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Howmet Aerospace (HWM) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Howmet Aerospace (HWM) Q3 2026 earnings results →

Q3 2026 Revenue up 29% year over year to $2.7B · 21¢ of every $1 of revenue kept as net profit · operating margin 28.7%

Howmet Aerospace made $2.7B in Q3 2026 (+29% Y/Y): Aerospace - Commercial $1.5B, Aerospace - Defense $391M, Commercial Transportation $384M. Operating margin 28.7%, net earnings $567M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$2.7B
Year over year+29%
Operating margin28.7%
Net earnings$567M
Operating cash flow$709M

Drawing the Sankey…

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Howmet Aerospace Q3 2026 revenue breakdown: Sankey diagram of revenue (Aerospace - Commercial, Aerospace - Defense, Commercial Transportation, Gas Turbines), costs, profit and cash flow
Howmet Aerospace Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.7B in Q3 2026, up 29% year over year and up 6% from the previous quarter. Aerospace - Commercial was the largest line at 54% of revenue. Aerospace - Commercial added $0.35B year over year (up 32%), 57% of the total change.

Operating profit was $0.78B, a 28.7% margin (up 2.8 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, above the 26% margin then. Total costs grew 24% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+32%). Net earnings were $0.57B, up 47% year over year. The effective tax rate was 21.4%.

Operating cash flow was $0.71B (up 34% year over year), 125% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization. Working capital and other items added $0.05B. Capital expenditures of $0.15B left free cash flow of $0.56B.

Quarterly history

Howmet Aerospace revenue by quarterHowmet Aerospace revenue by quarter$1.9BQ1 2025$2.1BQ2 2025$2.1BQ3 2025$2.2BQ4 2025$2.3BQ1 2026$2.5BQ2 2026$2.7BQ3 2026
Howmet Aerospace net earnings by quarterHowmet Aerospace net earnings by quarter$344MQ1 2025$407MQ2 2025$385MQ3 2025$372MQ4 2025$580MQ1 2026$534MQ2 2026$567MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$2.7B+29%28.7%$567M$709M
Q2 202610-QAug 6, 2026$2.5B+24%27.9%$534M$583M
Q1 202610-QMay 7, 2026$2.3B+19%32.6%$580M$453M
Q4 202510-KFeb 12, 2026$2.2B+15%22.6%$372M$654M
Q3 202510-QOct 30, 2025$2.1B+14%25.9%$385M$531M
Q2 202510-QJul 31, 2025$2.1B+9%25.4%$407M$446M
Q1 202510-QMay 1, 2025$1.9B+6%25.4%$344M$253M

Charts

Howmet Aerospace: revenue growth, year over year and quarter over quarterHowmet Aerospace: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+9%+6%Q2 2025+14%+2%Q3 2025+15%+4%Q4 2025+19%+7%Q1 2026+24%+10%Q2 2026+29%+6%Q3 2026
Latest (Q3 2026): Y/Y +29%, Q/Q +6%.
Howmet Aerospace: where the cash came from (+) and went (−), TTM to Q3 2026Howmet Aerospace: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.4BAcquisitions−$1.9BBuybacks−$1.3BNet borrowing (+) / repaid (−)$889MCapital spending−$469MOther financing$299MAsset & business sales$226MDividends−$203MCash drawn (+) / kept (−)$152MTaxes on employees’ shares−$69.0MOther investing$4.0MExchange rates$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Howmet Aerospace: profit against cash, quarter by quarterHowmet Aerospace: profit against cash, quarter by quarterNet incomeOperating cash flow$314M$480MQ4 2024$344M$253MQ1 2025$407M$446MQ2 2025$385M$531MQ3 2025$372M$654MQ4 2025$580M$453MQ1 2026$534M$583MQ2 2026$567M$709MQ3 2026
Latest (Q3 2026): Net income $567M, Operating cash flow $709M.
Howmet Aerospace: diluted shares by fiscal yearHowmet Aerospace: diluted shares by fiscal year439MFY2020435MFY2021421MFY2022416MFY2023410MFY2024406MFY2025
-7.5% since FY2020: buybacks shrank the count.
Howmet Aerospace: long-term debt falling due (FY2025)Howmet Aerospace: long-term debt falling due (FY2025)$191M2026$300M2028$700M2029
Cash $742M, short-term investments —, long-term debt $3.0B at 2025-12-31.
Howmet Aerospace in its industry: growth against margin (5 companies, SIC 3350)Howmet Aerospace in its industry: growth against margin (5 companies, SIC 3350)revenue growth, year over year →↑ operating marginmedian +29%median 9%Novelis Inc.MLIKALUNXHWM (+29%, 29%)
Rolling Drawing & Extruding of Nonferrous Metals; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

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About Howmet Aerospace

Howmet Aerospace Inc. is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania. In this report, unless the context otherwise requires, “Howmet”, the “Company”, “we”, “us”, and “our” refer to Howmet Aerospace Inc. and its consolidated subsidiaries. The Company’s Internet address is https://www.howmet.com. Howmet makes available free of charge on or through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission (“SEC”).

In its own words, from its 10-K, filed Feb 12, 2026.

Howmet Aerospace against its Rolling Drawing & Extruding of Nonferrous Metals peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +29% against the peers' median +29%. Operating margin: 28.7% against the peers' median 9.3%.

CompanyQuarterRevenueY/YOp. margin
HWM Howmet AerospaceQ3 2026$2.7B+29%28.7%
NovelisQ2 FY27$5.9B+25%8.5%
MLI Mueller IndustriesQ3 2026$1.4B+32%19.8%
KALU Kaiser AluminumQ3 2026$1.2B+44%4.5%
NX Quanex Building ProductsQ3 FY26$502M+1%9.3%

Source: Howmet Aerospace 10-Q on SEC EDGAR · CIK 4281 · Rolling Drawing & Extruding of Nonferrous Metals

13F: who owns HWM and who is buying

Largest holders of HWM (13F)Largest holders of HWM (13F)BlackRock$12.3BVanguard Group$10.0BVanguard Capital Management LLC$7.0BState Street$5.1BVanguard Portfolio Management LLC$5.0BFMR LLC$4.1BPrice T Rowe Associates$3.6BBank of America$2.8BGeode Capital Management, LLC$2.6BJupiter Topco LLC$2.1B
Funds' net buying of HWM by quarter (13F)Funds' net buying of HWM by quarter (13F)−$393M2024-09$484M2024-12$33.8M2025-03−$28.4M2025-06−$996M2025-09−$1.2B2025-12$1.9B2026-03−$873M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HWM

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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