Howmet Q2 2026: revenue up 24%, adjusted EPS $1.33 beats, guidance raised
Howmet beat on both revenue and profit and raised full-year guidance, so the quarter reads Bullish on the numbers alone. Revenue of $2.547 billion rose 24.0% year over year, or 21.0% organically, adjusted EBITDA margin expanded to 32.1%, and $0.48 billion of free cash flow funded $0.30 billion of buybacks. The catch: growth leans on aerospace and gas turbines while trucks are only starting to recover, and debt rose to pay for CAM.
1 · Expected vs. Actual
Free preview belowGAAP and adjusted EPS both landed at $1.33, up 46.0% year over year on the adjusted basis, and ahead of the $1.2582 consensus estimate by roughly $0.07. Net income of $0.53 billion was actually below the $0.58 billion booked in Q1 2026, but that quarter carried a $93 million restructuring and other credit from the Savannah sale. Operating income of $0.71 billion is a 27.9% margin, up from 25.4% a year ago.
Revenue of $2.547 billion rose 24.0% from $2.053 billion a year ago, and 21.0% of that was organic after stripping out the CAM and Brunner acquisitions and the Savannah divestiture. Engine Products, still the biggest piece at $1.373 billion, grew 32.0%, while Engineered Structures shrank 13.0% on the divestiture and product rationalization. Growth came from commercial aerospace (+28.0%), defense aerospace (+11.0%) and gas turbines (+38.0%).
Management raised full-year guidance to a $10.05 billion revenue baseline, $5.27 adjusted EPS and $1.90 billion of free cash flow, with a Q3 revenue midpoint of $2.575 billion. The ranges are unusually tight, about 0.4% either side of the revenue baseline, so a modest miss would land outside the band. First-half revenue of $4.86 billion means roughly $5.19 billion has to arrive in the second half.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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