ATI INCATI
ATI INC Revenue Disclosure
Revenue from Contracts with Customers
Disaggregation of Revenue
The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets, and diversified products. Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023 is as follows:
| Fiscal Year | ||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| HPMC | AA&S | Total | HPMC | AA&S | Total | HPMC | AA&S | Total | ||||||||||||||||||||||||||||||
| Aerospace & Defense: | ||||||||||||||||||||||||||||||||||||||
| Jet-Engines- Commercial | $ | 1,649.6 | $ | 113.3 | $ | 1,762.9 | $ | 1,365.4 | $ | 92.4 | $ | 1,457.8 | $ | 1,255.3 | $ | 78.2 | $ | 1,333.5 | ||||||||||||||||||||
| Airframes- Commercial | 312.1 | 478.8 | 790.9 | 369.7 | 403.2 | 772.9 | 350.6 | 388.8 | 739.4 | |||||||||||||||||||||||||||||
| Defense | 277.7 | 280.0 | 557.7 | 224.8 | 265.4 | 490.2 | 181.0 | 220.9 | 401.9 | |||||||||||||||||||||||||||||
| Total Aerospace & Defense | $ | 2,239.4 | $ | 872.1 | $ | 3,111.5 | $ | 1,959.9 | $ | 761.0 | $ | 2,720.9 | $ | 1,786.9 | $ | 687.9 | $ | 2,474.8 | ||||||||||||||||||||
| Other Markets: | ||||||||||||||||||||||||||||||||||||||
| Specialty Energy | 75.8 | 181.5 | 257.3 | 96.8 | 187.8 | 284.6 | 93.9 | 179.3 | 273.2 | |||||||||||||||||||||||||||||
| Electronics | — | 184.8 | 184.8 | 3.0 | 191.3 | 194.3 | 3.1 | 156.8 | 159.9 | |||||||||||||||||||||||||||||
| Medical | 55.2 | 84.2 | 139.4 | 115.5 | 109.4 | 224.9 | 102.6 | 74.3 | 176.9 | |||||||||||||||||||||||||||||
| Automotive | 6.5 | 238.1 | 244.6 | 15.2 | 244.2 | 259.4 | 24.6 | 186.1 | 210.7 | |||||||||||||||||||||||||||||
| Conventional Energy | 6.1 | 322.3 | 328.4 | 9.8 | 292.2 | 302.0 | 10.6 | 404.0 | 414.6 | |||||||||||||||||||||||||||||
| Construction/Mining | 27.7 | 117.7 | 145.4 | 26.3 | 132.2 | 158.5 | 35.0 | 127.9 | 162.9 | |||||||||||||||||||||||||||||
| Other | 31.0 | 145.0 | 176.0 | 52.0 | 165.5 | 217.5 | 63.5 | 237.2 | 300.7 | |||||||||||||||||||||||||||||
| Total Other Markets | $ | 126.5 | $ | 1,092.1 | $ | 1,218.6 | $ | 221.8 | $ | 1,134.8 | $ | 1,356.6 | $ | 239.4 | $ | 1,186.3 | $ | 1,425.7 | ||||||||||||||||||||
| Total | $ | 2,441.7 | $ | 2,145.7 | $ | 4,587.4 | $ | 2,278.5 | $ | 2,083.6 | $ | 4,362.1 | $ | 2,120.2 | $ | 2,053.5 | $ | 4,173.7 | ||||||||||||||||||||
| Fiscal Year | ||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| HPMC | AA&S | Total | HPMC | AA&S | Total | HPMC | AA&S | Total | ||||||||||||||||||||||||||||||
| Primary Geographical Market: | ||||||||||||||||||||||||||||||||||||||
| United States | $ | 1,336.2 | $ | 1,303.6 | $ | 2,639.8 | $ | 1,134.0 | $ | 1,391.2 | $ | 2,525.2 | $ | 915.3 | $ | 1,335.5 | $ | 2,250.8 | ||||||||||||||||||||
| China | 81.5 | 242.8 | 324.3 | 57.6 | 242.0 | 299.6 | 70.1 | 263.2 | 333.3 | |||||||||||||||||||||||||||||
| United Kingdom | 222.0 | 55.2 | 277.2 | 217.0 | 40.9 | 257.9 | 224.8 | 34.3 | 259.1 | |||||||||||||||||||||||||||||
| Germany | 160.2 | 67.2 | 227.4 | 202.5 | 57.2 | 259.7 | 204.2 | 38.8 | 243.0 | |||||||||||||||||||||||||||||
| France | 156.0 | 90.2 | 246.2 | 186.9 | 40.6 | 227.5 | 172.4 | 47.0 | 219.4 | |||||||||||||||||||||||||||||
| Canada | 90.7 | 78.8 | 169.5 | 60.9 | 55.3 | 116.2 | 64.9 | 46.1 | 111.0 | |||||||||||||||||||||||||||||
| Rest of World | 395.1 | 307.9 | 703.0 | 419.6 | 256.4 | 676.0 | 468.5 | 288.6 | 757.1 | |||||||||||||||||||||||||||||
| Total | $ | 2,441.7 | $ | 2,145.7 | $ | 4,587.4 | $ | 2,278.5 | $ | 2,083.6 | $ | 4,362.1 | $ | 2,120.2 | $ | 2,053.5 | $ | 4,173.7 | ||||||||||||||||||||
Comparative information of the Company’s major products based on their percentages of sales is included in the following table. HRPF conversion service sales in the AA&S segment are excluded from this presentation.
| Fiscal Year | ||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||
| HPMC | AA&S | Total | HPMC | AA&S | Total | HPMC | AA&S | Total | ||||||||||||||||||||||||||||||
| Diversified Products: | ||||||||||||||||||||||||||||||||||||||
| Nickel-based alloys and specialty alloys | 43 | % | 50 | % | 46 | % | 41 | % | 49 | % | 45 | % | 44 | % | 54 | % | 49 | % | ||||||||||||||||||||
| Precision forgings, castings and components | 40 | % | — | % | 22 | % | 36 | % | — | % | 20 | % | 33 | % | — | % | 17 | % | ||||||||||||||||||||
| Titanium and titanium-based alloys | 17 | % | 19 | % | 18 | % | 23 | % | 13 | % | 18 | % | 22 | % | 12 | % | 17 | % | ||||||||||||||||||||
| Zirconium and related alloys | — | % | 19 | % | 9 | % | — | % | 19 | % | 9 | % | — | % | 15 | % | 7 | % | ||||||||||||||||||||
| Precision rolled strip | — | % | 12 | % | 5 | % | — | % | 19 | % | 8 | % | 1 | % | 19 | % | 10 | % | ||||||||||||||||||||
| Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
The Company maintains a backlog of confirmed orders totaling $3.7 billion, $3.9 billion and $3.8 billion at December 28, 2025, December 29, 2024 and December 31, 2023, respectively. Due to the structure of the Company’s LTAs, 70% of this backlog at December 28, 2025 represented booked orders with performance obligations that will be satisfied within the next twelve months. The backlog does not reflect any elements of variable consideration.
Accounts Receivable
As of December 28, 2025 and December 29, 2024, accounts receivable with customers were $690.3 million and $724.2 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023:
| (in millions) | |||||
| Accounts Receivable - Reserve for Doubtful Accounts | |||||
| Balance as of January 1, 2023 | $ | 7.7 | |||
| Expense to increase the reserve | 0.1 | ||||
| Write-off of uncollectible accounts | (4.6) | ||||
| Balance as of December 31, 2023 | 3.2 | ||||
| Expense to increase the reserve | 12.3 | ||||
| Write-off of uncollectible accounts | (0.5) | ||||
| Balance as of December 29, 2024 | 15.0 | ||||
| Expense to increase the reserve | 1.9 | ||||
| Write-off of uncollectible accounts | (12.7) | ||||
| Balance as of December 28, 2025 | $ | 4.2 | |||
Contract balances
The following represents the rollforward of contract assets and liabilities for the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023:
| (in millions) | |||||||||||
| Contract Assets | |||||||||||
| Fiscal Year | |||||||||||
| Short-term | 2025 | 2024 | 2023 | ||||||||
| Balance as of beginning of fiscal year | $ | 75.6 | $ | 59.1 | $ | 64.1 | |||||
| Recognized in current year | 117.3 | 88.9 | 84.1 | ||||||||
| Reclassified to accounts receivable | (120.1) | (72.4) | (89.5) | ||||||||
| Reclassification to/from contract liability | — | — | 0.4 | ||||||||
| Balance as of period end | $ | 72.8 | $ | 75.6 | $ | 59.1 | |||||
| (in millions) | |||||||||||
| Contract Liabilities | |||||||||||
| Fiscal Year | |||||||||||
| Short-term | 2025 | 2024 | 2023 | ||||||||
| Balance as of beginning of fiscal year | $ | 169.4 | $ | 163.6 | $ | 149.1 | |||||
| Recognized in current year | 158.8 | 133.6 | 133.4 | ||||||||
| Amounts in beginning balance reclassified to revenue | (109.1) | (88.2) | (107.9) | ||||||||
| Current year amounts reclassified to revenue | (76.0) | (56.3) | (40.9) | ||||||||
| Other | (2.0) | — | (0.7) | ||||||||
| Reclassification to/from long-term and contract asset | 5.3 | 16.7 | 30.6 | ||||||||
| Balance as of period end | $ | 146.4 | $ | 169.4 | $ | 163.6 | |||||
| Fiscal Year | |||||||||||
| Long-term (a) | 2025 | 2024 | 2023 | ||||||||
| Balance as of beginning of fiscal year | $ | 45.3 | $ | 39.4 | $ | 66.8 | |||||
| Recognized in current year | 58.2 | 22.6 | 2.8 | ||||||||
| Amounts in beginning balance reclassified to revenue | (2.2) | — | — | ||||||||
| Current year amounts reclassified to revenue | (1.8) | — | — | ||||||||
| Other | (2.9) | — | — | ||||||||
| Reclassification to/from short-term | (5.3) | (16.7) | (30.2) | ||||||||
| Balance as of period end | $ | 91.3 | $ | 45.3 | $ | 39.4 | |||||
(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 $15.6 million and $12.0 million as of December 28, 2025 and December 29, 2024, respectively, which are reported in other long-term assets on the consolidated balance sheets. Amortization expense for the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023 of these contract costs was $1.8 million, $1.1 million, and $1.2 million, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.