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Edge14 Nov 2025
Ball: The King of Cans
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ATI (ATI) investor relations material
ATI Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 sales rose 7% year-over-year to $1.13 billion, driven by a 21% increase in aerospace & defense sales, which now represent 70% of total revenue.
Adjusted EBITDA reached $225 million, up 21% year-over-year, with a 20% margin; adjusted EPS was $0.85, up 42% year-over-year.
Net income attributable to shareholders was $110 million ($0.78 per diluted share), up 33% year-over-year.
Operational excellence, productivity gains, and strategic investments in differentiated materials and customer partnerships supported margin expansion and long-term growth.
$150 million in share repurchases in Q3, totaling $470 million year-to-date, with $120 million remaining authorized.
Financial highlights
Q3 2025 revenue: $1,126M–$1,130M (+7% YoY); HPMC sales: $603M (+9% YoY); AA&S sales: $523M (+5% YoY).
Adjusted EBITDA: $225M (+21% YoY); HPMC adjusted EBITDA: $146M (+18% YoY); AA&S adjusted EBITDA: $90M (+23% YoY).
Adjusted EBITDA margin: 20% (+230 bps YoY); HPMC margin: 24.2% (+190 bps YoY); AA&S margin: 17.3% (+250 bps YoY).
Cash from operations year-to-date reached $299M, a $273M improvement from last year; cash and cash equivalents at quarter-end: $372M.
Returned $150M to shareholders via share repurchases in Q3; $470M year-to-date.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance raised to $848M–$858M; adjusted EPS to $3.15–$3.21; adjusted free cash flow to $330M–$370M.
Q4 2025 adjusted EBITDA projected at $221M–$231M; adjusted EPS: $0.84–$0.90.
Capital expenditures expected at $260M–$280M for the year.
Anticipates continued strong A&D demand, margin expansion, and airframe recovery in 2026.
Macro risks and uncertainty persist, but the company is positioned for profitable growth in core markets.
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Q4 20254 Feb, 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.
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