Alcoa Corp Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 41/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Alcoa Corp's revenue grew 12.7% year-over-year to $11.9B, a solid pace of expansion. This earns a growth score of 65/100.

Leverage

Alcoa Corp carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Alcoa Corp's current ratio of 1.45 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Alcoa Corp generated $622.0M in operating cash flow, capex of $580.0M consumed most of it, leaving $42.0M in free cash flow. This results in a low score of 2/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Alcoa Corp generates a 1.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 5/100.

Piotroski F-Score Neutral

6/9

Alcoa Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

10.37x

For every $1 of reported earnings, Alcoa Corp generates $10.37 in operating cash flow ($622.0M OCF vs $60.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Alcoa Corp (AA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$11.9B

YoY+12.7%

5Y CAGR+2.7%

10Y CAGR-1.0%

Alcoa Corp generated $11.9B in revenue in fiscal year 2024. This represents an increase of 12.7% from the prior year.

EBITDA

N/A

Free Cash Flow

$42.0M

YoY+109.5%

5Y CAGR-32.8%

10Y CAGR-20.1%

Alcoa Corp generated $42.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 109.5% from the prior year.

Net Income

$60.0M

YoY+109.2%

Alcoa Corp reported $60.0M in net income in fiscal year 2024. This represents an increase of 109.2% from the prior year.

EPS (Diluted)

$0.26

YoY+107.1%

Alcoa Corp earned $0.26 per diluted share (EPS) in fiscal year 2024. This represents an increase of 107.1% from the prior year.

Cash & Debt

$1.1B

YoY+20.6%

5Y CAGR+5.3%

10Y CAGR+15.6%

Alcoa Corp held $1.1B in cash against $2.5B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.10

YoY+0.0%

Alcoa Corp paid $0.10 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

258M

YoY+44.8%

5Y CAGR+6.8%

Alcoa Corp had 258M shares outstanding in fiscal year 2024. This represents an increase of 44.8% from the prior year.

Gross Margin

15.6%

YoY+8.6pp

5Y CAGR-2.6pp

Alcoa Corp's gross margin was 15.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 8.6 percentage points from the prior year.

Operating Margin

N/A

Net Margin

0.5%

YoY+6.7pp

5Y CAGR+11.3pp

10Y CAGR+2.5pp

Alcoa Corp's net profit margin was 0.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.7 percentage points from the prior year.

Return on Equity

1.2%

Alcoa Corp's ROE was 1.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

$57.0M

YoY+46.2%

5Y CAGR+16.1%

10Y CAGR-5.0%

Alcoa Corp invested $57.0M in research and development in fiscal year 2024. This represents an increase of 46.2% from the prior year.

Share Buybacks

Alcoa Corp spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$580.0M

YoY+9.2%

5Y CAGR+8.9%

10Y CAGR+2.7%

Alcoa Corp invested $580.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 9.2% from the prior year.

AA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$11.9B+12.7%	$10.6B-15.3%	$12.5B+2.5%	$12.2B+30.9%	$9.3B-11.0%	$10.4B
Cost of Revenue	$10.0B+2.4%	$9.8B-3.9%	$10.2B+11.6%	$9.2B+14.9%	$8.0B-6.7%	$8.5B
Gross Profit	$1.9B+150.8%	$738.0M-67.0%	$2.2B-25.3%	$3.0B+127.7%	$1.3B-30.5%	$1.9B
R&D Expenses	$57.0M+46.2%	$39.0M+21.9%	$32.0M+3.2%	$31.0M+14.8%	$27.0M0.0%	$27.0M
SG&A Expenses	$275.0M+21.7%	$226.0M+10.8%	$204.0M-10.1%	$227.0M+10.2%	$206.0M-26.4%	$280.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$156.0M+45.8%	$107.0M+0.9%	$106.0M-45.6%	$195.0M+33.6%	$146.0M+20.7%	$121.0M
Income Tax	$265.0M+40.2%	$189.0M-71.5%	$664.0M+5.6%	$629.0M+236.4%	$187.0M-54.9%	$415.0M
Net Income	$60.0M+109.2%	-$651.0M-429.3%	-$123.0M-128.7%	$429.0M+352.4%	-$170.0M+84.9%	-$1.1B
EPS (Diluted)	$0.26+107.1%	$-3.65-436.8%	$-0.68-130.1%	$2.26+348.4%	$-0.91+85.0%	$-6.07

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$3.0B-0.8%	$3.0B-10.4%	$3.4B-3.4%	$3.5B+20.0%	$2.9B+11.8%	$2.6B+0.2%	$2.6B-0.3%	$2.6B
Cost of Revenue	$2.7B+1.6%	$2.7B+8.8%	$2.4B-10.2%	$2.7B+7.1%	$2.5B+5.4%	$2.4B-0.9%	$2.4B-1.8%	$2.5B
Gross Profit	$300.0M-18.0%	$366.0M-60.7%	$931.0M+20.6%	$772.0M+107.0%	$373.0M+91.3%	$195.0M+14.7%	$170.0M+27.8%	$133.0M
R&D Expenses	$11.0M-8.3%	$12.0M0.0%	$12.0M-29.4%	$17.0M+30.8%	$13.0M+18.2%	$11.0M-21.4%	$14.0M+55.6%	$9.0M
SG&A Expenses	$78.0M-4.9%	$82.0M+15.5%	$71.0M-11.3%	$80.0M+15.9%	$69.0M+15.0%	$60.0M-6.3%	$64.0M+14.3%	$56.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$33.0M-41.1%	$56.0M+5.7%	$53.0M+17.8%	$45.0M+12.5%	$40.0M+48.1%	$27.0M-3.6%	$28.0M+7.7%	$26.0M
Income Tax	-$51.0M-610.0%	$10.0M-91.7%	$120.0M-11.8%	$136.0M+123.0%	$61.0M+438.9%	-$18.0M+50.0%	-$36.0M-2.9%	-$35.0M
Net Income	$232.0M+41.5%	$164.0M-70.1%	$548.0M+171.3%	$202.0M+910.0%	$20.0M+107.9%	-$252.0M-68.0%	-$150.0M+10.7%	-$168.0M
EPS (Diluted)	$0.88+41.9%	$0.62-70.0%	$2.07+75.4%	$1.18+972.7%	$0.11+107.8%	$-1.41-67.9%	$-0.84+10.6%	$-0.94

AA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$14.1B-0.6%	$14.2B-4.1%	$14.8B-1.8%	$15.0B+1.1%	$14.9B+1.6%	$14.6B
Current Assets	$4.9B+11.6%	$4.4B-16.1%	$5.3B+4.5%	$5.0B+11.2%	$4.5B+28.0%	$3.5B
Cash & Equivalents	$1.1B+20.6%	$944.0M-30.7%	$1.4B-24.9%	$1.8B+12.9%	$1.6B+82.8%	$879.0M
Inventory	$2.0B-7.4%	$2.2B-11.1%	$2.4B+24.1%	$2.0B+39.9%	$1.4B-15.0%	$1.6B
Accounts Receivable	$1.1B+67.1%	$656.0M-15.7%	$778.0M+2.8%	$757.0M+60.7%	$471.0M-13.7%	$546.0M
Goodwill	$142.0M-2.7%	$146.0M+0.7%	$145.0M+0.7%	$144.0M-0.7%	$145.0M-3.3%	$150.0M
Total Liabilities	$8.9B+7.2%	$8.3B+1.8%	$8.2B-6.6%	$8.7B-11.2%	$9.8B+12.6%	$8.7B
Current Liabilities	$3.4B+12.0%	$3.0B+0.9%	$3.0B-6.8%	$3.2B+16.7%	$2.8B+7.7%	$2.6B
Long-Term Debt	$2.5B+42.6%	$1.7B-4.1%	$1.8B+4.6%	$1.7B-29.9%	$2.5B+36.9%	$1.8B
Total Equity	$5.2B+21.3%	$4.3B-16.3%	$5.1B+8.6%	$4.7B+41.1%	$3.3B-19.5%	$4.1B
Retained Earnings	-$1.3B-2.3%	-$1.3B-126.8%	-$570.0M-81.0%	-$315.0M+56.6%	-$725.0M-30.6%	-$555.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$16.0B+6.5%	$15.0B+2.9%	$14.6B+3.6%	$14.1B-1.7%	$14.3B-0.1%	$14.3B+1.2%	$14.2B+1.7%	$13.9B
Current Assets	$5.3B-2.1%	$5.4B+3.7%	$5.2B+6.0%	$4.9B+0.2%	$4.9B+0.5%	$4.9B+10.8%	$4.4B+0.9%	$4.4B
Cash & Equivalents	$1.5B-1.9%	$1.5B+26.0%	$1.2B+5.6%	$1.1B-18.5%	$1.4B+2.8%	$1.4B+43.9%	$944.0M+1.9%	$926.0M
Inventory	$2.2B-1.3%	$2.2B+1.7%	$2.2B+9.2%	$2.0B+1.2%	$2.0B-3.6%	$2.0B-5.1%	$2.2B-1.5%	$2.2B
Accounts Receivable	$1.0B+6.7%	$979.0M-18.6%	$1.2B+9.8%	$1.1B+16.7%	$939.0M+8.1%	$869.0M+32.5%	$656.0M-5.1%	$691.0M
Goodwill	$145.0M+0.7%	$144.0M+0.7%	$143.0M+0.7%	$142.0M-1.4%	$144.0M-1.4%	$146.0M0.0%	$146.0M0.0%	$146.0M
Total Liabilities	$9.5B+8.9%	$8.8B+1.1%	$8.7B-2.8%	$8.9B+0.2%	$8.9B+1.1%	$8.8B+5.8%	$8.3B+6.2%	$7.8B
Current Liabilities	$3.4B+3.5%	$3.3B+7.7%	$3.0B-10.5%	$3.4B+7.2%	$3.2B+4.1%	$3.0B+0.4%	$3.0B+15.5%	$2.6B
Long-Term Debt	$2.6B+0.2%	$2.6B0.0%	$2.6B+4.2%	$2.5B0.0%	$2.5B0.0%	$2.5B+42.6%	$1.7B-4.3%	$1.8B
Total Equity	$6.3B+3.4%	$6.1B+5.5%	$5.8B+12.8%	$5.2B+32.3%	$3.9B-2.4%	$4.0B-6.0%	$4.3B-5.7%	$4.5B
Retained Earnings	-$458.0M+31.0%	-$664.0M+17.1%	-$801.0M+39.5%	-$1.3B+15.3%	-$1.6B+0.1%	-$1.6B-21.0%	-$1.3B-14.9%	-$1.1B

AA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$622.0M+583.5%	$91.0M-88.9%	$822.0M-10.7%	$920.0M+133.5%	$394.0M-42.6%	$686.0M
Capital Expenditures	$580.0M+9.2%	$531.0M+10.6%	$480.0M+23.1%	$390.0M+10.5%	$353.0M-6.9%	$379.0M
Free Cash Flow	$42.0M+109.5%	-$440.0M-228.7%	$342.0M-35.5%	$530.0M+1192.7%	$41.0M-86.6%	$307.0M
Investing Cash Flow	-$608.0M-3.9%	-$585.0M-18.2%	-$495.0M-187.6%	$565.0M+438.3%	-$167.0M+64.3%	-$468.0M
Financing Cash Flow	$201.0M+252.6%	$57.0M+107.4%	-$768.0M+33.7%	-$1.2B-325.3%	$514.0M+215.8%	-$444.0M
Dividends Paid	$89.0M+23.6%	$72.0M0.0%	$72.0M+278.9%	$19.0M	N/A	N/A
Share Buybacks	$0	$0-100.0%	$500.0M+233.3%	$150.0M	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$85.0M-82.6%	$488.0M+550.7%	$75.0M-81.9%	$415.0M+44.6%	$287.0M+228.7%	-$223.0M-212.6%	$198.0M+187.0%	$69.0M
Capital Expenditures	$151.0M+15.3%	$131.0M+40.9%	$93.0M-45.0%	$169.0M+3.0%	$164.0M+62.4%	$101.0M-46.3%	$188.0M+29.7%	$145.0M
Free Cash Flow	-$66.0M-118.5%	$357.0M+2083.3%	-$18.0M-107.3%	$246.0M+100.0%	$123.0M+138.0%	-$324.0M-3340.0%	$10.0M+113.2%	-$76.0M
Investing Cash Flow	-$11.0M+91.7%	-$132.0M-22.2%	-$108.0M+37.9%	-$174.0M-6.1%	-$164.0M-40.2%	-$117.0M+40.6%	-$197.0M-18.7%	-$166.0M
Financing Cash Flow	-$105.0M-56.7%	-$67.0M-187.0%	$77.0M+119.5%	-$394.0M-425.3%	-$75.0M-109.9%	$754.0M+12466.7%	$6.0M-82.9%	$35.0M
Dividends Paid	$26.0M0.0%	$26.0M0.0%	$26.0M0.0%	$26.0M+44.4%	$18.0M-5.3%	$19.0M+5.6%	$18.0M0.0%	$18.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	15.6%+8.6pp	7.0%-11.0pp	18.0%-6.7pp	24.7%+10.5pp	14.2%-4.0pp	18.2%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	0.5%+6.7pp	-6.2%-5.2pp	-1.0%-4.5pp	3.5%+5.4pp	-1.8%+9.0pp	-10.8%
Return on Equity	1.2%	N/A	N/A	9.2%	N/A	N/A
Return on Assets	0.4%+5.0pp	-4.6%-3.8pp	-0.8%-3.7pp	2.9%+4.0pp	-1.1%+6.6pp	-7.7%
Current Ratio	1.450.0	1.45-0.3	1.75+0.2	1.56-0.1	1.64+0.3	1.38
Debt-to-Equity	0.48+0.1	0.41+0.1	0.36-0.0	0.37-0.4	0.74+0.3	0.44
FCF Margin	0.4%+4.5pp	-4.2%-6.9pp	2.8%-1.6pp	4.4%+3.9pp	0.4%-2.5pp	2.9%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	10.0%-2.1pp	12.1%-15.5pp	27.6%+5.5pp	22.1%+9.3pp	12.8%+5.3pp	7.5%+0.9pp	6.6%+1.4pp	5.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	7.8%+2.3pp	5.4%-10.8pp	16.3%+10.5pp	5.8%+5.1pp	0.7%+10.4pp	-9.7%-3.9pp	-5.8%+0.7pp	-6.5%
Return on Equity	3.7%+1.0pp	2.7%-6.8pp	9.4%+5.5pp	3.9%+3.4pp	0.5%	N/A	N/A	N/A
Return on Assets	1.5%+0.4pp	1.1%-2.7pp	3.8%+2.3pp	1.4%+1.3pp	0.1%+1.9pp	-1.8%-0.7pp	-1.1%+0.1pp	-1.2%
Current Ratio	1.56-0.1	1.65-0.1	1.71+0.3	1.45-0.1	1.55-0.1	1.61+0.2	1.45-0.2	1.66
Debt-to-Equity	0.41-0.0	0.42-0.0	0.44-0.0	0.48-0.2	0.63+0.0	0.62+0.2	0.410.0	0.40
FCF Margin	-2.2%-14.0pp	11.8%+12.4pp	-0.5%-7.6pp	7.1%+2.8pp	4.2%+16.7pp	-12.5%-12.9pp	0.4%+3.3pp	-2.9%

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Frequently Asked Questions

What is Alcoa Corp's annual revenue?

Alcoa Corp (AA) reported $11.9B in total revenue for fiscal year 2024. This represents a 12.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Alcoa Corp's revenue growing?

Alcoa Corp (AA) revenue grew by 12.7% year-over-year, from $10.6B to $11.9B in fiscal year 2024.

Is Alcoa Corp profitable?

Yes, Alcoa Corp (AA) reported a net income of $60.0M in fiscal year 2024, with a net profit margin of 0.5%.

What is Alcoa Corp's earnings per share (EPS)?

Alcoa Corp (AA) reported diluted earnings per share of $0.26 for fiscal year 2024. This represents a 107.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Alcoa Corp have?

As of fiscal year 2024, Alcoa Corp (AA) had $1.1B in cash and equivalents against $2.5B in long-term debt.

What is Alcoa Corp's gross margin?

Alcoa Corp (AA) had a gross margin of 15.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Alcoa Corp's net profit margin?

Alcoa Corp (AA) had a net profit margin of 0.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Alcoa Corp pay dividends?

Yes, Alcoa Corp (AA) paid $0.10 per share in dividends during fiscal year 2024.

What is Alcoa Corp's return on equity (ROE)?

Alcoa Corp (AA) has a return on equity of 1.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Alcoa Corp's free cash flow?

Alcoa Corp (AA) generated $42.0M in free cash flow during fiscal year 2024. This represents a 109.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Alcoa Corp's operating cash flow?

Alcoa Corp (AA) generated $622.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Alcoa Corp's total assets?

Alcoa Corp (AA) had $14.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Alcoa Corp's capital expenditures?

Alcoa Corp (AA) invested $580.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Alcoa Corp spend on research and development?

Alcoa Corp (AA) invested $57.0M in research and development during fiscal year 2024.

How many shares does Alcoa Corp have outstanding?

Alcoa Corp (AA) had 258M shares outstanding as of fiscal year 2024.

What is Alcoa Corp's current ratio?

Alcoa Corp (AA) had a current ratio of 1.45 as of fiscal year 2024, which is considered adequate.

What is Alcoa Corp's debt-to-equity ratio?

Alcoa Corp (AA) had a debt-to-equity ratio of 0.48 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Alcoa Corp's return on assets (ROA)?

Alcoa Corp (AA) had a return on assets of 0.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Alcoa Corp's Piotroski F-Score?

Alcoa Corp (AA) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Alcoa Corp's earnings high quality?

Alcoa Corp (AA) has an earnings quality ratio of 10.37x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Alcoa Corp?

Alcoa Corp (AA) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.