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Howmet Aerospace
Howmet Aerospace (HWM) investor relations material
Howmet Aerospace Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record FY 2025 revenue of $8.3B, up 11% year-over-year, with strong growth in commercial and defense aerospace and gas turbines markets.
Adjusted EBITDA for FY 2025 was $2.42B, up 26% year-over-year, with a margin of 29.3%, up 350 bps.
Adjusted EPS for FY 2025 was $3.77, up 40% year-over-year.
Free cash flow for FY 2025 was $1.43B, with a 93% net income conversion.
Deployed $700M for share repurchases, $181M in dividends, and $265M in debt reduction in FY 2025.
Financial highlights
Q4 2025 revenue was $2.17B, up 15% year-over-year; adjusted EBITDA was $653M, up 29% year-over-year.
Q4 2025 adjusted EPS was $1.05, up 42% year-over-year.
Q4 2025 adjusted operating income was $580M, up 34% year-over-year, with a margin of 26.8%.
Adjusted EBITDA margin for FY 2025 was 29.3%, up 350 bps; Q4 2025 margin reached 30.1%.
Net debt-to-LTM adjusted EBITDA improved to a record low of 1.0x.
Outlook and guidance
FY 2026 revenue guidance: $9.0B–$9.2B, up ~10% year-over-year.
FY 2026 adjusted EBITDA guidance: $2.71B–$2.81B, margin 30.1%–30.5%.
FY 2026 adjusted EPS guidance: $4.35–$4.55; free cash flow $1.55B–$1.65B.
Growth expected in commercial aerospace, defense, and gas turbines; commercial truck wheels to recover in late 2026.
FY 2026 capex expected at ~$470M, ~5% of revenue.
Does 2026 guidance include CAM acquisition impact?
What drives H2 2026 commercial transport recovery?
Capital allocation priorities for 2026 free cash flow?
Gas turbine investment strategy and ROIC?
Capital deployment: M&A vs. buybacks?
Explain 2026 implied margin decline.
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Next Howmet Aerospace earnings date
Investor Update10 Mar, 2026
Howmet Aerospace
Next Howmet Aerospace earnings date
Investor Update10 Mar, 2026
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Frequently asked questions
Howmet Aerospace Inc. designs and manufactures high-technology products for commercial airlines and business aircraft, military applications, and industrial gas turbine engines. The company provides a wide range of services, including engineering, manufacturing, and ancillary services throughout its supply chain management system. The company's portfolio includes unique components such as rotating discs, vanes and nose cones for airfoils or helicopter blades; machined and tooled mechanical/electrical parts; as well as fabricated assemblies and subassemblies for turbine engines.
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