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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ATI
ATI (ATI) investor relations material
ATI Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 sales rose 26% YoY to $1,423.7M; adjusted EBITDA increased 46% to $327.9M, exceeding the high end of guidance by $13M.
FY26 adjusted EBITDA guidance increased $35M to $1.190B–$1.200B; Q4 adjusted EBITDA is expected to reach $345M–$355M.
Strong aerospace and defense demand, pricing and mix supported results; backlog was $4.3B, up 20% YoY and near a record.
Financial highlights
Revenue was $1,423.7M, up 13% QoQ and 26% YoY; operating income was $271.9M versus $162.4M a year earlier.
Adjusted EBITDA was $327.9M, or 23.0% of sales, versus $225.1M and 20.0% a year earlier; adjusted EPS was $1.46 versus $0.85.
Net income attributable was $189.8M and GAAP diluted EPS was $1.37; adjusted net income was $201.9M.
Adjusted free cash flow was $79.6M in Q3 and $223M YTD, up 49% YoY.
Outlook and guidance
FY26 adjusted EBITDA guidance is $1.190B–$1.200B, adjusted EPS is $5.17–$5.23, and adjusted free cash flow is $550M–$600M.
Q4 adjusted EBITDA guidance is $345M–$355M and adjusted EPS guidance is $1.51–$1.57; midpoint EBITDA implies 7% sequential and 51% YoY growth.
FY26 jet-engine revenue growth outlook increased to low-to-mid-20%; airframe growth remains mid-to-high single digits, defense high teens and specialty energy mid-teens.
Consolidated adjusted EBITDA margin is expected in the low-20% range; FY26 adjusted FCF midpoint remains $575M.
FY26 HPMC margin is guided to the mid-20% range and AA&S to the low-to-mid-20% range.
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Latest events from ATI
- Strategic focus on aerospace and defense, unique capabilities, and strong demand fuel growth.ATI
Morgan Stanley's 14th Annual Laguna Conference - Q2 2026 delivered record sales, profit growth, and raised guidance on strong aerospace demand.ATIQ2 2026
- Strong demand and strategic investments drive double-digit growth in core aerospace and defense markets.ATIBernstein 42nd Annual Strategic Decisions Conference
- Q1 2026 saw double-digit profit growth, margin expansion, and raised full-year guidance.ATIQ1 2026
- Vote on directors, executive pay, and auditor ratification at a virtual annual meeting.ATIProxy filing
- Record sales, strong governance, and ambitious ESG targets drive value and board recommendations.ATIProxy filing
- Record $4.6B sales, margin gains, and $470M buybacks set up for 16% EBITDA growth in 2026.ATIQ4 2025
- Q2 sales hit $1.1B, margins and outlook up, driven by aerospace and $4B+ new commitments.ATIQ2 2024
- Q4 revenue and EBITDA surged, with 2025 guidance signaling further margin and earnings growth.ATIQ4 2024
Next ATI earnings date
Investor Day 202612 Nov, 2026
ATI
Next ATI earnings date
Investor Day 202612 Nov, 2026
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Frequently asked questions
Supplying Materials for Jet Engines
ATI Inc., formerly Allegheny Technologies, is an American company operating globally. It has officially been in business since 1996 but has roots tracing back to companies active during the early decades of the 1900s. ATI is a producer of various specialty materials, primarily for the aerospace and defense sectors, and has its headquarters in Dallas, Texas. The shares of the company are listed on the NYSE, and it has over 55 offices in over 15 countries.
An Impressive History
ATI has its roots in various different companies. In 1939 a merger between Allegheny Steel and Ludlum Steel resulted in the formation of the Allegheny Ludlum Corporation. The two companies that merged had previously been important suppliers of steel for both the Empire State Building and the Chrysler Building, as well as for the Model A Ford. The Allegheny Ludlum Corporation grew both organically and through a long series of acquisitions during the latter half of the 1900s.
In 1996 a merger with Teledyne formed Allegheny Technologies. The company that emerged post-merger subsequently spun off several subsidiaries into separate entities, in order to be able to focus on metal and alloy manufacturing. Allegheny Technologies was renamed ATI in 2022.
The Products
ATI is a materials company that produces various steels, alloys, forgings, and associated products. The company is split into two different segments: High-Performance Materials & Components and Advanced Alloys & Solutions. The first of these focuses on various complex materials and forgings used in industries where performance is paramount and includes alloys of materials like titanium, nickel, hafnium, and more. The second division, Advanced Alloys & Solutions is focused purely on different alloys, specialty rolled products, and stainless sheet products.
The Key Markets
The two most important market segments for ATI are without a doubt aerospace and defense, supplying materials for companies like Boeing and Airbus. These sectors account for a large part of the company’s sales, but ATI also supplies materials for companies within energy, chemical processing, and more. Notably, the company has supplied materials for every new generation of aircraft in the last fifty years, and the experience and impact within the aerospace industry are a large part of the company’s DNA.