$HWM · Howmet Aerospace Inc.
Howmet Aerospace filed its 10-Q for the quarter ended September 30, 2026, reporting Q3 sales of $2.703B (+29.4% YoY), net income of $567M, and diluted EPS of $1.42. Nine-month revenue reached $7.563B with net income of $1.681B. The company completed the $1.929B acquisition of Consolidated Aerospace Manufacturing in April 2026 and repurchased $1.1B in common stock during the nine-month period.
- Q3 sales of $2.703B, up 29.4% YoY from $2.089B, with aerospace-commercial revenue jumping to $1.459B from $1.109B.
- Q3 diluted EPS of $1.42 vs $0.95 a year ago; nine-month diluted EPS of $4.18 vs $2.79.
- Operating income rose to $777M in Q3 from $542M; operating margin reached 28.7%.
- Nine-month cash from operations hit $1.745B, up from $1.230B, funding $1.1B in buybacks and $1.929B in acquisitions.
- Total Segment Adjusted EBITDA reached $908M in Q3 vs $637M, with Engine Products driving the bulk of growth.
Extended-hours trading shows HWM at $206.70, up 0.42% from the regular-session close of $205.84, suggesting the strong beat was largely priced in during the regular session's +5.46% move. The $82B market-cap company delivered results that confirm robust aerospace cycle momentum.
Howmet's 29.4% revenue growth and 49% EPS jump confirm it is one of the biggest beneficiaries of the commercial aerospace upcycle, amplified by the Consolidated Aerospace Manufacturing acquisition.
Howmet's 29.4% revenue growth far outpaces typical aerospace supplier mid-teens growth, reflecting its dominant position in engine components. The $1.929B Consolidated Aerospace Manufacturing acquisition in April 2026 is already contributing, with goodwill rising to $5.098B from $4.022B at year-end.
Tariff exposure is flagged: the timing, extent, and ability to recover tariffs remain uncertain, and delays in cost pass-through could pressure margins. Customer concentration risk persists with GE Aerospace (14% of sales) and RTX (11%).