Howmet Aerospace (HWM) FY2025 10-K Annual Report
Howmet Aerospace (HWM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Howmet Aerospace FY2025 10-K Analysis
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
Howmet Aerospace FY2025 Key Financial MetricsXBRL
Revenue
$8.3B
▲ +11.1% YoY
Net Income
$1.5B
▲ +30.6% YoY
Operating Margin
24.8%
▲ +282bp YoY
Net Margin
18.3%
▲ +273bp YoY
ROE
28.2%
▲ +281bp YoY
Total Assets
$11.2B
▲ +6.3% YoY
EPS (Diluted)
$3.71
▲ +32.0% YoY
Operating Cash Flow
$1.9B
▲ +45.1% YoY
Source: XBRL data from Howmet Aerospace FY2025 10-K filing on SEC EDGAR. All figures in USD.
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