financial statements

The full income statement, balance sheet, and cash-flow statement for Howmet Aerospace Inc. (HWM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.25B YoY+11.1%	7.43B YoY+11.9%	6.64B YoY+17.3%	5.66B YoY+13.9%	4.97B YoY-5.5%
Research & development	37.0M YoY+12.1%	33.0M YoY-8.3%	36.0M YoY+12.5%	32.0M YoY+88.2%	17.0M YoY+0.0%
Selling, general & administrative	370M YoY+6.6%	347M YoY+4.2%	333M YoY+15.6%	288M YoY+14.7%	251M YoY-9.4%
Restructuring	—	—	—	56.0M YoY-37.8%	90.0M YoY-50.5%
Amortization of intangibles	32.0M YoY-3.0%	33.0M YoY-5.7%	35.0M YoY-2.8%	36.0M YoY+0.0%	36.0M YoY-10.0%
Operating income	2.05B YoY+25.3%	1.63B YoY+35.7%	1.20B YoY+30.9%	919M YoY+22.9%	748M YoY+19.5%
Interest expense	—	—	218M YoY-4.8%	229M YoY-11.6%	259M YoY-18.3%
Interest & investment income	20.0M YoY+0.0%	20.0M YoY-13.0%	23.0M YoY+283.3%	6.00M	—
Net interest income	—	—	-218M YoY+4.8%	-229M YoY+11.6%	-259M YoY+18.3%
Other non-operating income	1.00M	0.00 YoY-100.0%	3.00M YoY+50.0%	2.00M YoY-71.4%	7.00M YoY+115.2%
Pre-tax income	1.84B YoY+33.0%	1.38B YoY+41.8%	975M YoY+60.9%	606M YoY+87.0%	324M YoY+89.5%
Income tax	332M YoY+45.6%	228M YoY+8.6%	210M YoY+53.3%	137M YoY+107.6%	66.0M YoY+265.0%
	1.51B YoY+30.6%	1.16B YoY+51.0%	765M YoY+63.1%	469M YoY+81.8%	258M YoY-1.1%
Income from continuing operations	—	—	—	469M YoY+81.8%	258M YoY+22.3%
Preferred dividends	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Net income to common	1.51B YoY+30.6%	1.15B YoY+51.1%	763M YoY+63.4%	467M YoY+82.4%	256M YoY-1.2%
	$3.71 YoY+32.0%	$2.81 YoY+53.6%	$1.83 YoY+64.9%	$1.11 YoY+88.1%	$0.59
EPS (basic)	$3.73 YoY+31.8%	$2.83 YoY+53.0%	$1.85 YoY+65.2%	$1.12 YoY+86.7%	$0.60
Weighted-avg shares (basic)	404M YoY-1.0%	408M YoY-1.0%	412M YoY-1.0%	416M YoY-3.3%	430M YoY-1.1%
Weighted-avg shares (diluted)	406M YoY-1.0%	410M YoY-1.4%	416M YoY-1.2%	421M YoY-3.2%	435M YoY-0.9%
Dividends per share	$0.44 YoY+69.2%	$0.26 YoY+52.9%	$0.17 YoY+70.0%	$0.10 YoY+150.0%	$0.04 YoY+100.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.78B YoY+12.4%	3.36B YoY+1.4%	3.32B YoY+5.5%	3.14B YoY+14.8%	2.74B YoY-25.5%
Cash & equivalents	742M YoY+31.6%	564M YoY-7.5%	610M YoY-22.9%	791M YoY+9.9%	720M YoY-55.3%
Accounts receivable	779M YoY+13.1%	689M YoY+2.1%	675M YoY+33.4%	506M YoY+37.9%	367M YoY+11.9%
Inventory	1.85B YoY+0.5%	1.84B YoY+4.2%	1.76B YoY+9.7%	1.61B YoY+14.8%	1.40B YoY-5.8%
Prepaid expenses	409M YoY+64.3%	249M YoY+0.0%	249M YoY+20.9%	206M YoY+5.6%	195M YoY-10.1%
Other current assets	874M YoY+0.0%	874M YoY+0.0%	874M YoY+0.0%	874M YoY+0.0%	874M YoY+0.0%
	11.2B YoY+6.3%	10.5B YoY+0.9%	10.4B YoY+1.7%	10.3B YoY+0.4%	10.2B YoY-10.7%
Property, plant & equipment	2.59B YoY+8.7%	2.39B YoY+2.5%	2.33B YoY-0.2%	2.33B YoY-5.5%	2.47B YoY-4.8%
Operating lease right-of-use	162M YoY+4.5%	155M YoY+21.1%	128M YoY+15.3%	111M YoY+2.8%	108M YoY-17.6%
Goodwill	4.02B YoY+0.3%	4.01B YoY-0.6%	4.04B YoY+0.5%	4.01B YoY-1.3%	4.07B YoY-0.9%
Intangible assets	457M YoY-3.8%	475M YoY-5.9%	505M YoY-3.1%	521M YoY-5.1%	549M YoY-3.9%
Long-term investments	1.47B YoY+0.0%	1.47B YoY+0.0%	1.47B YoY+0.0%	1.47B YoY+0.0%	1.47B YoY+0.0%
Deferred tax assets	40.0M YoY+14.3%	35.0M YoY-23.9%	46.0M YoY-14.8%	54.0M YoY-70.7%	184M YoY-32.4%
Other non-current assets	288M YoY+14.7%	251M YoY+26.8%	198M YoY+3.1%	192M YoY-10.7%	215M YoY-8.1%
Total non-current assets	274M YoY+0.0%	274M YoY+0.0%	274M YoY+0.0%	274M YoY+0.0%	274M YoY+0.0%
	1.77B YoY+14.3%	1.55B YoY-13.2%	1.78B YoY+20.4%	1.48B YoY+18.3%	1.25B YoY-24.5%
Accounts payable	845M YoY-10.9%	948M YoY-3.5%	982M YoY+2.1%	962M YoY+31.4%	732M YoY+22.2%
Deferred revenue	147M YoY+145.0%	60.0M	—	—	—
Short-term & current debt	191M YoY+3083.3%	6.00M YoY-97.1%	206M	0.00 YoY-100.0%	5.00M YoY-98.7%
Current lease liability	42.0M YoY+13.5%	37.0M YoY+15.6%	32.0M YoY+0.0%	32.0M YoY-3.0%	33.0M YoY-13.2%
Other current liabilities	121M YoY+9.0%	111M YoY-44.5%	200M YoY-1.0%	202M YoY+10.4%	183M YoY-36.7%
	5.83B YoY-2.3%	5.96B YoY-6.7%	6.39B YoY-4.0%	6.65B YoY-0.8%	6.71B YoY-14.7%
Long-term debt	2.86B YoY-13.6%	3.31B YoY-5.5%	3.50B YoY-15.9%	4.16B YoY-1.5%	4.23B YoY-10.0%
Deferred revenue (non-current)	106M YoY+26.2%	84.0M YoY+0.0%	84.0M YoY+0.0%	84.0M YoY+0.0%	84.0M YoY+0.0%
Non-current lease liability	121M YoY+1.7%	119M YoY+22.7%	97.0M YoY+16.9%	83.0M YoY+2.5%	81.0M YoY-19.0%
Deferred tax liabilities	460M YoY+0.0%	460M YoY+0.0%	460M YoY+0.0%	460M YoY+0.0%	460M YoY+0.0%
Other non-current liabilities	119M YoY+0.0%	119M YoY+0.0%	119M YoY+0.0%	119M YoY+0.0%	119M YoY+0.0%
	5.35B YoY+17.5%	4.55B YoY+12.8%	4.04B YoY+12.1%	3.60B YoY+2.7%	3.51B YoY-1.9%
Preferred stock	0.00 YoY-100.0%	55.0M YoY+0.0%	55.0M YoY+0.0%	55.0M YoY+0.0%	55.0M YoY+0.0%
Common stock	402M YoY-0.7%	405M YoY-1.2%	410M YoY-0.5%	412M YoY-2.4%	422M YoY-2.5%
Additional paid-in capital	2.53B YoY-21.1%	3.21B YoY-12.9%	3.68B YoY-6.7%	3.95B YoY-8.0%	4.29B YoY-8.1%
Retained earnings	4.09B YoY+48.0%	2.77B YoY+60.8%	1.72B YoY+67.3%	1.03B YoY+70.5%	603M YoY+65.7%
Treasury stock	0.00	0.00	0.00	0.00	0.00
Accumulated other comprehensive income	-1.67B YoY+10.9%	-1.88B YoY-2.6%	-1.83B YoY+0.6%	-1.84B YoY+1.2%	-1.86B YoY+4.1%
Non-controlling interest	0.00	0.00	0.00	0.00	0.00
Total equity incl. non-controlling	3.76B YoY+0.0%	3.76B YoY+0.0%	3.76B YoY+4.4%	3.60B YoY+2.7%	3.51B YoY-1.9%
Total liabilities & equity	11.2B YoY+6.3%	10.5B YoY+0.9%	10.4B YoY+1.7%	10.3B YoY+0.4%	10.2B YoY-10.7%
Common shares issued	402M YoY-0.9%	405M YoY-1.1%	410M YoY-0.5%	412M YoY-2.3%	422M YoY-2.6%
Common shares outstanding	402M YoY-0.8%	405M YoY-1.2%	410M YoY-0.5%	412M YoY-2.4%	422M YoY-2.5%
Shares outstanding (cover)	402M YoY-1.0%	406M YoY-1.3%	412M YoY-0.5%	414M YoY-3.2%	427M YoY-1.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.88B YoY+45.1%	1.30B YoY+44.1%	901M YoY+22.9%	733M YoY+63.3%	449M YoY+4888.9%
Depreciation & amortization	283M YoY+2.2%	277M YoY+1.8%	272M YoY+2.6%	265M YoY-1.9%	270M YoY-20.1%
Share-based compensation	73.0M YoY+15.9%	63.0M YoY+26.0%	50.0M YoY-7.4%	54.0M YoY+35.0%	40.0M YoY-13.0%
Deferred income taxes	17.0M YoY-69.6%	56.0M YoY-48.6%	109M YoY+34.6%	81.0M YoY+113.2%	38.0M YoY+200.0%
Change in inventory	50.0M YoY-52.8%	106M YoY-25.4%	142M YoY-39.3%	234M YoY+490.0%	-60.0M YoY+18.9%
	-438M YoY-38.6%	-316M YoY-47.0%	-215M YoY-59.3%	-135M YoY-226.2%	107M YoY-60.5%
Capital expenditure	453M YoY+41.1%	321M YoY+46.6%	219M YoY+13.5%	193M YoY-3.0%	199M YoY-25.5%
Acquisitions	0.00 YoY-100.0%	5.00M	0.00	0.00	—
Sales/maturities of investments	15.0M	0.00 YoY-100.0%	2.00M	—	—
Other investing activities	0.00 YoY+100.0%	-1.00M	0.00	0.00 YoY+100.0%	-1.00M YoY+50.0%
	-1.27B YoY-23.7%	-1.03B YoY-18.2%	-868M YoY-65.0%	-526M YoY+63.6%	-1.44B YoY-291.3%
Long-term debt issued	500M YoY+0.0%	500M YoY+25.0%	400M	0.00 YoY-100.0%	700M YoY-70.8%
Long-term debt repaid	765M YoY-11.6%	865M YoY-1.3%	876M YoY+1169.6%	69.0M YoY-95.5%	1.54B YoY-24.7%
Common stock repurchased	700M YoY+40.0%	500M YoY+100.0%	250M YoY-37.5%	400M YoY-7.0%	430M YoY+489.0%
Other financing activities	-3.00M YoY-200.0%	-1.00M	0.00	0.00 YoY+100.0%	-21.0M YoY+47.5%
FX effect on cash	1.00M YoY+200.0%	-1.00M	0.00 YoY+100.0%	-2.00M YoY-100.0%	-1.00M YoY+66.7%
Net change in cash	178M YoY+495.6%	-45.0M YoY+75.3%	-182M YoY-360.0%	70.0M YoY+107.9%	-889M YoY-866.3%
Interest paid	157M YoY-12.8%	180M YoY-18.6%	221M YoY-1.3%	224M YoY-16.1%	267M YoY-33.4%
Income taxes paid	312M YoY+76.3%	177M YoY+70.2%	104M YoY+108.0%	50.0M YoY-5.7%	53.0M YoY+260.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	82.4B YoY+85.5%	44.4B YoY+99.4%	22.3B YoY+36.7%	16.3B YoY+19.9%	13.6B YoY+9.9%
P/E	54.7× YoY+42.1%	38.5× YoY+10.4%	34.9× YoY-7.4%	37.6× YoY-28.6%	52.7× YoY+11.2%
P/S	10.0× YoY+67.0%	6.0× YoY+72.2%	3.5× YoY+15.3%	3.0× YoY+10.1%	2.7× YoY+16.2%
P/B	15.4× YoY+57.8%	9.8× YoY+69.3%	5.8× YoY+15.2%	5.0× YoY+29.0%	3.9× YoY+12.0%
P/FCF	57.6× YoY+26.7%	45.5× YoY+40.5%	32.4× YoY-26.4%	44.0× YoY-19.1%	54.4×
Earnings yield	1.8% YoY-29.6%	2.6% YoY-9.4%	2.9% YoY+8.0%	2.7% YoY+40.0%	1.9% YoY-10.0%
FCF yield	1.7% YoY-21.0%	2.2% YoY-28.8%	3.1% YoY+35.9%	2.3% YoY+23.6%	1.8%
Dividend yield	0.2% YoY-9.7%	0.2% YoY-24.3%	0.3% YoY+23.8%	0.3% YoY+101.9%	0.1% YoY+79.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: HWM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all HWM filings on SEC EDGAR → Not investment advice.

HWM▼ financial statements

About this data

financial statements