Howmet Aerospace (HWM) reported third-quarter 2026 revenue of $2.70 billion, up 29% from a year earlier, with organic growth of 25%, which the company said was its strongest quarterly growth rate on record.

The aerospace and gas-turbine supplier posted GAAP earnings of $1.42 a share and adjusted earnings of $1.46 a share. Adjusted EBITDA was $879 million, and the adjusted EBITDA margin expanded 310 basis points year over year to 32.5%.

Executive Chairman and Chief Executive Officer John Plant said third-quarter results exceeded the high end of guidance. He pointed to free cash flow of $562 million after $147 million of capital expenditures.

Commercial aerospace revenue grew 32%, defense aerospace 10%, gas turbines 45%, and commercial transportation 28%. Plant said gas-turbine growth showed both added output and higher market share, and that customers were looking to increase volumes beyond previous expectations, which he said supports the outlook beyond 2028.

Engine Products, the largest reportable segment, recorded third-party sales of $1.45 billion, up 33% year over year. Segment adjusted EBITDA was $567 million, and the segment adjusted EBITDA margin rose 580 basis points to 39.1%. The segment absorbed net headcount of approximately 520 in the quarter in support of expected future revenue increases.

Fastening Systems revenue was $630 million, up 41% year over year, or 10% excluding the CAM and Brunner acquisitions. Segment adjusted EBITDA was $185 million. Adjusted EBITDA margin was 29.4%, which the company said reflected the CAM acquisition.

Engineered Structures revenue was $295 million, down 4% year over year, or up 8% excluding the Savannah disk forging divestiture. Segment adjusted EBITDA was $70 million, and margin rose 290 basis points to 23.7%.

Forged Wheels revenue was $327 million, up 32% year over year on higher commercial transportation volumes and an increase in aluminum cost pass-through. Segment adjusted EBITDA was $86 million. Margin fell 330 basis points to 26.3%, which the company said was due to the aluminum pass-through.

Cash from operations was $709 million. Howmet repurchased $500 million of common stock in the third quarter at an average $264.77 a share, retiring about 1.9 million shares, and lifted year-to-date repurchases through October 28, 2026, to $1.1 billion. On October 28, the board authorized a $5 billion increase in the share-repurchase program, bringing total authorization to $5.397 billion. The quarterly common stock dividend rose 17% to $0.14 a share. The company paid down $60 million of commercial paper; $390 million of the $1 billion program was outstanding at quarter-end.

Full-year 2026 revenue guidance was raised to a $10.290 billion to $10.310 billion range, with a $10.300 billion baseline, a $250 million increase. Adjusted EBITDA guidance moved to $3.325 billion to $3.335 billion, adjusted EPS to $5.49 to $5.51, and free cash flow to $1.950 billion to $2.050 billion. Fourth-quarter 2026 revenue guidance was $2.740 billion to $2.760 billion, with a $2.750 billion baseline.

Plant said the company envisages 2027 revenue of approximately $11.5 billion, representing about 12% growth from the increased 2026 guidance. He said capital-expenditure plans envisage elevated spend beyond 2027 to support growth in aerospace and defense as well as gas turbines.