Howmet Aerospace Inc. Earnings Summary — Q1 2026

• Revenue reached $2.313 billion in Q1 2026, a 19.1% increase year-over-year, driven by the aerospace super-cycle.
• Net income growth was exceptional at 69.10% YoY, significantly outpacing revenue growth through immense operating leverage.
• Operating income surged to $753 million, benefiting from a significant reduction in total operating expenses (falling to $101 million from $267 million in the prior quarter).
• Diluted EPS increased to $1.44, up from $0.84 in the same quarter of the previous year.
• The company continues to execute a share count reduction strategy, with shares outstanding down approximately 1% YoY.
• Gross profit margins improved to 36.9% compared to 33.6% in Q1 2025.
• Management has successfully transitioned the business from a commodity-heavy Alcoa spinoff to a high-margin technology leader.

Management emphasizes a shift toward 'simplification' of the business model and focuses on long-term margin targets through operational efficiency and pricing power in proprietary engine components.

Improving

The massive acceleration in net income growth (69% vs 42% in the prior year's first quarter) and the sharp reduction in operating expenses demonstrate peak execution.

Howmet is positioned as an indispensable partner in the aerospace supply chain, specifically for GE and Airbus, benefiting from high barriers to entry in high-temperature turbine components.