Q2 26 EPS Adjusted
$1.23
BEAT +18.26%
Est. $1.04
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.
Q2 26 Revenue
$1.26B
BEAT +3.51%
Est. $1.22B
Market Reaction
Did ATI Beat Earnings? Q2 2026 Results
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 expectatio… Read more 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.
Key Takeaways
- • 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
ATI Forward Guidance & 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
Q2 2026 vs Q2 2025, source: SEC Filings
ATI Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Kimberly A. Fields, Q2 2026 Earnings Press Release
ATI Earnings Trends
ATI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ATI EPS Trend
Earnings per share: estimate vs actual
ATI Revenue Trend
Quarterly revenue: estimate vs actual
ATI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT 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. | $1.04 | $1.23 | +18.26% | $1.26B | +3.51% |
| Q1 26 BEAT | $0.88 | $1.00 | +13.53% | $1.15B | -2.60% |
| Q4 25 BEAT FY | $0.87 | $0.93 | +7.48% | $1.18B | -1.18% |
| FY Full Year | — | $3.24 | — | $4.59B | — |
| Q3 25 BEAT | $0.74 | $0.85 | +15.24% | $1.13B | +0.17% |
| Q2 25 BEAT | $0.71 | $0.74 | +3.76% | $1.14B | -1.37% |