Results of operations

Summary

• ATI reported second quarter 2026 sales of $1.26 billion, up 11% year-over-year, driven by a 13% aerospace and defense increase, with net income attributable to ATI of $151 million, or $1.09 per share, compared to $0.70 per share in second quarter 2025.
• Adjusted EBITDA was $284.4 million, an increase of 37% year-over-year, with adjusted EBITDA margin expanding 440 basis points to 22.6%.
• Backlog reached a record $4.4 billion, up 18% year-over-year, according to Board Chair, President and CEO Kimberly A. Fields.
• The Company raised full-year 2026 guidance to adjusted EBITDA of $1,135M-$1,185M (from $1,010M-$1,060M) and adjusted EPS of $4.90-$5.18 (from $4.20-$4.48).
• HPMC segment EBITDA was $153.5 million (24.1% of sales) and AA&S segment EBITDA was $147.6 million (23.7% of sales), the latter including a $9.9 million gain from the sale of a previously closed manufacturing facility.
• In the second quarter 2026, the Company repurchased $50 million of common stock at an average price of $159.53 per share, retiring approximately 0.3 million shares, with $495 million of authorization remaining.

Why it mattersATI's aerospace and defense materials demand outpaced available supply, driving record backlog and prompting a raised full-year outlook for adjusted earnings, EBITDA and free cash flow. Commercial jet engine and defense sales growth anchor the results for engine and airframe suppliers.