hwm-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-3610

HOWMET AEROSPACE INC.

(Exact name of registrant as specified in its charter)


Delaware						25-0317820
(State of incorporation)						(I.R.S. Employer Identification No.)

201 Isabella Street, Suite 200, Pittsburgh, Pennsylvania 15212-5872

(Address of principal executive offices) (Zip code)

Investor Relations 412-553-1950

Office of the Secretary 412-553-1940

(Registrant’s telephone numbers, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00 per share	HWM	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ✓ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ✓ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 4, 2026, there were 400,107,483 shares of common stock, par value $1.00 per share, of the registrant outstanding.

TABLE OF CONTENTS


		Page
Part I
Item 1.	Financial Statements and Supplementary Data	3
	Statement of Consolidated Operations for the First Quarter Ended March 31, 2026 and 2025	3
	Statement of Consolidated Comprehensive Income for the First Quarter Ended March 31, 2026 and 2025	4
	Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025	5
	Statement of Consolidated Cash Flows for the First Quarter Ended March 31, 2026 and 2025	6
	Statement of Changes in Consolidated Equity for the First Quarter Ended March 31, 2026 and 2025	7

	Notes to the Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
Part II
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 6.	Exhibits	32
	Signatures	33

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements and Supplementary Data.

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Operations (unaudited)

(in millions, except per-share amounts)


	First quarter ended
	March 31,
	2026		2025
Sales (D)	$	2,313	$	1,942
Cost of goods sold (exclusive of expenses below)	1,459		1,290
Selling, general administrative, and other expenses	111		85
Research and development expenses	9		8
Provision for depreciation and amortization	74		69
Restructuring and other credits (E)	(93)		(4)
Operating income	753		494

Interest expense, net	43		39
Other expense, net (G)	2		9
Income before income taxes	708		446
Provision for income taxes (H)	128		102


Net income	$	580	$	344

Amounts Attributable to Howmet Aerospace Common Shareholders (I):
Net income	$	580	$	343
Earnings per share:
Basic	$	1.45	$	0.85


Diluted	$	1.44	$	0.84

Average Shares Outstanding (I):
Basic	401		405
Diluted	403		407

The accompanying notes are an integral part of the consolidated financial statements.

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Comprehensive Income (unaudited)

(in millions)


	First quarter ended
	March 31,
	2026		2025
Net income	$	580	$	344
Other comprehensive (loss) income, net of tax (J):
Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits	4		3
Foreign currency translation adjustments	(32)		45

Net change in unrecognized gains on cash flow hedges	10		—
Total Other comprehensive (loss) income, net of tax	(18)		48
Comprehensive income	$	562	$	392

The accompanying notes are an integral part of the consolidated financial statements.

Howmet Aerospace Inc. and subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	2,435	$	742
Receivables from customers, less allowances of $— in both 2026 and 2025 (K)	940		779

Inventories (L)	1,975		1,849
Prepaid expenses and other current assets	307		409

Total current assets	5,657		3,779
Properties, plants, and equipment, net (M)	2,614		2,593
Goodwill	4,078		4,022
Deferred income taxes	35		40
Intangibles, net	451		457
Other noncurrent assets (N)	232		288

Total assets	$	13,067	$	11,179
Liabilities
Current liabilities:
Accounts payable, trade (Q)	$	1,058	$	845
Accrued compensation and retirement costs	263		343
Taxes, including income taxes (H)	81		77
Accrued interest payable	39		47
Deferred revenue	129		147
Other current liabilities (N)(Q)	109		121
Long-term debt due within one year (O)	186		191
Short-term borrowings (O)	450		—

Total current liabilities	2,315		1,771
Long-term debt, less amount due within one year (O)(P)	4,050		2,859
Accrued pension benefits (F)	533		546
Accrued other postretirement benefits (F)	36		38
Other noncurrent liabilities and deferred credits (N)	611		612

Total liabilities	7,545		5,826
Contingencies and commitments (Q)
Equity
Howmet Aerospace shareholders’ equity:

Common stock	401		402
Additional capital	2,187		2,531
Retained earnings	4,625		4,093
Accumulated other comprehensive loss (J)	(1,691)		(1,673)


Total equity	5,522		5,353
Total liabilities and equity	$	13,067	$	11,179

The accompanying notes are an integral part of the consolidated financial statements.

Howmet Aerospace Inc. and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)


	First quarter ended
	March 31,
	2026		2025
Operating activities
Net income	$	580	$	344
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	74		69
Deferred income taxes	15		18
Restructuring and other credits	(93)		(4)
Net realized and unrealized losses	4		5
Net periodic pension cost (F)	11		10
Stock-based compensation	21		14

Other	3		3
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables (K)	(164)		(189)
Increase in inventories (L)	(110)		(49)
(Increase) decrease in prepaid expenses and other current assets	(12)		24
Increase in accounts payable, trade	220		58
Decrease in accrued expenses	(100)		(91)
Increase in taxes, including income taxes	26		60

Increase in noncurrent assets	(5)		(1)
Decrease in noncurrent liabilities	(17)		(18)
Cash provided from operations	453		253
Financing Activities

Net change in commercial paper (O)	450		—
Additions to debt (O)	1,200		—
Repurchases and payments on debt (O)	—		(1)
Debt issuance costs (O)	(12)		—

Repurchases of common stock	(300)		(125)

Dividends paid to shareholders	(48)		(42)

Taxes paid for net share settlement of equity awards	(64)

SEC Form 10-Q filed by Howmet Aerospace Inc.