Alcoa Corp
alcoa.comWhat Do They Do?
Produces and sells aluminum products to fabricators and commodity traders serving transportation, construction, packaging and other industrial markets. Also mines bauxite and refines alumina for smelters and industrial chemical processors.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Alcoa sells aluminum, alumina and bauxite, with sales counted when products ship or are delivered; electricity is sold as customers use it, and payment is generally due within 10 days for the previous 30 days of consumption.
10-K for FY2025, filed Feb 26, 2026
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$12.8B
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10-K for FY2025, filed Feb 26, 2026
$12.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Aluminum
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
66%
FY2022: 71%
|
Aluminum, FY2025
$8.5B Sources
|
Sold outright |
|
Alumina
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
29%
FY2022: 28%
|
Alumina, FY2025
$3.7B Sources
|
Sold outright |
|
Bauxite
Sold outright
|
5.7%
FY2022: 1.4%
|
Bauxite, FY2025
$727M Sources
|
Sold outright |
|
Energy
Usage-based
|
1.5%
FY2022: 1.6%
|
Energy, FY2025
$190M Sources
|
Usage-based |
|
Other Products
|
−2.1%
FY2022: −2.3%
|
Other Products, FY2025
−$263M Sources
|
Who Are Their Customers?
Fabricators and commodity traders buy aluminum for transportation, construction, packaging, wire and other industrial markets. Smelters and industrial chemical processors buy alumina, sometimes through traders; third parties buy bauxite under contracts, while energy assets also supply external customers.
10-K for FY2025, filed Feb 26, 2026This segment currently consists of (i) the Company’s worldwide smelting and casthouse system and (ii) a portfolio of energy assets in…View ↗
Alcoa’s alumina sales are made to customers globally and are typically priced by reference to published spot market prices. The Company…View ↗
Alcoa-operated mines produced 33.0 mdmt of bauxite and mines operated by partnerships produced 4.5 mdmt of bauxite on a proportional equity…View ↗
The Company primarily sells alumina through contracts containing two pricing components: (1) the API price basis and (2) a negotiated…View ↗
Aluminum’s combined smelting and casting operations produce primary aluminum products, nearly all of which are sold to external customers…View ↗
The energy assets supply power to external customers in Brazil and the United States, as well as internal customers in the Aluminum segment…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jul 2, 2026
Agreed to acquire South32's mining, refining and smelting operations
The deal includes $3.1 billion in cash, approximately 17 million shares and up to $750 million contingent on prices; closing is expected in the first half of 2027.
Sources
8-K, filed Jul 2, 2026
The aggregate upfront consideration consists of $3.1 billion in cash (subject to certain adjustments) and approximately 17 million shares…View ↗
Flat. Revenue was $12.8B in FY2025, about the same as the $12.2B of FY2021.
Who Do They Compete With?
Competes with South32, Rio Tinto, Glencore, Trafigura, Vitol, Mercuria, Gunvor, Emirates Global Aluminum, Norsk Hydro, Century Aluminum, and Vedanta Aluminum
10-K for FY2025, filed Feb 26, 2026We are the largest alumina producer outside of China and the largest supplier of third-party alumina outside of China. The alumina market…View ↗
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