Howmet Aerospace (HWM) financial statements
Howmet Aerospace reported revenue of $8.3B in fiscal 2025, down 4.4% a year over 9 years.
Net income was $1.5B and the operating margin 24.8%, against 7.7% in 2016.
Free cash flow was $1.4B, and the company returned $700M in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Howmet Aerospace's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.4B | $13.0B | $6.8B | $7.1B | $5.3B | $5.0B | $5.7B | $6.6B | $7.4B | $8.3B |
| Cost of revenue | — | $10.2B | $5.1B | $5.2B | $3.9B | $3.6B | $4.1B | $4.8B | $5.1B | $5.4B |
| Gross profit | — | $2.7B | $1.7B | $1.9B | $1.4B | $1.4B | $1.6B | $1.9B | $2.3B | $2.8B |
| Research and development | $130M | $109M | $41M | $28M | $17M | $17M | $32M | $36M | $33M | $37M |
| Selling, general and admin | $924M | $715M | $371M | $400M | $277M | $251M | $288M | $333M | $347M | $370M |
| Operating income | $954M | $480M | $775M | $579M | $626M | $748M | $919M | $1.2B | $1.6B | $2.0B |
| Interest expense | $499M | $496M | $377M | $338M | $317M | $259M | $229M | $218M | $195M | $176M |
| Pre-tax income | $414M | $470M | $428M | $210M | $171M | $324M | $606M | $975M | $1.4B | $1.8B |
| Income tax | $1.5B | $544M | $119M | $84M | -$40M | $66M | $137M | $210M | $228M | $332M |
| Net income | -$941M | -$74M | $642M | $470M | $261M | $258M | $469M | $765M | $1.2B | $1.5B |
| EPS (diluted) | -$2.31 | -$0.28 | $1.30 | $1.03 | — | $0.59 | $1.11 | $1.83 | $2.81 | $3.71 |
| Diluted shares | 438M | 451M | 503M | 463M | 439M | 435M | 421M | 416M | 410M | 406M |
| Gross margin | — | 21.1% | 24.6% | 26.5% | 26.3% | 27.7% | 27.5% | 28.1% | 31.1% | 34.2% |
| Operating margin | 7.7% | 3.7% | 11.4% | 8.2% | 11.9% | 15.0% | 16.2% | 18.1% | 22.0% | 24.8% |
| Net margin | -7.6% | -0.6% | 9.5% | 6.6% | 5.0% | 5.2% | 8.3% | 11.5% | 15.5% | 18.3% |
Balance sheet
Fiscal years, from Howmet Aerospace's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $2.1B | $2.3B | $1.6B | $1.6B | $720M | $791M | $610M | $564M | $742M |
| Receivables | $974M | $1.0B | $1.0B | $583M | $328M | $367M | $506M | $675M | $689M | $779M |
| Inventory | $2.3B | $2.5B | $2.5B | $1.6B | $1.5B | $1.4B | $1.6B | $1.8B | $1.8B | $1.8B |
| Total current assets | $5.9B | $6.4B | $6.6B | $5.8B | $3.7B | $2.7B | $3.1B | $3.3B | $3.4B | $3.8B |
| Property, plant and equipment | $5.5B | $5.6B | $5.7B | $2.6B | $2.6B | $2.5B | $2.3B | $2.3B | $2.4B | $2.6B |
| Goodwill | $5.1B | $4.5B | $4.2B | $4.1B | $4.1B | $4.1B | $4.0B | $4.0B | $4.0B | $4.0B |
| Total assets | $20.0B | $18.7B | $18.7B | $17.6B | $11.4B | $10.2B | $10.3B | $10.4B | $10.5B | $11.2B |
| Total current liabilities | $2.7B | $2.8B | $3.5B | $4.1B | $1.7B | $1.3B | $1.5B | $1.8B | $1.5B | $1.8B |
| Long-term debt | $8.0B | $6.8B | $5.9B | $4.9B | $4.7B | $4.2B | $4.2B | $3.5B | $3.3B | $2.9B |
| Total liabilities | $14.9B | $13.8B | $13.1B | $13.0B | $7.9B | $6.7B | $6.7B | $6.4B | $6.0B | $5.8B |
| Shareholders' equity | $5.1B | $4.9B | $5.6B | $4.6B | $3.6B | $3.5B | $3.6B | $4.0B | $4.6B | $5.4B |
| Net debt | $6.2B | $4.7B | $4.0B | $4.4B | $3.5B | $3.5B | $3.4B | $3.1B | $2.8B | $2.3B |
Cash flow
Fiscal years, from Howmet Aerospace's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $95M | -$39M | $217M | $461M | $9M | $449M | $733M | $901M | $1.3B | $1.9B |
| Capital spending | $1.1B | $596M | $768M | $641M | $267M | $199M | $193M | $219M | $321M | $453M |
| Free cash flow | -$1.0B | -$635M | -$551M | -$180M | -$258M | $250M | $540M | $682M | $977M | $1.4B |
| Stock-based compensation | $86M | $54M | $40M | $69M | $46M | $40M | $54M | $50M | $63M | $73M |
| Share buybacks (net) | — | $0 | $0 | -$1.1B | -$73M | -$430M | -$400M | -$250M | -$500M | -$700M |
| Net borrowing | -$772M | -$818M | -$503M | -$406M | $357M | -$838M | -$69M | -$476M | -$365M | -$265M |
| Free cash flow margin | -8.3% | -4.9% | -8.1% | -2.5% | -4.9% | 5.0% | 9.5% | 10.3% | 13.1% | 17.3% |
Questions
What was Howmet Aerospace's revenue in 2025?
$8.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Howmet Aerospace generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From Howmet Aerospace's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.