Howmet Aerospace earnings: guidance and results
Howmet Aerospace's next results are expected on October 29, 2026. Howmet Aerospace's qualified shipments are the key thing to watch.
What has Howmet Aerospace guided for 2026?
On August 6, management raised its 2026 revenue guidance to $10,000–$10,100 million and adjusted earnings per share to $5.23–$5.31. Revenue is what customers pay; adjusted EPS is the profit per share after management removes items it considers unusual or less representative of the underlying business.
Free cash flow is the more practical test. It is the cash left after running the business and buying equipment, and management expects $1,850–$1,950 million in 2026. That cash can fund debt repayment, dividends, buybacks and acquisitions after the factory program is paid for.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue | Year to Dec 2026 | 10,000 | 10,100 | Aug 6, 2026 |
| Adj. EBITDA | Year to Dec 2026 | 3,210 | 3,250 | Aug 6, 2026 |
| Adj. EBITDA Margin | Year to Dec 2026 | 32.1% | 32.2% | Aug 6, 2026 |
| Adj. Earnings per Share | Year to Dec 2026 | 5.23 | 5.31 | Aug 6, 2026 |
| Free Cash Flow | Year to Dec 2026 | 1,850 | 1,950 | Aug 6, 2026 |
| Capex | Year to Dec 2026 | 500 | 530 | Aug 6, 2026 |
What this means. These are the company's forecasts for the full year, not results already achieved, and the low and high numbers show a range of possible outcomes.
Did Howmet Aerospace keep its past promises?
Management forecast free cash flow of US$1.025–1.125 billion. It delivered US$1.431 billion, a clear beat of that commitment. Long-term awards also use adjusted earnings per share and relative shareholder return, which compares share-price gains and dividends with those of peers. Strong results support confidence, but demanding targets still require judgment.
What do Howmet Aerospace's last eight quarters show?
Revenue, gross margin, operating income and diluted earnings per share all improved from a year earlier. The eight-quarter sequence matters because it shows margin progression over time rather than one isolated result. Commercial aircraft deliveries were 14% higher in the first half of 2026, supporting the aerospace recovery, while heavy-truck production remained under pressure.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,547 | 2,313 | 2,168 | 2,089 | 2,053 | 1,942 | 1,891 | 1,835 |
| Gross margin | 37.3% | 36.9% | 34.9% | 34.7% | 33.5% | 33.6% | 31.8% | 31.7% |
| Operating income | 711 | 753 | 489 | 542 | 521 | 494 | 445 | 421 |
| Net income | 534 | 580 | 372 | 385 | 407 | 344 | 314 | 332 |
| EPS, diluted | 1.33 | 1.44 | 0.92 | 0.95 | 1.00 | 0.84 | 0.77 | 0.81 |
| = Free cash flow | 479 | 359 | 530 | 423 | 344 | 134 | 378 | 162 |
What this means. The June 2026 cash from operations and capital spending figures are calculated by subtracting the March quarter from six-month totals, rather than being reported directly for that quarter.
What should I watch in Howmet Aerospace's next results?
The nearest checkpoint is October 29, 2026, when Howmet is scheduled to report third-quarter results. Investors should look for capacity utilization, qualified output, staffing and progress at the slowest production steps. They should also watch on-time delivery, scrap, rework and warranty costs, because high utilization is useful only if it produces acceptable parts on schedule.