What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-04-30 · 331 added, 164 removed, 579 unchanged (46% of the section changed)

34 unchanged sentences

authorized- 500,000,000 shares;

issued- 142,871,688 shares at March 29, 2026 and 142,871,688 shares at December 28, 2025;

outstanding- 136,467,940 shares at March 29, 2026 and 135,934,852 shares at December 28, 2025

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

Additional paid-in capital 1,772.3 1,884.6

1 unchanged sentence

Treasury stock:

6,403,748 shares at March 29, 2026 and 6,936,836 shares at December 28, 2025

6,702,964 shares at June 28, 2026 and 6,936,836 shares at December 28, 2025

( 583.6 ) ( 502.7 )

8 unchanged sentences

(In millions, except per share amounts)

Quarter ended

March 29, 2026 March 30, 2025

Quarter ended Year-to-date period ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Sales $ 1,261.1 $ 1,140.4 $ 2,412.6 $ 2,284.8

2 unchanged sentences

Selling and administrative expenses 95.7 82.8 187.8 167.8

Restructuring charges

Loss on asset sales and sales of businesses, net

Restructuring charges (credits) 3.9 ( 1.3 ) 10.9 ( 1.3 )

(Gain) loss on asset sales and sales of businesses, net ( 9.8 ) — ( 9.8 ) 3.9

Operating income 220.0 161.0 383.8 307.9

13 unchanged sentences

(In millions)

Quarter ended

March 29, 2026 March 30, 2025

Quarter ended Year-to-date period ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Net income $ 154.3 $ 104.0 $ 274.8 $ 204.5

3 unchanged sentences

Total 2.0 18.3 0.2 30.8

Net derivatives loss on hedge transactions 2.4 6.4

Reclassification to net income of net realized loss ( 2.9 ) 1.0

Net derivatives (loss) gain on hedge transactions ( 3.1 ) ( 4.4 ) ( 0.7 ) 2.0

Reclassification to net income of net realized (gain) loss ( 0.4 ) 1.6 ( 3.3 ) 2.6

Income taxes on derivative transactions

( 0.9 ) ( 0.6 ) ( 1.0 ) 1.1

Total ( 2.6 ) ( 2.2 ) ( 3.0 ) 3.5

3 unchanged sentences

Prior service cost

Amortization to net income of net prior service credits 0.1 ( 0.1 )

Amortization to net income of net prior service (credits) costs — ( 0.1 ) 0.1 ( 0.2 )

Income taxes on postretirement benefit plans

0.2 0.4 0.6 0.7

Total 1.1 0.8 2.1 1.7

7 unchanged sentences

(In millions)

Quarter ended

March 29, 2026 March 30, 2025

Year-to-date period ended

June 28, 2026 June 29, 2025

Operating Activities:

13 unchanged sentences

Accrued liabilities and other 8.5 ( 87.3 )

Cash provided by (used in) operating activities

128.2 ( 92.5 )

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

1 unchanged sentence

Financing Activities:

Borrowings on long-term debt

Payments on long-term debt and finance leases ( 38.6 ) ( 8.0 )

Net borrowings under credit facilities

Proceeds from issuance of senior notes 450.0 —

Repayment of finance lease obligations ( 16.7 ) ( 16.3 )

Net borrowings under international credit facilities 2.5 —

Debt issuance costs ( 5.7 ) —

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 used in financing activities ( 88.8 ) ( 107.5 )

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

Decrease in cash and cash equivalents ( 15.0 ) ( 245.4 )

Increase (decrease) in cash and cash equivalents 366.3 ( 401.6 )

Cash and cash equivalents at beginning of period 416.7 721.2

12 unchanged sentences

Interests Total

Balance, December 29, 2024 $ 14.3 $ 1,943.9 $ 64.3 $ ( 82.6 ) $ ( 89.5 ) $ 104.8 $ 1,955.2

Balance, March 30, 2025 $ 14.3 $ 1,873.8 $ 161.3 $ ( 105.0 ) $ ( 71.6 ) $ 109.5 $ 1,982.3

Net income — — 100.7 — — 3.3 104.0

2 unchanged sentences

Employee stock plans — 5.7 0.2 1.5 — — 7.4

Balance, June 29, 2025 $ 14.3 $ 1,879.5 $ 262.2 $ ( 356.1 ) $ ( 56.5 ) $ 114.6 $ 1,858.0

Balance, March 29, 2026 $ 14.3 $ 1,766.7 $ 586.9 $ ( 534.5 ) $ ( 62.9 ) $ 115.8 $ 1,886.3

Net income — — 151.0 — — 3.3 154.3

Other comprehensive income (loss) — — — — ( 1.9 ) 2.4 0.5

Purchase of treasury stock — — — ( 50.0 ) — — ( 50.0 )

Employee stock plans — 5.6 0.6 0.9 — — 7.1

Balance, June 28, 2026 $ 14.3 $ 1,772.3 $ 738.5 $ ( 583.6 ) $ ( 64.8 ) $ 121.5 $ 1,998.2

ATI Stockholders

Stock Additional

Capital Retained

Earnings Treasury

Stock Accumulated

Comprehensive

Income (Loss) Non-

Interests Total

Balance, December 29, 2024 $ 14.3 $ 1,943.9 $ 64.3 $ ( 82.6 ) $ ( 89.5 ) $ 104.8 $ 1,955.2

Net income — — 197.7 — — 6.8 204.5

Other comprehensive income — — — — 33.0 3.0 36.0

Purchase of treasury stock — — — ( 322.8 ) — — ( 322.8 )

Employee stock plans — ( 64.4 ) 0.2 49.3 — — ( 14.9 )

Balance, June 29, 2025 $ 14.3 $ 1,879.5 $ 262.2 $ ( 356.1 ) $ ( 56.5 ) $ 114.6 $ 1,858.0

Balance, December 28, 2025 $ 14.3 $ 1,884.6 $ 468.7 $ ( 502.7 ) $ ( 60.4 ) $ 112.2 $ 1,916.7

Net income — — 269.2 — — 5.6 274.8

Other comprehensive income (loss) — — — — ( 4.4 ) 3.7 ( 0.7 )

1 unchanged sentence

Employee stock plans — ( 112.3 ) 0.6 44.1 — — ( 67.6 )

Balance, March 29, 2026 $ 14.3 $ 1,766.7 $ 586.9 $ ( 534.5 ) $ ( 62.9 ) $ 115.8 $ 1,886.3

Balance, June 28, 2026 $ 14.3 $ 1,772.3 $ 738.5 $ ( 583.6 ) $ ( 64.8 ) $ 121.5 $ 1,998.2

The accompanying notes are an integral part of these statements.

22 unchanged sentences

Reclassifications

The Company reclassified certain prior period amounts in its unaudited condensed consolidated balance sheets to conform to our current period presentation.

The Company reclassified certain prior period amounts in its unaudited consolidated balance sheets to conform to our current period presentation.

Specifically, we have reclassified certain amounts in “Other current liabilities” to “Accrued liabilities”.

5 unchanged sentences

Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets and diversified products.

Comparative information regarding the Company’s overall revenues by global and geographical markets for the quarterly periods ended March 29, 2026 and March 30, 2025 is included in the following tables.

Comparative information regarding the Company’s overall revenues by global and geographical markets for the quarters and year-to-date periods ended June 28, 2026 and June 29, 2025 is included in the following tables.

(in millions) Quarter ended

March 29, 2026 March 30, 2025

June 28, 2026 June 29, 2025

HPMC AA&S Total HPMC AA&S Total

15 unchanged sentences

Total $ 637.1 $ 624.0 $ 1,261.1 $ 608.8 $ 531.6 $ 1,140.4

(in millions) Year-to-date period ended

June 28, 2026 June 29, 2025

HPMC AA&S Total HPMC AA&S Total

Diversified Global Markets:

Aerospace & Defense:

Jet Engines - Commercial $ 893.0 $ 87.3 $ 980.3 $ 816.9 $ 52.3 $ 869.2

Airframes - Commercial 153.2 225.1 378.3 159.1 241.9 401.0

Defense 112.5 188.5 301.0 120.2 125.8 246.0

Total Aerospace & Defense 1,158.7 500.9 1,659.6 1,096.2 420.0 1,516.2

Other Markets:

Specialty Energy 30.9 89.9 120.8 27.1 86.9 114.0

Electronics — 66.5 66.5 — 83.3 83.3

Medical 17.4 33.1 50.5 31.2 50.1 81.3

Automotive 1.7 132.1 133.8 4.2 121.2 125.4

Conventional Energy 4.6 183.1 187.7 3.1 211.6 214.7

Construction/Mining 22.6 51.3 73.9 15.2 51.0 66.2

Other 15.5 104.3 119.8 15.9 67.8 83.7

Total Other Markets 92.7 660.3 753.0 96.7 671.9 768.6

Total $ 1,251.4 $ 1,161.2 $ 2,412.6 $ 1,192.9 $ 1,091.9 $ 2,284.8

(in millions) Quarter ended

March 29, 2026 March 30, 2025

June 28, 2026 June 29, 2025

HPMC AA&S Total HPMC AA&S Total

6 unchanged sentences

Total $ 637.1 $ 624.0 $ 1,261.1 $ 608.8 $ 531.6 $ 1,140.4

(in millions) Year-to-date period ended

June 28, 2026 June 29, 2025

HPMC AA&S Total HPMC AA&S Total

Primary Geographical Market:

United States $ 715.8 $ 774.0 $ 1,489.8 $ 666.7 $ 627.5 $ 1,294.2

Europe 375.4 106.1 481.5 360.0 136.5 496.5

Asia 73.3 140.1 213.4 77.1 186.4 263.5

Canada 41.7 43.7 85.4 37.1 42.6 79.7

South America, Middle East and other 45.2 97.3 142.5 52.0 98.9 150.9

Total $ 1,251.4 $ 1,161.2 $ 2,412.6 $ 1,192.9 $ 1,091.9 $ 2,284.8

Comparative information regarding the Company’s major products based on their percentages of sales is included in the following table.

1 unchanged sentence

Quarter ended

March 29, 2026 March 30, 2025

June 28, 2026 June 29, 2025

HPMC AA&S Total HPMC AA&S Total

6 unchanged sentences

Total 100 % 100 % 100 % 100 % 100 % 100 %

The Company maintained a backlog of confirmed orders totaling $ 4.1 billion and $ 4.0 billion at March 29, 2026 and March 30, 2025, respectively.

Due to the structure of the Company’s long-term agreements, approximately 70 % of this backlog at March 29, 2026 represented booked orders with performance obligations that will be satisfied within the next 12 months.

Year-to-date period ended

June 28, 2026 June 29, 2025

HPMC AA&S Total HPMC AA&S Total

Diversified Products and Services:

Nickel-based alloys and specialty alloys 48 % 52 % 50 % 43 % 54 % 48 %

Precision forgings, castings and components 36 % — % 19 % 39 % — % 21 %

Titanium and titanium-based alloys 16 % 16 % 16 % 18 % 17 % 18 %

Zirconium and related alloys — % 21 % 10 % — % 18 % 8 %

Precision rolled strip products — % 11 % 5 % — % 11 % 5 %

Total 100 % 100 % 100 % 100 % 100 % 100 %

The Company maintained a backlog of confirmed orders totaling $ 4.4 billion and $ 3.7 billion at June 28, 2026 and June 29, 2025, respectively.

Due to the structure of the Company’s long-term agreements, approximately 70 % of this backlog at June 28, 2026 represented booked orders with performance obligations that will be satisfied within the next 12 months.

The backlog does not reflect any elements of variable consideration.

Accounts Receivable

As of March 29, 2026 and December 28, 2025, accounts receivable from customers were $ 668.3 million and $ 690.3 million, respectively.

The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the quarterly periods ended March 29, 2026 and March 30, 2025:

As of June 28, 2026 and December 28, 2025, gross accounts receivable from customers were $ 650.8 million and $ 690.3 million, respectively.

The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the year-to-date periods ended June 28, 2026 and June 29, 2025:

(in millions)

Accounts Receivable - Reserve for Doubtful Accounts March 29,

2026 March 30,

Accounts Receivable - Reserve for Doubtful Accounts June 28,

2026 June 29,

Balance as of beginning of year $ 4.2 $ 15.0

3 unchanged sentences

Contract Balances

The following represents the rollforward of contract assets and liabilities for the quarterly periods ended March 29, 2026 and March 30, 2025:

The following represents the rollforward of contract assets and liabilities for the year-to-date periods ended June 28, 2026 and June 29, 2025:

(in millions)

Contract Assets

Short-term March 29,

2026 March 30,

Short-term June 28,

2026 June 29,

Balance as of beginning of year $ 72.8 $ 75.6

4 unchanged sentences

Contract Liabilities

Short-term March 29,

2026 March 30,

Short-term June 28,

2026 June 29,

Balance as of beginning of year $ 146.4 $ 169.4

3 unchanged sentences

Other ( 1.2 ) ( 0.4 )

Reclassification to/from long-term 2.7 19.7

Reclassification from long-term 6.9 14.7

Balance as of period end $ 143.5 $ 171.7

Long-term (a)

2026 March 30,

2026 June 29,

Balance as of beginning of year $ 91.3 $ 45.3

2 unchanged sentences

Other ( 1.1 ) ( 2.4 )

Reclassification to/from short-term ( 2.7 ) ( 19.7 )

Reclassification to short-term ( 6.9 ) ( 14.7 )

Balance as of period end $ 149.4 $ 30.2

(a) Long-term contract liabilities are included in other long-term liabilities on the consolidated balance sheets.

Contract costs for obtaining and fulfilling a contract were $ 16.0 million and $ 15.6 million as of March 29, 2026 and December 28, 2025, respectively, and are reported in other long-term assets on the consolidated balance sheet.

Contract cost amortization expense for the quarter ended March 29, 2026 was $ 0.5 million.

Contract cost amortization expense for the quarter ended March 30, 2025 was $ 0.2 million.

Inventories at March 29, 2026 and December 28, 2025 were as follows (in millions):

Contract costs for obtaining and fulfilling a contract were $ 16.2 million and $ 15.6 million as of June 28, 2026 and December 28, 2025, respectively, and are reported in other long-term assets on the consolidated balance sheet.

Contract cost amortization expense for the quarter and year-to-date periods ended June 28, 2026 was $ 0.5 million and $ 1.0 million, respectively.

Contract cost amortization expense for the quarter and year-to-date period ended June 29, 2025 was $ 0.7 million and $ 0.9 million, respectively.

Inventories at June 28, 2026 and December 28, 2025 were as follows:

(in millions)

2026 December 28,

7 unchanged sentences

Property, Plant and Equipment

Property, plant and equipment at March 29, 2026 and December 28, 2025 was as follows (in millions):

Property, plant and equipment at June 28, 2026 and December 28, 2025 was as follows:

(in millions)

2026 December 28,

5 unchanged sentences

Total property, plant and equipment, net $ 1,980.7 $ 1,940.6

The construction in progress portion of property, plant and equipment at March 29, 2026 and December 28, 2025 was $ 375.2 million and $ 359.4 million, respectively.

Capital expenditures on the consolidated statement of cash flows for the quarters ended March 29, 2026 and March 30, 2025 exclude $ 31.4 million and $ 26.0 million, respectively, of accrued capital expenditures that were included in property, plant and equipment at March 29, 2026 and March 30, 2025, respectively.

The construction in progress portion of property, plant and equipment at June 28, 2026 and December 28, 2025 was $ 356.2 million and $ 359.4 million, respectively.

Capital expenditures on the consolidated statement of cash flows for the quarters ended June 28, 2026 and June 29, 2025 exclude $ 37.7 million and $ 15.6 million, respectively, of accrued capital expenditures that were included in property, plant and equipment at June 28, 2026 and June 29, 2025, respectively.

During the second quarter of 2026, the Company completed the sale of a previously closed manufacturing facility, which was part of the AA&S Segment.

A $ 9.9 million gain on the sale of the facility is reported in gain/loss on asset sales and sales of businesses, net, on the consolidated statement of operations for the quarter and year-to-date period ended June 28, 2026.

The Company received proceeds, net of transaction costs, from the sale of $ 9.8 million during the third quarter of 2026.

During the first quarter of 2025, the Company completed the sale of certain immaterial, non-core operations in Birmingham, UK and Dusseldorf, Germany, which were part of our European business in the HPMC Segment.

A $ 3.7 million loss on sale of these operations is reported in gain/loss on asset sales and sales of businesses, net, on the consolidated statement of operations for the quarter ended March 30, 2025, and is excluded from segment results.

The Company received proceeds, net of transaction costs, of $ 5.0 million in 2025.

As of December 28, 2025, the Company expected to receive additional proceeds of $ 4.9 million, of which, $ 1.6 million was received during the quarter ended March 29, 2026.

A $ 3.7 million loss on sale of these operations is reported in gain/loss on asset sales and sales of businesses, net, on the consolidated statement of operations for the year-to-date period ended June 29, 2025, and is excluded from segment results.

The Company received proceeds, net of transaction costs, of $ 5.0 million during fiscal year 2025.

As of December 28, 2025, the Company expected to receive additional proceeds of $ 4.9 million, of which, $ 1.6 million was received during the year-to-date period ended June 28, 2026.

These proceeds are reported as an investing activity on the consolidated statement of cash flows.

1 unchanged sentence

The financial results of majority-owned joint ventures are consolidated into the Company’s operating results and financial position, with the minority ownership interest recognized in the consolidated statements of operations as net income attributable to noncontrolling interests, and as equity attributable to the noncontrolling interests within total stockholders’ equity.

Investments in which the Company exercises significant influence, but which it does not control (generally a 20% to 50% ownership interest), are accounted for under the equity method of accounting.

Majority-Owned Joint Venture

1 unchanged sentence

The remaining 40 % interest in STAL is owned by China Baowu Steel Group Corporation Limited, a state authorized investment company whose equity securities are publicly traded in the People’s Republic of China.

STAL is part of ATI’s AA&S segment and manufactures Precision Rolled Strip (PRS) stainless products mainly for the electronics and automotive markets located in Asia.

Cash and cash equivalents held by STAL as of March 29, 2026 were $ 75.1 million.

STAL is part of ATI’s AA&S segment and manufactures Precision Rolled Strip

(PRS) stainless products mainly for the electronics and automotive markets located in Asia.

Cash and cash equivalents held by STAL as of June 28, 2026 and December 28, 2025 were $ 102.3 million and $ 97.6 million, respectively.

Supplemental Financial Statement Information

Other income (expense), net for the quarters ended March 29, 2026 and March 30, 2025 was as follows:

(in millions) Quarter ended

March 29, 2026 March 30, 2025

Other income, net for the quarters ended June 28, 2026 and June 29, 2025 was as follows:

(in millions) Quarter ended Year-to-date period ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Rent and royalty income $ 1.1 $ 1.8 $ 1.9 $ 3.3

1 unchanged sentence

Restructuring

The Company recognized restructuring charges of $ 7.0 million in the quarter ended March 29, 2026, related to the rationalization of certain domestic facilities in the HPMC segment.

These charges included $ 3.3 million of severance-related charges for approximately 100 employees and $ 3.7 million of impairment charges for equipment, leases and inventory.

The Company recognized restructuring charges of $ 3.9 million and $ 10.9 million in the quarter and year-to-date periods ended June 28, 2026, respectively, related to the rationalization of certain domestic facilities in the HPMC segment.

On a year-to-date basis, these charges included $ 4.5 million of severance-related charges for approximately 100 employees, $ 4.1 million of impairment charges for equipment and leases, and $ 2.3 million of other related costs.

These amounts are presented as restructuring charges in the consolidated statements of operations and are excluded from segment results.

Additionally, the $ 3.6 million restructuring reserve balance at March 29, 2026 is recorded in accrued liabilities on the consolidated balance sheet.

During the first quarter ended March 30, 2025, the Company de-recognized $ 0.5 million of restructuring reserves in connection with the sale of non-core operations in Birmingham, UK and Dusseldorf, Germany (see Note 5 for further explanation).

Additionally, the $ 2.0 million restructuring reserve balance at June 28, 2026 is recorded in accrued liabilities on the consolidated balance sheet.

During the quarter and year-to-date periods ended June 29, 2025, the Company derecognized $ 1.3 million of severance-related reserves for approximately 40 employees associated with a previous restructuring in the AA&S segment.

Restructuring reserves for severance cost activity is as follows:

Severance and Employee

(in millions) Severance and Employee

Benefit Costs

1 unchanged sentence

Payments ( 2.9 )

Balance at March 29, 2026 $ 3.6

Balance at June 28, 2026 $ 2.0

Supplier Financing

The Company participates in supplier financing programs with two financial institutions to offer its suppliers the option for access to payment in advance of an invoice due date.

Under such programs, these financial institutions provide early payment to suppliers at their request for invoices that ATI has confirmed as valid at a predetermined discount rate commensurate with the creditworthiness of ATI.

As of March 29, 2026 and December 28, 2025, the Company had $ 101.0 million and $ 52.8 million, respectively, reported in accounts payable on the consolidated balance sheets under such programs.

The Company participates in supplier financing programs with a financial institution to offer its suppliers the option for access to payment in advance of an invoice due date.

Under such programs, this financial institution provides early payment to suppliers at their request for invoices that ATI has confirmed as valid at a predetermined discount rate commensurate with the creditworthiness of ATI.

As of June 28, 2026 and December 28, 2025, the Company had $ 101.1 million and $ 52.8 million, respectively, reported in accounts payable on the consolidated balance sheets under such programs.

Accounts Receivable Securitization

6 unchanged sentences

The maximum aggregate funding available under the Receivables Facility is $ 125.0 million at any one time, subject to the availability of eligible receivables and other customary factors and conditions as well as covenants as set forth in the Receivables Facility.

Amounts outstanding under the Receivables Facility accrue interest at an adjusted SOFR plus the applicable margin.

Amounts outstanding under the Receivables Facility accrue interest at an adjusted SOFR plus the

applicable margin.

The Receivables Facility also requires the maintenance of a minimum utilization level equal to 50 % of the facility amount.

5 unchanged sentences

As the Company retains the servicing rights of the receivables sold, the Company assessed the associated servicing liability under ASC 860 and determined that the liability is immaterial to the Company’s financial statements.

During the quarterly period ended March 29, 2026, ATI Securitization sold $ 40.0 million of accounts receivable in exchange for $ 40.0 million of cash.

The Company recorded a $ 1.0 million charge associated with the sale of the accounts receivable within selling and administrative expenses on its consolidated statement of operations, which is excluded from segment results.

As of March 29, 2026, the Company has utilized $ 120 million of the maximum aggregate funding available under the Receivables facility.

There were no borrowings under the Receivables Facility during the quarterly period ended March 29, 2026.

Sale of Receivables Program

During the fourth quarter of 2024, the Company entered into an accounts receivables purchase agreement (Receivables Purchase Agreement) with a third-party financial institution to periodically sell certain accounts receivable at a discount.

These accounts receivable sales were accounted for as a sale of assets under ASC 860, Transfers and Servicing, as the Company’s continuing involvement is limited to servicing the accounts receivable, collecting the payments for the underlying accounts receivable and remitting such collections to the financial institution.

The financial institution was responsible for any credit risk associated with the sold accounts receivable.

The Company received the purchase price, equal to the accounts receivable less the discount, at the time of the sale.

As of March 29, 2026, this program has ended and no amounts were outstanding to the financial institution.

During the quarterly period ended June 28, 2026, ATI Securitization sold $ 20.0 million of accounts receivable in exchange for $ 20.0 million of cash and also collected $ 20.0 million of accounts receivable transferred to ATI Securitization under the Receivables Facility.

During the year-to-date period ended June 28, 2026, ATI Securitization sold $ 60.0 million of accounts receivable in exchange for $ 60.0 million of cash, and collected $ 20.0 million of accounts receivables transferred to ATI Securitization under the Receivables Facility.

For the quarter and year-to-date periods ended June 28, 2026, the Company recorded a $ 1.3 million and $ 2.3 million charges, respectively, associated with the sales of the accounts receivable within selling and administrative expenses on its consolidated statement of operations, which is excluded from segment results.

As of June 28, 2026, the Company has utilized $ 120 million of the maximum aggregate funding available under the Receivables Facility.

There were no borrowings under the Receivables Facility during the year-to-date period ended June 29, 2025.

Other Customer Receivable Sales

During the quarterly periods ended March 29, 2026 and March 30, 2025, the Company sold $ 131.7 million and $ 72.6 million, respectively, of certain customers’ accounts receivable through programs established by those customers with third-party financial institutions.

In the second quarter and year-to-date periods ended June 28, 2026 , the Company sold $ 118.7 million and $ 250.4 million, respectively, of certain customers’ accounts receivable through programs established by those customers with third-party financial institutions.

In the second quarter and year-to-date period ended June 29, 2025, the Company sold $ 91.5 million and $ 164.1 million, respectively, of certain customers’ accounts receivable through the same or similar programs.

These customers have extended payment terms and provide the programs to enable suppliers to receive more timely payments.

1 unchanged sentence

The proceeds from these transactions are presented as changes in receivables within operating activities in the consolidated statement of cash flows.

The losses associated with these transactions, which were $ 1.4 million for both quarters ended March 29, 2026 and March 30, 2025, respectively, are reflected in the Company’s consolidated statements of operations and are excluded from segment results.

Debt at March 29, 2026 and December 28, 2025 was as follows (in millions):

The losses associated with these transactions of $ 1.3 million and $ 2.7 million for the quarter and year-to-date periods ended June 28, 2026, respectively, and $ 1.3 million and $ 2.7 million for the quarter and year-to-date periods ended June 29, 2025, respectively, are reflected in the Company’s consolidated statements of operations and are excluded from segment results.

Debt at June 28, 2026 and December 28, 2025 was as follows:

(in millions)

2026 December 28,

7.25 % Notes due 2030

7.25 % Senior Notes due 2030

$ 425.0 $ 425.0

5.875 % Notes due 2027

5.125 % Notes due 2031

4.875 % Notes due 2029

5.875 % Senior Notes due 2033

5.875 % Senior Notes due 2027

5.125 % Senior Notes due 2031

4.875 % Senior Notes due 2029

ABL Term Loan 200.0 200.0

6 unchanged sentences

Long-term debt $ 1,808.4 $ 1,718.3

2033 Senior Notes

On June 3, 2026, the Company issued $ 450 million in 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 mature on June 15, 2033.

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 or consolidate with or merge into another entity or sell, transfer or lease all, or substantially all, of its assets.

The Company received proceeds of $ 443.1 million from the issuance of the 2033 Notes, which were net of $ 6.9 million of underwriting fees and other third-party expenses.

These debt issuance costs were recorded as a reduction to the carrying value of the debt and will be amortized over the 7-year term of the 2033 Notes.

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.

2027 Senior Notes

On June 8, 2026, the Company exercised its right to redeem the entire outstanding $ 350 million in 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.

As of June 28, 2026, the outstanding balance of the 2027 Notes, net of unamortized debt issuance costs have been classified as current liabilities on the consolidated balance sheets.

Refer to Note 17 – Subsequent Events for further discussion and detail on the redemption of the 2027 Notes.

Revolving Credit Facility

The Company's amended Asset Based Lending (ABL) Credit Facility, is collateralized by the accounts receivable and inventory of the Company’s operations and includes a $ 600 million revolving credit facility, a letter of credit sub-facility of up to $ 200 million, a $ 200 million term loan (Term Loan), and a swing loan facility of up to $ 60 million.

Additionally, the Company has the ability, through June 13, 2026 and as long as no default or event of default has occurred and is continuing, to borrow an additional term loan of up to $ 100 million in total, using one or two draws (the Delayed-Draw Term Loan).

The Term Loan and Delayed-Draw Term Loan each bear interest at rate of 2.0 % above the adjusted Secured Overnight Financing Rate (SOFR) and can be prepaid in increments of $ 25 million if certain minimum liquidity conditions are satisfied.

In addition, the Company has the right to request an increase of up to $ 300 million in the maximum amount available under the revolving credit facility for the duration of the ABL.

The Company's amended Asset Based Lending (ABL) Credit Facility, which is collateralized by the accounts receivable and inventory of the Company’s 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.

Through June 13, 2026 and as long as no default or event of default had occurred and was continuing, the Company had the ability to borrow an additional term loan of up to $ 100 million in total, using one or two draws (the Delayed-Draw Term Loan), which the Company did not exercise.

The Term Loan bears interest at a rate of 2.0 % above the adjusted Secured Overnight Financing Rate (SOFR) and can be prepaid in increments of $ 25 million if certain minimum liquidity conditions are satisfied.

In addition, the Company has the right to request an increase of up to $ 300 million in the maximum amount available under the

revolving credit facility for the duration of the ABL.

The ABL facility also provides the Company with the option of including certain machinery and equipment as additional collateral for purposes of determining availability under the facility.

2 unchanged sentences

The ABL facility contains a financial covenant whereby the Company must maintain a fixed charge coverage ratio of not less than 1.00 :1.00 after an event of default has occurred and is continuing or if the undrawn availability under the ABL revolving credit portion of the facility is less than the greater of (i) 10 % of the then applicable maximum loan amount under the revolving credit portion of the ABL and the outstanding Term Loan balance, or (ii) $ 60.0 million.

The Company was in compliance with the fixed charge coverage ratio as of March 29, 2026.

Additionally, the Company must demonstrate minimum liquidity specified by the facility during the 90 -day period immediately preceding the stated maturity date of its 5.875 % Senior Notes due 2027 and the 4.875 % Notes due 2029.

The Company was in compliance with the fixed charge coverage ratio as of June 28, 2026.

Additionally, the Company must demonstrate minimum liquidity specified by the facility during the 90 -day period immediately preceding the stated maturity date of its 4.875 % Senior Notes due 2029, 7.25 % Senior Notes due 2030 and 5.125 % Senior Notes due 2031.

Costs associated with entering into the June 2025 ABL amendment were $ 2.8 million, and are being amortized to interest expense over the extended term of the facility ending June 2030, along with $ 1.9 million of unamortized deferred costs previously recorded for the ABL.

The ABL, as amended, also contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company’s ability to incur additional indebtedness or liens or to enter into investments, mergers and acquisitions, dispositions of assets and transactions with affiliates, some of which are more restrictive at any time during the term of the ABL when the Company’s fixed charge coverage ratio is less than 1.00 :1.00 and its undrawn availability under the revolving portion of the ABL is less than the greater of (a) $ 120 million or (b) 20 % of the sum of the maximum loan amount under the revolving credit portion of the ABL and the outstanding Term Loan balance.

As of March 29, 2026, there were $ 75.0 million outstanding borrowings under the revolving portion of the ABL facility, and $ 29.3 million was utilized to support the issuance of letters of credit.

There were average revolving credit borrowings of $ 62.8 million bearing an average annual interest rate of 5.4 % under the ABL facility for the quarter ended March 29, 2026.

There were no revolving credit borrowings under the ABL facility during the quarter ended March 30, 2025.

The Company also has foreign credit facilities, primarily in China, that total $ 74.2 million based on March 29, 2026 foreign exchange rates, $ 1.0 million of which was drawn as of March 29, 2026.

As of June 28, 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.

There were average revolving credit borrowings of $ 65.9 million and $ 64.0 million for the quarter and year-to-date periods June 28, 2026, respectively, bearing an average annual interest rate of 5.0 % and 5.2 %, respectively, under the ABL facility.

There were no revolving credit borrowings under the ABL facility as of June 29, 2025.

The Company also has foreign credit facilities, primarily in China, that total $ 75.4 million based on June 28, 2026 foreign exchange rates, $ 2.7 million of which was drawn as of June 28, 2026.

There were no amounts drawn under foreign credit facilities as of December 28, 2025.

5 unchanged sentences

The majority of ATI’s products are sold under contractual arrangements that include raw material surcharges and index mechanisms.

However, as of March 29, 2026, the Company had entered into financial hedging arrangements, primarily at the request of its customers related to firm orders, for an aggregate notional amount of approximately 1 million pounds of nickel with hedge dates through 2027.

However, as of June 28, 2026, the Company had entered into financial hedging arrangements, primarily at the request of its customers related to firm orders, for an aggregate notional amount of approximately 4 million pounds of nickel with hedge dates through 2027.

The aggregate notional amount hedged is approximately 5 % of a single year’s estimated nickel raw material purchase requirements.

1 unchanged sentence

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 is the variable selling price or the variable raw material cost, respectively.

At March 29, 2026, the outstanding financial derivatives used to hedge the Company’s exposure to energy cost volatility consisted of natural gas cost hedges.

At March 29, 2026, the Company hedged approximately 60 % of its forecasted domestic requirements for natural gas for the remainder of 2026 and approximately 25 % for 2027.

At June 28, 2026, the outstanding financial derivatives used to hedge the Company’s exposure to energy cost volatility consisted of natural gas cost hedges.

At June 28, 2026, the Company hedged approximately 70 % of its forecasted domestic requirements for natural gas for the remainder of 2026 and approximately 40 % for 2027.

While most of the Company’s direct export sales are transacted in U.S.

1 unchanged sentence

The Company sometimes purchases foreign currency forward contracts that permit it to sell specified amounts of foreign currencies it expects to receive from its export sales for pre-established U.S.

dollar amounts at specified dates.

dollar amounts at specified

In addition, the Company may also hedge forecasted capital expenditures and designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions.

At March 29, 2026, the Company had no material outstanding foreign currency forward contracts.

At June 28, 2026, the Company had no material outstanding foreign currency forward contracts.

The Company may enter into derivative interest rate contracts to maintain a reasonable balance between fixed- and floating-rate debt.

There were no outstanding derivative interest rate contracts at March 29, 2026.

There were no outstanding derivative interest rate contracts at June 28, 2026.

There are no credit risk-related contingent features in the Company’s derivative contracts, and the contracts contain no provisions under which the Company has posted, or would be required to post, collateral.

6 unchanged sentences

Asset derivatives

Balance sheet location March 29,

Balance sheet location June 28,

2026 December 28,

3 unchanged sentences

Foreign exchange contracts Prepaid expenses and other current assets 0.2 0.1

Nickel and other raw material contracts Other assets 0.1 —

Natural gas contracts Other assets 0.2 0.1

5 unchanged sentences

Natural gas contracts Other long-term liabilities 0.2 0.4

Nickel and other raw material contracts Other long-term liabilities 0.2 —

Total derivatives designated as hedging instruments $ 5.2 $ 1.8

1 unchanged sentence

For derivative financial instruments that are designated as fair value hedges, changes in the fair value of these derivatives are recognized in current period results.

There were no outstanding fair value hedges as of March 29, 2026.

There were no outstanding fair value hedges as of June 28, 2026.

The cash flow impact for all derivative financial instruments is reported in cash flows provided by operating activities on the consolidated statement of cash flows.

1 unchanged sentence

The effects of derivative instruments in the tables below are presented net of related income taxes, excluding any impacts of changes to income tax valuation allowances affecting results of operations or other comprehensive income, when applicable (see Note 15 for further explanation).

Assuming market prices remain constant with those at March 29, 2026, a pre-tax loss of $ 0.4 million is expected to be recognized over the next 12 months.

Activity for derivatives designated as cash flow hedges for the quarters ended March 29, 2026 and March 30, 2025 was as follows (in millions):

Amount of Gain (Loss)

Assuming market prices remain constant with those at June 28, 2026, a pre-tax loss of $ 4.0 million is expected to be recognized over the next 12 months.

Activity for derivatives designated as cash flow hedges for the quarters and year-to-date periods ended June 28, 2026 and June 29, 2025 was as follows:

(In millions) Amount of Gain (Loss)

Recognized in OCI on

4 unchanged sentences

Quarter ended Quarter ended

Derivatives in Cash Flow Hedging Relationships March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025

Derivatives in Cash Flow Hedging Relationships June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Nickel and other raw material contracts $ ( 1.4 ) $ ( 1.4 ) $ 1.1 $ ( 1.2 )

2 unchanged sentences

Total $ ( 2.3 ) $ ( 3.4 ) $ 0.3 $ ( 1.2 )

(In millions) Amount of Gain (Loss)

Recognized in OCI on

Derivatives Amount of Gain (Loss)

Reclassified from

Accumulated OCI

into Income (a)

Year-to-date period ended Year-to-date period ended

Derivatives in Cash Flow Hedging Relationships June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Nickel and other raw material contracts $ ( 0.5 ) $ ( 0.7 ) $ 1.5 $ ( 2.2 )

Natural gas contracts ( 0.4 ) 2.4 0.7 0.1

Foreign exchange contracts 0.4 ( 0.2 ) 0.3 0.1

Total $ ( 0.5 ) $ 1.5 $ 2.5 $ ( 2.0 )

(a) The gains (losses) reclassified from accumulated OCI into income related to the derivatives, with the exception of any interest rate swaps, are presented in sales and cost of sales in the same period or periods in which the hedged item affects earnings.

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The Company may also use derivative instruments that are not designated as hedges to protect the Company’s 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, and the Company recognized $ 1.0 million of expense, net for settled foreign currency forward contracts that were not designated as hedges during the quarter ended March 29, 2026, and $ 1.8 million of income, net, during the quarter ended March 30, 2025, which offset foreign currency gains/losses in the relevant currency.

We have no significant outstanding hedges that are not designated as of March 29, 2026.

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.

The Company did not recognize any expense for the quarter ended June 28, 2026, and the Company recognized $ 1.0 million of expense, net for settled foreign currency forward contracts that were not designated as hedges during the year-to-date period ended June 28, 2026.

The Company recognized $ 1.1 million and 2.9 million of income, net, during the second quarter and year-to-date periods ended June 29, 2025, respectively, which offset foreign currency gains/losses in the relevant currency.

We have no significant outstanding hedges that are not designated as of June 28, 2026.

Fair Value of Financial Instruments

The estimated fair value of financial instruments at March 29, 2026 was as follows:

The estimated fair value of financial instruments at June 28, 2026 was as follows:

Fair Value Measurements at Reporting Date Using

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HPMC and AA&S.

ATI’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer.

ATI’s Chief Operating Decision Maker (CODM) is its 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.

2 unchanged sentences

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 March 29, 2026 Quarter ended March 30, 2025

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

(In millions) Quarter ended June 28, 2026 Quarter ended June 29, 2025

HPMC AA&S Total HPMC AA&S Total

17 unchanged sentences

Income before taxes $ 192.9 $ 133.3

(In millions) Year-to-date period ended June 28, 2026 Year-to-date period ended June 29, 2025

HPMC AA&S Total HPMC AA&S Total

Sales to external customers $ 1,251.4 $ 1,161.2 $ 2,412.6 $ 1,192.9 $ 1,091.9 $ 2,284.8

Intersegment sales 85.2 218.2 303.4 113.2 104.3 217.5

Total sales 1,336.6 1,379.4 2,716.0 1,306.1 1,196.2 2,502.3

Reconciliation of sales

Elimination of intersegment sales ( 303.4 ) ( 217.5 )

Total consolidated sales $ 2,412.6 $ 2,284.8

Allocated corporate overhead 32.4 34.1 34.3 36.0

Other segment items (2)

997.8 1,100.7 996.8 1,000.1

Segment EBITDA 306.4 244.6 551.0 275.0 160.1 435.1

Reconciliation of segment EBITDA

Corporate expenses ( 31.9 ) ( 32.8 )

Closed operations and other income ( 3.0 ) —

Depreciation & amortization ( 89.0 ) ( 82.4 )

Interest expense, net ( 47.6 ) ( 48.4 )

Restructuring and other charges ( 50.0 ) ( 13.0 )

Loss on sales of businesses — ( 3.7 )

Income before taxes $ 329.5 $ 254.8

(1) The CODM is regularly provided with allocated corporate overhead and segment EBITDA, which is used to assess operating performance.

4 unchanged sentences

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 quarter ended March 29, 2026 were $ 459.0 million and $ 500.6 million for the quarter ended March 30, 2025.

Total international sales for the second quarter and year-to-date periods ended June 28, 2026 were $ 463.8 million and $ 922.8 million, respectively, and $ 490.0 million and $ 990.6 million for the second quarter and year-to-date period ended June 29, 2025, respectively.

Of these amounts, sales by operations in the U.S.

to customers in other countries for the quarter ended March 29, 2026 were $ 375.3 million and $ 414.9 million for the quarter ended March 30, 2025.

Restructuring and other charges of $ 26.4 million for the quarter ended March 29, 2026 include $ 11.1 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, and $ 7.0 million of restructuring-related severance and impairment costs, $ 4.8 million of transformation-related costs, and $ 2.4 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 $ 5.6 million for the quarter ended March 30, 2025 include $ 4.0 million of start-up and transaction-related costs, which are included within cost of sales on the consolidated statements of operations.

These charges also include $ 1.6 million of losses on the sale of accounts receivables, which are included within selling and administrative expenses on the consolidated statements of operations.

to customers in other countries for the second quarter and year-to-date period ended June 28, 2026 were $ 362.7 million and $ 738.0 million, respectively, and $ 393.4 million and $ 808.3 million for the second quarter and year-to-date period ended June 29, 2025, respectively.

Restructuring and other charges of $ 23.6 million for the quarter ended June 28, 2026 include $ 10.1 million of start-up and transaction-related costs, $ 3.9 million of restructuring-related severance, impairment, and other costs, $ 7.0 million of transformation-related costs, and $ 2.6 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 $ 50.0 million for the year-to-date period ended June 28, 2026 include $ 21.2 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, $ 10.9 million of restructuring-related severance, impairment, and other costs, $ 11.8 million of transformation-related costs, and $ 5.0 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 $ 7.4 million for the quarter ended June 29, 2025 include $ 7.1 million of start-up and transaction-related costs, which are included within cost of sales on the consolidated statements of operations.

These charges

also include $ 1.6 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 $ 1.3 million due to a reduction in severance-related reserves for a previous restructuring in the AA&S segment.

Restructuring and other charges of $ 13 million for the year-to-date period ended June 29, 2025 include $ 11.1 million of start-up and transaction related costs, which are included within cost of sales on the consolidated statements of operations and $ 3.2 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 $ 1.3 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

(In millions) March 29, 2026 March 30, 2025

Quarter ended Year-to-date period ended

(In millions) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Depreciation and amortization:

8 unchanged sentences

Total capital expenditures $ 68.6 $ 72.1 $ 123.8 $ 125.4

(In millions)

Identifiable assets:

March 29, 2026 December 28, 2025

June 28, 2026 December 28, 2025

High Performance Materials & Components $ 2,404.1 $ 2,368.6

3 unchanged sentences

Total assets $ 5,738.9 $ 5,099.6

($ in millions) March 29, 2026 Percent

($ in millions) June 28, 2026 Percent

of total December 28, 2025 Percent

14 unchanged sentences

All defined benefit pension and retiree health care plans are closed to new entrants.

For the quarters ended March 29, 2026 and March 30, 2025, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions):

For the quarters ended June 28, 2026 and June 29, 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

Quarter ended Quarter ended

March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025

(In millions) Quarter ended Quarter ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Service cost - benefits earned during the year $ 1.5 $ 1.4 $ 0.1 $ 0.1

4 unchanged sentences

Total retirement benefit expense $ 2.3 $ 1.9 $ 3.6 $ 3.7

For the quarter ended March 29, 2026, the Company’s effective tax rate was 11.8 %, resulting in an income tax provision of $ 16.1 million.

For the quarter ended March 30, 2025, the Company’s effective tax rate was 17.3 %, resulting in an income tax provision of $ 21.0 million.

The effective tax rate for the quarter ended March 29, 2026 included discrete tax benefits of $ 11.9 million, primarily related to share-based compensation.

Excluding discrete tax impacts, the Company’s effective tax rate for the quarter ended March 29, 2026 was 20.5 %.

The effective tax rate for the quarter ended March 30, 2025 included discrete tax benefits of $ 5.1 million.

Excluding discrete tax impacts, the Company’s effective tax rate for the quarter ended March 30, 2025 was 21.5 %.

For the year-to-date periods ended June 28, 2026 and June 29, 2025, the components of pension and other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions):

Pension Benefits Other Postretirement Benefits

(In millions) Year-to-date period ended Year-to-date period ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Service cost - benefits earned during the year $ 2.9 $ 2.7 $ 0.2 $ 0.2

Interest cost on benefits earned in prior years 9.6 8.6 4.5 4.9

Expected return on plan assets ( 8.2 ) ( 7.9 ) — —

Amortization of prior service cost (credit) 0.2 0.2 ( 0.1 ) ( 0.4 )

Amortization of net actuarial loss — — 2.6 2.6

Total retirement benefit expense $ 4.5 $ 3.6 $ 7.2 $ 7.3

For the quarter and year-to-date periods ended June 28, 2026, the Company’s effective tax rate was 20.0 % and 16.6 %, respectively, resulting in an income tax provision of $ 38.6 million and $ 54.7 million, respectively.

For the quarter and year-to-date periods ended June 29, 2025, the Company’s effective tax rate was 22 % and 19.7 %, respectively, resulting in an income tax provision of $ 29.3 million and $ 50.3 million, respectively.

The effective tax rate for the quarter ended June 28, 2026 included discrete tax benefits of $ 1.2 million, and the effective tax rate for the year-to-date period ended June 28, 2026 included discrete tax benefits of $ 13.0 million, primarily related to share-based compensation for both periods.

The effective tax rate for the quarter and year-to-date periods ended June 29, 2025 included discrete tax expense of $ 0.6 million and discrete tax benefits $ 4.5 million, respectively.

On July 4, 2025, the One Big Beautiful Bill Act, which includes 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 are recognized in the period of enactment, the impact of which are not material and are reflected in the Company’s effective tax rate in the quarter.

The Company anticipates that the impacts related to the tax law changes will be favorable to future years’ cash tax payments due to changes in bonus depreciation, domestic research expensing and certain international provisions.

Per Share Information

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

(In millions, except per share amounts) Quarter ended

March 29, 2026 March 30, 2025

(In millions, except per share amounts) Quarter ended Year-to-date period ended

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025

Numerator for basic income per common share –

6 unchanged sentences

Diluted net income attributable to ATI per common share $ 1.09 $ 0.70 $ 1.94 $ 1.38

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 an additional $ 500 million, as announced in February 2026.

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 ended March 29, 2026, ATI used $ 75.0 million to repurchase 0.5 million of its common stock under the Share Repurchase Program.

At March 29, 2026, the Company has utilized $ 655 million of the $ 700 million currently authorized under its previous Share Repurchase Program, announced in September 2024.

As of March 29, 2026, total share repurchase authorization remaining under the Company's active Share Repurchase Programs was $ 545 million.

In the quarter period ended March 30, 2025, ATI used $ 70.0 million to repurchase 1.2 million of its common stock under the Share Repurchase Program.

In the quarter and year-to-date periods ended June 28, 2026, ATI used $ 50.0 million and $ 125.0 million to repurchase 0.3 million shares and 0.8 million shares, respectively, of its common stock under the Share Repurchase Program.

At June 28, 2026, the Company has utilized all of the $ 700 million in repurchase authority announced in September 2024, and $ 5 million of the $ 500 million in repurchase authority announced in February 2026.

As of June 28, 2026, total share repurchase authorization remaining under the Company’s active Share Repurchase Program was $ 495 million.

In the quarter and year-to-date period ended June 29, 2025, ATI used $ 250.0 million and $ 320.0 million to repurchase 3.2 million and 4.4 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.

1 unchanged sentence

Accumulated Other Comprehensive Income (Loss)

The changes in AOCI by component, net of tax, for the quarter ended March 29, 2026 were as follows (in millions):

The changes in AOCI by component, net of tax, for the quarter ended June 28, 2026 were as follows:

(In millions) Post-

benefit plans Currency

1 unchanged sentence

Attributable to ATI:

Balance, December 28, 2025 $ ( 32.2 ) $ ( 52.1 ) $ 0.6 $ 23.3 $ ( 60.4 )

Balance, March 29, 2026 $ ( 31.2 ) $ ( 55.2 ) $ 0.2 $ 23.3 $ ( 62.9 )

OCI before reclassifications — ( 0.4 ) ( 2.3 ) — ( 2.7 )

2 unchanged sentences

Net current-period OCI 1.1 ( 0.4 ) ( 2.6 ) — ( 1.9 )

Balance, June 28, 2026 $ ( 30.1 ) $ ( 55.6 ) $ ( 2.4 ) $ 23.3 $ ( 64.8 )

Attributable to noncontrolling interests:

Balance, March 29, 2026 $ — $ 13.3 $ — $ — $ 13.3

OCI before reclassifications — 2.4 — — 2.4

Amounts reclassified from AOCI — — — — —

Net current-period OCI — 2.4 — — 2.4

Balance, June 28, 2026 $ — $ 15.7 $ — $ — $ 15.7

The changes in AOCI by component, net of tax, for the year-to-date period ended June 28, 2026 were as follows:

(In millions) Post-

benefit plans Currency

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 — ( 3.5 ) ( 0.5 ) — ( 4.0 )

Amounts reclassified from AOCI (a) 2.1 — (b)

( 2.5 ) — ( 0.4 )

Net current-period OCI 2.1 ( 3.5 ) ( 3.0 ) — ( 4.4 )

Balance, June 28, 2026 $ ( 30.1 ) $ ( 55.6 ) $ ( 2.4 ) $ 23.3 $ ( 64.8 )

Attributable to noncontrolling interests:

3 unchanged sentences

Net current-period OCI — 3.7 — — 3.7

Balance, March 29, 2026 $ — $ 13.3 $ — $ — $ 13.3

Balance, June 28, 2026 $ — $ 15.7 $ — $ — $ 15.7

(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 March 30, 2025 were as follows (in millions):

The changes in AOCI by component, net of tax, for the quarter ended June 29, 2025 were as follows:

(In millions) Post-

benefit plans Currency

1 unchanged sentence

Attributable to ATI:

Balance, December 29, 2024 $ ( 30.5 ) $ ( 79.8 ) $ ( 2.5 ) $ 23.3 $ ( 89.5 )

Balance, March 30, 2025 $ ( 29.6 ) $ ( 68.5 ) $ 3.2 $ 23.3 $ ( 71.6 )

OCI before reclassifications — 16.5 ( 3.4 ) — 13.1

1 unchanged sentence

Net current-period OCI 0.8 16.5 ( 2.2 ) — 15.1

Balance, June 29, 2025 $ ( 28.8 ) $ ( 52.0 ) $ 1.0 $ 23.3 $ ( 56.5 )

Attributable to noncontrolling interests:

Balance, March 30, 2025 $ — $ 6.9 $ — $ — $ 6.9

OCI before reclassifications — 1.8 — — 1.8

Amounts reclassified from AOCI — (c)

Net current-period OCI — 1.8 — — $ 1.8

Balance, June 29, 2025 $ — $ 8.7 $ — $ — $ 8.7

The changes in AOCI by component, net of tax, for the year-to-date period ended June 29, 2025 were as follows:

(In millions) Post-

benefit plans Currency

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 — 22.7 1.5 — 24.2

Amounts reclassified from AOCI (a) 1.7 (b) 5.1 (d)

Net current-period OCI 1.7 27.8 3.5 — 33.0

Balance, June 29, 2025 $ ( 28.8 ) $ ( 52.0 ) $ 1.0 $ 23.3 $ ( 56.5 )

Attributable to noncontrolling interests:

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Net current-period OCI — 3.0 — — $ 3.0

Balance, March 30, 2025 $ — $ 6.9 $ — $ — $ 6.9

Balance, June 29, 2025 $ — $ 8.7 $ — $ — $ 8.7

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

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(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).

(e) Represents the net change in deferred tax asset valuation allowances on changes in AOCI balances between the balance sheet dates.

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

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.

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subsidiaries.

Reclassifications out of AOCI for the quarters ended March 29, 2026 and March 30, 2025 were as follows:

Reclassifications out of AOCI for the quarter and year-to-date periods ended June 28, 2026 and June 29, 2025 were as follows:

(In millions) Quarter ended Year-to-date period ended

Details about AOCI Components

(In millions)

Three months ended March 29, 2026 Three months ended March 30, 2025 Affected line item in the statements

June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Affected line item in the statements

of operations

Postretirement benefit plans

Prior service credit $ ( 0.1 ) 0.1 (a)

Prior service (cost) credit $ — 0.1 $ ( 0.1 ) 0.2 (a)

Actuarial losses ( 1.3 ) ( 1.3 ) ( 2.6 ) ( 2.6 ) (a)

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Foreign exchange contracts 0.1 — 0.4 0.1 (c)

Interest rate swap — — (c)

0.4 ( 1.6 ) 3.3 ( 2.6 ) (d) Total before tax

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(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, with the exception of the interest rate swap, are included in sales or cost of goods sold in the period or periods the hedged item affects earnings.

Amounts related to the interest rate swap are included in interest expense in the same period as the interest expense on the Term Loan is recognized in earnings (see Note 9).

(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.

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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.

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 March 29, 2026, the Company’s reserves for environmental remediation obligations totaled approximately $ 15 million, of which $ 7 million was included in other current liabilities.

At June 28, 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;

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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 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.

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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 quarter ended March 29, 2026, the Company did not recognize a benefit related to these credits.

As of March 29, 2026, The Company has approximately $ 5 million of remaining deferred retention tax credits with statute of limitations expirations in 2028.

During the year-to-date period ended June 28, 2026, the Company did not recognize a benefit related to these credits.

As of June 28, 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.

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and State Street Global Advisors Trust Co.

2:24-cv-01214) , both of which are filed in federal district court for the Western District of Pennsylvania.

2:24-cv-01214) , both of which are filed in federal district court for the Western District of Pennsylvania (the 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.

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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.

The recommendation remains subject to review and disposition by the presiding judge.

The Company disputes and intends to vigorously defend against these claims, but given the preliminary nature of these matters, cannot predict their outcome or estimate any range of reasonably possible loss at this time.

On July 27, 2026, the Court granted the Company's Motion to Dismiss.

In the event the plaintiffs challenge the grant of the Motion to Dismiss, 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.

Subsequent Events

On July 8, 2026, using a portion of the cash proceeds from the issuance of the 2033 Notes, the Company redeemed the entire outstanding $ 350 million aggregate principal amount of its 5.875 % 2027 Notes and paid the related accrued interest on the redeemed Notes.

The Company incurred debt extinguishment costs of approximately $ 1.2 million associated with the write-off of the related unamortized debt issuance costs.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements