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How Howmet Aerospace (HWM) makes money
Howmet Aerospace (HWM) made $2.7B of revenue in the third quarter 2026 (Q3 2026), +29% from a year earlier. Aerospace - Commercial brought in $1.5B (54%); Aerospace - Defense brought in $391M (14%); Commercial Transportation brought in $384M (14%). Of every dollar of revenue, 29¢ was left as operating profit, 21¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Aerospace - Commercial | $1.5B | 54.0% | +7% | +32% |
| Aerospace - Defense | $391M | 14.5% | +0.5% | +10% |
| Commercial Transportation | $384M | 14.2% | +3% | +28% |
| Gas Turbines | $349M | 12.9% | +9% | +45% |
| Other | $120M | 4.4% | +13% | +48% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.7B | 100.0% |
| Operating profit | $777M | 28.7% |
| Income tax | $154M | 5.7% |
| Net earnings | $567M | 21.0% |
| Operating cash flow | $709M | 26.2% |
| Free cash flow | $562M | 20.8% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.7B | +29% |
| Q2 2026 | $2.5B | +24% |
| Q1 2026 | $2.3B | +19% |
| Q4 2025 | $2.2B | +15% |
| Q3 2025 | $2.1B | +14% |
| Q2 2025 | $2.1B | +9% |
| Q1 2025 | $1.9B | +6% |
From Howmet Aerospace's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Howmet Aerospace make money?
Howmet Aerospace (HWM) made $2.7B of revenue in the third quarter 2026 (Q3 2026), +29% from a year earlier. Aerospace - Commercial brought in $1.5B (54%); Aerospace - Defense brought in $391M (14%); Commercial Transportation brought in $384M (14%). Of every dollar of revenue, 29¢ was left as operating profit, 21¢ was left as net earnings.
What is Howmet Aerospace's biggest business?
Aerospace - Commercial: $1.5B in the third quarter 2026, 54% of revenue, +32% from a year earlier.
What is Howmet Aerospace's profit margin?
Net earnings were $567M, 21.0% of revenue, in the third quarter 2026; the operating margin was 28.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.