Business Segments (Tables)

9 Months Ended

Sep. 28, 2025

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


	Quarter ended September 28, 2025						Quarter ended September 29, 2024
	HPMC		AA&S		Total		HPMC		AA&S		Total
Sales to external customers	$	602.9	$	522.6	$	1,125.5	$	552.4	$	498.8	$	1,051.2
Intersegment sales	58.6		47.5		106.1		60.5		89.6		150.1
Total sales	661.5		570.1		1,231.6		612.9		588.4		1,201.3

Reconciliation of sales
Elimination of intersegment sales					(106.1)						(150.1)
Total consolidated sales					$	1,125.5					$	1,051.2

Less(1):
Allocated corporate overhead	14.3		14.2				17.9		18.4
Other segment items(2)	501.4		465.5				471.8		496.4
Segment EBITDA	145.8		90.4		236.2		123.2		73.6		196.8

Reconciliation of segment EBITDA
Corporate expenses					(15.6)						(13.4)
Closed operations and other income					4.5						2.3
Depreciation & amortization					(42.6)						(38.5)
Interest expense, net					(26.1)						(28.0)
Restructuring and other charges					(12.9)						(4.3)
Gain on sales of businesses					1.1						—

Income before taxes					$	144.6					$	114.9


	Year-to-date period ended September 28, 2025						Year-to-date period ended September 29, 2024
	HPMC		AA&S		Total		HPMC		AA&S		Total
Sales to external customers	$	1,795.8	$	1,614.5	$	3,410.3	$	1,644.3	$	1,545.1	$	3,189.4
Intersegment sales	171.8		151.8		323.6		184.3		208.6		392.9
Total sales	1,967.6		1,766.3		3,733.9		1,828.6		1,753.7		3,582.3

Reconciliation of sales
Elimination of intersegment sales					(323.6)						(392.9)
Total consolidated sales					$	3,410.3					$	3,189.4

Less(1):
Allocated corporate overhead	48.6		50.2				50.4		50.8
Other segment items(2)	1,498.2		1,465.6				1,443.6		1,470.0
Segment EBITDA	420.8		250.5		671.3		334.6		232.9		567.5

Reconciliation of segment EBITDA
Corporate expenses					(48.4)						(49.9)
Closed operations and other income					4.5						1.7
Depreciation & amortization					(125.0)						(112.4)
Interest expense, net					(74.5)						(83.0)
Restructuring and other charges					(25.9)						(12.8)
Loss on sales of businesses, net					(2.6)						—

Income before taxes					$	399.4					$	311.1

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

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

Schedule of other financial information by segment

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


	Quarter ended				Year-to-date period ended
(In millions)	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Depreciation and amortization:
High Performance Materials & Components	$	21.2	$	18.6	$	61.8	$	52.8
Advanced Alloys & Solutions	19.7		18.2		58.3		54.5
Other	1.7		1.7		4.9		5.1
Total depreciation and amortization	$	42.6	$	38.5	$	125.0	$	112.4
Capital expenditures:
High Performance Materials & Components	$	36.9	$	32.7	$	111.5	$	111.2
Advanced Alloys & Solutions	25.2		31.6		74.4		77.1
Corporate	0.4		1.5		2.0		3.5
Total capital expenditures	$	62.5	$	65.8	$	187.9	$	191.8



Identifiable assets:	September 28, 2025		December 29, 2024
High Performance Materials & Components	$	2,340.4	$	2,225.9
Advanced Alloys & Solutions	2,240.8		2,207.8
Corporate:
Deferred Taxes	37.3		46.5
Cash and cash equivalents and other	384.2		750.4
Total assets	$	5,002.7	$	5,230.6

Schedule of company assets by country


($ in millions)	September 28, 2025		Percent of total		December 29, 2024		Percent of total
Total assets:
United States	$	4,469.5	89	%	$	4,666.3	89	%
China	313.3		6	%	310.3		6	%
Other	219.9		5	%	254.0		5	%
Total Assets	$	5,002.7	100	%	$	5,230.6	100	%

ATI INC 10-Q