Century Aluminum Company Reports Fourth Quarter 2025 Results
Rhea-AI Summary
Century Aluminum (NASDAQ: CENX) reported Q4 2025 net sales of $633.7M and FY 2025 net sales of $2.53B. Reported net income was $1.8M in Q4 and $41.8M for FY 2025; adjusted net income was $128.2M Q4 and $253.8M FY. Adjusted EBITDA was $170.6M Q4 and $425.1M FY. Liquidity was $418.0M at December 31, 2025. Company announced a joint development agreement with EGA for a new Oklahoma smelter and expects Q1 2026 adjusted EBITDA of $215M–$235M.
Positive
- Adjusted EBITDA increased by $180.9M for FY2025
- Adjusted net income of $253.8M for FY2025
- Liquidity of $418.0M at December 31, 2025
- Joint development agreement with EGA to build a new Oklahoma smelter
- Mt. Holly restart adds over 50,000 MT of idled production expected by Q2 2026
Negative
- Reported net income declined by $295.0M versus FY2024
- Exceptional items of $213.8M impacted FY2025 results
- Shipments down 5% for FY2025 and 14% sequentially in Q4 due to Iceland outage
- Iceland equipment failure and Hurricane Melissa recovery caused $30.9M (Q4) and $37.3M (FY) impacts
News Market Reaction – CENX
On the day this news was published, CENX declined 1.31%, reflecting a mild negative market reaction. Argus tracked a peak move of +12.3% during that session. Argus tracked a trough of -4.8% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $69M from the company's valuation, bringing the market cap to $5.18B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CENX was down 1.31% while key aluminum peers were positive: CSTM +0.59%, AA +2.03%, KALU +13.31%, MTRN +1.98%, NGVT +1.70%. This points to a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | +1.1% | Q3 2025 beat prior EBITDA expectations and raised Q4 EBITDA outlook. |
| Aug 07 | Q2 2025 earnings | Neutral | +1.6% | Mixed Q2 2025 results with net loss but positive adjusted EPS and EBITDA. |
| May 07 | Q1 2025 earnings | Positive | -2.0% | Q1 2025 showed higher sales and EBITDA with stronger premiums and tariffs. |
| Feb 20 | Q4 2024 earnings | Positive | -13.3% | Strong Q4 and FY 2024 profitability with grants and tax credits recorded. |
| Nov 04 | Q3 2024 earnings | Positive | +20.0% | Q3 2024 delivered strong EBITDA growth on higher LME prices and tax credits. |
Earnings headlines have produced mixed reactions: several strong quarters saw both sharp gains and sharp selloffs, indicating inconsistent alignment between reported fundamentals and short-term price moves.
Over the last five reported earnings events from Q3 2024 through Q3 2025, Century Aluminum has generally highlighted strengthening fundamentals: rising adjusted EBITDA, higher realized aluminum prices and premiums, and solid liquidity. Q3 and Q4 2024 featured strong profitability and tax credits, while 2025 results emphasized improving adjusted earnings despite volatility in GAAP profit. Guidance was consistently provided for the next quarter’s adjusted EBITDA. Today’s Q4 and full-year 2025 release, with higher adjusted net income and EBITDA, extends this theme of improving underlying performance amid commodity and operational swings.
Historical Comparison
Recent earnings releases moved the stock by an average of ±1.51%. Against that backdrop, today’s fundamentally strong Q4/FY 2025 update fits a pattern where solid results have not always translated into outsized price moves.
Across the last five earnings reports, Century has highlighted rising adjusted EBITDA and improving aluminum pricing and premiums, with liquidity remaining solid. The latest Q4 and full-year 2025 results continue this progression, showing higher adjusted net income and EBITDA versus 2024 despite operational disruptions and derivative losses.
Market Pulse Summary
This announcement details Q4 and full-year 2025 results showing higher adjusted net income of $253.8M and adjusted EBITDA of $425.1M, along with year-end liquidity of $418.0M. Management also guided Q1 2026 adjusted EBITDA to $215–$235M, citing improved metal pricing. Historically, earnings releases have produced mixed stock reactions, so investors may focus on how exceptional items, operational issues in Iceland, and future aluminum prices influence the durability of these improved adjusted metrics.
Key Terms
adjusted ebitda financial
non-gaap financial
forward derivative contracts financial
lower cost or net realizable value financial
inventory write-down financial
AI-generated analysis. Not financial advice.
CHICAGO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2025 results.
Fourth Quarter 2025 Highlights
- Net sales of
$633.7 million - Reported net income attributable to Century stockholders of
$1.8 million , or$0.02 per diluted share; Adjusted net income attributable to Century stockholders of$128.2 million 1, or$1.25 per share; Adjusted EBITDA attributable to Century stockholders of$170.6 million 1 - Ending cash and cash equivalents of
$134.2 million and strong liquidity of$418.0 million at December 31, 2025
Full Year 2025 Highlights
- Net sales of
$2.5 billion - Reported net income attributable to Century stockholders of
$41.8 million , or$0.42 per diluted share; Adjusted net income attributable to Century stockholders of$253.8 million 1, or$2.46 per share; Adjusted EBITDA attributable to Century stockholders of$425.1 million 1 - In January 2026, announced a joint development agreement with Emirates Global Aluminium ("EGA") to build a new smelter in Oklahoma, the first new primary aluminum smelter in the United States since 1980
- In February 2026, announced the sale and redevelopment of the previously curtailed Hawesville smelter
- Announced Mt. Holly restart over 50,000MT of idled production by the end of second quarter of 2026
Fourth Quarter & Full Year 2025 Financial Results
| $MM (except shipments and per share data) | |||||||||||||
| Q4 2025 | Q3 2025 | FY 2025 | FY 2024 | ||||||||||
| Shipments (tonnes) | 140,257 | 162,442 | 647,112 | 677,967 | |||||||||
| Net sales | $ | 633.7 | $ | 632.2 | $ | 2,527.9 | $ | 2,220.3 | |||||
| Net income attributable to Century stockholders | $ | 1.8 | $ | 14.9 | $ | 41.8 | $ | 336.8 | |||||
| Diluted earnings per share attributable to Century stockholders | $ | 0.02 | $ | 0.15 | $ | 0.42 | $ | 3.27 | |||||
| Adjusted net income(1) attributable to Century stockholders | $ | 128.2 | $ | 57.9 | $ | 253.8 | $ | 101.4 | |||||
| Adjusted earnings per share(1) attributable to Century stockholders | $ | 1.25 | $ | 0.56 | $ | 2.46 | $ | 0.72 | |||||
| Adjusted EBITDA(1) attributable to Century stockholders | $ | 170.6 | $ | 101.1 | $ | 425.1 | $ | 244.2 | |||||
| (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. | |||||||||||||
In the fourth quarter of 2025, shipments of primary aluminum decreased
Century reported net income attributable to Century stockholders of
Adjusted EBITDA attributable to Century stockholders for the fourth quarter of 2025 was
Century's liquidity position at December 31, 2025, comprised of cash and cash equivalents of
For the full year 2025, shipments of primary aluminum decreased by
Century reported net income attributable to Century stockholders of
Adjusted EBITDA attributable to Century stockholders for the full year 2025 was
First Quarter 2026 Outlook
The Company expects first quarter Adjusted EBITDA attributable to Century stockholders to range between
About Century Aluminum Company
With its corporate headquarters located in Chicago, IL, Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica. Visit www.centuryaluminum.com for more information.
Non-GAAP Financial Measures
Adjusted net income (loss), Adjusted earnings (loss) per share and Adjusted EBITDA are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Century’s ongoing operating performance and ability to generate cash. Management believes these non-GAAP financial measures enhance an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management. The tables below, under the heading "Reconciliation of Non-GAAP Financial Measures," provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Century's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, Adjusted net income (loss), Adjusted earnings (loss) per share and Adjusted EBITDA included in this press release may not be comparable to similarly titled measures of other companies. Investors are encouraged to review the reconciliations in conjunction with the presentation of these non-GAAP financial measures. We do not provide a reconciliation of forward-looking Adjusted EBITDA because the corresponding forward-looking GAAP financial measures is not currently available and management cannot reliably predict all the necessary components of such forward-looking GAAP measures without unreasonable effort or expense due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, the variability of our tax rate, the impact of foreign currency fluctuation, and other charges reflected in our historical results. The probable significance of each of these items is high and, based on historical experience, could be material.
Forward-Looking Statements
Forward-looking statements in this press release and statements made by Century Aluminum Company management on the quarterly conference call, for example, may include statements regarding: Our assessment of the aluminum market and aluminum prices (including premiums); Our assessment of prices of our key raw materials and supply and availability of those key raw materials, including alumina, coke, pitch and aluminum fluoride; Our assessment of power prices and availability, including any potential curtailments or other disruptions in the supply of power; The impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses or individuals tied to Russia; The future financial and operating performance of the Company and its subsidiaries; Our ability to successfully manage market risk and to control or reduce costs; Our plans and expectations with respect to future operations of the Company and its subsidiaries, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance; Our plans and expectations with regards to the restart of curtailed production at Mt. Holly including the timing, costs and benefits associated with restarting curtailed production; Our expectations as to the costs and benefits associated with Jamalco’s operations; any future impact of the equipment failure at Grundartangi and related events on our financial and operating performance; The timing of our ability to return our operating facilities to full and normal operation following equipment failure or other extraordinary events including our expectations as to timing for bringing our Grundartangi facility back to
| INVESTOR CONTACT | MEDIA CONTACT |
| Chad Rigg | Tawn Earnest |
| 312-696-3132 | 614-698-6351 |
| Source: Century Aluminum Company | |
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (in millions, except per share amounts) | |||||||||||
| (Unaudited) | |||||||||||
| Three months ended | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2025 | 2025 | 2024 | |||||||||
| Net sales | |||||||||||
| Related parties | $ | 299.6 | $ | 319.6 | $ | 340.8 | |||||
| Other customers | 334.1 | 312.6 | 290.1 | ||||||||
| Total net sales | 633.7 | 632.2 | 630.9 | ||||||||
| Cost of goods sold (1) | 543.7 | 557.3 | 565.4 | ||||||||
| Gross profit (1) | 90.0 | 74.9 | 66.3 | ||||||||
| Selling, general and administrative expenses | 35.5 | 17.9 | 14.8 | ||||||||
| Other operating expenses - net | 13.8 | 1.1 | 2.2 | ||||||||
| Operating income (1) | 40.7 | 55.9 | 49.3 | ||||||||
| Interest expense - nonaffiliates | (10.6 | ) | (11.5 | ) | (10.1 | ) | |||||
| Interest expense - affiliates | (0.6 | ) | (1.5 | ) | (1.6 | ) | |||||
| Interest income | 2.7 | 2.8 | 0.4 | ||||||||
| Net (loss) gain on forward and derivative contracts - nonaffiliates | (43.5 | ) | (30.2 | ) | 2.7 | ||||||
| Net gain (loss) on forward and derivative contracts - affiliates | — | — | (0.1 | ) | |||||||
| Loss on early extinguishment of debt | (1.5 | ) | (6.2 | ) | — | ||||||
| Other expense - net (1) | (3.2 | ) | (2.2 | ) | (2.2 | ) | |||||
| (Loss) income before income taxes (1) | (16.0 | ) | 7.1 | 38.4 | |||||||
| Income tax benefit (expense) | 12.3 | 1.1 | (0.2 | ) | |||||||
| Income (loss) before equity in earnings of joint ventures (1) | (3.7 | ) | 8.2 | 38.2 | |||||||
| Equity in earnings of joint ventures | — | — | 0.1 | ||||||||
| Net (loss) income (1) | (3.7 | ) | 8.2 | 38.3 | |||||||
| Net loss attributable to noncontrolling interests (1) | (5.5 | ) | (6.7 | ) | (7.7 | ) | |||||
| Net income attributable to Century stockholders | 1.8 | 14.9 | 46.0 | ||||||||
| Less: Net income allocated to participating securities | — | 0.8 | 2.4 | ||||||||
| Net income attributable to common stockholders | $ | 1.8 | $ | 14.1 | $ | 43.6 | |||||
| Net income attributable to Century stockholders per common share: | |||||||||||
| Basic | $ | 0.02 | $ | 0.15 | $ | 0.46 | |||||
| Diluted | $ | 0.02 | $ | 0.15 | $ | 0.44 | |||||
| Weighted-average common shares outstanding: | |||||||||||
| Basic | 96.9 | 93.3 | 93.0 | ||||||||
| Diluted | 98.0 | 99.2 | 98.7 | ||||||||
| (1) The indicated line items reflect a change in our historical financial statements related to the consolidation of certain assets used by our Jamalco joint venture. We previously consolidated such assets on a proportionate basis, but going forward we will fully consolidate such assets in our financial statements and have reflected this for all periods presented. This change does not have any impact on Net income attributable to Century stockholders or any of the non-GAAP financial measures presented herein. Additional information will be included in our Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. | |||||||||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| Twelve months ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Net sales | |||||||
| Related parties | $ | 1,365.5 | $ | 1,312.1 | |||
| Other customers | 1,162.4 | 908.2 | |||||
| Total net sales | 2,527.9 | 2,220.3 | |||||
| Cost of goods sold (1) | 2,271.5 | 2,048.3 | |||||
| Gross profit (1) | 256.4 | 172.0 | |||||
| Selling, general and administrative expenses | 79.9 | 56.8 | |||||
| Other operating expense - net | 18.4 | 6.8 | |||||
| Operating income (1) | 158.1 | 108.4 | |||||
| Interest expense - nonaffiliates | (41.9 | ) | (36.4 | ) | |||
| Interest expense - affiliates | (5.8 | ) | (6.7 | ) | |||
| Interest income | 9.2 | 2.1 | |||||
| Net (loss) gain on forward and derivative contracts - nonaffiliates | (94.7 | ) | 2.5 | ||||
| Net gain (loss) on forward and derivative contracts - affiliates | — | (0.5 | ) | ||||
| Loss on early extinguishment of debt | (7.7 | ) | — | ||||
| Bargain purchase gain | — | 245.9 | |||||
| Other expense - net (1) | (14.5 | ) | (5.5 | ) | |||
| Income before income taxes (1) | 2.7 | 309.8 | |||||
| Income tax benefit (expense) | 13.1 | (3.2 | ) | ||||
| Income before equity in earnings of joint ventures (1) | 15.8 | 306.6 | |||||
| Equity in earnings of joint ventures | — | 0.1 | |||||
| Net income (1) | 15.8 | 306.7 | |||||
| Net loss attributable to noncontrolling interests (1) | (26.0 | ) | (30.1 | ) | |||
| Net income attributable to Century stockholders | 41.8 | 336.8 | |||||
| Less: net income allocated to participating securities | 1.8 | 17.9 | |||||
| Net income allocated to common stockholders | $ | 40.0 | $ | 318.9 | |||
| Net income attributable to Century stockholders per common share: | |||||||
| Basic | $ | 0.42 | $ | 3.44 | |||
| Diluted | $ | 0.42 | $ | 3.27 | |||
| Weighted-average common shares outstanding: | |||||||
| Basic | 94.2 | 92.8 | |||||
| Diluted | 95.3 | 98.4 | |||||
| (1) The indicated line items reflect a change in our historical financial statements related to the consolidation of certain assets used by our Jamalco joint venture. We previously consolidated such assets on a proportionate basis, but going forward we will fully consolidate such assets in our financial statements and have reflected this for all periods presented. This change does not have any impact on Net income attributable to Century stockholders or any of the non-GAAP financial measures presented herein. Additional information will be included in our Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. | |||||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions, except shares and per share amounts) | |||||||
| (Unaudited) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 134.2 | $ | 32.9 | |||
| Restricted cash | 1.4 | 2.8 | |||||
| Accounts receivable - net | 109.9 | 75.8 | |||||
| Non-trade receivables(1) | 38.1 | 21.3 | |||||
| Due from affiliates | 29.6 | 25.1 | |||||
| Manufacturing credit receivable | 172.6 | 81.5 | |||||
| Inventories | 519.6 | 539.0 | |||||
| Derivative assets | 1.5 | 4.2 | |||||
| Prepaid and other current assets | 24.4 | 28.3 | |||||
| Total current assets | 1,031.3 | 810.9 | |||||
| Property, plant and equipment - net(1) | 1,178.5 | 1,157.4 | |||||
| Manufacturing credit receivable - less current portion | — | 70.4 | |||||
| Other assets (1) | 70.4 | 88.8 | |||||
| TOTAL | $ | 2,280.2 | $ | 2,127.5 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| LIABILITIES: | |||||||
| Accounts payable, trade | $ | 187.2 | $ | 187.3 | |||
| Accrued compensation and benefits (1) | 74.4 | 50.8 | |||||
| Due to affiliates | 70.8 | 109.3 | |||||
| Accrued and other current liabilities (1) | 35.6 | 44.6 | |||||
| Derivative liabilities | 58.2 | 4.4 | |||||
| Carbon credit repurchase liability | 28.6 | — | |||||
| Current maturities of long-term debt | 68.8 | 70.9 | |||||
| Total current liabilities | 523.6 | 467.3 | |||||
| Long-term debt | 479.5 | 447.3 | |||||
| Long-term debt due to affiliates | — | 10.0 | |||||
| Accrued benefits costs - less current portion (1) | 97.7 | 144.9 | |||||
| Other liabilities | 105.1 | 92.6 | |||||
| Deferred taxes | 58.4 | 71.2 | |||||
| Asset retirement obligations - less current portion (1) | 75.3 | 81.3 | |||||
| Total noncurrent liabilities | 816.0 | 847.3 | |||||
| SHAREHOLDERS’ EQUITY: | |||||||
| Series A Preferred stock ( | — | — | |||||
| Common stock ( | 1.1 | 1.0 | |||||
| Additional paid-in capital | 2,571.5 | 2,550.2 | |||||
| Treasury stock, at cost | (86.3 | ) | (86.3 | ) | |||
| Accumulated other comprehensive loss | (55.2 | ) | (103.3 | ) | |||
| Accumulated deficit | (1,605.5 | ) | (1,667.3 | ) | |||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
| (in millions, except shares and per share amounts) | |||||||
| (Unaudited) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Total Century shareholders’ equity | 825.6 | 694.3 | |||||
| Noncontrolling interest (1) | 115.0 | 118.6 | |||||
| Total equity (1) | 940.6 | 812.9 | |||||
| TOTAL | $ | 2,280.2 | $ | 2,127.5 | |||
| (1)The indicated line items reflect a change in our historical financial statements related to the consolidation of certain assets used by our Jamalco joint venture. We previously consolidated such assets on a proportionate basis, but going forward we will fully consolidate such assets in our financial statements and have reflected this for all periods presented. This change does not have any impact on Net income attributable to Century stockholders or any of the non-GAAP financial measures presented herein. Additional information will be included in our Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. | |||||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| (Unaudited) | |||||||
| Twelve months ended December 31, | |||||||
| 2025 | 2024 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income (1) | $ | 15.8 | $ | 306.7 | |||
| Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities | |||||||
| Unrealized loss (gain) on derivative instruments | 62.8 | (5.0 | ) | ||||
| Depreciation, depletion and amortization (1) | 91.8 | 86.7 | |||||
| Share-based compensation | 47.0 | 11.3 | |||||
| Loss on early extinguishment of debt | 7.7 | — | |||||
| Change in deferred tax provision | (13.7 | ) | (1.3 | ) | |||
| Gain on sale of assets | — | (2.3 | ) | ||||
| Bargain purchase gain | — | (245.9 | ) | ||||
| Force majeure settlement | — | (12.3 | ) | ||||
| Lower of cost or NRV inventory adjustment | 8.6 | 2.3 | |||||
| Net periodic benefit cost (1) | 12.1 | 15.7 | |||||
| Other non-cash items - net (1) | 7.6 | — | |||||
| Change in operating assets and liabilities, net of acquisition: | |||||||
| Accounts receivable - net | (24.0 | ) | (10.9 | ) | |||
| Non-trade receivables (1) | (2.1 | ) | 15.9 | ||||
| Manufacturing credit receivable | (20.7 | ) | (92.6 | ) | |||
| Due from affiliates | (4.5 | ) | (4.9 | ) | |||
| Inventories | 10.8 | (64.3 | ) | ||||
| Prepaid and other current assets | 3.8 | 1.0 | |||||
| Accounts payable, trade | 0.1 | (50.6 | ) | ||||
| Due to affiliates | (13.2 | ) | 26.1 | ||||
| Accrued and other current liabilities (1) | 11.6 | 4.0 | |||||
| Ravenswood retiree medical settlement | (2.0 | ) | (2.0 | ) | |||
| PBGC settlement | (2.4 | ) | (0.3 | ) | |||
| Other - net (1) | (13.5 | ) | (1.9 | ) | |||
| Net cash provided by (used in) operating activities | 183.6 | (24.6 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Capital expenditures | (98.8 | ) | (82.3 | ) | |||
| Proceeds from sale of property, plant and equipment | — | 2.3 | |||||
| Net cash used in investing activities | (98.8 | ) | (80.0 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Repayment of Senior Notes due 2028 | (250.0 | ) | — | ||||
| Early redemption premiums paid | (4.7 | ) | — | ||||
| Proceeds from issuance of Senior Notes due 2032 | 400.0 | — | |||||
| Payment of deferred financing fees | (6.3 | ) | — | ||||
| Borrowings under revolving credit facilities | 883.2 | 735.4 | |||||
| Repayments under revolving credit facilities | (876.1 | ) | (705.1 | ) | |||
| Repayments under Iceland term facility | — | (1.2 | ) | ||||
| Borrowings under Grundartangi casthouse debt facility | — | 25.0 | |||||
| Repayments under Grundartangi casthouse debt facility | (123.2 | ) | (6.8 | ) | |||
| Repayments under Vlissingen facility agreement | (10.0 | ) | — | ||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) | |||||||
| (in millions) | |||||||
| (Unaudited) | |||||||
| Twelve months ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Contributions from JV partner | 19.9 | 12.7 | |||||
| Payments related to tax withholding for share-based compensation | (17.5 | ) | — | ||||
| Carbon credit proceeds | 28.1 | — | |||||
| Carbon credit repayments | (28.3 | ) | (10.0 | ) | |||
| Net cash provided by financing activities | 15.1 | 50.0 | |||||
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 99.9 | (54.6 | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of year | 35.7 | 90.3 | |||||
| Cash, cash equivalents and restricted cash, end of year | $ | 135.6 | $ | 35.7 | |||
| (1)The indicated line items reflect a change in our historical financial statements related to the consolidation of certain assets used by our Jamalco joint venture. We previously consolidated such assets on a proportionate basis, but going forward we will fully consolidate such assets in our financial statements and have reflected this for all periods presented. This change does not have any impact on Net income attributable to Century stockholders or any of the non-GAAP financial measures presented herein. Additional information will be included in our Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. | |||||||
| CENTURY ALUMINUM COMPANY SELECTED OPERATING DATA (in millions, except shipments) (Unaudited) | |||||||||||||||
| SHIPMENTS - PRIMARY ALUMINUM(1) | |||||||||||||||
| United States | Iceland | Total | |||||||||||||
| Tonnes | Sales | Tonnes | Sales | Tonnes | Sales | ||||||||||
| 2025 | |||||||||||||||
| 4th Quarter | 91,885 | $ | 413.1 | 48,372 | $ | 138.3 | 140,257 | $ | 551.4 | ||||||
| 3rd Quarter | 90,703 | $ | 367.6 | 71,739 | $ | 196.3 | 162,442 | $ | 563.9 | ||||||
| 2nd Quarter | 94,519 | $ | 324.4 | 81,222 | $ | 233.7 | 175,741 | $ | 558.1 | ||||||
| 1st Quarter | 94,601 | $ | 306.6 | 74,071 | $ | 217.3 | 168,672 | $ | 523.9 | ||||||
| Full Year 2025 | 371,708 | $ | 1,411.7 | 275,404 | $ | 785.6 | 647,112 | $ | 2,197.3 | ||||||
| 2024 | |||||||||||||||
| Full Year 2024 | 378,193 | $ | 1,076.6 | 299,774 | $ | 793.3 | 677,967 | $ | 1,869.9 | ||||||
| (1) Excludes scrap aluminum sales, purchased aluminum and alumina sales. | |||||||||||||||
| CENTURY ALUMINUM COMPANY RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) | |||||||||||
| Three months ended | |||||||||||
| December 31, 2025 | September 30, 2025 | ||||||||||
| $MM | EPS | $MM | EPS | ||||||||
| Net income attributable to Century stockholders | $ | 1.8 | $ | 0.02 | $ | 14.9 | $ | 0.16 | |||
| Less: net income allocated to participating securities | — | — | 0.8 | 0.01 | |||||||
| Net income allocated to common stockholders | 1.8 | 0.02 | 14.1 | 0.15 | |||||||
| Lower of cost or NRV inventory adjustment | 9.8 | 0.09 | 0.7 | 0.01 | |||||||
| Unrealized loss on derivative contracts | 27.6 | 0.27 | 20.7 | 0.19 | |||||||
| Loss on extinguishment of debt | 1.5 | 0.01 | 6.2 | 0.06 | |||||||
| Share-based compensation | 32.6 | 0.32 | 9.7 | 0.09 | |||||||
| Iceland casthouse inefficiency(1), net of tax | — | — | 0.6 | 0.01 | |||||||
| Iceland equipment failure(2), net of tax | 30.9 | 0.30 | 4.2 | 0.04 | |||||||
| Sebree river lock closure(3) | — | — | 0.8 | 0.01 | |||||||
| Sebree storm damage repairs | — | — | 0.3 | — | |||||||
| Jamalco hurricane impact(4) | 5.7 | 0.06 | — | — | |||||||
| Hawesville inventory write-down | 9.9 | 0.10 | — | — | |||||||
| Mt. Holly restart(5) | 8.0 | 0.08 | 0.5 | — | |||||||
| Mt. Holly emergency energy charges | 0.4 | — | 0.1 | — | |||||||
| Adjusted net income attributable to Century stockholders | $ | 128.2 | $ | 1.25 | $ | 57.9 | $ | 0.56 | |||
| (1) Iceland casthouse off-spec inventory | |||||||||||
| (2) Represents impact of business interruption as a result of equipment failure at Grundartangi, to the extent expected to be covered by our business interruption insurance | |||||||||||
| (3) Represents incremental costs associated with transporting raw materials due to river lock closure at Sebree | |||||||||||
| (4) Represents Century's | |||||||||||
| (5) Represents incremental costs associated with the Mt. Holly restart project | |||||||||||
| Three months ended | |||||||
| December 31, 2025 | September 30, 2025 | ||||||
| Net income attributable to Century stockholders | $ | 1.8 | $ | 14.9 | |||
| Add: Net loss attributable to noncontrolling interests(1) | (5.5 | ) | (6.7 | ) | |||
| Net (loss) income(1) | (3.7 | ) | 8.2 | ||||
| Interest expense - nonaffiliates | 10.6 | 11.5 | |||||
| Interest expense - affiliates | 0.6 | 1.5 | |||||
| Interest income | (2.7 | ) | (2.8 | ) | |||
| Net loss on forward and derivative contracts - nonaffiliates | 43.5 | 30.2 | |||||
| Loss on early extinguishment of debt | 1.5 | 6.2 | |||||
| Other expense - net | 3.2 | 2.2 | |||||
| Income tax benefit | (12.3 | ) | (1.1 | ) | |||
| Operating income(1) | 40.7 | 55.9 | |||||
| Depreciation, depletion and amortization(1) | 21.8 | 22.7 | |||||
| Lower of cost or NRV inventory adjustment | 9.8 | 0.7 | |||||
| Share-based compensation | 32.6 | 9.7 | |||||
| Iceland casthouse inefficiency(2) | — | 0.8 | |||||
| Iceland equipment failure(3) | 38.6 | 5.3 | |||||
| Sebree river lock closure(4) | — | 0.8 | |||||
| Sebree storm damage repairs | — | 0.3 | |||||
| Jamalco hurricane impact(1)(5) | 10.4 | — | |||||
| Hawesville inventory write-down | 9.9 | — | |||||
| Mt. Holly restart(6) | 8.0 | 0.5 | |||||
| Mt. Holly emergency energy charges | 0.4 | 0.1 | |||||
| Adjusted EBITDA(1) | 172.2 | 96.8 | |||||
| Less: Adjusted EBITDA attributable to noncontrolling interests(1) | 1.6 | (4.3 | ) | ||||
| Adjusted EBITDA attributable to Century stockholders | $ | 170.6 | $ | 101.1 | |||
| (1) The indicated line items reflect a change in our historical financial statements related to the consolidation of certain assets used by our Jamalco joint venture. We previously consolidated such assets on a proportionate basis, but going forward we will fully consolidate such assets in our financial statements and have reflected this for all periods presented. This change does not have any impact on Net income attributable to Century stockholders or any of the non-GAAP financial measures presented herein. Additional information will be included in our Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. | |||||||
| (2) Iceland casthouse off-spec inventory | |||||||
| (3) Represents impact of business interruption as a result of equipment failure at Grundartangi | |||||||
| (4) Represents incremental costs associated with transporting raw materials due to river lock closure at Sebree | |||||||
| (5) Represents incremental and fixed costs incurred while alumina production at Jamalco was restarted after Hurricane Melissa | |||||||
| (6) Represents incremental costs associated with the Mt. Holly restart project | |||||||
| Twelve months ended | |||||||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||||||
| $MM | EPS | $MM | EPS | ||||||||||||
| Net income attributable to Century stockholders | $ | 41.8 | $ | 0.44 | $ | 336.8 | $ | 3.27 | |||||||
| Less: net income allocated to participating securities | 1.8 | 0.02 | 17.9 | 0.20 | |||||||||||
| Net income allocated to common stockholders | 40.0 | 0.42 | 318.9 | 3.07 | |||||||||||
| Lower of cost or NRV inventory adjustment | 10.5 | 0.10 | (6.4 | ) | (0.07 | ) | |||||||||
| Unrealized loss on derivative contracts, net of tax | 62.8 | 0.60 | (5.5 | ) | (0.06 | ) | |||||||||
| Bargain purchase gain | — | — | (245.9 | ) | (2.65 | ) | |||||||||
| Loss on extinguishment of debt | 7.7 | 0.07 | — | — | |||||||||||
| Iceland inventory adjustment, net of tax | 14.5 | 0.15 | — | — | |||||||||||
| Share-based compensation | 47.0 | 0.46 | 15.5 | 0.17 | |||||||||||
| Iceland casthouse inefficiency(1), net of tax | 3.5 | 0.04 | — | — | |||||||||||
| Iceland equipment failure(2), net of tax | 37.3 | 0.36 | — | — | |||||||||||
| Jamalco hurricane impact(3)(4) | 5.7 | 0.06 | 6.9 | 0.07 | |||||||||||
| Jamalco equipment failure | — | — | 4.7 | 0.05 | |||||||||||
| Sebree river lock closure(5) | 0.8 | 0.01 | — | — | |||||||||||
| Sebree storm damage repairs | 1.1 | 0.01 | — | — | |||||||||||
| Hawesville inventory write-down | 9.9 | 0.10 | — | — | |||||||||||
| Mt. Holly restart(6) | 8.5 | 0.08 | — | — | |||||||||||
| Mt. Holly emergency energy charges | 4.5 | 0.04 | — | — | |||||||||||
| Impact of preferred and convertible shares | — | (0.04 | ) | 13.2 | 0.14 | ||||||||||
| Adjusted net income attributable to Century stockholders | $ | 253.8 | $ | 2.46 | $ | 101.4 | $ | 0.72 | |||||||
| (1) Iceland casthouse off-spec inventory | |||||||||||||||
| (2) Represents impact of business interruption as a result of equipment failure at Grundartangi, to the extent expected to be covered by our business interruption insurance | |||||||||||||||
| (3) In 2024, represents incremental costs incurred due to the impact of Hurricane Beryl at Jamalco, including repair costs of the damaged port, costs of alternative shipping arrangements and fixed costs incurred while alumina production was impeded | |||||||||||||||
| (4) In 2025, represents incremental and fixed costs incurred while alumina production at Jamalco was restarted after Hurricane Melissa | |||||||||||||||
| (5) Represents incremental costs associated with transporting raw materials due to river lock closure at Sebree | |||||||||||||||
| (6) Represents incremental costs associated with the Mt. Holly restart project | |||||||||||||||
| Twelve months ended | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Net income attributable to Century stockholders | $ | 41.8 | $ | 336.8 | |||
| Add: Net loss attributable to noncontrolling interests(1) | (26.0 | ) | (30.1 | ) | |||
| Net income(1) | 15.8 | 306.7 | |||||
| Interest expense - nonaffiliates | 41.9 | 36.4 | |||||
| Interest expense - affiliates | 5.8 | 6.7 | |||||
| Interest income | (9.2 | ) | (2.1 | ) | |||
| Net loss on forward and derivative contracts - nonaffiliates | 94.7 | (2.5 | ) | ||||
| Net (gain) loss on forward and derivative contracts - affiliates | — | 0.5 | |||||
| Loss on early extinguishment of debt | 7.7 | — | |||||
| Bargain purchase gain | — | (245.9 | ) | ||||
| Other expense - net(1) | 14.5 | 5.5 | |||||
| Income tax benefit | (13.1 | ) | 3.2 | ||||
| Equity in losses of joint ventures | — | (0.1 | ) | ||||
| Operating income(1) | 158.1 | 108.4 | |||||
| Depreciation, depletion and amortization(1) | 93.5 | 98.0 | |||||
| Lower of cost or NRV inventory adjustment | 10.5 | (6.4 | ) | ||||
| Share-based compensation | 47.0 | 15.5 | |||||
| Iceland equipment failure(2) | 46.6 | — | |||||
| Jamalco hurricane impact(3) | 10.4 | 12.6 | |||||
| Iceland inventory adjustment(4) | 18.1 | — | |||||
| Hawesville inventory write-down | 9.9 | — | |||||
| Iceland casthouse inefficiency(5) | 4.4 | — | |||||
| Jamalco equipment failure | — | 8.5 | |||||
| Sebree river lock closure(6) | 0.8 | — | |||||
| Sebree storm damage repairs | 1.1 | — | |||||
| Mt. Holly restart(7) | 8.5 | — | |||||
| Mt. Holly emergency energy charges | 4.5 | — | |||||
| Adjusted EBITDA(1) | 413.4 | 236.6 | |||||
| Less: Adjusted EBITDA attributable to noncontrolling interests(1) | (11.7 | ) | (7.6 | ) | |||
| Adjusted EBITDA attributable to Century stockholders | $ | 425.1 | $ | 244.2 | |||
| (1) The indicated line items reflect a change in our historical financial statements related to the consolidation of certain assets used by our Jamalco joint venture. We previously consolidated such assets on a proportionate basis, but going forward we will fully consolidate such assets in our financial statements and have reflected this for all periods presented. This change does not have any impact on Net income attributable to Century stockholders or any of the non-GAAP financial measures presented herein. Additional information will be included in our Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. | |||||||
| (2) Represents impact of business interruption as a result of equipment failure at Grundartangi, to the extent expected to be covered by our business interruption insurance | |||||||
| (3) Represents incremental and fixed costs incurred while alumina production at Jamalco was restarted after Hurricane Melissa | |||||||
| (4) Non-cash intercompany alumina adjustment | |||||||
| (5) Iceland casthouse off-spec inventory | |||||||
| (6) Represents incremental costs associated with transporting raw materials due to river lock closure at Sebree | |||||||
| (7) Represents incremental costs associated with the Mt. Holly restart project | |||||||
FAQ
What were Century Aluminum (CENX) Q4 2025 results for revenue and net income?
How did Century Aluminum (CENX) perform for full year 2025 versus 2024?
What caused the Q4 2025 shipments decline for Century Aluminum (CENX)?
What is Century Aluminum's liquidity and balance sheet position at year-end 2025?
What guidance did Century Aluminum (CENX) give for Q1 2026 adjusted EBITDA?
