Alcoa is an upstream aluminum producer operating across bauxite mining, alumina refining, aluminum smelting and casting, and energy generation. Its Alumina and Aluminum segments serve industrial markets including transportation, construction and packaging. Commodity prices, regional premiums, energy costs, ore quality and operating reliability drive its economics.
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A snapshot of what Alcoa Corp owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000950170-24-018069 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000950170-25-024242 | Feb 20, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-077167 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
As of October 24, 2026, Alcoa combines stronger aluminum earnings and cash generation with weak alumina economics and a major pending acquisition. Its 2025 profit recovery included disposal gains, investment revaluations and tax benefits, rather than an equivalent improvement in recurring operations. Third-quarter 2026 GAAP parent income increased sequentially to $483 million, but adjusted EBITDA excluding special items fell to $789 million as lower aluminum prices and shipments outweighed operating improvements. September cash of $4.408 billion includes acquisition financing; it is not entirely operating surplus, and gross debt reached $4.822 billion. South32 shareholders approved the AliGroup transaction, but closing remained conditional and expected in the first half of 2027. Australian mining approvals, energy economics, tariffs, closure obligations and acquisition execution remain important dependencies.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15 · 8-K · 2026-09-23
Alcoa's Alumina segment combines bauxite mining and refining; Aluminum combines smelting, casting and most energy assets. In 2025, its own smelters took approximately 34% of alumina shipments. External alumina prices generally follow the Alumina Price Index or spot markets, while aluminum revenue reflects LME prices plus regional and product premiums. Internal alumina transfers use market prices: integration provides supply, but rising alumina prices can help refining while hurting smelting. Shipments also include purchased and traded material, so shipment growth is not necessarily production growth.
Sources: 10-K · 2025-12-31
Revenue rose from $10.551 billion in 2023 to $11.895 billion in 2024 and $12.831 billion in 2025. Parent-attributable GAAP results moved from a $651 million loss to profits of $60 million and $1.157 billion. Yet combined Segment Adjusted EBITDA declined in 2025 to $1.940 billion from $2.065 billion: stronger aluminum economics did not fully offset weaker alumina. The larger GAAP profit included a $786 million Saudi disposal gain, a $197 million investment revaluation gain and tax benefits, against $918 million of restructuring charges and $144 million of goodwill impairment. These are not interchangeable measures of recurring profitability.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31 · 10-K · 2023-12-31
After the latest annual filing, aluminum pricing and restarts drove first-half earnings higher, while Alumina recorded a segment loss. In the third quarter, revenue fell sequentially to $3.704 billion from $3.966 billion. GAAP parent income increased to $483 million from $407 million, helped by favorable investment and energy-contract marks; adjusted parent income instead fell to $485 million from $562 million, and non-GAAP adjusted EBITDA excluding special items declined to $789 million from $901 million. Pinjarra's recovery improved alumina production and costs. Aluminum production also increased, but prices and shipments fell; second-quarter shipments had benefited from earlier inventory repositioning.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15
Operating cash flow increased from $91 million in 2023 to $622 million in 2024 and $1.185 billion in 2025, against capital expenditure of $531 million, $580 million and $618 million. First-half 2026 cash conversion weakened as receivables absorbed cash, but nine-month operating cash flow reached $1.072 billion versus $648 million a year earlier. Third-quarter non-GAAP free cash flow was $472 million after $171 million of capex; it does not deduct mandatory debt service or every other cash requirement.
September cash and equivalents of $4.408 billion included $2.6 billion of acquisition financing, while total debt was $4.822 billion. Reported non-GAAP net debt of $414 million therefore describes a pre-closing balance sheet holding purchase funds, not post-acquisition leverage. Restricted cash of $130 million was separate. June revolver availability and covenant compliance cannot be carried forward automatically to September; actual covenant ratios and numerical headroom are not established.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15
The June 30, 2026 agreement covers specified South32 interests, not South32 itself. Upfront consideration is $3.1 billion cash, subject to adjustments, plus approximately 17 million Alcoa shares. Additional obligations include a 5% annual cash-consideration ticking fee from shareholder approval to closing and up to $750 million of commodity-linked contingent payments. South32 shareholders approved the transaction on October 15; closing remained expected in the first half of 2027, subject to remaining conditions. September's completed note issuance replaced remaining bridge commitments, not disclosed drawn bridge debt. Failure to complete can trigger repayment of the new notes.
Sources: 8-K · 2026-06-30 · 10-Q · 2026-06-30 · 8-K · 2026-09-23 · EX-99.1 · 2026-10-15
Australian low-grade bauxite raises processing costs, and access to major new mining regions was not expected before 2029. Temporary operating exemptions do not settle long-term approvals. Renewable power sourcing does not eliminate energy-price or supply exposure; metal-linked contracts can absorb some higher aluminum revenue. Tariff recovery depends on regional premiums. Kwinana's closure leaves substantial cash obligations despite noncash accounting charges, and San Ciprián's completed restart does not establish profitable operations. Acquisition benefits, future land proceeds and conditional Massena East sale proceeds remain expectations rather than earned profit or cash already received.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15
USD 12.831 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 12.831 bn | 7.9% |
| 2024 | USD 11.895 bn | 12.7% |
| 2023 | USD 10.551 bn | — |
GAAP consolidated sales after intersegment eliminations, including recognized sales effects of designated derivatives.
Sources: 10-K · 2025-12-31
USD 1.157 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.157 bn | 1828.3% |
| 2024 | USD 60 m | Turned profitable |
| 2023 | USD -651 m | — |
GAAP net income or loss attributable to the parent after allocation of noncontrolling-interest results.
Sources: 10-K · 2025-12-31
USD 1.185 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.185 bn | 90.5% |
| 2024 | USD 622 m | 583.5% |
| 2023 | USD 91 m | — |
GAAP net operating cash flow, including operating-classified receivable-sale proceeds and cash-tax effects; not net income.
Sources: 10-K · 2025-12-31
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