Company file · HWM

Howmet Aerospace

Engine Products was Howmet Aerospace's fastest-growing segment in FY2025, up 15.7%

Revenue rose 11.1% to $8.3B in FY2025, from $7.4B in FY2024. Net income rose 30.6% to $1.5B. Engine Products was the largest segment, at 52% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Oct 30, 2026

Key facts

Howmet Aerospace (NYSE: HWM) closed fiscal 2025 on Dec 31, 2025 with revenue of $8.3B, up 11.1% from a year before; net income came to $1.5B, up 30.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.7B, up 29.4% on the same stretch of the prior year, and net income of $567M. Broken down by segment, Engine Products led with 52% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$8.3BFY2025 · +11.1% vs FY2024

Net income$1.5BFY2025 · +30.6% vs FY2024

Operating cash flow$1.9BFY2025 · +45.1% vs FY2024

Cash & equivalents$507Mat Sep 30, 2026 · −31.7% vs FY2025 end

Total debt$4.4Bat Sep 30, 2026 · +45.7% vs FY2025 end

Diluted shares406MFY2025 avg · −1.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Engine Products$4.3B52%+15.7%
Fastening Systems$1.7B21%+10.7%
Engineered Structures$1.1B14%+7.8%
Forged Wheels$1.0B13%−1.4%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Engine Products (52%), Fastening Systems (21%), Engineered Structures (14%) and Forged Wheels (13%), as shares of total revenue. Total revenue was $8.3B.

By segment: three-year mixShare of the total each fiscal year

FY2023

49%20%13%17%

FY2024

50%21%14%14%

FY2025

52%21%14%13%

Engine ProductsFastening SystemsEngineered StructuresForged Wheels

Source: 10-K FY2025

By product or service, FY2025

Aerospace - Commercial$4.3B52%+11.7%

Aerospace - Defense$1.4B17%+21.0%

Commercial Transportation$1.2B15%−4.6%

Gas Turbines$944M11%+25.0%

Product and Service, Other$329M4%−0.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$2.7B Q3 2026

$2.1B Q3 2025

29.4% increase

Net income

$567M Q3 2026

$385M Q3 2025

47.3% increase

Source: Howmet Aerospace 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By segment

Engine Products

$1.5B Q3 2026

$1.1B Q3 2025

33.5% increase

Fastening Systems

$630M Q3 2026

$448M Q3 2025

40.6% increase

Forged Wheels

$327M Q3 2026

$247M Q3 2025

32.4% increase

Engineered Structures

$295M Q3 2026

$307M Q3 2025

3.9% decrease

Source: Howmet Aerospace 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $507M at Sep 30, 2026, vs $742M at FY2025 end.
Total debt $4.4B at Sep 30, 2026, vs $3.0B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.7B vs $1.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 11.1% in FY2025 to $8.3B, from $7.4B a year earlier. 10-K, FY2025
Net income rose 30.6% in FY2025 to $1.5B, from $1.2B. 10-K, FY2025
Operating cash flow rose 45.1% in FY2025 to $1.9B. 10-K, FY2025
Total debt fell 7.8% in FY2025 to $3.0B. 10-K, FY2025

The bear case

Forged Wheels revenue fell 1.4% in FY2025 to $1.0B. 10-K, FY2025
Commercial Transportation revenue fell 4.6% in FY2025 to $1.2B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include government and airline demand; program execution; supply chain. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Howmet Aerospace is in the aerospace & defense industry, part of the industrials sector. The SEC files it under Rolling Drawing & Extruding Of Nonferrous Metals.

Howmet Aerospace reports 4 segments: Engine Products, Fastening Systems, Engineered Structures and Forged Wheels.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the aerospace & defense industry. They are not a summary of Howmet Aerospace’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Government and airline demandOrders depend on defense budgets and airline spending, which can change.
Program executionLarge programs can run over budget or be delayed.
Supply chainSpecialist suppliers and materials can limit output.
Regulation and safetyAviation safety rules and product liability can bring cost.
TradeExport rules and tariffs affect costs and sales.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$6.6B	$7.4B	$8.3B
Net income	$765M	$1.2B	$1.5B
Operating cash flow	$901M	$1.3B	$1.9B
Cash & equivalents (year end)	$610M	$564M	$742M
Total debt (year end)	$3.5B	$3.3B	$3.0B
Diluted shares	416M	410M	406M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Aug 6, 2026	Jun 30, 2026
10-Q	May 7, 2026	Mar 31, 2026
DEF 14A	Apr 6, 2026	May 19, 2026
10-K	Feb 12, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Howmet Aerospace

How does Howmet Aerospace make money?

Fiscal 2025 revenue: $8.3B. By segment in FY2025: Engine Products (52%), Fastening Systems (21%), Engineered Structures (14%) and Forged Wheels (13%), as shares of total revenue. Total revenue was $8.3B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was Howmet Aerospace's revenue in fiscal 2025?

$8.3B, up 11.1% from fiscal 2024 ($7.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $6.6B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is Howmet Aerospace profitable?

Net income was $1.5B in fiscal 2025 (up 30.6%; fiscal 2024 was $1.2B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $567M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did Howmet Aerospace report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $2.7B (up 29.4% from $2.1B) and net income $567M (up 47.3% from $385M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

How much cash and debt does Howmet Aerospace have?

As of Sep 30, 2026: $507M of cash and cash equivalents, $4.4B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.

What are the main risks Howmet Aerospace faces?

Howmet Aerospace's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the aerospace & defense industry include Government and airline demand; program execution; supply chain; regulation and safety; trade. The first: Orders depend on defense budgets and airline spending, which can change. Source: 10-K, Item 1A Risk Factors.

Where do these Howmet Aerospace numbers come from?

The 10-K filed Feb 12, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in HWM: The editor holds no position in Howmet Aerospace (HWM). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell HWM from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold HWM, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Howmet AerospaceHWM	FY2025	$8.3B	+11.1%	$1.5B
GE AerospaceGE	FY2025	$45.9B	+18.5%	$8.7B
RTX	FY2025	$88.6B	+9.7%	$6.7B
Lockheed MartinLMT	FY2025	$75.0B	+5.6%	$5.0B
BoeingBA	FY2025	$89.5B	+34.5%	$2.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.