Revenue: As of FY2025, the actual value is USD 8.252 B, beating the estimate of USD 8.207 B.EPS: As of FY2025, the actual value is USD 3.71, missing the estimate of USD 3.7596.EBIT: As of FY2025, the actual value is USD 2.197 B.<h4>Overall Company Performance</h4><ul><li>Net Income for Howmet Aerospace Inc. reached $1,508 million in 2025, a 31% increase from $1,155 million in 2024, which was a 51% increase from $765 million in 2023.</li><li>Income before income taxes grew to $1,840 million in 2025, a 33% increase from $1,383 million in 2024, and $975 million in 2023.</li><li>Total Segment Adjusted EBITDA amounted to $2,507 million in 2025, a 25% increase from $2,009 million in 2024, and $1,587 million in 2023.</li><li>Cost of Goods Sold (COGS) as a percentage of Sales decreased to 65.8% in 2025 from 68.9% in 2024 and 71.9% in 2023.</li><li>Selling, General Administrative, and Other Expenses (SG&amp;A) as a percentage of Sales decreased to 4.5% in 2025 from 4.7% in 2024 and 5.0% in 2023.</li><li>Research and Development (R&amp;D) Expenses were $37 million in 2025, up 12% from $33 million in 2024, which was an 8% decrease from $36 million in 2023.</li><li>Provision for Depreciation and Amortization (D&amp;A) was $283 million in 2025, a 2% increase from $277 million in 2024, which was a 2% increase from $272 million in 2023.</li><li>Interest expense, net decreased to $151 million in 2025, a 17% decrease from $182 million in 2024, which was a 17% decrease from $218 million in 2023.</li><li>Loss on debt redemption was $15 million in 2025, a 150% increase from $6 million in 2024, which was a 200% increase from $2 million in 2023.</li><li>Other expense, net was $40 million in 2025, a $22 million decrease from $62 million in 2024, which was a $54 million increase from $8 million in 2023.</li><li>Cash provided from operations totaled $1,884 million in 2025, a 45% increase from $1,298 million in 2024, and $901 million in 2023.</li><li>Cash used for investing activities was $438 million in 2025, compared to $316 million in 2024 and $215 million in 2023.</li><li>Capital expenditures totaled $453 million in 2025, $321 million in 2024, and $219 million in 2023.</li></ul><h4>Engine Products Segment</h4><ul><li>Third-party sales increased to $4,320 million in 2025, a 16% rise from $3,735 million in 2024, which was a 14% increase from $3,266 million in 2023.</li><li>Segment Adjusted EBITDA grew to $1,438 million in 2025, a 25% increase from $1,150 million in 2024, which was a 30% increase from $887 million in 2023.</li><li>Segment Adjusted EBITDA Margin rose to 33.3% in 2025 (approx. 250 basis points increase from 2024), 30.8% in 2024 (approx. 360 basis points increase from 2023), and 27.2% in 2023.</li><li>The segment absorbed approximately 1,445 net headcount in 2025 and 1,205 net headcount in 2024 to support expected revenue increases.</li><li>Capital Expenditures were $319 million in 2025, $219 million in 2024, and $112 million in 2023.</li><li>Market Revenue in 2025 included Commercial Aerospace at $2,355 million, Defense Aerospace at $900 million, Gas Turbines at $944 million, and Other at $121 million.</li></ul><h4>Fastening Systems Segment</h4><ul><li>Third-party sales increased to $1,745 million in 2025, an 11% rise from $1,576 million in 2024, which was a 17% increase from $1,349 million in 2023.</li><li>Segment Adjusted EBITDA grew to $530 million in 2025, a 31% increase from $406 million in 2024, which was a 46% increase from $278 million in 2023.</li><li>Segment Adjusted EBITDA Margin rose to 30.4% in 2025 (approx. 460 basis points increase from 2024), 25.8% in 2024 (approx. 520 basis points increase from 2023), and 20.6% in 2023.</li><li>The segment reduced approximately 135 net headcount in 2024.</li><li>Capital Expenditures were $52 million in 2025, $26 million in 2024, and $31 million in 2023.</li><li>Market Revenue in 2025 included Commercial Aerospace at $1,202 million, Defense Aerospace at $176 million, Commercial Transportation at $209 million, and Other at $158 million.</li></ul><h4>Engineered Structures Segment</h4><ul><li>Third-party sales increased to $1,148 million in 2025, an 8% rise from $1,065 million in 2024, which was a 21% increase from $878 million in 2023.</li><li>Segment Adjusted EBITDA grew to $243 million in 2025, a 46% increase from $166 million in 2024, which was a 47% increase from $113 million in 2023.</li><li>Segment Adjusted EBITDA Margin rose to 21.2% in 2025 (approx. 560 basis points increase from 2024), 15.6% in 2024 (approx. 270 basis points increase from 2023), and 12.9% in 2023.</li><li>Capital Expenditures were $33 million in 2025, $20 million in 2024, and $26 million in 2023.</li><li>Market Revenue in 2025 included Commercial Aerospace at $765 million, Defense Aerospace at $333 million, and Other at $50 million.</li></ul><h4>Forged Wheels Segment</h4><ul><li>Third-party sales decreased to $1,039 million in 2025, a 1% decline from $1,054 million in 2024, which was an 8% decrease from $1,147 million in 2023.</li><li>Segment Adjusted EBITDA increased to $296 million in 2025, a 3% increase from $287 million in 2024, which was a 7% decrease from $309 million in 2023.</li><li>Segment Adjusted EBITDA Margin rose to 28.5% in 2025 (approx. 130 basis points increase from 2024), 27.2% in 2024 (approx. 30 basis points increase from 2023), and 26.9% in 2023.</li><li>The segment reduced approximately 160 net headcount in 2024.</li><li>Capital Expenditures were $36 million in 2025, $45 million in 2024, and $36 million in 2023.</li><li>Market Revenue in 2025 for Commercial Transportation was $1,039 million.</li></ul><h4>Outlook / Guidance</h4>Howmet Aerospace Inc. projects sales to increase in 2026 due to anticipated solid growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares. Earnings per share are expected to grow, and cash provided from operations is projected to increase, driven by a continued focus on operating performance. Capital expenditures are expected to remain elevated to support capacity expansions for aerospace and gas turbines market growth and share gains.

Howmet Aerospace | 10-K: FY2025 Revenue Beats Estimate at USD 8.252 B