ATI Inc. (NYSE: ATI) has expanded its share repurchase program by an additional $500 million, bringing the total authorized amount to $620 million. The Board of Directors approved the expansion on February 18 2026, and the company announced the decision publicly the following day.
The new authorization adds to the $120 million of repurchase authority that remains from a prior program. The expanded program allows ATI to buy back shares in the open market or through privately negotiated transactions, with timing and volume subject to market conditions and corporate needs.
ATI’s decision follows a strong Q4 2025 earnings report in which the company posted earnings per share of $0.93, beating the consensus estimate of $0.89 by $0.04. Operating cash flow for fiscal 2025 rose to $614 million from $407 million in fiscal 2024, while adjusted free cash flow climbed 53% to $380 million. In 2025, ATI returned $470 million to shareholders, representing 124% of its free cash flow.
ATI’s strategic focus remains on higher‑value aerospace and defense markets, which accounted for 68% of Q4 2025 sales compared with 65% in Q4 2024. The company is guiding for the aerospace and defense mix to exceed 70% of total sales in 2026, with double‑digit growth expected in jet engines and defense. For fiscal 2026, ATI projects adjusted EBITDA of $975 million to $1,025 million and adjusted earnings per share of $3.99 to $4.27.
President and CEO Kim Fields said, "This latest renewal of our stock repurchase program reflects our continuing confidence in ATI's long‑term future performance." She added, "Our clear strategic focus, strong financial profile, and intentional evolution of our portfolio toward higher‑value markets as an aerospace and defense leader positions ATI to deliver sustained long‑term value. Responsibly returning capital to shareholders has been, and continues to be, a priority for ATI."
Investors responded positively to the announcement, viewing the expanded buyback as a signal of management’s confidence in the company’s cash‑generating ability and its commitment to shareholder returns.
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