What it does
The company states that it makes engineered components and systems for aerospace, commercial transportation, gas turbines and other markets. Its products include investment castings, airfoils, seamless rolled rings, aerospace and industrial fasteners, jet-engine forgings, machined and forged aircraft parts, and forged aluminum commercial-vehicle wheels. The filing organizes these activities into four worldwide product segments: Engine Products, Fastening Systems, Engineered Structures and Forged Wheels. The company states that its aerospace business serves commercial and defense applications, while its wheel business serves trucks, buses and trailers.
Source: Howmet Aerospace Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company earns revenue by selling its components and systems directly to customers or through distributors. Its four reportable segments are organized by product, and the segment table below provides the associated revenue detail. Engine Products supplies aircraft-engine and industrial-gas-turbine components; Fastening Systems supplies aerospace, industrial and commercial-transportation fasteners and installation tools; Engineered Structures supplies titanium and other forged, extruded and machined aerospace and defense components; and Forged Wheels supplies forged aluminum wheels. The filing identifies aerospace as its largest market and also serves commercial transportation, gas turbines and other areas.
Source: Howmet Aerospace Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Howmet operates in 19 countries, according to the filing. Based on shipment point, North America generated 72% of 2025 sales and Europe generated 22%. The filing identifies operations in the United States, Canada, Mexico, France, the United Kingdom, Hungary, Germany, Japan and China, among other locations. It also states that RTX Corporation and GE Aerospace each represented approximately 11% of third-party sales in 2025. The company says that losing either such significant customer could materially adversely affect the relevant businesses.
Source: Howmet Aerospace Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that all four segments face substantial and intense competition, including from companies using similar or alternative manufacturing processes. Named competitors include Berkshire Hathaway, through Precision Castparts; VSMPO; ATI; Lisi Aerospace; Aubert & Duval; Doncasters Group; Consolidated Precision Products; Weber Metals; Forgital Group; and Frisa. For Forged Wheels, the filing names Accuride, Speedline, Nippon Steel, Dicastal North America, Alux, Wheels India and steel-wheel suppliers. It also notes increased attempts by aluminum-wheel suppliers from China, Taiwan, India, South Korea and Turkey to enter the global commercial-transportation market.
Source: Howmet Aerospace Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
- The filing states that its product markets are cyclical and affected by global economic conditions and regulations.
- A disruption or manufacturing difficulty at a facility could affect deliveries, costs, quality requirements and customer relationships.
- The company depends on limited- or sole-source suppliers for certain materials and services, and supply-chain disruptions could affect operations.
- The business depends partly on meeting program demand, production targets and commitments.
- Failure to attract and retain qualified workers, key personnel, or adequate succession planning could adversely affect operations and competitiveness.
- The loss of key customers or significant changes in their business or financial condition could adversely affect results.
Source: Howmet Aerospace Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The company reported 25,430 employees at the end of 2025, working in 23 countries. Its principal facilities span multiple countries, including sites supporting castings, rings, fasteners, forgings, machining, titanium mill products and wheels; the filing also excludes 16 sales and administrative offices, distribution centers or warehouses from its principal-facilities list. The company states that approximately 3,860 employees, or 26% of its U.S. workforce, are represented by labor unions. It has eight U.S. collective bargaining agreements with varying expiration dates.
Source: Howmet Aerospace Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov