Alcoa Corp

Latest Results (14.11.2025):

Alcoa Corp's Q3 2025 financial results show a mixed performance with strong production improvements in both alumina and aluminum despite significant one‐time items. The company reported $3.0 billion in revenue and a net income of $232 million (or $0.88 per share) thanks to gains from a joint venture sale and favorable mark-to-market adjustments, which helped offset restructuring charges related to the permanent closure of the Kwinana refinery in Australia.

Financial Performance

The quarter’s net income of $232 million, translating to $0.88 per common share, benefited notably from a $786 million gain on the sale of interest in the Ma’aden joint venture and a mark-to-market gain of $267 million, despite $895 million in restructuring charges.

Production & Shipments

Alcoa reported a sequential 4% increase in alumina production (2.5 million metric tons) and a 1% increase in aluminum production (579,000 metric tons). Third-party shipments were mixed with alumina remaining flat at 2.2 million metric tons while aluminum shipments declined by 3% due to trading and timing factors.

Revenue & Segment Performance

Total revenue reached $3.0 billion, a 1% sequential decline. In the Alumina segment, revenue dropped 9% driven by lower volumes and pricing, whereas the Aluminum segment saw a 4% revenue boost due to higher realized prices amid challenging shipment volumes and unfavorable currency impacts.

Adjusted Results & EBITDA

Despite reporting an adjusted net loss of $6 million (or $0.02 per share), the highlight remains that special items—such as restructuring charges and gains from the Ma’aden transaction—were key to the differences between reported and adjusted figures. Adjusted EBITDA, excluding special items, was $270 million, down $43 million due to higher tariff costs and charges related to asset retirement obligations.

Cash & Liquidity

Finishing the quarter with a robust cash balance of $1.5 billion, Alcoa also successfully repaid a $74 million term loan. Operational cash flow was $85 million, further bolstered by strategic financing and investing activities, reinforcing the company’s solid liquidity position.

Strategic Initiatives & Outlook

The company is advancing key initiatives including a new long-term energy contract for the Massena smelter and progressing on a gallium plant project in Australia. These actions, coupled with ongoing reviews of operational performance, set the stage for efforts in safety, stability, and profitability improvements in Q4 2025.