The strong beat and raised guidance signal continued momentum in aerospace/defense demand. Watch for follow-through on Q3 guidance ($1.31-$1.37 adjusted EPS) and monitor execution on capacity expansion and margin sustainability.
Price Chart
Executive Summary
ATI reported Q2 2026 adjusted EPS of $1.23, an 18.3% beat versus consensus, on revenue of $1.26B (up 11% YoY), and raised full-year 2026 guidance for adjusted EPS, EBITDA, and free cash flow. The beat was driven by strong aerospace/defense demand and margin expansion, with adjusted EBITDA margin up 440 bps to 22.6%.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted EPS of $1.23 vs consensus $1.04 (18.3% beat)
- Q2 2026 revenue of $1.2611B, up 11% YoY
- Adjusted EBITDA of $284.4M, up 37% YoY; margin 22.6%, up 440 bps
- Full-year 2026 adjusted EPS guidance raised to $4.90-$5.18 from $4.20-$4.48
- Full-year 2026 adjusted EBITDA guidance raised to $1,135M-$1,185M from $1,010M-$1,060M
- Backlog reached record $4.4B, up 18% YoY
- Q2 2026 GAAP EPS $1.09, up 56% YoY
- Repurchased $50M of stock in Q2 2026
Financial Impact
Q2 2026 adjusted EPS $1.23 vs $1.04 consensus; revenue $1.26B vs $1.22B consensus; full-year adjusted EPS guidance raised to $4.90-$5.18 (midpoint $5.04, up ~16% from prior midpoint $4.34)
Risk Factors
- Macro uncertainties and potential aerospace supply chain disruptions
- Execution risk on new facility qualifications and capacity expansion
- Higher manufacturing costs could pressure margins if volume growth slows
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-053856 |
| Document: ati-20260806.htm | 0001628280-26-053856 |
| Document: 0001628280-26-053856-index-headers.html | 0001628280-26-053856 |
| Document: 0001628280-26-053856-index.html | 0001628280-26-053856 |
| Document: 0001628280-26-053856.txt | 0001628280-26-053856 |
| 8-K Data (Synthetic) | 0001628280-26-053856 |
Track record builds as more directional reports settle.
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