Howmet Aerospace
HWM · NYSERolling Drawing & Extruding of Nonferrous Metals · Fiscal year ends Dec 31
Howmet Aerospace reported revenue of $8.3B in the fiscal year ended Dec 2025, up 11.1% from the year before. Operating income was $2B, an operating margin of 24.8%, and net income was $1.5B. Operating cash flow of $1.9B less capital expenditure of $453M left free cash flow of $1.4B. Net debt was $2.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5B | $5.7B | $6.6B | $7.4B | $8.3B |
| Research & development | $17M | $32M | $36M | $33M | $37M |
| Selling, general & admin | $251M | $288M | $333M | $347M | $370M |
| Operating income | $748M | $919M | $1.2B | $1.6B | $2B |
| Net interest incomeBanks | −$259M | −$229M | −$218M | – | – |
| Interest expense | $259M | $229M | $218M | – | – |
| Pre-tax income | $324M | $606M | $975M | $1.4B | $1.8B |
| Income tax | $66M | $137M | $210M | $228M | $332M |
| Net income | $258M | $469M | $765M | $1.2B | $1.5B |
| Diluted EPS | 0.59 | 1.11 | 1.83 | 2.81 | 3.71 |
| Diluted shares | 435M | 421M | 416M | 410M | 406M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $720M | $791M | $610M | $564M | $742M |
| Receivables | $367M | $506M | $675M | $689M | $779M |
| Inventory | $1.4B | $1.6B | $1.8B | $1.8B | $1.8B |
| Current assets | $2.7B | $3.1B | $3.3B | $3.4B | $3.8B |
| Net PP&E | $2.5B | $2.3B | $2.3B | $2.4B | $2.6B |
| Goodwill | $4.1B | $4B | $4B | $4B | $4B |
| Total assets | $10.2B | $10.3B | $10.4B | $10.5B | $11.2B |
| Payables | $732M | $962M | $982M | $948M | $845M |
| Deferred revenue | – | $32M | $64M | $60M | $147M |
| Current liabilities | $1.3B | $1.5B | $1.8B | $1.5B | $1.8B |
| Short-term debt | $5M | $0 | $206M | $6M | $191M |
| Long-term debt | $4.2B | $4.2B | $3.5B | $3.3B | $2.9B |
| Total liabilities | $6.7B | $6.7B | $6.4B | $6B | $5.8B |
| Shareholders' equity | $3.5B | $3.6B | $4B | $4.6B | $5.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $449M | $733M | $901M | $1.3B | $1.9B |
| Capital expenditure | $199M | $193M | $219M | $321M | $453M |
| Free cash flow | $250M | $540M | $682M | $977M | $1.4B |
| Depreciation & amortisation | $270M | $265M | $272M | $277M | $283M |
| Stock-based compensation | $40M | $54M | $50M | $63M | $73M |
| Acquisitions | – | $0 | $0 | $5M | $0 |
| Share buybacks | $430M | $400M | $250M | $500M | $700M |
| Dividend per share | 0.04 | 0.10 | 0.17 | 0.26 | 0.44 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.9% | 17.3% | 11.9% | 11.1% |
| Operating income growth (YoY) | – | 22.9% | 30.9% | 35.7% | 25.3% |
| EPS growth (YoY) | – | 88.1% | 64.9% | 53.6% | 32.0% |
| Operating margin | 15.0% | 16.2% | 18.1% | 22.0% | 24.8% |
| Net margin | 5.2% | 8.3% | 11.5% | 15.5% | 18.3% |
| Return on equityBlank when equity is negative | 7.4% | 13.0% | 18.9% | 25.4% | 28.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.3% | 10.5% | 13.9% | 18.2% | 21.7% |
| Free cash flow margin | 5.0% | 9.5% | 10.3% | 13.1% | 17.3% |
| Cash conversion (CFO ÷ net income) | 1.74x | 1.56x | 1.18x | 1.12x | 1.25x |
| Receivable days | 27 | 33 | 37 | 34 | 34 |
| Interest cover | 2.89x | 4.01x | 5.52x | – | – |
| Debt ÷ equity | 1.21x | 1.16x | 0.92x | 0.73x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.5B | $3.4B | $3.1B | $2.8B | $2.3B |
| Current ratio | 2.18x | 2.12x | 1.86x | 2.17x | 2.13x |
Recent filings
More in Rolling Drawing & Extruding Of Nonferrous Metals
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.