AAHIGH SIGNALOPERATIONAL10-K

Alcoa completed a major portfolio transformation in 2025, including the full integration of the Alumina Limited acquisition while consolidating operations from 26 locations across nine countries to 25 locations across eight countries.

The operational consolidation demonstrates management's execution of their stated strategy to "transform and optimize its portfolio of mining, refining, and smelting assets." The reduction in geographic footprint suggests focused capital allocation and operational efficiency improvements, while the completion of Alumina Limited integration provides full control over previously joint venture operations.

Comparing 2026-02-26 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Alcoa delivered exceptional financial performance with net income surging 1,828% from $60M to $1.2B, supported by operating cash flow nearly doubling to $1.2B. The company strengthened its balance sheet significantly with cash increasing 40% to $1.6B and stockholders' equity growing 21% to $5.2B, while total assets expanded 15% to $16.1B. The dramatic profitability improvement combined with strong cash generation and reduced R&D spending signals successful operational optimization and integration benefits from the portfolio transformation.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+1828.3%
$60.0M→$1.2B

Net income grew 1828.3% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+90.5%
$622.0M→$1.2B

Operating cash flow surged 90.5% — exceptional cash generation, highest quality earnings signal.

R&D Expense
P&L
-57.9%
$57.0M→$24.0M

R&D spending cut 57.9% — could signal cost discipline or concerning reduction in innovation investment.

Cash & Equivalents
Balance Sheet
+40.3%
$1.1B→$1.6B

Cash position surged 40.3% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
+21.3%
$4.3B→$5.2B

Equity base grew 21.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+14.7%
$14.1B→$16.1B

Asset base grew 14.7% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+12%
$3.4B→$3.8B

Current liabilities rose 12% — increased short-term obligations, watch current ratio.

Total Liabilities
Balance Sheet
+11.5%
$8.9B→$9.9B

Liabilities increased 11.5% — monitor debt-to-equity ratio and interest coverage.

Current Assets
Balance Sheet
+11.3%
$4.9B→$5.5B

Current assets grew 11.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-20
ADDED
As of February 20, 2026, there were 263,839,742 shares of the registrant s Common Stock, par value $0.01 per share, outstanding.
(dollars in millions, except per-share amounts, average realized prices, and average cost amounts) The Company Alcoa Corporation, a Delaware corporation (Alcoa or the Company) which became an independent, publicly traded company on November 1, 2016, is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting.
The Company has direct and indirect ownership of 25 operating locations across eight countries on five continents.
The Alumina segment primarily consists of the Company s bauxite mines and alumina refineries, and its operations generally include the mining of bauxite and other aluminous ores, as well as the refining, production, and sale of smelter grade and non-metallurgical alumina.
1 Business Strategy Alcoa s business strategy is designed to create stockholder value by leveraging the strength of our assets and capabilities, capitalizing on the favorable long-term market fundamentals of our industry, and following a disciplined approach to growth.
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REMOVED
(dollars in millions, except per-share amounts, average realized prices, and average cost amounts) The Company Alcoa Corporation, a Delaware corporation (Alcoa or the Company), is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting.
The Company has direct and indirect ownership of 26 operating locations across nine countries on six continents.
The Alumina segment primarily consists of the Company s bauxite mines and alumina refineries, which generally includes the mining of bauxite and other aluminous ores, as well as the refining, production, and sale of smelter grade and non-metallurgical alumina.
On August 1, 2024, Alcoa completed the acquisition of Alumina Limited, which primarily consisted of the acquisition of Alumina Limited s noncontrolling interest in the Alcoa World Alumina and Chemicals (AWAC) joint venture (described below).
Prior to the acquisition, the Alumina segment primarily consisted of a series of affiliated operating entities held in AWAC.
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