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AA

Alcoa Corporation

AA

Alcoa Corporation • NYSE
$41.74 ▲ 0.41% (+0.17)
Market Cap $10.81 B
52w High $46.78
52w Low $21.53
Dividend Yield 0.40%
P/E 9.17
Volume 3.76M
Outstanding Shares 258.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.995B ▼ $89M ▼ $232M ▲ 7.746% ▲ $0.9 ▲ $360M ▼
Q2-2025 $3.018B ▼ $94M ▲ $164M ▼ 5.434% ▼ $0.63 ▼ $370M ▼
Q1-2025 $3.274B ▼ $83M ▼ $548M ▲ 16.738% ▲ $2.08 ▲ $869M ▲
Q4-2024 $3.977B ▲ $97M ▲ $202M ▲ 5.079% ▲ $0.77 ▲ $542M ▲
Q3-2024 $2.83B $82M $90M 3.18% $0.39 $387M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.485B ▼ $15.969B ▲ $9.538B ▲ $6.345B ▲
Q2-2025 $1.514B ▲ $14.99B ▲ $8.755B ▼ $6.135B ▲
Q1-2025 $1.202B ▲ $14.574B ▲ $8.759B ▼ $5.815B ▲
Q4-2024 $1.138B ▼ $14.064B ▼ $8.907B ▼ $5.157B ▼
Q3-2024 $1.313B $14.542B $9.292B $5.25B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $232M ▲ $255M ▼ $-11M ▲ $-65M ▲ $-485M ▼ $66M ▼
Q2-2025 $151M ▼ $488M ▲ $-132M ▼ $-67M ▼ $312M ▲ $357M ▲
Q1-2025 $548M ▲ $75M ▼ $-108M ▲ $77M ▲ $56M ▲ $-18M ▼
Q4-2024 $202M ▲ $415M ▲ $-174M ▼ $-394M ▼ $-176M ▼ $246M ▲
Q3-2024 $98M $143M $-153M $-84M $-83M $-3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Alumina
Alumina
 $4.13Bn ▲$1.21Bn ▼$830.00M ▼$830.00M ▲
Aluminum
Aluminum
 $1.81Bn ▲$1.96Bn ▲$1.99Bn ▲$2.07Bn ▲
Bauxite
Bauxite
 $0 ▲$240.00M ▲$200.00M ▼$110.00M ▼
Energy
Energy
 $0 ▲$30.00M ▲$40.00M ▲$60.00M ▲
Other Products
Other Products
 $0 ▲$-70.00M ▼$-50.00M ▲$-70.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Alcoa’s revenue has moved up and down with the aluminum cycle, rising strongly after 2020, dipping, and then recovering again in the most recent year. Profitability has been very uneven: margins were healthy at the peak of the cycle but were squeezed hard more recently, with one year close to break-even at the operating level and only a small net profit over the latest period. Overall, earnings are highly volatile and very sensitive to metal prices and input costs, which is typical for an upstream commodity producer.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable in size, with total assets staying in a similar range over the last few years. Cash levels provide a reasonable cushion but are not excessive. Debt had been reduced from earlier highs, then moved up again more recently, leaving the company with a moderate, manageable leverage profile rather than a very conservative one. Shareholders’ equity has generally trended upward over the five-year period, despite some loss-making years, suggesting that the capital base is being maintained, but with bumps along the way. Overall, the balance sheet supports ongoing operations but does not completely insulate the company from prolonged downturns.

Cash Flow

Cash Flow Operating cash flow has been consistently positive but quite uneven, tracking the same cycle as earnings. Free cash flow has been thin in some years and negative in at least one, as investment spending continued even when cash generation dipped. Capital expenditures have been steady to slightly higher, pointing to ongoing reinvestment in assets and new projects. This pattern shows a business that can generate cash through the cycle but may see its flexibility tighten when prices are weak and investment needs stay high.

Competitive Edge

Competitive Edge Alcoa holds a strong upstream position in bauxite mining, alumina refining, and aluminum smelting, which gives it cost advantages and better control over its supply chain. A large share of its smelting operations uses renewable power, and its low-carbon and recycled product lines help differentiate it in a market that is otherwise very commodity-like. Its scale, vertical integration, and reputation in sustainability are meaningful strengths. At the same time, the company remains exposed to intense global competition, trade policy shifts, and swings in demand from sectors like autos, construction, and aerospace, which limit pricing power outside of its more specialized offerings.

Innovation and R&D

Innovation and R&D Alcoa is investing heavily in technology to reshape how aluminum is produced. Key efforts include a joint venture for carbon-free smelting, an advanced process to upgrade scrap into very high-purity metal, and a “refinery of the future” concept aimed at cutting emissions, waste, and water use in alumina production. It is also developing specialized alloys and exploring additive manufacturing applications. If these projects scale successfully, they could lower costs, reduce environmental impact, and open new revenue streams or licensing opportunities. However, many are still in pilot or early commercialization stages, so timing, costs, and ultimate economic impact remain uncertain.

Summary

Alcoa today is a cyclical, upstream metals company with a noticeable tilt toward sustainability and technology. Financially, it shows the classic pattern of a commodity producer: revenue and profits rise and fall with the cycle, margins can swing from strong to thin, and free cash flow is not consistently robust. The balance sheet is solid enough to support operations and investment, though not immune to extended downturns. On the strategic side, the company’s low-cost, vertically integrated asset base, large renewable-power footprint, and suite of low-carbon and specialty products give it a differentiated position. Its innovation pipeline—especially in carbon-free smelting and advanced recycling—could become a major structural advantage if successfully commercialized. The key questions going forward are how well Alcoa can navigate commodity cycles, maintain financial resilience, and turn its technology and ESG strengths into more stable margins and cash flows over time.

NEWS

November 25, 2025 · 4:25 PM UTC

Alcoa Corporation Announces Intention to Redeem in Full $141 Million of Outstanding 5.500% Notes Due 2027

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November 19, 2025 · 8:30 AM UTC

Alcoa to Participate in Citi's 2025 Basic Materials Conference

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November 10, 2025 · 9:31 AM UTC

Torchlight Innovations Inc. Announces Name Change to RZOLV Technologies Inc

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November 6, 2025 · 8:00 AM UTC

Alcoa, Ball and Unilever Partner to Launch the First Use of ELYSIS® Carbon-Free Smelting Technology in Consumer Personal and Home Care Packaging

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October 22, 2025 · 4:10 PM UTC

Alcoa Corporation Reports Third Quarter 2025 Results

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