NYSE : AA
Alcoa Corporation — Financial statements
Materials · Aluminum · United States
Last price 39.89 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 10.53B
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Financial statements
Alcoa Corporation (AA) reported revenue of 14.31B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 14.31B | 12.83B | 11.89B | 10.55B | 12.45B | 12.15B |
| Cost of Revenue | 11.05B | 10.54B | 9.98B | 9.72B | 10.15B | 9.10B |
| Gross Profit | 3.26B | 2.29B | 1.91B | 834.00M | 2.31B | 3.05B |
| Selling, General & Admin | 380.00M | 325.00M | 291.00M | 239.00M | 264.00M | 274.00M |
| Research & Development | 18.00M | 24.00M | 57.00M | 39.00M | 32.00M | 31.00M |
| Other Operating Expenses | -90.00M | 3.00M | ||||
| Operating Expenses | 1.07B | 972.00M | 990.00M | 910.00M | 823.00M | 972.00M |
| Operating Income | 2.19B | 1.32B | 923.00M | -76.00M | 1.48B | 2.08B |
| Interest Expense | -129.00M | -158.00M | -156.00M | -107.00M | -106.00M | -195.00M |
| Interest & Investment Income | 79.00M | 79.00M | 54.00M | 62.00M | ||
| Earnings From Equity Investments | -64.00M | -58.00M | -24.00M | -228.00M | -27.00M | 105.00M |
| Currency Exchange Gain (Loss) | 3.00M | -2.00M | -126.00M | 64.00M | -9.00M | -3.00M |
| Other Non Operating Income (Expenses) | -1.91B | 83.00M | 58.00M | -5.00M | 224.00M | 36.00M |
| EBT Excluding Unusual Items | 168.00M | 1.26B | 729.00M | -290.00M | 1.56B | 2.02B |
| Merger & Restructuring Charges | -165.00M | -1.04B | -403.00M | -259.00M | -80.00M | -202.00M |
| Impairment of Goodwill | -144.00M | -144.00M | ||||
| Gain (Loss) on Sale of Investments | 1.77B | 986.00M | -58.00M | |||
| Gain (Loss) on Sale of Assets | -12.00M | -5.00M | -37.00M | -14.00M | -10.00M | 354.00M |
| Legal Settlements | -79.00M | |||||
| Other Unusual Items | -21.00M | -635.00M | -977.00M | |||
| Pretax Income | 1.62B | 1.06B | 289.00M | -584.00M | 702.00M | 1.20B |
| Income Tax Expense | 112.00M | -55.00M | 265.00M | 189.00M | 664.00M | 629.00M |
| Earnings From Continuing Operations | 1.51B | 1.12B | 24.00M | -773.00M | 38.00M | 570.00M |
| Minority Interest in Earnings | 18.00M | 38.00M | 36.00M | 122.00M | -161.00M | -141.00M |
| Net Income | 1.53B | 1.16B | 60.00M | -651.00M | -123.00M | 429.00M |
| Preferred Dividends & Other Adjustments | 2.00M | 16.00M | 4.00M | |||
| Net Income to Common | 1.53B | 1.14B | 56.00M | -651.00M | -123.00M | 429.00M |
| Shares Outstanding (Basic) | 262.75M | 259.00M | 212.00M | 178.00M | 181.00M | 186.00M |
| Shares Outstanding (Diluted) | 265.50M | 261.00M | 214.00M | 178.00M | 181.00M | 190.00M |
| EPS (Basic) | 5.81 | 4.41 | 0.26 | -3.66 | -0.68 | 2.31 |
| EPS (Diluted) | 5.76 | 4.37 | 0.26 | -3.66 | -0.68 | 2.26 |
| Free Cash Flow | 890.00M | 567.00M | 42.00M | -440.00M | 342.00M | 530.00M |
| Free Cash Flow Per Share | 3.35 | 2.17 | 0.20 | -2.47 | 1.89 | 2.79 |
| Dividend Per Share | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.10 |
| Gross Margin | 22.76% | 17.86% | 16.08% | 7.90% | 18.51% | 25.12% |
| Operating Margin | 15.27% | 10.29% | 7.76% | -0.72% | 11.90% | 17.12% |
| Profit Margin | 10.66% | 8.89% | 0.47% | -6.17% | -0.99% | 3.53% |
| Free Cash Flow Margin | 6.22% | 4.42% | 0.35% | -4.17% | 2.75% | 4.36% |
| EBITDA | 2.86B | 1.94B | 1.56B | 556.00M | 2.10B | 2.75B |
| EBITDA Margin | 19.98% | 15.14% | 13.16% | 5.27% | 16.86% | 22.59% |
| D&A For EBITDA | 673.00M | 623.00M | 642.00M | 632.00M | 617.00M | 664.00M |
| EBIT | 2.19B | 1.32B | 923.00M | -76.00M | 1.48B | 2.08B |
| EBIT Margin | 15.27% | 10.29% | 7.76% | -0.72% | 11.90% | 17.12% |
| Effective Tax Rate | 6.91% | 91.70% | 94.59% | 52.46% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.41B | 1.60B | 1.14B | 944.00M | 1.36B | 1.81B |
| Cash & Short-Term Investments | 4.41B | 1.60B | 1.14B | 944.00M | 1.36B | 1.81B |
| Accounts Receivable | 1.35B | 1.06B | 1.10B | 656.00M | 778.00M | 757.00M |
| Other Receivables | 174.00M | 204.00M | 143.00M | 152.00M | 131.00M | 127.00M |
| Receivables | 1.52B | 1.27B | 1.24B | 808.00M | 909.00M | 884.00M |
| Inventory | 2.57B | 2.18B | 2.00B | 2.16B | 2.43B | 1.96B |
| Prepaid Expenses | 335.00M | 316.00M | 436.00M | 397.00M | 325.00M | 314.00M |
| Restricted Cash | 60.00M | 25.00M | 43.00M | 32.00M | 55.00M | 4.00M |
| Other Current Assets | 273.00M | 86.00M | 60.00M | 66.00M | 171.00M | 54.00M |
| Total Current Assets | 9.17B | 5.47B | 4.91B | 4.41B | 5.25B | 5.03B |
| Property, Plant & Equipment | 7.28B | 6.94B | 6.57B | 6.97B | 6.65B | 6.77B |
| Long-Term Investments | 1.92B | 1.87B | 980.00M | 979.00M | 1.12B | 1.20B |
| Goodwill | 142.00M | 146.00M | 145.00M | 144.00M | ||
| Other Intangible Assets | 32.00M | 34.00M | 36.00M | 37.00M | 29.00M | 35.00M |
| Long-Term Deferred Tax Assets | 676.00M | 687.00M | 284.00M | 333.00M | 296.00M | 506.00M |
| Other Long-Term Assets | 1.28B | 1.12B | 1.14B | 1.28B | 1.26B | 1.34B |
| Total Assets | 20.36B | 16.13B | 14.06B | 14.15B | 14.76B | 15.03B |
| Accounts Payable | 1.90B | 1.94B | 1.80B | 1.71B | 1.76B | 1.67B |
| Accrued Expenses | 377.00M | 383.00M | 362.00M | 357.00M | 335.00M | 383.00M |
| Short-Term Debt | 9.00M | 50.00M | 56.00M | 75.00M | ||
| Current Portion of Long-Term Debt | 1.00M | 1.00M | 75.00M | 79.00M | 1.00M | 1.00M |
| Current Portion of Leases | 49.00M | 38.00M | 31.00M | 30.00M | 35.00M | |
| Current Income Taxes Payable | 379.00M | 294.00M | 102.00M | 88.00M | 230.00M | 374.00M |
| Other Current Liabilities | 1.31B | 1.13B | 963.00M | 705.00M | 651.00M | 681.00M |
| Total Current Liabilities | 3.97B | 3.80B | 3.40B | 3.03B | 3.00B | 3.22B |
| Long-Term Debt | 4.82B | 2.44B | 2.47B | 1.73B | 1.81B | 1.73B |
| Long-Term Leases | 259.00M | 223.00M | 104.00M | 59.00M | 64.00M | |
| Long-Term Unearned Revenue | 4.00M | 12.00M | 20.00M | 28.00M | 36.00M | |
| Pension & Post-Retirement Benefits | 638.00M | 684.00M | 668.00M | 721.00M | 693.00M | 1.07B |
| Other Long-Term Liabilities | 2.68B | 2.75B | 2.14B | 2.70B | 2.58B | 2.62B |
| Total Liabilities | 12.12B | 9.94B | 8.91B | 8.31B | 8.17B | 8.74B |
| Common Stock | 3.00M | 3.00M | 3.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 11.67B | 11.57B | 11.59B | 9.19B | 9.18B | 9.58B |
| Retained Earnings | 964.00M | -271.00M | -1.32B | -1.29B | -570.00M | -315.00M |
| Comprehensive Income & Other | -4.39B | -5.19B | -5.11B | -3.65B | -3.54B | -4.59B |
| Total Common Equity | 8.24B | 6.12B | 5.16B | 4.25B | 5.08B | 4.67B |
| Minority Interest | 76.00M | 1.59B | 1.51B | 1.61B | ||
| Shareholders' Equity | 8.24B | 6.19B | 5.16B | 5.84B | 6.59B | 6.28B |
| Total Liabilities & Equity | 20.36B | 16.13B | 14.06B | 14.15B | 14.76B | 15.03B |
| Total Debt | 4.82B | 2.76B | 2.86B | 2.00B | 1.90B | 1.90B |
| Net Cash (Debt) | 975.00M | 238.00M | -1.72B | -1.06B | -533.00M | -87.00M |
| Net Cash Per Share | 3.67 | 0.91 | -8.03 | -5.94 | -2.94 | -0.46 |
| Filing Date Shares Outstanding | 263.97M | 263.84M | 258.88M | 179.56M | 178.35M | 185.40M |
| Total Common Shares Outstanding | 263.97M | 263.10M | 258.36M | 178.47M | 176.97M | 184.10M |
| Working Capital | 5.20B | 1.67B | 1.52B | 1.38B | 2.25B | 1.80B |
| Book Value Per Share | 31.23 | 23.25 | 19.96 | 23.82 | 28.68 | 25.38 |
| Tangible Book Value | 8.21B | 6.08B | 4.98B | 4.07B | 4.90B | 4.49B |
| Tangible Book Value Per Share | 31.11 | 23.12 | 19.27 | 22.79 | 27.70 | 24.41 |
| Land | 247.00M | 233.00M | 257.00M | 253.00M | 264.00M | |
| Buildings | 8.01B | 7.63B | 8.10B | 7.48B | 7.53B | |
| Machinery | 11.37B | 11.08B | 11.46B | 11.35B | 11.68B | |
| Construction In Progress | 908.00M | 612.00M | 569.00M | 520.00M | 288.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.53B | 1.16B | 60.00M | -651.00M | -123.00M | 429.00M |
| Depreciation & Amortization | 673.00M | 623.00M | 642.00M | 632.00M | 617.00M | 664.00M |
| Loss (Gain) From Sale of Assets | 12.00M | -784.00M | 37.00M | 18.00M | 10.00M | -354.00M |
| Asset Writedown & Restructuring Costs | -390.00M | 482.00M | -15.00M | 48.00M | -63.00M | 31.00M |
| Loss (Gain) From Sale of Investments | 77.00M | -197.00M | ||||
| Loss (Gain) on Equity Investments | 26.00M | 10.00M | -2.00M | 201.00M | 4.00M | -138.00M |
| Stock-Based Compensation | 51.00M | 41.00M | 36.00M | 35.00M | 40.00M | 39.00M |
| Other Operating Activities | 615.00M | 329.00M | 379.00M | 102.00M | 1.20B | 1.50B |
| Change in Accounts Receivable | -253.00M | 71.00M | -493.00M | 104.00M | -59.00M | -414.00M |
| Change in Inventory | -345.00M | -57.00M | 51.00M | 243.00M | -547.00M | -639.00M |
| Change in Accounts Payable | 262.00M | 63.00M | 190.00M | -74.00M | 189.00M | 354.00M |
| Change in Income Taxes | -42.00M | -42.00M | 95.00M | -146.00M | -152.00M | 301.00M |
| Change in Other Net Operating Assets | -605.00M | -511.00M | -358.00M | -421.00M | -296.00M | -853.00M |
| Operating Cash Flow | 1.61B | 1.19B | 622.00M | 91.00M | 822.00M | 920.00M |
| Capital Expenditures | -719.00M | -618.00M | -580.00M | -531.00M | -480.00M | -390.00M |
| Sale of Property, Plant & Equipment | 10.00M | 5.00M | 3.00M | 4.00M | 5.00M | 966.00M |
| Investment in Securities | -86.00M | 102.00M | -37.00M | -70.00M | -22.00M | -11.00M |
| Other Investing Activities | 29.00M | 9.00M | 6.00M | 12.00M | 2.00M | |
| Investing Cash Flow | -766.00M | -502.00M | -608.00M | -585.00M | -495.00M | 565.00M |
| Long-Term Debt Issued | 1.05B | 1.03B | 127.00M | 4.00M | 495.00M | |
| Total Debt Issued | 2.71B | 1.05B | 1.03B | 127.00M | 4.00M | 495.00M |
| Long-Term Debt Repaid | -1.21B | -679.00M | -72.00M | -1.00M | -1.29B | |
| Total Debt Repaid | -476.00M | -1.21B | -679.00M | -72.00M | -1.00M | -1.29B |
| Net Debt Issued (Repaid) | 2.24B | -164.00M | 353.00M | 55.00M | 3.00M | -799.00M |
| Issuance of Common Stock | 1.00M | 22.00M | 25.00M | |||
| Repurchase of Common Stock | -15.00M | -8.00M | -15.00M | -34.00M | -519.00M | -151.00M |
| Preferred Dividends Paid | -1.00M | -1.00M | ||||
| Common Dividends Paid | -106.00M | -104.00M | -89.00M | -72.00M | -72.00M | -19.00M |
| Dividends Paid | -106.00M | -105.00M | -90.00M | -72.00M | -72.00M | -19.00M |
| Other Financing Activities | 9.00M | 16.00M | -47.00M | 107.00M | -202.00M | -214.00M |
| Financing Cash Flow | 2.12B | -261.00M | 201.00M | 57.00M | -768.00M | -1.16B |
| Foreign Exchange Rate Adjustments | -4.00M | 36.00M | -28.00M | 10.00M | -9.00M | -13.00M |
| Net Cash Flow | 2.96B | 458.00M | 187.00M | -427.00M | -450.00M | 314.00M |
| Free Cash Flow | 890.00M | 567.00M | 42.00M | -440.00M | 342.00M | 530.00M |
| Free Cash Flow Margin | 6.22% | 4.42% | 0.35% | -4.17% | 2.75% | 4.36% |
| Free Cash Flow Per Share | 3.35 | 2.17 | 0.20 | -2.47 | 1.89 | 2.79 |
| Levered Free Cash Flow | 918.62M | 1.19B | 630.38M | 338.62M | 223.00M | 1.68B |
| Unlevered Free Cash Flow | 999.25M | 1.28B | 727.88M | 405.50M | 289.25M | 1.80B |
| Cash Interest Paid | 128.00M | 128.00M | 132.00M | 100.00M | 100.00M | 191.00M |
| Cash Income Tax Paid | 167.00M | 167.00M | 157.00M | 319.00M | 504.00M | 152.00M |
| Change in Working Capital | -983.00M | -476.00M | -515.00M | -294.00M | -865.00M | -1.25B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.34B | 13.88B | 9.76B | 6.07B | 8.05B | 11.15B |
| Enterprise Value | 9.37B | 13.60B | 11.39B | 8.58B | 9.95B | 13.11B |
| Last Close Price | 39.19 | 52.73 | 37.01 | 32.92 | 43.51 | 56.59 |
| PE Ratio | 6.80 | 12.17 | 174.30 | 25.98 | ||
| Forward PE | 7.34 | 11.50 | 7.76 | 57.68 | 51.91 | 8.90 |
| PS Ratio | 0.72 | 1.08 | 0.82 | 0.57 | 0.65 | 0.92 |
| PB Ratio | 1.25 | 2.24 | 1.89 | 1.04 | 1.22 | 1.77 |
| P/TBV Ratio | 1.26 | 2.28 | 1.96 | 1.49 | 1.64 | 2.48 |
| P/FCF Ratio | 11.62 | 24.49 | 232.40 | 23.52 | 21.03 | |
| P/OCF Ratio | 6.43 | 11.72 | 15.69 | 66.68 | 9.79 | 12.12 |
| PEG Ratio | 0.35 | 0.21 | 1.24 | 1.24 | 1.24 | 1.24 |
| EV/Sales Ratio | 0.65 | 1.06 | 0.96 | 0.81 | 0.80 | 1.08 |
| EV/EBITDA Ratio | 3.28 | 7.00 | 7.28 | 15.43 | 4.74 | 4.78 |
| EV/EBIT Ratio | 4.29 | 10.30 | 12.34 | 6.71 | 6.30 | |
| EV/FCF Ratio | 10.53 | 23.98 | 271.26 | 29.08 | 24.75 | |
| Debt / Equity Ratio | 0.58 | 0.45 | 0.55 | 0.34 | 0.29 | 0.30 |
| Debt / EBITDA Ratio | 1.63 | 1.34 | 1.71 | 3.10 | 0.87 | 0.67 |
| Debt / FCF Ratio | 5.42 | 4.86 | 68.00 | 5.54 | 3.59 | |
| Net Debt / Equity Ratio | -0.12 | -0.04 | 0.33 | 0.18 | 0.08 | 0.01 |
| Net Debt / EBITDA Ratio | -0.34 | -0.12 | 1.10 | 1.90 | 0.25 | 0.03 |
| Net Debt / FCF Ratio | -1.10 | -0.42 | 40.91 | -2.40 | 1.56 | 0.16 |
| Asset Turnover | 0.79 | 0.85 | 0.84 | 0.73 | 0.84 | 0.81 |
| Inventory Turnover | 4.64 | 5.05 | 4.80 | 4.24 | 4.63 | 5.43 |
| Quick Ratio | 1.49 | 0.75 | 0.70 | 0.58 | 0.76 | 0.84 |
| Current Ratio | 2.31 | 1.44 | 1.45 | 1.45 | 1.75 | 1.56 |
| Return on Equity (ROE) | 20.58% | 19.72% | 0.44% | -12.43% | 0.59% | 10.09% |
| Return on Assets (ROA) | 7.52% | 5.46% | 4.09% | -0.33% | 6.22% | 8.70% |
| Return on Invested Capital (ROIC) | 23.99% | 18.55% | 1.11% | -1.08% | 1.19% | 15.88% |
| Return on Capital Employed (ROCE) | 13.30% | 10.70% | 8.70% | -0.70% | 12.60% | 17.60% |
| Earnings Yield | 14.70% | 8.33% | 0.61% | -10.73% | -1.53% | 3.85% |
| FCF Yield | 8.60% | 4.08% | 0.43% | -7.25% | 4.25% | 4.75% |
| Dividend Yield | 1.02% | 0.76% | 1.06% | 1.18% | 0.88% | 0.17% |
| Payout Ratio | 6.95% | 9.07% | 150.00% | 4.43% | ||
| Buyback Yield / Dilution | -1.63% | -21.96% | -20.23% | 1.66% | 4.74% | -2.15% |
| Total Shareholder Return | -0.61% | -21.20% | -19.17% | 2.83% | 5.62% | -1.99% |