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Sep 30
Alcoa Q3 2025 Earnings Report
Alcoa reported increased production of alumina and aluminum, alongside one-time items, for the third quarter of 2025.
Key Takeaways
Alcoa reported a net income of $232 million and diluted EPS of $0.88 for Q3 2025, reflecting increased production in both alumina and aluminum segments. Revenue for the quarter was $2.995 billion. The company also reported a non-GAAP adjusted net loss of $6 million and adjusted diluted EPS of -$0.02.
Alcoa achieved a net income of $232 million in Q3 2025, a significant increase from $90 million in Q3 2024.
Diluted EPS for the quarter was $0.88, up from $0.38 in the same period last year.
Revenue for Q3 2025 was $2.995 billion, showing a slight increase compared to $2.904 billion in Q3 2024.
The company reported a non-GAAP adjusted net loss of $6 million and adjusted diluted EPS of -$0.02, primarily due to special items including restructuring and other charges.
Alcoa
Alcoa
Alcoa Revenue by Segment
Revenue by Segment
Third-party bauxite sales Revenue
CapyFin.comThird-party alumina sales Revenue
CapyFin.comThird-party aluminum sales Revenue
CapyFin.com Forward Guidance
Alcoa expects unchanged production and shipment projections for both Alumina and Aluminum segments in 2025. The company anticipates favorable impacts in the Alumina segment's Adjusted EBITDA for Q4 2025, while the Aluminum segment expects unfavorable impacts due to restart inefficiencies and lower energy sales, partially offset by higher shipments and favorable alumina costs.
Positive Outlook
- Alumina segment production and shipments for 2025 are expected to remain unchanged from prior projections (9.5-9.7 million metric tons production, 13.1-13.3 million metric tons shipments).
- Aluminum segment production and shipments for 2025 are expected to remain unchanged from prior projections (2.3-2.5 million metric tons production, 2.5-2.6 million metric tons shipments).
- Fourth quarter 2025 Alumina Segment Adjusted EBITDA is expected to see sequential favorable impacts of approximately $80 million.
- Favorable impacts in Alumina segment are due to the absence of charges to increase asset retirement obligations, higher shipments, and lower maintenance costs.
- Alumina costs in the Aluminum segment are expected to be favorable by approximately $45 million sequentially in Q4 2025.
Challenges Ahead
- Fourth quarter 2025 Aluminum segment expects sequential unfavorable impacts of approximately $20 million.
- Unfavorable impacts in Aluminum segment are due to restart inefficiencies at the San Ciprián smelter.
- Lower third-party energy sales are also contributing to unfavorable impacts in the Aluminum segment.
- Tariff costs on higher U.S. imports of aluminum from Canada are expected to increase by approximately $50 million sequentially in Q4 2025.
- Fourth quarter 2025 operational tax expense is expected to approximate $40 million to $50 million, which may vary with market conditions.