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Howmet Aerospace Inc.HWM

Sector
Other
Industry
Rolling Drawing & Extruding of Nonferrous Metals
Exchange
NYSE

Stock Price $HWM

Latest filings

You are here#23 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K223

HWM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 223 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Nov ’16Nov ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $8.25B
YoY changeLargest recent move−47.7%in FY18Latest +11.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All HWM Financial Metrics62 metrics

Income Statement16

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Howmet Aerospace Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Howmet Aerospace accelerated its profitability, surging its diluted earnings per share by 32% to $3.71a 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 billionb 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 billionc 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 billiond 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.

03—Filings

Recent SEC Filings

  1. 8-KHowmet Aerospace Inc. 8-K Report, Financial Results (Aug 6, 2026)Howmet Aerospace reported strong second quarter 2026 results, with revenue of $2.55 billion, up 24% year over year and 21% on an organic basis. GAAP and adjusted EPS were both $1.33, up 33% and 46% respectively from the prior year. Adjusted EBITDA rose 39% to $817 million, and adjusted EBITDA margin expanded about 340 basis points to 32.1%, with growth across commercial aerospace, defense aerospace, and gas turbines. Free cash flow was $479 million, up 39%, and year-to-date free cash flow of $838 million is up 75%. Growth was supported by the April 2026 acquisition of CAM for approximately $1.8 billion, which contributed to revenue and margin results. Segment performance was led by Engine Products, where revenue rose 32% and segment adjusted EBITDA margin reached 37.7%. Fastening Systems revenue rose 37%, while Engineered Structures revenue declined 13% after the Savannah disk forging divestiture. Forged Wheels revenue rose 14% despite an 8% decline in commercial transportation volumes, which was offset by aluminum pass-through pricing. Management raised full-year 2026 guidance. Baseline revenue is now $10.05 billion, with a range of $10.00 to $10.10 billion. Baseline adjusted EBITDA is $3.23 billion, adjusted EPS is $5.27 (up $0.33 at the midpoint), and free cash flow is $1.90 billion (up $150 million at the midpoint). Q3 2026 guidance calls for revenue of $2.565 to $2.585 billion and adjusted EPS of $1.34 to $1.36. Capital allocation remained active. Howmet repurchased $300 million of stock in Q2 and another $200 million in July, bringing year-to-date repurchases to $800 million, which already exceeds all of 2025. Remaining authorization stood at $697 million as of August 6. The quarterly dividend was raised 17% to $0.14 per share. Total debt increased to roughly $4.5 billion, reflecting CAM financing, though management expects to return to pre-CAM leverage levels quickly. Management also flagged rising capital expenditure needs for 2027 to support growth in aerospace and gas turbines. Overall, the filing shows broad-based operating momentum, margin expansion, and strong cash generation, alongside a higher-leverage balance sheet and an increasingly capital-intensive growth outlook. Investors will likely focus on whether margin gains and free cash flow can be sustained as integration of CAM proceeds and as capital spending increases in 2027.
  2. 8-KHowmet Aerospace Inc. 8-K Report, Corporate Update (May 28, 2026)Howmet Aerospace's Form 8-K contains two items. The first recasts 2023–2025 segment results to move one titanium alloy facility at Whitehall, Michigan from Engine Products to Engineered Structures, reflecting a first-quarter 2026 reorganization by the CODM. The recast has no effect on consolidated sales, earnings, balance sheet, cash flows, or equity, and it is not a restatement. Investors comparing segment trends should use the recast figures in Exhibit 99.1, since they shift revenue and EBITDA between the two segments and will change historical segment growth and margin comparisons. The second item is a debt management action. On May 22, 2026, Howmet prepaid the remaining principal of its JPY Term Loan Facility (about $187 million, funded from cash on hand) and entered into a cross-currency swap that synthetically converts the $300 million 6.750% Notes due 2028 into a yen liability of about ¥47,760 million at a fixed rate near 3.88%. Noteholders are still owed the original dollar amounts. Management expects this to reduce annual interest expense by about $12 million. This also removes the November 2026 JPY term loan maturity from the refinancing calendar. The company is also filing a new Form S-3 shelf registration for senior debt securities to replace the expired shelf. This 8-K is incorporated into that registration, which signals continued access to the debt markets, possibly to help fund the pending CAM acquisition. The filing contains no new financial results or guidance.
  3. 8-KHowmet 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.
  4. 8-KHowmet Aerospace Inc. 8-K Report, Financial Results (May 7, 2026)Howmet Aerospace (HWM) reported first quarter 2026 results that were strong on nearly every measure. Revenue rose 19% year over year to $2.31 billion, GAAP diluted EPS was $1.44 (up 71%), and adjusted EPS was $1.22 (up 42%). Operating margin expanded to 32.6% from 25.4%, but GAAP results were flattered by a $93 million pre-tax gain on the sale of the Savannah, GA disk forging facility, which was excluded from adjusted metrics. Adjusted EBITDA reached $740 million (up 32%), with the adjusted EBITDA margin up about 320 basis points to 32.0%. Growth was broad-based, led by gas turbines (+39%), commercial aerospace (+20%), and defense (+10%), while Forged Wheels revenue rose 17% despite an 11% volume decline in commercial transportation. The quarter was also marked by significant portfolio and capital activity. Howmet completed the roughly $1.8 billion acquisition of Consolidated Aerospace Manufacturing (CAM) on April 6, 2026, funded by $1.2 billion of notes and $450 million of commercial paper. Cash rose to $2.4 billion at quarter-end, but total debt increased substantially, with long-term debt reaching $4.05 billion and short-term borrowings at $450 million. Free cash flow was $359 million, and the company repurchased $300 million of stock in the quarter and another $150 million in April. Management raised full-year 2026 guidance: revenue to a $9.65 billion baseline (up $550 million), adjusted EBITDA to $3.06 billion (up $300 million), adjusted EPS to $4.94 (up $0.49), and free cash flow to $1.75 billion (up $150 million). Management said the portfolio changes add about $275 million of revenue in 2026, with EPS impact insignificant in 2026 and accretive in 2027. For investors, the key takeaways are the strong operating momentum, the guidance raise, and the leverage increase from the CAM financing. Investors should note that the GAAP beat was partly driven by a one-time gain, and that the company's balance sheet now carries materially more debt, which it offset in part with a Fitch upgrade to A- in February 2026.
  5. 8-KHowmet 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.
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04—See also

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