Howmet Aerospace Inc. (NYSE: HWM) reported second quarter 2026 revenue of $2.55 billion, up 24% year over year, with organic growth of 21%, according to a company press release. GAAP and adjusted earnings per share both came in at $1.33, up 33% and 46% year over year, respectively.

Operating income rose 36% year over year to $711 million, with an operating income margin of 27.9%, up 250 basis points from the prior-year period. Adjusted EBITDA was $817 million, up 39% year over year, at a margin of 32.1%. Free cash flow was $479 million after $104 million in capital expenditures.

Revenue growth was led by a 28% increase in commercial aerospace, 38% in gas turbines, and 11% in defense aerospace. The Engineered Structures segment reported a 13% revenue decline to $269 million, attributed to the divestiture of a Savannah, Georgia disk forging facility and product rationalization.

On April 6, 2026, Howmet completed the acquisition of Consolidated Aerospace Manufacturing, LLC (CAM) from Stanley Black & Decker for approximately $1.8 billion. The company also repaid a $186 million Japanese yen-denominated term loan and entered into a $300 million cross-currency swap, reducing annualized interest expense by $12 million.

During the second quarter, Howmet repurchased $300 million of common stock at an average price of $250.61 per share. An additional $200 million was repurchased in July 2026 at an average of $276.61 per share, bringing year-to-date repurchases to $800 million through July.

The board declared a third quarter dividend of $0.14 per share, a 17% increase from the second quarter dividend of $0.12 per share, payable August 25, 2026.

For full year 2026, Howmet raised its guidance baseline to revenue of $10.05 billion, adjusted EBITDA of $3.23 billion, adjusted EPS of $5.27, and free cash flow of $1.9 billion, representing increases of $400 million, $170 million, $0.33, and $150 million, respectively, from prior guidance.