Alcoa Corporation (AA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AA SEC filings page.
Alcoa Corporation (AA) reported $13.6B in revenue over the twelve months to Jun 30, 2026, up 6.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Alcoa's FY2025 recovery came from sharply better margins and cash generation, while liabilities and reinvestment still expanded with the business.
From FY2023 to FY2025, revenue increased21.6% while gross profit increased194.4% , showing the recovery was driven disproportionately by improved unit economics rather than volume alone. In FY2025, net margin reached9.0% while operating cash flow equaled102.4% of net income, so the earnings rebound was accompanied by cash realization rather than existing mainly on paper.
Net margin expanded
Capital spending consumed
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Alcoa Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Alcoa Corporation's revenue grew 7.9% year-over-year to $12.8B, a solid pace of expansion. This earns a growth score of 66/100.
Alcoa Corporation carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
Alcoa Corporation's current ratio of 1.44 indicates adequate short-term liquidity, earning a score of 39/100. The company can meet its near-term obligations, though with limited headroom.
Alcoa Corporation has a free cash flow margin of 4.4%, earning a moderate score of 31/100. The company generates positive cash flow after capital investments, but with room for improvement.
Alcoa Corporation's ROE of 18.7% shows moderate profitability relative to equity, earning a score of 46/100. This is up from 1.2% the prior year.
Alcoa Corporation passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Alcoa Corporation generates $1.02 in operating cash flow ($1.2B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Alcoa Corporation generated $4.0B in revenue in Q2 2026. This represents an increase of 31.4% from the same quarter a year earlier. Against the prior quarter it is up 24.2%.
Alcoa Corporation reported $407.0M in net income in Q2 2026. This represents an increase of 148.2% from the same quarter a year earlier. Against the prior quarter it is down 4.2%.
Alcoa Corporation earned $1.53 per diluted share (EPS) in Q2 2026. This represents an increase of 146.8% from the same quarter a year earlier. Against the prior quarter it is down 4.4%.
Not reported for Q2 2026.
Cash & Balance Sheet
Alcoa Corporation generated $422.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 18.2% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Alcoa Corporation held $1.4B in cash against $2.2B in long-term debt as of Q2 2026.
Alcoa Corporation paid $0.10 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Alcoa Corporation's gross margin was 25.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 13.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.9 percentage points.
Alcoa Corporation's net profit margin was 10.3% in Q2 2026, showing the share of revenue converted to profit. This is up 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.0 percentage points.
Alcoa Corporation's quarterly ROE was 5.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.
Not reported for Q2 2026.
Capital Allocation
Alcoa Corporation invested $11.0M in research and development in Q2 2026. This represents a decrease of 8.3% from the same quarter a year earlier. Against the prior quarter it is up 10.0%.
Alcoa Corporation invested $186.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 42.0% from the same quarter a year earlier. Against the prior quarter it is up 56.3%.
Not reported for Q2 2026.
AA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B+31.4% | $3.2B-5.2% | $3.4B-1.1% | $3.0B+3.1% | $3.0B+3.9% | $3.4B+29.6% | $3.5B+34.3% | $2.9B+11.6% |
| Cost of Revenue | $3.0B+11.9% | $2.5B+3.0% | $2.9B+5.9% | $2.7B+12.6% | $2.7B+4.7% | $2.4B+1.4% | $2.7B+11.9% | $2.4B-3.1% |
| Gross Profit | $999.0M+173.0% | $681.0M-26.9% | $576.0M-25.4% | $300.0M-41.3% | $366.0M-1.9% | $931.0M+377.4% | $772.0M+354.1% | $511.0M+284.2% |
| R&D Expenses | $11.0M-8.3% | $10.0M-16.7% | -$11.0M-35.3% | $11.0M-31.3% | $12.0M-7.7% | $12.0M+9.1% | $17.0M+21.4% | $16.0M+77.8% |
| SG&A Expenses | $101.0M+23.2% | $83.0M+16.9% | $68.0M-15.0% | $78.0M+18.2% | $82.0M+18.8% | $71.0M+18.3% | $80.0M+25.0% | $66.0M+17.9% |
| Interest Expense | $36.0M-35.7% | $35.0M-34.0% | $16.0M-64.4% | $33.0M-25.0% | $56.0M+40.0% | $53.0M+96.3% | $45.0M+60.7% | $44.0M+69.2% |
| Income Tax | $73.0M+630.0% | $82.0M-31.7% | -$134.0M-198.5% | -$51.0M-159.3% | $10.0M-83.6% | $120.0Mn/m | $136.0Mn/m | $86.0Mn/m |
| Net Income | $407.0M+148.2% | $425.0M-22.4% | $213.0M+5.4% | $232.0M+157.8% | $164.0M+720.0% | $548.0Mn/m | $202.0Mn/m | $90.0Mn/m |
| EPS (Basic) | $1.54+144.4% | $1.61-22.6% | $0.81-17.3% | $0.88+125.6% | $0.63+472.7% | $2.08n/m | $0.98n/m | $0.39n/m |
| EPS (Diluted) | $1.53+146.8% | $1.60-22.7% | $0.80-18.4% | $0.88+131.6% | $0.62+463.6% | $2.07n/m | $0.98n/m | $0.38n/m |
| Diluted Shares (Avg) | 266M+2.3% | 266M+2.3% | N/A | 261M+11.5% | 260M+43.6% | 260M+45.3% | N/A | 234M+31.5% |
Not reported in any period shown, so not listed: Operating Income, EBITDA.
AA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.9B+12.4% | $16.6B+14.2% | $16.1B+14.7% | $16.0B+9.8% | $15.0B+4.8% | $14.6B+1.7% | $14.1B-0.6% | $14.5B+4.5% |
| Current Assets | $5.9B+9.0% | $5.7B+9.0% | $5.5B+11.3% | $5.3B+8.6% | $5.4B+10.1% | $5.2B+6.7% | $4.9B+11.6% | $4.9B+11.5% |
| Cash & Equivalents | $1.4B-10.7% | $1.4B+12.6% | $1.6B+40.3% | $1.5B+13.1% | $1.5B+8.5% | $1.2B-11.5% | $1.1B+20.6% | $1.3B+41.8% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $2.3B+5.4% | $2.3B+5.3% | $2.2B+9.0% | $2.2B+4.5% | $2.2B+12.4% | $2.2B+6.5% | $2.0B-7.4% | $2.1B-4.3% |
| Accounts Receivable | $1.5B+57.1% | $1.2B-0.9% | $1.1B-2.9% | $1.0B+21.2% | $979.0M+4.3% | $1.2B+38.4% | $1.1B+67.1% | $862.0M+24.7% |
| Long-Term Investments | $1.4Bn/m | $1.5Bn/m | $1.4Bn/m | $1.5Bn/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | N/A | N/A | $0-100.0% | $145.0M+0.7% | $144.0M0.0% | $143.0M-2.1% | $142.0M-2.7% | $144.0M-1.4% |
| Total Liabilities | $9.4B+7.5% | $9.7B+12.6% | $9.9B+11.5% | $9.5B+2.6% | $8.8B-1.5% | $8.7B-1.6% | $8.9B+7.2% | $9.3B+18.7% |
| Current Liabilities | $3.8B+17.2% | $3.8B+25.9% | $3.8B+12.0% | $3.4B-2.1% | $3.3B+3.3% | $3.0B-0.1% | $3.4B+12.0% | $3.5B+31.8% |
| Non-Current Liabilities | $5.6B+1.8% | $5.9B+5.4% | $6.1B+11.3% | $6.2B+5.5% | $5.5B-4.2% | $5.6B-2.4% | $5.5B+4.4% | $5.8B+12.2% |
| Long-Term Debt | $2.2B-13.6% | $2.4B-5.1% | $2.4B-1.3% | $2.6B+4.4% | $2.6B+4.3% | $2.6B+4.2% | $2.5B+42.6% | $2.5B+36.5% |
| Total Equity | $7.4B+19.3% | $6.9B+16.4% | $6.2B+20.1% | $6.4B+22.5% | $6.2B+59.9% | $5.9B+48.2% | $5.2B+21.3% | $5.3B+16.4% |
| Retained Earnings | $508.0Mn/m | $127.0Mn/m | -$271.0Mn/m | -$458.0Mn/m | -$664.0Mn/m | -$801.0Mn/m | -$1.3Bn/m | -$1.5Bn/m |
AA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $608.0M+24.6% | -$179.0M-338.7% | $537.0M+29.4% | $85.0M-40.6% | $488.0M+70.0% | $75.0Mn/m | $415.0M+109.6% | $143.0M+107.2% |
| Depreciation & Amortization | $173.0M+13.1% | $162.0M+9.5% | $162.0M+1.9% | $160.0M+0.6% | $153.0M-6.1% | $148.0M-8.1% | $159.0M-2.5% | $159.0M-2.5% |
| Stock-Based Compensation | N/A | $13.0M+18.2% | N/A | N/A | N/A | $11.0M+10.0% | N/A | N/A |
| Capital Expenditures | $186.0M+42.0% | $119.0M+28.0% | $243.0M+43.8% | $151.0M+3.4% | $131.0M-20.1% | $93.0M-7.9% | $169.0M-10.1% | $146.0M+0.7% |
| Free Cash Flow | $422.0M+18.2% | -$298.0Mn/m | $294.0M+19.5% | -$66.0Mn/m | $357.0M+190.2% | -$18.0Mn/m | $246.0M+2360.0% | -$3.0Mn/m |
| Investing Cash Flow | -$203.0Mn/m | -$129.0Mn/m | -$251.0Mn/m | -$11.0Mn/m | -$132.0Mn/m | -$108.0Mn/m | -$174.0Mn/m | -$153.0Mn/m |
| Financing Cash Flow | -$353.0Mn/m | $60.0M-22.1% | -$166.0Mn/m | -$105.0Mn/m | -$67.0Mn/m | $77.0M-89.8% | -$394.0M-6666.7% | -$84.0M-340.0% |
| Dividends Paid | $26.0M0.0% | $27.0M+3.8% | $26.0M0.0% | $26.0M0.0% | $26.0M+44.4% | $26.0M+36.8% | $26.0M+44.4% | $26.0M+44.4% |
Not reported in any period shown, so not listed: Share Buybacks.
AA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.2%+13.1pp | 21.3%-6.3pp | 16.7%-5.4pp | 10.0%-7.6pp | 12.1%-0.7pp | 27.6%+20.1pp | 22.1%+15.6pp | 17.6%+12.5pp |
| Net Margin | 10.3%+4.8pp | 13.3%-3.0pp | 6.2%+0.4pp | 7.8%+4.7pp | 5.4%+4.7pp | 16.3%+26.0pp | 5.8%+11.6pp | 3.1%+9.6pp |
| Return on Equity | 5.5%+2.8pp | 6.2%-3.1pp | 3.4%-0.5pp | 3.6%+1.9pp | 2.6%+2.1pp | 9.3%+15.6pp | 3.9%+7.4pp | 1.7%+5.4pp |
| Return on Assets | 2.4%+1.3pp | 2.5%-1.2pp | 1.3%-0.1pp | 1.5%+0.8pp | 1.1%+0.9pp | 3.8%+5.5pp | 1.4%+2.5pp | 0.6%+1.8pp |
| Current Ratio | 1.53-0.1x | 1.48-0.2x | 1.440.0x | 1.56+0.2x | 1.65+0.1x | 1.71+0.1x | 1.450.0x | 1.41-0.3x |
| Debt-to-Equity | 0.30-0.1x | 0.35-0.1x | 0.39-0.1x | 0.40-0.1x | 0.41-0.2x | 0.43-0.2x | 0.48+0.1x | 0.47+0.1x |
| Liabilities-to-Equity | 1.27-0.1x | 1.410.0x | 1.60-0.1x | 1.48-0.3x | 1.40-0.9x | 1.46-0.7x | 1.73-0.2x | 1.770.0x |
| Asset Turnover | 0.240.0x | 0.190.0x | 0.210.0x | 0.190.0x | 0.200.0x | 0.230.0x | 0.25+0.1x | 0.200.0x |
| FCF Margin | 10.6%-1.2pp | -9.3%-8.8pp | 8.5%+1.5pp | -2.2%-2.1pp | 11.8%+7.6pp | -0.5%+11.9pp | 7.1%+6.7pp | -0.1%+2.8pp |
Not reported in any period shown, so not listed: Operating Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Alcoa Corporation AA | FY2025 | $12.8B | $1.2B | 9.0% | $10.2B | 48/100 |
| Century Aluminum Co CENX | FY2025 | $2.5B | $41.8M | 1.7% | $3.1B | 42/100 |
| Constellium SE CSTM | FY2025 | $8.4B | $273.0M | 3.2% | $3.2B | 43/100 |
| Kaiser Aluminum Corporation KALU | FY2025 | $3.4B | $112.5M | 3.3% | $1.7B | 45/100 |
| Albemarle Corporation ALB | FY2025 | $5.1B | -$510.6M | -9.9% | $11.0B | 22/100 |
| ICL Group Ltd. ICL | FY2025 | $7.2B | $226.0M | 3.2% | $6.2B | 43/100 |
Where Alcoa Corporation Ranks
Frequently Asked Questions
What is Alcoa Corporation's annual revenue?
Alcoa Corporation (AA) reported $12.8B in total revenue for fiscal year 2025. This represents a 7.9% 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 Corporation's revenue growing?
Alcoa Corporation (AA) revenue grew by 7.9% year-over-year, from $11.9B to $12.8B in fiscal year 2025.
Is Alcoa Corporation profitable?
Yes, Alcoa Corporation (AA) reported a net income of $1.3B over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $1.2B, with a net profit margin of 9.0%.
How much debt does Alcoa Corporation have?
As of fiscal year 2025, Alcoa Corporation (AA) had $1.6B in cash and equivalents against $2.4B in long-term debt.
What is Alcoa Corporation's gross margin?
Alcoa Corporation (AA) had a gross margin of 16.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Alcoa Corporation's net profit margin?
Alcoa Corporation (AA) had a net profit margin of 9.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Alcoa Corporation pay dividends?
Yes, Alcoa Corporation (AA) paid $0.10 per share in dividends during fiscal year 2025.
What is Alcoa Corporation's return on equity (ROE)?
Alcoa Corporation (AA) has a return on equity of 18.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Alcoa Corporation's free cash flow?
Alcoa Corporation (AA) generated $567.0M in free cash flow during fiscal year 2025. This represents a 1250.0% 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 Corporation's operating cash flow?
Alcoa Corporation (AA) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Alcoa Corporation's total assets?
Alcoa Corporation (AA) had $16.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Alcoa Corporation's capital expenditures?
Alcoa Corporation (AA) invested $618.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Alcoa Corporation spend on research and development?
Alcoa Corporation (AA) invested $24.0M in research and development during fiscal year 2025.
What is Alcoa Corporation's current ratio?
Alcoa Corporation (AA) had a current ratio of 1.44 as of fiscal year 2025, which is considered adequate.
What is Alcoa Corporation's debt-to-equity ratio?
Alcoa Corporation (AA) had a debt-to-equity ratio of 0.39 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Alcoa Corporation's liabilities-to-equity ratio?
Alcoa Corporation (AA) had a liabilities-to-equity ratio of 1.60 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Alcoa Corporation's return on assets (ROA)?
Alcoa Corporation (AA) had a return on assets of 7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Alcoa Corporation's P/E ratio?
Alcoa Corporation (AA) trades at 8.0x earnings, its market capitalization divided by $1.3B net income, trailing 12 months to June 30, 2026. The market capitalization is $10.2B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Alcoa Corporation's price-to-sales ratio?
Alcoa Corporation (AA) trades at 0.8x sales, its market capitalization divided by $13.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $10.2B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Alcoa Corporation's Piotroski F-Score?
Alcoa Corporation (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alcoa Corporation's earnings high quality?
Alcoa Corporation (AA) has an earnings quality ratio of 1.02x, 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 Corporation?
Alcoa Corporation (AA) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.