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Alcoa Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Achieved strong Q4 and FY25 operational and financial performance, with annual production records at five smelters and one refinery, and improved safety metrics year-over-year.
Progressed strategic initiatives, including the San Ciprián smelter restart (65% operational, full restart expected H1 2026), remediation site monetization negotiations, and ELYSIS inert anode cell startup.
Completed key actions: sale of Ma'aden JV interest, favorable Australian tax resolution, formation of a new JV in Spain, and permanent closure of Kwinana refinery.
Maintained momentum on Western Australia mine approvals, targeting ministerial approvals by year-end 2026.
Safety incident rates improved year-over-year; focus on operational excellence and transformation asset monetization.
Financial highlights
Q4 2025 revenue rose 15% sequentially to $3.4B; full year revenue reached $12.8B, up 8% YoY.
Q4 net income was $226M ($0.85/share); adjusted net income was $335M ($1.26/share); FY25 net income was $1.2B ($4.42/share), adjusted net income $1.0B ($3.77/share).
Adjusted EBITDA was $546M in Q4 (up $276M sequentially) and $2.0B for the year (up 25% YoY).
Free cash flow for 2025 was $594M, with Q4 free cash flow at $294M; cash balance at year-end was $1.6B.
Return on equity for 2025 was 16.4%, the highest since 2022.
Outlook and guidance
2026 alumina production expected at 9.7–9.9M mt; shipments at 11.8–12.0M mt; aluminum production guidance: 2.4–2.6M mt; shipments: 2.6–2.8M mt.
Transformation costs projected at $100M; corporate expense at $160M; depreciation at $630M; interest expense at $140M.
2026 capital expenditures estimated at $750M ($675M sustaining, $75M return-seeking); environmental/ARO spending to rise to $325M.
Q1 2026 expected to see unfavorable segment performance: alumina down $30M, aluminum down $70M, partially offset by $40M favorable alumina cost.
Q1 2026 operational tax expense projected at $65–75M, subject to market and jurisdictional changes.
Australia mine approvals: 2026 decision outlook
Impact of carbon compensation on Aluminum EBITDA?
Drivers for 2026 Alumina production increase?
What's driving site monetization complexity?
Alumina segment cost reduction initiatives?
Drivers of CBAM's net positive impact for Alcoa?
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Next Alcoa earnings date
Q1 202615 Apr, 2026
Alcoa
Next Alcoa earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
Bauxite and Aluminum
Alcoa is an American industrial corporation focused on mining bauxite and manufacturing aluminum in various forms and is a major producer of primary aluminum, fabricated aluminum, and alumina combined. The name of the company is an acronym for Aluminum Company of America, and the company has a long and storied history tracing all the way back to the discovery of the incredibly useful metal. The company is headquartered in Pittsburgh, Pennsylvania, and its shares trade on the NYSE.
The Hall-Héroult process
Alcoa's origins are deeply entwined with the transformative discovery of an economical method for extracting aluminum. Prior to the late 19th century, aluminum was exceedingly rare and valued more than gold, due to the complexity of extracting it from its ore. This changed dramatically with the simultaneous but independent discoveries by Charles Martin Hall in the United States and Paul Héroult in France in 1886. They developed the Hall-Héroult process, a method of smelting aluminum oxide into aluminum using electrolysis, drastically reducing the cost of production.
The Aluminum Company of America
In 1888, using this groundbreaking method, the Aluminum Company of America, later known as Alcoa, was founded. The company played a pioneering role in the mass production and commercialization of aluminum, revolutionizing its availability and use. Alcoa's development paralleled the evolution of aluminum from a precious metal to a cornerstone of modern industry. The company's efforts in refining and producing aluminum at an industrial scale not only marked a significant chapter in the material's history but also catalyzed its widespread application in various sectors, from transportation to packaging, and construction to consumer goods. A list of companies operating in the same industry includes names such as Rio Tinto Group, Norsk Hydro ASA, and Kaiser Aluminum, to name a few.
The Operations
Alcoa is one of the global leaders in the production of bauxite, alumina, and aluminum products. The company’s primary focus lies in the mining of bauxite, a key raw material for aluminum production, and the subsequent processing of bauxite into alumina. Alcoa operates large-scale alumina refineries and aluminum smelters across the world. In addition to primary aluminum production, Alcoa has diversified its portfolio to include a range of value-added products, such as rolled aluminum and energy services. The company is involved in various environmental initiatives and technological innovations aimed at reducing carbon emissions and improving the efficiency of aluminum production. This focus on sustainability reflects a broader industry trend towards environmentally responsible manufacturing practices.
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