$ATI

ALLEGHENY TECHNOLOGIES INC

CIK:0001018963|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Statement [Abstract]
Sales	$ 1,261.1	$ 1,140.4	$ 2,412.6	$ 2,284.8
Cost of sales	951.3	897.9	1,839.9	1,806.5
Gross profit	309.8	242.5	572.7	478.3
Selling and administrative expenses	95.7	82.8	187.8	167.8
Restructuring charges (credits)	3.9	(1.3)	10.9	(1.3)
(Gain) loss on asset sales and sales of businesses, net	(9.8)	0.0	(9.8)	3.9
Operating income	220.0	161.0	383.8	307.9
Nonoperating retirement benefit expense	(4.3)	(4.1)	(8.6)	(8.0)
Interest expense, net	(23.9)	(25.4)	(47.6)	(48.4)
Other income, net	1.1	1.8	1.9	3.3
Income before income taxes	192.9	133.3	329.5	254.8
Income tax provision	38.6	29.3	54.7	50.3
Net income	154.3	104.0	274.8	204.5
Less: Net income attributable to noncontrolling interests	3.3	3.3	5.6	6.8
Net income attributable to ATI	$ 151.0	$ 100.7	$ 269.2	$ 197.7
Basic net income attributable to ATI per common share (in dollars per share)	$ 1.11	$ 0.72	$ 1.97	$ 1.40
Diluted net income attributable to ATI per common share (in dollars per share)	$ 1.09	$ 0.70	$ 1.94	$ 1.38

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Operating Activities:
Net income	$ 274.8	$ 204.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89.0	82.4
Non-cash restructuring charges, net	5.1	0.0
Share-based compensation	14.1	14.6
Deferred taxes	17.5	33.5
Net gain from disposal of property, plant and equipment	(9.8)	0.2
Net loss on sales of businesses	0.0	3.7
Changes in operating assets and liabilities:
Inventories	(266.0)	(50.6)
Accounts receivable	39.8	(71.9)
Accounts payable	90.2	(56.0)
Retirement benefits	(3.2)	(4.1)
Accrued liabilities and other	8.5	(87.3)
Cash provided by operating activities	260.0	69.0
Investing Activities:
Purchases of property, plant and equipment	(123.8)	(125.4)
Proceeds from disposal of property, plant and equipment	5.6	0.1
Proceeds from sales of businesses, net of transaction costs	1.4	2.0
Other	0.0	4.1
Cash used in investing activities	(116.8)	(119.2)
Financing Activities:
Proceeds from issuance of senior notes	450.0	0.0
Repayment of finance lease obligations	(16.7)	(16.3)
Net borrowings under international credit facilities	2.5	0.0
Debt issuance costs	(5.7)	0.0
Purchase of treasury stock	(125.0)	(320.0)
Shares repurchased for income tax withholding on share-based compensation and other	(81.7)	(29.5)
Cash provided by (used in) financing activities	223.4	(365.8)
Effect of exchange rate changes on cash and cash equivalents	(0.3)	14.4
Increase (decrease) in cash and cash equivalents	366.3	(401.6)
Cash and cash equivalents at beginning of period	416.7	721.2
Cash and cash equivalents at end of period	$ 783.0	$ 319.6

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 28, 2026	Dec. 28, 2025
Current Assets:
Cash and cash equivalents	$ 783.0	$ 416.7
Accounts receivable, net	646.6	686.1
Short-term contract assets	95.9	72.8
Inventories, net	1,667.5	1,403.2
Prepaid expenses and other current assets	87.4	101.2
Total Current Assets	3,280.4	2,680.0
Property, plant and equipment, net	1,980.7	1,940.6
Goodwill	225.2	225.2
Other assets	252.6	253.8
Total Assets	5,738.9	5,099.6
Current Liabilities:
Accounts payable	656.6	568.2
Accrued liabilities	208.9	240.5
Short-term contract liabilities	143.5	146.4
Short-term debt and current portion of long-term debt	383.6	31.1
Other current liabilities	17.1	20.1
Total Current Liabilities	1,409.7	1,006.3
Long-term debt	1,808.4	1,718.3
Accrued postretirement benefits	150.8	158.5
Pension liabilities	43.2	41.4
Other long-term liabilities	328.6	258.4
Total Liabilities	3,740.7	3,182.9
ATI Stockholders’ Equity:
Preferred stock, par value $0.10: authorized-50,000,000 shares; issued-none	0.0	0.0
Common stock, par value $0.10: authorized-500,000,000 shares; issued-142,871,688 shares at June 28, 2026 and 142,871,688 shares at December 28, 2025; outstanding-136,168,724 shares at June 28, 2026 and 135,934,852 shares at December 28, 2025	14.3	14.3
Additional paid-in capital	1,772.3	1,884.6
Retained earnings	738.5	468.7
Treasury stock: 6,702,964 shares at June 28, 2026 and 6,936,836 shares at December 28, 2025	(583.6)	(502.7)
Accumulated other comprehensive loss, net of tax	(64.8)	(60.4)
Total ATI stockholders’ equity	1,876.7	1,804.5
Noncontrolling interests	121.5	112.2
Total Equity	1,998.2	1,916.7
Total Liabilities and Equity	$ 5,738.9	$ 5,099.6