ATI financial statements

The full income statement, balance sheet, and cash-flow statement for ATI Inc. (ATI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 124.5M2024-09 142.6M2024-12 142.2M2025-03 141.1M2025-06 137.8M2025-09 135.9M2025-12 136.9M2026-03 136.5M2026-06 136.2M+9.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Income Statement	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21	as ofDec 31 ’20
Revenue	4.59B YoY+5.2%	4.36B YoY+4.5%	4.17B YoY+8.8%	3.84B YoY+37.0%	2.80B YoY-6.1%	2.98B YoY-27.7%
	1.01B YoY+12.1%	898M YoY+11.9%	803M YoY+12.4%	714M YoY+114.3%	333M YoY+13.8%	293M YoY-54.1%
Cost of revenue	3.58B YoY+3.4%	3.46B YoY+2.8%	3.37B YoY+8.0%	3.12B YoY+26.6%	2.47B YoY-8.3%	2.69B YoY-22.8%
Research & development	21.3M YoY+8.7%	19.6M YoY-5.3%	20.7M YoY+27.0%	16.3M YoY-1.2%	16.5M YoY+17.0%	14.1M YoY-20.8%
Selling, general & administrative	365M YoY+6.7%	342M YoY+4.3%	328M YoY+10.3%	298M YoY+31.1%	227M YoY+12.9%	201M YoY-24.8%
Restructuring	48.8M YoY+120.8%	22.1M YoY-29.6%	31.4M	—	—	—
Amortization of intangibles	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY-12.5%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY-20.0%
Provision for credit losses	1.90M YoY-84.6%	12.3M YoY+12200.0%	100K YoY-97.8%	4.60M YoY+1433.3%	300K YoY+50.0%	200K YoY+0.0%
Operating income	641M YoY+5.3%	609M YoY+30.6%	466M YoY+47.5%	316M YoY+168.8%	118M YoY+109.0%	-1.30B YoY-455.6%
Interest expense	111M YoY+2.3%	108M YoY+16.6%	92.8M YoY+6.2%	87.4M YoY-10.5%	97.6M YoY+1.6%	96.1M YoY-8.4%
Interest & investment income	12.1M YoY-24.4%	16.0M YoY+23.1%	13.0M YoY+176.6%	4.70M YoY+571.4%	700K YoY-58.8%	1.70M YoY-71.2%
Other non-operating income	14.6M YoY+1.4%	14.4M YoY+1007.7%	1.30M YoY+110.4%	-12.5M YoY-168.7%	18.2M YoY+1616.7%	-1.20M YoY-101.9%
Equity-method income	—	-1.00M YoY+37.5%	-1.60M YoY-112.7%	12.6M YoY+12500.0%	100K YoY+101.4%	-7.00M YoY+34.6%
Pre-tax income	522M YoY+7.4%	486M YoY+64.7%	295M YoY-16.8%	355M YoY+51.9%	233M YoY+115.8%	-1.48B YoY-726.6%
Income tax	104M YoY+0.3%	103M YoY+180.7%	-128M YoY-927.1%	15.5M YoY-42.2%	26.8M YoY-65.5%	77.7M YoY+372.6%
	404M YoY+9.9%	368M YoY-10.5%	411M YoY+27.0%	324M YoY+75.2%	185M YoY+111.7%	-1.57B YoY-722.8%
Income from continuing operations	—	368M YoY-10.5%	411M YoY+213.8%	131M YoY+442.7%	-38.2M YoY+97.6%	-1.57B YoY-722.8%
Net income to non-controlling interest	14.3M YoY-4.0%	14.9M YoY+18.3%	12.6M YoY-19.2%	15.6M YoY-29.1%	22.0M YoY+69.2%	13.0M YoY+4.0%
	$2.85 YoY+11.8%	$2.55 YoY-9.3%	$2.81 YoY+192.7%	$0.96 YoY+420.0%	-$0.30 YoY+97.6%	-$12.43 YoY-786.7%
EPS (basic)	$2.92 YoY+3.5%	$2.82 YoY-12.1%	$3.21 YoY+211.7%	$1.03 YoY+443.3%	-$0.30 YoY+97.6%	-$12.43 YoY-718.4%
	139M YoY+6.3%	130M YoY+1.8%	128M YoY+0.5%	128M YoY+0.3%	127M YoY+0.5%	127M YoY+0.6%
	142M YoY-3.3%	147M YoY-2.3%	150M YoY-0.8%	151M YoY+19.0%	127M YoY+0.5%	127M YoY-13.7%
Balance Sheet	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21	as ofDec 31 ’20
	2.68B YoY-9.0%	2.94B YoY+7.6%	2.74B YoY+10.6%	2.48B YoY+7.4%	2.31B YoY+11.7%	2.07B YoY-10.3%
Cash & equivalents	417M YoY-42.2%	721M YoY-3.1%	744M YoY+27.4%	584M YoY-15.1%	688M YoY+6.5%	646M YoY+31.6%
Accounts receivable	686M YoY-3.3%	709M YoY+13.5%	625M YoY+7.9%	579M YoY+23.2%	470M YoY+35.9%	346M YoY-37.6%
Inventory	1.40B YoY+3.7%	1.35B YoY+8.5%	1.25B YoY+4.3%	1.20B YoY+14.3%	1.05B YoY+4.9%	997M YoY-13.7%
Other current assets	101M YoY+17.7%	86.0M YoY+38.3%	62.2M YoY+16.5%	53.4M YoY+9.4%	48.8M YoY+27.4%	38.3M YoY-40.4%
	5.10B YoY-2.5%	5.23B YoY+4.9%	4.99B YoY+12.1%	4.45B YoY+3.7%	4.29B YoY+6.2%	4.03B YoY-28.4%
Property, plant & equipment	1.94B YoY+9.2%	1.78B YoY+6.7%	1.67B YoY+7.5%	1.55B YoY+1.3%	1.53B YoY+4.0%	1.47B YoY-40.0%
Goodwill	225M YoY-0.9%	227M YoY+0.0%	227M YoY+0.0%	227M YoY-0.3%	228M YoY-5.3%	241M YoY-54.2%
Other non-current assets	254M YoY-9.8%	282M YoY-20.5%	354M YoY+83.7%	193M YoY-13.1%	222M YoY-14.2%	259M YoY-27.2%
	1.01B YoY-16.7%	1.21B YoY+23.7%	977M YoY+1.4%	964M YoY+12.6%	856M YoY+31.1%	653M YoY-23.1%
Accounts payable	568M YoY-6.7%	609M YoY+16.1%	525M YoY-5.2%	553M YoY+47.4%	376M YoY+29.2%	291M YoY-44.2%
Accrued liabilities	241M YoY-3.6%	250M YoY-2.8%	257M YoY+16.8%	220M YoY-5.8%	233M YoY+0.1%	233M YoY-2.0%
Deferred revenue	146M YoY-13.6%	169M YoY+3.5%	164M YoY+9.7%	149M YoY+28.3%	116M YoY+3.9%	112M YoY+42.1%
Short-term & current debt	31.1M YoY-82.8%	180M YoY+465.5%	31.9M YoY-23.5%	41.7M YoY-68.2%	131M YoY+637.6%	17.8M YoY+54.8%
Other current liabilities	20.1M YoY-91.9%	250M YoY-2.8%	257M YoY+16.8%	220M YoY-5.8%	233M YoY+0.1%	233M YoY-2.0%
	3.18B YoY-2.8%	3.28B YoY-6.5%	3.50B YoY+6.6%	3.29B YoY-4.8%	3.45B YoY+1.7%	3.39B YoY-1.4%
Long-term debt	1.72B YoY+0.2%	1.71B YoY-20.2%	2.15B YoY+25.9%	1.71B YoY-0.3%	1.71B YoY+10.4%	1.55B YoY+11.7%
Deferred revenue (non-current)	91.3M YoY+101.5%	45.3M YoY+15.0%	39.4M YoY-41.0%	66.8M YoY-20.9%	84.4M YoY+163.8%	32.0M YoY+23.6%
Operating lease liability (total)	89.0M YoY+30.3%	68.3M YoY-0.6%	68.7M YoY+24.5%	55.2M YoY+1.5%	54.4M YoY-19.9%	67.9M YoY-12.6%
Finance lease liability (total)	110M YoY+1.3%	109M YoY+6.7%	102M YoY+29.7%	78.8M YoY-6.9%	84.6M YoY+82.3%	46.4M YoY+220.0%
Other non-current liabilities	258M YoY+71.7%	151M YoY-8.7%	165M YoY-20.6%	208M YoY-1.6%	211M YoY+11.1%	190M YoY+18.1%
	1.80B YoY-2.5%	1.85B YoY+34.8%	1.37B YoY+31.3%	1.05B YoY+52.6%	686M YoY+31.6%	521M YoY-75.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00
Common stock	14.3M YoY+0.0%	14.3M YoY+8.3%	13.2M YoY+0.8%	13.1M YoY+3.1%	12.7M YoY+0.0%	12.7M YoY+0.0%
Additional paid-in capital	1.88B YoY-3.1%	1.94B YoY+14.5%	1.70B YoY+1.7%	1.67B YoY+4.5%	1.60B YoY-1.8%	1.63B YoY+0.5%
Retained earnings	469M YoY+628.9%	64.3M YoY+191.7%	-70.1M YoY+85.4%	-481M YoY+38.2%	-778M YoY-830.2%	107M YoY-93.7%
Treasury stock	503M YoY+508.6%	82.6M YoY-55.1%	184M YoY+111.5%	87.0M YoY+1712.5%	4.80M	0.00 YoY-100.0%
Accumulated other comprehensive income	-60.4M YoY+32.5%	-89.5M YoY-7.6%	-83.2M YoY-23.4%	-67.4M YoY+52.3%	-141M YoY+88.5%	-1.22B YoY-1.8%
Non-controlling interest	112M YoY+7.1%	105M YoY-2.5%	108M YoY-3.4%	111M YoY-24.3%	147M YoY+22.3%	120M YoY+16.7%
Total equity incl. non-controlling	1.92B YoY-2.0%	1.96B YoY+32.1%	1.48B YoY+27.9%	1.16B YoY+39.0%	833M YoY+29.8%	641M YoY-70.8%
Total liabilities & equity	5.10B YoY-2.5%	5.23B YoY+4.9%	4.99B YoY+12.1%	4.45B YoY+3.7%	4.29B YoY+6.2%	4.03B YoY-28.4%
	143M YoY+0.0%	143M YoY+8.0%	132M YoY+0.7%	131M YoY+3.1%	127M YoY+0.5%	127M YoY+0.1%
	136M YoY-3.9%	141M YoY+11.4%	127M YoY-1.1%	128M YoY+0.8%	127M YoY+0.3%	127M YoY+0.6%
	137M YoY-3.7%	142M YoY+11.3%	128M YoY-0.6%	129M YoY+0.9%	127M YoY+0.5%	127M YoY+0.6%
Cash Flow	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21	as ofDec 31 ’20
	614M YoY+50.9%	407M YoY+374.0%	85.9M YoY-61.8%	225M YoY+1296.9%	16.1M YoY-90.4%	167M YoY-27.5%
Depreciation & amortization	168M YoY+11.0%	152M YoY+3.7%	146M YoY+2.2%	143M YoY-0.7%	144M YoY+0.4%	143M YoY-5.2%
Intangible amortization	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY-12.5%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY-20.0%
Share-based compensation	29.0M YoY-15.0%	34.1M YoY+17.2%	29.1M YoY+11.9%	26.0M YoY+23.2%	21.1M YoY+627.6%	2.90M
Deferred income taxes	59.8M YoY-33.4%	89.8M YoY+164.4%	-140M YoY-4259.4%	-3.20M YoY-118.8%	17.0M YoY-76.2%	71.5M YoY+283.3%
Change in receivables	-27.1M YoY-131.9%	85.0M YoY+84.4%	46.1M YoY-64.1%	129M YoY+2.0%	126M YoY+160.5%	-208M YoY-500.0%
Change in inventory	52.8M YoY-55.4%	119M YoY+128.8%	51.8M YoY-72.9%	191M YoY+254.0%	53.9M YoY+134.1%	-158M YoY-527.8%
	-235M YoY-46.9%	-160M YoY+17.4%	-193M YoY-52.5%	-127M YoY-63.9%	-77.3M YoY+39.9%	-129M YoY-257.5%
Capital expenditure	281M YoY+17.4%	239M YoY+19.1%	201M YoY+53.3%	131M YoY-14.2%	153M YoY+11.8%	137M YoY-18.8%
Free cash flow	334M YoY+98.5%	168M YoY+246.4%	-115M YoY-222.1%	94.0M YoY+168.9%	-137M YoY-549.0%	30.4M YoY-50.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	11.1M YoY-59.8%	27.6M YoY+626.3%	3.80M YoY+22.6%	3.10M YoY-85.1%	20.8M YoY+252.5%	5.90M YoY-93.6%
Other investing activities	-8.20M YoY-110.3%	-3.90M YoY+2.5%	-4.00M YoY-400.0%	-800K YoY+42.9%	-1.40M YoY+26.3%	-1.90M YoY-1050.0%
	-700M YoY-168.8%	-260M YoY-197.5%	267M YoY+232.3%	-202M YoY-296.0%	103M YoY-11.9%	117M YoY+157.6%
Long-term debt issued	0.00	0.00 YoY-100.0%	425M	0.00 YoY-100.0%	676M YoY+72.6%	391M YoY+11.8%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	470M YoY+80.8%	260M YoY+205.2%	85.2M YoY-39.1%	140M	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00	0.00
FX effect on cash	15.6M YoY+305.3%	-7.60M	0.00	0.00	—	—
Net change in cash	-305M YoY-1241.4%	-22.7M YoY-114.2%	160M YoY+254.2%	-104M YoY-348.1%	41.8M YoY-73.0%	155M YoY+42.6%
Interest paid	118M YoY-10.4%	131M YoY+14.6%	115M YoY+23.6%	92.8M YoY-4.8%	97.5M YoY+2.2%	95.4M YoY-9.7%
Income taxes paid	76.7M YoY+411.3%	15.0M YoY-5.1%	15.8M YoY-14.6%	18.5M YoY+36.0%	13.6M YoY+156.6%	5.30M YoY-10.2%
Valuation Ratios	as ofDec 28 ’25	as ofDec 29 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21	as ofDec 31 ’20
Market cap	15.9B YoY+100.9%	7.91B YoY+36.3%	5.80B YoY+50.1%	3.86B YoY+90.3%	2.03B YoY-4.5%	2.13B YoY-18.4%
P/E	35.7× YoY+70.0%	21.0× YoY+65.9%	12.7× YoY+6.0%	11.9× YoY+8.6%	11.0×	—
P/S	3.5× YoY+86.4%	1.9× YoY+32.1%	1.4× YoY+30.8%	1.1× YoY+48.4%	0.7× YoY+1.7%	0.7× YoY+12.9%
P/B	9.3× YoY+110.8%	4.4× YoY-5.7%	4.7× YoY-1.4%	4.8× YoY+60.4%	3.0× YoY-27.4%	4.1× YoY+227.5%
P/FCF	35.8× YoY-10.3%	39.9×	—	306.7×	—	70.0× YoY+66.3%
	2.8% YoY-41.2%	4.8% YoY-39.7%	7.9% YoY-5.7%	8.4% YoY-7.9%	9.1%	—
	2.8% YoY+11.5%	2.5%	—	0.33%	—	1.4% YoY-39.9%
Source filing	10-K	10-K	10-K	10-K	10-K	10-K

About this data

Source: ATI's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ATI filings on SEC EDGAR → Not investment advice.