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Howmet Aerospace’s $740 Million EBITDA Quarter: Can Spares Growth Keep Scaling?

Howmet Aerospace delivered a strong operational and financial performance in the first quarter of 2026, with revenues reaching $2.31 billion, a 19% increase year-over-year, and adjusted EBITDA of $740 million, reflecting a 32% EBITDA margin—a 320 basis point improvement compared to the prior year. Earnings per share increased 42% to $1.22, and free cash flow was robust at $359 million. The company’s balance sheet remains solid, with $2.4 billion in cash, bolstered by recent acquisitions funded through a combination of cash, divestitures, and debt issuance. Notably, the net leverage ratio stood at 1.6 times post-acquisitions, with an expectation to reduce it over the remainder of 2026. Fitch upgraded Howmet Aerospace’s credit rating from BBB+ to A-, acknowledging the company’s financial strength. The company continued strategic capital deployment, completing two acquisitions—Brunner and CAM—in the Fasteners segment and divesting the lower-margin U.S. Disk operation at Savannah.