Alcoa Corporation Announces Fourth Quarter and Full-Year 2025 Financial Results
Overview of Fourth Quarter and Full Year 2025 Results
Alcoa Corporation today reported fourth quarter and full year 2025 results reflecting continued strength in aluminum pricing and solid operational performance across its portfolio.
Financial Results and Highlights
For the fourth quarter 2025, revenue totaled $3.4 billion compared with $3.0 billion in the third quarter 2025. Net income attributable to Alcoa Corporation was $226 million, or $0.85 per common share, compared with $232 million, or $0.88 per common share, in the prior quarter. Adjusted net income was $335 million, or $1.26 per common share, compared with an adjusted net loss of $6 million, or $(0.02) per share, in the third quarter. Adjusted EBITDA excluding special items was $546 million, compared with $270 million in the prior quarter. For full year 2025, revenue increased to $12.8 billion from $11.9 billion in 2024. Net income attributable to Alcoa Corporation was $1.2 billion, or $4.42 per common share, compared with $60 million, or $0.26 per common share, in 2024. Adjusted net income was $1.0 billion, or $3.77 per common share, compared with $296 million, or $1.35 per common share, in the prior year. Adjusted EBITDA excluding special items increased to $2.0 billion from $1.6 billion in 2024.
Fourth Quarter 2025 Performance Highlights
Fourth quarter revenue increased 15 percent sequentially to $3.4 billion. Net income totaled $226 million, while adjusted net income increased to $335 million. Adjusted EBITDA excluding special items rose $276 million sequentially to $546 million. Cash from operations was $537 million, a sequential improvement of $452 million. Alcoa ended the quarter with a cash balance of $1.6 billion after redeeming the remaining $141 million of its 5.5 percent senior notes due 2027.
Full Year 2025 Performance Highlights
For full year 2025, revenue increased 8 percent to $12.8 billion. Net income rose to $1.2 billion, while adjusted net income reached $1.0 billion. Adjusted EBITDA excluding special items totaled $2.0 billion. Cash from operations was $1.2 billion, up $563 million year over year. Total debt was reduced to $2.4 billion and adjusted net debt to $1.5 billion. The company set annual production records at five aluminum smelters and one alumina refinery and completed several strategic initiatives, including the sale of its interest in the Ma’aden joint venture, resolution of an Australian tax dispute, formation of a joint venture with IGNIS Equity Holdings to support the San Ciprián complex in Spain, and the announcement of the permanent closure of the Kwinana refinery in Australia.
Executive Commentary
Reflecting on 2025, we maintained our pace of delivering on key operational, strategic, and capital allocation objectives, while setting numerous production records,” said William F. Oplinger, Alcoa President and Chief Executive Officer. “We continue to build on our positive momentum through disciplined operational and financial execution, along with strategic initiatives to maximize value creation.”
Fourth Quarter 2025 Operating Results
Alumina production increased 1 percent sequentially to 2.48 million metric tons, primarily due to higher output at Australian refineries. Aluminum production increased 4 percent sequentially to 604,000 metric tons, reflecting progress on the San Ciprián smelter restart in Spain. Alumina third-party shipments increased 5 percent sequentially, while aluminum shipments increased 9 percent due to higher production and shipment timing. Total third-party revenue increased 15 percent sequentially to $3.4 billion, driven by higher aluminum prices and increased shipments. Net income of $226 million reflected unfavorable mark-to-market changes on Ma’aden shares, a goodwill impairment charge, and unfavorable currency impacts, partially offset by higher aluminum prices, favorable tax impacts, non-recurrence of prior-quarter charges, and carbon dioxide compensation in Spain and Norway. Adjusted net income was $335 million, excluding net special items of $109 million. Adjusted EBITDA excluding special items was $546 million, driven mainly by higher aluminum prices and the absence of prior-quarter charges. Alcoa ended the quarter with $1.6 billion in cash, generated $537 million in operating cash flow, and reported free cash flow of $294 million. Working capital totaled 35 days, a sequential decrease of 15 days.
Full Year 2025 Operating Results
Full year alumina production decreased 4 percent due to the curtailment of the Kwinana refinery, while aluminum production increased 5 percent due to smelter restarts in Brazil, Spain, and Norway. Alumina shipments decreased 2 percent, and aluminum shipments decreased 3 percent year over year. Total third-party revenue increased 8 percent to $12.8 billion, driven by higher aluminum prices and bauxite offtake volumes. Net income of $1.2 billion reflected higher aluminum prices, gains related to the Ma’aden transaction, favorable tax impacts, and currency benefits, partially offset by restructuring charges, tariff costs, lower alumina prices, and a goodwill impairment. Adjusted net income was $1.0 billion, excluding net special items of $170 million. Adjusted EBITDA excluding special items increased 25 percent to $2.0 billion. Cash at year-end was $1.6 billion, with free cash flow of $567 million. Working capital was 35 days, an increase of one day year over year.
Fourth Quarter 2025 Key Actions
In December 2025, Alcoa redeemed the remaining $141 million of its 5.5 percent notes due 2027 using cash on hand. In November 2025, ELYSIS successfully started the first 450 kiloampere inert anode cell at Rio Tinto’s Alma smelter in Québec, marking a milestone toward commercialization. In January 2026, Alcoa submitted responses to the Western Australia Environmental Protection Authority related to mine planning approvals and continues to work with stakeholders toward ministerial decisions by the end of 2026.
2026 Outlook
Alcoa expects 2026 alumina production to range between 9.7 and 9.9 million metric tons, with shipments between 11.8 and 12.0 million metric tons. Aluminum production is expected to range between 2.4 and 2.6 million metric tons, with shipments between 2.6 and 2.8 million metric tons. First quarter 2026 Alumina Segment Adjusted EBITDA is expected to be unfavorably impacted by maintenance cycles, lower shipments, and lower bauxite offtake volumes, while Aluminum Segment Adjusted EBITDA is expected to face unfavorable impacts from the absence of carbon dioxide compensation and higher restart costs. Operational tax expense for the first quarter 2026 is expected to range between $65 million and $75 million, subject to market conditions.
Conference Call Information
Alcoa will host its quarterly conference call at 5:00 p.m. EST on Thursday, January 22, 2026, to review fourth quarter and full year 2025 results. The call will be webcast on the company’s website, with presentation materials available shortly before the call under the Investors section.
Dissemination of Company Information
Alcoa intends to share future updates through its website, press releases, SEC filings, conference calls, media broadcasts, and webcasts. Information on external websites is not incorporated into this press release.
About Alcoa Corporation
Alcoa is a global leader in bauxite, alumina, and aluminum products, guided by a purpose to turn raw potential into real progress. With a focus on integrity, operational excellence, care for people, and courageous leadership, Alcoa continues to deliver innovation, sustainability, and value for communities and customers worldwide.
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