ATI Inc

Latest Results (22.10.2026):

ATI Inc.'s fourth quarter 2025 results show continued momentum: Q4 2025 sales were $1.177 billion with net income attributable to ATI of $96.6 million, or $0.69 per diluted share; adjusted net income was $129.8 million, or $0.93 per diluted share, and adjusted EBITDA was $231.9 million (19.7% of sales). For fiscal year 2025, ATI reported record annual sales of $4.587 billion (highest since 2012), net income attributable to ATI of $404.3 million ($2.85 per diluted share), and operating cash flow of $614.3 million.

Quarter and annual financials

Q4 2025: Sales $1,177.1M; GAAP net income attributable to ATI $96.6M (diluted EPS $0.69). Fiscal 2025: Sales $4,587.4M (+5% y/y), net income attributable to ATI $404.3M (+10% y/y), diluted EPS $2.85 (+12% y/y).

Non‑GAAP and adjusted metrics

Q4 2025 adjusted net income was $129.8M (adjusted EPS $0.93). Q4 adjusted EBITDA was $231.9M (19.7% of sales). Fiscal 2025 adjusted EBITDA was $859.3M and adjusted net income of $460.1M (adjusted EPS $3.24). Adjusted results exclude pre-tax special items totaling $41.8M in Q4 and $70.3M for the year, plus an $18.6M pension remeasurement loss in Q4.

Segment performance

High Performance Materials & Components (HPMC): Q4 sales $645.9M, segment EBITDA $155.0M (24.0% margin). Advanced Alloys & Solutions (AA&S): Q4 sales $531.2M, segment EBITDA $98.5M (18.5% margin). Aerospace & defense remained the largest end market, representing 68% of Q4 sales and 68% of FY sales.

Cash flow, working capital and capital allocation

Operating cash flow for FY 2025 was $614.3M (vs. $407.2M in FY 2024). Adjusted free cash flow for FY 2025 was ~$380M (up ~53% y/y). The company repurchased $470M of shares in 2025 and repaid $150M of debentures in Q4, reducing near‑term interest expense; managed working capital fell to 32.5% of annualized sales (down ~390 bps sequentially).

Balance sheet and liquidity

Cash and cash equivalents were $416.7M at Dec. 28, 2025 (down from $721.2M a year earlier, reflecting buybacks and debt repayment). Total long‑term debt was $1,718.3M; next meaningful maturity disclosed is $350M of Senior Notes due Dec. 2027. Total ATI stockholders' equity was $1,804.5M.

Guidance (Q1 and FY 2026)

Q1 2026 guidance: adjusted EBITDA $216M–$226M and adjusted EPS $0.83–$0.89. Fiscal 2026 guidance: adjusted EBITDA $975M–$1,025M, adjusted EPS $3.99–$4.27, and adjusted free cash flow $430M–$490M.

Special items and tax

Q4 2025 included $22.9M pre-tax restructuring/other charges (transformation, start‑up/transaction costs, A/R sale losses) and an $18.6M pension remeasurement loss; after‑tax special items reduced Q4 EPS by about $0.24. The Q4 effective tax rate was 18.2%, which included discrete tax benefits of ~$4.3M.