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ATI cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$61.8M in Q3 2026 · $421M over twelve months

Operating cash flow$155M
Capital spending−$92.8M
Free cash flow+$61.8M
Cash / net income0.8×
Cash conversion cycle133 days

Analysis

In Q3 2026, ATI generated $155M of operating cash flow and spent $92.8M on capital projects, leaving free cash flow of $61.8M.

Over the twelve months to Sep 27, 2026, operating cash flow was $730M; the largest uses were capital spending ($309M), buybacks ($195M), other financing ($107M); besides operations, cash came from asset & business sales ($24.1M), other investing ($3.9M); the cash balance rose by $70.1M.

Operating cash flow was $155M against net income of $193M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$86.4M, depreciation & amortization +$44.9M, payables −$30.3M.

Its cash conversion cycle was 133 days (receivables 44 + inventory 145 − payables 56).

Free cash flow

ATI: free cash flow by quarterATI: free cash flow by quarter$334MQ4 2024−$146MQ1 2025$89.4MQ2 2025$167MQ3 2025$223MQ4 2025$73.0MQ1 2026$63.2MQ2 2026$61.8MQ3 2026
Operating cash flow less capital spending.
ATI: operating cash flow against capital spendingATI: operating cash flow against capital spendingOperating cash flowCapital spending$381M$47.3MQ4 2024−$92.5M$53.3MQ1 2025$162M$72.1MQ2 2025$230M$62.5MQ3 2025$316M$92.7MQ4 2025$128M$55.2MQ1 2026$132M$68.6MQ2 2026$155M$92.8MQ3 2026
Latest (Q3 2026): Operating cash flow $155M, Capital spending $92.8M.

Capital allocation, year by year

ATI: where the cash came from (up) and went (down), by fiscal yearATI: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY2022: Operating cash flow $225MFY2022: Net borrowing −$49.6MFY2022: Asset sales $3.4MFY2022: Capital spending −$131MFY2022: Buybacks −$140M$228MFY2022FY2023: Operating cash flow $225MFY2023: Net borrowing −$49.6MFY2023: Asset sales $3.1MFY2023: Capital spending −$131MFY2023: Buybacks −$140M$228MFY2023FY2023: Operating cash flow $85.9MFY2023: Net borrowing $361MFY2023: Asset sales $3.5MFY2023: Capital spending −$201MFY2023: Buybacks −$85.2M$450MFY2023FY2024: Operating cash flow $407MFY2024: Net borrowing −$63.6MFY2024: Asset sales $75.6MFY2024: Capital spending −$239MFY2024: Buybacks −$260M$483MFY2024FY2025: Operating cash flow $614MFY2025: Net borrowing −$215MFY2025: Asset sales $37.9MFY2025: Capital spending −$281MFY2025: Buybacks −$470M$652MFY2025
Over these 5 years operating cash flow totalled $1.6B; the largest uses were buybacks ($1.1B) and capital spending ($982M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$442M
Debt$1.9B
Net debt$1.4B
Due within a year$31.6M

ATI funds itself: free cash flow was $421M over the last twelve months, and $442M of cash and investments stands against $1.9B of debt ($31.6M due within a year, 14.0× covered by cash).

ATI: debt maturities by year (FY2025)ATI: debt maturities by year (FY2025)$31.6MYear 1$379MYear 2$23.6MYear 3$344MYear 4$633MYear 5
Principal due in each year as disclosed in the annual report, against $442M of cash and investments now.

Where the cash came from and went

ATI: sources (+) and uses (−) of cash, Q3 2026ATI: sources (+) and uses (−) of cash, Q3 2026Other financing−$361MCash drawn (+) / kept (−)$341MOperating cash flow$155MCapital spending−$92.8MBuybacks−$70.0MNet borrowing (+) / repaid (−)$12.8MAsset & business sales$11.3MOther investing$2.5MExchange rates$1.6M
ATI: sources (+) and uses (−) of cash, TTM to Q3 2026ATI: sources (+) and uses (−) of cash, 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 profit to cash

ATI: net income to operating cash flow, Q3 2026ATI: net income to operating cash flow, Q3 2026Net income$193MDepreciation & amortization$44.9MStock-based pay$9.2MDeferred taxes$17.9MReceivables−$86.4MInventory$10.9MPayables−$30.3MOther operating capital−$1.0MOperating cash flow$155M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264414556133
Q2 20264715563140
Q1 20265315363144
Q4 20255414153142
Q3 20256114754154
Q2 20256414256151
Q1 20256113859140
Q4 20245613656136

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$155M−$92.8M−$70.0M$12.8M$341M$61.8M
Q2 2026$132M−$68.6M−$50.0M$1.6M−$381M$63.2M
Q1 2026$128M−$55.2M−$75.0M$67.3M$15.0M$73.0M
Q4 2025$316M−$92.7M—−$170M−$44.5M$223M
Q3 2025$230M−$62.5M−$150M$3.4M−$52.6M$167M
Q2 2025$162M−$72.1M−$250M−$8.3M$156M$89.4M
Q1 2025−$92.5M−$53.3M−$70.0M−$8.0M$245M−$146M
Q4 2024$381M−$47.3M−$70.0M−$7.5M−$298M$334M

ATI: income statement and cash flow

ATI, Q3 2026: revenue $1.4B (+26% year over year), operating margin 19.1%. The chart follows the revenue to costs, profit and cash.

ATI: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.