In the quarter ended December 2025, ATI reported sales of $1.18 billion, slightly above the prior quarter’s $1.13 billion and essentially flat year-over-year versus $1.17 billion. GAAP net income attributable to ATI was $96.6 million, or $0.69 per share, down 12% sequentially and 27% from $0.94 a year earlier. On a non-GAAP basis, adjusted net income rose 9% sequentially to $129.8 million, or $0.93 per share, beating consensus estimates of $0.89. Adjusted EBITDA reached $231.9 million, or 19.7% of sales, up 3% from the prior quarter and 11% year-over-year.

For fiscal 2025, ATI delivered annual sales of $4.6 billion, the highest total since 2012. Net income attributable to ATI was $404 million, or $2.85 per share. Operating cash flow rose more than 50% to $614 million from $407 million in 2024, while adjusted free cash flow increased 53% to $380 million. The company repurchased $470 million of shares and paid down $150 million of debt in Q4, reducing annual interest expense by approximately $10 million.

In the High Performance Materials & Components segment, Q4 sales reached $645.9 million, up 7% sequentially and 2% year-over-year, driven by higher commercial jet engine and energy product shipments. Segment EBITDA was $155.0 million, or 24.0% of sales. In Advanced Alloys & Solutions, Q4 sales of $531.2 million were 2% above Q3 and down 1% from a year ago, with specialty energy growth offsetting softer aerospace demand. Segment EBITDA was $98.5 million, or 18.5% of sales, up from 17.3% in Q3.

ATI provided Q1 2026 adjusted EBITDA guidance of $216 million to $226 million, adjusted EPS of $0.83 to $0.89, and adjusted free cash flow of $430 million to $490 million. Full-year 2026 targets include adjusted EBITDA of $975 million to $1.025 billion and adjusted EPS of $3.99 to $4.27. Management cited sustained demand in aerospace, defense and energy markets, along with disciplined working capital management, as key drivers for higher earnings, margins and cash flows in 2026.