Allegheny Technologies (ATI) financial statements
Allegheny Technologies reported revenue of $4.6B in fiscal 2025, up 4.3% a year over 9 years.
Net income was $404M and the operating margin 14.0%, against -17.3% in 2016.
Free cash flow was $334M, and the company returned $470M in net buybacks.
The diluted share count rose 32% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Allegheny Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.5B | $4.0B | $4.1B | $3.0B | $2.8B | $3.8B | $4.2B | $4.4B | $4.6B |
| Cost of revenue | $2.9B | $3.0B | $3.4B | $3.5B | $2.7B | $2.5B | $3.1B | $3.4B | $3.5B | $3.6B |
| Gross profit | $223M | $497M | $630M | $638M | $293M | $333M | $714M | $803M | $898M | $1.0B |
| Research and development | $15M | $13M | $23M | $18M | $14M | $16M | $16M | $21M | $20M | $21M |
| Selling, general and admin | $241M | $248M | $268M | $267M | $201M | $227M | $298M | $328M | $342M | $365M |
| Operating income | -$542M | $135M | $362M | $366M | -$1.3B | $118M | $316M | $466M | $609M | $641M |
| Interest expense | $125M | $135M | $102M | $105M | $96M | $98M | $87M | $93M | $108M | $111M |
| Pre-tax income | -$734M | -$86M | $248M | $236M | -$1.5B | $233M | $355M | $295M | $486M | $522M |
| Income tax | -$107M | -$7M | $11M | -$28M | $78M | $27M | $16M | -$128M | $103M | $104M |
| Net income | -$641M | -$92M | $222M | $252M | -$1.6B | $185M | $324M | $411M | $368M | $404M |
| EPS (diluted) | -$5.97 | -$0.83 | $1.61 | $1.81 | -$12.43 | $1.32 | $2.23 | $2.81 | $2.55 | $2.85 |
| Diluted shares | 107M | 110M | 146M | 146M | 126M | 153M | 151M | 150M | 147M | 142M |
| Gross margin | 7.1% | 14.1% | 15.6% | 15.5% | 9.8% | 11.9% | 18.6% | 19.2% | 20.6% | 22.0% |
| Operating margin | -17.3% | 3.8% | 8.9% | 8.9% | -43.7% | 4.2% | 8.2% | 11.2% | 14.0% | 14.0% |
| Net margin | -20.4% | -2.6% | 5.5% | 6.1% | -52.7% | 6.6% | 8.4% | 9.8% | 8.4% | 8.8% |
Balance sheet
Fiscal years, from Allegheny Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $230M | $142M | $382M | $491M | $646M | $688M | $584M | $744M | $721M | $417M |
| Receivables | $452M | $545M | $528M | $554M | $346M | $470M | $579M | $625M | $709M | $686M |
| Inventory | $1.0B | $1.2B | $1.2B | $1.2B | $997M | $1.0B | $1.2B | $1.2B | $1.4B | $1.4B |
| Total current assets | $1.8B | $1.9B | $2.2B | $2.3B | $2.1B | $2.3B | $2.5B | $2.7B | $2.9B | $2.7B |
| Property, plant and equipment | $2.5B | $2.5B | $2.5B | $2.5B | $1.5B | $1.5B | $1.5B | $1.7B | $1.8B | $1.9B |
| Goodwill | $642M | $531M | $535M | $526M | $241M | $228M | $227M | $227M | $227M | $225M |
| Total assets | $5.2B | $5.2B | $5.5B | $5.6B | $4.0B | $4.3B | $4.4B | $5.0B | $5.2B | $5.1B |
| Total current liabilities | $709M | $713M | $837M | $849M | $653M | $856M | $964M | $977M | $1.2B | $1.0B |
| Long-term debt | $1.8B | $1.5B | $1.5B | $1.4B | $1.6B | $1.7B | $1.7B | $2.1B | $1.7B | $1.7B |
| Total liabilities | $3.7B | $3.3B | $3.5B | $3.4B | $3.4B | $3.5B | $3.3B | $3.5B | $3.3B | $3.2B |
| Shareholders' equity | $1.4B | $1.7B | $1.9B | $2.1B | $521M | $833M | $1.0B | $1.4B | $1.9B | $1.8B |
| Net debt | $1.6B | $1.4B | $1.2B | $908M | $922M | $1.2B | $1.2B | $1.4B | $1.2B | $1.3B |
Cash flow
Fiscal years, from Allegheny Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$44M | $22M | $393M | $230M | $167M | $16M | $225M | $86M | $407M | $614M |
| Capital spending | $202M | $123M | $139M | $168M | $136M | $153M | $131M | $201M | $239M | $281M |
| Free cash flow | -$246M | -$100M | $254M | $62M | $30M | -$136M | $94M | -$115M | $168M | $334M |
| Stock-based compensation | — | — | — | — | $3M | $21M | $26M | $29M | $34M | $29M |
| Dividends paid | $26M | $0 | $0 | $0 | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$140M | -$85M | -$260M | -$470M |
| Net borrowing | $388M | $8M | $7M | $350M | $391M | $676M | $0 | $425M | $0 | $0 |
| Free cash flow margin | -7.8% | -2.8% | 6.3% | 1.5% | 1.0% | -4.9% | 2.5% | -2.8% | 3.9% | 7.3% |
| Dividends per share | $0.24 | — | — | — | — | — | — | — | — | — |
Questions
What was Allegheny Technologies's revenue in 2025?
$4.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Allegheny Technologies generate?
$334M in fiscal 2025 (operating cash flow minus capital spending).
From Allegheny Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.