The third consecutive guidance raise and strong margin expansion suggest sustained aerospace demand. Watch Q4 for further upside as the company positions for 2027, and monitor working capital efficiency as managed working capital improved to 32.9% of annualized sales.
Price Chart
Executive Summary
ATI reported Q3 2026 results with sales of $1.42B (up 26% YoY) and GAAP EPS of $1.37 (up 76% YoY), exceeding the high end of its adjusted EBITDA guidance by $13M. The company raised its full-year 2026 adjusted EBITDA guidance by $35M to $1.19B-$1.20B, following a $125M raise last quarter, driven by strong aerospace and defense demand.
Key Financial Metrics
Key Facts
- Q3 2026 sales of $1.4237B, up 26% YoY from $1.1255B
- GAAP diluted EPS of $1.37, up 76% YoY from $0.78
- Adjusted EPS of $1.46, up 72% YoY from $0.85
- Adjusted EBITDA of $327.9M, up 46% YoY, margin expanded 300 bps to 23.0%
- Full-year 2026 adjusted EBITDA guidance raised to $1.19B-$1.20B from $1.135B-$1.185B
- Full-year 2026 adjusted EPS guidance raised to $5.17-$5.23 from $4.90-$5.18
- Aerospace and defense sales were 69% of total sales, up 26% YoY
- Company repurchased $70M of stock in Q3 at average price of $199.62 per share
Financial Impact
Q3 sales $1.42B, GAAP net income $189.8M, adjusted EBITDA $327.9M; full-year guidance raised by $35M to $1.19B-$1.20B
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| High Performance Materials Components (HPMC) | $721.4M | +19.7% |
| Advanced Alloys Solutions (AAS) | $702.3M | +34.4% |
Risk Factors
- Higher manufacturing and period costs in HPMC segment compressed its EBITDA margin to 23.2% from 24.1% sequentially
- Corporate expenses increased to $18.8M from $14.9M in Q2 due to insurance claim benefit in prior quarter
- Inventory build continues with managed working capital up $142.9M in Q3
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001018963-26-000004 |
| Document: ati-20261029.htm | 0001018963-26-000004 |
| Document: 0001018963-26-000004-index-headers.html | 0001018963-26-000004 |
| Document: 0001018963-26-000004-index.html | 0001018963-26-000004 |
| Document: 0001018963-26-000004.txt | 0001018963-26-000004 |
| 8-K Data (Synthetic) | 0001018963-26-000004 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $175.00 | awaiting T+5 | awaiting T+5 | $165.59 (−5.38%) |
Oct 27, 2026 5d ago | SC 13G/A | $165.30 | awaiting T+5 | awaiting T+5 | $165.59 (+0.18%) |
Oct 21, 2026 11d ago | Institutional Cluster | $161.84 $175.00 | ▲ +8.13% | ▲ +7.42% | $165.59 (+2.32%) |
Sep 10, 2026 7w ago | Insider Cluster | $198.77 $191.63 | ▼ −3.59% | ▼ −3.25% | $165.59 (−16.69%) |
Sep 4, 2026 8w ago | Insider Cluster | $207.32 $186.69 | ▼ −9.95% | ▼ −8.83% | $165.59 (−20.13%) |
Aug 26, 2026 9w ago | Insider Cluster | $212.86 $201.69 | ▼ −5.25% | ▼ −5.13% | $165.59 (−22.21%) |
Aug 6, 2026 12w ago | 8-K | $223.43 $227.22 | ▲ +1.70% | ▲ +0.48% | $165.59 (−25.89%) |
Aug 3, 2026 12w ago | Institutional Cluster | $193.12 $228.19 | ▲ +18.16% | ▲ +16.13% | $165.59 (−14.26%) |
Jul 22, 2026 14w ago | Institutional Cluster | $199.84 $181.90 | ▼ −8.98% | ▼ −9.45% | $165.59 (−17.14%) |
Jun 3, 2026 21w ago | 8-K | $181.10 $199.50 | ▲ +10.16% | ▲ +12.71% | $165.59 (−8.56%) |
US Market Status
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