Howmet Aerospace Inc. (HWM) Income Statement
HWM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHWM revenue and net income
Where HWM's revenue goes
2025Each bar shows an amount and its share of revenue. HWM kept 18.3% of revenue as net income.
HWM profit margins
HWM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.1% | +13.4% | +9.4% | −4.0% |
| Gross profit | +23.6% | +23.3% | +17.3% | +3.7% |
| Operating income | +27.4% | +27.2% | +20.2% | +9.5% |
| Net income | +30.6% | +47.6% | +48.2% | — |
| EPS (diluted) | +40.1% | +39.1% | +30.9% | +8.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HWM quarterly EPS vs estimates
Howmet beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.37).
HWM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.25B | $7.43B | $6.64B | $5.66B | $4.97B | $5.26B | $7.10B | $14.02B | $12.96B | $12.39B |
| Cost of revenue | $5.71B | $5.38B | $5.03B | $4.31B | $3.84B | $4.12B | $5.48B | $11.97B | $10.77B | $10.30B |
| Gross profit | $2.54B | $2.05B | $1.61B | $1.35B | $1.13B | $1.14B | $1.61B | $2.05B | $2.19B | $2.10B |
| Research & development | $37.0M | $33.0M | $36.0M | $32.0M | $17.0M | $17.0M | $28.0M | $103.0M | $109.0M | $132.0M |
| Sales, general & admin | $385.0M | $362.0M | $343.0M | $288.0M | $259.0M | $287.0M | $704.0M | $604.0M | $731.0M | $947.0M |
| Total operating expenses | $407.0M | $380.0M | $369.0M | $320.0M | $268.0M | $294.0M | $428.0M | $707.0M | $824.0M | $881.0M |
| Operating income | $2.13B | $1.67B | $1.25B | $1.03B | $866.0M | $849.0M | $1.19B | $1.35B | $1.37B | $1.21B |
| Interest income | $20.0M | $20.0M | $23.0M | $6.0M | $259.0M | $381.0M | $25.0M | $23.0M | $19.0M | $16.0M |
| Interest expense | $151.0M | $182.0M | $218.0M | $229.0M | $259.0M | $381.0M | $338.0M | $376.0M | $496.0M | $508.0M |
| Income before taxes | $1.84B | $1.38B | $975.0M | $606.0M | $324.0M | $171.0M | $210.0M | $868.0M | $470.0M | $414.0M |
| Income taxes | $332.0M | $228.0M | $210.0M | $137.0M | $66.0M | −$40.0M | $84.0M | $226.0M | $544.0M | $1.48B |
| Net income | $1.51B | $1.16B | $765.0M | $469.0M | $258.0M | $211.0M | $470.0M | $642.0M | −$74.0M | −$941.0M |
| EBITDA | $2.27B | $1.84B | $1.47B | $1.10B | $853.0M | $831.0M | $843.0M | $1.82B | $1.52B | $1.46B |
| EPS (diluted) | $3.77 | $2.69 | $1.85 | $1.40 | $1.01 | $0.98 | $2.12 | $1.36 | $1.21 | $1.10 |
| Gross margin | 30.7% | 27.6% | 24.3% | 23.9% | 22.8% | 21.7% | 22.8% | 14.6% | 16.9% | 16.9% |
| Operating margin | 25.8% | 22.5% | 18.8% | 18.3% | 17.4% | 16.1% | 16.7% | 9.6% | 10.5% | 9.8% |
| Net margin | 18.3% | 15.5% | 11.5% | 8.3% | 5.2% | 4.0% | 6.6% | 4.6% | −0.6% | −7.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.55B | $2.31B | $2.17B | $2.09B | $2.05B | $1.94B | $1.89B | $1.83B | $1.88B | $1.82B | $1.73B | $1.66B |
| Cost of revenue | $1.60B | $1.46B | $1.49B | $1.44B | $1.43B | $1.36B | $1.35B | $1.32B | $1.36B | $1.36B | $1.28B | $1.25B |
| Gross profit | $951.0M | $854.0M | $683.0M | $652.0M | $619.0M | $583.0M | $541.0M | $514.0M | $524.0M | $467.0M | $451.0M | $404.0M |
| Research & development | $8.0M | $9.0M | $10.0M | $10.0M | $9.0M | $8.0M | $7.0M | $9.0M | $7.0M | $10.0M | $9.0M | $9.0M |
| Sales, general & admin | $148.0M | $111.0M | $111.0M | $100.0M | $96.0M | $85.0M | $92.0M | $85.0M | $106.0M | $88.0M | $93.0M | $94.0M |
| Total operating expenses | $240.0M | $101.0M | $106.0M | $110.0M | $98.0M | $93.0M | $84.0M | $94.0M | $104.0M | $98.0M | $92.0M | $96.0M |
| Operating income | $711.0M | $753.0M | $577.0M | $542.0M | $521.0M | $490.0M | $457.0M | $420.0M | $420.0M | $369.0M | $359.0M | $308.0M |
| Interest income | $7.0M | $10.0M | $7.0M | $5.0M | $4.0M | $4.0M | $5.0M | $4.0M | $6.0M | $5.0M | $8.0M | $57.0M |
| Interest expense | $51.0M | $43.0M | $37.0M | $37.0M | $38.0M | $39.0M | $40.0M | $44.0M | $49.0M | $49.0M | $52.0M | $54.0M |
| Income before taxes | $649.0M | $708.0M | $430.0M | $495.0M | $469.0M | $446.0M | $392.0M | $354.0M | $334.0M | $303.0M | $270.0M | $242.0M |
| Income taxes | $115.0M | $128.0M | $58.0M | $110.0M | $62.0M | $102.0M | $78.0M | $22.0M | $68.0M | $60.0M | $34.0M | $54.0M |
| Net income | $534.0M | $580.0M | $372.0M | $385.0M | $407.0M | $344.0M | $314.0M | $332.0M | $266.0M | $243.0M | $236.0M | $188.0M |
| EBITDA | $784.0M | $825.0M | $540.0M | $604.0M | $576.0M | $554.0M | $505.0M | $466.0M | $452.0M | $419.0M | $390.0M | $364.0M |
| EPS (diluted) | $1.33 | $1.22 | $1.05 | $0.95 | $0.91 | $0.86 | $0.74 | $0.71 | $0.67 | $0.57 | $0.53 | $0.46 |
| Gross margin | 37.3% | 36.9% | 31.5% | 31.2% | 30.2% | 30.0% | 28.6% | 28.0% | 27.9% | 25.6% | 26.1% | 24.4% |
| Operating margin | 27.9% | 32.6% | 26.6% | 25.9% | 25.4% | 25.2% | 24.2% | 22.9% | 22.3% | 20.2% | 20.7% | 18.6% |
| Net margin | 21.0% | 25.1% | 17.2% | 18.4% | 19.8% | 17.7% | 16.6% | 18.1% | 14.1% | 13.3% | 13.6% | 11.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HWM's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HWM financial results
In fiscal year 2025 (ended December 31, 2025), Howmet reported revenue of $8.3 billion, up 11.1% from the year before. It had net income of $1.5 billion (up 30.6%), a net profit margin of 18.3%. Diluted earnings per share came to $3.77. Over five years revenue grew at an average rate of 9.4% a year.
See the HWM stock overview for the latest quote and news, or the HWM chart for price history and technical indicators.
HWM income statement FAQ
What is Howmet's annual revenue?
Howmet reported total revenue of $8.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.1% from $7.4 billion the previous year.
Is Howmet profitable?
Yes. Howmet reported net income of $1.5 billion in fiscal 2025, a net profit margin of 18.3%; its operating margin was 25.8%.
What is Howmet's gross margin?
Howmet's gross margin was 30.7% in fiscal 2025: for every $100 of revenue, Howmet kept $31 after the direct cost of its products and services.
How much does Howmet spend on research and development?
Howmet spent $37.0 million on research and development in fiscal 2025, 0.4% of revenue.
How fast is Howmet growing?
Revenue grew 9.4% a year on average over the last five fiscal years, from $5.3 billion to $8.3 billion.
What are Howmet's earnings per share?
Howmet earned $3.77 per diluted share in fiscal 2025, compared with $2.69 a year earlier.
When will Howmet report its next earnings?
Howmet is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Howmet's fiscal year end?
Howmet's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.