Allegheny Technologies Incorporated Earnings Recaps
Q2 2026
Aug 8, 2026
The 11.1% stock rally underscores investor approval of ATI’s significant beat on adjusted EBITDA and margin expansion, driven by the transformed AA&S segment and strong backlog visibility. The upgrade to full-year guidance across all key metrics further fueled optimism about durable earnings growth.
Key takeaways
- Adjusted EBITDA was $284 million, $29 million above the high end of prior guidance, with margins expanding 440 basis points year-over-year to 22.6%.
- AA&S segment EBITDA margin improved markedly to approximately 22% from 14% a year ago, reflecting portfolio optimization, better pricing, and operational improvements.
- Revenue grew 11% year-over-year to $1.3 billion, supported by a record backlog of $4.4 billion, up 18% annually and 7% sequentially, with more multiyear visibility.
- Full-year adjusted EBITDA midpoint raised to $1.160 billion (35% growth), adjusted EPS midpoint to $5.04 (56% growth), and adjusted free cash flow midpoint to $575 million (51% growth).
- Ongoing capacity expansions and operational improvements under the Elevation program contribute to sustainable productivity gains and support for long-term growth, despite some HPMC shipment timing delays.
Q1 2026
May 3, 2026
ATI shares climbed 6.2% following Q1 2026 results that topped expectations, driven by a sharp margin expansion, robust order growth, and a raised full-year outlook underpinned by a record backlog in aerospace and defense.
Key takeaways
- Q1 adjusted EBITDA reached $232 million (up 19% year-over-year), with margins up more than 300 basis points to 20% and exceeding the high end of the company’s own guidance.
- Revenue was $1.15 billion, with 69% from aerospace & defense; defense revenues grew 9% and missile system sales more than doubled year-over-year.
- Adjusted free cash flow improved to $75 million versus last year, reflecting disciplined operational execution.
- Order backlog grew 10% sequentially to an all-time high of $4.1 billion, providing strong visibility and supporting the company’s increased full-year adjusted EBITDA outlook ($1.01–$1.06 billion, midpoint +20% y/y).
- Management highlighted execution gains in throughput and capacity, as well as renewed long-term defense contracts, while noting no negative impact from broader geopolitical disruptions.
Q3 2025
Oct 28, 2025
ATI reported a robust third quarter with revenue exceeding $1.1 billion, a 7% increase year-over-year, and adjusted EPS of $0.85, surpassing projections by $0.10, all driven by strong aerospace and defense demand.
Key takeaways
- Aerospace and defense revenue grew by 21% year-over-year, with defense sales up 51%, solidifying ATI's market leadership.
- Adjusted EBITDA reached $225 million, exceeding guidance, with margins exceeding 20%, the highest since the pandemic.
- Year-to-date cash generated from operations improved significantly to $299 million, coupled with a $150 million return to shareholders through share repurchases.
- Full-year adjusted EBITDA guidance raised by $28 million at the midpoint to a range of $848 million to $858 million, underlining strong future growth prospects.