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Howmet Aerospace Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record Q3 2025 revenue of $2.089B, up 14% year-over-year, driven by strong growth in commercial and defense aerospace markets, with net income rising to $385M and adjusted EPS up 34% to $0.95.
Adjusted EBITDA rose 26% to $614M, with margin expanding to 29.4%, and operating income up 29% to $542M.
Free cash flow was robust at $423M, supporting increased capital expenditures and share buybacks, with a strong ending cash balance of $660M.
Net leverage improved to a record low 1.1x net debt to EBITDA, and S&P upgraded the credit rating to BBB+.
Guidance for 2025 and 2026 points to continued growth, with 2026 revenue expected to reach ~$9B, up 10% year-over-year.
Financial highlights
Q3 revenue grew 14% year-over-year to $2.089B, led by commercial aerospace (+15%) and defense aerospace (+24%).
Adjusted EBITDA reached $614M, up 26%, with margin expanding 290 basis points to 29.4%.
Earnings per share rose 34% to $0.95; net income for Q3 was $385M.
Free cash flow was $423M after $108M in capital expenditures; year-to-date capex totaled $330M, mainly for Engine Products.
$200M in share buybacks in Q3, $600M year-to-date through October, and dividend increased 20% sequentially and 50% year-over-year.
Outlook and guidance
FY 2025 guidance: revenue ~$8.18B, adjusted EBITDA ~$2.375B (29% margin), adjusted EPS ~$3.67, free cash flow ~$1.3B.
Q4 2025 guidance: revenue $2.09B–$2.11B, adjusted EBITDA $605M–$615M, adjusted EPS $0.94–$0.96.
FY 2026 revenue expected at ~$9B, up ~10% year-over-year.
Continued high capital expenditures expected into 2026 and 2027, focused on aerospace and industrial gas turbines.
Effective tax rate for 2025 anticipated at approximately 21.5% before discrete items.
Howmet's capital deployment priorities?
What drives Engine Products' headcount increase?
Key assumptions for 2026 revenue growth?
Howmet's IGT technology differentiation?
What are the primary 2026 growth drivers?
How does headcount growth affect margins?
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Next Howmet Aerospace earnings date
Q4 202513 Feb, 2026
Next Howmet Aerospace earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Howmet Aerospace Inc. designs and manufactures high-technology products for commercial airlines and business aircraft, military applications, and industrial gas turbine engines. The company provides a wide range of services, including engineering, manufacturing, and ancillary services throughout its supply chain management system. The company's portfolio includes unique components such as rotating discs, vanes and nose cones for airfoils or helicopter blades; machined and tooled mechanical/electrical parts; as well as fabricated assemblies and subassemblies for turbine engines.
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