Howmet Aerospace Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Howmet Aerospace Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,394	12,960	14,014	7,098	5,259	4,972	5,663	6,640	7,430	8,252
Cost of revenue		10,221	5,114	5,214	3,878	3,596	4,103	4,773	5,119	5,432
Gross profit		2,739	8,900	1,884	1,381	1,376	1,560	1,867	2,311	2,820
Research and development	130	109	41	28	17	17	32	36	33	37
Selling, general and administrative	924	715	371	400	277	251	288	333	347	370
Operating income	954	480	775	579	626	748	919	1,203	1,633	2,046
Interest expense	499	496	377	338	317	259	229	218	195	176
Interest income	16	19					6	23	20	20
Other non-operating income	-41	486	30	-31	-74	-19	-82	-8	-62	-40
Pre-tax income	414	470	428	210	171	324	606	975	1,383	1,840
Income tax	1,476	544	119	84	-40	66	137	210	228	332
Income from continuing operations	-1,131	-127	309	126	211	258	469
Net income	-941	-74	642	470	261	258	469	765	1,155	1,508
EBITDA	2,086	1,031	1,351	1,115	964	1,018	1,184	1,475	1,910	2,329
EPS, basic	-2.31	-0.28	1.33	1.05		0.60	1.12	1.85	2.83	3.73
EPS, diluted	-2.31	-0.28	1.30	1.03		0.59	1.11	1.83	2.81	3.71
Shares, basic (weighted)	438	451	483	446	435	430	416	412	408	404
Shares, diluted (weighted)	438	451	503	463	439	435	421	416	410	406
Dividend per share	0.36	0.24	0.24	0.12	0.02	0.04	0.10	0.17	0.26	0.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,863	2,150	2,277	1,577	1,610	720	791	610	564	742
Receivables	974	1,035	1,047	583	328	367	506	675	689	779
Inventory	2,253	2,480	2,492	1,607	1,488	1,402	1,609	1,765	1,840	1,849
Other current assets	325	374	314	285	217	195	206	249	249	409
Total current assets	5,892	6,378	6,581	5,843	3,672	2,737	3,143	3,316	3,362	3,779
Property, plant and equipment	5,499	5,594	5,704	2,629	2,592	2,467	2,332	2,328	2,386	2,593
Lease right-of-use assets				125	131	108	111	128	155	162
Goodwill	5,148	4,535	4,186	4,067	4,102	4,067	4,013	4,035	4,010	4,022
Intangible assets	988	987	919	599	571	549	521	505	475	457
Other non-current assets	257	481	416	316	234	215	192	198	251	288
Total assets	20,038	18,718	18,693	17,562	11,443	10,219	10,255	10,428	10,519	11,179
Accounts payable	1,744	1,839	2,129	976	599	732	962	982	948	845
Accrued liabilities	398	399	370	285	205	198	195	263	305	343
Deferred revenue									60	147
Short-term debt	4	1	405	1,034	376	5	0	206	6	191
Total current liabilities	2,749	2,824	3,520	4,125	1,660	1,253	1,482	1,784	1,549	1,771
Long-term debt	8,044	6,806	5,896	4,906	4,699	4,227	4,162	3,500	3,309	2,859
Lease liabilities				98	100	81	83	97	119	121
Total liabilities	14,897	13,794	13,108	12,957	7,866	6,711	6,654	6,391	5,965	5,826
Total debt	8,048	6,807	6,301	5,940	5,075	4,232	4,162	3,706	3,315	3,050
Paid-in capital	8,214	8,266	8,319	7,319	4,668	4,291	3,947	3,682	3,206	2,531
Retained earnings	-1,027	-1,248	-358	113	364	603	1,028	1,720	2,766	4,093
Treasury stock	0	0	0
Other comprehensive income	-2,568	-2,644	-2,926	-3,329	-1,943	-1,863	-1,841	-1,830	-1,878	-1,673
Shareholders' equity	5,115	4,910	5,573	4,591	3,577	3,508	3,601	4,037	4,554	5,353
Minority interests	26	14	12	14	0	0
Total equity	5,141	4,908	5,569	4,605	3,577	3,508	3,601	4,037	4,554	5,353
Total liabilities and equity	20,038	18,718	18,693	17,562	11,443	10,219	10,255	10,428	10,519	11,179
Shares outstanding	439	481	483	433	433	422	412	410	405	402

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-878	-74	642	470	261	258	469	765	1,155	1,508
Depreciation and amortization	1,132	551	576	536	338	270	265	272	277	283
Stock-based compensation	76	54	40	69	46	40	54	50	63	73
Deferred income tax	1,342	448	51	-2	-38	38	81	109	56	17
Change in receivables	-1,016	-915	-1,142	-977	-238	-337	-161	-164	-57	-109
Change in inventory	-29	-192	-74	-3	74	60	-234	-142	-106	-50
Cash from operations	95	-39	217	461	9	449	733	901	1,298	1,884
Capital expenditures	-1,125	-596	-768	-641	-267	-199	-193	-219	-321	-453
Acquisitions	10	0	0				0	0	-5	0
Purchases of investments	-52	-2
Sales and maturities of investments	280	890	9					2	0	15
Cash from investing	591	1,320	565	528	271	107	-135	-215	-316	-438
Debt issued	1,962	816	600	400	2,400	700	0	400	500	500
Debt repaid	-2,734	-1,634	-1,103	-806	-2,043	-1,538	-69	-876	-865	-765
Stock issued	4	50	16	56	33	22	16	11	8	1
Share buybacks		0	0	-1,150	-73	-430	-400	-250	-500	-700
Dividends paid	-228	-162	-119	-57	-11	-19	-44	-73	-109	-181
Cash from financing	-757	-1,015	-649	-1,568	-369	-1,444	-526	-868	-1,026	-1,269
Exchange rate effect	-8	9	-4	0	-3	-1	-2	0	-1	1
Net change in cash	-56	275	129	-579	-92	-889	70	-182	-45	178
Free cash flow	-1,030	-635	-551	-180	-258	250	540	682	977	1,431
Interest paid	524	508	391	340	401	267	224	221	180	157
Income taxes paid	324	118	74	122	-33	53	50	104	177	312

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $232.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.0%	Gross profit / revenue.
Operating margin	27.4%	Operating income / revenue.
EBITDA margin	30.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.0%	Pre-tax income / revenue.
Net margin	20.5%	Net income / revenue.
FCF margin	19.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	18.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.1%	Net income / average total assets.
Return on invested capital (ROIC)	22.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.4%	Research and development expense / revenue.
SG&A / revenue	5.0%	Selling, general and administrative expense / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	30.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	26.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	30.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	47.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	42.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	32.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	49.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	45.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	191.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	46.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	38.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	69.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	63.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	85.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.82x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.71x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.6%	Total debt / total assets.
Liabilities / assets	56.7%	Total liabilities / total assets.
Net debt	$3.49B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.89B	Current assets - current liabilities.
Goodwill and intangibles / assets	44.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$221.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	3.24x	Revenue / average property, plant and equipment.
Inventory turnover	2.67x	Cost of revenue / average inventory.
Days inventory	137 days	365 x average inventory / cost of revenue.
Receivables turnover	8.77x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	106 days	Days inventory + days sales outstanding - days payables.
FCF conversion	95.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.68	Revenue / diluted weighted shares.
FCF per share	$4.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.52	Cash from operations / diluted weighted shares.
Book value per share	$14.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.55	Tangible book value / shares outstanding.
Cash per share	$1.41	(Cash + short-term investments) / shares outstanding.
Payout ratio	10.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	55.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$92.71B	Share price x shares outstanding.
Enterprise value	$96.20B	Market cap + total debt - cash - short-term investments.
P/E	49.6x	Market cap / net income. Only when net income is positive.
P/S	10.2x	Market cap / revenue.
P/B	16.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	51.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	41.7x	Market cap / cash from operations, when positive.
EV/Sales	10.6x	Enterprise value / revenue.
EV/EBIT	38.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	53.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.00x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Howmet Aerospace Inc.'s revenue in fiscal 2025?

Howmet Aerospace Inc. reported revenue of $8.25B for fiscal 2025, 11.1% higher than the year before.

Was Howmet Aerospace Inc. profitable in fiscal 2025?

Yes. Net income was $1.51B, a net margin of 18.3%.

How much free cash flow did Howmet Aerospace Inc. generate in fiscal 2025?

Cash from operations of $1.88B minus capital expenditures of $453.0M left free cash flow of $1.43B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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