Jun 2026 (Q2 FY26) — Aug 6, 2026
Howmet Aerospace Q2 FY26 — Strong Organic Growth and Margin Expansion Driven by Commercial Aero and Gas Turbines
Read the full callHowmet Aerospace (HWM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Howmet Aerospace earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,547 | +24.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 27.9 | +2.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 534 | +31.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
46 of 46 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gas turbine customer supply and capital-investment agreements | complete the final of the 7 major gas turbine customer agreements during the second quarter of 2026 | Mar 2026 | We have completed negotiations with the last of our 7 major customers | Achieved |
| Full-year adjusted EBITDA guidance | $2.76 billion, plus or minus $50 million | Dec 2025 | EBITDA of $3.23 billion, plus or minus $20 million | On Track |
| CAM acquisition earnings per share accretion | positive earnings per share impact starting in 2027 | Dec 2025 | you said your breakeven is for this year, and again, starting to see positive EPS effect in 2027 and beyond | On Track |
24 of Howmet Aerospace Inc.'s 70 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 67 more targets are in the full ledger.
Claimed
- Total revenue increased 24% year-over-year, with organic growth of 21% in Q2 FY26.
- Adjusted EBITDA margin expanded by 340 basis points year-over-year to 32.1% in Q2 FY26.
- Adjusted EPS grew 46% year-over-year to $1.33 in Q2 FY26.
- Free cash flow was just under $0.5 billion in Q2 FY26, totaling approximately $840 million for the first half.
- The company repurchased $300 million in shares during Q2 FY26, bringing year-to-date repurchases to $800 million.
Qualified
- Commercial Transportation wheels volume declined 8% year-over-year in Q2 FY26.
- Forged Wheels EBITDA margin decreased 270 basis points sequentially due to the dilutive effect of sharply higher aluminum cost pass-through.
- Fastening Systems EBITDA margin declined sequentially, driven by the initial absorption of the CAM acquisition.
- Capital expenditure requirements are increasing, expected to exceed $500 million in FY26 and further increase in FY27.
Price
$220.03 −0.42% · −$0.93
Performance +16.0% 1Y
1Y: $189.68 on 17 Oct 2025 → $220.03. High $292.65 (18 Aug 2026), low $189.68 (17 Oct 2025).
- Previous close
- $220.96
- 52-week range
- $190.98 – $292.65
- One year
- +14.29%
Overview
- Symbol
- HWM
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
46 of 46 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gas turbine customer supply and capital-investment agreements | complete the final of the 7 major gas turbine customer agreements during the second quarter of 2026 | Mar 2026 | We have completed negotiations with the last of our 7 major customers | Achieved |
| Full-year adjusted EBITDA guidance | $2.76 billion, plus or minus $50 million | Dec 2025 | EBITDA of $3.23 billion, plus or minus $20 million | On Track |
| CAM acquisition earnings per share accretion | positive earnings per share impact starting in 2027 | Dec 2025 | you said your breakeven is for this year, and again, starting to see positive EPS effect in 2027 and beyond | On Track |
Claimed
- Total revenue increased 24% year-over-year, with organic growth of 21% in Q2 FY26.
- Adjusted EBITDA margin expanded by 340 basis points year-over-year to 32.1% in Q2 FY26.
- Adjusted EPS grew 46% year-over-year to $1.33 in Q2 FY26.
- Free cash flow was just under $0.5 billion in Q2 FY26, totaling approximately $840 million for the first half.
- The company repurchased $300 million in shares during Q2 FY26, bringing year-to-date repurchases to $800 million.
Qualified
- Commercial Transportation wheels volume declined 8% year-over-year in Q2 FY26.
- Forged Wheels EBITDA margin decreased 270 basis points sequentially due to the dilutive effect of sharply higher aluminum cost pass-through.
- Fastening Systems EBITDA margin declined sequentially, driven by the initial absorption of the CAM acquisition.
- Capital expenditure requirements are increasing, expected to exceed $500 million in FY26 and further increase in FY27.
The full ledger
Open Howmet Aerospace Inc.’s full ledger
A free account opens 5 company ledgers a month. All 70 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Howmet Aerospace Q1 FY26 — Record EBITDA Margin and Strong Cash Flow
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Howmet Aerospace Q4 FY25 — Record Revenue, EBITDA, FCF, and Strategic Acquisitions
Read the full callEvery analysed call
Howmet Aerospace earnings calls (HWM)
Financials
What the filings say
Net profit, year on year: +31% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,835 | 1,891 | 1,942 | 2,053 | 2,089 | 2,168 | 2,313 | 2,547 |
| Operating profit | 421 | 445 | 494 | 521 | 542 | 489 | 753 | 711 |
| Operating margin | 22.9% | 23.5% | 25.4% | 25.4% | 25.9% | 22.6% | 32.6% | 27.9% |
| Other income | -17 | -13 | -9 | -14 | -10 | -7 | -2 | -11 |
| Profit before tax | 354 | 392 | 446 | 469 | 495 | 430 | 708 | 649 |
| Tax rate | 6.2% | 19.9% | 22.9% | 13.2% | 22.2% | 13.5% | 18.1% | 17.7% |
| Net profit | 332 | 314 | 344 | 407 | 385 | 372 | 580 | 534 |
| EPS ($ per share) | 0.81 | — | 0.85 | 1.01 | 0.96 | — | 1.45 | 1.33 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 483 | 433 | 433 | 422 | 412 | 410 | 405 | 402 |
| Reserves | -358 | 113 | 364 | 603 | 1,028 | 1,720 | 2,766 | 4,093 |
| Total liabilities | 13,108 | 12,957 | 7,866 | 6,711 | 6,654 | 6,391 | 5,965 | 5,826 |
| Fixed assets | 5,704 | 2,629 | 2,592 | 2,467 | 2,332 | 2,328 | 2,386 | 2,593 |
| Total assets | 18,693 | 17,562 | 11,443 | 10,219 | 10,255 | 10,428 | 10,519 | 11,179 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 217 | 461 | 9 | 449 | 733 | 901 | 1,298 | 1,884 |
| Cash from investing | 565 | 528 | 271 | 107 | -135 | -215 | -316 | -438 |
| Cash from financing | -649 | -1,568 | -369 | -1,444 | -526 | -868 | -1,026 | -1,269 |
| Net cash flow | 129 | -579 | -92 | -889 | 70 | -182 | -45 | 178 |
| Capital expenditure | -768 | -641 | -267 | -199 | -193 | -219 | -321 | -453 |
| Free cash flow | -551 | -180 | -258 | 250 | 540 | 682 | 977 | 1,431 |
HWM revenue by segment
Engine Products grew from 52% to 54% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Engine Products | 52% | 51% | 51% | 51% | 53% | 54% | 54% | 54% | +30.0% |
| Forged Wheels | — | — | 13% | 13% | 12% | 12% | 13% | 12% | +14.5% |
| Engineered Structures | — | — | — | 14% | 14% | — | 13% | 11% | -7.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
31 filings between Dec 31, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$22.92M
3 sales by 2 insiders
Compensation
not trading decisions- 23
- Award — granted as compensation
- 5
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Marchuk Neil Edward | — | $22.66M | May 11, 2026 |
| Shultz Barbara Lou | — | $260.0K | Feb 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | CANTIE JOSEPH S Director | Award | 156 | $36.1K |
| Jul 2, 2026 | CANTIE JOSEPH S Director | Award | 134 | $36.2K |
| May 21, 2026 | Alving Amy E Director | Award | 731 | $0 |
| May 21, 2026 | Barner Sharon R Director | Award | 731 | $0 |
| May 21, 2026 | CANTIE JOSEPH S Director | Award | 731 | $0 |
| May 21, 2026 | LEDUC ROBERT F Director | Award | 731 | $0 |
| May 21, 2026 | Miller Jody Director | Award | 731 | $0 |
| May 21, 2026 | SCHMIDT ULRICH Director | Award | 731 | $0 |
| May 21, 2026 | Smith Gunner Director | Award | 731 | $0 |
| May 21, 2026 | ALBAUGH JAMES F Director | Award | 731 | $0 |
| May 11, 2026 | Marchuk Neil Edward EVP, CAO | Sale | 41,932 | $11.30M |
| Apr 15, 2026 | Arena Jonathan A EVP, CL&CO and Secretary | Award | 3,544 | $0 |
| Apr 2, 2026 | CANTIE JOSEPH S Director | Award | 155 | $36.1K |
| Feb 26, 2026 | Shultz Barbara Lou Vice President and Controller | Sale | 1,000 | $260.0K |
| Feb 18, 2026 | Marchuk Neil Edward EVP, CAO | Sale | 45,150 | $11.36M |
| Feb 17, 2026 | CHANATRY MICHAEL NIEM Vice President | Award | 2,693 | $0 |
| Feb 17, 2026 | Marchuk Neil Edward EVP, CAO | Award | 3,881 | $0 |
| Feb 17, 2026 | PLANT JOHN C Executive Chairman & CEO | Award | 22,333 | $0 |
| Feb 17, 2026 | Shultz Barbara Lou Vice President and Controller | Award | 446 | $0 |
| Feb 17, 2026 | Winterlich Patrick EVP, CFO | Award | 3,168 | $0 |
| Feb 16, 2026 | CHANATRY MICHAEL NIEM Vice President | Tax withheld | 9,579 | $2.40M |
| Feb 16, 2026 | Marchuk Neil Edward EVP, CAO | Tax withheld | 28,651 | $7.17M |
| Feb 16, 2026 | Shultz Barbara Lou Vice President and Controller | Tax withheld | 2,692 | $673.6K |
| Feb 15, 2026 | CHANATRY MICHAEL NIEM Vice President | Tax withheld | 10,741 | $2.69M |
| Feb 3, 2026 | Shultz Barbara Lou Vice President and Controller | Award | 4,076 | $0 |
| Feb 3, 2026 | Marchuk Neil Edward EVP, CAO | Award | 50,292 | $0 |
| Feb 3, 2026 | CHANATRY MICHAEL NIEM Vice President | Award | 16,764 | $0 |
| Jan 5, 2026 | CANTIE JOSEPH S Director | Award | 158 | $33.6K |
| Jan 5, 2026 | Miller Jody Director | Award | 158 | $33.6K |
| Jan 5, 2026 | LEDUC ROBERT F Director | Award | 28 | $6.0K |
| Dec 31, 2025 | Marchuk Neil Edward EVP, CAO | Tax withheld | 5,255 | $1.08M |
| Oct 2, 2025 | LEDUC ROBERT F Director | Award | 31 | $5.9K |
| Oct 2, 2025 | Miller Jody Director | Award | 176 | $33.6K |
| Oct 2, 2025 | CANTIE JOSEPH S Director | Award | 176 | $33.6K |
| Aug 5, 2025 | LIN LOLA FELICE EVP, CL&CO and Secretary | Sale | 13,102 | $2.37M |
| Jul 2, 2025 | CANTIE JOSEPH S Director | Award | 191 | $33.6K |
| Jul 2, 2025 | LEDUC ROBERT F Director | Award | 34 | $6.0K |
| Jul 2, 2025 | Miller Jody Director | Award | 191 | $33.6K |
| Jul 1, 2025 | PLANT JOHN C Executive Chairman & CEO | Award | 255,363 | $0 |
| May 30, 2025 | Alving Amy E Director | Award | 1,030 | $0 |
| May 30, 2025 | SCHMIDT ULRICH Director | Award | 1,030 | $0 |
| May 30, 2025 | ALBAUGH JAMES F Director | Award | 1,030 | $0 |
| May 30, 2025 | Smith Gunner Director | Award | 1,030 | $0 |
| May 30, 2025 | Miller Jody Director | Award | 1,030 | $0 |
| May 30, 2025 | LEDUC ROBERT F Director | Award | 1,030 | $0 |
| May 30, 2025 | CANTIE JOSEPH S Director | Award | 1,030 | $0 |
| May 30, 2025 | Barner Sharon R Director | Award | 1,030 | $0 |
| May 12, 2025 | Marchuk Neil Edward EVP, HR | Sale | 30,000 | $4.76M |
| May 12, 2025 | PLANT JOHN C Executive Chairman & CEO | Sale | 650,000 | $102.03M |
| May 12, 2025 | PLANT JOHN C Executive Chairman & CEO | Sale | 150,000 | $23.54M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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