Short answer

Howmet Aerospace (HWM) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $8.3B (+11.1% year over year) and net income of $1.5B.

Top risk flagged: Regulatory risk: U.S. Department of War Cybersecurity Maturity Model Certification required for new contract eligibility

FY2025 key financial metrics · XBRL

Revenue: $8.3B; +11.1% YoY
Net income: $1.5B; +30.6% YoY
Operating margin: 24.8%; +2.8 pp YoY
EPS (diluted): $3.71; +32.0% YoY
ROE: 28.2%; +2.8 pp YoY
Operating cash flow: $1.9B; +45.1% YoY

Source: XBRL data from the Howmet Aerospace (HWM) FY2025 10-K on SEC EDGAR. USD.

Howmet Aerospace FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core business model: Manufacturer of engineered metal products and solutions for aerospace and industrial markets
Emphasis on compliance with expanding environmental, health, safety regulations impacting production costs and operational risks
Increased focus on climate change risks including regulatory impacts, energy costs, and physical damage to facilities
Reliance on indemnity agreements with Arconic and Alcoa, with potential operational and financial risks if counterparties fail obligations
No disclosure of new products or segments, highlighting external risk management as primary business focus this year

Management Discussion & Analysis

Revenue $8,252M in 2025, up 11% ($822M) YoY driven by commercial aerospace, defense aerospace, and gas turbines growth
Income before taxes $1,840M, up 33% ($457M) YoY; Net income $1,508M, up 31% with EPS $3.71, up 32%
Best segment growth: commercial aerospace, defense aerospace, gas turbines; partially offset by lower volumes in commercial transportation
Operating margin improved as COGS % of sales decreased to 65.8% from 68.9% in 2024; SG&A 4.5% vs 4.7% sales
Cash from operations $1,884M; share repurchases 4.4M shares for $700M; total debt decreased $265M to $3,050M; capex elevated for capacity expansions
2026 outlook: sales and EPS expected to grow; cash from operations to increase; capital expenditures remain elevated for market growth and share gains; risks from regulations, inflation, tariffs, FX, interest rates

Risk Factors

Regulatory risk: U.S. Department of War Cybersecurity Maturity Model Certification required for new contract eligibility
Operational risk: Dependency on CISO role filled in 2022 with 25+ years cybersecurity experience critical to risk management
Cybersecurity risk: Exposure to material cybersecurity incident could impact operations, mitigated by NIST and ISO 27001 alignment
Governance risk: Cybersecurity Committee established as formal Board committee in 2022, meets quarterly to oversee risk and incidents

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