Howmet Aerospace Reports First Quarter 2026 Results

Revenue up 19% Year over Year; GAAP EPS $1.44, Adjusted EPS $1.22 
Record First Quarter Cash Generation; $300 Million Deployed for Common Stock Repurchases
Full Year 2026 Guidance Increased

Summary Financial Results

Key Activity

PITTSBURGH, May 7, 2026 /PRNewswire/ -- Howmet Aerospace (NYSE: HWM) announced results today for the first quarter 2026.

Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, "The Howmet team delivered a strong start to 2026, with revenue, adjusted EBITDA, adjusted EBITDA margin, and adjusted earnings per share all exceeding the high end of guidance. Revenue growth accelerated to 19% year over year, driven by strong growth across our key end markets, and adjusted EBITDA margin expanded 320 basis points year over year to 32.0%. Free cash flow performance was outstanding at $359 million after spending $94 million in capital expenditures, supporting the future growth rate of the Company. The free cash flow also enabled $300 million in common stock repurchases."     

Mr. Plant continued, "Looking ahead, we see a robust growth outlook in the key markets Howmet serves with its differentiated products and solutions. Commercial aerospace OEM customers continue to target production rate increases supported by record backlogs. Engine spares needs continue to increase, although an effect could be felt from the Iranian conflict. Defense markets remain healthy, while the gas turbines market is also very active. We see signs of demand improvement in commercial transportation, although we remain cautious."

"The beginning of 2026 was very active regarding the Howmet portfolio, and our updated guidance reflects these changes. We closed the CAM and Brunner acquisitions, adding revenue to Fastening Systems, while also divesting a disk forging business within Engineered Structures. These transactions followed our stated strategy of allocating capital to the businesses that demonstrate higher growth and margin potential. The net revenue effect of the portfolio adjustments in the year's guidance adds approximately $275 million, and the EPS effect is insignificant in 2026 with accretion expected in 2027."

2026 Guidance

+ 140 bps

Consolidated Results

Howmet Aerospace reported first quarter 2026 revenue of $2.31 billion, up 19% year over year, and Adjusted EPS of $1.22, up 42% year over year. Revenue was driven by 20% growth in the commercial aerospace market, 10% growth in the defense aerospace market and 39% growth in the gas turbines market.

The Company reported adjusted EBITDA of $740 million, up 32% year over year. The year-over-year increase was driven by strong growth in the commercial aerospace market and the gas turbines market. Adjusted EBITDA margin was up approximately 320 basis points year over year at 32.0%.

Segment Results

Fastening Systems

Engineered Structures

Forged Wheels

Secured Acquisition Financing for Consolidated Aerospace Manufacturing, LLC (CAM)
On March 3, 2026, the Company issued $400 million aggregate principal amount of 3.75% notes due 2028, $300 million aggregate principal amount of 3.90% notes due 2029, and $500 million aggregate principal amount of 4.75% notes due 2036. The Company secured the financing for the acquisition of CAM with these note issuances, combined with $450 million borrowed under its commercial paper program and approximately $150 million in cash sourced from the sale of the Savannah disk forging facility.

Completed Acquisition of CAM for approximately $1.8 Billion
On April 6, 2026, the Company completed the acquisition of CAM for approximately $1.8 billion from Stanley Black & Decker, Inc. CAM is a leading global designer and manufacturer of precision fasteners, fluid fittings, and other complex, highly engineered products for demanding aerospace and defense applications.

Acquired Brunner Manufacturing Co. Inc.
On February 6, 2026, the Company acquired Brunner Manufacturing Co. Inc., a privately held producer of high-quality fastener products based in Mauston, WI in an all-cash transaction for approximately $120 million. The transaction will enhance Howmet Aerospace's product offerings and market opportunities with larger-size fasteners.  

Sold Disk Forging Facility in Savannah, GA
On March 31, 2026, the Company sold its Savannah, GA disk forging facility that operated within the Engineered Structures segment for approximately $230 million. The sale resulted in a $93 million pre-tax gain that was treated as a special item.

Titanium Alloy Operation Moved from Engine Products to Engineered Structures
In the first quarter 2026, the Company moved a titanium alloy production operation from Engine Products to Engineered Structures for better operational alignment. The comparable periods of Engine Products and Engineered Structures have been recast to reflect the new alignment. The recasting had no impact on the Company's consolidated results, financial position, or cash flows.

Repurchased $300 Million of Common Stock in First Quarter 2026, $150 Million in April 2026
In the first quarter 2026, Howmet Aerospace repurchased $300 million of common stock at an average price of $230.43 per share, retiring approximately 1.3 million shares. In April 2026, the Company repurchased an additional $150 million of common stock at an average price of $246.18 per share, retiring approximately 0.6 million shares. As of May 4, 2026, total share repurchase authorization available was $1,047 million.

Quarterly Common Stock Dividend of $0.12 Per Share Paid in First Quarter 2026
On February 25, 2026, the Company paid a quarterly dividend of $0.12 per share on its common stock, up 20% from the $0.10 per share dividend paid in the first quarter 2025. The Board of Directors declared a quarterly dividend of $0.12 per share on the Company's common stock to be paid on May 26, 2026 to the holders of record of the common stock at the close of business on May 8, 2026.

Fitch Ratings upgraded Howmet Aerospace to A-
On February 13, 2026, Fitch Ratings upgraded its Long-Term Issuer Default Rating of Howmet Aerospace from BBB+ to A-, four notches into investment grade. All three major credit rating agencies rate Howmet Aerospace at least three notches into Investment Grade.    

Howmet Aerospace will hold its quarterly conference call at 10:00 AM Eastern Time on Thursday, May 7, 2026. The call will be webcast via www.howmet.com. The press release and presentation materials will be available at approximately 7:00 AM ET on May 7, via the "Investors" section of the Howmet Aerospace website.

About Howmet Aerospace
Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace, gas turbine, and transportation industries. The Company's primary businesses focus on engine components, fastening systems, and airframe structural components necessary for mission-critical performance and efficiency, including in aerospace, defense, and gas turbine applications, as well as forged aluminum wheels for commercial transportation. With approximately 1,200 granted and pending patents, the Company's differentiated technologies enable lighter, more fuel-efficient aircraft and commercial trucks to operate with a lower carbon footprint. For more information, visit www.howmet.com. 

Dissemination of Company Information
Howmet Aerospace intends to make future announcements regarding Company developments and financial performance through its website at www.howmet.com.    

Forward-Looking Statements
This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "could," "envisions," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," "poised," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements that reflect Howmet Aerospace's expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, forecasts and outlook relating to the condition of markets; future financial results or operating performance; future strategic actions; Howmet Aerospace's strategies, outlook, and business and financial prospects; any future dividends, debt issuances, debt reduction and repurchases of its common stock; and statements regarding any acquisitions, including expected benefits. These statements reflect beliefs and assumptions that are based on Howmet Aerospace's perception of historical trends, current conditions and expected future developments, as well as other factors Howmet Aerospace believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial market conditions generally, or unfavorable changes in the markets served by Howmet Aerospace, including due to escalating tariff and other trade policies and energy costs, and the resulting impacts on Howmet Aerospace's supply and distribution chains, as well as on market volatility and global trade generally; (b) the impact of potential cyber attacks and information technology or data security breaches; (c) the loss of significant customers or adverse changes in customers' business or financial conditions; (d) manufacturing difficulties or other issues that impact product performance, quality or safety; (e) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (f) failure to attract and retain a qualified workforce and key personnel, labor disputes or other employee relations issues; (g) the inability to achieve anticipated or targeted financial performance, operations or competitiveness, or realization of expected benefits from acquisitions, including the effective integration of acquired businesses; (h) inability to meet increased demand, production targets or commitments; (i) competition from new product offerings, disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to Howmet Aerospace's global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) failure to comply with government contracting regulations; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in Howmet Aerospace's Form 10-K for the year ended December 31, 2025 and other reports filed with the U.S. Securities and Exchange Commission. Market projections are subject to the risks discussed above and other risks in the market. Under its share repurchase program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time. The declaration of any future dividends is subject to the discretion and approval of the Board of Directors after the Board's consideration of all factors it deems relevant and subject to applicable law. The Company may modify, suspend, or cancel its share repurchase program or any dividend policy in any manner and at any time that it may deem necessary or appropriate. Credit ratings are not a recommendation to buy or hold any Howmet Aerospace securities, and they may be revised or revoked at any time at the sole discretion of the credit rating organizations. The statements in this release are made as of the date of this release, even if subsequently made available by Howmet Aerospace on its website or otherwise. Howmet Aerospace disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.   

Non-GAAP Financial Measures
Some of the information included in this release is derived from Howmet Aerospace's consolidated financial information but is not presented in Howmet Aerospace's financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered "non-GAAP financial measures" under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management's rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

Adjusted EBITDA is defined as Operating Income excluding Restructuring and other (credits) charges, Special Items and provision for depreciation and amortization. Special items, including Restructuring and other (credits) charges, are excluded from Adjusted EBITDA. Current and prior periods' Adjusted EBITDA calculations have not changed although the definitions have been simplified.

Other Information
In this press release, the acronym "FY" means "full year"; "Q" means "quarter"; "YoY" means year over year; "Adj." means adjusted; Howmet, Howmet Aerospace, or the Company means Howmet Aerospace Inc.; and references to performance by Howmet Aerospace or its segments as "record" mean its best result since April 1, 2020 when Howmet Aerospace Inc. (previously named Arconic Inc.) separated from Arconic Corporation.

Howmet Aerospace Inc. and subsidiaries

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SOURCE Howmet Aerospace Inc.