[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","rah6ebyq90xst4od2bc6pikpy","revision",2,"title","ATI公布截至2026年9月27日季度及年初至今业绩：季度销售额14.237亿美元，净利润1.898亿美元","originalTitle","ATI INC (0001018963) (Filer)","summary","ATI披露，截至2026年9月27日的季度销售额为14.237亿美元，归属公司净利润1.898亿美元，摊薄每股收益1.37美元；年初至今销售额为38.363亿美元，净利润4.590亿美元，摊薄每股收益3.31美元。","reason","节选披露ATI截至2026年9月27日季度及年初至今的销售、利润、现金流和回购情况，并列示原材料价格、环境及诉讼等风险事项。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-29T18:16:57.000Z","discoveredAt","2026-10-29T18:45:34.160Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",73,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","f00Rx_6YKC_8",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","ddbf325b-425f-483b-a5d0-c36112a85fc8","ATI公布2026年第三季度业绩并上调全年EBITDA指引",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至以下日期的季度期间：2026年9月27日

或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期间自至

委员会档案编号 1-12001

ATI Inc.

（注册人章程中载明的准确名称）


特拉华州		25-1792394
（州或其他司法管辖区）		（美国国税局雇主
注册成立或组织地）		识别编号）

2021 McKinney Avenue
达拉斯，	得克萨斯州		75201
（主要行政办公室地址）		（邮政编码）

(800) 289-7454

（注册人电话号码，包括区号）

根据该法第 12(b) 条注册的证券：


各类别名称	交易代码	上市交易所名称
普通股，面值 $0.10	ATI	纽约证券交易所

请勾选以表明注册人 (1) 是否已在过去 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，以及 (2) 在过去 90 天内是否一直受此类申报要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在过去 12 个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司还是较小型报告公司。有关“大型加速申报公司”“加速申报公司”“较小型报告公司”和“新兴成长型公司”的定义，请参见《交易法》规则 12b-2。


大型加速申报公司	☒	加速申报公司	☐

非加速申报公司	☐	较小型报告公司	☐

		新兴成长型公司	☐

如果属于新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 ☐

请勾选，以说明注册人是否为壳公司（定义见《交易法》Rule 12b-2）。是 ☐ 否 ☒

截至2026年10月 26日，注册人已发行在外的普通股为135,822,697股。

ATI INC.

SEC 10-Q表

截至2026年9月 27日的季度


	页码



































第一部分 - 财务信息
第1项财务报表
合并资产负债表	1
合并经营报表	2
合并综合收益（亏损）报表	3
合并现金流量表	4
合并权益变动表	5
合并财务报表附注	6
第2项管理层对财务状况和经营成果的讨论与分析	27
第3项有关市场风险的定量和定性披露	42
第4项控制和程序	43

第二部分 - 其他信息
第1项法律诉讼	44
第1A项风险因素	44
第2项未注册的股权证券销售及所得款项用途	45
第5项其他信息	47
第6项附件	47

签名	48

第一部分：财务信息

第1项财务报表

ATI Inc.及其子公司

合并资产负债表

（单位：百万美元，股票和每股金额除外）

（本期未经审计）


	2026年9月27日		2025年12月28日
资产
流动资产：
现金及现金等价物	$	442.3			$	416.7
应收账款净额	733.4			686.1
短期合同资产	112.8			72.8
存货净额	1,657.2			1,403.2
预付费用及其他流动资产	101.5			101.2

流动资产总额	3,047.2			2,680.0
不动产、厂房及设备净额	2,045.0			1,940.6
商誉	225.2			225.2

其他资产	249.4			253.8

资产总额	$	5,566.8			$	5,099.6
负债和权益

应付账款	$	632.1			$	568.2
应计负债	273.0			240.5
短期合同负债	127.4			146.4
短期债务及长期债务的流动部分	49.7			31.1
其他流动负债	16.3			20.1

流动负债总额	1,098.5			1,006.3
长期债务	1,807.8			1,718.3
应计退休后福利	147.8			158.5
养老金负债	40.1			41.4


其他长期负债	340.7			258.4
负债总额	3,434.9			3,182.9

权益：
ATI股东权益：
优先股，每股面值$0.10：授权发行50,000,000股；未发行	—			—
普通股，每股面值$0.10：授权发行500,000,000股；截至2026年9月 27日和2025年12月 28日，已发行142,871,688股；截至2026年9月 27日已发行在外135,822,590股，截至2025年12月 28日已发行在外135,934,852股	14.3			14.3
资本公积	1,780.9			1,884.6
留存收益	928.3			468.7
库存股：截至2026年9月 27日和2025年12月 28日，分别为7,049,098股和6,936,836股	(654.2)			(502.7)
累计其他综合亏损，税后净额	(64.1)			(60.4)
ATI股东权益总额	2,005.2			1,804.5
非控股权益	126.7			112.2
权益总额	2,131.9			1,916.7
负债和权益总额	$	5,566.8			$	5,099.6

随附附注是这些报表不可分割的组成部分。

ATI Inc.及子公司

合并经营报表

（百万美元，股份和每股金额除外）

（未经审计）


	季度截至		年初至今期间截至
	2026年9月27日		2025年9月28日		2026年9月27日		2025年9月28日
销售额	$	1,423.7			$	1,125.5		$	3,836.3	$	3,410.3

销售成本	1,043.5			870.2			2,883.4		2,676.7
毛利	380.2			255.3			952.9		733.6
销售及管理费用	107.7			94.6			295.5		262.4

重组费用（抵免）	0.9			(0.4)			11.8		(1.7)
资产出售及业务出售（收益）损失，净额	(0.3)			(1.3)			(10.1)		2.6
营业收入	271.9			162.4			655.7		470.3
非经营性退休福利费用	(4.2)			(3.9)			(12.8)		(11.9)
利息费用，净额	(22.6)			(26.1)			(70.2)		(74.5)
债务清偿费用	(1.2)			—			(1.2)		—
其他收入，净额	0.9			12.2			2.8		15.5
所得税前收入	244.8			144.6			574.3		399.4
所得税准备金	51.5			31.0			106.2		81.3
净利润	193.3			113.6			468.1		318.1


减：归属于非控股权益的净利润	3.5			3.6			9.1		10.4
归属于ATI的净利润	$	189.8			$	110.0		$	459.0	$	307.7




归属于ATI的基本每股普通股净利润	$	1.39			$	0.80		$	3.37	$	2.21




归属于ATI的稀释后每股普通股净利润	$	1.37			$	0.78		$	3.31	$	2.16

随附附注是这些报表不可分割的组成部分。

ATI Inc.及子公司

综合收益（亏损）合并报表

（百万美元）

（未经审计）


	季度截至		年初至今期间截至
	2026年9月27日		2025年9月28日		2026年9月27日		2025年9月28日
净利润	$	193.3			$	113.6		$	468.1	$	318.1
货币折算调整
本期产生的未实现净变动	2.2			(1.6)			2.4		24.1
计入净利润的重分类调整	—			—			—		5.1
合计	2.2			(1.6)			2.4		29.2


衍生工具
套期交易衍生工具净损失	(2.2)			(3.3)			(2.9)		(1.3)
将已实现净（收益）损失重分类至净利润	1.2			1.8			(2.1)		4.4
减：衍生工具交易所得税	(0.2)			(0.4)			(1.2)		0.7
合计	(0.8)			(1.1)			(3.8)		2.4
退休后福利计划
精算损失
净精算损失摊销	1.3			1.2			3.9		3.8

以前服务成本
将净以前服务（抵免）成本摊销至净利润	—			(0.2)			0.1		(0.4)

减：退休后福利计划所得税	0.3			0.1			0.9		0.8
合计	1.0			0.9			3.1		2.6
其他综合收益（亏损），税后净额	2.4			(1.8)			1.7		34.2
综合收益	195.7			111.8			469.8		352.3
减：归属于非控股权益的综合收益	5.2			4.2			14.5		14.0
归属于ATI的综合收益	$	190.5			$	107.6		$	455.3	$	338.3

随附附注是这些报表不可分割的组成部分。

ATI Inc.及子公司

合并现金流量表

（百万美元）

（未经审计）



	年初至今期间截至
	2026年9月27日		2025年9月28日
经营活动：
净利润	$	468.1			$	318.1
将净利润调节为经营活动提供的净现金的调整项：
折旧和摊销	133.9			125.0
非现金重组费用，净额	5.1			—
股份支付	23.3			22.3
递延税款	35.4			36.5

债务清偿费用	1.2			—

处置不动产、厂房及设备的净收益	(10.1)			(10.6)

出售业务的净亏损	—			2.6

经营性资产和负债变动：
存货	(255.1)			(57.5)
应收账款	(46.6)			1.7
应付账款	59.9			(94.4)

退休福利	(4.0)			(6.0)
养老金计划缴款	(4.0)			—
应计负债及其他	7.5			(39.2)
经营活动提供的现金	414.6			298.5
投资活动：
购置不动产、厂房及设备	(216.6)			(187.9)
处置不动产、厂房及设备所得款项	16.7			10.9
出售业务所得款项，扣除交易成本	1.6			21.2

其他	2.5			6.8
投资活动所用现金	(195.8)			(149.0)
融资活动：
发行优先票据所得款项	450.0			—
偿还长期债务及融资租赁义务	(375.7)			(24.2)
国际信贷额度项下净借款	15.3			11.3

债务发行成本	(6.9)			—

回购库存股	(195.0)			(470.0)





为缴纳股份支付相关所得税及其他而回购的股份	(82.2)			(29.7)


融资活动所用现金	(194.5)			(512.6)
汇率变动对现金及现金等价物的影响	1.3			14.1

现金及现金等价物增加（减少）	25.6			(349.0)
期初现金及现金等价物	416.7			721.2
期末现金及现金等价物	$	442.3			$	372.2

随附附注是这些报表不可分割的组成部分。

ATI Inc.及其子公司

合并权益变动表

（百万美元）

（未经审计）


	ATI股东
	普通股		额外实缴资本		留存收益		库存股	累计其他综合收益（亏损）		非控股权益	权益总额
2025年6月29日余额	$	14.3			$	1,879.5		$	262.2		$	(356.1)		$	(56.5)		$	114.6	$	1,858.0
净利润	—			—			110.0		—		—		3.6			113.6
其他综合收益（亏损）	—			—			—		—		(2.4)		0.6			(1.8)
回购库存股	—			—			—		(151.5)		—		—			(151.5)



员工股票计划	—			7.3			—		0.2		—		—			7.5
2025年9月28日余额	$	14.3			$	1,886.8		$	372.2		$	(507.4)		$	(58.9)		$	118.8	$	1,825.8
2026年6月28日余额	$	14.3			$	1,772.3		$	738.5		$	(583.6)		$	(64.8)		$	121.5	$	1,998.2
净利润	—			—			189.8		—		—		3.5			193.3
其他综合收益（亏损）	—			—			—		—		0.7		1.7			2.4
回购库存股	—			—			—		(70.7)		—		—			(70.7)



员工股票计划	—			8.6			—		0.1		—		—			8.7
2026年9月27日余额	$	14.3			$	1,780.9		$	928.3		$	(654.2)		$	(64.1)		$	126.7	$	2,131.9


	ATI股东
（百万美元，每股金额除外）	普通股		额外实缴资本		留存收益		库存股	累计其他综合收益（亏损）		非控股权益	权益总额
2024年12月29日余额	$	14.3			$	1,943.9		$	64.3		$	(82.6)		$	(89.5)		$	104.8	$	1,955.2
净利润	—			—			307.7		—		—		10.4			318.1
其他综合收益	—			—			—		—		30.6		3.6			34.2
回购库存股	—			—			—		(474.3)		—		—			(474.3)



员工股票计划	—			(57.1)			0.2		49.5		—		—			(7.4)
2025年9月28日余额	$	14.3			$	1,886.8		$	372.2		$	(507.4)		$	(58.9)		$	118.8	$	1,825.8
2025年12月28日余额	$	14.3			$	1,884.6		$	468.7		$	(502.7)		$	(60.4)		$	112.2	$	1,916.7
净利润	—			—			459.0		—		—		9.1			468.1
其他综合收益（亏损）	—			—			—		—		(3.7)		5.4			1.7
回购库存股	—			—			—		(195.7)		—		—			(195.7)



员工股票计划	—			(103.7)			0.6		44.2		—		—			(58.9)
2026年9月27日余额	$	14.3			$	1,780.9		$	928.3		$	(654.2)		$	(64.1)		$	126.7	$	2,131.9

随附附注是这些报表不可分割的组成部分。

合并财务报表附注

未经审计

附注1. 会计政策

中期合并财务报表包括 ATI Inc. 及其子公司的账目。除非上下文另有要求，“ATI”和“公司”均指 ATI Inc. 及其子公司。

公司采用 4-4-5 或 5-4-4 会计日历，每个会计季度为 13 周，分为两个四周月和一个五周月；会计年度于最接近 12 月 31 日的星期日结束。除非另有说明，本季度报告（Form 10-Q）中提及的年度和季度均指会计年度和会计季度，而非日历年度和日历季度。

这些未经审计的合并财务报表按照美国公认会计原则中有关中期财务信息的规定，以及 Form 10-Q 的说明和 Regulation S-X 第 10 条编制。因此，报表未包含美国公认会计原则对完整财务报表所要求的全部信息和附注披露。管理层认为，已纳入其认为为公允列报所必需的所有调整（仅包括正常的经常性调整）。阅读这些未经审计的合并财务报表时，应同时参阅公司 2025 年 Form 10-K 年度报告所载的合并财务报表及其附注。此等中期期间的经营业绩不一定代表任何未来期间的经营业绩。2025 年 12 月 28 日的财务信息源自公司经审计的合并财务报表。

尚未生效的会计公告

2024 年 11 月，FASB 发布了有关费用分类披露的新会计指引。该指引要求实体披露某些成本和费用的具体信息，包括：(1) 存货采购、员工薪酬、折旧和无形资产摊销的金额；(2) 根据现行美国公认会计原则已要求披露、且须与其他分类披露要求一并披露的某些金额；(3) 对相关费用项目中未单独按量化方式分类披露的剩余金额作定性说明；以及 (4) 销售费用总额，并在年度报告期间披露实体对销售费用的定义。该指引有关年度披露的要求将于公司 2027 会计年度生效，中期披露要求将于公司 2028 会计年度生效。该指引可采用前瞻法或追溯法，亦允许提前采用。公司预计不会提前采用该指引，并预计除披露要求外，这些变化不会对公司的合并财务报表产生影响。

重新分类

公司将未经审计合并资产负债表中的某些前期金额重新分类，以符合本期列报方式。具体而言，我们将“其他流动负债”中的某些金额重新分类至“应计负债”。此项重新分类不影响负债总额或现金流量。

附注 2. 客户合同收入

收入分类

公司有两个业务部门：高性能材料与组件（HPMC）和先进合金与解决方案（AA&S）。这两个业务部门的收入按多元化全球市场、主要地理市场和多元化产品进行细分。

下表列出了截至 2026 年 9 月 27 日和 2025 年 9 月 28 日的季度及年初至今期间，公司按全球市场和地理市场划分的总收入比较信息。


	截至季度
（百万）	2026 年 9 月 27 日		2025 年 9 月 28 日
	HPMC	AA&S	总计		HPMC	AA&S	总计
多元化全球市场：
航空航天与国防：
商用喷气发动机	$	535.9		$	67.3		$	603.2		$	399.3	$	34.3	$	433.6
商用机身	77.2		142.2		219.4			71.0	126.7		197.7
国防	62.5		109.4		171.9			83.8	77.6		161.4
航空航天与国防合计	675.6		318.9		994.5			554.1	238.6		792.7

其他市场：
特种能源	17.4		63.0		80.4			19.4	34.5		53.9
电子	—		46.5		46.5			—	48.4		48.4
医疗	4.1		21.5		25.6			11.8	19.1		30.9
汽车	2.1		76.8		78.9			1.7	59.6		61.3
传统能源	1.6		80.7		82.3			1.1	55.7		56.8
建筑/采矿	11.6		27.8		39.4			5.3	31.5		36.8
其他	9.0		67.1		76.1			9.5	35.2		44.7
其他市场合计	45.8		383.4		429.2			48.8	284.0		332.8

总计	$	721.4		$	702.3		$	1,423.7		$	602.9	$	522.6	$	1,125.5


	截至年初至今期间
（百万）	2026 年 9 月 27 日		2025 年 9 月 28 日
	HPMC	AA&S	总计		HPMC	AA&S	总计
多元化全球市场：
航空航天与国防：
商用喷气发动机	$	1,428.9		$	154.6		$	1,583.5		$	1,216.2	$	86.6	$	1,302.8
商用机身	230.4		367.3		597.7			230.1	368.6		598.7
国防	175.0		297.9		472.9			204.0	203.4		407.4
航空航天与国防合计	1,834.3		819.8		2,654.1			1,650.3	658.6		2,308.9

其他市场：
特种能源	48.3		152.9		201.2			46.5	121.4		167.9
电子	—		113.0		113.0			—	131.7		131.7
医疗	21.5		54.6		76.1			43.0	69.2		112.2
汽车	3.8		208.9		212.7			5.9	180.8		186.7
传统能源	6.2		263.8		270.0			4.2	267.3		271.5
建筑/采矿	34.2		79.1		113.3			20.5	82.5		103.0
其他	24.5		171.4		195.9			25.4	103.0		128.4
其他市场合计	138.5		1,043.7		1,182.2			145.5	955.9		1,101.4

总计	$	1,972.8		$	1,863.5		$	3,836.3		$	1,795.8	$	1,614.5	$	3,410.3


	截至季度
（百万）	2026 年 9 月 27 日		2025 年 9 月 28 日
	HPMC	AA&S	总计		HPMC	AA&S	总计
主要地理市场：
美国	$	464.4		$	471.7		$	936.1		$	337.7	$	342.6	$	680.3
欧洲	188.9		81.3		270.2			177.4	71.5		248.9
亚洲	28.9		99.2		128.1			40.1	84.5		124.6
加拿大	13.5		24.3		37.8			22.3	17.0		39.3
南美、中东及其他地区	25.7		25.8		51.5			25.4	7.0		32.4
总计	$	721.4		$	702.3		$	1,423.7		$	602.9	$	522.6	$	1,125.5


	截至年初至今期间
（百万）	2026 年 9 月 27 日		2025 年 9 月 28 日
	HPMC	AA&S	总计		HPMC	AA&S	总计
主要地理市场：
美国	$	1,180.2		$	1,245.7		$	2,425.9		$	1,004.4	$	970.1	$	1,974.5
欧洲	564.3		187.4		751.7			537.4	208.0		745.4
亚洲	102.2		239.3		341.5			117.2	270.9		388.1
加拿大	55.2		68.0		123.2			59.4	59.6		119.0
南美、中东及其他地区	70.9		123.1		194.0			77.4	105.9		183.3
总计	$	1,972.8		$	1,863.5		$	3,836.3		$	1,795.8	$	1,614.5	$	3,410.3

下表列出了根据销售额占比划分的公司主要产品比较信息。AA&S 部门的热轧与加工设施（HRPF）转换服务销售额不在此列示。


	截至季度
	2026 年 9 月 27 日		2025 年 9 月 28 日
	HPMC	AA&S	总计		HPMC	AA&S	总计
多元化产品和服务：
镍基合金和特种合金	51	%	53	%	52	%		44	%	45	%	44	%
精密锻件、铸件和组件	33	%	—	%	17	%		40	%	—	%	22	%
钛及钛基合金	16	%	16	%	16	%		16	%	22	%	19	%
锆及相关合金	—	%	21	%	10	%		—	%	20	%	9	%
精密轧制带材产品	—	%	10	%	5	%		—	%	13	%	6	%
合计	100	%	100	%	100	%		100	%	100	%	100	%


	年初至今期间截至
	2026年9月27日		2025年9月28日
	HPMC	AA&S	合计		HPMC	AA&S	合计
多元化产品与服务：
镍基合金及特种合金	49	%	53	%	51	%		43	%	51	%	47	%
精密锻件、铸件及部件	35	%	—	%	18	%		39	%	—	%	21	%
钛及钛基合金	16	%	16	%	16	%		18	%	19	%	18	%
锆及相关合金	—	%	21	%	10	%		—	%	19	%	9	%
精密轧制带材产品	—	%	10	%	5	%		—	%	11	%	5	%
合计	100	%	100	%	100	%		100	%	100	%	100	%

截至2026年9月27日和2025年9月28日，公司确认订单积压总额分别为43亿美元和36亿美元。由于公司长期协议的结构，截至2026年9月27日，约75%的

订单积压代表已登记订单，其履约义务将在未来12个月内履行。订单积压不反映任何可变对价因素。

应收账款

截至2026年9月27日和2025年12月28日，客户应收账款总额分别为7.381亿美元和6.903亿美元。以下为截至2026年9月27日和2025年9月28日的年初至今期间应收账款——呆账准备金变动情况：


（百万美元）
应收账款——呆账准备金	2026年9月27日	2025年9月28日
年初余额	$	4.2		$	15.0
计提准备金费用	0.5		2.1
坏账核销及收回	—		(12.4)
期末余额	$	4.7		$	4.7

合同余额

以下为截至2026年9月27日和2025年9月28日的年初至今期间合同资产和负债变动情况：


（百万美元）
合同资产

短期	2026年9月27日	2025年9月28日
财政年度初余额	$	72.8		$	75.6
本年度确认	153.0		94.8
重分类至应收账款	(110.2)		(76.1)
重分类至/自合同负债	(2.8)		—
期末余额	$	112.8		$	94.3


（百万美元）
合同负债
短期	2026年9月27日	2025年9月28日
财政年度初余额	$	146.4		$	169.4
本年度确认	108.1		106.0
期初余额中重分类至收入的金额	(83.9)		(84.6)
本年度金额重分类至收入	(45.7)		(44.3)
其他	(6.1)		(1.0)
重分类至/自长期项目及合同资产	8.6		13.7
期末余额	$	127.4		$	159.2


长期 (a)	2026年9月27日	2025年9月28日
年初余额	$	91.3		$	45.3
本年度确认	73.1		33.0
期初余额中重分类至收入的金额	(5.3)		(2.2)

其他	(1.9)		(2.7)
重分类至/自短期项目	(11.4)		(13.7)
期末余额	$	145.8		$	59.7

(a) 长期合同负债计入合并资产负债表中的其他长期负债。

截至2026年9月27日和2025年12月28日，获取和履行合同的合同成本分别为1,670万美元和1,560万美元，并列报于合并资产负债表的其他长期资产中。截至2026年9月27日的季度和年初至今期间，合同成本摊销费用分别为50万美元和150万美元，

截至2025年9月28日的季度和年初至今期间，合同成本摊销费用分别为30万美元和120万美元。

附注3. 存货

截至2026年9月27日和2025年12月28日的存货如下：


（百万美元）	2026年9月27日		2025年12月28日
原材料及供应品	$	347.4			$	245.6
在制品	1,344.8			1,137.4
产成品	90.6			100.6
	1,782.8			1,483.6
存货估值准备	(125.6)			(80.4)
存货总额，净值	$	1,657.2			$	1,403.2

存货按成本（先进先出法（FIFO）和加权平均成本法）与可变现净值孰低计价。

附注4. 不动产、厂房和设备

截至2026年9月27日和2025年12月28日的不动产、厂房和设备如下：



（百万美元）	2026年9月27日		2025年12月28日
土地	$	30.2			$	31.2
建筑物和租赁资产改良	848.0			759.2
设备	3,511.8			3,389.8
	4,390.0			4,180.2
累计折旧和摊销	(2,345.0)			(2,239.6)
不动产、厂房和设备总额，净值	$	2,045.0			$	1,940.6

截至2026年9月27日和2025年12月28日，不动产、厂房和设备中的在建工程部分分别为4.171亿美元和3.594亿美元。合并现金流量表中截至2026年9月27日和2025年9月28日的年初至今期间资本支出，分别不包括4,310万美元和1,560万美元的应计资本支出；这些支出分别计入截至2026年9月27日和2025年9月28日的不动产、厂房和设备。

附注5. 资产剥离

2026年第二季度，公司完成出售一处先前已关闭的制造工厂，该工厂属于AA&S部门。截至2026年9月27日的年初至今期间，合并经营报表中列报了该工厂出售收益990万美元，计入资产出售和业务出售净收益/损失项目。2026年第三季度，公司从该出售中获得扣除交易成本后的款项980万美元。

2025年第三季度，公司完成出售其位于康涅狄格州东哈特福德的业务，该业务属于锻造产品业务单元，是一项不重大、非核心业务，售价为2,050万美元。公司确认收益110万美元，其中包括分配给该业务的锻造产品报告单位商誉200万美元。截至2025年9月28日的季度和年初至今期间，该收益列报于合并经营报表中的资产出售和业务出售净收益/损失项目，且不计入部门业绩。2025年第三季度，公司收到扣除交易成本和净营运资本调整后的款项1,810万美元，并将其列报为合并现金流量表中的投资活动。

在2025年第一季度，公司完成了出售位于英国伯明翰和德国杜塞尔多夫的某些非重大、非核心业务，这些业务属于HPMC部门的欧洲业务。出售这些业务产生的370万美元亏损，列报在截至2025年9月28日的年初至今期间综合经营报表中的资产出售和业务出售收益/亏损净额项目中，且不计入分部业绩。公司在2025财年收到扣除交易成本后的500万美元款项。截至2025年12月28日，公司预计将收到额外的490万美元款项，其中160万美元已在截至2026年9月27日的年初至今期间收到。这些款项在综合现金流量表中列为投资活动。

附注6. 合资企业

多数股权合资企业的财务业绩和财务状况并入公司的经营业绩和财务状况，少数股权部分在综合经营报表中确认为归属于非控股权益的净利润，并在股东权益总额中确认为归属于非控股权益的权益。

多数股权合资企业

STAL：

公司持有名为STAL的中国合资企业60%的权益。STAL其余40%的权益由中国宝武钢铁集团有限公司持有，该公司是一家经国家授权、其股权证券在中华人民共和国公开交易的投资公司。STAL属于AA&S部门，主要为亚洲电子和汽车市场生产精密轧制带材（PRS）不锈钢产品。截至2026年9月27日和2025年12月28日，STAL持有的现金及现金等价物分别为1.061亿美元和9760万美元。

附注7. 补充财务报表信息

截至2026年9月27日和2025年9月28日的季度其他收入净额如下：


（百万美元）	季度截至		年初至今期间截至
	2026年9月27日		2025年9月28日		2026年9月27日		2025年9月28日
租金和特许权使用费收入	$	0.9			$	1.7		$	2.8	$	5.0
处置不动产、厂房和设备的收益净额	—			10.5			—		10.5

其他收入净额总额	$	0.9			$	12.2		$	2.8	$	15.5

重组

公司在截至2026年9月27日的季度和年初至今期间，分别确认了90万美元和1180万美元的重组费用，用于精简HPMC部门的某些国内设施。按年初至今计算，这些费用包括420万美元的员工遣散相关费用（约100名员工）、410万美元的设备和租赁减值费用、120万美元的设施恢复成本，以及230万美元的其他相关费用。这些金额在综合经营报表中列为重组费用，且不计入分部业绩。此外，截至2026年9月27日的70万美元重组准备金余额记入综合资产负债表中的应计负债。

截至2025年9月28日的季度，重组费用为贷项0.4 million，代表公司欧洲重组相关遣散费准备金的减少。截至2025年9月28年的年初至今期间，重组费用为贷项1.7 million，主要是AA&S部门此前重组中约40名员工相关遣散费准备金的减少。

遣散费成本活动的重组准备金如下：


（百万）	遣散费和员工
	福利成本
截至2025年12月28日的余额	$	0.4
新增	4.2

支付	(3.9)
截至2026年9月27日的余额	$	0.7

供应商融资

公司参与由一家金融机构提供的供应商融资计划，为供应商提供在发票到期日前提前收款的选择。在此类计划下，金融机构应供应商要求，按照与ATI信用状况相称的预定折扣率，提前支付ATI已确认有效的发票。截至2026年9月27日和2025年12月28日，公司在合并资产负债表的应付账款中分别列报此类计划下的83.0 million美元和52.8 million美元。

应收账款证券化

2025年9月19日，ATI Specialty Materials, LLC（Specialty Materials）及其间接全资子公司ATI Securitization LLC（ATI Securitization）与PNC Bank, National Association（作为行政代理人）及若干参与其中的购买方/贷款方签订了一项为期三年、金额为125.0 million美元的应收款购买及融资协议（应收款融资安排）。根据该应收款融资安排，Specialty Materials持续将其部分贸易应收账款及相关担保权益和收益权益出售或出资给其全资子公司ATI Securitization Holdings LLC（ATI Holdings）。随后，ATI Holdings将这些应收款及相关担保权益和收益权益出售或出资给其全资子公司ATI Securitization；后者是一个合并的、破产隔离的特殊目的实体，设立的唯一目的就是根据应收款融资安排进行交易。ATI Securitization可根据应收款融资安排借款和/或按公允价值出售应收款，并以这些应收款的未分割权益及相关担保权益和收益权益作为其义务的担保。在所有情况下，Specialty Materials均保留对转让应收账款的服务管理职责，包括催收和行政管理活动。ATI已同意为Specialty Materials履行应收款融资安排项下义务提供担保。

应收账款融资安排项下任何时点可用的最高融资总额为 $125.0 million，但须视合格应收账款的可用情况及其他惯常因素和条件，以及应收账款融资安排所载契约而定。应收账款融资安排项下未偿还款项按调整后的有担保隔夜融资利率 (SOFR) 加适用利差计息。应收账款融资安排还要求维持相当于融资安排金额 50% 的最低使用水平。

ATI Securitization 是一个独立法律实体，拥有自己的债权人。若 ATI Securitization 发生清算，其债权人有权优先于 ATI 其他实体的债权人或股权持有人，先从 ATI Securitization 的资产中获得偿付。ATI Securitization 的资产，包括为现金管理及相关效率目的而可能与其任何关联方资金混同的 ATI Securitization 资金，不得用于偿付 ATI 或其任何关联方的债权人，但应收账款回款超过 ATI Securitization 在应收账款融资安排项下所欠金额的部分除外。

根据 ASC 860，《转让与服务》（“ASC 860”），应收账款融资安排项下的应收账款出售符合销售标准，并从合并资产负债表中终止确认。根据应收账款融资安排出售应收账款时收到的现金，在合并现金流量表中归类为经营活动现金流。由于公司保留已售应收账款的服务权，公司根据 ASC 860 评估了相关服务负债，并认定该负债对公司的财务报表并不重大。

在截至 2026 年 9 月 27 日的季度期间，ATI Securitization 出售了 $40.0 million 的应收账款，换取 $40.0 million 现金，并收回了根据应收账款融资安排转让给 ATI Securitization 的 $40.0 million 应收账款。在截至 2026 年 9 月 27 日的年初至今期间，ATI Securitization 出售了 $100.0 million 的应收账款，换取 $100.0 million 现金，并收回了根据应收账款融资安排转让给 ATI Securitization 的 $60.0 million 应收账款。在截至 2025 年 9 月 28 日的季度和年初至今期间，ATI Securitization 出售了 $80.0 million 的应收账款，换取 $80.0 million 现金。

在截至 2026 年 9 月 27 日的季度和年初至今期间，公司分别记录了与应收账款出售相关的 $1.2 million 和 $3.5 million 费用。在截至 2025 年 9 月 28 日的季度和年初至今期间，公司均记录了与应收账款出售相关的 $0.9 million 费用。这些费用在合并经营报表的销售及管理费用中确认，不计入分部业绩。截至 2026 年 9 月 27 日，公司已使用应收账款融资安排最高可用融资总额中的 $120 million。

截至2026年9月27日和2025年9月28日的年初至今期间，未在应收账款融资额度下借款。

其他客户应收账款出售

在截至2026年9月27日的第三季度和年初至今期间，公司通过某些客户与第三方金融机构设立的计划，分别出售了1.271亿美元和3.775亿美元的这些客户应收账款。在截至2025年9月28日的第三季度和年初至今期间，公司通过相同或类似的计划，分别出售了1.070亿美元和2.711亿美元的这些客户应收账款。这些客户采用较长的付款期限，并提供这些计划，使供应商能够更及时地收到付款。公司对通过这些计划出售的应收账款不承担任何持续参与责任，包括无需提供服务。此类交易所得款项在合并现金流量表中列为经营活动中的应收账款变动。与这些交易相关的损失分别为截至2026年9月27日季度和年初至今期间的170万美元和440万美元，以及截至2025年9月28日季度和年初至今期间的140万美元和410万美元，反映在公司的合并经营报表中，且不计入分部业绩。

截至2026年9月27日的季度和年初至今期间，分别为

附注8. 债务

截至2026年9月27日和2025年12月28日的债务如下：



（百万美元）	2026年9月27日		2025年12月28日
ATI Inc. 7.25% 2030年到期优先票据	$	425.0			$	425.0
ATI Inc. 5.875% 2033年到期优先票据	450.0			—
ATI Inc. 5.875% 2027年到期优先票据	—			350.0
ATI Inc. 5.125% 2031 年到期优先票据	350.0			350.0
ATI Inc. 4.875% 2029 年到期优先票据	325.0			325.0
ABL 定期贷款	200.0			200.0

外国信贷额度	15.6			—
融资租赁及其他	107.1			111.0
债务发行成本	(15.2)			(11.6)
债务	1,857.5			1,749.4
短期债务和长期债务的流动部分	49.7			31.1
长期债务	$	1,807.8			$	1,718.3

2033 年优先票据

2026 年 6 月 3 日，公司发行了本金总额为 $450 million、利率为 5.875%、2033 年到期的优先票据（2033 年票据）。2033 年票据的利息按年利率 5.875% 计息，每半年期末支付一次。2033 年票据于 2033 年 6 月 15 日到期。2033 年票据是公司的无担保、非次级债务，与公司现有及未来的所有优先无担保债务享有同等地位。2033 年票据限制公司设定某些留置权、进行售后回租交易、为某些债务提供担保、与其他实体合并或并入其他实体，或出售、转让或出租其全部或实质上全部资产的能力。

公司从发行 2033 年票据中获得 $443.1 million 的收益，扣除了 $6.9 million 的承销费和其他第三方费用。这些债务发行成本作为债务账面价值的减项入账，并将在 2033 年票据的 7 年期限内摊销。

在2029年6月15日之前，公司可随时或不时按2033年票据中规定的赎回价格，选择全部或部分赎回2033年票据。若发生控制权变更回购事件（定义见2033年票据），2033年票据须予赎回，赎回价格为所回购票据本金总额的101%现金，另加所回购2033年票据的任何应计未付利息。

2027年优先票据

2026年6月8日，公司行使权利，赎回其发行的2027年到期、总本金金额为$350 million的5.875%票据（2027年票据）的全部未偿还本金；作为受托人的纽约梅隆银行向2027年票据的登记持有人发出了赎回通知。2027年票据于2026年7月8日使用出售公司2033年票据所得款项的一部分全部赎回。作为赎回的一部分，公司因冲销相关未摊销债务发行成本而产生了约$1.2 million的债务清偿成本。

循环信贷额度

公司经修订的资产抵押贷款（ABL）信贷额度以公司运营的应收账款和存货作抵押，包括一笔$200 million定期贷款（定期贷款）和一项$600 million循环信贷额度，其中包含最高$200 million的信用证子额度以及最高$60 million的周转贷款额度。定期贷款的利率为调整后SOFR加2.0%；若满足某些最低流动性条件，可按$25 million的增量提前还款。此外，公司有权申请将ABL存续期内循环信贷额度的最高可用金额增加至多$300 million。ABL额度还

允许公司选择将某些机械设备作为额外抵押品，以用于确定该额度下的可用金额。ABL期限截至2030年6月。

ABL信贷额度下循环信贷借款的适用利率包含根据可用借款额度确定的利差：SOFR基准借款的利差为1.25%至1.75%，基准利率借款的利差为0.25%至0.75%。ABL信贷额度包含一项财务契约：发生违约事件且该事件持续期间，或ABL循环信贷部分的未提取可用额度低于以下两者中较高者时，公司必须维持不低于1.00:1.00的固定费用覆盖率：(i) ABL循环信贷部分当时适用的最高贷款金额与未偿还定期贷款余额之和的10%，或(ii) $60.0 million。截至2026年9月27日，公司符合固定费用覆盖率要求。此外，在其4.875%于2029年到期的优先票据、7.25%于2030年到期的优先票据及5.125%于2031年到期的优先票据所述到期日之前紧接的90天期间内，公司还必须达到该信贷额度规定的最低流动性。与签订2025年6月ABL修订协议相关的成本为$2.8 million，将在延长后的信贷额度期限（至2030年6月）内摊销至利息费用；此前为ABL记录的$1.9 million未摊销递延成本也将一并摊销。经修订的ABL还包含此类信贷额度通常适用的肯定性和否定性契约，包括对公司新增债务或留置权、进行投资、合并与收购、资产处置及关联方交易的限制；其中部分限制在ABL期限内公司固定费用覆盖率低于1.00:1.00，且循环信贷部分的未提取可用额度低于以下两者中较高者时会更加严格：(a) $120 million，或(b) ABL循环信贷部分最高贷款金额与未偿还定期贷款余额之和的20%。

截至2026年9月27日，ABL信贷额度循环部分无未偿借款，另有$29.3 million用于支持开立信用证。该季度无平均循环信贷借款；截至2026年9月27日的年初至今期间，平均循环信贷借款为$42.7 million，ABL信贷额度下的平均年利率为5.2%。截至2025年9月28日，ABL信贷额度下无循环信贷借款。公司还设有外国信贷额度，主要位于中国；按2026年9月27日的外汇汇率折算总额为$76.4 million，其中截至2026年9月27日已提取$15.6 million。截至2025年12月28日，外国信贷额度下无已提取金额。

附注9. 衍生金融工具与套期保值

作为风险管理策略的一部分，公司不时使用衍生金融工具，以管理其面临的原材料价格、能源成本、外币汇率及利率变动风险。根据适用的会计准则，公司将大多数此类合同作为套期工具进行会计处理。

公司有时会使用期货和掉期合约，管理镍等原材料及天然气预计采购价格变动带来的风险敞口。此类合约通常作为现金流套期保值进行会计处理；签订合约时，套期项目的价格即被锁定，公司有义务支付或有权收取一笔款项，其金额等于该固定价格与合约到期日市场价格之间的净变动额。

ATI 的大多数产品均依据包含原材料附加费和指数机制的合同安排销售。不过，截至 2026 年 9 月 27 日，公司主要应客户要求，针对确定订单签订了金融套期保值安排，涉及镍的名义总量约为 500 万磅，套期日期延续至 2027 年。套期保值名义总量约占单年度镍原材料预计采购需求的 7%。这些衍生工具用于对冲以伦敦金属交易所（LME）镍指数为基础的销售价格波动，以及以该 LME 指数为基础的镍采购成本波动。与这些套期保值安排相关的任何收益或损失，均计入销售额或销售成本，具体取决于被套期保值的基础风险是浮动销售价格还是浮动原材料成本。

截至 2026 年 9 月 27 日，用于对冲公司能源成本波动风险的未平仓金融衍生工具包括天然气成本套期保值。公司截至 2026 年 9 月 27 日，已对冲 2026 年剩余时间国内预计天然气需求量的约 80%、2027 年的约 55% 以及 2028 年的约 15%。

尽管公司大多数直接出口销售均以美元结算，但公司有时会使用外汇合约，以限制以非美元货币计价交易所面临的汇率变动风险。公司有时会购买外币远期合约，以便将其预计从出口销售中收取的特定金额外币，在指定日期按预先确定的美元金额出售

。此外，公司也可能对冲预计资本支出，并将持有的外币现金余额指定为预计外币交易的套期工具。截至 2026 年 9 月 27 日，公司没有重大未平仓外币远期合约。

公司可能会签订衍生利率合约，以维持固定利率债务与浮动利率债务之间的合理比例。截至 2026 年 9 月 27 日，没有未平仓的衍生利率合约。

公司的衍生品合约不包含与信用风险相关的或有条款，合约也没有规定公司已提供或需要提供抵押品。公司的衍生品合约交易对手是实力雄厚且信誉良好的商业银行，均为公认的做市商。公司通过分散交易对手并监控其信用评级和信用违约互换利差来控制信用风险敞口。公司还会尽可能与交易对手签订主净额结算协议。

下文列示公司衍生金融工具的公允价值，代表未按交易对手方或被套期项目类型抵销的已确认总额。所有这些衍生品的公允价值均采用会计准则层级定义的第 2 级信息计量，其中包括活跃市场中类似资产或负债的报价、非活跃市场中相同或类似资产或负债的报价，以及主要源自或经可观察市场数据佐证的输入值。


（百万）：		2026年9月27日		2025年12月28日
资产衍生品	资产负债表列报位置
指定为套期工具的衍生品：

天然气合约	预付费用及其他流动资产	$	0.2			$	1.0
镍及其他原材料合约	预付费用及其他流动资产	1.0			0.6
外汇合约	预付费用及其他流动资产	0.1			0.1
镍及其他原材料合约	其他资产	0.1			—
天然气合约	其他资产	0.5			0.1
指定为套期工具的衍生品总额：		$	1.9			$	1.8


负债衍生品	资产负债表列报位置
指定为套期工具的衍生品：
镍及其他原材料合约	其他流动负债	$	3.5			$	0.1
天然气合约	其他流动负债	3.0			1.3
天然气合约	其他长期负债	0.4			0.4

指定为套期工具的衍生品总额：		$	6.9			$	1.8

对于指定为现金流量套期的衍生金融工具，衍生品的收益或损失计入其他综合收益（OCI），并在被套期项目影响收益的同一期间或各期间重分类计入收益。对于指定为公允价值套期的衍生金融工具，其公允价值变动计入当期业绩。截至2026年9月27日，没有未结清的公允价值套期。所有衍生金融工具对现金流量的影响均列报于合并现金流量表中的经营活动产生的现金流量。列示期间内，公司未采用净投资套期。下表所列衍生工具的影响已扣除相关所得税，不包括所得税估值备抵变动在适用情况下对经营业绩或其他综合收益的影响（详见附注15）。

假设市场价格保持在 2026年9月27日的水平，预计未来 12 个月将确认 520 万美元的税前亏损。

截至 2026年9月27日和 2025年9月28日的季度及年初至今期间，指定为现金流量套期的衍生活动如下：


（百万）现金流量套期关系中的衍生工具		衍生工具在其他综合收益中确认的收益（亏损）金额		从累计其他综合收益重分类至收入的收益（亏损）金额 (a)
	截至季度末
	2026年9月27日		2025年9月28日		2026年9月27日		2025年9月28日
镍及其他原材料合同		$	(0.3)			$	—		$	(0.1)	$	(1.1)
天然气合同		(1.4)			(2.6)			(0.9)		(0.3)
外汇合同		—			0.1			0.1		—

合计		$	(1.7)			$	(2.5)		$	(0.9)	$	(1.4)


（百万）现金流量套期关系中的衍生工具		衍生工具在其他综合收益中确认的收益（亏损）金额		从累计其他综合收益重分类至收入的收益（亏损）金额 (a)
	截至年初至今期间末
	2026年9月27日		2025年9月28日		2026年9月27日		2025年9月28日
镍及其他原材料合同		$	(0.8)			$	(0.7)		$	1.4	$	(3.3)
天然气合同		(1.8)			(0.2)			(0.2)		(0.2)
外汇合同		0.4			(0.1)			0.4		0.1

合计		$	(2.2)			$	(1.0)		$	1.6	$	(3.4)

(a)从累计其他综合收益重分类至收入的与衍生工具相关的收益（亏损），除任何利率互换外，均在被套期项目影响收益的同一期间列示于销售额和销售成本中。利率互换从累计其他综合收益重分类至收入的收益（亏损），则在定期贷款利息费用确认为收益的同一期间列示于利息费用中。

上述镍及其他原材料合同和外币合同收益或亏损的披露未考虑预期的相关基础交易。由于这些衍生合同属于套期工具，其收益或亏损对经营业绩的净影响可能会被全部或部分抵消。

公司还可能使用未指定为套期工具的衍生工具，以保护公司的业绩免受某些汇率波动的影响，并抵销以非功能性货币计价的某些资产和负债重新计量所产生的部分外币损益。未指定为套期工具的这些外汇合约衍生工具的公允价值变动，计入合并经营报表中的销售成本或销售、一般及行政费用。公司确认截至2026年9月27日的季度费用为$0.8 million；截至2026年9月27日的年初至今期间，已结算且未指定为套期工具的外币远期合约净费用为$1.8 million。公司确认截至2025年9月28日的第三季度和年初至今期间分别发生净费用$0.6 million和净收益$2.3 million，这些金额抵销了相关货币的外汇损益。截至2026年9月27日，公司没有未指定为套期工具的重大未平仓套期合约。

附注10. 金融工具的公允价值

截至2026年9月27日，金融工具的估计公允价值如下：


			报告日公允价值计量采用
（百万）	账面总额		估计公允价值总额		相同资产在活跃市场中的报价（第1级）		重大可观察输入值（第2级）
现金及现金等价物	$	442.3			$	442.3		$	442.3	$	—
衍生金融工具：
资产	1.9			1.9			—		1.9
负债	6.9			6.9			—		6.9
债务 (a)	1,872.7			1,843.6			1,520.9		322.7

截至2025年12月28日，金融工具的估计公允价值如下：


			报告日公允价值计量采用
（百万）	账面总额		估计公允价值总额		相同资产在活跃市场中的报价（第1级）		重大可观察输入值（第2级）
现金及现金等价物	$	416.7			$	416.7		$	416.7	$	—
衍生金融工具：
资产	1.8			1.8			—		1.8
负债	1.8			1.8			—		1.8
债务 (a)	1,761.0			1,787.9			1,476.9		311.0

(a)两个期间的债务账面总额均不包括与已确认债务负债相关的债务发行成本；该成本在合并资产负债表中作为债务负债账面金额的直接抵减项列示。

In accordance with accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards established three levels of a fair value hierarchy that prioritize the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period.

The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments:

Cash and cash equivalents: Fair value was determined using Level 1 information.

Derivative financial instruments: Fair values for derivatives were measured using exchange-traded prices for the hedged items. The fair value was determined using Level 2 information, including consideration of counterparty risk and the Company’s credit risk.

Short-term and long-term debt: The fair values of the Company’s publicly traded debt were based on Level 1 information. The fair values of the other short-term and long-term debt were determined using Level 2 information.

Note 11. Business Segments

The Company operates under two business segments: HPMC and AA&S. ATI’s Chief Operating Decision Maker (CODM) is its Chair, President and Chief Executive Officer. Segment EBITDA, the Company’s segment operating measure, is used by the CODM to assess segment operating performance and to determine the allocation of resources. Segment EBITDA as a percentage of segment revenues is utilized to assess the profitability of each segment and whether the Company’s strategies are resulting in margin expansion and expected operating performance improvements. The measure of segment EBITDA excludes net interest expense, income taxes, depreciation and amortization, goodwill impairment charges, debt extinguishment charges, corporate expenses, closed operations and other income (expense), restructuring and other credits/charges, gains or losses on the sale of accounts receivables, strike related costs, long-lived asset impairments, pension remeasurement gains and losses, other postretirement/pension curtailment and settlement gains and losses, and gains or losses on sales of businesses. Management believes segment EBITDA, as defined, provides an appropriate measure of controllable operating results at the

business segment level. Following is certain financial information with respect to the Company’s business segments for the periods indicated:


(In millions)	Quarter ended September 27, 2026		Quarter ended September 28, 2025
	HPMC	AA&S	Total		HPMC	AA&S	Total
Sales to external customers	$	721.4		$	702.3		$	1,423.7			$	602.9	$	522.6	$	1,125.5
Intersegment sales	46.2		118.2		164.4			58.6		47.5		106.1
Total sales	767.6		820.5		1,588.1			661.5		570.1		1,231.6

Reconciliation of sales
Elimination of intersegment sales			(164.4)					(106.1)
Total consolidated sales			$	1,423.7					$	1,125.5

Less(1):
Allocated corporate overhead	18.2		19.8				14.3		14.2
Other segment items(2)	582.1		619.4				501.4		465.5
Segment EBITDA	167.3		181.3		348.6			145.8		90.4		236.2

Reconciliation of segment EBITDA
Corporate expenses			(18.8)					(15.6)
Closed operations and other income			(1.9)					4.5
Depreciation & amortization			(44.9)					(42.6)
Interest expense, net			(22.6)					(26.1)
Restructuring and other charges			(14.4)					(12.9)
Debt Extinguishment Charges			(1.2)					—
Gain on sales of businesses			—					1.1

Income before taxes			$	244.8					$	144.6


(In millions)	Year-to-date period ended		Year-to-date period ended
	September 27, 2026		September 28, 2025
	HPMC	AA&S	Total		HPMC	AA&S	Total
Sales to external customers	$	1,972.8		$	1,863.5		$	3,836.3			$	1,795.8	$	1,614.5	$	3,410.3
Intersegment sales	131.4		336.4		467.8			171.8		151.8		323.6
Total sales	2,104.2		2,199.9		4,304.1			1,967.6		1,766.3		3,733.9

Reconciliation of sales
Elimination of intersegment sales			(467.8)					(323.6)
Total consolidated sales			$	3,836.3					$	3,410.3

Less(1):
Allocated corporate overhead	50.6		53.9				48.6		50.2
Other segment items(2)	1,579.9		1,720.1				1,498.2		1,465.6
Segment EBITDA	473.7		425.9		899.6			420.8		250.5		671.3

Reconciliation of segment EBITDA
Corporate expenses			(50.7)					(48.4)
Closed operations and other income			(4.9)					4.5
Depreciation & amortization			(133.9)					(125.0)
Interest expense, net			(70.2)					(74.5)
Restructuring and other charges			(64.4)					(25.9)



Debt Extinguishment Charges			(1.2)					—
Loss on sales of business, net			—					(2.6)

Income before taxes			$	574.3					$	399.4

(1) The CODM is regularly provided with allocated corporate overhead and segment EBITDA, which is used to assess operating performance. Therefore, the significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

(2) Other segment items for each reportable segment include: cost of sales, general and administrative expenses, and gain/loss on asset sales. General & administrative expenses consist of non-manufacturing payroll and benefits, office expenses, professional service and legal expenses, occupancy expenses including rent and lease expense, and travel expense.

Total international sales for the third quarter and year-to-date periods ended September 27, 2026 were $487.6 million and $1,410.4 million, respectively, and $445.3 million and $1,435.9 million for the third quarter and year-to-date periods ended September 28, 2025, respectively. Of these amounts, sales by operations in the U.S. to customers in other countries for the third quarter and year-to-date periods ended September 27, 2026 were $374.7 million and $1,112.7 million, respectively, and $348.6 million and $1,156.9 million for the third quarter and year-to-date periods ended September 28, 2025, respectively.

Restructuring and other charges of $14.4 million for the quarter ended September 27, 2026 include $2.2 million of start-up and transaction-related costs, which are primarily included within cost of sales on the consolidated statements of operations. These charges also include $0.9 million of restructuring-related severance, impairment, and other costs, $8.4 million of transformation-related costs, and $2.9 million of losses on the sale of accounts receivable, which are primarily included within selling and administrative expenses on the consolidated statements of operations. Restructuring and other charges of $64.4 million for the year-to-date period ended September 27, 2026 include $23.4 million of start-up and transaction-related costs and $1.1 million of restructuring-related impairment costs, which are primarily included within cost of sales on the consolidated statements of operations, $11.8 million of restructuring-related severance, impairment, and other costs, $20.2 million of transformation-related costs, and $7.9 million of losses on the sale of accounts receivable, which are included within selling and administrative expenses on the consolidated statements of operations.

Restructuring and other charges of $12.9 million for the quarter ended September 28, 2025 include $7.2 million of start-up and transaction-related costs, which are primarily included within cost of sales on the consolidated statements of operations. These charges also include $3.6 million of transformation-related costs and $2.5 million of losses on the sale of accounts receivables, which are included within selling and administrative expenses on the consolidated statements of operations. These charges were partially offset by credits of $0.4 million due to a reduction in severance-related reserves for a previous restructuring in the AA&S segment. Restructuring and other charges of $25.9 million for the year-to-date period ended September 28, 2025 include $17.2 million of start-up and transaction related costs, which are primarily included within cost of sales on the consolidated statements of operations, $4.7 million of transformation-related costs and $5.7 million of losses on the sale of accounts receivable, which are included within selling and administrative expenses on the consolidated statements of operations. These charges were partially offset by credits of $1.7 million due to a reduction in severance-related reserves for a previous restructuring in the AA&S segment.

Certain additional information regarding the Company’s business segments is presented below:


	Quarter ended		Year-to-date period ended
(In millions)	September 27, 2026		September 28, 2025		September 27, 2026		September 28, 2025
Depreciation and amortization:
High Performance Materials & Components	$	21.1			$	21.2		$	61.3	$	61.8
Advanced Alloys & Solutions	21.9			19.7			67.4		58.3
Other	1.9			1.7			5.2		4.9
Total depreciation and amortization	$	44.9			$	42.6		$	133.9	$	125.0
Capital expenditures:
High Performance Materials & Components	$	64.9			$	36.9		$	138.5	$	111.5
Advanced Alloys & Solutions	25.9			25.2			72.6		74.4
Corporate	2.0			0.4			5.5		2.0
Total capital expenditures	$	92.8			$	62.5		$	216.6	$	187.9


(In millions)
Identifiable assets:	September 27, 2026		December 28, 2025
High Performance Materials & Components	$	2,487.6			$	2,368.6
Advanced Alloys & Solutions	2,600.7			2,249.1
Corporate:
Deferred Taxes	31.4			33.5
Cash and cash equivalents and other	447.1			448.4
Total assets	$	5,566.8			$	5,099.6



(in millions)	September 27, 2026		Percent of total		December 28, 2025		Percent of total
Total assets:
United States	$	5,032.0			90	%		$	4,544.4			89	%
China	336.6			6	%		321.8			6	%
Other	198.2			4	%		233.4			5	%
Total Assets	$	5,566.8			100	%		$	5,099.6			100	%

Note 12. Retirement Benefits

The Company has defined contribution retirement plans or defined benefit pension plans covering substantially all employees. Company contributions to defined contribution retirement plans are generally based on either a percentage of eligible pay or on hours worked. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code of 1986, as amended. The Company also sponsors several postretirement plans covering certain collectively bargained salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most retiree health care plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. All defined benefit pension and retiree health care plans are closed to new entrants.

For the quarters ended September 27, 2026 and September 28, 2025, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following:


	Pension Benefits		Other Postretirement Benefits
(In millions)	Quarter ended		Quarter ended
	September 27, 2026		September 28, 2025		September 27, 2026		September 28, 2025
Service cost - benefits earned during the year	$	1.4			$	1.3		$	0.1	$	0.1
Interest cost on benefits earned in prior years	4.8			4.4			2.2		2.5
Expected return on plan assets	(4.1)			(4.0)			—		—
Amortization of prior service cost (credit)	0.1			0.1			(0.1)		(0.3)
Amortization of net actuarial loss	—			—			1.3		1.2
Total retirement benefit expense	$	2.2			$	1.8		$	3.5	$	3.5

For the year-to-date periods ended September 27, 2026 and September 28, 2025, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following:


	Pension Benefits		Other Postretirement Benefits
(In millions)	Year-to-date period ended		Year-to-date period ended
	September 27, 2026		September 28, 2025		September 27, 2026		September 28, 2025
Service cost - benefits earned during the year	$	4.3			$	4.0		$	0.3	$	0.3
Interest cost on benefits earned in prior years	14.4			13.0			6.7		7.4
Expected return on plan assets	(12.3)			(11.9)			—		—
Amortization of prior service cost (credit)	0.3			0.3			(0.2)		(0.7)
Amortization of net actuarial loss	—			—			3.9		3.8
Total retirement benefit expense	$	6.7			$	5.4		$	10.7	$	10.8

Note 13. Income Taxes

For the quarter and year-to-date periods ended September 27, 2026, the Company’s effective tax rate was 21.0% and 18.5%, respectively, resulting in an income tax provision of $51.5 million and $106.2 million, respectively. For the quarter and year-to-date periods ended September 28, 2025, the Company’s effective tax rate was 21.4% and 20.4%, respectively, resulting in an income tax provision of $31.0 million and $81.3 million, respectively. The effective tax rate for the quarter ended September 27, 2026 included discrete tax benefits of $0.8 million, primarily for the release of a foreign valuation allowance, while the effective tax rate for the quarter ended September 28, 2025 includes discrete tax expense of $2.8 million, primarily related to return-to-provision adjustments for limitations of permanent benefits due to decreased taxable income.

For the year-to-date periods ended September 27, 2026 and September 28, 2025, discrete tax benefits were $13.9 million and $1.7 million, respectively. The discrete tax benefits for both periods were primarily related to share-based compensation.

On July 4, 2025, the One Big Beautiful Bill Act, which included permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes, was enacted. Pursuant to ASC 740, Income Taxes, the effects of changes in tax law were recognized in the period of enactment, the impact of which were not material and were reflected in the Company’s effective tax rate in the quarter and year-to-date periods ended September 28, 2025. The impacts related to the tax law changes will be favorable in the current year and to future years’ cash tax payments due to changes in bonus depreciation, domestic research expensing and certain international provisions.

Note 14. Per Share Information

The following table sets forth the computation of basic and diluted income per common share:


	Quarter ended		Year-to-date period ended
(in millions, except per share amounts):	September 27, 2026		September 28, 2025		September 27, 2026		September 28, 2025
Numerator:
Numerator for basic income per common share –
Net income attributable to ATI	$	189.8			$	110.0		$	459.0	$	307.7
Denominator:
Denominator for basic net income per common share – weighted average shares	136.1			137.0			136.4		139.5
Effect of dilutive securities:
Share-based compensation	2.3			3.5			2.1		3.1
Denominator for diluted net income per common share – adjusted weighted average shares and assumed conversions	138.4			140.5			138.5		142.6
Basic net income attributable to ATI per common share	$	1.39			$	0.80		$	3.37	$	2.21
Diluted net income attributable to ATI per common share	$	1.37			$	0.78		$	3.31	$	2.16

Periodically, the Company’s Board of Directors authorizes the repurchase of ATI common stock (the Share Repurchase Program), most recently authorizing the repurchase of up to $700 million, as announced in September 2024, and an additional $500 million, as announced in February 2026. Repurchases under these programs are made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases are structured to occur within the pricing and volume requirements of SEC Rule 10b-18. In the quarter and year-to-date periods ended September 27, 2026, ATI used $70.0 million and $195.0 million to repurchase 0.4 million shares and 1.2 million shares, respectively, of its common stock under the Share Repurchase Program. At September 27, 2026, the Company has utilized all of the $700 million in repurchase authority announced in September 2024, and $75 million of the $500 million in repurchase authority announced in February 2026. As of September 27, 2026, total share repurchase authorization remaining under the Company's active Share Repurchase Program was $425 million. In the quarter and year-to-date periods ended September 28, 2025, ATI used $150.0 million and $470.0 million to repurchase 2.0 million and 6.4 million, respectively, of its common stock under the Share Repurchase Program.

The Company’s share repurchases are subject to a 1% excise tax due to the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as part of the cost basis of the shares within treasury stock. The cost of share repurchases for the quarter and year-to-date periods ended September 27, 2026 of $70.7 million and $195.7 million, respectively, differs from the repurchases of common stock amounts in the consolidated statements of cash flows due to these excise taxes.

Note 15. Accumulated Other Comprehensive Income (Loss)

The changes in AOCI by component, net of tax, for the quarter ended September 27, 2026 were as follows:


(In millions)	Post- retirement benefit plans		Currency translation adjustment	Derivatives		Deferred Tax Asset Valuation Allowance	Total
Attributable to ATI:
Balance, June 28, 2026	$	(30.1)		$	(55.6)		$	(2.4)	$	23.3	$	(64.8)
OCI before reclassifications		—			0.5			(1.7)		—	(1.2)
Amounts reclassified from AOCI	(a)	1.0			—		(b)	0.9		—	1.9
Net current-period OCI		1.0			0.5			(0.8)		—	0.7
Balance, September 27, 2026	$	(29.1)		$	(55.1)		$	(3.2)	$	23.3	$	(64.1)
Attributable to noncontrolling interests:
Balance, June 28, 2026	$	—		$	15.7		$	—	$	—	$	15.7
OCI before reclassifications		—			1.7			—		—	1.7
Amounts reclassified from AOCI		—			—			—		—	—
Net current-period OCI		—			1.7			—		—	1.7
Balance, September 27, 2026	$	—		$	17.4		$	—	$	—	$	17.4

The changes in AOCI by component, net of tax, for the year-to-date period ended September 27, 2026 were as follows:


(In millions)	Post- retirement benefit plans		Currency translation adjustment	Derivatives		Deferred Tax Asset Valuation Allowance	Total
Attributable to ATI:
Balance, December 28, 2025	$	(32.2)		$	(52.1)		$	0.6	$	23.3	$	(60.4)
OCI before reclassifications		—			(3.0)			(2.2)		—	(5.2)
Amounts reclassified from AOCI	(a)	3.1			—		(b)	(1.6)		—	1.5
Net current-period OCI		3.1			(3.0)			(3.8)		—	(3.7)
Balance, September 27, 2026	$	(29.1)		$	(55.1)		$	(3.2)	$	23.3	$	(64.1)
Attributable to noncontrolling interests:
Balance, December 28, 2025	$	—		$	12.0		$	—	$	—	$	12.0
OCI before reclassifications		—			5.4			—		—	5.4
Amounts reclassified from AOCI		—			—			—		—	—
Net current-period OCI		—			5.4			—		—	5.4
Balance, September 27, 2026	$	—		$	17.4		$	—	$	—	$	17.4

(a)Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 12).

(b)Amounts related to derivatives are included in sales, cost of goods sold or interest expense in the period or periods the hedged item affects earnings (see Note 9).

The changes in AOCI by component, net of tax, for the quarter ended September 28, 2025 were as follows:


(In millions)	Post- retirement benefit plans		Currency translation adjustment	Derivatives		Deferred Tax Asset Valuation Allowance	Total
Attributable to ATI:
Balance, June 29, 2025	$	(28.8)		$	(52.0)		$	1.0	$	23.3	$	(56.5)
OCI before reclassifications		—			(2.2)			(2.5)		—	(4.7)
Amounts reclassified from AOCI	(a)	0.9		(b)	—		(d)	1.4		—	2.3
Net current-period OCI		0.9			(2.2)			(1.1)		—	(2.4)
Balance, September 28, 2025	$	(27.9)		$	(54.2)		$	(0.1)	$	23.3	$	(58.9)
Attributable to noncontrolling interests:
Balance, June 29, 2025	$	—		$	8.7		$	—	$	—	$	8.7
OCI before reclassifications		—			0.6			—		—	0.6
Amounts reclassified from AOCI		—		(c)	—			—		—	—
Net current-period OCI		—			0.6			—		—	$	0.6
Balance, September 28, 2025	$	—		$	9.3		$	—	$	—	$	9.3

The changes in AOCI by component, net of tax, for the year-to-date period ended September 28, 2025 were as follows:


(In millions)	Post- retirement benefit plans		Currency translation adjustment	Derivatives		Deferred Tax Asset Valuation Allowance	Total
Attributable to ATI:
Balance, December 29, 2024	$	(30.5)		$	(79.8)		$	(2.5)	$	23.3	$	(89.5)
OCI before reclassifications		—			20.5			(1.0)		—	19.5
Amounts reclassified from AOCI	(a)	2.6		(b)	5.1		(d)	3.4		—	11.1
Net current-period OCI		2.6			25.6			2.4		—	30.6
Balance, September 28, 2025	$	(27.9)		$	(54.2)		$	(0.1)	$	23.3	$	(58.9)
Attributable to noncontrolling interests:
Balance, December 29, 2024	$	—		$	5.7		$	—	$	—	$	5.7
OCI before reclassifications		—			3.6			—		—	3.6
Amounts reclassified from AOCI		—		(c)	—			—		—	—
Net current-period OCI		—			3.6			—		—	$	3.6
Balance, September 28, 2025	$	—		$	9.3		$	—	$	—	$	9.3

(a)Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 12).

(b)Amounts were included in gain/loss of asset sales and sales of businesses, net, as part of the loss on sale of the Birmingham, UK and Dusseldorf, Germany operations (see Note 5).

(c)No amounts were reclassified to earnings.

(d)Amounts related to derivatives are included in sales, cost of goods sold or interest expense in the period or periods the hedged item affects earnings (see Note 9).

Other comprehensive income (loss) amounts (OCI) reported above by category are net of applicable income tax expense (benefit) for each period presented. Income tax expense (benefit) on OCI items is recorded as a change in a deferred tax asset or liability. Amounts recognized in OCI include the impact of any deferred tax asset valuation allowances, when applicable. Foreign currency translation adjustments, including those pertaining to noncontrolling interests, are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries.

Reclassifications out of AOCI for the quarter and year-to-date periods ended September 27, 2026 and September 28, 2025 were as follows:


(In millions)	Quarter ended		Year-to-date period ended
Details about AOCI Components (In millions)	September 27, 2026		September 28, 2025		September 27, 2026		September 28, 2025	Affected line item in the statements of operations
Postretirement benefit plans
Prior service (cost) credit	$	—			$	0.2		$	(0.1)		$	0.4	(a)
Actuarial losses	(1.3)			(1.2)			(3.9)		(3.8)	(a)
	(1.3)			(1.0)			(4.0)		(3.4)	(d)	Total before tax
	(0.3)			(0.1)			(0.9)		(0.8)		Tax benefit (e)
	$	(1.0)			$	(0.9)		$	(3.1)		$	(2.6)		Net of tax

Currency translation adjustment	$	—			$	—		$	—		$	(5.1)	(b,d)

Derivatives
Nickel and other raw material contracts	$	(0.2)			$	(1.4)		$	1.8		$	(4.3)	(c)
Natural gas contracts	(1.1)			(0.4)			(0.2)		(0.2)	(c)
Foreign exchange contracts	0.1			—			0.5		0.1	(c)

	(1.2)			(1.8)			2.1		(4.4)	(d)	Total before tax
	(0.3)			(0.4)			0.5		(1.0)		Tax benefit (e)
	$	(0.9)			$	(1.4)		$	1.6		$	(3.4)		Net of tax

(a)Amounts are reported in nonoperating retirement benefit expense (see Note 12).

(b)Amounts in 2025 were included in gain/loss on asset sales and sales of businesses, net, as part of the loss on sale of the Birmingham, UK and Dusseldorf, Germany operations (see Note 5).

(c)Amounts related to derivatives are included in sales or cost of goods sold in the period or periods the hedged item affects earnings.

(d)For pre-tax items, positive amounts are income and negative amounts are expense in terms of the impact to net income. Tax effects are presented in conformity with ATI’s presentation in the consolidated statements of operations.

(e)These amounts exclude the impact of any deferred tax asset valuation allowances, when applicable.

Note 16. Commitments and Contingencies

The Company is subject to various domestic and international environmental laws and regulations that govern the discharge of pollutants and disposal of wastes, and which may require that it investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations. The Company could incur substantial cleanup costs, fines, and civil or criminal sanctions, third party property damage or personal injury claims as a result of violations or liabilities under these laws or noncompliance with environmental permits required at its facilities. The Company is currently involved in the investigation and remediation of a number of its current and former sites, as well as third party sites.

Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable. In many cases, however, the Company is not able to determine whether it is liable or, if liability is probable, to reasonably estimate the loss or range of loss. Estimates of the Company’s liability remain subject to additional uncertainties, including the nature and extent of site contamination, available remediation alternatives, the extent of corrective actions that may be required, and the number, participation, and financial condition of other potentially responsible parties (PRPs). The Company adjusts its accruals to reflect new information as appropriate. Future adjustments could have a material adverse effect on the Company’s consolidated results of operations in a given period, but the Company cannot reliably predict the amounts of such future adjustments.

At September 27, 2026, the Company’s reserves for environmental remediation obligations totaled approximately $15 million, of which $7 million was included in other current liabilities. The reserve includes estimated probable future costs of $3 million for federal Superfund and comparable state-managed sites; $6 million for formerly owned or operated sites for which the Company has remediation or indemnification obligations; and $6 million for owned or controlled sites at which Company operations have been or plan to be discontinued. The timing of expenditures depends on a number of factors that vary by site.

The Company expects that it will expend present accruals over many years and that remediation of all sites with which it has been identified will be completed within thirty years. The Company continues to evaluate whether it may be able to recover a portion of past and future costs for environmental liabilities from third parties and to pursue such recoveries where appropriate.

Based on currently available information, it is reasonably possible that costs for recorded matters may exceed the Company’s recorded reserves by as much as $21 million. Future investigation or remediation activities may result in the discovery of additional hazardous materials, or potentially higher levels of contamination than discovered during prior investigation, and may impact costs associated with the success or lack thereof in remedial solutions. Therefore, future developments, administrative actions or liabilities relating to environmental matters could have a material adverse effect on the Company’s consolidated financial condition or results of operations and cash flows.

A number of other lawsuits, claims and proceedings have been or may be asserted against the Company relating to the conduct of its currently and formerly owned businesses, including those pertaining to product liability, environmental, health and safety matters and occupational disease (including as each relates to alleged asbestos exposure), as well as patent infringement, commercial, government contracting, construction, employment, employee and retiree benefits, taxes, environmental, and stockholder and corporate governance matters. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s consolidated results of operations for that period.

The Company received employee retention tax credits under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) during the fiscal year ended December 31, 2022. Due to the complex nature of the employee retention credit computations, the Company deferred recognition of a portion of the tax credits pending the completion of any potential audit or examination, or the expiration of the related statute of limitations. During the year-to-date period ended September 27, 2026, the Company did not recognize a benefit related to these credits. As of September 27, 2026, the Company has approximately $5 million of remaining deferred retention tax credits, with statute of limitations expirations in 2028.

In August 2024, the Company received notice that it and certain of its affiliates are parties to two lawsuits captioned (1) William L. Schoen, Mary J. Nesbit, Robin L. Rosewicz, George E. Poole and James E. Swartz, Jr., individually and as representatives of a class of participants and beneficiaries of the Allegheny Technologies Incorporated Pension Plan v. ATI Inc., The Allegheny Technologies Incorporated Pension Plan Administrative Committee, State Street Global Advisors Trust Co., and John Does 1-5 (Case No. 2:24-cv-01109) and (2) John Souza and Karen Souza, individually and as representatives on behalf of a class of similarly situated persons v. ATI Inc. and State Street Global Advisors Trust Co. (Case No. 2:24-cv-01214), both of which are filed in federal district court for the Western District of Pennsylvania (the District Court). These lawsuits, which were consolidated in late 2024, assert various claims associated with the Company’s October 2023 purchase of group annuity contracts to transfer a portion of its U.S. qualified defined benefit pension plan obligations to Athene Annuity and Life Company and Athene Annuity & Life Assurance of New York. The Company filed a Motion to Dismiss the consolidated claims in January 2025. Following an August 2025 hearing on the Motion to Dismiss, the magistrate judge overseeing the Motion issued a report recommending that all of the plaintiffs’ claims be dismissed for lack of standing. In July 2026, the District Court granted the Company's Motion to Dismiss. In August 2026, Plaintiffs noticed an appeal of the District Court's decision to the Court of Appeals for the Third Circuit. The Company disputes and intends to vigorously defend against these claims but cannot predict their outcome or estimate any range of reasonably possible loss at this time.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies. Aerospace & defense, our largest end markets, represented 69% of sales for the year-to-date period ended September 27, 2026, led by products for jet engines and airframes in addition to a wide range of defense applications. Additionally, we have a strong presence in the specialty energy market and serve customers in several other markets including conventional energy, medical, electronics and other industrial markets.

We operate in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions

(AA&S). HPMC produces a wide range of high performance materials, components, and advanced metallic powder alloys.

These products are made from nickel-based alloys and superalloys, titanium and titanium-based alloys, and a variety of other

specialty materials. HPMC’s capabilities range from cast/wrought and powder alloy development to production of highly

engineered finished components, and 3D-printed aerospace products. The HPMC segment’s primary focus is on maximizing jet

engine materials and components growth, with approximately 93% of its revenue derived from the aerospace & defense

markets, including approximately 72% from products for commercial jet engines.

The AA&S segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys, including

zirconium, hafnium, and niobium, in a variety of forms including plate, sheet, and strip products. AA&S focuses on high-value

materials that are utilized in technically challenging and extreme environments, which require materials that can withstand

extreme heat, radiation and corrosion. Sales to the aerospace & defense markets comprise approximately 44% of total AA&S

sales. AA&S also serves customers across several other markets, notably specialty energy and conventional energy, as

well as electronics and certain industrial markets.

ATI follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Unless otherwise stated, references to years and quarters in this Quarterly Report on Form 10-Q relate to fiscal years and quarters, rather than calendar years and quarters.

Results of Operations

Sales

Third quarter 2026 sales increased approximately 26% to $1.42 billion, compared to $1.13 billion of sales for the third quarter 2025, primarily due to higher pricing and strong demand in the aerospace & defense markets, particularly for commercial jet engine and government defense products that increased by 39% and 34%, respectively. Commercial airframe products also increased by 11%. In aggregate, ATI’s aerospace & defense sales increased 25% to $994.5 million, or 69% of total sales in the third quarter 2026, compared to $792.7 million, or 70% of total sales in the third quarter 2025. Further, sales to other markets increased $96.4 million in the third quarter 2026 compared to the third quarter 2025, due to higher demand across various industrial markets, including specialty energy, conventional energy and automotive.

Sales for the year-to-date period ended September 27, 2026 increased approximately 12% to $3.84 billion, compared to $3.41 billion of sales for the year-to-date period ended September 28, 2025, primarily due to increased demand and favorable pricing in the aerospace & defense markets. On a year-to-date basis, commercial jet engine and defense sales increased 22% and 16%, respectively. In aggregate, ATI's aerospace & defense sales increased 15% to $2.65 billion, or 69% of total sales in the year-to-date period ended September 27, 2026, compared to $2.31 billion, or 68% of total sales in the year-to-date period ended September 28, 2025. On a year-to-date basis, sales to other markets increased by $81 million, or 7%, primarily for specialty energy, appliances and automotive.

Comparative information regarding our overall sales by end market, and their respective percentages of total sales for the quarters and year-to-date periods ended September 27, 2026 and September 28, 2025, is shown below:


(In millions)	Quarter ended
	September 27, 2026		September 28, 2025
Aerospace & Defense:
Jet Engines- Commercial	$	603.2			42	%		$	433.6			38	%
Airframes- Commercial	219.4			15	%		197.7			18	%
Defense	171.9			12	%		161.4			14	%
Total Aerospace & Defense	994.5			69	%		792.7			70	%

Other Markets:
Specialty Energy	80.4			6	%		53.9			5	%
Medical	25.6			2	%		30.9			3	%
Electronics	46.5			3	%		48.4			4	%
Conventional Energy	82.3			6	%		56.8			5	%
Automotive	78.9			6	%		61.3			6	%
Construction/Mining	39.4			3	%		36.8			3	%
Other	76.1			5	%		44.7			4	%
Total Other Markets	$	429.2			31	%		$	332.8			30	%

Total	$	1,423.7			100	%		$	1,125.5			100	%



(In millions)	Year-to-date period ended
	September 27, 2026		September 28, 2025
Aerospace & Defense:
Jet Engines- Commercial	$	1,583.5			41	%		$	1,302.8			38	%
Airframes- Commercial	597.7			16	%		598.7			18	%
Defense	472.9			12	%		407.4			12	%
Total Aerospace & Defense	2,654.1			69	%		2,308.9			68	%

Other Markets:
Specialty Energy	201.2			5	%		167.9			5	%
Medical	76.1			2	%		112.2			3	%
Electronics	113.0			3	%		131.7			4	%
Conventional Energy	270.0			7	%		271.5			8	%
Automotive	212.7			6	%		186.7			5	%
Construction/Mining	113.3			3	%		103.0			3	%
Other	195.9			5	%		128.4			4	%
Total Other Markets	$	1,182.2			31	%		$	1,101.4			32	%

Total	$	3,836.3			100	%		$	3,410.3			100	%

For the third quarter 2026, international sales increased to $488 million, or 34% of total sales, from $445 million, or 40% of total sales, in the third quarter 2025.

For the year-to-date period ended September 27, 2026, international sales decreased to $1,410 million, or 37% of total sales, from $1,436 million, or 42% of total sales, in the year-to-date period ended September 28, 2025.

Comparative information regarding our major products, based on their percentages of sales are shown below. Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation.


	Quarter ended		Year-to-date period ended
	September 27, 2026		September 28, 2025		September 27, 2026	September 28, 2025
Nickel-based alloys and specialty alloys	52	%		44	%	51	%	47	%
Precision forgings, castings and components	17	%		22	%	18	%	21	%
Titanium and titanium-based alloys	16	%		19	%	16	%	18	%
Precision rolled strip products	5	%		6	%	5	%	5	%
Zirconium and related alloys	10	%		9	%	10	%	9	%
Total	100	%		100	%	100	%	100	%

Gross Profit

Gross profit for the third quarter 2026 was $380.2 million, or 26.7% of sales, compared to $255.3 million, or 22.7% of sales, for the third quarter 2025. Third quarter 2026 gross profit includes $1.2 million of start-up costs, which are excluded from Adjusted EBITDA. Third quarter 2025 gross profit includes $7.0 million of start-up and transaction-related costs.

Our gross profit was $952.9 million, or 24.8% of sales, for the year-to-date period ended September 27, 2026, compared to $733.6 million, or 21.5% of sales for the year-to-date period ended September 28, 2025. Year-to-date period ended September 27, 2026 gross profit includes start-up and transaction-related costs of $15.3 million and $1.1 million of restructuring-related costs, which are excluded from Adjusted EBITDA. Year-to-date period ended September 28, 2025 gross profit includes a benefit of $7.2 million related to the recognition of previously deferred employee retention tax credits, of which $4.4 million related to the HPMC segment and $2.8 million related to the AA&S segment. Year-to-date period ended September 28, 2025 gross profit also includes $17.0 million of start-up and transaction costs.

Selling and Administrative Expenses

Selling and administrative expenses for the third quarter 2026 were $107.7 million, an increase of 13.8% compared to $94.6 million for the third quarter 2025. The increase was due to higher compensation costs, professional fees, and transformation and transaction-related costs. Third quarter 2026 and third quarter 2025 include $9.4 million and $3.8 million of transformation and transaction-related costs, respectively.

Selling and administrative expenses for the year-to-date period ended September 27, 2026 were $295.5 million, an increase of 12.6% compared to $262.4 million for the year-to-date period ended September 28, 2025. The increase was primarily due to higher transformation and transaction-related costs and compensation costs. Year-to-date periods ended September 27, 2026 and September 28, 2025 include $28.3 million and $4.9 million of transformation and transaction-related costs, respectively. These periods also include $7.9 million and $5.7 million of losses on the sale of customer accounts receivable, respectively.

Restructuring Charges (Credits)

Third quarter 2026 included a restructuring-related impairment charge of $0.9 million due to the rationalization of certain facilities initiated in second quarter 2026. Third quarter 2025 included a credit of $0.4 million due to a reduction in severance-related reserves based on revised workforce reduction estimates.

The year-to-date period ended September 27, 2026 included restructuring-related severance, impairment, and other costs of $11.8 million due to the rationalization of certain facilities. The year-to-date period ended September 28, 2025 included a credit of $1.7 million, due to a reduction in severance-related reserves based on revised workforce reduction estimates.

Gain/Loss on Asset Sales and Sales of Businesses, net

The gain on asset sales and sales of businesses, net of $0.3 million during the quarter ended September 27, 2026 was primarily attributable to the sale of certain immaterial fixed assets. Third quarter 2025 included a gain on asset sales and sales of businesses net of $1.3 million, primarily for a $1.1 million gain on the sale of an immaterial, non-core operation that was part of the HPMC segment.

The gain on asset sales and sales of businesses, net of $10.1 million during the year-to-date period ended September 27, 2026 was primarily attributable to the sale of a previously closed manufacturing facility during the second quarter of 2026, which

was part of the AA&S segment. The loss on asset sales and sales of businesses, net of $2.6 million, during the year-to-date period ended September 28, 2025 was primarily attributable to the sale of certain immaterial, non-core operations in the HPMC segment.

Interest Expense, Net

Interest expense, net decreased to $22.6 million in the third quarter of 2026 compared to $26.1 million in the third quarter of 2025. The decrease in interest expense, net was primarily related to the year-over-year increase in interest capitalization on strategic capital projects. Capitalized interest reduced interest expense by $3.9 million in the third quarter 2026 and $2.4 million in the third quarter 2025.

Interest expense, net decreased to $70.2 million in the year-to-date period ended September 27, 2026 compared to $74.5 million in the year-to-date period ended September 28, 2025. The decrease in interest expense, net was primarily due to lower rates on our outstanding debt and an increase in interest capitalization on strategic capital projects. Capitalized interest reduced interest expense by $10.1 million in the year-to-date period ended September 27, 2026 and $7.6 million in the year-to-date period ended September 28, 2025.

Other Income, Net

Other income, net for the third quarter 2026 decreased to $0.9 million compared to $12.2 million in the third quarter 2025. Other income, net for the year-to-date period ended September 27, 2026 decreased to $2.8 million compared to $15.5 million in the year-to-date period ended September 28, 2025. The change in both the quarter and year-to-date periods is primarily due to a $10.5 million gain from the sale of certain oil and gas rights in the prior year.

Income Taxes

Our third quarter 2026 effective tax rate was 21.0%, which was relatively unchanged from our effective tax rate for the third quarter 2025 of 21.4%. The effective tax rate for the third quarter of 2026 includes discrete tax benefits of $0.8 million, primarily for the release of a foreign valuation allowance, while the effective tax rate for the third quarter of 2025 includes discrete tax expense of $2.8 million, primarily related to return-to-provision adjustments for limitations of permanent benefits due to decreased taxable income.

For the year-to-date periods ended September 27, 2026 and September 28, 2025, our effective tax rates before discrete items were 20.9% and 20.8%, respectively. Our effective tax rate, including discrete items, for the year-to-date period ended September 27, 2026 was 18.5%, which was lower than the 20.4% effective rate in the prior year comparative period. The year-to-date period ended September 27, 2026 includes discrete tax benefits of $13.9 million, while the effective tax rate for the year-to-date period ended September 28, 2025 includes discrete tax benefits of $1.7 million. The discrete tax benefits in both periods were primarily for share-based compensation.

Net Income

Net income attributable to ATI was $189.8 million, or $1.37 per share, in the third quarter 2026, compared to $110.0 million, or $0.78 per share, for the third quarter 2025.

Net income attributable to ATI was $459.0 million, or $3.31 per share, in the year-to-date period ended September 27, 2026, compared to $307.7 million, or $2.16 per share, in the year-to-date period ended September 28, 2025.

Business Segment Results

Comparative financial information for our segments and corporate operations for the quarterly and year-to-date periods ended September 27, 2026 and September 28, 2025 is shown below.


(In millions)	Quarter ended		Year-to-date period ended
	September 27, 2026		September 28, 2025		September 27, 2026		September 28, 2025
Sales:
High Performance Materials & Components	$	721.4			$	602.9			$	1,972.8		$	1,795.8
Advanced Alloys & Solutions	702.3			522.6			1,863.5			1,614.5
Total external sales	$	1,423.7			$	1,125.5			$	3,836.3		$	3,410.3

Segment EBITDA(a):
High Performance Materials & Components	$	167.3			$	145.8			$	473.7		$	420.8
% of Sales	23.2	%		24.2	%		24.0	%		23.4	%
Advanced Alloys & Solutions	181.3			90.4			425.9			250.5
% of Sales	25.8	%		17.3	%		22.9	%		15.5	%

Corporate, Closed Operations and Other (income) expense(b):
Corporate expense	$	18.8			$	15.6			$	50.7		$	48.4
Closed operations and other (income) expense	1.9			(4.5)			4.9			(4.5)
Total Corporate, Closed Operations and Other expense	$	20.7			$	11.1			$	55.6		$	43.9

Depreciation & Amortization
High Performance Materials & Components	$	21.1			$	21.2			$	61.3		$	61.8
Advanced Alloys & Solutions	21.9			19.7			67.4			58.3
Other	1.9			1.7			5.2			4.9
Total depreciation & amortization	$	44.9			$	42.6			$	133.9		$	125.0

(a)The Company’s Chief Operating Decision Maker (CODM) utilizes Segment EBITDA as a key metric to evaluate segment performance. Our measure of Segment EBITDA, which we use to analyze the performance and results of our business segments, excludes net interest expense, income taxes, depreciation and amortization, special charges, unallocated corporate expenses, closed operations and other income (expense). See Note 11 for the reconciliation of Segment EBITDA to Income before taxes.

(b)Amounts exclude depreciation and amortization.

High Performance Materials & Components Segment

Third quarter 2026 sales were $721.4 million, an increase of $118.5 million, or 20%, compared to the third quarter 2025, primarily due to sales growth in the aerospace & defense markets, which increased $121.5 million, or 22%. This increase was primarily driven by strong demand and pricing for commercial jet engine products, which grew more than 34% on a year-over-year basis.

Comparative information for our HPMC segment revenues by market and their respective percentages of the segment’s overall revenues for the quarters ended September 27, 2026 and September 28, 2025 is as follows:


(in millions)	Quarter ended		Quarter ended
Markets	September 27, 2026		September 28, 2025
Aerospace & Defense:
Jet Engines- Commercial	$	535.9			74	%		$	399.3			66	%
Airframes- Commercial	77.2			11	%		71.0			12	%
Defense	62.5			9	%		83.8			14	%
Total Aerospace & Defense	675.6			94	%		554.1			92	%

Other Markets:
Specialty Energy	17.4			2	%		19.4			3	%
Medical	4.1			1	%		11.8			2	%



Construction/Mining	11.6			2	%		5.3			1	%
Automotive	2.1			—	%		1.7			—	%
Conventional Energy	1.6			—	%		1.1			—	%
Other	9.0			1	%		9.5			2	%
Total Other Markets	45.8			6	%		48.8			8	%

Total	$	721.4			100	%		$	602.9			100	%

International sales represented 36% of total segment sales for the third quarter 2026, compared to 44% in the prior year period. Comparative information for the HPMC segment’s major product categories, based on their percentages of revenue for the quarters ended September 27, 2026 and September 28, 2025, is as follows:


	Quarter ended
	September 27, 2026		September 28, 2025
Nickel-based alloys and specialty alloys	51	%		44	%
Precision forgings, castings and components	33	%		40	%
Titanium and titanium-based alloys	16	%		16	%

Total	100	%		100	%

Segment EBITDA in the third quarter 2026 was $167.3 million, or 23.2% of total sales, compared to $145.8 million, or 24.2% of total sales, for the third quarter 2025. The decrease in segment EBITDA margin rate was primarily due to higher manufacturing and period costs, including costs associated with the transitioning a new nickel-based superalloy into commercial production. These increases were partially offset by increased volume and favorable pricing and mix.

Sales for the year-to-date period ended September 27, 2026 were $2.0 billion, an increase of $177.0 million, or 10%, compared to the year-to-date period ended September 28, 2025, primarily due to sales growth in the aerospace & defense markets, which increased $184.0 million, or 11%. The growth in the aerospace & defense markets was primarily driven by strong demand and pricing for commercial jet engine products, which grew more than 17% on a year-over-year basis.

Comparative information for our HPMC segment revenues by market and their respective percentages of the segment’s overall revenues for the year-to-date periods ended September 27, 2026 and September 28, 2025 is as follows:


(in millions)	Year-to-date period ended		Year-to-date period ended
Markets	September 27, 2026		September 28, 2025
Aerospace & Defense:
Jet Engines- Commercial	$	1,428.9			72	%		$	1,216.2			68	%
Airframes- Commercial	230.4			12	%		230.1			13	%
Defense	175.0			9	%		204.0			11	%
Total Aerospace & Defense	1,834.3			93	%		1,650.3			92	%

Other Markets:
Specialty Energy	48.3			2	%		46.5			3	%
Medical	21.5			1	%		43.0			2	%

Construction/Mining	34.2			2	%		20.5			1	%
Automotive	3.8			—	%		5.9			—	%
Conventional Energy	6.2			—	%		4.2			—	%
Other	24.5			2	%		25.4			2	%
Total Other Markets	138.5			7	%		145.5			8	%

Total	$	1,972.8			100	%		$	1,795.8			100	%

International sales as a percentage of total segment sales represented 40% for the year-to-date period ended September 27, 2026, compared to 44% in the prior year period. Comparative information for the HPMC segment’s major product categories, based on their percentages of revenue for the year-to-date periods ended September 27, 2026 and September 28, 2025, is as follows:


	Year-to-date period ended
	September 27, 2026		September 28, 2025
Nickel-based alloys and specialty alloys	49	%		43	%
Precision forgings, castings and components	35	%		39	%
Titanium and titanium-based alloys	16	%		18	%
Total	100	%		100	%

Segment EBITDA in the year-to-date period ended September 27, 2026 increased to $473.7 million, or 24.0% of total sales, compared to $420.8 million, or 23.4% of total sales, for the year-to-date period ended September 28, 2025. The increase in segment EBITDA margin rate was primarily due to favorable pricing and mix, partially offset by higher manufacturing and period, including costs associated with transitioning a new nickel-based superalloy into commercial production and inefficiencies related to capacity expansion projects.

The Company continues to invest in capacity and to improve work-flow processes and operations. HPMC results for third quarter 2026 reflected year-over-year improved operating leverage and pricing as we continued to experience strong demand in our key aerospace & defense markets, particularly for commercial jet engine products. We believe our long-term agreements with aerospace market OEMs and backlog for our specialty materials, including powders, parts and components, position the HPMC segment for continued growth.

Advanced Alloys & Solutions Segment

Third quarter 2026 sales were $702.3 million, an increase of $179.7 million, or 34%, compared to third quarter 2025, primarily driven by higher sales to the aerospace & defense and specialty energy markets. On a year-over-year basis, aerospace & defense sales grew by 34%, as sales of commercial jet engine products almost doubled and defense sales increased by 41%, reflecting higher demand and pricing. Aerospace & defense sales were 45% of the total AA&S sales in the third quarter 2026 compared to 46% in third quarter 2025. Sales to other industrial markets also increased on stronger demand, including conventional energy and automotive.

Comparative information regarding our AA&S segment revenues by market and their respective percentages of the segment’s overall revenues for the quarters ended September 27, 2026 and September 28, 2025 is shown below.


(in millions)	Quarter ended		Quarter ended
Markets	September 27, 2026		September 28, 2025
Aerospace & Defense:
Jet Engines- Commercial	$	67.3			10	%		$	34.3			7	%
Airframes- Commercial	142.2			20	%		126.7			24	%
Defense	109.4			16	%		77.6			15	%
Total Aerospace & Defense	318.9			45	%		238.6			46	%

Other Markets:
Electronics	46.5			7	%		48.4			9	%
Specialty Energy	63.0			9	%		34.5			7	%
Medical	21.5			3	%		19.1			3	%
Automotive	76.8			11	%		59.6			11	%
Conventional Energy	80.7			11	%		55.7			11	%
Construction/Mining	27.8			4	%		31.5			6	%
Other	67.1			10	%		35.2			7	%
Total Other Markets	383.4			55	%		284.0			54	%

Total	$	702.3			100	%		$	522.6			100	%

International sales represented 33% of total segment sales for the third quarter of 2026, compared to 35% in the prior year’s third quarter. Comparative information regarding the AA&S segment’s major product categories, based on their percentages of revenue for the quarters ended September 27, 2026 and September 28, 2025, is presented in the following table. HRPF conversion service sales are excluded from this presentation.


	Quarter ended
	September 27, 2026		September 28, 2025
Nickel-based alloys and specialty alloys	53	%		45	%
Titanium and titanium-based alloys	16	%		22	%
Zirconium and related alloys	21	%		20	%
Precision rolled strip products	10	%		13	%
Total	100	%		100	%

Segment EBITDA was $181.3 million, or 25.8% of sales, for the third quarter 2026, compared to segment EBITDA of $90.4 million, or 17.3% of sales, for the third quarter 2025. The increase in the segment EBITDA margin rate was primarily due to higher volume and pricing as well as a favorable sales mix.

Sales for the year-to-date period ended September 27, 2026 were $1.9 billion, an increase of $249.0 million, or 15%, compared to the year-to-date period ended September 28, 2025, primarily due to sales growth in the aerospace & defense markets, which increased $161.2 million, or 25%. This increase was primarily driven by sales growth to the defense market, which grew by 46%, as well as strong demand and pricing for commercial jet engine products, which grew 79% on a year-over-year basis. Sales to the specialty energy market also increased by 26% on demand for nuclear related products.

Comparative information for our AA&S segment revenues by market and their respective percentages of the segment’s overall revenues for the year-to-date periods ended September 27, 2026 and September 28, 2025 is as follows:


(in millions)	Year-to-date period ended		Year-to-date period ended
Markets	September 27, 2026		September 28, 2025
Aerospace & Defense:
Jet Engines- Commercial	$	154.6			8	%		$	86.6			5	%
Airframes- Commercial	367.3			20	%		368.6			23	%
Defense	297.9			16	%		203.4			13	%
Total Aerospace & Defense	819.8			44	%		658.6			41	%

Other Markets:
Electronics	113.0			6	%		131.7			8	%
Specialty Energy	152.9			8	%		121.4			8	%
Medical	54.6			3	%		69.2			4	%
Automotive	208.9			11	%		180.8			11	%
Conventional Energy	263.8			14	%		267.3			17	%
Construction/Mining	79.1			5	%		82.5			5	%
Other	171.4			9	%		103.0			6	%
Total Other Markets	1,043.7			56	%		955.9			59	%

Total	$	1,863.5			100	%		$	1,614.5			100	%

International sales as a percentage of total segment sales declined to 33% for the year-to-date period ended September 27, 2026, compared to 40% the prior year period. Comparative information for the AA&S segment’s major product categories, based on their percentages of revenue for the year-to-date periods ended September 27, 2026 and September 28, 2025, is presented in the following table. HRPF conversion service sales are excluded from this presentation.


	Year-to-date period ended
	September 27, 2026		September 28, 2025
Nickel-based alloys and specialty alloys	53	%		51	%
Titanium and titanium-based alloys	16	%		19	%
Zirconium and related alloys	21	%		19	%
Precision rolled strip products	10	%		11	%
Total	100	%		100	%

Segment EBITDA in the year-to-date period ended September 27, 2026 increased to $425.9 million, or 22.9% of total sales, compared to $250.5 million, or 15.5% of total sales, for the year-to-date period ended September 28, 2025. The increase in segment EBITDA margin rate, compared to the prior year period was primarily due to higher volume and pricing as well as a favorable sales mix. Results for the year-to-date period September 28, 2025 include a benefit of $2.8 million from the recognition of previously deferred employee retention tax credits and a benefit of $2.6 million due to a customer recovery for previously reserved accounts receivable.

Corporate Items

Corporate expenses for the third quarter of 2026 increased to $18.8 million, compared to $15.6 million for the third quarter 2025. The increase was primarily due to higher professional fees and insurance costs. For the year-to-date period ended September 27, 2026, corporate expenses were $50.7 million, compared to $48.4 million for the year-to-date period ended September 28, 2025. The increase in expenses was primarily due to higher insurance and employee benefit costs.

Closed operations and other income/expense for the third quarter 2026 was expense of $1.9 million, compared to income of $4.5 million for the third quarter 2025. For the year-to-date period ended September 27, 2026, closed operations and other income/expense was expense of $4.9 million, compared to income of $4.5 million. Closed operations and other income/expense for the quarter and year-to-date periods ended September 28, 2025 benefited from a $10.5 million gain from the sale of oil and gas rights.

Managed Working Capital

As part of managing the performance of our business, we focus on Managed working capital, a non-GAAP financial measure that we define as gross accounts receivable, short-term contract assets and gross inventories, excluding the effects of reserves for uncollectible accounts receivable and inventory valuation reserves, less accounts payable and short-term contract liabilities. Managed working capital is not intended to replace working capital or other GAAP financial measures or to be used as a measure of liquidity. Management believes this non-GAAP financial measure focuses on the assets and liabilities most closely attributable to our core operations, allowing Management to quantify and evaluate the asset intensity of our business. Further, Management believes this non-GAAP financial measure provides investors with additional insights into the Company’s effectiveness in balancing the need to maintain appropriate asset levels to support sales growth and operations while deploying our cash effectively.

We employ several strategies to actively manage our Managed working capital. Our strategies include, but are not limited to, taking advantage of favorable customer and supplier payment terms, participating in supplier financing programs, accounts receivable factoring arrangements and other customer financing programs, managing the timing of purchases of raw materials, and leveling manufacturing process throughput and shipping. We assess Managed working capital performance as a percentage of the prior three months annualized sales.

At September 27, 2026, Managed working capital increased as a percentage of annualized sales to 32.9% compared to 32.5% at December 28, 2025. The increase in Managed working capital as a percentage of annualized sales was primarily due to seasonal inventory builds to support increased operating levels and the timing of shipments. As a result, gross inventory turns, which measures how many times we turn over our inventory relative to cost of sales in a year, did not change at September 27, 2026 compared to December 28, 2025. Days sales outstanding, which measures actual collection timing for accounts receivable, improved by 10% as of September 27, 2026 compared to December 28, 2025.

The computations of Managed working capital at September 27, 2026 and December 28, 2025 reconciled to the financial statement line items as computed under U.S. GAAP, were as follows.


(In millions)	September 27, 2026		December 28, 2025
Accounts receivable	$	733.4			$	686.1
Short-term contract assets	112.8			72.8
Inventory	1,657.2			1,403.2
Accounts payable	(632.1)			(568.2)
Short-term contract liabilities	(127.4)			(146.4)
Subtotal	1,743.9			1,447.5
Allowance for doubtful accounts	4.7			4.2
Inventory reserves	125.6			80.4
Net managed working capital held for sale	—			—
Managed working capital	$	1,874.2			$	1,532.1
Annualized prior 3 months sales	$	5,694.7			$	4,708.2
Managed working capital as a % of annualized sales	32.9	%		32.5	%

Liquidity and Financial Condition

The Company's amended Asset Based Lending (ABL) Credit Facility, which is collateralized by the accounts receivable and inventory of our operations, consists of a $200 million term loan (Term Loan) and a $600 million revolving credit facility, which includes a letter of credit sub-facility of up to $200 million and a swing loan facility of up to $60 million. The ABL facility also provides us with the option of including certain machinery and equipment as additional collateral for purposes of determining availability under the facility. The ABL term runs through June of 2030.

2033 Senior Notes

On June 3, 2026, the Company issued $450 million aggregate principal amount of 5.875% Senior Notes due 2033 (2033 Notes). Interest on the 2033 Notes is payable semi-annually in arrears at a rate of 5.875% per year. The 2033 Notes will mature on June 15, 2033. Net proceeds were $443.1 million from this issuance, of which approximately $350 million was used for the redemption of the Company’s 5.875% Senior Notes due 2027 (2027 Notes), and the remainder was used for liquidity and general corporate purposes.

The Company incurred underwriting fees and other third-party expenses related to the issuance of the 2033 Notes totaling $6.9 million, which were recorded as a reduction to the carrying value of the debt and are being amortized over the 7-year term of the 2033 Notes. The 2033 Notes are unsecured and unsubordinated obligations of the Company and equally ranked with all its

existing and future senior unsecured debt. The 2033 Notes restrict the Company’s ability to incur certain liens, enter into sale leaseback transactions, guarantee certain indebtedness and consolidate or merge with or into another entity or sell, transfer or lease all, or substantially all, of its assets.

Prior to June 15, 2029, the Company has the option to redeem the 2033 Notes, as a whole or in part, at any time or from time to time, at redemption prices specified in the 2033 Notes. The 2033 Notes are subject to redemption upon the occurrence of a change in control repurchase event (as defined in the 2033 Notes) at a redemption price in cash equal to 101% of the aggregate principal amount of the Notes repurchased, plus any accrued and unpaid interest on the 2033 Notes repurchased.

Redemption of 2027 Senior Notes

On June 8, 2026, the Company exercised its right to redeem the entire outstanding $350 million aggregate principal amount of its 5.875% Notes due 2027 (2027 Notes), and The Bank of New York Mellon, as trustee, issued a notice of redemption to registered holders of the 2027 Notes. The 2027 Notes were fully redeemed on July 8, 2026 using a portion of the proceeds from the sale of the Company's 2033 Notes. The Company incurred debt extinguishment costs of approximately $1.2 million associated with the write-off of the related unamortized debt issuance costs.

As of September 27, 2026, there were no outstanding borrowings under the revolving portion of the ABL facility, and $29.3 million was utilized to support the issuance of letters of credit. At September 27, 2026, we had $442.3 million of cash and cash equivalents, and available additional liquidity under the ABL facility of approximately $570 million. Our next significant debt maturity is $325.0 million of 4.875% Senior Notes in the fourth quarter of fiscal year 2029.

Periodically, our Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Program”), most recently authorizing the repurchase of up to $700 million, as announced in September 2024, and an additional $500 million announced in February 2026. Repurchases under these programs are made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases are structured to occur within the pricing and volume requirements of SEC Rule 10b-18. In the quarter and year-to-date periods ended September 27, 2026, ATI used $70.0 million and $195.0 million, respectively, to repurchase 0.4 million and 1.2 million, respectively, of its common stock under the Share Repurchase Program. At September 27, 2026, the Company has utilized all of the $700 million in repurchase authority announced in September 2024 and $75 million of the additional repurchase authority announced in February 2026. As of September 27, 2026, total share repurchase authorization remaining under the active Share Repurchase Program was $425 million.

We believe that internally generated funds, current cash on hand and available borrowings under the ABL facility will be adequate to meet our liquidity needs. In the event we decide to obtain additional financing, the cost and terms and conditions of such borrowings may be influenced by our credit rating. In addition, we regularly review our capital structure, various financing alternatives, and conditions in the debt and equity markets in order to opportunistically enhance our capital structure. As a result, we may seek to refinance or retire existing indebtedness, incur new or additional indebtedness or issue equity or equity-linked securities, in each case, depending on market and other conditions. We have no off-balance sheet arrangements as defined in Item 303(a)(4) of SEC Regulation S-K.

In managing our overall capital structure, we focus on the ratio of both total and net debt to Adjusted EBITDA (Adjusted EBITDA Leverage ratios), which we use as a measure of our ability to repay our incurred debt. We define total debt as the total principal balance of our outstanding indebtedness including deferred financing costs. Net debt is defined as the total principal balance of our outstanding indebtedness excluding deferred financing costs, net of cash, at the balance sheet date. See below for our definition of Adjusted EBITDA, which is a non-GAAP measure and is not intended to represent, and should not be considered more meaningful than, or as an alternative to, a measure of operating performance as determined in accordance with U.S. GAAP. We calculate the Adjusted EBITDA Leverage ratios based on total or net debt at the balance sheet date and Adjusted EBITDA for the trailing twelve-month period from the balance sheet date.

Our Total Debt to Adjusted EBITDA Leverage Ratio and Net Debt to Adjusted EBITDA Leverage Ratio at September 27, 2026 improved as compared to December 28, 2025, primarily due to higher earnings. The reconciliations of our Adjusted EBITDA Leverage ratios to the balance sheet and income statement amounts as reported under U.S. GAAP are as follows:


(in millions)	Quarter ended		Trailing 12-month period ended		Year ended
	September 27, 2026		September 28, 2025		September 27, 2026		December 28, 2025
Net income attributable to ATI	$	189.8			$	110.0			$	555.6	$	404.3
Net income attributable to noncontrolling interests	3.5			3.6			13.0			14.3
Net income	193.3			113.6			568.6			418.6
Interest expense	22.6			26.1			94.3			98.6
Depreciation and amortization	44.9			42.6			177.0			168.1
Income tax provision	51.5			31.0			128.6			103.7
Pension remeasurement loss	—			—			18.6			18.6
Restructuring and other charges	14.4			12.9			87.3			48.8
(Gain) loss on sales of business, net	—			(1.1)			0.3			2.9
Debt extinguishment charge	1.2			—			1.2			—
Adjusted EBITDA	$	327.9			$	225.1			$	1,075.9	$	859.3

Debt					$	1,857.5			$	1,749.4
Add: Debt issuance costs					15.2			11.6
Total debt					1,872.7			1,761.0
Less: Cash					(442.3)			(416.7)
Net debt					$	1,430.4			$	1,344.3

Total Debt to Adjusted EBITDA					1.74			2.05
Net Debt to Adjusted EBITDA					1.33			1.56

Cash Flow

Cash provided by operations was $414.6 million in the year-to-date period ended September 27, 2026, a significant improvement compared to cash provided by operating activities of $298.5 million in the year-to-date period ended September 28, 2025. The increase in cash provided by operations was primarily due to higher income, which was partially offset by changes in working capital balances, primarily inventory. Working capital balances, and consequently cash from operations, can fluctuate throughout any operating period based upon the timing of receipts from customers and payments to vendors.

Cash used in investing activities was $195.8 million in the year-to-date period ended September 27, 2026, which included $216.6 million for capital expenditures primarily for various growth projects to support the aerospace & defense markets. Cash used in investing activities was $149.0 million in the year-to-date period ended September 28, 2025, reflecting $187.9 million in capital expenditures. We expect to fund our capital expenditures with cash on hand and cash flow generated from our operations and, if needed, borrowings under the ABL facility.

Cash used in financing activities was $194.5 million in the year-to-date period ended September 27, 2026, which included $450.0 million for the issuance of the 2033 Notes. This inflow was offset by $375.7 million in payments on long-term debt and finance lease obligations, which includes $350.0 million for the redemption of the 2027 Senior Notes, $195.0 million to repurchase 1.2 million shares of ATI stock under our Share Repurchase Program, and $82.2 million to repurchase shares associated with income tax withholdings on share-based compensation. For the year-to-date period ended September 28, 2025, cash used in financing activities was $512.6 million, which included $470.0 million to repurchase 6.4 million shares of ATI stock under our Share Repurchase Program.

At September 27, 2026, cash and cash equivalents on hand totaled $442.3 million, an increase of $25.6 million from year end 2025. Cash and cash equivalents held by our foreign subsidiaries was $173.2 million at September 27, 2026, of which $106.1 million was held by the STAL joint venture.

Reconciliation of Adjusted EBITDA to Net Income

ATI utilizes Adjusted EBITDA, which is a non-GAAP financial measure, to assist in assessing operating performance on a consistent basis across multiple reporting periods by removing the impact of special items, which can vary from period to period, that management does not believe are directly reflective of the Company’s core operations. The Company defines special items as significant non-recurring or non-operational charges or credits, including restructuring charges or credits, gains or losses on the sale of accounts receivable, strike related costs, goodwill and long-lived asset impairments, debt extinguishment charges, pension remeasurement gains and losses, other postretirement/pension curtailment and settlement gains and losses, and gains or losses on sales of businesses.

We define Adjusted EBITDA as net income, excluding net interest expense, income taxes, depreciation and amortization, and special items.

Management believes presenting this non-GAAP financial measure is useful to investors because it (1) provides investors with meaningful supplemental information regarding financial and operating performance by excluding certain items management believes do not directly impact the Company’s core operations, (2) permits investors to view performance using the same metrics that management uses to forecast, evaluate performance, and make operating and strategic decisions, and (3) provides additional information useful to investors on a period-to-period consistent basis that are commonly used to analyze companies’ operating performance. Management believes that consideration of Adjusted EBITDA, together with Net Income, and the corresponding reconciliation, provides investors with additional understanding of the Company’s performance and trends that would be absent such disclosures.

Non-GAAP financial measures should be viewed in addition to, and not superior to or as an alternative for, the Company’s reported results prepared in accordance with GAAP. The following table provides the reconciliation of net income attributable to ATI to the Adjusted EBITDA non-GAAP financial measures:



(in millions)	Quarter ended		Year-to-date period ended
	September 27, 2026		September 28, 2025		September 27, 2026	September 28, 2025
Net income attributable to ATI	$	189.8			$	110.0			$	459.0	$	307.7
Net income attributable to noncontrolling interests	3.5			3.6			9.1		10.4
Net income	193.3			113.6			468.1		318.1
(+) Depreciation and amortization	44.9			42.6			133.9		125.0
(+) Interest expense	22.6			26.1			70.2		74.5
(+) Income tax provision	51.5			31.0			106.2		81.3
EBITDA	$	312.3			$	213.3			$	778.4	$	598.9
Adjustments for special items, pre-tax:
(+) Restructuring and other charges (a)	14.4			12.9			64.4		25.9

(-/+) (Gain) loss on sales of businesses, net (b)	—			(1.1)			—		2.6
(+) Debt extinguishment charge(c)	1.2			—			1.2		—
Adjusted EBITDA	$	327.9			$	225.1			$	844.0	$	627.4
Adjusted EBITDA as a % of sales	23.0	%		20.0	%		22.0	%	18.4	%

(a)Third quarter 2026: Restructuring and other charges of $14.4 million include $2.2 million of start-up and transaction-related costs, which are primarily included within cost of sales on the consolidated statements of operations. These charges also include $0.9 million of restructuring-related impairment costs for facility rationalization activities, $8.4 million of transformation-related costs, and $2.9 million for losses on the sale of accounts receivable, which are reported in selling and administrative expenses on the consolidated statements of operations.

Third quarter 2025: Restructuring and other charges of $12.9 million include $7.2 million of start-up and transaction-related costs, which are primarily reported within cost of sales on the consolidated statements of operations, and $3.6 million of transformation-related costs and $2.5 million for losses on sale of accounts receivable, which are reported in selling and administrative expense on the consolidated statements of operation. These charges were partially offset by credits of $0.4 million due to a reduction in severance-related reserves for restructuring in the AA&S segment.

Year-to-date 2026: Restructuring and other charges of $64.4 million include $23.4 million of start-up and transaction-related costs and $1.1 million of restructuring-related costs, which are primarily included within cost of sales on the consolidated statements of operations, and $20.2 million of transformation-related costs, $11.8 million of restructuring-related severance, impairment, and other costs, and $7.9 million for losses on sale of accounts receivable, which are reported in selling and administrative expense on the consolidated statements of operations.

Year-to-date 2025: Restructuring and other charges of $25.9 million include $17.2 million of start-up and transaction-related costs, which are primarily included within cost of sales on the consolidated statements of operations, and $4.7 million of transformation-related costs and $5.7 million for losses on the sale of accounts receivable, which are reported in selling and administrative expenses on the consolidated statements of operations. These charges were partially offset by credits of $1.7 million due to a reduction in severance-related reserves for a previous restructuring in the AA&S segment.

(b)(Gain) loss on sales of businesses, net, for the third quarter of 2025 includes a $1.1 million gain on the sale of a non-core operation in the HPMC segment. (Gain) loss on sales of businesses, net of $2.6 million for the year-to-date period ended September 28, 2025 also includes a $3.7 million loss on the sale of certain non-core European operations from the HPMC segment.

(c)Third quarter and year-to-date 2026 includes a pre-tax debt extinguishment charge of $1.2 million for the write-off of unamortized debt issuance costs related to the redemption of the $350 million of 5.875% Senior Notes due 2027.

Critical Accounting Policies

Our critical accounting policies are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 28, 2025.

The preparation of the financial statements in accordance with U.S. generally accepted accounting principles requires us to make judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets and liabilities. Significant areas of uncertainty that require judgments, estimates and assumptions include the accounting for derivatives, retirement plans, income taxes, environmental and other contingencies, as well as asset impairment, inventory valuation and collectability of accounts receivable. We use historical and other information that we consider to be relevant to make these judgments and estimates. However, actual results may differ from those estimates and assumptions that are used to prepare our financial statements.

Pending Accounting Pronouncements

See Note 1 of the Notes to Consolidated Financial Statements for information on new and pending accounting pronouncements.

Forward-Looking and Other Statements

From time to time, we have made and may continue to make “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements in this report relate to future events and expectations and, as such, constitute forward-looking statements. Forward-looking statements include those containing such words as “anticipates,” “believes,” “estimates,” “expects,” “would,” “should,” “will,” “will likely result,” “forecast,” “outlook,” “projects,” and similar expressions. Forward-looking statements are based on management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which we are unable to predict or control, that may cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: (a) material adverse changes in economic or industry conditions generally, including global supply and demand conditions and prices for our specialty materials and changes in international trade duties and other aspects of international trade policy; (b) material adverse changes in the markets we serve; (c) our inability to achieve the level of cost savings, productivity improvements, synergies, growth or other benefits anticipated by management, from strategic investments and the integration of acquired businesses; (d) volatility in the price and availability of the raw materials that are critical to the manufacture of our products; (e) declines in the value of our defined benefit pension plan assets or unfavorable changes in laws or regulations that govern pension plan funding; (f) labor disputes or work stoppages; (g) equipment outages; (h) the risks of business and economic disruption associated with extraordinary events beyond our control, such as war, terrorism, international conflicts, public health issues, such as epidemics or pandemics, natural disasters and climate-related events that may arise in the future; and (i) other risk factors summarized in our Annual Report on Form 10-K for the year ended December 28, 2025, and in other reports filed with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As part of our risk management strategy, we utilize derivative financial instruments, from time to time, to hedge our exposure to changes in energy and raw material prices, foreign currencies, and interest rates. We monitor the third-party financial institutions which are our counterparties to these financial instruments daily and diversify our transactions among counterparties to minimize exposure to any one of these entities. Fair values for derivatives were measured using exchange-traded prices for the hedged items including consideration of counterparty risk and the Company's credit risk. Our exposure to volatility in interest rates is presently not material, as nearly all of our debt is at fixed interest rates.

Volatility of Interest Rates. We may enter into derivative interest rate contracts to maintain a reasonable balance between fixed- and floating-rate debt. Any gain or loss associated with this hedging arrangement was included in interest expense. There are no outstanding derivative interest rate contracts at September 27, 2026.

Volatility of Energy Prices. Energy resource markets are subject to conditions that create uncertainty in the prices and availability of energy resources. The prices for and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. These market conditions often are affected by political and economic factors beyond our control. Increases in energy costs, or changes in costs relative to energy costs paid by competitors, have and may continue to adversely affect our profitability. To the extent that these uncertainties cause suppliers and customers to be more cost sensitive, increased energy prices may have an adverse effect on our results of operations and financial condition. We use approximately 6 to 8 million MMBtu’s of natural gas annually, depending upon business conditions, in the manufacture of our products. These purchases of natural gas expose us to the risk of higher gas prices. For example, a hypothetical $1.00 per MMBtu increase in the price of natural gas would result in increased annual energy costs of approximately $6 to $8 million. We use several approaches to minimize any material adverse effect on our results of operations or financial condition from volatile energy prices. These approaches include incorporating an energy surcharge on many of our products and using financial derivatives to reduce exposure to energy price volatility.

At September 27, 2026, the outstanding financial derivatives used to hedge our exposure to energy cost volatility consisted of natural gas hedges covering approximately 80% of our forecasted domestic requirements for natural gas for the remainder of 2026, approximately 55% for 2027, and approximately 15% for 2028. At September 27, 2026, the net mark-to-market valuation of the outstanding natural gas hedges was an unrealized pre-tax loss of $2.7 million, comprised of $0.2 million in prepaid expenses and other current assets, $0.5 million in other long-term assets, $3.0 million in other current liabilities and $0.4 million in other long-term liabilities on the balance sheet. For the quarter ended September 27, 2026, natural gas hedging activity increased cost of sales by $1.1 million.

Volatility of Raw Material Prices. We use raw material surcharge and index mechanisms to offset the impact of increased raw material costs; however, competitive factors in the marketplace can limit our ability to institute such mechanisms, and there can be a delay between the increase in the price of raw materials and the realization of the benefit of such mechanisms. For example, in 2025, we used approximately 70 million pounds of nickel; therefore a hypothetical change of $1.00 per pound in nickel prices would result in increased costs of approximately $70 million. While we enter into raw materials futures contracts from time-to-time to hedge exposure to price fluctuations, such as for nickel, we cannot be certain that our hedge position adequately reduces exposure. We believe that we have adequate controls to monitor these contracts, but we may not be able to accurately assess exposure to price volatility in the markets for critical raw materials.

The majority of our products are sold utilizing raw material surcharges and index mechanisms. However, as of September 27, 2026, we had entered into financial hedging arrangements, primarily at the request of our customers, related to firm orders, for an aggregate notional amount of approximately 5 million pounds of nickel with hedge dates through 2027. The aggregate notional amount hedged is approximately 7% of a single year’s estimated nickel raw material purchase requirements. These derivative instruments are used to hedge the variability of a selling price that is based on the London Metal Exchange (LME) index for nickel, as well as to hedge the variability of the purchase cost of nickel based on this LME index. Any gain or loss associated with these hedging arrangements is included in sales or cost of sales, depending on whether the underlying risk being hedged was the variable selling price or the variable raw material cost, respectively. At September 27, 2026, the net mark-to-market valuation of our outstanding raw material hedges was an unrealized pre-tax loss of $2.5 million, comprised of $1.0 million in prepaid expenses and other current assets and $3.5 million in other current liabilities on the balance sheet.

Foreign Currency Risk. Foreign currency exchange contracts are used, from time-to-time, to limit transactional exposure to changes in currency exchange rates. We sometimes purchase foreign currency forward contracts that permit us to sell specified amounts of foreign currencies we expect to receive from our export sales for pre-established U.S. dollar amounts at specified dates. In addition, we may also hedge forecasted capital expenditures and designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions. At September 27, 2026, we had no material outstanding foreign currency forward contracts.

We may also use derivative instruments that are not designated as hedges to protect our results from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies. Changes in the fair value of these foreign exchange contract derivatives not designated as hedging instruments are recorded in cost of sales or selling, general and administrative expenses on the consolidated statement of operations. We recognized $0.8 million of expense, net for settled foreign currency forward contracts that were not designated as hedges during the quarter ended September 27, 2026, and we recognized $1.8 million of expense, net for settled foreign currency forward contracts that were not designated as hedges during the year-to-date period ended September 27, 2026. We recognized $0.6 million and $2.3 million, respectively, of income, net, during the quarter and year-to-date periods ended September 28, 2025, which offset foreign currency gains/losses in the relevant currency. We have no significant outstanding hedges that are not designated as of September 27, 2026.


Item 4.	Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of September 27, 2026, and they concluded that these disclosure controls and procedures are effective.

(b) Changes in Internal Controls

There was no change in our internal controls over financial reporting identified in connection with the evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of September 27, 2026 conducted by our Chief Executive Officer and Chief Financial Officer, that occurred during the quarter ended September 27, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION


Item 1.	Legal Proceedings

A number of lawsuits, claims and proceedings have been or may be asserted against the Company relating to the conduct of its currently or formerly owned businesses, including those pertaining to product liability, environmental, health and safety matters and occupational disease (including as each relates to alleged asbestos exposure), as well as patent infringement, commercial, government contracting, construction, employment, employee and retiree benefits, taxes, environmental, and stockholder and corporate governance matters. Certain of such lawsuits, claims and proceedings are described in our Annual Report on Form 10-K for the year ended December 28, 2025, and addressed in Note 16 to the unaudited interim financial statements included herein. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s results of operations for that period.

Pension Annuitization Litigation. In August 2024, the Company received notice that it and certain of its affiliates are parties to two lawsuits captioned (1) William L. Schoen, Mary J. Nesbit, Robin L. Rosewicz, George E. Poole and James E. Swartz, Jr., individually and as representatives of a class of participants and beneficiaries of the Allegheny Technologies Incorporated Pension Plan v. ATI Inc., The Allegheny Technologies Incorporated Pension Plan Administrative Committee, State Street Global Advisors Trust Co., and John Does 1-5 (Case No. 2:24-cv-01109) and (2) John Souza and Karen Souza, individually and as representatives on behalf of a class of similarly situated persons v. ATI Inc. and State Street Global Advisors Trust Co. (Case No. 2:24-cv-01214), both of which are filed in federal district court for the Western District of Pennsylvania (the District Court). These lawsuits, which were consolidated in late 2024, assert various claims associated with the Company’s October 2023 purchase of group annuity contracts to transfer a portion of its U.S. qualified defined benefit pension plan obligations to Athene Annuity and Life Company and Athene Annuity & Life Assurance of New York. The Company filed a Motion to Dismiss the consolidated claims in January 2025. Following an August 2025 hearing on the Motion to Dismiss, the magistrate judge overseeing the Motion issued a report recommending that all of the plaintiffs’ claims be dismissed for lack of standing. In July 2026, the District Court granted the Company's Motion to Dismiss. In August 2026, Plaintiffs noticed an appeal of the District Court's decision to the Court of Appeals for the Third Circuit. The Company disputes and intends to vigorously defend against these claims but cannot predict their outcome or estimate any range of reasonably possible loss at this time.


Item 1A.	Risk Factors

The following is an update to and should be read in conjunction with Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 28, 2025. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10- K for the year ended December 28, 2025, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

The conflict between the United States, Israel, and Iran and related geopolitical instability may adversely affect our business and results of operations.

In February 2026, the United States and Israel launched coordinated military strikes against Iran, which retaliated with missile attacks across the region. Although we do not have material operations in the Middle East, the ongoing conflict and any further escalation, including additional military actions, retaliatory measures, sanctions, disruptions to trade or transportation routes, cyberattacks, or other governmental or market responses, could lead to significant disruption of global energy supplies and increases in global energy prices, heighten inflationary pressures on our input costs and supply chain, adversely affect global supply chains, energy markets, commodity prices, currency exchange rates, financial markets and overall macroeconomic conditions, and adversely impact customer spending patterns in markets in which we operate. While we do not expect the impacts of conflict between the United States, Israel, and Iran to have a significant effect on our business, financial condition and results of operations, we are unable to predict the extent or nature of potential future impacts at this time.

Risks Associated with Current or Future Litigation and Claims.

A number of lawsuits, claims and proceedings have been or may be asserted against us relating to the conduct of our currently and formerly owned businesses, including those pertaining to product liability, patent infringement, commercial disputes, government contracting, employment matters, employee and retiree benefits, taxes, environmental matters, personal injury and health and safety and occupational disease, and stockholder and corporate governance matters. Due to the uncertainties of litigation, we can give no assurance that we will prevail on all claims made against us in the lawsuits that we currently face or that additional claims will not be made against us in the future. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to us, we do not believe that the disposition of any such pending matters is likely to have a material adverse effect on our financial condition or liquidity. However, the resolution in any reporting period of one or more of these matters could have a material adverse effect on our results of operations for that period. Also, we can give no assurance that any other claims brought in the future will not have a material effect on our financial condition, liquidity or results of operations.

In August 2024, the Company received notice that it and certain of its affiliates are parties to two lawsuits, filed in federal district court for the Western District of Pennsylvania (the District Court), that assert various claims associated with the Company’s October 2023 purchase of group annuity contracts to transfer a portion of its U.S. qualified defined benefit pension plan obligations to Athene Annuity and Life Company and Athene Annuity & Life Assurance of New York. These two lawsuits were consolidated in late 2024, and in January 2025, we filed a motion to dismiss the consolidated claims. Following an August 2025 hearing on the motion to dismiss, the magistrate judge covering the Motion issued a report recommending that all of the plaintiffs’ claims be dismissed for lack of standing. In July 2026, the District Court granted the Company’s Motion to Dismiss. In August 2026, Plaintiffs noticed an appeal of the District Court's decision to the Court of Appeals for the Third Circuit. The Company disputes and intends to vigorously defend against these claims but cannot predict their outcome or estimate any range of reasonably possible loss at this time.


Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

Set forth below is information regarding the Company’s stock repurchases during the period covered by this report, comprised of shares repurchased by ATI under the $700 million Share Repurchase Program authorized by the Company’s Board of Directors in September 2024 shares repurchased by ATI under the additional $500 million in repurchase authority announced in February 2026, and shares repurchased by ATI from employees to satisfy employee-owed taxes on share-based compensation. The Company’s current Stock Repurchase Program has no time limit, does not obligate the Company to repurchase any specific number of shares, and may be modified, suspended, or terminated at any time by the Board of Directors without prior notice.


Period	Total Number of Shares (or Units) Purchased (a)	Average Price Paid per Share (or Unit) (b) (c)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
June 29, 2026 - August 2, 2026	1,089		$	193.72		—	$	495,001,556
August 3, 2026 - August 30, 2026	1,173		$	188.20		—	$	495,001,556
August 31, 2026 - September 27, 2026	350,920		$	199.62		350,691	$	425,001,759
Total	353,182		$	199.57		350,691	$	425,001,759

(a) Includes shares repurchased by ATI from employees to satisfy employee-owed taxes on share based compensation.

(b) Share repurchases are inclusive of amounts for any relevant commissions.


Item 5.	Other Information

Rule 10b5-1 Plan Elections

During the fiscal quarter ended September 27, 2026, none of the Company's directors or officers, as defined in Section 16 of the Securities Exchange Act of 1934 (the Exchange Act), adopted or terminated any \"Rule 10b5-1 trading arrangements,\" as such term is defined in Item 408(c) of Regulation S-K under the Exchange Act.


Item 6.	Exhibits

(a) Exhibits










31.1		Certification of Chief Executive Officer required by Securities and Exchange Commission Rule 13a – 14(a) or 15d – 14(a) (filed herewith).

31.2		Certification of Chief Financial Officer required by Securities and Exchange Commission Rule 13a – 14(a) or 15d – 14(a) (filed herewith).

32.1		Certification pursuant to 18 U.S.C. Section 1350 (furnished herewith).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ATI INC.

(Registrant)

Date:

October 29, 2026

/s/ James Robert Foster

James Robert Foster

Senior Vice President, Finance and Chief Financial Officer

(Principal Financial Officer)

Date:

October 29, 2026

/s/ Michael B. Miller

Michael B. Miller

Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer)

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