Analyst Consensus ?
ConsensusBuy23 ratings
Bullish2087.0%
Neutral28.7%
Bearish14.3%
1 unmapped firm rating excluded from the percentages.
Howmet Aerospace Inc. · HWM · FY2026 Q2 · Calendar Q3 2026
Howmet Q2: Strong Demand Meets a Larger Capacity Commitment
The supplied analysis supports a constructive operating thesis: resilient aerospace, defense and industrial gas-turbine demand is being reinforced by capacity expansion and acquisitions. The main test is whether Howmet can execute the ramp, integration and rising capital-spending program without eroding margins or cash conversion.
Reported Before market openNYSEIndustrials
$90.97B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.33
Consensus $1.24
EPS surprise
+7.3%
Reported versus consensus
Reported revenue
$2.55B
Consensus $2.43B
Revenue surprise
+4.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.6%
Event window
SPY move
-0.2%
Same window
Abnormal move
-0.4%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-10.1%
Up to 20 sessions
HWMSPY benchmark
Ask FN2 about HWM FY2026 Q2
Transcript, numbers and history already loaded
Why did HWM fall 0.6% after beating EPS estimates in FY2026 Q2?What changed in HWM's guidance and outlook in FY2026 Q2?Give me the bull and bear case for HWM after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis adds another strong quarter, continued raised guidance, completed CAM and Brunner integration work, a 90% free-cash-flow conversion target, and a larger capacity and capital-investment program. The risk profile now places more emphasis on ramp execution, staffing, acquisition integration and potential incremental capital needs.
Guidance delta
Raised. Management’s updated outlook is supported by commercial aerospace, defense and industrial gas-turbine demand, alongside planned capacity investment.
Key takeaways
- Management described broad demand strength across commercial aerospace, defense aerospace and industrial gas turbines.
- The analysis points to 24% year-over-year revenue growth, a 32.1% EBITDA margin and 21% organic growth.
- CAM and Brunner integration is progressing, with most synergies expected to materialize in 2027.
- Free cash flow supported share repurchases and debt repayment, while management targeted 90% free-cash-flow conversion.
- Capacity expansion in Japan and Europe and higher planned capital spending support growth but raise execution demands.
Management priorities
- Commission additional casting equipment in Japan and expand the European plant.
- Invest in multi-chemistry coating lines at Whitehall.
- Support organic growth with more than $500 million of 2026 capital expenditure and higher spending in 2027.
- Continue share repurchases and dividend growth while targeting 90% free-cash-flow conversion.
- Evaluate additional bolt-on acquisitions after CAM and Brunner.
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Analyst 52W Price Targets
$227.37Previous close
$41Low
$259.52Average
$370High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 22, 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 previous close $227.37. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Analyst unavailable | $350 | $227.13 | +53.9% | Sep 14, 2026 |
| Deutsche Bank | Scott Deuschle | $343 | $252.04 | +50.9% | Sep 2, 2026 |
| Bernstein | Analyst unavailable | $328 | $265.88 | +44.3% | Aug 24, 2026 |
| Morgan Stanley | Kristine Liwag | $335 | $285.14 | +47.3% | Aug 10, 2026 |
| Wells Fargo | Analyst unavailable | $315 | $281.88 | +38.5% | Aug 10, 2026 |
| Jefferies | Analyst unavailable | $370 | $281.88 | +62.7% | Aug 9, 2026 |
| RBC Capital | Analyst unavailable | $350 | $285.35 | +53.9% | Aug 7, 2026 |
| Jefferies | Analyst unavailable | $340 | $275.01 | +49.5% | Jul 9, 2026 |
| Bernstein | Douglas Harned | $318 | $277.3 | +39.9% | Jun 16, 2026 |
| Jefferies | Sheila Kahyaoglu | $320 | $270.56 | +40.7% | May 10, 2026 |
| Morgan Stanley | Analyst unavailable | $315 | $274.6 | +38.5% | May 8, 2026 |
| UBS | Analyst unavailable | $290 | $274.54 | +27.5% | May 8, 2026 |
| Susquehanna | Analyst unavailable | $330 | $274.01 | +45.1% | May 8, 2026 |
| Deutsche Bank | Scott Deuschle | $320 | $275.36 | +40.7% | May 8, 2026 |
| BTIG | Analyst unavailable | $300 | $272.54 | +31.9% | May 8, 2026 |
| Wolfe Research | Myles Walton | $270 | $251.47 | +18.7% | Mar 11, 2026 |
| Truist Financial | Michael Ciarmoli | $280 | $251.47 | +23.1% | Mar 11, 2026 |
| RBC Capital | Analyst unavailable | $300 | $251.65 | +31.9% | Mar 11, 2026 |
| BTIG | Analyst unavailable | $275 | $252.55 | +20.9% | Feb 18, 2026 |
| Goldman Sachs | Analyst unavailable | $228 | $250.21 | +0.3% | Feb 17, 2026 |
| Bernstein | Analyst unavailable | $280 | $249.06 | +23.1% | Feb 17, 2026 |
| UBS | Analyst unavailable | $260 | $250.21 | +14.4% | Feb 17, 2026 |
| Jefferies | Sheila Kahyaoglu | $315 | $250.21 | +38.5% | Feb 15, 2026 |
| Morgan Stanley | Analyst unavailable | $280 | $250.54 | +23.1% | Feb 13, 2026 |
| RBC Capital | Analyst unavailable | $275 | $250.85 | +20.9% | Feb 13, 2026 |
| Deutsche Bank | Scott Deuschle | $278 | $248.61 | +22.3% | Feb 13, 2026 |
| Susquehanna | Charles Minervino | $290 | $244.79 | +27.5% | Feb 13, 2026 |
| Susquehanna | Analyst unavailable | $255 | $225.86 | +12.2% | Jan 15, 2026 |
| Truist Financial | Analyst unavailable | $258 | $210.02 | +13.5% | Jan 9, 2026 |
| Bernstein | Analyst unavailable | $247 | $212.13 | +8.6% | Jan 6, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $240 | $205.95 | +5.6% | Nov 3, 2025 |
| Susquehanna | Analyst unavailable | $235 | $202.87 | +3.4% | Oct 31, 2025 |
| UBS | Analyst unavailable | $209 | $202.87 | -8.1% | Oct 31, 2025 |
| RBC Capital | Ken Herbert | $235 | $208.22 | +3.4% | Oct 31, 2025 |
| Morgan Stanley | Analyst unavailable | $225 | $202.87 | -1.0% | Oct 31, 2025 |
| Truist Financial | Michael Ciarmoli | $217 | $194 | -4.6% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $220 | $191.65 | -3.2% | Oct 9, 2025 |
| BTIG | Analyst unavailable | $205 | $181.16 | -9.8% | Aug 4, 2025 |
| Wells Fargo | Matthew Akers | $118 | $125.67 | -48.1% | Apr 15, 2025 |
| Truist Financial | Michael Ciarmoli | $130 | $111.66 | -42.8% | Jan 14, 2025 |
| Truist Financial | Michael Ciarmoli | $123 | $106.21 | -45.9% | Oct 18, 2024 |
| Deutsche Bank | Scott Deuschle | $176.25 | $75.56 | -22.5% | Oct 3, 2024 |
| KeyBanc | Philip Gibbs | $90 | $84.34 | -60.4% | May 28, 2024 |
| Argus Research | John Eade | $90 | $78.89 | -60.4% | May 6, 2024 |
| Truist Financial | Michael Ciarmoli | $88 | $77.1 | -61.3% | May 3, 2024 |
| RBC Capital | Ken Herbert | $90 | $77.1 | -60.4% | May 3, 2024 |
| Robert W. Baird | Peter Arment | $84 | $77.1 | -63.1% | May 3, 2024 |
| Jefferies | Sheila Kahyaoglu | $80 | $65.93 | -64.8% | Apr 1, 2024 |
| RBC Capital | Ken Herbert | $75 | $66.74 | -67.0% | Mar 18, 2024 |
| Truist Financial | Michael Ciarmoli | $74 | $55.57 | -67.5% | Jan 10, 2024 |
| Morgan Stanley | Analyst unavailable | $47 | $38.52 | -79.3% | Dec 12, 2022 |
| Truist Financial | Michael Ciarmoli | $31 | $33 | -86.4% | Oct 12, 2022 |
| Truist Financial | Michael Ciarmoli | $41 | $31.3 | -82.0% | Jul 6, 2022 |
| Argus Research | Analyst unavailable | $41 | $36.65 | -82.0% | Jun 7, 2022 |
| Wells Fargo | Analyst unavailable | $38 | $35 | -83.3% | May 4, 2022 |
Track every rating change on HWM the moment it posts. Free to start.
Start freeCompany 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…
Historical context
All HWM earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-06T22:10:39.782199+00:00
- FN2 earnings calendar · 2026-09-11T01:23:15.000588+00:00
- Polygon adjusted daily market bars · 2026-09-22T10:20:52.529123+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T10:20:52.526417+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.