Howmet Aerospace (HWM) Company Report

On November 17, 2025, Howmet Aerospace Inc. announced it will redeem all outstanding $3.75 Cumulative Preferred Stock on December 17, 2025, at $100 per share plus $0.8125 accrued dividends.
As of November 14, 2025, there were 546,024 outstanding shares of the Preferred Stock.
This Form 8-K does not constitute the official notice of redemption; a separate notice detailing terms and procedures will be provided to holders.

Nov 17, 2025, 11:04 AM

8-K

Howmet Aerospace closes $500M 4.550% Notes due 2032 offering

HWM

Debt Issuance

Howmet Aerospace closed an underwritten public offering of $500 million aggregate principal amount of 4.550% Notes due November 15, 2032 under its existing indenture.
The 4.550% Notes bear interest semi-annually on May 15 and November 15, commencing May 15, 2026.
The Notes are redeemable at a make-whole price (Treasury rate + 10 bps) prior to September 15, 2032, and at par thereafter.
Net proceeds will be used, together with cash on hand, to redeem $625 million of 2027 Notes at an estimated redemption price of approximately $652 million, yielding annual interest expense savings of approximately $14 million.
A Seventh Supplemental Indenture, effective November 12, 2025, reduces the notice period for optional redemptions of new series from 15 to 10 days.

Nov 12, 2025, 9:13 PM

8-K

Howmet Aerospace prices $500 M debt offering

HWM

Debt Issuance

Howmet Aerospace priced an offering of $500 million aggregate principal amount of 4.550% Notes due 2032, expected to close on November 12, 2025.
The company will use net proceeds and cash on hand to redeem all approximately $625 million of its 5.90% Notes due 2027; notice of redemption was issued November 3, 2025 for redemption on December 3, 2025.
The refinancing is expected to yield $14 million in annualized interest expense savings.
Goldman Sachs, J.P. Morgan Securities, and Morgan Stanley are joint book-running managers for the offering.

Nov 3, 2025, 9:20 PM

8-K

Howmet Aerospace announces pricing of $500M 4.550% notes due 2032

HWM

Debt Issuance

Howmet Aerospace priced an underwritten public offering of $500 million aggregate principal amount of 4.550% Notes due 2032, expected to close on November 12, 2025.
Net proceeds, together with cash on hand, will be used to redeem approximately $625 million of 5.90% Notes due 2027, targeting $14 million in annualized interest expense savings.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as joint book-running managers for the offering.

Nov 3, 2025, 9:10 PM

Press Release

Howmet Aerospace proposes senior notes offering and 2027 notes redemption

HWM

Debt Issuance

On November 3, 2025, Howmet Aerospace announced a proposed offering of new senior notes, with net proceeds and cash on hand to redeem all outstanding principal of approximately $625 million of its 5.90% Notes due 2027.
The company plans to issue a notice of redemption for the 2027 Notes with a redemption date of December 3, 2025, in accordance with the existing indenture.
The aggregate redemption price is expected to be approximately $652 million, including accrued interest, calculated as the greater of (i) 100% of principal plus accrued interest or (ii) the present value of remaining payments discounted at the Treasury Rate plus 15 bps, plus accrued interest.

Nov 3, 2025, 1:39 PM

8-K

Howmet Aerospace reports Q3 2025 results

HWM

Earnings

Guidance Update

Share Buyback

Delivered record Q3 revenue of $2.089 B (+14% YoY), adjusted EBITDA of $614 M (+26%), and adjusted EPS of $0.95 (+34%).
Generated $423 M in free cash flow, improved net debt-to-LTM EBITDA to 1.1×, and ended the quarter with $660 M cash.
Returned ~$311 M of capital via share buybacks, debt paydown, and dividends; repurchased $200 M of stock in Q3 at ~$182/share and raised the dividend to $0.12/share.
Maintained FY 2025 guidance for 10% revenue growth to **$8.185 B**, 24% adjusted EBITDA growth to **$2.375 B**, and ~36% adjusted EPS growth to $3.67; Q4 baseline revenue guidance of $2.10 B and EPS of $0.95.

Oct 30, 2025, 2:00 PM

Presentation

Howmet Aerospace reports Q3 2025 results

HWM

Earnings

Guidance Update

Share Buyback

Revenue was up 14% YoY, with Commercial Aerospace +15% (engine spares +38%), Defense Aerospace +24%, Industrial & Other +18%, partially offset by a 3% decline in Commercial Transportation.
Adjusted EBITDA rose 26% YoY to over $600 million, driving a 29.4% margin (+290 bps), and EPS increased 34% to $0.95.
Free cash flow was $423 million after $108 million capex, with YTD capex of $330 million; Q3 share repurchases totaled $200 million (YTD $600 million) and an early $63 million debt payoff reduced net leverage to 1.1× EBITDA.
2025 guidance was raised to revenue of $8.15 billion ± $10 million, EBITDA $2.375 billion ± $5 million, EPS $3.67 ± $0.01, and free cash flow $1.3 billion ± $25 million; 2026 revenue is targeted at ~$9 billion (≈10% growth).

Oct 30, 2025, 2:00 PM

Transcript

Howmet Aerospace reports Q3 2025 results

HWM

Earnings

Guidance Update

CFO Change

Howmet delivered 14% revenue growth, 26% EBITDA growth and 29% operating income growth in Q3 2025, with free cash flow of $423 million after $108 million of capex.
Engines segment posted record revenue of $1.1 billion (+17%) and EBITDA of $368 million (+20%; 33.3% margin); Fastening Systems revenue rose to $448 million (+14%) with EBITDA of $138 million (+35%); Engineered Structures and Forged Wheels saw revenue up 14% to $289 million (EBITDA +53% to $58 million) and flat revenue with EBITDA +14% to $73 million, respectively.
Capital deployment included $200 million of share buybacks in Q3 (YTD $600 million through October), a 20% dividend increase to $0.12/share, and early repayment of a $63 million term loan, reducing net leverage to 1.1x EBITDA.
Updated guidance for Q4 2025: revenue $2.10 billion ±$10 million, EBITDA $610 million ±$5 million, EPS $0.95 ±$0.01; full-year 2025: revenue $8.15 billion ±$10 million, EBITDA $2.375 billion ±$5 million, EPS $3.67 ±$0.01, free cash flow $1.3 billion ±$25 million; 2026 revenue expected at $9 billion (+10%).
CFO Ken Giacobbe announced his retirement after guiding the company to record‐low leverage and improved capital efficiency; Q3 exit share count was 405 million shares.

Oct 30, 2025, 2:00 PM

Transcript

Howmet Aerospace reports Q3 2025 results

HWM

Earnings

Guidance Update

Share Buyback

Q3 revenue of 14% year-over-year growth, driven by Commercial Aerospace +15%, Defense Aerospace +24% and Industrial & Other +18% (Commercial Transportation –3%); Adjusted EBITDA up 26% to over $600 million and EPS up 34% to $0.95; free cash flow $423 million after $108 million capex; net debt/EBITDA 1.1×
Capital deployment included $200 million of share repurchases in Q3 (18th consecutive quarter), $600 million YTD and an additional $100 million in October; remaining buyback authorization $1.6 billion; quarterly dividend increased 20% to $0.12 per share
Balance sheet strengthened with early repayment of $63 million U.S. term loan, cash balance $660 million, undrawn $1 billion revolver and $1 billion commercial paper program; S&P upgraded rating to BBB
Updated outlook: Q4 revenue $2.10 billion ±$10 million, EBITDA $610 million ±$5 million, EPS $0.95 ±$0.01; FY2025 revenue $8.15 billion ±$10 million, EBITDA $2.375 billion ±$5 million, EPS $3.67 ±$0.01, free cash flow $1.30 billion ±$25 million; 2026 revenue expected at ~$9 billion (+10%)

Oct 30, 2025, 2:00 PM

Transcript

Howmet Aerospace reports Q3 2025 results

HWM

Earnings

Guidance Update

Share Buyback

Record Q3 revenue of $2.09 billion, up 14% year over year; GAAP net income of $385 million, EPS of $0.95; Adjusted EBITDA of $614 million (29.4% margin)
Strong cash generation: $531 million of cash from operations and $423 million of free cash flow
Shareholder returns: $200 million of share repurchases at an average $182.20 per share, Q3 dividend up 20% to $0.12 per share, and $63 million of term-loan debt paid down
Guidance raised: 2025 full-year metrics increased (Q4 revenue guidance of $2.09–2.11 billion) and 2026 revenue outlook of approximately $9 billion, up ~10% year over year
Credit rating upgrade: S&P raised Howmet Aerospace’s long-term issuer rating from BBB to BBB+ on September 8, 2025

Oct 30, 2025, 11:05 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Howmet Aerospace.

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