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Dec 31, 2025
Alcoa Q4 2025 Earnings Report
Alcoa Corporation reported strong fourth quarter and full year 2025 results, driven by continued strength in aluminum pricing and operational performance.
Key Takeaways
Alcoa Corporation delivered a robust performance in the fourth quarter and full year 2025, with significant increases in revenue and net income. The company's strategic initiatives, including debt reduction and production records, contributed to a strong financial position.
Revenue increased by 15% sequentially to $3.4 billion in Q4 2025.
Net income attributable to Alcoa Corporation was $226 million, or $0.85 per common share, in Q4 2025.
Adjusted EBITDA excluding special items rose by $276 million sequentially to $546 million in Q4 2025.
The company generated $537 million in cash from operations in Q4 2025, ending the year with a $1.6 billion cash balance.
Revenue by Segment
Forward Guidance
Alcoa anticipates increased production for both alumina and aluminum segments in 2026, driven by productivity improvements and smelter restarts, but expects sequential unfavorable impacts in Q1 2026 due to maintenance cycles, lower shipments, and higher production costs.
Positive Outlook
- Alumina segment production is expected to increase to 9.7-9.9 million metric tons in 2026 due to productivity improvements.
- Aluminum segment production is expected to increase to 2.4-2.6 million metric tons in 2026 due to smelter restarts.
- Alumina shipments are projected to be between 11.8 and 12.0 million metric tons in 2026.
- Aluminum shipments are projected to be between 2.6 and 2.8 million metric tons in 2026.
- The company is committed to achieving Ministerial decisions for Australia mine approvals by the end of 2026.
Challenges Ahead
- Q1 2026 Alumina Segment Adjusted EBITDA is expected to have sequential unfavorable impacts of $30 million due to typical first quarter maintenance cycles and lower alumina shipments.
- Lower price and volume from bauxite offtake and supply agreements are expected to negatively impact Q1 2026 Alumina Segment Adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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