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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Howmet Aerospace
Howmet Aerospace (HWM) investor relations material
Howmet Aerospace Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue was $2.703B, up 29% YoY and 25% organically; adjusted EBITDA rose 43% to $879M, adjusted EPS rose 54% to $1.46, and results exceeded the high end of guidance.
Strong commercial aerospace, defense, gas turbine and commercial transportation demand supported record organic growth and higher FY26 guidance.
Financial highlights
Q3 revenue was $2.703B versus $2.089B a year earlier; GAAP operating income was $777M and net income was $567M versus $385M.
Adjusted EBITDA was $879M, up 43%; margin expanded 310 bps to 32.5%, with 43% incremental flow-through.
Q3 free cash flow was $562M on $709M operating cash flow and $147M CapEx; ending cash was $508M.
Nine-month revenue was $7.563B, net income $1.681B and operating cash flow $1.745B; nine-month free cash flow was $1.4B.
Outlook and guidance
FY26 guidance: revenue $10.300B ±$10M, adjusted EBITDA $3.330B ±$5M, adjusted EPS $5.50 ±$0.01 and free cash flow $2.0B ±$50M; revenue guidance increased $250M.
Q4 guidance: revenue $2.750B ±$10M, adjusted EBITDA $900M ±$5M and adjusted EPS $1.50 ±$0.01.
Initial FY27 outlook calls for revenue of ~$11.5B, up ~12%; elevated capital spending is expected beyond 2027 to support growth.
FY26 CapEx is expected at ~$515M, ~5% of sales; spending is expected to remain elevated.
Industrial gas turbine sales are expected to double from 2025 levels in three years, with potential 2.5x growth within five years and ~$2.5B sales by decade-end.
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Latest events from Howmet Aerospace
- Record $682M free cash flow and aerospace-led growth underpin FY 2024 guidance.HWM
Q4 2023 - Advanced turbine demand and capacity expansion drive strong growth outlook into the 2030s.HWMJefferies Global Industrials Conference 2026
- Q2 2026 revenue up 24%, margins expanded, and FY 2026 guidance raised on strong demand.HWMQ2 2026
- Aftermarket growth, automation, and capacity expansion drive strong margins and outlook.HWMBernstein 41st Annual Strategic Decisions Conference 2025
- Growth in aerospace, defense, and power segments is accelerating, supported by high margins and investment.HWMBernstein 42nd Annual Strategic Decisions Conference
- All proposals passed, with minimal current business impact from global conflicts noted.HWMAGM 2026
- Q1 2026 delivered 19% revenue growth, record cash flow, and raised guidance on strong aerospace demand.HWMQ1 2026
- Q3 revenue up 11%, net income up 77%, with strong aerospace growth and raised guidance.HWMQ3 2024
- Record Q2 results, raised 2024 guidance, and expanded capital returns on aerospace strength.HWMQ2 2024
Next Howmet Aerospace earnings date
Q4 202611 Feb, 2027
Howmet Aerospace
Next Howmet Aerospace earnings date
Q4 202611 Feb, 2027
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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.