Howmet Aerospace Inc.

Listed Company

HWMCIK 0000004281NYSELarge AcceleratedRolling Drawing & Extruding Of Nonferrous MetalsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$8.25B

Net Income

$1.51B

Total Assets

$11.18B

Equity

$5.35B

Shares Out

400.94M

Op. Cash Flow

$1.88B

Business

Howmet Aerospace Inc. is a global manufacturer and supplier of advanced engineered solutions for the aerospace, defense and commercial transportation industries. The company produces jet engine components, aerospace fastening systems, airframe structural parts, investment castings, seamless rolled rings, forgings, machined parts, specialty coatings and forged aluminum commercial vehicle wheels. Its operations are organized into four reportable segments: Engine Products, Fastening Systems, Engineered Structures and Forged Wheels. Howmet operates in 19 countries, selling directly to OEMs, aftermarket customers and through distributors across North America, Europe, Asia and other regions.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales (C)	8,252	7,430	6,640	5,663	4,972
Cost of goods sold (exclusive of expenses below)	5,432	5,119	4,773	4,103	3,596
Selling, general administrative, and other expenses	370	347	333	288	251
Research and development expenses	37	33	36	32	17
Provision for depreciation and amortization	283	277	272	265	270
Restructuring and other charges (D)	84	21	23	56	90
Operating income	2,046	1,633	1,203	919	748
Loss on debt redemption (Q)	15	6	2	2	146
Interest expense, net (E)	151	182	218	229	—
Other expense, net (F)	40	62	8	82	19
Income before income taxes	1,840	1,383	975	606	324
Provision for income taxes (H)	332	228	210	137	66
Net income	1,508	1,155	765	469	258
Net income	1,506	1,153	763	467	256
Net income	1,506	1,153	763	467	256
Basic (in usd per share)	3.73	2.83	1.85	1.12	0.6
Diluted (in usd per share)	3.71	2.81	1.83	1.11	0.59
Basic (in shares)	404	408	412	416	430
Diluted (in shares)	406	410	416	421	435

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	742	564	610	791	720
Receivables from customers, less allowances of $ in both 2025 and 2024 (L)	779	689	675	506	367
Other receivables (L)	17	20	17	31	53
Inventories (M)	1,849	1,840	1,765	1,609	1,402
Prepaid expenses and other current assets	392	249	249	206	195
Total current assets	3,779	3,362	3,316	3,143	2,737
Properties, plants, and equipment, net (N)	2,593	2,386	2,328	2,332	2,467
Goodwill (O)	4,022	4,010	4,035	4,013	4,067
Deferred income taxes (H)	40	35	46	54	184
Intangibles, net (O)	457	475	505	521	549
Other noncurrent assets (P)	288	251	198	192	215
Total assets	11,179	10,519	10,428	10,255	10,219
Accounts payable, trade	845	948	982	962	732
Accrued compensation and retirement costs	343	305	263	195	198
Taxes, including income taxes	77	60	68	48	61
Accrued interest payable	47	59	65	75	74
Deferred revenue	147	60	—	—	—
Other current liabilities (P)	121	111	200	202	183
Long-term debt due within one year (Q and R)	191	6	206	0	—
Total current liabilities	1,771	1,549	1,784	1,482	1,253
Long-term debt, less amount due within one year (Q and R)	2,859	3,309	3,500	4,162	—
Accrued pension benefits (G)	546	625	664	633	771
Accrued other postretirement benefits (G)	38	54	92	109	153
Other noncurrent liabilities and deferred credits (P)	612	428	351	268	307
Total liabilities	5,826	5,965	6,391	6,654	6,711
Contingencies and commitments (U)	—	—	—	—	—
Preferred stock (I)	0	55	55	55	55
Common stock (I)	402	405	410	412	422
Additional capital (I)	2,531	3,206	3,682	3,947	4,291
Retained earnings	4,093	2,766	1,720	1,028	603
Accumulated other comprehensive loss (K)	−1,673	−1,878	−1,830	−1,841	−1,863
Total equity	5,353	4,554	4,037	3,601	3,508
Total liabilities and equity	11,179	10,519	10,428	10,255	10,219

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	283	277	272	265	270
Deferred income taxes	17	55	108	79	38
Net realized and unrealized losses	22	25	22	18	9
Net periodic pension cost (G)	42	40	37	24	18
Stock-based compensation	73	63	50	54	41
Other	8	1	3	12	20
Increase in receivables (L)	−109	−57	−164	−161	−337
Increase in inventories	−50	−106	−142	−234	60
Increase in prepaid expenses and other current assets	−10	−14	−24	−6	11
Decrease in accounts payable, trade	−73	−49	−7	246	144
Increase in accrued expenses	96	5	37	23	−146
Decrease in taxes, including income taxes	−6	−14	−7	−12	−41
Pension contributions	−70	−79	−36	−43	−96
Increase in noncurrent assets	−14	−3	−4	1	−13
Increase (decrease) in noncurrent liabilities	68	−28	−34	−60	−23
Cash provided from operations	1,884	1,298	901	733	449
Additions to debt (Q)	500	500	400	0	700
Repurchases and payments on debt (Q)	−765	−865	−876	−69	−1,538
Debt issuance costs (Q)	−5	−5	−2	0	−11
Premiums paid on early redemption of debt (Q)	−15	−5	−1	−2	−138
Repurchases of common stock (I)	−700	−500	−250	−400	−430
Proceeds from exercise of employee stock options	1	8	11	16	22
Dividends paid to shareholders (I)	−181	−109	−73	−44	−19
Taxes paid for net share settlement of equity awards	−46	−49	−77	−22	−21
Redemption of preferred stock	−55	0	0	—	—
Other	−3	−1	0	0	−21
Cash used for financing activities	−1,269	−1,026	−868	−526	−1,444
Capital expenditures (C and S)	−453	−321	−219	−193	−199
Acquisitions, net of cash acquired	0	−5	0	0	—
Proceeds from the sale of assets and businesses (D)	9	9	2	58	32
Additions to investments	−9	0	0	—	—
Sale of investments	15	0	2	—	—
Other	0	1	0	0	1
Cash used for investing activities	−438	−316	−215	−135	107
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	−1	0	−2	−1
Net change in cash, cash equivalents and restricted cash	178	−45	−182	70	−889

Filings

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