ATI earnings analysis
What we found in ATI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
ATI reported a modest revenue increase of 1% year-over-year to $1.15 billion in Q1 2026, driven by robust demand in the aerospace & defense segment. Earnings per share saw a notable leap, rising 22% to $0.81 from the previous year, aided by improved gross margins despite rising operational costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Stable Revenue Growth
- Q1 2026 revenue reached $1.15 billion, a 1% increase from $1.14 billion in Q1 2025.
- Significant EPS Growth
- Diluted EPS improved to $0.81, marking a 22% increase year-over-year from $0.67.
- Improved Gross Margin
- Gross margin increased to 22.8%, up from 20.6% in Q1 2025.
- Robust Demand in Aerospace
- Aerospace & defense sales rose 6% to $797.6 million, representing 69% of total sales.
- Increased International Sales
- International sales comprised 40% of total sales, a slight decrease from 44% last year.
- Expanded Cash Flow
- Operating cash flow for Q1 2026 amounted to $90 million, a recovery from a negative cash flow in the previous quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Operational Costs
- Selling and administrative expenses increased by 8.4% to $92.1 million compared to $85.0 million last year.
- Dependence on Aerospace Sector
- 69% of sales are derived from aerospace and defense sectors, exposing the company to volatility in these markets.
- Geopolitical Risks
- Ongoing conflicts in the Middle East could disrupt global supply chains and impact ATI's input costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.81
- Gross margin
- 22.8%
- Segment
- Aerospace & Defense
- Segment
- Conventional Energy
- Segment
- Specialty Energy
- Segment
- Medical
- Segment
- Electronics
- Segment
- Automotive
What they said about what is next.
Full-year 2026 adjusted EPS guidance raised to $4.20 - $4.48 from $3.99 - $4.27.
The filing reads better than the one before it.
What came before.
- 10-K · February 20, 2026
- ATI reports multi-year revenue growth to $4.6 billion in fiscal 2025 (from $4.4B in 2024 and $4.2B in 2023) with HPMC now 53% of sales and AA&S 47%. Backlog remains sizable at $3.7 billion (down from $3.9B), the company…
- 10-Q · October 29, 2024
- ATI reported quarter sales of $1,051.2 million (up $25.6M vs. $1,025.6M a year ago) with gross profit of $224.8 million and operating income of $142.2 million. Diluted EPS declined to $0.57 (from $0.62) while cash and…
- 10-K · February 23, 2024
- ATI reported fiscal 2023 revenue of $4.17 billion (up from $3.84 billion in 2022 and $2.80 billion in 2021) with backlog growth to approximately $3.8 billion at December 31, 2023 (from $2.9 billion). The company is…
- 10-Q · November 3, 2022
- ATI reported Q3 sales of $1,032.0 million, up $306.3 million (+42.2%) vs Q3 2021, with gross profit rising to $183.8 million and operating income to $113.2 million. Diluted earnings per share improved to $0.42 from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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