AA financial statements

The full income statement, balance sheet, and cash-flow statement for Alcoa Corporation Common Stock (AA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 181.0M2024-09 234.0M2024-12 258.4M2025-03 260.0M2025-06 260.0M2025-09 261.0M2025-12 263.8M2026-03 263.9M2026-06 263.9M+45.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	12.8B YoY+7.9%	11.9B YoY+12.7%	10.6B YoY-15.3%	12.5B YoY+2.5%	12.2B YoY+30.9%
Research & development	24.0M YoY-57.9%	57.0M YoY+46.2%	39.0M YoY+21.9%	32.0M YoY+3.2%	31.0M YoY+14.8%
Selling, general & administrative	299M YoY+8.7%	275M YoY+21.7%	226M YoY+10.8%	204M YoY-10.1%	227M YoY+10.2%
Amortization of intangibles	6.00M YoY+20.0%	5.00M YoY+0.0%	5.00M YoY-28.6%	7.00M YoY-36.4%	11.0M YoY+22.2%
Provision for credit losses	—	—	—	—	1.00M YoY-50.0%
Interest expense	158M YoY+1.3%	156M YoY+45.8%	107M YoY+0.9%	106M YoY-45.6%	195M YoY+33.6%
Other non-operating income	79.0M YoY+46.3%	54.0M YoY-12.9%	62.0M YoY+24.0%	50.0M YoY+354.5%	11.0M YoY+175.0%
Gain (loss) on equity securities	197M	0.00	0.00	—	—
Pre-tax income	1.06B YoY+268.2%	289M YoY+149.5%	-584M YoY-183.2%	702M YoY-41.5%	1.20B YoY+593.1%
Income tax	-55.0M YoY-120.8%	265M YoY+40.2%	189M YoY-71.5%	664M YoY+5.6%	629M YoY+236.4%
	1.16B YoY+1828.3%	60.0M YoY+109.2%	-651M YoY-429.3%	-123M YoY-128.7%	429M YoY+352.4%
Net income to non-controlling interest	-38.0M YoY-5.6%	-36.0M YoY+70.5%	-122M YoY-175.8%	161M YoY+14.2%	141M YoY-9.6%
Preferred dividends	1.00M YoY+0.0%	1.00M	—	—	—
	$4.37 YoY+1580.8%	$0.26 YoY+107.1%	-$3.65 YoY-436.8%	-$0.68 YoY-130.1%	$2.26 YoY+348.4%
EPS (basic)	$4.40 YoY+1592.3%	$0.26 YoY+107.1%	-$3.65 YoY-436.8%	-$0.68 YoY-129.6%	$2.30 YoY+352.7%
	259M YoY+22.2%	212M YoY+19.1%	178M YoY-1.7%	181M YoY-2.7%	186M YoY+0.0%
	261M YoY+22.0%	214M YoY+20.2%	178M YoY-1.7%	181M YoY-4.7%	190M YoY+2.2%
Dividends per share	$0.40 YoY+0.0%	$0.40 YoY+0.0%	$0.40 YoY+0.0%	$0.40 YoY+300.0%	$0.10
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.47B YoY+11.3%	4.91B YoY+11.6%	4.41B YoY-16.1%	5.25B YoY+4.5%	5.03B YoY+11.2%
Cash & equivalents	1.60B YoY+40.3%	1.14B YoY+20.6%	944M YoY-30.7%	1.36B YoY-24.9%	1.81B YoY+12.9%
Accounts receivable	1.06B YoY-2.9%	1.10B YoY+67.1%	656M YoY-15.7%	778M YoY+2.8%	757M YoY+60.7%
Inventory	2.18B YoY+9.0%	2.00B YoY-7.4%	2.16B YoY-11.1%	2.43B YoY+24.1%	1.96B YoY+39.9%
Prepaid expenses	378M YoY-26.5%	514M YoY+10.3%	466M YoY+11.8%	417M YoY+16.5%	358M YoY+23.4%
	16.1B YoY+14.7%	14.1B YoY-0.6%	14.2B YoY-4.1%	14.8B YoY-1.8%	15.0B YoY+1.1%
Property, plant & equipment	6.70B YoY+4.9%	6.39B YoY-5.8%	6.79B YoY+4.5%	6.49B YoY-2.0%	6.62B YoY-7.9%
Operating lease right-of-use	313M YoY+20.8%	259M YoY+91.9%	135M YoY+51.7%	89.0M YoY-8.2%	97.0M YoY-29.2%
Goodwill	0.00 YoY-100.0%	142M YoY-2.7%	146M YoY+0.7%	145M YoY+0.7%	144M YoY-0.7%
Intangible assets	34.0M YoY-5.6%	36.0M YoY-2.7%	37.0M YoY+27.6%	29.0M YoY-17.1%	35.0M YoY-22.2%
Long-term investments	1.40B	0.00	—	—	—
Deferred tax assets	687M YoY+141.9%	284M YoY-14.7%	333M YoY+12.5%	296M YoY-41.5%	506M YoY-22.7%
Other non-current assets	1.36B YoY-8.8%	1.50B YoY-9.3%	1.65B YoY+3.6%	1.59B YoY-4.3%	1.66B YoY+15.2%
	3.80B YoY+12.0%	3.40B YoY+12.0%	3.03B YoY+0.9%	3.00B YoY-6.8%	3.22B YoY+16.7%
Accounts payable	1.94B YoY+7.4%	1.80B YoY+5.3%	1.71B YoY-2.4%	1.76B YoY+5.0%	1.67B YoY+19.3%
Short-term & current debt	1.00M YoY-98.7%	75.0M YoY-5.1%	79.0M YoY+7800.0%	1.00M YoY+0.0%	1.00M YoY-50.0%
Current lease liability	49.0M YoY+28.9%	38.0M YoY+22.6%	31.0M YoY+3.3%	30.0M YoY-14.3%	35.0M YoY-41.7%
Other current liabilities	718M YoY-8.9%	788M YoY+36.3%	578M YoY+20.2%	481M YoY-7.0%	517M YoY-1.5%
	9.94B YoY+11.5%	8.91B YoY+7.2%	8.31B YoY+1.8%	8.17B YoY-6.6%	8.74B YoY-11.2%
Long-term debt	2.44B YoY-1.3%	2.47B YoY+42.6%	1.73B YoY-4.1%	1.81B YoY+4.6%	1.73B YoY-29.9%
Deferred revenue (non-current)	4.00M YoY-66.7%	12.0M YoY-40.0%	20.0M YoY-28.6%	28.0M YoY-22.2%	36.0M YoY-20.0%
Non-current lease liability	259M YoY+16.1%	223M YoY+114.4%	104M YoY+76.3%	59.0M YoY-7.8%	64.0M YoY-22.0%
Operating lease liability (total)	308M YoY+18.0%	261M YoY+93.3%	135M YoY+51.7%	89.0M YoY-10.1%	99.0M YoY-30.3%
	6.12B YoY+18.6%	5.16B YoY+21.3%	4.25B YoY-16.3%	5.08B YoY+8.6%	4.67B YoY+41.1%
Preferred stock	0.00	0.00	0.00	—	—
Common stock	3.00M YoY+0.0%	3.00M YoY+50.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Additional paid-in capital	11.6B YoY-0.1%	11.6B YoY+26.1%	9.19B YoY+0.0%	9.18B YoY-4.1%	9.58B YoY-0.9%
Retained earnings	-271M YoY+79.5%	-1.32B YoY-2.3%	-1.29B YoY-126.8%	-570M YoY-81.0%	-315M YoY+56.6%
Accumulated other comprehensive income	-5.19B YoY-1.5%	-5.11B YoY-40.2%	-3.65B YoY-3.0%	-3.54B YoY+22.9%	-4.59B YoY+18.4%
Non-controlling interest	—	0.00 YoY-100.0%	1.59B YoY+5.4%	1.51B YoY-6.1%	1.61B YoY-5.5%
Total equity incl. non-controlling	6.12B YoY+18.6%	5.16B YoY-11.8%	5.84B YoY-11.3%	6.59B YoY+4.9%	6.28B YoY+25.3%
Total liabilities & equity	16.1B YoY+14.7%	14.1B YoY-0.6%	14.2B YoY-4.1%	14.8B YoY-1.8%	15.0B YoY+1.1%
	263M YoY+1.8%	258M YoY+44.8%	178M YoY+0.8%	177M YoY-3.9%	184M YoY-1.0%
	263M YoY+1.8%	258M YoY+44.8%	178M YoY+0.8%	177M YoY-3.9%	184M YoY-1.0%
	264M	—	180M YoY+0.7%	178M YoY-3.8%	185M YoY-0.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.19B YoY+90.5%	622M YoY+583.5%	91.0M YoY-88.9%	822M YoY-10.7%	920M YoY+133.5%
Depreciation & amortization	623M YoY-3.0%	642M YoY+1.6%	632M YoY+2.4%	617M YoY-7.1%	664M YoY+1.7%
Intangible amortization	6.00M YoY+20.0%	5.00M YoY+0.0%	5.00M YoY-28.6%	7.00M YoY-36.4%	11.0M YoY+22.2%
Share-based compensation	41.0M YoY+13.9%	36.0M YoY+2.9%	35.0M YoY-12.5%	40.0M YoY+2.6%	39.0M YoY+56.0%
Deferred income taxes	-275M YoY-1295.7%	23.0M YoY+204.5%	-22.0M YoY-110.0%	219M YoY+49.0%	147M YoY+665.4%
Change in inventory	57.0M YoY+211.8%	-51.0M YoY+79.0%	-243M YoY-144.4%	547M YoY-14.4%	639M YoY+623.8%
	-502M YoY+17.4%	-608M YoY-3.9%	-585M YoY-18.2%	-495M YoY-187.6%	565M YoY+438.3%
Capital expenditure	618M YoY+6.6%	580M YoY+9.2%	531M YoY+10.6%	480M YoY+23.1%	390M YoY+10.5%
Free cash flow	567M YoY+1250.0%	42.0M YoY+109.5%	-440M YoY-228.7%	342M YoY-35.5%	530M YoY+1192.7%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Purchases of investments	59.0M YoY+59.5%	37.0M YoY-47.1%	70.0M YoY+118.8%	32.0M YoY+190.9%	11.0M YoY-8.3%
Proceeds from sale of PP&E	5.00M YoY+66.7%	3.00M YoY-25.0%	4.00M YoY-20.0%	5.00M YoY-99.5%	966M YoY+387.9%
Other investing activities	-9.00M YoY-50.0%	-6.00M YoY+50.0%	-12.0M YoY-500.0%	-2.00M	—
	-261M YoY-229.9%	201M YoY+252.6%	57.0M YoY+107.4%	-768M YoY+33.7%	-1.16B YoY-325.3%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	1.21B YoY+78.6%	679M YoY+843.1%	72.0M YoY+7100.0%	1.00M YoY-99.9%	1.29B YoY+129300.0%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00 YoY-100.0%	500M YoY+233.3%	150M
Dividends paid	104M YoY+16.9%	89.0M YoY+23.6%	72.0M YoY+0.0%	72.0M YoY+278.9%	19.0M
Other financing activities	-3.00M YoY+40.0%	-5.00M YoY-600.0%	1.00M YoY+125.0%	-4.00M YoY-33.3%	-3.00M YoY+0.0%
FX effect on cash	36.0M YoY+228.6%	-28.0M YoY-380.0%	10.0M YoY+211.1%	-9.00M YoY+30.8%	-13.0M YoY+7.1%
Net change in cash	458M YoY+144.9%	187M YoY+143.8%	-427M YoY+5.1%	-450M YoY-243.3%	314M YoY-56.8%
Interest paid	128M YoY-3.0%	132M YoY+32.0%	100M YoY+0.0%	100M YoY-47.6%	191M YoY+41.5%
Income taxes paid	167M YoY+6.4%	157M YoY-50.8%	319M YoY-36.7%	504M YoY+231.6%	152M YoY-16.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	14.0B YoY+43.6%	9.76B YoY+60.9%	6.07B YoY-24.6%	8.05B YoY-27.2%	11.0B YoY+157.3%
P/E	12.1× YoY-92.6%	162.7×	—	—	25.7×
P/S	1.1× YoY+33.2%	0.8× YoY+43.6%	0.6× YoY-6.8%	0.6× YoY-32.6%	0.9× YoY+96.6%
P/B	2.3× YoY+21.1%	1.9× YoY+40.6%	1.3× YoY-10.2%	1.5× YoY-36.6%	2.4× YoY+82.3%
P/FCF	24.7× YoY-89.4%	232.4×	—	10.0× YoY-52.2%	20.8× YoY-80.1%
	8.3% YoY+1242.5%	0.61%	—	—	3.9%
	4.0% YoY+839.9%	0.43%	—	10.0% YoY+109.1%	4.8% YoY+402.4%
	0.75% YoY-28.9%	1.1% YoY-10.0%	1.2% YoY+33.7%	0.88% YoY+424.1%	0.17%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AA filings on SEC EDGAR → Not investment advice.