Analyst Consensus ?
ConsensusBuy30 ratings
Bullish2066.7%
Neutral930.0%
Bearish13.3%
ATI Inc. · ATI · FY2026 Q2 · Calendar Q3 2026
ATI raises 2026 outlook as backlog and margins strengthen
The supplied analysis supports a constructive operating thesis for ATI: strong aerospace, defense and specialty-energy demand, a record backlog, higher-value mix and productivity initiatives are supporting margins and a raised outlook. The counterweight is execution—capacity expansion, shipment timing, supply constraints and free-cash-flow conversion remain important tests.
Reported Before market openNYSEIndustrials
$22.55B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.23
Consensus $1.03
EPS surprise
+19.4%
Reported versus consensus
Reported revenue
$1.26B
Consensus $1.22B
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.9%
Event window
SPY move
-0.2%
Same window
Abnormal move
+9.1%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-8.5%
Up to 20 sessions
ATISPY benchmark
Ask FN2 about ATI FY2026 Q2
Transcript, numbers and history already loaded
Why did ATI rise 8.9% after beating EPS estimates in FY2026 Q2?What changed in ATI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ATI after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, ATI moved from a raised $1.01-$1.06 billion EBITDA outlook to a higher $1.135-$1.185 billion range and added full-year EPS and free-cash-flow guidance. The backlog increased from $4.1 billion to a record $4.4 billion, while AA&S was described as a high-margin business at about 22% EBITDA margin.
Guidance delta
Management raised full-year guidance to $1.135-$1.185 billion of EBITDA, $4.90-$5.18 of EPS and $550-$600 million of free cash flow.
Key takeaways
- Q2 adjusted EBITDA was $284 million, up 37% year over year and above the high end of guidance.
- AA&S reached about a 22% EBITDA margin, with management targeting the mid-20% range.
- Backlog reached a record $4.4 billion, with about 70% expected to convert to revenue in the next 12 months.
- Aerospace, defense and specialty energy demand remain the principal growth drivers in the supplied analysis.
Management priorities
- Commission the Chihuahua, Mexico aerospace testing and inspection facility.
- Bring the EB2 titanium furnace online and ramp production.
- Complete the VIM nickel re-melt furnace by the end of 2027.
- Use the Elevation operating system to improve throughput, yields and cycle times while maintaining a 30% internal return threshold for new capital projects.
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Miss
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Analyst 52W Price Targets
$165.59Current
$45Low
$185.25Average
$275High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Oct 30, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Oct 8, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 30, 2026 |
| Susquehanna | Positive | Positive | Maintain | Aug 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 1, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 4, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 8, 2025 |
| Benchmark | Buy | Buy | Maintain | Apr 21, 2025 |
| Northcoast Research | Neutral | Buy | Downgrade | Jun 14, 2024 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 6, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Aug 5, 2022 |
| Berenberg | Buy | Hold | Upgrade | Jan 7, 2022 |
| B of A Securities | Neutral | Underperform | Upgrade | Jul 7, 2021 |
| CFRA | Buy | Buy | Maintain | Feb 5, 2020 |
| Longbow Research | Underperform | Neutral | Downgrade | Oct 15, 2019 |
| Goldman Sachs | Buy | Neutral | Upgrade | Oct 10, 2019 |
| Buckingham Research | Neutral | Neutral | Maintain | Sep 25, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Sep 25, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Apr 12, 2019 |
| Bank of America | Buy | Buy | Maintain | Jul 25, 2018 |
| Seaport Global | Buy | Neutral | Upgrade | Mar 16, 2017 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 1, 2015 |
| Stifel | Buy | Buy | Maintain | Oct 1, 2015 |
| Sterne Agee | Neutral | Underperform | Upgrade | Apr 14, 2014 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 3, 2014 |
| Davenport | Neutral | Buy | Downgrade | Jul 25, 2013 |
| Topeka Capital | Hold | Buy | Downgrade | Jul 23, 2013 |
| Topeka | Hold | Buy | Downgrade | Jul 23, 2013 |
| Citigroup | Buy | Buy | Maintain | Apr 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $165.59. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| KeyBanc | Samuel McKinney | $228 | $189.19 | +37.7% | Oct 8, 2026 |
| KeyBanc | Analyst unavailable | $258 | $230.08 | +55.8% | Aug 12, 2026 |
| Deutsche Bank | Scott Deuschle | $262 | $232 | +58.2% | Aug 10, 2026 |
| Wells Fargo | David Strauss | $275 | $227.84 | +66.1% | Aug 10, 2026 |
| Susquehanna | Analyst unavailable | $265 | $223.43 | +60.0% | Aug 7, 2026 |
| Susquehanna | Charles Minervino | $215 | $190.68 | +29.8% | Jul 9, 2026 |
| KeyBanc | Analyst unavailable | $175 | $155.26 | +5.7% | May 4, 2026 |
| BTIG | Analyst unavailable | $180 | $155.46 | +8.7% | May 1, 2026 |
| Deutsche Bank | Analyst unavailable | $194 | $155.46 | +17.2% | May 1, 2026 |
| Susquehanna | Analyst unavailable | $185 | $161.07 | +11.7% | Apr 10, 2026 |
| KeyBanc | Analyst unavailable | $167 | $159.63 | +0.9% | Apr 9, 2026 |
| Susquehanna | Analyst unavailable | $155 | $127.54 | -6.4% | Feb 4, 2026 |
| BTIG | Analyst unavailable | $165 | $128.34 | -0.4% | Feb 4, 2026 |
| Deutsche Bank | Analyst unavailable | $150 | $128.34 | -9.4% | Feb 4, 2026 |
| Susquehanna | Analyst unavailable | $145 | $126.26 | -12.4% | Jan 15, 2026 |
| Alembic Global | Analyst unavailable | $141 | $123.24 | -14.8% | Jan 15, 2026 |
| KeyBanc | Analyst unavailable | $132 | $124.42 | -20.3% | Jan 14, 2026 |
| Susquehanna | Analyst unavailable | $120 | $100.19 | -27.5% | Oct 29, 2025 |
| Deutsche Bank | Analyst unavailable | $98 | $83.51 | -40.8% | Oct 8, 2025 |
| BTIG | Analyst unavailable | $120 | $75.64 | -27.5% | Aug 4, 2025 |
| Deutsche Bank | Scott Deuschle | $115 | $87.83 | -30.6% | Jul 8, 2025 |
| BTIG | Andre Madrid | $105 | $79.93 | -36.6% | May 28, 2025 |
| BTIG | Andre Madrid | $90 | $67.38 | -45.6% | May 5, 2025 |
| KeyBanc | Philip Gibbs | $55 | $50.41 | -66.8% | Apr 23, 2025 |
| Susquehanna | Charles Minervino | $70 | $56.06 | -57.7% | Oct 30, 2024 |
| Deutsche Bank | Scott Deuschle | $84 | $65.59 | -49.3% | Oct 3, 2024 |
| Susquehanna | Charles Minervino | $75 | $59.94 | -54.7% | Sep 5, 2024 |
| KeyBanc | Philip Gibbs | $66 | $60.84 | -60.1% | May 28, 2024 |
| Deutsche Bank | Scott Deuschle | $70 | $50.07 | -57.7% | Apr 11, 2024 |
| Cowen & Co. | Analyst unavailable | $45 | $40.15 | -72.8% | Feb 6, 2023 |
| KeyBanc | Philip Gibbs | $34 | $25.48 | -79.5% | Jun 10, 2022 |
| KeyBanc | Philip Gibbs | $31 | $27.72 | -81.3% | Apr 5, 2022 |
Track every rating change on ATI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGlobally, ATI Inc. stands as a premier manufacturer and supplier of specialized materials and complex components. The enterprise's operations are strategically divided into two primary divisions: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC segment is responsible for creating a diverse range of advanced substances, including titanium and its numerous alloys, nickel- and cobalt-based alloys (such as superalloys), sophisticated powdered alloys, and other distinctive specialty materials. These are offered in elongated product forms like ingots, billets, bars, rods, wires, various structural shapes, rectangular sections, and seamless tubing.…
Historical context
All ATI earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| NVT nVent Electric plc | FY2026 Q3 · Calendar Q4 2026 | +8.6% | -8.8% | nVent raises outlook as data-center demand and Maverick broaden growth |
| GD General Dynamics Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +0.8% | General Dynamics raises EPS outlook as backlog reaches $220 billion |
| MTZ MasTec, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +0.8% | MasTec posts record Q3 as power and data-center demand accelerates |
| RBC RBC Bearings Incorporated | FY2027 Q2 · Calendar Q4 2026 | — | -5.3% | RBC Bearings posts strong Q2 as capacity investments build |
| IR Ingersoll Rand Inc. | FY2026 Q3 · Calendar Q4 2026 | +18.5% | +0.2% | Ingersoll Rand raises FY2026 outlook as orders accelerate |
| VLTO Veralto Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.3% | +9.8% | Veralto raises 2026 EPS outlook as water demand accelerates |
Latest beats and misses
Who reports nextBeat on EPS
- BTSGUFY2026 Q3 · October 30, 2026+14.2% EPS+10.0% move
- NVTFY2026 Q3 · October 30, 2026+8.6% EPS-8.8% move
- BPFY2026 Q3 · October 30, 2026+22.6% EPS+0.1% move
- NWGFY2026 Q3 · October 30, 2026+2.0% EPS-9.0% move
- REGNFY2026 Q3 · October 30, 2026+21.6% EPS+13.3% move
- WYFY2026 Q3 · October 29, 2026+128.3% EPS+3.0% move
Get the ATI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-06T17:14:28.569517+00:00
- FN2 earnings calendar · 2026-09-11T01:23:15.000588+00:00
- Polygon adjusted daily market bars · 2026-10-31T04:00:44.584757+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T04:00:44.582164+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.