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ATI (ATI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · ATI (ATI) Q3 2026 earnings results →

Q3 2026 Revenue up 26% year over year to $1.4B · 13¢ of every $1 of revenue kept as net profit · operating margin 19.1%

ATI made $1.4B in Q3 2026 (+26% Y/Y). Operating margin 19.1%, net earnings $190M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$1.4B
Year over year+26%
Operating margin19.1%
Net earnings$190M
Operating cash flow$155M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

ATI Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
ATI Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.4B in Q3 2026, up 26% year over year and up 13% from the previous quarter.

Gross margin was 26.7%, up 4.0 points from a year earlier. Operating profit was $0.27B, a 19.1% margin (up 4.7 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, above the 14% margin then. Operating expenses grew 17% against revenue growth of 26%. Net earnings were $0.19B, up 73% year over year. The effective tax rate was 21.0%.

Operating cash flow was $0.15B (down 33% year over year), 80% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.09B. Capital expenditures of $0.09B left free cash flow of $0.06B.

Quarterly history

ATI revenue by quarterATI revenue by quarter$1.3BQ2 2026$1.4BQ3 2026
ATI net earnings by quarterATI net earnings by quarter$151MQ2 2026$190MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$1.4B+26%19.1%$190M$155M
Q2 202610-QAug 6, 2026$1.3B+11%17.4%$151M$132M

Charts

ATI: where the cash came from (+) and went (−), TTM to Q3 2026ATI: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$730MCapital spending−$309MBuybacks−$195MOther financing−$107MNet borrowing (+) / repaid (−)−$80.1MCash drawn (+) / kept (−)−$70.1MAsset & business sales$24.1MOther investing$3.9MExchange rates$2.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
ATI: profit against cash, quarter by quarterATI: profit against cash, quarter by quarterNet incomeOperating cash flow$142M$381MQ4 2024$100M−$92.5MQ1 2025$104M$162MQ2 2025$114M$230MQ3 2025$100M$316MQ4 2025$120M$128MQ1 2026$154M$132MQ2 2026$193M$155MQ3 2026
Latest (Q3 2026): Net income $193M, Operating cash flow $155M.
ATI: diluted shares by fiscal yearATI: diluted shares by fiscal year153MFY2022151MFY2022151MFY2023150MFY2023147MFY2024142MFY2025
-7.1% since FY2022: buybacks shrank the count.
ATI: long-term debt falling due (FY2025)ATI: long-term debt falling due (FY2025)$31.6M2026$379M2027$23.6M2028$344M2029$633M2030
Cash $417M, short-term investments —, long-term debt — at 2025-12-28.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About ATI

ATI Inc. is a Delaware corporation with its corporate headquarters located at 2021 McKinney Avenue, Suite 1100, Dallas, TX 75201, telephone number (800) 289-7454, Internet website address www.atimaterials.com. Our Internet website and content contained therein or connected thereto are not intended to incorporate into this Annual Report on Form 10-K. References to “ATI,” the “Company,” “the Registrant,” “we,” “our” and “us” and similar terms mean ATI Inc. and its subsidiaries, unless the context otherwise requires. When used in this Annual Report on Form 10-K, unless the context otherwise requires or unless otherwise specified, any reference to “year” is to the Company’s fiscal year.

In its own words, from its 10-K, filed Feb 20, 2026.

ATI against its Steel Pipe & Tubes peers

The largest companies of the same SEC industry, each at its latest quarter.

CompanyQuarterRevenueY/YOp. margin
ATI ATIQ3 2026$1.4B+26%19.1%
NWPX Nwpx InfrastructureQ3 2026$179M+19%13.6%

Source: ATI 10-Q on SEC EDGAR · CIK 1018963 · Steel Pipe & Tubes

13F: who owns ATI and who is buying

Largest holders of ATI (13F)Largest holders of ATI (13F)BlackRock$3.7BVanguard Group$1.5BVanguard Portfolio Management LLC$1.2BVanguard Capital Management LLC$1.2BCapital World Investors$1.0BState Street$1.0BCapital Research Global Investors$1.0BFMR LLC$983MCapital International Investors$733MInvesco$680M
Funds' net buying of ATI by quarter (13F)Funds' net buying of ATI by quarter (13F)$215M2024-09−$638K2024-12−$145M2025-03$27.5M2025-06−$322M2025-09−$214M2025-12−$36.0M2026-03−$21.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ATI

History

Every quarter: Q3 2026 results · Q2 2026 results

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