Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,435	$ 742
Receivables from customers, less allowances of $— in both 2026 and 2025 (K)	940	779
Inventories (L)	1,975	1,849
Prepaid expenses and other current assets	307	409
Total current assets	5,657	3,779
Properties, plants, and equipment, net (M)	2,614	2,593
Goodwill	4,078	4,022
Deferred income taxes	35	40
Intangibles, net	451	457
Other noncurrent assets (N)	232	288
Total assets	13,067	11,179
Current liabilities:
Accounts payable, trade (Q)	1,058	845
Accrued compensation and retirement costs	263	343
Taxes, including income taxes (H)	81	77
Accrued interest payable	39	47
Deferred revenue	129	147
Other current liabilities (N)(Q)	109	121
Long-term debt due within one year (O)	186	191
Short-term borrowings	450	0
Total current liabilities	2,315	1,771
Long-term debt, less amount due within one year (O)(P)	4,050	2,859
Accrued pension benefits (F)	533	546
Accrued other postretirement benefits (F)	36	38
Other noncurrent liabilities and deferred credits (N)	611	612
Total liabilities	7,545	5,826
Contingencies and commitments (Q)
Howmet Aerospace shareholders’ equity:
Common stock	401	402
Additional capital	2,187	2,531
Retained earnings	4,625	4,093
Accumulated other comprehensive loss (J)	(1,691)	(1,673)
Total equity	5,522	5,353
Total liabilities and equity	$ 13,067	$ 11,179