Analyst Consensus ?
ConsensusBuy30 ratings
Bullish2066.7%
Neutral930.0%
Bearish13.3%
ATI Inc. · ATI · FY2026 Q3 · Calendar Q4 2026
ATI raises outlook as jet-engine demand and AA&S margins strengthen
ATI's Q3 analysis supports a constructive operating trajectory: strong jet-engine, defense and specialty-energy demand is lifting growth and AA&S margins, while HPMC ramp costs and potential airframe de-stocking remain the main near-term offsets.
Reported Before market openNYSEIndustrials
$23.83B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.46
Consensus $1.37
EPS surprise
+6.6%
Reported versus consensus
Reported revenue
$1.42B
Consensus $1.32B
Revenue surprise
+7.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+5.9%
Event window
SPY move
-0.4%
Same window
Abnormal move
+6.3%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ATISPY benchmark
Ask FN2 about ATI FY2026 Q3
Transcript, numbers and history already loaded
Why did ATI rise 5.9% after beating EPS estimates in FY2026 Q3?What changed in ATI's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ATI after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The company reported a strong Q3, raised its full-year adjusted EBITDA outlook for the third time this year, and described record AA&S margins. Management also highlighted temporary HPMC margin pressure from a new alloy ramp and continued progress at the Mexico facility and Richland furnace.
Guidance delta
Raised full-year adjusted EBITDA outlook to $1.19-$1.20 billion; the analysis says this was the third increase this year. Full-year CapEx remains stable at $280-$300 million.
Key takeaways
- Jet-engine revenue grew 39% year over year, with full-year growth expected in the low- to mid-20% range.
- AA&S reached a record 25.8% margin after a shift toward higher-margin aerospace and defense mix.
- HPMC margin was temporarily compressed by about 200 basis points as a new alloy ramps, with improvement projected in Q4.
Management priorities
- Qualify and ramp the new Richland furnace by year-end.
- Scale the Mexico facility beyond its original footprint in 2027.
- Pursue additional high-margin aerospace, defense and specialty-energy contracts while using the elevATIon operating model to unlock capacity.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$175Previous close
$45Low
$185.25Average
$275High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 30, 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 |
|---|---|---|---|---|
| Keybanc | Overweight | Overweight | Maintain | Oct 8, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 30, 2026 |
| Susquehanna | Positive | Positive | Maintain | Aug 7, 2026 |
| BTIG | Buy | Buy | 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 previous close $175. 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 | +30.3% | Oct 8, 2026 |
| KeyBanc | Analyst unavailable | $258 | $230.08 | +47.4% | Aug 12, 2026 |
| Deutsche Bank | Scott Deuschle | $262 | $232 | +49.7% | Aug 10, 2026 |
| Wells Fargo | David Strauss | $275 | $227.84 | +57.1% | Aug 10, 2026 |
| Susquehanna | Analyst unavailable | $265 | $223.43 | +51.4% | Aug 7, 2026 |
| Susquehanna | Charles Minervino | $215 | $190.68 | +22.9% | Jul 9, 2026 |
| KeyBanc | Analyst unavailable | $175 | $155.26 | +0.0% | May 4, 2026 |
| BTIG | Analyst unavailable | $180 | $155.46 | +2.9% | May 1, 2026 |
| Deutsche Bank | Analyst unavailable | $194 | $155.46 | +10.9% | May 1, 2026 |
| Susquehanna | Analyst unavailable | $185 | $161.07 | +5.7% | Apr 10, 2026 |
| KeyBanc | Analyst unavailable | $167 | $159.63 | -4.6% | Apr 9, 2026 |
| Susquehanna | Analyst unavailable | $155 | $127.54 | -11.4% | Feb 4, 2026 |
| BTIG | Analyst unavailable | $165 | $128.34 | -5.7% | Feb 4, 2026 |
| Deutsche Bank | Analyst unavailable | $150 | $128.34 | -14.3% | Feb 4, 2026 |
| Susquehanna | Analyst unavailable | $145 | $126.26 | -17.1% | Jan 15, 2026 |
| Alembic Global | Analyst unavailable | $141 | $123.24 | -19.4% | Jan 15, 2026 |
| KeyBanc | Analyst unavailable | $132 | $124.42 | -24.6% | Jan 14, 2026 |
| Susquehanna | Analyst unavailable | $120 | $100.19 | -31.4% | Oct 29, 2025 |
| Deutsche Bank | Analyst unavailable | $98 | $83.51 | -44.0% | Oct 8, 2025 |
| BTIG | Analyst unavailable | $120 | $75.64 | -31.4% | Aug 4, 2025 |
| Deutsche Bank | Scott Deuschle | $115 | $87.83 | -34.3% | Jul 8, 2025 |
| BTIG | Andre Madrid | $105 | $79.93 | -40.0% | May 28, 2025 |
| BTIG | Andre Madrid | $90 | $67.38 | -48.6% | May 5, 2025 |
| KeyBanc | Philip Gibbs | $55 | $50.41 | -68.6% | Apr 23, 2025 |
| Susquehanna | Charles Minervino | $70 | $56.06 | -60.0% | Oct 30, 2024 |
| Deutsche Bank | Scott Deuschle | $84 | $65.59 | -52.0% | Oct 3, 2024 |
| Susquehanna | Charles Minervino | $75 | $59.94 | -57.1% | Sep 5, 2024 |
| KeyBanc | Philip Gibbs | $66 | $60.84 | -62.3% | May 28, 2024 |
| Deutsche Bank | Scott Deuschle | $70 | $50.07 | -60.0% | Apr 11, 2024 |
| Cowen & Co. | Analyst unavailable | $45 | $40.15 | -74.3% | Feb 6, 2023 |
| KeyBanc | Philip Gibbs | $34 | $25.48 | -80.6% | Jun 10, 2022 |
| KeyBanc | Philip Gibbs | $31 | $27.72 | -82.3% | 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.…
Industrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FTAIM FTAI Aviation Ltd. | FY2026 Q3 · Calendar Q4 2026 | +1.4% | +1.6% | FTAI Aviation reports record Q3 and reaffirms 2026–2027 guidance |
| EME EMCOR Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +14.7% | +1.6% | EMCOR posts record Q3 and raises FY2026 guidance |
| LHX L3Harris Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.2% | +6.8% | L3Harris raises 2026 outlook as backlog reaches $53 billion |
| AOS A. O. Smith Corporation | FY2026 Q3 · Calendar Q4 2026 | +3.9% | +4.3% | A. O. Smith refocuses after China divestiture |
| FTAI FTAI Aviation Ltd. | FY2026 Q3 · Calendar Q4 2026 | +1.4% | +17.3% | FTAI posts record quarter as aerospace and power scale |
| XPO XPO Logistics, Inc. | FY2026 Q3 · Calendar Q4 2026 | +7.6% | +0.7% | XPO pairs stronger margins with AI-led operating gains |
Latest beats and misses
Who reports nextBeat on EPS
- YPFFY2026 Q3 · October 29, 2026+56.3% EPS-3.1% move
- WTWFY2026 Q3 · October 29, 2026+1.1% EPS-0.3% move
- FTAIMFY2026 Q3 · October 29, 2026+1.4% EPS+1.6% move
- EMEFY2026 Q3 · October 29, 2026+14.7% EPS+1.6% move
- LHXFY2026 Q3 · October 29, 2026+11.2% EPS+6.8% move
- QSRFY2026 Q3 · October 29, 2026+1.9% EPS-2.0% move
Missed on EPS
- BBVAFY2026 Q3 · October 29, 2026-1.6% EPS-2.2% move
- INSMFY2026 Q3 · October 29, 2026-20.2% EPS+15.1% move
- STMFY2026 Q3 · October 29, 2026-7.5% EPS+3.0% move
- SCIFY2026 Q3 · October 28, 2026-2.1% EPS-8.7% move
- AMFY2026 Q3 · October 28, 2026-5.6% EPS+3.7% move
- INGFY2026 Q3 · October 29, 2026-5.1% EPS-2.0% 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 · 2026-10-29T17:14:19.024116+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T09:20:44.637490+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T09:20:44.634891+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 2026-10-30. For educational purposes only; not investment advice.