Howmet Aerospace (NYSE:HWM) released its third-quarter 2026 earnings results on October 29, 2026, reporting revenue of $2,703 million, a 29% year-over-year increase, alongside a $5 billion addition to its share repurchase authorization approved by the Board of Directors on October 28, 2026.

Key Highlights

  • Revenue rose 29% year over year to $2,703 million in the third quarter 2026, with organic growth of 25%, which the company described as "the strongest quarterly growth rate on record for Howmet."
  • GAAP EPS was $1.42 and Adjusted EPS was $1.46, up 49% and 54% year over year, respectively.
  • Free cash flow was $562 million in the third quarter 2026, after $147 million in capital expenditures, according to the filing.
  • $500 million of common stock was repurchased in the third quarter 2026 at an average price of $264.77 per share, retiring approximately 1.9 million shares; year-to-date repurchases through October 28, 2026 totaled $1.1 billion at an average price of $250.72 per share.
  • The Board authorized a $5 billion increase to the share repurchase program on October 28, 2026, resulting in total remaining authorization of $5.397 billion.
  • Full year 2026 Adjusted EPS guidance baseline was increased to $5.50, up $0.23 from the prior baseline, with full year 2026 revenue guidance baseline set at $10,300 million.
  • Full year 2027 revenue guidance was introduced at approximately $11.5 billion, representing approximately 12% growth from the increased 2026 guidance.

Howmet Aerospace Third Quarter 2026 Operating Performance and Capital Actions

According to the filing, Howmet Aerospace reported third-quarter 2026 revenue of $2,703 million, compared with $2,089 million in the same period of 2025. The company disclosed that revenue growth was driven by a 32% increase in the commercial aerospace market, a 10% increase in defense aerospace, a 45% increase in gas turbines, and a 28% increase in commercial transportation. Adjusted EBITDA was $879 million, up 43% year over year, with Adjusted EBITDA margin of 32.5%, expanding 310 basis points year over year. GAAP operating income was $777 million, representing a margin of 28.7%, up 280 basis points year over year.

At the segment level, the filing reported that Engine Products generated revenue of $1,451 million, up 33% year over year, with Segment Adjusted EBITDA margin of 39.1%, a 580 basis point improvement. Fastening Systems revenue was $630 million, up 41% year over year; excluding the CAM and Brunner acquisitions, revenue grew 10%. Engineered Structures revenue declined 4% to $295 million, principally due to the divestiture of the Savannah disk forging facility, though excluding that divestiture, revenue grew 8%. Forged Wheels revenue was $327 million, up 32% year over year, driven by higher commercial transportation volumes and increased aluminum cost pass-through, though Segment Adjusted EBITDA margin declined 330 basis points to 26.3%.

On the balance sheet and capital allocation side, the filing disclosed that the company paid down $60 million of borrowings on its commercial paper program during the third quarter 2026, with $390 million of the $1 billion commercial paper program outstanding at quarter end. The quarterly common stock dividend was increased 17% to $0.14 per share. For the fourth quarter 2026, the company provided guidance for revenue in the range of $2,740 million to $2,760 million (baseline $2,750 million) and Adjusted EPS in the range of $1.49 to $1.51 (baseline $1.50). The company's forward-looking statements are its own and subject to its cautionary language included in the filing.

What Was Disclosed

Howmet Aerospace disclosed third-quarter 2026 financial results, segment-level performance, updated full-year 2026 guidance, initial full-year 2027 revenue guidance of approximately $11.5 billion, a $5 billion share repurchase authorization increase, and a 17% quarterly dividend increase to $0.14 per share.