Allegheny Technologies Incorporated Q3 2026 Earnings Recap

ATI rose 5.9% after reporting third-quarter adjusted EBITDA above the high end of its guidance and raising full-year guidance. The higher outlook points to continued strength in AA&S and improved fourth-quarter expectations, while HPMC’s new-alloy ramp still weighed on margins.

Key Takeaways

• Revenue grew 26% year over year to $1.4 billion; adjusted EBITDA rose 46% to $328 million, and adjusted EPS increased 72% to $1.46.
• Adjusted EBITDA was $13 million above the high end of guidance. ATI raised its full-year adjusted EBITDA outlook by $35 million to $1.19–$1.20 billion, implying 39% growth from 2025.
• Jet engine revenue increased 39% year over year and 19% sequentially. Backlog was $4.3 billion, up 20% from a year ago.
• AA&S posted a 25.8% EBITDA margin, up 850 basis points year over year. HPMC’s 23.2% margin was reduced by about 200 basis points versus plan by new-alloy ramp costs; ATI expects the remaining impact to be behind it by year-end.
• Adjusted free cash flow was $80 million for the quarter and $223 million year to date, up 49% from the same period last year.