2026 Results
Yes. ATI reported Q1 2026 earnings of $1.00 a share on Apr 30, 2026, beating the $0.88 consensus estimate by 13.5%. Revenue was $1.2B against a $1.2B estimate.
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.
- 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
“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.”
ATI CEO, on the earnings call
What Was ATI's Outlook in Q1 2026?
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.
ATI YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.2B | $1.1B | +0.6% |
| Gross Profit | $262.9M | $239.8M | +9.6% |
| Operating Income | $163.8M | $146.9M | +11.5% |
| Net Income | $118.2M | $97.0M | +21.9% |
ATI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.