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ATI
ATI (ATI) investor relations material
ATI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved record 2025 results with $4.6 billion in sales, driven by aerospace & defense, which accounted for 68% of Q4 sales and saw jet engine sales up 21% year-over-year.
Adjusted EBITDA for 2025 was $859 million (18.7% margin), with Q4 adjusted EBITDA at $232 million (19.7% margin), both up double digits year-over-year.
Returned $470 million to shareholders in 2025 through share repurchases, representing 124% of free cash flow.
Operating cash flow reached $614 million, up over 50% year-over-year, enabling significant capital deployment and debt repayment.
Specialty energy emerged as a growth driver, up 9% in Q4, supported by multi-year contracts and expansion in nuclear and gas turbine markets.
Financial highlights
Q4 2025 revenue: $1.2 billion; adjusted EBITDA: $232 million (19.7% margin); adjusted EPS: $0.93, up 18% year-over-year.
Full-year 2025 revenue: $4.6 billion, up 5%; adjusted EBITDA: $859 million, up 18%; adjusted EPS: $3.24, up 32%.
Adjusted free cash flow: $380 million, up 53% year-over-year, exceeding guidance midpoint.
Operating cash flow: $614 million; capital expenditures: $281 million.
Managed working capital improved to 32.5% of sales in Q4.
Outlook and guidance
2026 adjusted EBITDA guidance: $975 million–$1.025 billion; adjusted EPS: $3.99–$4.27; adjusted free cash flow: $430–$490 million.
Q1 2026 adjusted EBITDA: $216–$226 million; EPS: $0.83–$0.89.
Growth capex: $280–$300 million, with $60 million customer funding; net capex: $220–$240 million.
2026 A&D sales mix expected to exceed 70% of total sales, with double-digit growth in jet engine and defense and airframe recovery in H2 2026.
Incremental margins for 2026 expected to average 40%, above 40% in the second half.
Strategy for declining medical market sales?
When will transformation/start-up costs normalize?
Future capital allocation priorities beyond 2026
How does new VIM capacity enhance market position?
Why prioritize A&D/Specialty Energy over others?
What drives ATI's recent share gains?
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Next ATI earnings date
Q1 202630 Apr, 2026
ATI
Next ATI earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Supplying Materials for Jet Engines
ATI Inc., formerly Allegheny Technologies, is an American company operating globally. It has officially been in business since 1996 but has roots tracing back to companies active during the early decades of the 1900s. ATI is a producer of various specialty materials, primarily for the aerospace and defense sectors, and has its headquarters in Dallas, Texas. The shares of the company are listed on the NYSE, and it has over 55 offices in over 15 countries.
An Impressive History
ATI has its roots in various different companies. In 1939 a merger between Allegheny Steel and Ludlum Steel resulted in the formation of the Allegheny Ludlum Corporation. The two companies that merged had previously been important suppliers of steel for both the Empire State Building and the Chrysler Building, as well as for the Model A Ford. The Allegheny Ludlum Corporation grew both organically and through a long series of acquisitions during the latter half of the 1900s.
In 1996 a merger with Teledyne formed Allegheny Technologies. The company that emerged post-merger subsequently spun off several subsidiaries into separate entities, in order to be able to focus on metal and alloy manufacturing. Allegheny Technologies was renamed ATI in 2022.
The Products
ATI is a materials company that produces various steels, alloys, forgings, and associated products. The company is split into two different segments: High-Performance Materials & Components and Advanced Alloys & Solutions. The first of these focuses on various complex materials and forgings used in industries where performance is paramount and includes alloys of materials like titanium, nickel, hafnium, and more. The second division, Advanced Alloys & Solutions is focused purely on different alloys, specialty rolled products, and stainless sheet products.
The Key Markets
The two most important market segments for ATI are without a doubt aerospace and defense, supplying materials for companies like Boeing and Airbus. These sectors account for a large part of the company’s sales, but ATI also supplies materials for companies within energy, chemical processing, and more. Notably, the company has supplied materials for every new generation of aircraft in the last fifty years, and the experience and impact within the aerospace industry are a large part of the company’s DNA.
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