Friday 6 November 2026 Export AA’s income statement to Excel — free account

Alcoa

Alcoa’s revenue for fiscal 2025 (year ended December 2025) was $12.8 billion, up 7.87% from fiscal 2024.

Revenue: +23.7%
EPS: +108.0%
Free cash flow: +854.0%
Total debt: +87.0%

Quarter to September 2026, against a year earlier

Dividend growth 5 yrs

38.60 1.98 −4.88%

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Market cap: $10.1B
P/E: 6.6×
Fwd P/E: 6.3×
Dividend yield: 1.04%
F-score: 7/9
Altman Z: 1.75
Beneish M: −2.41
Dividend safety: 78/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Alcoa (AA) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Aluminum	8,379	65.30%
Alumina	6,557	51.10%
Other	25	0.19%
Gross margin		16.94%
Operating margin		1.29%
Pre-tax margin		8.29%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2017	FY2016	FY2015
Aluminum	8,515 66.36%	7,359 61.87%	7,045 66.77%	8,887 71.38%	8,420 69.29%	5,190 55.89%	6,168 52.94%	5,204 55.85%	6,214 55.49%
Alumina	3,662 28.54%	4,246 35.70%	3,103 29.41%	3,478 27.93%	3,125 25.72%	2,624 28.26%	3,121 26.79%	2,280 24.47%	3,325 29.69%
Bauxite	727 5.67%	376 3.16%	466 4.42%	168 1.35%	207 1.70%	238 2.56%	333 2.86%	315 3.38%	71 0.63%
Energy	190 1.48%	147 1.24%	118 1.12%	201 1.61%	286 2.35%	141 1.52%	446 3.83%	422 4.53%	588 5.25%
Other Products	(263) (2.05%)	(233) (1.96%)	(181) (1.72%)	(283) (2.27%)	(206) (1.70%)	(22) (0.24%)	(82) (0.70%)	29 0.31%	12 0.11%
Flat Rolled Aluminum	—	—	—	—	320 2.63%	1,115 12.01%	1,666 14.30%	1,068 11.46%	989 8.83%
Revenue	12,831	11,895	10,551	12,451	12,152	9,286	11,652	9,318	11,199

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2017	FY2016	FY2015
Mining	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Products	‡	‡	‡	‡	‡	‡	‡	‡	‡
Energy	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Aluminum	8,379 65.30%	7,246 60.92%	6,940 65.78%	8,762 70.37%	8,784 72.28%	6,377 68.67%	6,820 65.37%	8,847 66.01%	8,048 69.07%	6,573 70.54%
Alumina	6,557 51.10%	6,925 58.22%	5,261 49.86%	5,432 43.63%	4,927 40.54%	3,895 41.94%	4,811 46.11%	6,316 47.12%	4,856 41.68%	3,607 38.71%
Other	25 0.19%	3 0.03%	13 0.12%	(8) (0.06%)	11 0.09%	22 0.24%	83 0.80%	88 0.66%	159 1.36%	172 1.85%
Bauxite	—	—	—	—	—	1,213 13.06%	1,276 12.23%	1,215 9.07%	1,208 10.37%	1,066 11.44%
Eliminations	(2,130) (16.60%)	(2,279) (19.16%)	(1,663) (15.76%)	(1,735) (13.93%)	(1,570) (12.92%)	(2,221) (23.92%)	(2,557) (24.51%)	(3,063) (22.85%)	(2,619) (22.48%)	(2,100) (22.54%)
Revenue	12,831	11,895	10,551	12,451	12,152	9,286	10,433	13,403	11,652	9,318

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
United States	6,115 47.66%	5,365 45.10%	4,993 47.32%	5,462 43.87%	5,290 43.53%	4,246 45.72%	4,606 44.15%	5,887 43.92%	5,313 45.60%	4,365 46.84%	5,386 48.09%
Australia	3,011 23.47%	3,128 26.30%	2,240 21.23%	2,742 22.02%	2,092 17.22%	1,884 20.29%	2,249 21.56%	2,930 21.86%	2,266 19.45%	1,644 17.64%	2,147 19.17%
Netherlands	2,342 18.25%	2,193 18.44%	2,261 21.43%	3,031 24.34%	2,644 21.76%	—	—	—	—	—	—
Brazil	1,020 7.95%	878 7.38%	735 6.97%	527 4.23%	610 5.02%	346 3.73%	428 4.10%	498 3.72%	569 4.88%	432 4.64%	562 5.02%
Spain	318 2.48%	293 2.46%	289 2.74%	618 4.96%	1,465 12.06%	2,766 29.79%	3,077 29.49%	3,806 28.40%	3,303 28.35%	2,663 28.58%	2,852 25.47%
Other Geographical Regions	25 0.19%	38 0.32%	33 0.31%	71 0.57%	40 0.33%	13 0.14%	68 0.65%	66 0.49%	51 0.44%	73 0.78%	120 1.07%
California	—	—	—	—	11 0.09%	31 0.33%	5 0.05%	216 1.61%	150 1.29%	141 1.51%	132 1.18%
Revenue	12,831	11,895	10,551	12,451	12,152	9,286	10,433	13,403	11,652	9,318	11,199

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Adjusted operating cost per metric ton of produced alumina shipped	Q3 FY2026	$354.00	$318.00	+11.32%
Adjusted operating cost per metric ton of produced aluminum shipped	Q3 FY2026	$2,584.00	$2,441.00	+5.86%
Alumina production	Q3 FY2026	2.5M	2.5M	+0.57%
Aluminum production	Q3 FY2026	649.0K	579.0K	+12.09%
Average realized third-party price per metric ton of alumina	Q3 FY2026	$353.00	$377.00	−6.37%
Average realized third-party price per metric ton of aluminum	Q3 FY2026	$4,527.00	$3,374.00	+34.17%
Bauxite production	Q3 FY2026	9.3M	9.3M	0.00%
Days working capital	Q3 FY2026	50.00	50.00	0.00%
Intersegment alumina shipments	Q3 FY2026	1.3M	1.1M	+18.17%
Produced alumina shipments	Q3 FY2026	2.4M	2.4M	−2.00%
Produced aluminum shipments	Q3 FY2026	636.0K	576.0K	+10.42%
Third-party alumina shipments	Q3 FY2026	1.7M	2.2M	−25.08%
Third-party bauxite shipments	Q3 FY2026	1.5M	1.7M	−11.76%
Total aluminum shipments	Q3 FY2026	693.0K	612.0K	+13.24%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Adjusted operating cost per metric ton of produced alumina shipped	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Adjusted operating cost per metric ton of produced aluminum shipped	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Alumina production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aluminum production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized third-party price per metric ton of alumina	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized third-party price per metric ton of aluminum	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Bauxite production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days working capital	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Intersegment alumina shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Produced alumina shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Produced aluminum shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Third-party alumina shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Third-party bauxite shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total aluminum shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.