Alcoa Corporation (AA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.19	$2.12	-3.2%	—	$4B	—
Q1 26	$1.55	$1.4	-9.7%	—	$3.2B	—
Q4 25	$1.01	$1.26	+24.8%	—	$3.4B	—
Q3 25	-$0.05	-$0.02	+60.0%	—	$3B	—
Q2 25	$0.39	$0.39	0.0%	—	$3B	—
Q1 25	$1.41	$2.15	+52.5%	—	$3.4B	—
Q4 24	$1.01	$1.04	+3.0%	—	$3.5B	—
Q3 24	$0.3	$0.57	+90.0%	—	$2.9B	—
Q2 24	$0.09	$0.16	+77.8%	—	$2.9B	—
Q1 24	-$0.44	-$0.81	-84.1%	—	$2.6B	—
Q4 23	-$0.86	-$0.56	+34.9%	—	$2.6B	—
Q3 23	-$1.02	-$1.14	-11.8%	—	$2.6B	—
Q2 23	-$0.52	-$0.35	+32.7%	—	$2.7B	—
Q1 23	-$0.11	-$0.23	-109.1%	—	$2.7B	—
Q4 22	-$0.92	-$0.7	+23.9%	—	$2.7B	—
Q3 22	$0.19	-$0.33	-273.7%	—	$2.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.45	—	—	$12.8B	—
FY24	—	$0.26	—	—	$11.9B	—
FY23	—	-$3.65	—	—	$10.6B	—
FY22	—	-$0.57	—	—	$12.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.3B	$11.7B	$13.4B	$10.4B	$9.3B	$12.2B	$12.5B	$10.6B	$11.9B	$12.8B
YoY change	-16.8%	+25%	+15%	-22.2%	-11%	+30.9%	+2.46%	-15.3%	+12.7%	+7.87%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.3B	11.7B	13.4B	10.4B	9.3B	12.2B	12.5B	10.6B	11.9B	12.8B
Cost of revenue	7.9B	8.9B	10.1B	8.5B	8B	9.2B	10.2B	9.8B	10B	10.7B
Gross profit	1.4B	2.7B	3.4B	1.9B	1.3B	3B	2.2B	738M	1.9B	2.2B
Gross margin	15.5%	23.2%	25%	18.2%	14.2%	24.7%	18%	6.99%	15.6%	16.9%
Research & development	33M	32M	31M	27M	27M	31M	32M	39M	57M	24M
Selling, general & administrative	356M	280M	248M	280M	206M	227M	204M	226M	275M	299M
Operating expenses	512M	330M	393M	451M	236M	296M	291M	333M	381M	792M
Operating income	211M	1.6B	2.2B	732M	428M	2B	1.3B	-227M	828M	758M
Operating margin	2.26%	13.9%	16.6%	7.02%	4.61%	16.8%	10.7%	-2.15%	6.96%	5.91%
Non-operating income, net	-130M	-318M	-477M	-1B	-109M	-645M	-523M	-250M	-383M	464M
Pretax income	-162M	1.2B	1.6B	-438M	173M	1.2B	702M	-584M	289M	1.1B
Income tax	184M	592M	732M	415M	187M	629M	664M	189M	265M	-55M
Net income	-346M	608M	893M	-853M	-14M	570M	38M	-773M	24M	1.1B
Net margin	-3.71%	5.22%	6.66%	-8.18%	-0.15%	4.69%	0.31%	-7.33%	0.2%	8.72%
EBITDA	847M	2.3B	2.8B	1.3B	931M	2.8B	1.9B	226M	1.5B	1.4B
EPS	-2.19	1.18	1.22	-6.07	-0.91	2.3	-0.57	-3.65	0.26	4.45
Diluted EPS	-2.19	1.16	1.2	-6.07	-0.91	2.26	-0.57	-3.65	0.26	4.42

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.6B	2.6B	2.6B	2.9B	2.9B	3.5B	3.4B	3B	3B	3.4B	3.2B	4B
Cost of revenue	2.5B	2.4B	2.4B	2.5B	2.4B	2.7B	2.4B	2.7B	2.7B	2.9B	2.5B	3B
Gross profit	133M	170M	195M	373M	511M	772M	931M	366M	300M	576M	681M	999M
Gross margin	5.11%	6.55%	7.5%	12.8%	17.6%	22.1%	27.6%	12.1%	10%	16.7%	21.3%	25.2%
Research & development	9M	14M	11M	13M	16M	17M	12M	12M	11M	-11M	10M	11M
Selling, general & administrative	56M	64M	60M	69M	66M	80M	71M	82M	78M	68M	83M	101M
Operating expenses	228M	78M	71M	82M	82M	97M	231M	247M	249M	688M	255M	112M
Operating income	-95M	-139M	-37M	128M	270M	467M	700M	119M	51M	-112M	426M	714M
Operating margin	-3.65%	-5.36%	-1.42%	4.4%	9.3%	13.4%	20.8%	3.94%	1.7%	-3.25%	13.3%	18%
Non-operating income, net	-107M	90M	-261M	4M	-42M	-84M	21M	98M	149M	196M	108M	-196M
Pretax income	-228M	-77M	-325M	92M	184M	338M	668M	161M	167M	68M	499M	482M
Income tax	-35M	150M	-18M	61M	86M	136M	120M	10M	-51M	-134M	82M	73M
Net income	-193M	-227M	-307M	31M	98M	202M	548M	151M	218M	202M	417M	409M
Net margin	-7.42%	-8.75%	-11.8%	1.07%	3.37%	5.79%	16.3%	5%	7.28%	5.86%	13.1%	10.3%
EBITDA	44M	-14M	105M	322M	422M	635M	853M	276M	206M	41M	598M	877M
EPS	-0.94	-0.84	-1.41	0.11	0.39	0.77	2.08	0.63	0.88	0.86	1.61	1.54
Diluted EPS	-0.94	-0.84	-1.41	0.11	0.38	0.76	2.07	0.62	0.88	0.85	1.6	1.53

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.1B	9.9B	5B	4B	4.3B	11.1B	8.2B	6.1B	—	—	11.2B
Enterprise value	5.7B	10B	5.6B	5B	5.3B	11.2B	8.7B	7B	—	—	12.2B
Shares outstanding	182.5M	184.4M	186.2M	185.5M	185.9M	186.4M	180.6M	178.3M	212M	259.4M	259.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	16.3	5.54	—	—	19.5	216.2	—	—	—	8.78
P/S	0.55	0.85	0.37	0.38	0.46	0.91	0.66	0.57	—	—	0.82
P/B	0.67	1.46	0.65	0.68	0.85	1.77	1.25	1.04	—	—	1.51
EV/EBITDA	6.75	4.41	2.01	3.87	5.69	4.02	4.56	31.1	—	—	5.3
EV/Sales	0.61	0.86	0.42	0.48	0.57	0.92	0.7	0.67	—	—	0.9
Earnings yield	—	6.12%	18%	—	—	5.13%	0.46%	—	—	—	11.4%
FCF yield	-13.9%	8.24%	0.99%	7.69%	0.96%	4.77%	4.16%	-7.26%	—	—	8.62%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	15.5%	23.2%	25%	18.2%	14.2%	24.7%	18%	6.99%	15.6%	16.9%	25.2%
Operating margin	2.26%	13.9%	16.6%	7.02%	4.61%	16.8%	10.7%	-2.15%	6.96%	5.91%	18.4%
Net margin	-3.71%	5.22%	6.66%	-8.18%	-0.15%	4.69%	0.31%	-7.33%	0.2%	8.72%	9.39%
ROE	-4.5%	8.94%	11.8%	-14.5%	-0.28%	9.07%	0.58%	-13.2%	0.47%	18.1%	18.2%
ROA	-2.07%	3.48%	5.54%	-5.83%	-0.09%	3.79%	0.26%	-5.46%	0.17%	6.94%	6.49%
ROIC	2.55%	12%	14.8%	10.6%	0%	15.3%	1.02%	-3.33%	1.01%	10.4%	13%
Return on tangible assets	-2.14%	3.57%	5.68%	-6%	-0.1%	3.89%	0.26%	-5.61%	0.18%	6.97%	7.42%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.13	1.3	1.48	1.38	1.64	1.56	1.75	1.45	1.45	1.44	1.53
Quick ratio	0.72	0.86	0.86	0.74	1.13	0.95	0.94	0.74	0.86	0.87	0.92
Debt / equity	0.19	0.21	0.24	0.32	0.52	0.3	0.28	0.33	0.55	0.44	0.3
Debt / assets	0.09	0.08	0.11	0.13	0.18	0.12	0.13	0.14	0.2	0.17	0.13
Net debt / EBITDA	0.7	0.02	0.25	0.79	1.09	0.02	0.26	4.3	1.13	0.81	0.51
Interest coverage	0.33	12.5	14.3	-2.62	2.18	7.15	7.62	-4.46	2.85	7.73	11.1
Effective tax rate	0%	49.3%	45%	0%	100%	52.5%	94.6%	0%	91.7%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	51	63.2	72	56.2	50	65.2	68.9	59.2	56.1	49.5	52
EPS (basic)	-2.19	1.18	1.22	-6.07	-0.91	2.3	-0.57	-3.65	0.26	4.45	4.45
EPS (diluted)	-2.19	1.16	1.2	-6.07	-0.91	2.26	-0.57	-3.65	0.26	4.42	4.81
Book value per share	42.2	36.9	40.7	31.7	27	33.7	36.5	32.8	24.3	23.9	27.9
FCF per share	-3.92	4.44	0.26	1.66	0.22	2.84	1.89	-2.47	0.2	2.19	1.32
Cash per share	4.67	7.36	5.98	4.74	8.65	9.73	7.55	5.29	5.37	6.16	5.12
Capex per share	—	—	—	—	—	—	—	—	—	2.38	2.63

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.82%	5.14%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	52.2%	66.5%
Payout ratio	—	—	—	0%	0%	3.33%	189.5%	-9.31%	375%	9.38%	8.32%
Dividend yield	—	—	—	0%	0%	0.17%	0.88%	1.19%	—	—	0.95%

Yield

0.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Aug 11, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 11, 2026	$0.10
May 19, 2026	$0.10
Mar 10, 2026	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.6B	$2.6B	$2.6B	$2.9B	$2.9B	$3.5B	$3.4B	$3B	$3B	$3.4B	$3.2B	$4B
YoY change	-8.73%	-2.55%	-2.66%	+8.27%	+11.6%	+34.3%	+29.6%	+3.85%	+3.13%	-1.06%	-5.22%	+31.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	853M	1.4B	1.1B	879M	1.6B	1.8B	1.4B	944M	1.1B	1.6B
Receivables	668M	811M	830M	546M	471M	757M	778M	656M	1.1B	1.1B
Inventory	1.2B	1.5B	1.8B	1.6B	1.4B	2B	2.4B	2.2B	2B	2.2B
Total current assets	3.2B	4.2B	4.3B	3.5B	4.5B	5B	5.3B	4.4B	4.9B	5.5B
Property, plant & equipment	9.3B	9.1B	8.3B	7.9B	7.2B	6.6B	6.5B	6.8B	6.4B	6.7B
Goodwill & intangibles	580M	432M	416M	404M	380M	360M	348M	366M	356M	68M
Total assets	16.7B	17.4B	16.1B	14.6B	14.9B	15B	14.8B	14.2B	14.1B	16.1B
Accounts payable	1.5B	1.9B	1.7B	1.5B	1.4B	1.7B	1.8B	1.7B	1.8B	1.9B
Short-term debt	21M	16M	1M	1M	79M	76M	1M	79M	125M	10M
Total current liabilities	2.8B	3.3B	2.9B	2.6B	2.8B	3.2B	3B	3B	3.4B	3.8B
Long-term debt	1.4B	1.4B	1.8B	1.9B	2.5B	1.8B	1.9B	1.8B	2.7B	2.7B
Total liabilities	9B	10.6B	8.5B	8.7B	9.8B	8.7B	8.2B	8.3B	8.9B	9.9B
Shareholders' equity	7.7B	6.8B	7.6B	5.9B	5B	6.3B	6.6B	5.8B	5.2B	6.2B
Total debt	1.4B	1.4B	1.8B	1.9B	2.6B	1.9B	1.9B	1.9B	2.8B	2.7B
Net debt	592M	46M	689M	1B	1B	52M	503M	971M	1.7B	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.5B	1.6B	1.4B	1.4B
Receivables	—	—	—	—	—	—	—	—	1B	1.1B	1.2B	1.5B
Inventory	—	—	—	—	—	—	—	—	2.2B	2.2B	2.3B	2.3B
Total current assets	—	—	—	—	—	—	—	—	5.3B	5.5B	5.7B	5.9B
Property, plant & equipment	—	—	—	—	—	—	—	—	-14.2B	6.7B	-14.2B	-14.2B
Goodwill & intangibles	—	—	—	—	—	—	—	—	358M	68M	68M	66M
Total assets	—	—	—	—	—	—	—	—	16B	16.1B	16.6B	16.9B
Accounts payable	—	—	—	—	—	—	—	—	1.6B	1.9B	1.8B	1.9B
Short-term debt	—	—	—	—	—	—	—	—	3M	10M	110M	1M
Total current liabilities	—	—	—	—	—	—	—	—	3.4B	3.8B	3.8B	3.8B
Long-term debt	1.8B	1.8B	2.5B	2.5B	2.5B	2.7B	2.6B	2.6B	2.6B	2.7B	2.4B	2.2B
Total liabilities	—	—	—	—	—	—	—	—	9.5B	9.9B	9.7B	9.4B
Shareholders' equity	—	—	—	—	—	—	—	—	6.4B	6.2B	6.9B	7.4B
Total debt	1.8B	1.8B	2.5B	2.5B	2.5B	2.7B	2.6B	2.6B	2.6B	2.7B	2.6B	2.2B
Net debt	—	—	—	—	—	—	—	—	1.1B	1.1B	1.2B	873M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-346M	608M	893M	-853M	-14M	570M	38M	-773M	24M	1.1B
Depreciation & amortization	718M	752M	733M	713M	653M	664M	617M	632M	642M	623M
Stock-based compensation	28M	24M	35M	30M	25M	39M	40M	35M	36M	41M
Change in working capital	-479M	-47M	-471M	-117M	112M	-593M	-719M	-30M	-418M	-324M
Operating cash flow	111M	1.7B	636M	676M	540M	1.4B	927M	80M	666M	1.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	-618M
Investing cash flow	255M	179M	-6M	-89M	186M	955M	-15M	-54M	-28M	-502M
Dividends paid	—	—	—	0	0	-19M	-72M	-72M	-90M	-105M
Share repurchases	0	0	-50M	0	0	-150M	-500M	0	0	—
Financing cash flow	739M	-549M	-311M	-446M	513M	-1.2B	-790M	56M	201M	-261M
Net change in cash	1.1B	1.4B	319M	141M	1.2B	1.2B	122M	82M	839M	422M
Free cash flow	-715M	819M	49M	307M	41M	530M	342M	-440M	42M	567M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-193M	-227M	-307M	31M	98M	202M	548M	151M	218M	202M	417M	409M
Depreciation & amortization	163M	163M	161M	163M	159M	159M	148M	153M	160M	162M	162M	173M
Stock-based compensation	6M	8M	10M	12M	9M	5M	11M	12M	10M	8M	13M	17M
Change in working capital	115M	209M	-269M	39M	-159M	-29M	-558M	174M	-18M	78M	-665M	-290M
Operating cash flow	-10M	283M	-252M	258M	202M	458M	227M	538M	85M	537M	-179M	608M
Capital expenditure	—	—	—	—	—	—	—	—	-151M	-243M	-119M	-186M
Investing cash flow	-21M	-9M	-16M	0	-7M	-5M	-15M	-14M	-11M	-251M	-129M	-205M
Dividends paid	-18M	-18M	-19M	-18M	-26M	-27M	-26M	-27M	-26M	-26M	-27M	-26M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	35M	6M	754M	-75M	-84M	-394M	77M	-67M	-105M	-166M	60M	-353M
Net change in cash	4M	280M	486M	183M	111M	59M	289M	457M	-31M	120M	-248M	50M
Free cash flow	-76M	10M	-324M	123M	-3M	246M	-18M	357M	-66M	294M	-298M	422M

Date	Ratio
Nov 1, 2016	1000:801
Oct 6, 2016	1:3
Jun 12, 2000	2:1
Feb 26, 1999	2:1
Feb 27, 1995	2:1
Feb 23, 1981	2:1
Feb 4, 1974	3:2

Alcoa Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history