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# Howmet Aerospace (HWM) - Recent Events ## Filings that contain financial statements Each earnings release below is furnished as Exhibit 99.1 to a Form 8-K and carries a statement of consolidated operations, a consolidated balance sheet and a statement of consolidated cash flows (unaudited), plus non-GAAP reconciliations. - Form 8-K dated August 6, 2026, accession 0001104659-26-091610: second quarter 2026 results (quarter and six months ended June 30, 2026), with income statement, balance sheet and cash flow statement. - Form 8-K dated May 7, 2026, accession 0001104659-26-056645: first quarter 2026 results (quarter ended March 31, 2026), with income statement, balance sheet and cash flow statement. - Form 8-K dated February 12, 2026, accession 0001104659-26-013832: fourth quarter and full year 2025 results, with quarterly and full-year income statements, balance sheet and cash flow statement. - Form 8-K dated May 28, 2026, accession 0001104659-26-067497: recast segment information (Note C and segment MD&A) from the 2025 Form 10-K; it is not a full set of statements, and the filing states that the consolidated statements are unchanged. ## Earnings and guidance - **August 6, 2026 - second quarter 2026 results (0001104659-26-091610).** Revenue was $2,547 million, up 24% from $2,053 million (organic growth 21%). GAAP EPS was $1.33 versus $1.00, and adjusted EPS was $1.33 versus $0.91. Operating income was $711 million, adjusted EBITDA was $817 million (32.1% margin, up 340 bps), and cash from operations was $583 million. Free cash flow was $479 million. The company said revenue, adjusted EBITDA, adjusted EBITDA margin and adjusted EPS all exceeded the high end of guidance. Full-year 2026 guidance was raised. - FY 2026 guidance (low / baseline / high): revenue $10,000 / $10,050 / $10,100 million (baseline +$400 million); adjusted EBITDA $3,210 / $3,230 / $3,250 million (baseline +$170 million); adjusted EPS $5.23 / $5.27 / $5.31 (baseline +$0.33); free cash flow $1,850 / $1,900 / $1,950 million (baseline +$150 million). - Q3 2026 guidance: revenue $2,565 to $2,585 million, adjusted EBITDA $825 to $835 million, adjusted EPS $1.34 to $1.36. - Segment revenue: Engine Products $1,373 million (+32%), Fastening Systems $589 million (+37%, including CAM and Brunner), Engineered Structures $269 million (-13%, reflecting the Savannah divestiture and product rationalization), Forged Wheels $316 million (+14%). - **May 7, 2026 - first quarter 2026 results (0001104659-26-056645).** Revenue was $2,313 million, up 19%. GAAP EPS was $1.44 and adjusted EPS $1.22 versus $0.86. GAAP operating income included a $93 million pre-tax gain on the Savannah sale, treated as a special item. Free cash flow was $359 million, versus $134 million a year earlier. FY 2026 guidance was raised: revenue $9,575 / $9,650 / $9,725 million (baseline +$550 million), adjusted EBITDA $3,025 / $3,060 / $3,095 million, adjusted EPS $4.88 / $4.94 / $5.00, free cash flow $1,700 / $1,750 / $1,800 million. The company said the updated guidance reflects the CAM and Brunner acquisitions and the Savannah divestiture, with a net revenue effect of about $275 million. - **February 12, 2026 - fourth quarter and full year 2025 results (0001104659-26-013832).** Full-year 2025 revenue was $8.3 billion (+11%), net income $1.5 billion, EPS $3.71 (versus $2.81), adjusted EPS $3.77 (+40%), and free cash flow $1.4 billion. Fourth quarter revenue was $2.2 billion (+15%) with EPS of $0.92. Initial FY 2026 guidance: revenue $9.000 / $9.100 / $9.200 billion, adjusted EBITDA $2.710 / $2.760 / $2.810 billion, adjusted EPS $4.35 / $4.45 / $4.55, free cash flow $1.550 / $1.600 / $1.650 billion; this guidance excluded acquisitions. The release also reported that the Industrial Gas Turbine and Oil & Gas revenue disclosures were combined into a single Gas Turbines market. - **March 10, 2026 - Technology and Markets Day presentation (0001104659-26-025539).** Furnished under Regulation FD. The presentation restated the 2026 guidance provided on February 12, 2026 (which excluded acquisitions) and noted the CAM acquisition had not yet closed and was subject to regulatory approvals. It showed gas turbines revenue of about $1 billion in 2025 and a target of $2 billion or more over the next three to five years. ## M&A - **December 22, 2025 - agreement to acquire Consolidated Aerospace Manufacturing, LLC (CAM) - signed (0001104659-25-123518).** Howmet signed a Purchase Agreement with Stanley Black & Decker to buy CAM, a maker of precision fasteners and fluid fittings, for about $1.8 billion in cash, subject to customary adjustments. The company expected CAM FY 2026 revenue of about $485 to $495 million with adjusted EBITDA margin above 20% before synergies. - **February 6, 2026 - Brunner Manufacturing Co. Inc. - closed.** Howmet acquired Brunner, a privately held fastener producer in Mauston, WI, in an all-cash transaction for about $120 million (disclosed in the May 7, 2026 release, 0001104659-26-056645, and first mentioned in the February 12, 2026 release, 0001104659-26-013832). - **March 31, 2026 - sale of the Savannah, GA disk forging facility - closed.** The facility, part of Engineered Structures, was sold for about $230 million, producing a $93 million pre-tax gain treated as a special item (0001104659-26-056645). - **April 6, 2026 - CAM acquisition - closed (0001104659-26-039791).** Howmet "completed its previously announced purchase" of CAM for a cash purchase price of about $1.8 billion, subject to customary adjustments. CAM has been included in Fastening Systems from the second quarter of 2026. The August 6, 2026 release (0001104659-26-091610) states the integration is on track. ## Debt and capital actions - **November 3 and 12, 2025 - $500 million 4.550% Notes due 2032 (0001104659-25-105565; 0001104659-25-110371).** Priced November 3 and closed November 12, 2025. Proceeds, with cash on hand, were to fund redemption on December 3, 2025 of the remaining $625 million of 5.90% Notes due 2027 (about $652 million including roughly $12 million of accrued interest). The company expected annual interest expense to fall by about $14 million. The February 12, 2026 release reports the 2027 Notes as redeemed. - **November 17, 2025 - redemption of $3.75 Cumulative Preferred Stock (0001104659-25-112874).** All outstanding preferred shares (546,024 as of November 14, 2025) were to be redeemed on December 17, 2025 at $100 per share plus $0.8125 of accrued dividends. The February 12, 2026 release (0001104659-26-013832) reports the preferred stock redeemed in the fourth quarter of 2025 for about $55 million. - **February 17 and March 3, 2026 - $1.2 billion senior notes to finance CAM (0001104659-26-016568; 0001104659-26-022905).** Priced February 17 and closed March 3, 2026: $400 million 3.750% notes due 2028, $300 million 3.900% notes due 2029 and $500 million 4.750% notes due 2036. Proceeds, together with $600 million of commercial paper or facility borrowings and cash on hand, were to fund the CAM purchase price. The 2036 Notes carry a special mandatory redemption if the CAM purchase is not completed by the outside date. A related launch announcement was filed February 17, 2026 (0001104659-26-015914). - **May 22, 2026 - Japanese yen term loan prepaid and cross-currency swap (0001104659-26-067497).** Howmet prepaid the remaining JPY 29,702 million (about $187 million) of its yen term loan with cash on hand, and entered a cross-currency swap converting its $300 million 6.750% Notes due 2028 into a yen liability of about JPY 47,760 million at a fixed rate of about 3.88%. The company expects annual interest expense to fall by about $12 million. The same filing says a new shelf registration statement for senior debt securities was filed concurrently, after the prior shelf expired. - **Share repurchases and dividends.** - 2025: $700 million repurchased in the full year, including $200 million in the fourth quarter (0001104659-26-013832). - First quarter 2026: $300 million repurchased at an average $230.43 per share; a further $150 million in April 2026 (0001104659-26-056645). - Second quarter 2026: $300 million at an average $250.61; $200 million in July 2026 at an average $276.61. Year to date through July: $800 million. Remaining authorization as of August 6, 2026 was $697 million (0001104659-26-091610). - Dividend: the quarterly dividend was $0.12 per share through the second quarter of 2026. The Board declared a 17% increase to $0.14 per share on July 27, 2026, payable August 25, 2026 to holders of record on August 7, 2026 (0001104659-26-091610). ## Segment reporting - **May 28, 2026 - segment recast (0001104659-26-067497).** In the first quarter of 2026 the chief operating decision maker moved a titanium alloy location (the Whitehall, Michigan facility) from Engine Products to Engineered Structures. The Form 8-K recasts the 2025 Form 10-K segment MD&A and Note C accordingly. It states there is no effect on consolidated results, financial position or cash flows, and that it is not a restatement of previously issued financial statements. ## Governance - **December 1, 2025 - new Chief Financial Officer.** Patrick Winterlich, previously Executive Vice President and Chief Financial Officer of Hexcel Corporation (2017 to November 2025), became Howmet's Executive Vice President and Chief Financial Officer effective December 1, 2025. The 2025 Form 10-K (0000004281-26-000012, Executive Officers of the Registrant) reports this, and its exhibit list refers to a letter agreement dated October 20, 2025 filed with a Form 8-K on October 22, 2025. - **May 19, 2026 annual meeting (reported May 26, 2026; 0001104659-26-066305).** All nine director nominees were elected, PricewaterhouseCoopers LLP was ratified as auditor for 2026, and the advisory vote on executive compensation was approved (243,199,451 for; 99,027,657 against). ## Other filings reviewed - April 6, 2026 (0001104659-26-039959): Regulation FD furnishing of the 2025 Environmental, Social and Governance Report. No financial content. Apart from the December 2025 Chief Financial Officer appointment noted above, no material legal, impairment or covenant event appears in the 8-Ks reviewed for this period. The Form 10-Q for the quarter ended June 30, 2026 (0000004281-26-000025) reports no subsequent events requiring disclosure other than the July 2026 share repurchases.