Alcoa Corp
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
AA$39.54+2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0000950170-25-100979
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001193125-25-253570
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 276 previous paragraphs and 296 current paragraphs.
119 unchanged; 82 reworded; 89 added; 70 removed; 5 previous and 6 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (89)
Current report
During the third quarter of 2025, Alcoa continued to deliver on operational stability and the optimization of its portfolio, which included closing the sale of the Company’s full ownership interest in the joint venture with Saudi Arabian Mining Company (Ma’aden) and announcing the permanent closure of the Kwinana alumina refinery in Australia.
Current report
Both segments increased production during the third quarter of 2025. Additionally, the Baie-Comeau (Canada), Deschambault (Canada), Mosjøen (Norway), Portland (Australia), and Warrick (Indiana) smelters each set year-to-date aluminum production records.
Current report
U.S. Section 232 Tariffs
Current report
During the third quarter of 2025, the Midwest premium earned on the Company’s U.S. aluminum production more than offset the net unfavorable impact of the Midwest premium and tariff costs on imports of aluminum from its Canadian smelters to U.S. customers. At recent Midwest premium pricing, tariff costs on U.S. imports of aluminum from Canada are fully covered by the Midwest premium.
Current report
Alcoa also continued engagement with trade policy makers related to the impacts of tariffs during the third quarter of 2025.
Current report
Kwinana Refinery
Current report
In September 2025, Alcoa announced the permanent closure of the Kwinana alumina refinery, which had been fully curtailed since June 2024. Prior to the curtailment, the refinery had been operating at approximately 80 percent of its annual nameplate capacity of 2.2 million metric tons. The Company’s decision to permanently close the refinery was made based on a variety of factors, including the refinery’s age, scale and operating costs, market conditions, and bauxite grade challenges. Demolition and remediation activities are expected to begin in 2026 and continue over the next six years.
Current report
Subsequent to July 1, 2025, the fair value of the shares is based on the unadjusted quoted price on the Saudi Exchange (Tadawul). In the third quarter and nine-month period of 2025, the Company recorded a mark-to-market gain of $267 in Other (income) expenses, net on the accompanying Statement of Consolidated Operations related to changes in fair value of the shares.
Current report
The Company has multiple contingency plans and anticipates mining in new major mine regions will commence no earlier than 2029. Until then, the Company expects bauxite quality will remain similar to recent grades.
Current report
Goodwill is reviewed for impairment annually during the fourth quarter using a discounted cash flow (DCF) model to estimate the fair value of the Alumina reporting unit. Changes in the estimates and assumptions utilized in the goodwill impairment analysis could result in a future impairment which could have a material impact on the Company’s consolidated financial position and results of operations. As of September 30, 2025, goodwill of $145 was included in Other noncurrent assets on the Consolidated Balance Sheet.
Current report
Higher aluminum prices
Current report
Lower taxes
Current report
Higher restructuring charges
Current report
Unfavorable mark-to-market results on derivative instruments
Current report
Lower alumina prices
Current report
Write down of inventories associated with the closure of the Kwinana refinery
Current report
Favorable mark-to-market results on the Ma’aden shares
Current report
Lower taxes
Current report
Higher restructuring charges
Current report
Lower shipments of aluminum
Current report
Higher average realized price of aluminum
Current report
Sales increased $973 primarily as a result of:
Current report
Write down of inventories associated with the closure of the Kwinana refinery
Current report
Higher average realized price of aluminum
Current report
Higher aluminum and alumina prices
Current report
Selling, general administrative, and other expenses decreased $4 primarily as a result of:
Current report
Lower labor costs
Current report
Selling, general administrative, and other expenses increased $36 primarily as a result of:
Current report
The Provision for depreciation, depletion, and amortization increased $7 primarily as a result of:
Current report
Write offs of assets for projects no longer being pursued
Current report
The Provision for depreciation, depletion, and amortization decreased $22 primarily as a result of:
Current report
Write offs of assets for projects no longer being pursued
Current report
Reversal of interest accrual on value added tax assessments in Brazil due to favorable Supreme Court ruling in the third quarter of 2025
Current report
Interest expense increased $31 primarily as a result of:
Current report
Absence of interest on the Alumina Limited Facility that was assumed on August 1, 2024, until Alcoa repaid outstanding amounts under the Alumina Limited Facility on November 29, 2024
Current report
Favorable mark-to-market change on the Ma’aden shares subsequent to July 1, 2025
Current report
Absence of equity losses from MBAC due to the sale of interest in the Saudi Arabia joint venture
Current report
Absence of equity income from MAC due to the sale of interest in the Saudi Arabia joint venture
Current report
Favorable mark-to-market change on Ma’aden shares subsequent to July 1, 2025
Current report
Equity income from MBAC through July 1, 2025 and the absence of equity losses from MBAC recognized in the prior year
Showing the first 40 of 89 passages. Open the source sections for the rest.
Removed paragraphs (70)
Previous report
During the second quarter of 2025, Alcoa continued to execute on its strategic priorities while maintaining strong operational performance, which included progressing the sale of the Company’s full ownership interest in the joint venture with Saudi Arabian Mining Company (Ma’aden) and successfully concluding a five-year tax dispute in Australia with a favorable ruling for the Company. Additionally, Alcoa maintained advocacy efforts with policy makers regarding the impacts of U.S. tariffs.
Previous report
During the second quarter of 2025, the Company redirected certain Canadian production to customers outside the U.S. to mitigate additional tariff costs. Approximately 30% of the Company’s Canadian aluminum production is available for spot sales, and a portion of this production historically imported into the U.S. can be redirected when economically favorable. Additionally, Alcoa continued to maintain active engagement with administrations, governments, and policy makers, primarily in the U.S. and Canada, regarding the impacts of tariffs.
Previous report
Other Matters
Previous report
Lower alumina and aluminum prices
Previous report
Lower taxes on lower earnings
Previous report
Lower intersegment profit elimination
Previous report
Lower restructuring charges
Previous report
Higher taxes on higher earnings
Previous report
Sales decreased $351 primarily as a result of:
Previous report
Lower average realized price of alumina and aluminum
Previous report
Sales increased $882 primarily as a result of:
Previous report
Higher average realized price of alumina and aluminum
Previous report
Lower shipments of alumina and aluminum
Previous report
Lower average realized price of alumina and aluminum
Previous report
Lower average alumina input costs in the Aluminum segment
Previous report
Higher average realized price of alumina and aluminum
Previous report
Lower intersegment profit elimination
Previous report
Higher average alumina input costs in the Aluminum segment
Previous report
Selling, general administrative, and other expenses increased $11 primarily as a result of:
Previous report
Unfavorable currency revaluation impacts
Previous report
Selling, general administrative, and other expenses increased $24 primarily as a result of:
Previous report
Increased fees for professional services
Previous report
The Provision depreciation, depletion, and amortization increased $5 primarily as a result of:
Previous report
Unfavorable currency impacts
Previous report
Lower amortization of mine development costs
Previous report
Interest expense increased $3 primarily as a result of:
Previous report
Interest expense increased $42 primarily as a result of:
Previous report
Increase in equity income from MAC primarily due to lower production costs partially offset by lower aluminum prices
Previous report
Increase in equity losses from MBAC primarily due to lower alumina prices and lower shipments
Previous report
Increase in equity income from MBAC primarily due to higher alumina prices, partially offset by lower shipments and higher production costs
Previous report
Increase in equity losses from MAC primarily due to higher alumina input costs, partially offset by higher aluminum prices
Previous report
In the first quarter of 2025, Restructuring and other charges, net of $5 primarily related to:
Previous report
$3 for certain employee obligations related to the February 2023 updated viability agreement for the San Ciprián aluminum smelter
Previous report
In the six-month period of 2025, Restructuring and other charges, net of $19 primarily related to:
Previous report
$9 for certain employee obligations related to the February 2023 updated viability agreement for the San Ciprián aluminum smelter
Previous report
In the six-month period of 2024, Restructuring and other charges, net of $220 primarily related to:
Previous report
Provision for income taxes
Previous report
The increase in tax expense of $87 is primarily attributable to higher income in certain jurisdictions where taxes are paid.
Previous report
Net income (loss) attributable to noncontrolling interest was $(13) in the second quarter of 2025 and $0 in the first quarter of 2025.
Previous report
Net income (loss) attributable to noncontrolling interest was $(13) in the six-month period of 2025 compared with $(44) in the six-month period of 2024.
Showing the first 40 of 70 passages. Open the source sections for the rest.
Reworded paragraphs (82)
Previous wording
On March 12, 2025, the United States government imposed a 25% tariff on certain aluminum imports from Canada under Section 232 of the Trade Expansion Act of 1962 (Section 232) which increased to a 50% tariff on June 4, 2025. Prior to March 12, 2025, the Section 232 tariff was 10%, and Canadian metal imported into the U.S. was exempted. Historically, approximately 70% of the aluminum Alcoa produced in Canada was shipped to U.S. customers, with the majority associated with annual customer contracts.
Current wording
On March 12, 2025, the United States government imposed a 25% tariff on certain aluminum imports from Canada under Section 232 of the Trade Expansion Act of 1962 (Section 232) which increased to a 50% tariff on June 4, 2025. Prior to March 12, 2025, the Section 232 tariff was 10%, and Canadian metal imported into the U.S. was exempted.
Previous wording
On July 1, 2025, Alcoa completed the sale of its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of the Ma’aden Bauxite and Alumina Company (MBAC) and the Ma’aden Aluminium Company (MAC), to Ma’aden in exchange for total consideration of $1,350, comprised of 85,977,547 shares of Ma’aden (valued at $1,200 (SAR 4,501) as of closing) and $150 (SAR 562) in cash (to be used primarily for related taxes and transaction costs). The carrying value of Alcoa’s investment was $546 as of June 30, 2025. In the third quarter of 2025, Alcoa will recognize a gain of approximately $780 and subsequent changes in fair value of the shares within Other (income) expenses, net.
Current wording
On July 1, 2025, Alcoa completed the sale of its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of the Ma’aden Bauxite and Alumina Company (MBAC) and the Ma’aden Aluminium Company (MAC), to Ma’aden in exchange for total consideration of $1,350, comprised of 85,977,547 shares of Ma’aden (valued at $1,200 (SAR 4,501) as of closing) and $150 (SAR 562) in cash (to be used primarily for related taxes and transaction costs). The Company recorded a gain of $786, net of $18 in transaction costs, in Other (income) expenses, net on the Statement of Consolidated Operations in the third quarter and nine-month period of 2025.
Previous wording
On May 29, 2025, the Western Australian Environmental Protection Authority (WA EPA) opened a 12-week public comment period on the Company’s two mine plans in Western Australia, which include the plan for the next major mine regions (Myara North and Holyoake) and the rolling five-year mine plans (2022-2027) referred to the WA EPA by a third party in 2023. Following this public consultation period and the Company’s response to any clarifications requested by the WA EPA, the Company expects that the WA EPA will publish its assessment and recommendations. An appeals process of the assessment and recommendations will follow before Ministerial decisions are finalized.
Current wording
During September and October 2025, the Western Australian Environmental Protection Authority (WA EPA) provided comments received during the 12-week public comment period for the Company’s mining activities in Australia, which include the plan for the next major mine regions (Myara North and Holyoake) and the rolling five-year mine plan (2023-2027) referred to the WA EPA in 2023 by a third party.
Previous wording
The Ministerial decisions were expected by the first quarter of 2026 per the indicative timeline the WA EPA set in the third quarter of 2024. From both the Company’s and the WA EPA’s perspective, the indicative timeline is no longer achievable primarily due to the complexity related to advancing both mine approvals, the extensive documentation provided by the Company and independent experts, and the additional work expected in summarizing and responding to submissions received in the public comment period. Following the public consultation, the Company expects that a revised indicative timeline will be published. The Company is committed to continuing to work collaboratively with the WA EPA and other stakeholders to achieve Ministerial decisions as early as possible in 2026. The Company has multiple contingency plans and expects to access bauxite similar to recent grades until the Company can transition to the new mine regions.
Current wording
Ministerial decisions were previously expected during the first quarter of 2026 per the indicative timeline the WA EPA set in the third quarter of 2024. From both the Company’s and the WA EPA’s perspective, the indicative timeline has been reconsidered due to the complexities related to advancing both assessments, the extensive documentation provided by the Company and independent experts, and the work required to respond to the submissions received during the WA EPA’s public comment period. The Company is committed to continuing to work collaboratively with the WA EPA and other stakeholders to achieve Ministerial decisions in 2026.
Previous wording
Following the formation of the joint venture with IGNIS Equity Holdings, SL (IGNIS EQT) on March 31, 2025 (described below), Alcoa resumed the restart of the San Ciprián smelter that had been operating approximately 6 percent of total pots since March 2024. The restart was paused on April 28, 2025, following a widespread power outage across Spain, until the Spanish government could provide sufficient details on the cause of the power outage and the measures being taken to prevent a reoccurrence. On July 14, 2025, Alcoa and IGNIS EQT announced the restart would resume. The announcement was made after reviewing the Spanish government’s report on the circumstances that caused the power outage, and the planned measures and investments aimed at providing improved grid resilience, and receiving assurances from the Spanish government that it will continue to promote measures to provide reliable and competitive energy. The Company expects that the restart will be completed by mid-2026.
Current wording
Following the formation of the joint venture with IGNIS Equity Holdings, SL (IGNIS EQT) on March 31, 2025 (described below), Alcoa resumed the restart of the San Ciprián smelter that had been operating approximately 6 percent of total pots since March 2024. The restart was paused in April 2025 following a widespread power outage across Spain and resumed in July 2025. The smelter was operating at approximately 29% of its total annual capacity of 228 kmt as of September 30, 2025, and the Company expects that the restart will be completed by mid-2026.
Previous wording
On March 31, 2025, Alcoa and IGNIS EQT entered into a joint venture agreement whereby Alcoa owns 75% and continues as the managing operator and IGNIS EQT owns 25% of the San Ciprián operations. Alcoa and IGNIS EQT contributed $81 (€75) and $27 (€25), respectively, to form the joint venture. Additionally, up to approximately $117 (€100) may be funded by Alcoa as needed for operations with a priority position in future cash returns. Further funding requires agreement by both partners and would be shared 75% by Alcoa and 25% by IGNIS EQT.
Current wording
On March 31, 2025, Alcoa and IGNIS EQT entered into a joint venture agreement (the Agreement) whereby Alcoa owns 75% and continues as the managing operator and IGNIS EQT owns 25% of the San Ciprián operations. Under the terms of the Agreement, Alcoa and IGNIS EQT contributed $81 (€75) and $27 (€25), respectively, to form the joint venture, and up to approximately $117 (€100) will be funded by Alcoa as needed for operations with a priority position in future cash returns. Further funding requires agreement by both partners and would be shared 75% by Alcoa and 25% by IGNIS EQT.
Previous wording
The transaction was accounted for as an equity transaction where IGNIS EQT’s noncontrolling interest was reflected as a decrease to Additional capital on the accompanying Consolidated Balance Sheet. Under the terms of the joint venture agreement, IGNIS EQT has a put option whereby IGNIS EQT can require Alcoa Corporation to purchase from IGNIS EQT its 25% interest at the then fair market value upon certain change in control provisions. Alcoa classified the Noncontrolling interest within Mezzanine equity on the Consolidated Balance Sheet, as IGNIS EQT’s redemption of the put option is not solely within the Company’s control. Net loss attributable to noncontrolling interest was $13 in the second quarter of 2025.
Current wording
The transaction was accounted for as an equity transaction where IGNIS EQT’s noncontrolling interest was reflected as a decrease to Additional capital on the accompanying Consolidated Balance Sheet. The Agreement also provides IGNIS EQT a put option whereby IGNIS EQT can require Alcoa Corporation to purchase from IGNIS EQT its 25% interest at the then fair market value upon certain change in control provisions. Alcoa classified the Noncontrolling interest within Mezzanine equity on the Consolidated Balance Sheet, as IGNIS EQT’s redemption of the put option is not solely within the Company’s control. Net loss attributable to noncontrolling interest was $27 in the nine-month period of 2025.
Previous wording
In accordance with the ATO’s dispute resolution practices, AofA paid 50% of the assessed income tax amount exclusive of interest and any penalties, or approximately $74 (A$107), during the third quarter 2020. Interest on the unpaid tax was accrued through the decision date, which, along with the initial interest assessment, was deductible against taxable income by AofA. AofA applied this deduction beginning in the third quarter of 2020 through the decision date, resulting in reductions in cash tax payments.
Current wording
In accordance with the ATO’s dispute resolution practices, AofA paid 50% of the assessed income tax amount exclusive of interest and any penalties, or $74 (A$107), during the third quarter 2020. Interest on the unpaid tax was accrued through the decision date, which, along with the initial interest assessment, was deductible against taxable income by AofA. AofA applied this deduction beginning in the third quarter of 2020 through the decision date, resulting in reductions in cash tax payments.
Previous wording
The ATO did not appeal the ART’s decision, and the disputed tax claims (and additional related interest and penalties) have been withdrawn. With the withdrawal of the ATO’s claims, the prepaid tax asset and related interest of $78 (A$120) were refunded to AofA in July 2025, and accrued cash taxes of $225 (A$346) related to the interest deductions are payable by AofA by June 1, 2026. The net cash impact of both the refunded amount and the accrued cash taxes is approximately $147 (A$226) through June 2026.
Current wording
The ATO did not appeal the ART’s decision, and the disputed tax claims (and additional related interest and penalties) have been withdrawn. With the withdrawal of the ATO’s claims, the prepaid tax asset and related interest of $78 (A$120) were refunded to AofA in July 2025, and accrued cash taxes of $225 (A$346) related to the interest deductions were reclassified to Taxes, including income taxes in June 2025 as these amounts are payable by AofA by June 1, 2026. The net cash impact of both the refunded amount and the accrued cash taxes is approximately $149 (A$226).
Previous wording
In March 2025, Alumina Pty Ltd, a wholly-owned subsidiary of Alcoa Corporation, completed Rule 144A (U.S. Securities Act of 1933, as amended) debt issuances of $500 aggregate principal amount of 6.125% Senior Notes due 2030 (the 2030 Notes) and $500 aggregate principal amount of 6.375% Senior Notes due 2032 (the 2032 Notes, and, collectively with the 2030 Notes, the Notes). The net proceeds of these issuances were $985, reflecting a discount to the initial purchasers of the Notes as well as issuance costs. The Company utilized certain proceeds of these transactions to fund contributions to Alcoa Nederland Holding B.V. (ANHBV), a wholly-owned subsidiary of Alcoa Corporation and the issuer of the outstanding $750 aggregate principal amount of 5.500% Notes due 2027 (the Existing 2027 Notes) and $500 aggregate principal amount of 6.125% Notes due 2028 (the Existing 2028 Notes). These contributions were funded through a series of intercompany transactions, including the repayment of intercompany indebtedness and the issuance of intercompany dividends. ANHBV used such funds, along with cash on hand, to fund the purchase price pursuant to the cash tender offers announced and settled in March 2025, including premiums and transaction costs. The net proceeds also support Alcoa’s general corporate purposes.
Current wording
In March 2025, Alumina Pty Ltd, a wholly-owned subsidiary of Alcoa Corporation, completed Rule 144A (U.S. Securities Act of 1933, as amended) debt issuances of $500 aggregate principal amount of 6.125% Senior Notes due 2030 (the 2030 Notes) and $500 aggregate principal amount of 6.375% Senior Notes due 2032 (the 2032 Notes, and, collectively with the 2030 Notes, the Notes). The net proceeds of these issuances were $985, reflecting a discount to the initial purchasers of the Notes as well as issuance costs. The Company utilized certain proceeds of these transactions to fund contributions to Alcoa Nederland Holding B.V. (ANHBV), a wholly-owned subsidiary of Alcoa Corporation and the issuer of the outstanding $750 aggregate principal amount of 5.500% Notes due 2027 (the Existing 2027 Notes) and $500 aggregate principal amount of 6.125% Notes due 2028 (the Existing 2028 Notes). These contributions were funded through a series of intercompany transactions, including the repayment of intercompany indebtedness and the issuance of intercompany dividends. ANHBV used such funds, along with cash on hand, to fund the purchase price pursuant to the cash tender offers announced and settled in March 2025, including premiums and transaction costs. The net proceeds also supported Alcoa’s general corporate purposes.
Previous wording
In April 2025, the Company amended a $74 term loan extending maturity from May 2025 to November 2025.
Current wording
In April 2025, the Company amended a $74 term loan extending maturity from May 2025 to November 2025. In September 2025, the Company fully repaid $74 drawn under the term loan and cancelled the agreement.
Previous wording
The collective bargaining agreement with the Australian Workers Union (AWU) representing approximately 400 hourly employees at the Portland, Australia smelter that expired on June 30, 2025. The AWU did not accept the latest offer, proposed by the Company on July 25, 2025, and elected to undertake protected industrial action in the form of a 48-hour work stoppage beginning August 5, 2025. While negotiations continue, the Company has contingency plans to maintain safety and minimize operating disruptions at the Portland smelter if the industrial action were to occur; and,
Current wording
The Company is actively engaged in negotiations related to the collective bargaining agreement with the Australian Workers Union (AWU) representing approximately 400 hourly employees at the Portland, Australia smelter that expired on June 30, 2025. A formal vote on the latest offer proposed by the Company is expected by the end of October 2025.
Previous wording
The collective bargaining agreement with the Starfsgreinafélag Islands (AFL) and the Rafiðnaðarsamband Íslands (RSÍ) representing approximately 400 hourly employees at the Fjarðaál, Iceland smelter that expired on February 28, 2025.
Current wording
In September 2025, a new four-year collective bargaining agreement was ratified with the Starfsgreinafélag Islands (AFL) and the Rafiðnaðarsamband Íslands (RSÍ) representing approximately 400 hourly employees at the Fjarðaál, Iceland smelter.
Previous wording
The three collective bargaining agreements with le Syndicat des Métallos (FTQ) representing approximately 1,000 hourly employees at the Bécancour smelter in Québec, Canada that expired on July 19, 2025;
Current wording
The Company is actively engaged in negotiations related to the three collective bargaining agreements with le Syndicat des Métallos (FTQ) representing approximately 1,000 hourly employees at the Bécancour smelter in Québec, Canada that expired on July 19, 2025.
Previous wording
Net income (loss) attributable to Alcoa Corporation was $164 in the second quarter of 2025 compared with $548 in the first quarter of 2025. The unfavorable change of $384 is primarily a result of:
Current wording
Net income (loss) attributable to Alcoa Corporation was $232 in the third quarter of 2025 compared with $164 in the second quarter of 2025. The favorable change of $68 is primarily a result of:
Previous wording
Favorable mark-to-market results on derivative instruments
Current wording
Favorable mark-to-market change on the Ma’aden shares
Previous wording
Higher production costs across both segments
Current wording
Lower production costs across both segments
Previous wording
Net income (loss) attributable to Alcoa Corporation was $712 in the six-month period of 2025 compared with $(232) in the six-month period of 2024. The favorable change of $944 is primarily a result of:
Current wording
Net income (loss) attributable to Alcoa Corporation was $944 in the nine-month period of 2025 compared with $(142) in the nine-month period of 2024. The favorable change of $1,086 is primarily a result of:
Previous wording
The Provision for depreciation, depletion, and amortization decreased $23 primarily as a result of:
Current wording
Sales decreased $23 primarily as a result of:
Previous wording
Higher shipments of aluminum and alumina
Current wording
Lower shipments of aluminum and alumina
Previous wording
Cost of goods sold as a percentage of sales increased 16% primarily as a result of:
Current wording
Cost of goods sold as a percentage of sales increased 2% primarily as a result of:
Previous wording
Cost of goods sold as a percentage of sales decreased 10% primarily as a result of:
Current wording
Cost of goods sold as a percentage of sales decreased 4% primarily as a result of:
Previous wording
Interest on unfavorable value added tax assessments in Brazil
Current wording
Absence of interest on unfavorable value added tax assessments in Brazil
Previous wording
Absence of interest and debt settlement expenses for the Existing 2027 Notes and Existing 2028 Notes extinguished in March 2025
Current wording
Absence of interest partially offset by debt settlement expenses for the Existing 2027 Notes and Existing 2028 Notes extinguished in March 2025
Previous wording
Other (income) expenses, net was ($112) in the second quarter of 2025 compared with ($26) in the first quarter of 2025. The favorable change of $86 was primarily a result of:
Current wording
Other (income) expenses, net was ($1,034) in the third quarter of 2025 compared with ($112) in the second quarter of 2025. The favorable change of $922 was primarily a result of:
Previous wording
Unfavorable currency revaluation impacts primarily due to absence of gains recognized in the first quarter of 2025 due to the U.S. dollar weakening against the Brazilian real and the Australian dollar, partially offset by gains in the current quarter due to the U.S. dollar weakening against the Brazilian real
Current wording
Favorable currency revaluation impacts primarily due to absence of losses recognized in the second quarter of 2025 due to the U.S. dollar weakening against the euro and the Australian dollar and gains in the current quarter due to the U.S. dollar weakening against the Brazilian real, partially offset by absence of gains recognized in second quarter of 2025 due to the U.S. dollar weakening against the Brazilian real
Previous wording
Favorable mark-to-market results on derivative instruments primarily due to changes in the euro foreign exchange rate and higher power prices in the current quarter
Current wording
Unfavorable mark-to-market results on derivative instruments primarily due to changes in the euro foreign exchange rate and lower power prices in the current quarter
Previous wording
Interest income on the refund owed to Alcoa from the ATO
Current wording
Absence of interest income on the refund owed to Alcoa from the ATO
Previous wording
Other (income) expenses, net was ($138) in the six-month period of 2025 compared with $37 in the six-month period of 2024. The favorable change of $175 was primarily a result of:
Current wording
Other (income) expenses, net was ($1,172) in the nine-month period of 2025 compared with $49 in the nine-month period of 2024. The favorable change of $1,221 was primarily a result of:
Previous wording
Favorable currency revaluation impacts primarily due to the absence of losses recognized in the prior year due to the U.S. dollar strengthening against the Brazilian real and gains in the current year due to the U.S. dollar weakening against the Brazilian real, partially offset by losses in the current year due to the U.S. dollar weakening against the euro
Current wording
Favorable currency revaluation impacts primarily due to the absence of losses recognized in the prior year due to the U.S. dollar strengthening against the Brazilian real and gains in the current year due to the U.S. dollar weakening against the Brazilian real and Canadian dollar, partially offset by losses in the current year due to the U.S. dollar weakening against the euro
Previous wording
($10) net benefit for take-or-pay contract costs at previously closed sites
Current wording
($3) net benefit for take-or-pay contract costs at previously closed sites
Previous wording
$2 for take-or-pay contract costs at a previously closed site
Current wording
$16 for the take-or-pay contract costs at a previously closed site
Previous wording
$12 for take-or-pay contract costs at a previously closed site
Current wording
$12 for contract termination costs at a previously closed site
Previous wording
The Provision for income taxes in the second quarter of 2025 was $10 on income before taxes of $161 or 6.2%. In comparison, the first quarter of 2025 Provision for income taxes was $120 on income before taxes of $668 or 18%.
Current wording
The Benefit from income taxes in the third quarter of 2025 was ($51) on income before taxes of $167 or (30.5%). In comparison, the second quarter of 2025 Provision for income taxes was $10 on income before taxes of $161 or 6.2%.
Previous wording
The decrease in tax expense of $110 is primarily due to decreased income in certain jurisdictions where taxes are paid and the impact of the annualized effective tax rate when applied to current period earnings.
Current wording
The restructuring charge associated with the Kwinana closure decreased the Company’s annualized effective tax rate. The benefit from income taxes in the third quarter is primarily due to the impact of the decreased annualized effective tax rate when applied to year-to-date earnings and an overall reduction in income in jurisdictions where taxes are paid.
Previous wording
The Provision for income taxes in the six-month period of 2025 was $130 on income before taxes of $829 or 15.7%. In comparison, the six-month period of 2024 Provision for income taxes was $43 on a loss before taxes of $(233) or (18.5)%.
Current wording
The Provision for income taxes in the nine-month period of 2025 was $79 on income before taxes of $996 or 7.9%. In comparison, the nine-month period of 2024 Provision for income taxes was $129 on a loss before taxes of $(49) or (263.3)%.
Previous wording
Net income (loss) attributable to noncontrolling interest of $(13) in both the second quarter and six-month period of 2025 reflects losses incurred at the San Ciprián smelter and refinery. Net income (loss) attributable to noncontrolling interest of $(44) in the six-month period of 2024 was driven by restructuring costs partially offset by favorable average realized price of alumina.
Current wording
Net loss attributable to noncontrolling interest of $(14) in the third quarter and $(27) in the nine-month period of 2025 reflects losses incurred at the San Ciprián smelter and refinery. Net loss attributable to noncontrolling interest of $(36) in the nine-month period of 2024 was driven by restructuring costs partially offset by favorable average realized price of alumina.
Previous wording
Business Update. The average API of $377 per metric ton decreased 38% compared to the prior quarter. Compared to the six-month period of 2024, the average API trended favorably, reflecting a 32% increase year-over-year.
Current wording
Business Update. The average API of $367 per metric ton decreased 3% compared to the prior quarter. Compared to the nine-month period of 2024, the average API trended favorably, reflecting a 9% increase year-over-year.
Previous wording
During the second quarter of 2025, the Company continued to evaluate engineering estimates for improvements on closed bauxite residue areas at the Poços de Caldas refinery (Brazil) to comply with impoundment stability regulations in the region by the end of 2027. Upon completion of these estimates, Alcoa may be required to record a charge in the second half of 2025.
Current wording
In September 2025, the Company recorded a charge of $42 to Cost of goods sold related to a change in closure estimates for non-operating bauxite residue areas at the Poços de Caldas refinery (Brazil) to comply with impoundment stability regulations in the region. Improvements to comply with the regulations are required to be completed between October 2026 and November 2029.
Previous wording
On July 1, 2025, Alcoa completed the sale of its full ownership interest of 25.1 % in the Saudi Arabia joint venture, which includes the Ma’aden Bauxite and Alumina Company (see Portfolio actions above).
Current wording
On July 1, 2025, Alcoa completed the sale of its full ownership interest of 25.1% in the Saudi Arabia joint venture, which includes the Ma’aden Bauxite and Alumina Company (see above).
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Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The Company is conducting a comprehensive review of the comments received and plans to submit responses to the WA EPA during the fourth quarter of 2025. Following the Company’s response to any clarifications requested by the WA EPA, the Company expects that the WA EPA will publish its assessment and recommendations by June 2026. An appeals process of the assessment and recommendations will follow ahead of Ministerial decisions which are expected by the end of 2026.
Current report — wording carried from elsewhere
Higher average realized price of aluminum and alumina
Current report — wording carried from elsewhere
Lower production costs across both segments
Current report — wording carried from elsewhere
Interest expense decreased $23 primarily as a result of:
Current report — wording carried from elsewhere
Higher alumina shipments primarily due to the San Ciprián smelter restart
Current report — wording carried from elsewhere
Lower production costs primarily related to decreased maintenance
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
The Company is actively engaged in negotiations related to the following collective bargaining agreements:
Previous report — wording carried elsewhere
Interest on $500 6.125% Senior Notes and $500 6.375% Senior Notes issued in March 2025
Previous report — wording carried elsewhere
$20 to record net additional asset retirement obligation and environmental reserves at previously closed sites
Previous report — wording carried elsewhere
Higher shipments of alumina primarily due to timing of shipments and increased trading activity, partially offset by lower sales of externally sourced alumina to satisfy certain customer commitments
Previous report — wording carried elsewhere
Lower energy costs primarily in Europe