Filing Flows

Filing Flows › Companies › Howmet Aerospace › Cash flow

Howmet Aerospace cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$562M in Q3 2026 · $1.9B over twelve months

Operating cash flow$709M
Capital spending−$147M
Free cash flow+$562M
Cash / net income1.3×
Cash conversion cycle96 days

Analysis

In Q3 2026, Howmet Aerospace generated $709M of operating cash flow and spent $147M on capital projects, leaving free cash flow of $562M. That is $139M more than in Q3 2025 ($423M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.4B; the largest uses were acquisitions ($1.9B), buybacks ($1.3B), capital spending ($469M); besides operations, cash came from net borrowing (+) / repaid (−) ($889M), other financing ($299M); the cash balance fell by $152M.

Operating cash flow was $709M against net income of $567M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: payables −$211M, accrued liabilities +$138M, depreciation & amortization +$93.0M.

Its cash conversion cycle was 96 days (receivables 37 + inventory 116 − payables 57).

Free cash flow

Howmet Aerospace: free cash flow by quarterHowmet Aerospace: free cash flow by quarter$378MQ4 2024$134MQ1 2025$344MQ2 2025$423MQ3 2025$530MQ4 2025$359MQ1 2026$479MQ2 2026$562MQ3 2026
Operating cash flow less capital spending.
Howmet Aerospace: operating cash flow against capital spendingHowmet Aerospace: operating cash flow against capital spendingOperating cash flowCapital spending$480M$102MQ4 2024$253M$119MQ1 2025$446M$102MQ2 2025$531M$108MQ3 2025$654M$124MQ4 2025$453M$94.0MQ1 2026$583M$104MQ2 2026$709M$147MQ3 2026
Latest (Q3 2026): Operating cash flow $709M, Capital spending $147M.

Capital allocation, year by year

Howmet Aerospace: where the cash came from (up) and went (down), by fiscal yearHowmet Aerospace: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $449MFY2021: Net borrowing −$847MFY2021: Shares issued $22.0MFY2021: Asset sales $32.0MFY2021: Capital spending −$199MFY2021: Buybacks −$430MFY2021: Dividends −$19.0M$503MFY2021FY2022: Operating cash flow $733MFY2022: Net borrowing −$74.0MFY2022: Shares issued $16.0MFY2022: Asset sales $58.0MFY2022: Capital spending −$193MFY2022: Buybacks −$400MFY2022: Dividends −$44.0M$807MFY2022FY2023: Operating cash flow $901MFY2023: Net borrowing −$476MFY2023: Shares issued $11.0MFY2023: Asset sales $2.0MFY2023: Capital spending −$219MFY2023: Buybacks −$250MFY2023: Dividends −$73.0M$914MFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$365MFY2024: Shares issued $8.0MFY2024: Asset sales $9.0MFY2024: Capital spending −$321MFY2024: Acquisitions −$5.0MFY2024: Buybacks −$500MFY2024: Dividends −$109M$1.3BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing −$265MFY2025: Shares issued $1.0MFY2025: Asset sales $9.0MFY2025: Capital spending −$453MFY2025: Buybacks −$700MFY2025: Dividends −$181M$1.9BFY2025
Over these 5 years operating cash flow totalled $5.3B; the largest uses were buybacks ($2.3B) and net borrowing ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$507M
Debt$3.4B
Net debt$2.9B
Due within a year$191M

Howmet Aerospace funds itself: free cash flow was $1.9B over the last twelve months, and $507M of cash and investments stands against $3.4B of debt ($191M due within a year, 2.7× covered by cash).

Howmet Aerospace: debt maturities by year (FY2025)Howmet Aerospace: debt maturities by year (FY2025)$191MYear 1$300MYear 3$700MYear 4
Principal due in each year as disclosed in the annual report, against $507M of cash and investments now.

Where the cash came from and went

Howmet Aerospace: sources (+) and uses (−) of cash, Q3 2026Howmet Aerospace: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$709MBuybacks−$500MCapital spending−$147MNet borrowing (+) / repaid (−)−$60.0MDividends−$56.0MCash drawn (+) / kept (−)$56.0MTaxes on employees’ shares−$3.0MAsset & business sales$1.0MExchange rates$1.0MOther financing−$1.0M
Howmet Aerospace: sources (+) and uses (−) of cash, TTM to Q3 2026Howmet Aerospace: sources (+) and uses (−) of cash, 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 profit to cash

Howmet Aerospace: net income to operating cash flow, Q3 2026Howmet Aerospace: net income to operating cash flow, Q3 2026Net income$567MDepreciation & amortization$93.0MDeferred taxes$39.0MGains on investments$6.0MOther non-cash$3.0MReceivables−$88.0MInventory$48.0MPayables−$211MAccrued liabilities$138MPrepaid and other assets$13.0MOther liabilities$77.0MIncome taxes payable$4.0MOperating cash flow$709M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026371165796
Q2 2026351196391
Q1 2026331185993
Q4 20253512559101
Q3 20253913367105
Q2 20253912967101
Q1 2025371316899
Q4 20243513467102

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$709M−$147M—−$500M−$56.0M−$60.0M—$56.0M$562M
Q2 2026$583M−$104M−$1.8B−$300M−$49.0M−$186M—$1.9B$479M
Q1 2026$453M−$94.0M−$118M−$300M−$48.0M$1.6B—−$1.7B$359M
Q4 2025$654M−$124M—−$200M−$50.0M−$125M—−$83.0M$530M
Q3 2025$531M−$108M—−$200M−$48.0M−$63.0M—−$114M$423M
Q2 2025$446M−$102M—−$175M−$41.0M−$76.0M—−$9.0M$344M
Q1 2025$253M−$119M—−$125M−$42.0M−$1.0M$1.0M$28.0M$134M
Q4 2024$480M−$102M—−$190M−$33.0M−$60.0M$1.0M−$90.0M$378M

Howmet Aerospace: income statement and cash flow

Howmet Aerospace, Q3 2026: revenue $2.7B (+29% year over year), operating margin 28.7%. The chart follows the revenue to costs, profit and cash.

Howmet Aerospace: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.