ATI Announces Multi-Year $500 Million Share Repurchase Program

Rhea-AI Summary

ATI (NYSE: ATI) announced that its Board authorized an additional $500 million share repurchase program on Feb 19, 2026, expected to support a multi-year buyback when combined with the remaining $120 million from the prior authorization.

Repurchases may occur in the open market or via private transactions, will follow SEC Rule 10b-18 pricing and volume limits, and may be modified, suspended, or terminated at the Board's discretion.

Positive

• $500M authorization for additional share repurchases
• Total potential $620M available combining prior remaining authorization
• Repurchases structured under SEC Rule 10b-18 (open-market compliance)

Negative

• Program not obligating any specific repurchases or share quantity
• Timing and amount depend on market conditions, creating execution uncertainty

Key Figures

New repurchase authorization: $500 million Prior authorization remaining: $120 million Prior repurchase program: $700 million +5 more

8 metrics

New repurchase authorization $500 million Additional common stock buyback authorized by the Board for a multi-year program

Prior authorization remaining $120 million Existing share repurchase capacity referenced in the new program

Prior repurchase program $700 million Multi-year share repurchase program announced on Sep 3, 2024

Convertible notes redeemed $291 million 3.5% Senior Convertible Notes due 2025 to be redeemed on Sep 10, 2024

Q4 2025 sales $1.18 billion ATI’s reported sales for the fourth quarter of 2025

Fiscal 2025 sales $4.59 billion ATI’s total sales for fiscal year 2025

2026 EBITDA guidance $975M–$1,025M Guidance range for FY2026 adjusted EBITDA

2026 EPS guidance $3.99–$4.27 Guidance range for FY2026 adjusted EPS

Market Reality Check

Price: $148.57 Vol: Volume 1,909,473 is below...

normal vol

$148.57 Last Close

Volume Volume 1,909,473 is below the 20-day average of 2,204,853, suggesting no outsized trading reaction pre-announcement. normal

Technical Shares at 148.57 are just below the 149.08 52-week high and trading above the 200-day MA of 93.33, indicating a firmly established uptrend before the buyback news.

Peers on Argus

ATI was up 1.24% while key peers like CRS, MLI, ESAB, WOR, and PRLB showed negat...

ATI was up 1.24% while key peers like CRS, MLI, ESAB, WOR, and PRLB showed negative moves between roughly -0.73% and -2.64%, pointing to company-specific strength rather than a sector-wide rally.

Previous Buybacks Reports

1 past event · Latest: Sep 03 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Sep 03	Buyback & redemption	Positive	-5.7%	Announced $700M repurchase and $291M convertible notes redemption as part of capital plan.

Pattern Detected

Prior buyback and balance-sheet actions saw a negative price reaction, suggesting investor responses to capital return announcements have been cautious.

Recent Company History

ATI has been executing on a shareholder-focused strategy supported by improving fundamentals. On Feb 3, 2026, it reported Q4 2025 sales of $1.18 billion and fiscal 2025 sales of $4.59 billion, with $614 million in operating cash flow and 2026 guidance for higher adjusted EBITDA and EPS. A prior $700 million repurchase and $291 million convertible notes redemption on Sep 3, 2024 tied capital returns to de-leveraging. Today’s renewed buyback authorization extends that capital allocation pattern.

Historical Comparison

-5.7% avg move · Previous buyback news on Sep 03, 2024 combined a $700M repurchase with debt redemption, yet shares m...

buybacks

-5.7%

Average Historical Move buybacks

Previous buyback news on Sep 03, 2024 combined a $700M repurchase with debt redemption, yet shares moved -5.65%, showing that similar capital return headlines have not guaranteed positive reactions.

ATI’s capital return path progressed from a $700M multi-year repurchase plus convertible notes redemption in 2024 to a new $500M buyback layered on top of a remaining $120M prior authorization, signaling continued emphasis on structured, multi-year repurchase capacity.

Market Pulse Summary

This announcement adds a new $500 million repurchase authorization to the remaining $120 million fro...

Analysis

This announcement adds a new $500 million repurchase authorization to the remaining $120 million from ATI’s prior program, reinforcing a multi-year capital return strategy. It builds on the earlier $700 million buyback and $291 million convertible notes redemption. Investors may watch actual buyback execution pace, cash flow versus guidance, and any further balance sheet moves to gauge how strongly this supports long-term per-share value.

Key Terms

sec rule 10b-18, form 144, form 4, form 3, +2 more

6 terms

sec rule 10b-18 regulatory

"Open market repurchases will be structured to occur within the pricing and volume requirements of SEC Rule 10b-18."

A U.S. Securities and Exchange Commission safe harbor that sets specific conditions companies must follow when repurchasing their own shares, so those buybacks are less likely to be treated as illegal market manipulation. Think of it as a set of guardrails — timing, volume, and method limits — that give investors more predictability about how buybacks may affect share supply, price support and management’s flexibility to return cash to shareholders.

form 144 regulatory

"has filed a Form 144 notice to sell 60,000 shares of ATI common stock"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

form 4 regulatory

"reported multiple equity-related transactions on January 5, 2026 in a Form 4 filing."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

form 3 regulatory

"executive James Robert Foster ... reported his beneficial ownership ... in a Form 3 filing."

Form 3 is the initial public filing that officers, directors and large shareholders must submit to report their ownership of a company’s securities when they become insiders. It acts like an opening inventory sheet that gives investors a starting point to see who holds significant stakes and to spot later trades or potential conflicts of interest, helping assess insider confidence and transparency.

restricted stock units financial

"he received 3,127 restricted stock units that vest in three equal annual installments"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

performance stock units financial

"Performance Stock Units granted in 2022, which converted into 362,644 shares of common stock"

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

AI-generated analysis. Not financial advice.

DALLAS, Feb. 19, 2026 /PRNewswire/ -- ATI Inc. (NYSE: ATI) announced that its Board of Directors has authorized the additional repurchase of up to $500 million of its outstanding common stock, which the Company currently expects will support a multi-year share repurchase program in combination with the currently remaining $120 million from its prior authorization. Repurchases under the program may be made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases will be structured to occur within the pricing and volume requirements of SEC Rule 10b-18. The stock repurchase program does not obligate the Company to repurchase any specific number of shares, and it may be modified, suspended, or terminated at any time by the Board of Directors without prior notice.

"This latest renewal of our stock repurchase program reflects our continuing confidence in ATI's long-term future performance," said President and CEO Kim Fields. "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."

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements in this news release relate to future events and expectations and, as such, constitute forward-looking statements. Forward-looking statements, which may contain such words as "anticipates," "believes," "estimates," "expects," "would," "should," "will," "will likely result," "forecast," "outlook," "projects," and similar expressions, are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which we are unable to predict or control. Our performance or achievements may differ materially from those expressed or implied in any forward-looking statements due to the following factors, among others: (a) material adverse changes in economic or industry conditions generally, including global supply and demand conditions and prices for our specialty materials; (b) material adverse changes in the markets we serve; (c) our inability to achieve the level of cost savings, productivity improvements, synergies, growth or other benefits anticipated by management from strategic investments and the integration of acquired businesses; (d) volatility in the price and availability of the raw materials that are critical to the manufacture of our products; (e) declines in the value of our defined benefit pension plan assets or unfavorable changes in laws or regulations that govern pension plan funding; (f) labor disputes or work stoppages; (g) equipment outages; (h) business and economic disruptions associated with extraordinary events beyond our control, such as war, terrorism, international conflicts, public health issues, such as epidemics or pandemics, natural disasters and climate-related events that may arise in the future and (i) other risk factors summarized in our Annual Report on Form 10-K for the year ended December 29, 2024, and in other reports filed with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.

ATI: Proven to Perform.
ATI (NYSE: ATI) is a global producer of high performance materials and solutions for the global aerospace & defense markets, and critical applications in electronics, medical and specialty energy. We're solving the world's most difficult challenges through materials science. We partner with our customers to deliver extraordinary materials that enable their greatest achievements: their products fly higher and faster, burn hotter, dive deeper, stand stronger and last longer. Our proprietary process technologies, unique customer partnerships and commitment to innovation deliver materials and solutions for today and the evermore challenging environments of tomorrow. We are proven to perform anywhere. Learn more at ATImaterials.com.

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SOURCE ATI

FAQ

What did ATI (NYSE: ATI) announce on Feb 19, 2026 about share repurchases?

ATI authorized an additional $500 million share repurchase program on Feb 19, 2026. According to the company, this combines with a remaining $120 million prior authorization to potentially repurchase up to $620 million over multiple years.

How will ATI execute the $500 million buyback authorized Feb 19, 2026?

ATI plans to repurchase shares in the open market or through private transactions. According to the company, open market repurchases will be structured within SEC Rule 10b-18 pricing and volume requirements to limit market impact.

Does ATI’s Feb 19, 2026 repurchase program guarantee a specific number of shares will be bought?

No, the program does not obligate ATI to repurchase any specific number of shares. According to the company, the Board may modify, suspend, or terminate the program at any time without prior notice.

How long will ATI’s new $500 million repurchase authorization on Feb 19, 2026 last?

ATI expects the authorization to support a multi-year repurchase program, not a single-year action. According to the company, actual timing will depend on market conditions and corporate needs over that period.

How does the remaining $120 million interact with ATI’s new $500 million buyback authorization?

The remaining $120 million from the prior authorization will be combined with the new $500 million, effectively enabling up to $620 million in repurchases. According to the company, both amounts fund a multi-year program.

Will ATI’s Feb 19, 2026 repurchase plan affect regulatory compliance?

ATI said open market repurchases will comply with SEC Rule 10b-18 to manage pricing and volume. According to the company, this structure aims to align repurchases with regulatory guidance and limit trading-related risks.