HWM Q2 2026 10-Q: Gas Turbines leg +37.8% YoY, no inflection (tracker leg 2 of 4)
Thesis
HWM Q2 2026 10-Q: Gas Turbines leg +37.8% YoY, no inflection (tracker leg 2 of 4)
- Source: Howmet 10-Q for the quarter ended 2026-06-30, filed 2026-08-06 — the end-market revenue table in the segment note (Engine Products column; saved copy
data/stocks/HWM/edgar/10Q-2026-08-06.html). - Shift: Gas Turbines end-market revenue was $321M in Q2 2026 vs $233M in Q2 2025 (+37.8% YoY); six months $605M vs $437M (+38.4%). The implied Q1 leg ($284M vs $204M, +39.2%) matches the leg captured on 2026-05-10, so the series ties. FY2025 was +25% ($755M → $944M). The growth rate eased 1.4 points, from +39.2% to +37.8%, on a prior-year base 14% larger ($233M vs $204M): still well above FY2025's +25%, not inflecting.
- Effect on thesis: the leading bear tell ("Gas Turbines inflects") did not trigger a second quarter running. HWM's own words carry the demand side: Engine Products third-party sales +32% in the quarter on "growth in the commercial and defense aerospace and gas turbines markets", capacity investments "to support aerospace and gas turbines market growth", and segment Adjusted EBITDA margin up about 470 bp.
- Per-ticker: HWM reaffirmed (upstream blade caster; gas-turbine leg intact). No change to GEV or ATI.
- Process note: this leg was two months late (the 2026-08-01 calendar firing dropped off the cadence check once it passed and nothing re-armed it). The Q3 firing is now on the calendar (about 2026-11-06). The PCC-vs-HWM divergence row cannot take a new point: PCC publishes annually only.
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