Howmet Aerospace (HWM) FY2024 results: revenue $7.4 billion, up 11.9% on the year

Howmet Aerospace Inc. (HWM) reported revenue of $7.4 billion for fiscal 2024, the year ended 31 December 2024, up 11.9% on the year before. Net income was $1.2 billion, up 51.0%, and diluted earnings per share $2.81. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$7.4 billion

+11.9% on the year

FY2017FY2024

Operating margin

22.0%

18.1% a year earlier

FY2017FY2024

Net income

$1.2 billion

+51.0% on the year

FY2017FY2024

Diluted EPS

$2.81

+53.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,430	6,640	5,663	+11.9%
Cost of revenue	5,119	4,773	4,103	+7.2%
Gross profit	2,311	1,867	1,560	+23.8%
Gross margin	31.1%	28.1%	27.5%
Research and development	33.0	36.0	32.0	-8.3%
Selling, general and administrative	347	333	288	+4.2%
Operating income	1,633	1,203	919	+35.7%
Operating margin	22.0%	18.1%	16.2%
Interest expense	182	218	229	-16.5%
Pre-tax income	1,383	975	606	+41.8%
Income tax	228	210	137	+8.6%
Effective tax rate	16.5%	21.5%	22.6%
Net income	1,155	765	469	+51.0%
Net margin	15.5%	11.5%	8.3%
Diluted EPS	$2.81	$1.83	$1.11	+53.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,298	901	733	+44.1%
Capital expenditure	321	219	193	+46.6%
Free cash flow	977	682	540	+43.3%
Free cash flow margin	13.1%	10.3%	9.5%
Cash from investing	-316	-215	-135
Cash from financing	-1,026	-868	-526
Depreciation and amortisation	277	272	265	+1.8%
Share-based compensation	63.0	50.0	54.0	+26.0%
Buybacks	500	250	400	+100.0%
Dividends paid	109	73.0	44.0	+49.3%
Dividend per share	$0.26	$0.17	$0.10	+52.9%
Diluted shares, weighted	410m	416m	421m	-1.4%
Shares outstanding at period end	405m	410m	412m	-1.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,554	4,037	3,601	+12.8%
Short-term borrowings	n/a	n/a	0.0
Debt	3,315	3,706	4,162	-10.6%
Operating lease liabilities	119	97.0	83.0	+22.7%
Other liabilities	2,531	2,588	2,409	-2.2%
Total liabilities and equity	10,519	10,428	10,255	+0.9%
Fixed assets	2,386	2,328	2,332	+2.5%
Goodwill	4,010	4,035	4,013	-0.6%
Intangible assets	475	505	521	-5.9%
Cash and equivalents	564	610	791	-7.5%
Receivables	689	675	506	+2.1%
Inventory	1,840	1,765	1,609	+4.2%
Other assets	555	510	483	+8.8%
Total assets	10,519	10,428	10,255	+0.9%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.