The raised FY2026 guidance and initial FY2027 revenue outlook of ~$11.5B signal sustained momentum across aerospace, defense, and gas turbines markets. The $5B buyback authorization and strong free cash flow generation support continued capital return. Monitor Q4 results for margin trajectory and any updates to 2027 capex plans.
Price Chart
Executive Summary
Howmet Aerospace reported Q3 2026 revenue of $2.70 billion (up 29% YoY, organic growth 25%) and adjusted EPS of $1.46 (up 54% YoY), both above consensus estimates of $2.59B and $1.37. Full-year 2026 guidance was raised, and the company issued initial FY2027 revenue guidance of approximately $11.5 billion. The Board authorized a $5 billion increase to the share repurchase program.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $2.703 billion, up 29% YoY; organic growth 25%
- Adjusted EPS $1.46, up 54% YoY; GAAP EPS $1.42, up 49% YoY
- Adjusted EBITDA $879 million, up 43% YoY; margin 32.5%, up 310 bps
- Free cash flow $562 million in Q3, $1.4 billion year-to-date
- Full-year 2026 guidance raised: revenue baseline $10.30B (from $10.05B), adjusted EPS baseline $5.50 (from $5.27)
- Initial FY2027 revenue guidance of approximately $11.5 billion, ~12% growth from raised 2026 guidance
- Board authorized $5 billion increase to share repurchase program, total authorization $5.397 billion
- Repurchased $500 million of stock in Q3, $1.1 billion year-to-date
- Engine Products segment revenue up 33% YoY, segment adjusted EBITDA margin 39.1% (up 580 bps)
- Gas turbines revenue grew 45% YoY; commercial aerospace grew 32%
Financial Impact
Revenue beat consensus by ~$113M (4.4%); adjusted EPS beat consensus by $0.09 (6.6%); full-year guidance raised by $0.23 at the adjusted EPS baseline
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Engine Products | $1.5B | +33.0% |
| Fastening Systems | $630.0M | +41.0% |
| Engineered Structures | $295.0M | -4.0% |
| Forged Wheels | $327.0M | +32.0% |
Risk Factors
- Commercial aerospace build rate execution and supply chain constraints
- Geopolitical risks including Middle East conflict impact on spares demand
- Elevated capital expenditure plans beyond 2027 may pressure free cash flow conversion
- Aluminum cost pass-through dynamics affecting Forged Wheels segment margins
- Integration risks from CAM and Brunner acquisitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-119857 |
| Document: tm2628456d1_8k.htm | 0001104659-26-119857 |
| Document: 0001104659-26-119857-index-headers.html | 0001104659-26-119857 |
| Document: 0001104659-26-119857-index.html | 0001104659-26-119857 |
| Document: 0001104659-26-119857.txt | 0001104659-26-119857 |
| 8-K Data (Synthetic) | 0001104659-26-119857 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $205.94 | awaiting T+5 | awaiting T+5 | $199.22 (−3.26%) |
Oct 27, 2026 5d ago | Institutional Cluster | $195.19 | awaiting T+5 | awaiting T+5 | $199.22 (+2.06%) |
Oct 23, 2026 10d ago | PTAB Trial | $194.36 | awaiting T+5 | awaiting T+5 | $199.22 (+2.50%) |
Oct 16, 2026 16d ago | Institutional Cluster | $220.03 $194.36 | ▲ +11.67% | ▲ +11.52% | $199.22 (+9.46%) |
Oct 14, 2026 18d ago | Press Release | $217.54 $208.15 | ▼ −4.32% | ▼ −4.77% | $199.22 (−8.42%) |
Aug 6, 2026 12w ago | 8-K | $289.72 $282.82 | ▼ −2.38% | ▼ −3.59% | $199.22 (−31.24%) |
May 28, 2026 22w ago | S-3ASR | $258.23 $250.98 | ▼ −2.81% | ▼ −0.28% | $199.22 (−22.85%) |
Apr 17, 2026 28w ago | Court Ruling | $255.48 $242.26 | ▲ +5.17% | ▲ +5.73% | $199.22 (+22.02%) |
Apr 6, 2026 29w ago | 8-K | $236.46 $255.40 | ▲ +8.01% | ▲ +3.88% | $199.22 (−15.75%) |
US Market Status
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