Alcoa
AA · NYSEPrimary Production of Aluminum · Fiscal year ends Dec 31
Alcoa reported revenue of $12.8B in the fiscal year ended Dec 2025, up 7.9% from the year before. Net income was $1.2B. Operating cash flow of $1.2B less capital expenditure of $618M left free cash flow of $567M. Net debt was $842M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.2B | $12.5B | $10.6B | $11.9B | $12.8B |
| Research & development | $31M | $32M | $39M | $57M | $24M |
| Selling, general & admin | $227M | $204M | $226M | $275M | $299M |
| Interest expense | $195M | $106M | $107M | $156M | $158M |
| Pre-tax income | $1.2B | $702M | −$584M | $289M | $1.1B |
| Income tax | $629M | $664M | $189M | $265M | −$55M |
| Net income | $429M | −$123M | −$651M | $60M | $1.2B |
| Diluted EPS | 2.26 | −0.68 | −3.65 | 0.26 | 4.37 |
| Diluted shares | 190M | 181M | 178M | 214M | 261M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.4B | $944M | $1.1B | $1.6B |
| Receivables | $757M | $778M | $656M | $1.1B | $1.1B |
| Inventory | $2B | $2.4B | $2.2B | $2B | $2.2B |
| Current assets | $5B | $5.3B | $4.4B | $4.9B | $5.5B |
| Net PP&E | $6.6B | $6.5B | $6.8B | $6.4B | $6.7B |
| Goodwill | $144M | $145M | $146M | $142M | $0 |
| Total assets | $15B | $14.8B | $14.2B | $14.1B | $16.1B |
| Payables | $1.7B | $1.8B | $1.7B | $1.8B | $1.9B |
| Current liabilities | $3.2B | $3B | $3B | $3.4B | $3.8B |
| Short-term debt | $1M | $1M | $79M | $75M | $1M |
| Long-term debt | $1.7B | $1.8B | $1.7B | $2.5B | $2.4B |
| Total liabilities | $8.7B | $8.2B | $8.3B | $8.9B | $9.9B |
| Shareholders' equity | $4.7B | $5.1B | $4.3B | $5.2B | $6.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $920M | $822M | $91M | $622M | $1.2B |
| Capital expenditure | $390M | $480M | $531M | $580M | $618M |
| Free cash flow | $530M | $342M | −$440M | $42M | $567M |
| Depreciation & amortisation | $664M | $617M | $632M | $642M | $623M |
| Stock-based compensation | $39M | $40M | $35M | $36M | $41M |
| Share buybacks | $150M | $500M | $0 | $0 | – |
| Dividends paid | $19M | $72M | $72M | $89M | $104M |
| Dividend per share | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.5% | −15.3% | 12.7% | 7.9% |
| EPS growth (YoY) | – | −130.1% | – | – | 1580.8% |
| Net margin | 3.5% | −1.0% | −6.2% | 0.5% | 9.0% |
| Return on equityBlank when equity is negative | 9.2% | −2.4% | −15.3% | 1.2% | 18.9% |
| Free cash flow margin | 4.4% | 2.7% | −4.2% | 0.4% | 4.4% |
| Cash conversion (CFO ÷ net income) | 2.14x | −6.68x | −0.14x | 10.4x | 1.02x |
| Receivable days | 23 | 23 | 23 | 34 | 30 |
| Debt ÷ equity | 0.37x | 0.36x | 0.43x | 0.49x | 0.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$87M | $444M | $867M | $1.4B | $842M |
| Current ratio | 1.56x | 1.75x | 1.45x | 1.45x | 1.44x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.