The raised guidance and strong margin expansion signal accelerating earnings power. Monitor the Q2 2026 earnings call for updates on aerospace production ramp and working capital trends. The $500M buyback authorization provides downside support.
Price Chart
Executive Summary
ATI reported Q1 2026 GAAP EPS of $0.85, a 27% YoY increase, and adjusted EPS of $1.00, a 39% YoY increase. Revenue was $1.15B, up 1% YoY, driven by a 6% increase in aerospace & defense sales. The company raised its full-year 2026 adjusted EPS guidance to $4.20-$4.48 (from $3.99-$4.27) and adjusted EBITDA guidance to $1.01B-$1.06B (from $975M-$1.025M), signaling strong operational momentum and margin expansion.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP EPS of $0.85 vs $0.67 YoY, up 27%
- Q1 2026 adjusted EPS of $1.00 vs $0.72 YoY, up 39%
- Revenue of $1.15B, up 1% YoY; aerospace & defense sales up 6% YoY
- Adjusted EBITDA margin of 20.1%, up 310 bps YoY
- Operating cash flow of $128.2M, up from -$92.5M YoY
- Raised FY2026 adjusted EPS guidance to $4.20-$4.48 (from $3.99-$4.27)
- Raised FY2026 adjusted EBITDA guidance to $1.01B-$1.06B (from $975M-$1.025M)
- Board authorized additional $500M share repurchase; $75M repurchased in Q1
- HPMC segment margin expanded to 24.9% from 22.4% YoY
- AAS segment margin expanded to 18.1% from 14.9% YoY
Financial Impact
Raised FY2026 adjusted EPS guidance midpoint by $0.21 (from $4.13 to $4.34) and adjusted EBITDA guidance midpoint by $35M (from $1.0B to $1.035B)
Risk Factors
- Macroeconomic uncertainty and potential demand slowdown in conventional energy and electronics markets
- Managed working capital increased to 34.8% of sales from 32.5%, indicating potential cash flow pressure
- AAS segment revenue declined 4% YoY due to lower conventional energy sales
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-028589 |
| Document: ati-20260430.htm | 0001628280-26-028589 |
| Document: 0001628280-26-028589-index-headers.html | 0001628280-26-028589 |
| Document: 0001628280-26-028589-index.html | 0001628280-26-028589 |
| Document: 0001628280-26-028589.txt | 0001628280-26-028589 |
| 8-K Data (Synthetic) | 0001628280-26-028589 |
Track record builds as more directional reports settle.
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Sep 10, 2026 22d ago | Insider Cluster | $199.00 $183.64 | ▼ −7.72% | ▼ −7.22% | $192.42 (−3.31%) |
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