Howmet Aerospace Inc.HWM
Howmet Aerospace Inc. Financial Overview 2021–2025
Updated Jul 10, 2026Howmet Aerospace accelerated its profitability, surging its diluted earnings per share by 32% to $3.71 in FY2025. This bottom-line expansion underscores a clear investment thesis: the company has successfully leveraged a multi-year commercial aerospace recovery to enforce pricing power and execute effective cost pass-throughs.
The top-line trajectory anchors this momentum, with total revenue growing from $4.97 billion in FY2021 to $8.25 billion in FY2025. Operational efficiency accompanied this sales growth, pushing Segment Adjusted EBITDA up 25% to $2.51 billion during FY2025. Management directed the resulting cash flows toward aggressive capital allocation, repurchasing 4.4 million shares for $700 million in the same year. The company is also deploying capital for inorganic scale, anchored by the $1.8 billion cash acquisition of Consolidated Aerospace Manufacturing to bolster its Fastening Systems segment in 2026.
Investors have rewarded this operational execution and strategic expansion. At the close of FY2025, the market valued Howmet at an $82.3 billion market cap. Supported by continuous debt reductions and robust operating cash generation, the stock traded at a multiple of 55.3x earnings with a period-end price of $205.02.
Recent Developments (Q4 2025 and Q1 2026)
Howmet Aerospace reported a 19% year-over-year revenue increase to $2.31 billion in Q1 2026. Net income jumped 69% to $580 million, pushing diluted earnings to $1.44 per share. Operating cash flow climbed 79% to $453 million. Management finalized the acquisition of Brunner Manufacturing and divested a disk forging facility for a $93 million gain. The company raised $1.2 billion in new debt during March 2026 and executed a cross-currency swap to cut annual interest expenses by $12 million, prompting credit upgrades from S&P and Fitch.
Bulls contend that volume demand across commercial and defense aerospace markets will drive further cash flow growth. Bears note the equity is richly valued at 73.5x earnings as of May 7, 2026, creating valuation risk if margin compression occurs.
What to watch: integration of Brunner Manufacturing; realization of projected interest expense reductions.
Rev
$8.25B
FY2025
NI
$1.51B
FY2025
EPS
$3.73
FY2025
OCF
$1.88B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Howmet Aerospace Inc. 8-K Report, Corporate Update (May 28, 2026)
Howmet Aerospace Inc. (HWM) has filed an 8-K report on May 28, 2026, detailing a retrospective recasting of its historical segment information. This adjustment primarily involves moving a titanium alloy location from the Engine Products segment to the Engineered Structures segment, aligning it better with its operational focus. Importantly, this recasting has no impact on the Company's consolidated financial results, position, or cash flows, serving mainly to improve segment reporting accuracy. Investors should note that this filing does not represent a restatement of previously issued financial statements. In addition to the segment reorganization, the report discloses a significant debt management event. On May 22, 2026, Howmet Aerospace prepaid its outstanding JPY Term Loan Facility principal of approximately $187 million using cash on hand. Concurrently, the Company entered into a cross-currency swap to convert its $300 million of 6.750% Notes due 2028 into a Japanese Yen liability. This strategic move is expected to reduce annual interest expense by approximately $12 million, signaling a proactive approach to optimizing its capital structure and reducing borrowing costs. The company also filed a new shelf registration statement for senior debt securities.
Howmet Aerospace Inc. 8-K Report, Shareholder Vote Results (May 26, 2026)
Howmet Aerospace Inc. (HWM) filed an 8-K report on May 26, 2026, detailing the outcomes of its 2026 annual shareholder meeting held on May 19, 2026. The primary focus of this filing is the results of shareholder votes on key matters, including the election of directors, ratification of the independent auditor, and an advisory vote on executive compensation. The meeting saw strong shareholder support for the proposed slate of nine director nominees, all of whom were elected for one-year terms. Additionally, shareholders overwhelmingly ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2026. While the election of directors and auditor ratification received robust approval, the advisory vote on executive compensation, though approved, showed a more divided shareholder sentiment with a significant percentage voting against it. This indicates a potential area for management to address or further clarify its compensation practices with investors. The filing also confirms the total number of shares outstanding and represented at the meeting, providing transparency on shareholder participation.
Howmet Aerospace Inc. 8-K Report, Financial Results (May 7, 2026)
Howmet Aerospace Inc. (HWM) filed an 8-K report on May 7, 2026, to announce its financial results for the first quarter of 2026. The report primarily references a press release (Exhibit 99.1) containing these results, which provides investors with key performance indicators and financial condition details for the period. While the 8-K itself does not contain the detailed financial data, it formally incorporates the press release, making it the primary source of information for the quarter's performance. Investors should refer to Exhibit 99.1 for specifics on Howmet's revenue, profitability, and any forward-looking statements or guidance. This filing serves as a notification of the release of this information, adhering to SEC reporting requirements. As per standard practice for such announcements, the information presented in the press release is not deemed "filed" for liability purposes under Section 18 of the Exchange Act but is crucial for understanding the company's operational and financial standing at the start of 2026.
Howmet Aerospace Inc. 8-K Report, Acquisition Completed (Apr 6, 2026)
Howmet Aerospace Inc. (HWM) has announced the completion of its acquisition of Consolidated Aerospace Manufacturing, LLC from Stanley Black & Decker for approximately $1.8 billion in cash. This strategic move marks a significant expansion for Howmet Aerospace, bolstering its capabilities and market position within the aerospace manufacturing sector. The acquisition is expected to be accretive to earnings and enhance the company's overall growth trajectory.
Howmet Aerospace Inc. 8-K Report, Regulation FD Disclosure (Apr 6, 2026)
Howmet Aerospace Inc. (HWM) has filed an 8-K report on April 6, 2026, to announce the public availability of its 2025 Environmental, Social, and Governance (ESG) Report. This report details the company's commitments and performance across environmental, social, and governance initiatives during the 2025 fiscal year. While the report is being made available, it is furnished under Regulation FD and is not considered 'filed' under Section 18 of the Exchange Act, meaning it does not carry the same legal liabilities and is not automatically incorporated into other SEC filings. Investors interested in Howmet Aerospace's long-term strategy, risk management, and corporate responsibility should review the 2025 ESG Report. This document provides insights into how the company is addressing sustainability, ethical practices, and corporate governance, which can be crucial factors in assessing the company's overall health and future prospects beyond traditional financial metrics. The disclosure emphasizes the company's commitment to transparency in these important areas.
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