Alcoa (AA) financial statements
Alcoa reported revenue of $12.8B in fiscal 2025, up 3.6% a year over 9 years.
Net income was $1.2B.
Free cash flow was $567M, and the company returned $104M in dividends.
The diluted share count rose 43% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Alcoa's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.3B | $11.7B | $13.4B | $10.4B | $9.3B | $12.2B | $12.5B | $10.6B | $11.9B | $12.8B |
| Cost of revenue | — | $8.9B | $10.1B | $8.5B | $8.0B | $9.2B | $10.2B | $9.8B | $10.0B | $10.7B |
| Gross profit | — | $2.7B | $3.4B | $1.9B | $1.3B | $3.0B | $2.2B | $738M | $1.9B | $2.2B |
| Research and development | $33M | $32M | $31M | $27M | $27M | $31M | $32M | $39M | $57M | $24M |
| Selling, general and admin | $356M | $280M | $248M | $280M | $206M | $227M | $204M | $226M | $275M | $299M |
| Operating income | -$162M | — | — | — | — | — | — | — | — | — |
| Interest expense | $243M | $104M | $122M | $121M | $146M | $195M | $106M | $107M | $156M | $158M |
| Pre-tax 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 | -$400M | $279M | $250M | -$1.1B | -$170M | $429M | -$123M | -$651M | $60M | $1.2B |
| EPS (diluted) | -$2.19 | $1.49 | $1.33 | -$6.07 | -$0.91 | $2.26 | -$0.68 | -$3.65 | $0.26 | $4.37 |
| Diluted shares | 183M | 187M | 189M | 185M | 186M | 190M | 181M | 178M | 214M | 261M |
| Gross margin | — | 23.2% | 25.0% | 18.2% | 14.2% | 24.7% | 18.0% | 7.0% | 15.6% | 16.9% |
| Operating margin | -1.7% | — | — | — | — | — | — | — | — | — |
| Net margin | -4.3% | 2.4% | 1.9% | -10.8% | -1.8% | 3.5% | -1.0% | -6.2% | 0.5% | 9.0% |
Balance sheet
Fiscal years, from Alcoa's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and 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 | $2.0B | $2.4B | $2.2B | $2.0B | $2.2B |
| Total current assets | $3.2B | $4.2B | $4.3B | $3.5B | $4.5B | $5.0B | $5.2B | $4.4B | $4.9B | $5.5B |
| Property, plant and equipment | $9.3B | $9.1B | $8.3B | $7.9B | $7.2B | $6.6B | $6.5B | $6.8B | $6.4B | $6.7B |
| Goodwill | $989M | $989M | $151M | $150M | $145M | $144M | $145M | $146M | $142M | $0 |
| Total assets | $16.7B | $17.4B | $16.1B | $14.6B | $14.9B | $15.0B | $14.8B | $14.2B | $14.1B | $16.1B |
| Total current liabilities | $2.8B | $3.3B | $2.9B | $2.6B | $2.8B | $3.2B | $3.0B | $3.0B | $3.4B | $3.8B |
| Long-term debt | $1.4B | $1.4B | $1.8B | $1.8B | $2.5B | $1.7B | $1.8B | $1.7B | $2.5B | $2.4B |
| Total liabilities | $9.0B | $10.6B | $8.5B | $8.7B | $9.8B | $8.7B | $8.2B | $8.3B | $8.9B | $9.9B |
| Shareholders' equity | $5.7B | $4.5B | $5.6B | $4.1B | $3.3B | $4.7B | $5.1B | $4.3B | $5.2B | $6.1B |
| Net debt | $592M | $46M | $689M | $921M | $858M | -$87M | $444M | $867M | $1.4B | $842M |
Cash flow
Fiscal years, from Alcoa's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$311M | $1.2B | $448M | $686M | $394M | $920M | $822M | $91M | $622M | $1.2B |
| Capital spending | $404M | $405M | $399M | $379M | $353M | $390M | $480M | $531M | $580M | $618M |
| Free cash flow | -$715M | $819M | $49M | $307M | $41M | $530M | $342M | -$440M | $42M | $567M |
| Stock-based compensation | $28M | $24M | $35M | $30M | $25M | $39M | $40M | $35M | $36M | $41M |
| Dividends paid | — | — | — | — | — | $19M | $72M | $72M | $89M | $104M |
| Share buybacks (net) | — | — | -$50M | — | — | -$150M | -$500M | $0 | $0 | — |
| Net borrowing | $1.2B | -$39M | $425M | -$7M | -$1M | -$1.3B | -$1M | -$72M | -$679M | -$1.2B |
| Free cash flow margin | -7.7% | 7.0% | 0.4% | 2.9% | 0.4% | 4.4% | 2.7% | -4.2% | 0.4% | 4.4% |
| Dividends per share | — | — | — | — | — | $0.10 | $0.40 | $0.40 | $0.42 | $0.40 |
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Open AA in InvestinglyQuestions
What was Alcoa's revenue in 2025?
$12.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Alcoa generate?
$567M in fiscal 2025 (operating cash flow minus capital spending).
From Alcoa's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.