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Howmet Aerospace Inc.

Q2 FY26Aerospace and Defense

Howmet Aerospace Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹260

Market cap₹1.0L Cr

P/E60.6

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

2 of 4 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

Order bookOrder book rising

The short version

- Gas Turbine segment expects progressive production increase quarterly in 2026, with further growth in 2027 and beyond, supported by yield improvements, flow production, and capacity investments. - The company expects continued strong revenue growth, with full-year 2026 revenue guidance at $9.65 billion (+10% to 14% organic growth excluding M&A).

From Howmet Aerospace Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Gas Turbine segment expects progressive production increase quarterly in 2026, with further growth in 2027 and beyond, supported by yield improvements, flow production, and capacity investments.
Revenue from the Gas Turbine segment is anticipated to more than double over the coming years.
Commercial Aerospace build rates planned to increase throughout 2026; spares business remains strong.
Engine Products forecasts 14% organic growth in 2026, with potential for accelerated growth in 2027, though exact rates depend on aircraft production and macroeconomic factors.
Industrial Gas Turbine (IGT) demand is very active, with anticipated doubling over 3-5 years, supported by agreements with major customers and capital investments.

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Profitability & Margins

The company expects continued strong revenue growth, with full-year 2026 revenue guidance at $9.65 billion (+10% to 14% organic growth excluding M&A).
EBITDA for 2026 is guided at $3.06 billion, up 44% in Q1 with margin improvements.
EPS for 2026 is forecasted at $4.94 per share, with a positive EPS impact expected starting in 2027 from recent acquisitions.
Capital expenditures are increasing, trending towards $500 million in 2026 and expected higher in 2027, supporting organic growth.
The company anticipates progressive increases in gas turbine production through 2026, with further capacity expansions and yield improvements enhancing profitability.

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Capital Expenditure Plans

Capex planned

Capital expenditures (CapEx) are increasing, with 2026 expected around $500 million, up from approximately $450 million in 2025.
Further increase in CapEx anticipated in 2027 to support gas turbine market growth.
Investments focus on expanding gas turbine capacity, including yield improvements, flow production, and takt time methods to increase production efficiency.
New manufacturing plant in Japan for Gas Turbine equipment expected to start production by Q4 2026, boosting capacity.
Continued investment in organic growth seen as best source of margin improvement and return on capital.
Strategic acquisitions completed (CAM Fastener and Brunner), focused on businesses with revenue and cost synergies and margin improvement potential.

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Fundraising & Capital Structure

Howmet issued $1.2 billion of new notes on March 3 to help finance the CAM acquisition.
Additionally, they borrowed $450 million from their commercial paper program to support the CAM purchase.
The company maintains strong liquidity with an undrawn $1 billion revolver and a $1 billion commercial paper program.
Net debt to trailing EBITDA was 0.9x prior to the CAM acquisition but increased to 1.6x after, expected to decline back toward 1.0x during 2026.
Management is open to further acquisitions but remains discerning to maintain strong credit ratings.

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Order Book & Pipeline

Order book rising

Gas turbine customer contracts: Agreements finalized with 6 of 7 major customers; one significant customer contract pending (expected completion in Q2).
Demand Outlook: Expecting strong growth with possible further new orders and higher projected volumes depending on component availability for full IGT installations.
Commercial Aerospace: Aircraft build rates rising, but slightly behind projections; backlog of large aircraft supports build rates.
Spares Business: Strong demand and backlog supporting spares requirements, including legacy fleets.
Engine Production: GTF production increasing steadily through 2026 and into 2027 with higher content and value from GTF Advantage.

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Frequently Asked Questions

What were Howmet Aerospace Inc. Q2 FY26 results?

- Gas Turbine segment expects progressive production increase quarterly in 2026, with further growth in 2027 and beyond, supported by yield improvements, flow production, and capacity investments. - The company expects continued strong revenue growth, with full-year 2026 revenue guidance at $9.65 billion (+10% to 14% organic growth excluding M&A).

What is Howmet Aerospace Inc. share price analysis?

Howmet Aerospace Inc. currently shows a below-average growth signal. The stock trades at a P/E of 60.6 with a market cap of $103,984. Investors should review the full earnings analysis for detailed insights.

Is Howmet Aerospace Inc. planning capital expenditure?

- Capital expenditures (CapEx) are increasing, with 2026 expected around $500 million, up from approximately $450 million in 2025.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.