Analyst Consensus ?
ConsensusBuy23 ratings
Bullish2087.0%
Neutral28.7%
Bearish14.3%
1 unmapped firm rating excluded from the percentages.
Howmet Aerospace Inc. · HWM · FY2026 Q1 · Calendar Q2 2026
Howmet Aerospace Beats Q1 Estimates on Record Margins, Raises FY Guidance
Howmet Aerospace entered FY2026 with strong momentum, posting a Q1 revenue beat of 3.3% and an EPS surprise of 9.9% driven by record engine-spares demand, a 39% surge in gas-turbine revenue, and disciplined cost management. The company completed two strategic fastener acquisitions (CAM at $1.8B and Brunner at $120M), divested its Savannah disk-forging operation, and earned a Fitch upgrade to A-. Management raised full-year organic growth guidance to 14% and set a $9.65B revenue target. The stock jumped 6.3% on the report but has since drifted down 7.6%, trading at $286.04 against a consensus target of $299.18. The pullback suggests the market is weighing whether the raised guidance and acquisition integration can sustain the growth trajectory amid geopolitical and macro headwinds.
Reported Before market openNYSEIndustrials
$115.21B market cap
100quality score
Company context
Snapshot as of publicationHowmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, and originally established in 1888 as Arconic Inc., is a global leader in providing sophisticated engineered solutions. The company caters to the aerospace and transportation sectors across a wide international footprint, including key markets such as the United States, Japan, France, Germany, the United Kingdom, Mexico, Italy, Canada, Poland, and China. Its business operations are structured into four main segments: Engine Products: This division manufactures critical components like airfoils and seamless rolled rings, primarily utilized in aircraft engines and industrial gas…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.22
Consensus $1
EPS surprise
+9.9%
Reported versus consensus
Reported revenue
$2.31B
Consensus $2.24B
Revenue surprise
+3.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$229.61Current
$41Low
$255.75Average
$370High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Bernstein | Outperform | Outperform | Maintain | Aug 24, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 10, 2026 |
| BTIG | Buy | Buy | Maintain | Aug 10, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 7, 2026 |
| Susquehanna | Positive | Positive | Maintain | Aug 7, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 1, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | May 8, 2026 |
| B of A Securities | Buy | Buy | Maintain | Feb 20, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 17, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 15, 2025 |
| Barclays | Overweight | Overweight | Maintain | Aug 4, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 17, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 2, 2025 |
| Benchmark | Buy | Buy | Maintain | Apr 21, 2025 |
| Baird | Outperform | Outperform | Maintain | Nov 7, 2024 |
| Keybanc | Overweight | Downgrade | Oct 24, 2024 | |
| Deutsche Bank | Buy | Buy | Maintain | Oct 3, 2024 |
| Northcoast Research | Sell | Neutral | Downgrade | Jun 14, 2024 |
| Argus Research | Buy | Buy | Maintain | May 6, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 4, 2021 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Nov 11, 2020 |
Named analyst price targets
Upside is calculated against the persisted current price $229.61. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Scott Deuschle | $343 | $252.04 | +49.4% | Sep 2, 2026 |
| Bernstein | Analyst unavailable | $328 | $265.88 | +42.9% | Aug 24, 2026 |
| Morgan Stanley | Kristine Liwag | $335 | $285.14 | +45.9% | Aug 10, 2026 |
| Wells Fargo | Analyst unavailable | $315 | $281.88 | +37.2% | Aug 10, 2026 |
| Jefferies | Analyst unavailable | $370 | $281.88 | +61.1% | Aug 9, 2026 |
| RBC Capital | Analyst unavailable | $350 | $285.35 | +52.4% | Aug 7, 2026 |
| Jefferies | Analyst unavailable | $340 | $275.01 | +48.1% | Jul 9, 2026 |
| Bernstein | Douglas Harned | $318 | $277.3 | +38.5% | Jun 16, 2026 |
| Jefferies | Sheila Kahyaoglu | $320 | $270.56 | +39.4% | May 10, 2026 |
| Morgan Stanley | Analyst unavailable | $315 | $274.6 | +37.2% | May 8, 2026 |
| UBS | Analyst unavailable | $290 | $274.54 | +26.3% | May 8, 2026 |
| Susquehanna | Analyst unavailable | $330 | $274.01 | +43.7% | May 8, 2026 |
| Deutsche Bank | Scott Deuschle | $320 | $275.36 | +39.4% | May 8, 2026 |
| BTIG | Analyst unavailable | $300 | $272.54 | +30.7% | May 8, 2026 |
| Wolfe Research | Myles Walton | $270 | $251.47 | +17.6% | Mar 11, 2026 |
| Truist Financial | Michael Ciarmoli | $280 | $251.47 | +21.9% | Mar 11, 2026 |
| RBC Capital | Analyst unavailable | $300 | $251.65 | +30.7% | Mar 11, 2026 |
| BTIG | Analyst unavailable | $275 | $252.55 | +19.8% | Feb 18, 2026 |
| Goldman Sachs | Analyst unavailable | $228 | $250.21 | -0.7% | Feb 17, 2026 |
| Bernstein | Analyst unavailable | $280 | $249.06 | +21.9% | Feb 17, 2026 |
| UBS | Analyst unavailable | $260 | $250.21 | +13.2% | Feb 17, 2026 |
| Jefferies | Sheila Kahyaoglu | $315 | $250.21 | +37.2% | Feb 15, 2026 |
| Morgan Stanley | Analyst unavailable | $280 | $250.54 | +21.9% | Feb 13, 2026 |
| RBC Capital | Analyst unavailable | $275 | $250.85 | +19.8% | Feb 13, 2026 |
| Deutsche Bank | Scott Deuschle | $278 | $248.61 | +21.1% | Feb 13, 2026 |
| Susquehanna | Charles Minervino | $290 | $244.79 | +26.3% | Feb 13, 2026 |
| Susquehanna | Analyst unavailable | $255 | $225.86 | +11.1% | Jan 15, 2026 |
| Truist Financial | Analyst unavailable | $258 | $210.02 | +12.4% | Jan 9, 2026 |
| Bernstein | Analyst unavailable | $247 | $212.13 | +7.6% | Jan 6, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $240 | $205.95 | +4.5% | Nov 3, 2025 |
| Susquehanna | Analyst unavailable | $235 | $202.87 | +2.3% | Oct 31, 2025 |
| UBS | Analyst unavailable | $209 | $202.87 | -9.0% | Oct 31, 2025 |
| RBC Capital | Ken Herbert | $235 | $208.22 | +2.3% | Oct 31, 2025 |
| Morgan Stanley | Analyst unavailable | $225 | $202.87 | -2.0% | Oct 31, 2025 |
| Truist Financial | Michael Ciarmoli | $217 | $194 | -5.5% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $220 | $191.65 | -4.2% | Oct 9, 2025 |
| BTIG | Analyst unavailable | $205 | $181.16 | -10.7% | Aug 4, 2025 |
| Wells Fargo | Matthew Akers | $118 | $125.67 | -48.6% | Apr 15, 2025 |
| Truist Financial | Michael Ciarmoli | $130 | $111.66 | -43.4% | Jan 14, 2025 |
| Truist Financial | Michael Ciarmoli | $123 | $106.21 | -46.4% | Oct 18, 2024 |
| Deutsche Bank | Scott Deuschle | $176.25 | $75.56 | -23.2% | Oct 3, 2024 |
| KeyBanc | Philip Gibbs | $90 | $84.34 | -60.8% | May 28, 2024 |
| Argus Research | John Eade | $90 | $78.89 | -60.8% | May 6, 2024 |
| Truist Financial | Michael Ciarmoli | $88 | $77.1 | -61.7% | May 3, 2024 |
| RBC Capital | Ken Herbert | $90 | $77.1 | -60.8% | May 3, 2024 |
| Robert W. Baird | Peter Arment | $84 | $77.1 | -63.4% | May 3, 2024 |
| Jefferies | Sheila Kahyaoglu | $80 | $65.93 | -65.2% | Apr 1, 2024 |
| RBC Capital | Ken Herbert | $75 | $66.74 | -67.3% | Mar 18, 2024 |
| Truist Financial | Michael Ciarmoli | $74 | $55.57 | -67.8% | Jan 10, 2024 |
| Morgan Stanley | Analyst unavailable | $47 | $38.52 | -79.5% | Dec 12, 2022 |
| Truist Financial | Michael Ciarmoli | $31 | $33 | -86.5% | Oct 12, 2022 |
| Truist Financial | Michael Ciarmoli | $41 | $31.3 | -82.1% | Jul 6, 2022 |
| Argus Research | Analyst unavailable | $41 | $36.65 | -82.1% | Jun 7, 2022 |
| Wells Fargo | Analyst unavailable | $38 | $35 | -83.5% | May 4, 2022 |
Track every rating change on HWM the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+6.3%
Event window
SPY move
-0.3%
Same window
Abnormal move
+6.6%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
-7.6%
Up to 20 sessions
HWMSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 2026 revenue reached $2.31 billion, up 19% year-over-year, beating the $2.24B consensus by 3.3%. Adjusted EPS of $1.22 topped estimates of $1.11 by 9.9%. EBITDA hit $740 million at a record 32% margin. Free cash flow reached a first-quarter record of $359 million. All major segments delivered double-digit growth: commercial aerospace engine spares +48%, gas turbines +39%, and fastener systems +14%. The company repurchased $450 million of stock, completed the Brunner ($120M) and CAM ($1.8B) fastener acquisitions, and divested its Savannah disk-forging operation. Fitch upgraded Howmet's credit rating to A- (investment grade). Rare-earth inventory was secured through 2026 and 90% through 2027, mitigating a key input-cost risk.
Guidance delta
Management raised full-year guidance, increasing the organic growth target to 14% and setting a FY revenue target of $9.65 billion. Guidance sentiment is raised, consistent with the prior quarter's raised outlook. Capex outlook remains increasing, with new gas-turbine manufacturing lines in Japan expected to commission by Q3-Q4 2026. The company also plans to maintain its share-repurchase program and considers a dividend increase.
Key takeaways
- Q1 beat on both top and bottom line: revenue +3.3% and EPS +9.9% vs consensus, with a record 32% EBITDA margin and record Q1 free cash flow of $359M.
- Portfolio reshaping: $1.8B CAM and $120M Brunner fastener acquisitions closed, Savannah disk-forging divested, sharpening focus on high-margin fasteners.
- Full-year guidance raised with organic growth target increased to 14% and FY revenue target of $9.65B.
- Credit quality improved: Fitch upgraded Howmet to A- (investment grade).
- Rare-earth supply secured through 2026 and 90% through 2027, addressing a key input-cost risk.
Management priorities
- Ramp up GTF Advantage and LEAP-1B production later in 2026.
- Complete the remaining IGT customer contract (6 of 7 secured).
- Commission new gas-turbine manufacturing lines in Japan by Q3-Q4 2026.
- Continue disciplined M&A focusing on high-margin fastener opportunities.
- Maintain share-repurchase program and consider dividend increase.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-13T14:18:59.121408+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T00:41:25.288756+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T00:41:25.286630+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.