Alcoa Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Alcoa Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,318	11,652	13,403	10,433	9,286	12,152	12,451	10,551	11,895	12,831
Cost of revenue		8,950	10,053	8,537	7,969	9,153	10,212	9,813	10,044	10,658
Gross profit		2,702	3,350	1,896	1,317	2,999	2,239	738	1,851	2,173
Research and development	33	32	31	27	27	31	32	39	57	24
Selling, general and administrative	356	280	248	280	206	227	204	226	275	299
Interest expense	243	104	122	121	146	195	106	107	156	158
Other non-operating income	65	-27	-64	-162	-8	445	118	-134	-91	1,057
Pre-tax income	-162	1,200	1,625	-438	173	1,199	702	-584	289	1,064
Income tax	184	592	732	415	187	629	664	189	265	-55
Net income to minority interests	54	329	643	272	156	141	161	-122	-36	-38
Net income	-400	279	250	-1,125	-170	429	-123	-651	60	1,157
EPS, basic	-2.81	1.51	1.34	-6.07	-0.91	2.30	-0.68	-3.65	0.26	4.40
EPS, diluted	-2.81	1.49	1.33	-6.07	-0.91	2.26	-0.68	-3.65	0.26	4.37
Shares, basic (weighted)	142	184	186	185	186	186	181	178	212	259
Shares, diluted (weighted)	142	187	189	185	186	190	181	178	214	261
Dividend per share						0.10	0.10	0.10	0.10	0.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	853	1,358	1,113	879	1,607	1,814	1,363	944	1,138	1,597
Receivables	668	811	830	546	471	757	778	656	1,096	1,064
Inventory	1,160	1,453	1,819	1,644	1,398	1,956	2,427	2,158	1,998	2,177
Other current assets	283	271	320	288	290	358	417	466	514	378
Total current assets	3,181	4,238	4,328	3,530	4,520	5,026	5,250	4,405	4,914	5,469
Property, plant and equipment	9,325	9,138	8,327	7,916	7,190	6,623	6,493	6,785	6,389	6,700
Lease right-of-use assets				154	137	97	89	135	259	313
Goodwill	989	989	151	150	145	144	145	146	142	0
Intangible assets		62	57	52	45	35	29	37	36	34
Long-term investments	1,358								0	1,397
Other non-current assets	1,668	1,719	1,475	1,412	1,444	1,664	1,593	1,650	1,497	1,365
Total assets	16,741	17,447	16,132	14,631	14,860	15,025	14,756	14,155	14,064	16,129
Accounts payable	1,455	1,898	1,663	1,484	1,403	1,674	1,757	1,714	1,805	1,938
Accrued liabilities	456	459	400	413	395	383	335	357	362	383
Short-term debt	21	16	1	1	2	1	1	79	75	1
Total current liabilities	2,821	3,252	2,919	2,563	2,761	3,223	3,004	3,030	3,395	3,801
Long-term debt	1,424	1,388	1,801	1,799	2,463	1,726	1,806	1,732	2,470	2,438
Lease liabilities				100	82	64	59	104	223	259
Total liabilities	9,044	10,649	8,544	8,745	9,844	8,741	8,167	8,310	8,907	9,935
Total debt	1,445	1,404	1,802	1,800	2,465	1,727	1,807	1,811	2,545	2,439
Paid-in capital	9,531	9,590	9,611	9,639	9,663	9,577	9,183	9,187	11,587	11,575
Retained earnings	-104	113	570	-555	-725	-315	-570	-1,293	-1,323	-271
Other comprehensive income	-3,775	-5,182	-4,565	-4,974	-5,629	-4,592	-3,539	-3,645	-5,110	-5,189
Shareholders' equity	5,654	4,523	5,618	4,112	3,311	4,672	5,076	4,251	5,157
Minority interests	2,043	2,275	1,970	1,774	1,705	1,612	1,513	1,594	0
Total equity	7,818	6,968	7,588	5,886	5,016	6,284	6,589	5,845	5,157	6,118
Total liabilities and equity	16,741	17,447	16,132	14,631	14,860	15,025	14,756	14,155	14,064	16,129
Shares outstanding	142	185	185	186	186	184	177	178	258	263

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-346	608	893	-853	-14	570	38	-773	24	1,119
Depreciation and amortization	718	750	733	713	653	664	617	632	642	623
Stock-based compensation	28	24	35	30	25	39	40	35	36	41
Deferred income tax	-46	168	-30	15	-26	147	219	-22	23	-275
Change in receivables	-234	-118	-43	283	16	-414	-59	104	-493	71
Change in inventory	1	-279	-306	137	122	-639	-547	243	51	-57
Cash from operations	-311	1,224	448	686	394	920	822	91	622	1,185
Capital expenditures	-404	-405	-399	-379	-353	-390	-480	-531	-580	-618
Purchases of investments	-3	-66	-7	-112	-12	-11	-32	-70	-37	-59
Sales and maturities of investments	146
Cash from investing	-149	-226	-405	-468	-167	565	-495	-585	-608	-502
Debt issued	1,228	21	560
Debt repaid	-34	-60	-135	-7	-1	-1,294	-1	-72	-679	-1,213
Stock issued	10	43	23	2	1	25	22	1	0	0
Share buybacks			-50			-150	-500	0	0
Dividends paid						-19	-72	-72	-89	-104
Cash from financing	749	-506	-288	-444	514	-1,158	-768	57	201	-261
Exchange rate effect	13	14	-4	-7	-14	-13	-9	10	-28	36
Net change in cash	302	506	-249	-233	727	314	-450	-427	187	458
Free cash flow	-715	819	49	307	41	530	342	-440	42	567
Interest paid	226	100	111	113	135	191	100	100	132	128
Income taxes paid	265	363	507	732	183	152	504	319	157	167

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $42.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.8%	Gross profit / revenue.
Pre-tax margin	8.9%	Pre-tax income / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.7%	Cash from operations / revenue.
Effective tax rate	-2.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.6%	Net income / average total assets.
R&D / revenue	0.2%	Research and development expense / revenue.
SG&A / revenue	2.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,828.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,581.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	90.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1,250.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	69.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	14.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	22.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.53x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / assets	13.2%	Total debt / total assets.
Liabilities / assets	55.9%	Total liabilities / total assets.
Net debt	$873.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$2.05B	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	1.97x	Revenue / average property, plant and equipment.
Inventory turnover	4.72x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Receivables turnover	8.84x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	57 days	Days inventory + days sales outstanding - days payables.
FCF conversion	27.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	66.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.80	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$51.14	Revenue / diluted weighted shares.
FCF per share	$1.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.95	Cash from operations / diluted weighted shares.
Cash per share	$5.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	8.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	29.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.31B	Share price x shares outstanding.
Enterprise value	$12.18B	Market cap + total debt - cash - short-term investments.
P/E	8.86x	Market cap / net income. Only when net income is positive.
P/S	0.83x	Market cap / revenue.
P/FCF	32.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	0.90x	Enterprise value / revenue.
EV/FCF	34.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	11.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was Alcoa Corp's revenue in fiscal 2025?

Alcoa Corp reported revenue of $12.83B for fiscal 2025, 7.9% higher than the year before.

Was Alcoa Corp profitable in fiscal 2025?

Yes. Net income was $1.16B, a net margin of 9%.

How much free cash flow did Alcoa Corp generate in fiscal 2025?

Cash from operations of $1.19B minus capital expenditures of $618.0M left free cash flow of $567.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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