Alcoa (AA) Company Report

Alcoa reported Q4 2025 revenue of $3,449 million and Adjusted EPS of $1.26, with Adjusted EBITDA excluding special items reaching $546 million. For the full year 2025, revenue was $12,831 million and Adjusted EPS was $3.77.
The company generated $537 million in cash from operations and $294 million in free cash flow in Q4 2025, ending the year with a $1.6 billion cash balance and $1.5 billion in Adjusted net debt.
Operationally, Alcoa achieved annual production records at five aluminum smelters and one refinery and progressed the San Ciprián smelter restart to approximately 65% completion. Strategic initiatives included advancing Western Australia mine approvals and expecting an agreement for the monetization of a U.S. transformation site in 1H26.
Alcoa anticipates strong aluminum market fundamentals to support prices into 2026, with U.S. and Europe projected to remain in substantial deficit. The company expects a net positive impact from U.S. tariffs and EU CBAM in 2026.

4 days ago

Presentation

Alcoa Reports Strong Q4 2025 Results and Provides 2026 Outlook

Earnings

Guidance Update

New Projects/Investments

Alcoa reported Q4 2025 revenue of $3.4 billion, a 15% sequential increase, with adjusted net income of $335 million and adjusted EPS of $1.26 per share. The company ended December 2025 with a strong cash balance of $1.6 billion and generated $294 million in free cash flow for the quarter.
Operationally, Alcoa achieved annual production records at five smelters and one refinery in Q4 2025. The restart of the San Ciprián smelter is 65% complete, with full completion expected in the first half of 2026.
For the full year 2026, Alcoa expects alumina production to range between 9.7 and 9.9 million tons and aluminum production between 2.4 and 2.6 million tons. Capital expenditures are estimated at $750 million.
The company anticipates a net positive impact of approximately $10 per metric ton in 2026 from the Carbon Border Adjustment Mechanism (CBAM) implementation. Alcoa is also progressing negotiations to monetize remediation sites, targeting $500 million-$1 billion from 10 priority sites over the next five years.

4 days ago

Transcript

Alcoa Reports Strong Q4 2025 Results and Provides 2026 Outlook

Earnings

Guidance Update

New Projects/Investments

Alcoa reported Q4 2025 adjusted net income of $335 million or $1.26 per share, and adjusted EBITDA of $546 million, with revenue increasing 15% sequentially to $3.4 billion.
The company achieved annual production records at five smelters and one refinery in 2025, with the San Ciprián smelter restart progressing to approximately 65% capacity by year-end, targeting completion in the first half of 2026.
For 2026, Alcoa expects alumina production between 9.7 and 9.9 million tons and aluminum production between 2.4 and 2.6 million tons, with capital expenditures estimated at $750 million.
Alcoa ended 2025 with $1.5 billion in adjusted net debt, reaching the high end of its target range, and plans to use excess cash in 2026 for additional debt repayments.
The company is progressing negotiations to monetize a remediation site in the U.S., expecting an agreement in the first half of 2026, and anticipates a net positive impact of approximately $10 per metric ton in 2026 from Europe's CBAM implementation.

4 days ago

Transcript

Alcoa Reports Strong Q4 2025 Results and Provides 2026 Outlook

Earnings

Guidance Update

New Projects/Investments

Alcoa reported strong financial performance in Q4 2025, with revenue increasing 15% sequentially to $3.4 billion, adjusted EBITDA of $546 million, and adjusted net income of $335 million or $1.26 per share.
The company progressed key strategic initiatives, including the San Ciprián smelter restart reaching approximately 65% capacity by year-end 2025 and the successful startup of ELYSIS's 450 kA inert anode cell.
For the full year 2026, Alcoa expects alumina production between 9.7 and 9.9 million tons and aluminum production between 2.4 and 2.6 million tons, with capital expenditures estimated at $750 million.
Alcoa ended 2025 with a strong cash balance of $1.6 billion and adjusted net debt of $1.5 billion, reaching its target range, and plans to prioritize debt repayment while evaluating shareholder returns and growth opportunities.
The company expects a net positive impact of approximately $10 per metric ton from CBAM in 2026 and noted that the Midwest Premium fully offset tariff costs on shipments from Canada to the U.S..

4 days ago

Transcript

Alcoa Corporation Reports Strong Fourth Quarter and Full Year 2025 Results

Earnings

Guidance Update

New Projects/Investments

Alcoa Corporation reported full year 2025 revenue of $12.8 billion and net income of $1.2 billion, or $4.42 per common share.
For the fourth quarter of 2025, revenue increased 15 percent sequentially to $3.4 billion, with adjusted net income of $335 million, or $1.26 per common share.
The company reduced its total debt to $2.4 billion and adjusted net debt to $1.5 billion by the end of 2025, while generating $1.2 billion in cash from operations for the full year.
Alcoa provided a 2026 outlook, expecting total Alumina segment production between 9.7 and 9.9 million metric tons and total Aluminum segment production between 2.4 and 2.6 million metric tons.

4 days ago

8-K

Alcoa Reports Fourth Quarter and Full Year 2025 Results

Earnings

Guidance Update

New Projects/Investments

Alcoa Corporation reported fourth quarter 2025 revenue of $3.4 billion, a 15 percent sequential increase, and full year 2025 revenue of $12.8 billion, an 8 percent increase year-over-year.
For the full year 2025, net income attributable to Alcoa Corporation was $1.2 billion, or $4.42 per common share, and Adjusted net income was $1.0 billion, or $3.77 per common share.
The company reduced total debt to $2.4 billion and generated $1.2 billion in cash from operations for the full year 2025.
Strategic initiatives completed in 2025 included the sale of interest in the Ma'aden joint venture, a favorable decision in an Australian tax dispute, and the formation of a joint venture with IGNIS Equity Holdings, SL for the San Ciprián complex.
For 2026, Alcoa expects total Alumina segment production to range between 9.7 and 9.9 million metric tons and total Aluminum segment production to range between 2.4 and 2.6 million metric tons, both increases from 2025.

4 days ago

Press Release

Alcoa Reports 3Q25 Financials, Strategic Actions, and Provides FY25 Outlook

Earnings

Guidance Update

New Projects/Investments

Alcoa reported $232 million in Net income attributable to Alcoa and $270 million in Adjusted EBITDA excluding special items for 3Q25, with free cash flow at $(66) million.
Key one-time items in 3Q25 included a $786 million gain from the sale of a 25.1% interest in the Ma'aden joint venture and $895 million in restructuring and related charges for the permanent closure of the Kwinana refinery.
LME aluminum prices increased 7% sequentially in 3Q25, supported by resilient fundamentals, a weaker U.S. dollar, and anticipated Fed rate cuts.
The company's FY25 outlook, as of September 30, 2025, projects alumina production between 9.5-9.7 Mmt and aluminum production between 2.3-2.5 Mmt.
For 4Q25, Alcoa anticipates a favorable impact of approximately $80 million on Alumina segment Adjusted EBITDA and an unfavorable impact of approximately $20 million on Aluminum segment Adjusted EBITDA sequentially.

Dec 3, 2025, 6:00 PM

Presentation

Alcoa Highlights Strategic Progress, Operational Growth, and Asset Sale Targets

M&A

New Projects/Investments

Guidance Update

Alcoa has achieved significant milestones since late 2023, including the Alumina Limited acquisition, delivering a $645 million profitability program early, selling its Ma'aden joint venture for $1.5 billion in Ma'aden shares, and winning a $700 million tax dispute with the Australian Taxation Office.
The company anticipates gaining 1 million metric tons of production and $15-$20 per ton in cost improvement by 2030 from new Western Australia mine areas, pending final approvals by the end of 2026. Alcoa is also pursuing pragmatic growth through internal capacity expansions and M&A opportunities.
Alcoa aims to generate $500 million to $1 billion in cash from the sale of former closed sites (transformation sites) by 2030, with many attracting interest from data center developers. The company is currently paying over $900 million annually in tariffs but benefits from high Midwest premiums, which are expected to remain elevated to incentivize necessary imports.
For the fourth quarter, tariff costs are projected to increase by $10 million-$15 million due to higher LME prices and increased profitable shipments to the U.S..

Dec 3, 2025, 6:00 PM

Transcript

Alcoa Highlights Accomplishments, Updates Q4 Guidance, and Outlines Future Growth

Guidance Update

New Projects/Investments

M&A

Alcoa highlighted significant accomplishments under CEO Bill Oplinger, including $60 million in IRA benefits, the Alumina Limited acquisition, a $645 million profitability program delivered early, the sale of the Ma'aden joint venture resulting in $1.5 billion in monetizable shares, and winning a $700 million tax dispute with the Australian Taxation Office.
The company updated its Q4 guidance, expecting tariff costs to increase by $10-$15 million above the guided $50 million due to higher LME prices and increased U.S. shipments, which is considered a "high-quality problem".
Alcoa expects to receive approvals for its Western Australia mine process by the end of 2026, which would lead to a 1 million metric ton increase in production and $15-$20 per ton in cost improvement by 2030.
The company aims to generate $500 million to $1 billion from asset sales of former closed locations by 2030, with a focus on sites attractive to data center developers.
Alcoa is well-positioned for the EU CBAM, effective January 1, 2026, due to its low carbon profile and ability to source from within Europe, anticipating higher premiums of around $40 a ton.

Dec 3, 2025, 6:00 PM

Transcript

Alcoa Highlights Strategic Progress, Growth Initiatives, and Q4 Tariff Update

Guidance Update

New Projects/Investments

M&A

Alcoa has achieved significant milestones under CEO Bill Uplinger, including securing $60 million in IRA benefits, acquiring Alumina Limited, delivering a $645 million profitability program early, and winning a tax dispute of over $700 million.
The company is strategically positioned with over 65% of its smelters on long-term power contracts, targeting $30-$40 per megawatt hour, significantly below the $100+ per megawatt hour paid by data centers.
Alcoa anticipates substantial benefits from Western Australia mine approvals, projecting a 1 million metric ton production increase and $15-$20 per ton cost improvement by 2030.
The company aims to generate $500 million to $1 billion in cash from asset sales of former closed sites by 2030, leveraging interest from data center developers.
For Q4, Alcoa updated its guidance, expecting tariff costs to increase by $10 million to $15 million from the initial $50 million due to higher LME and increased US shipments.