Alcoa demonstrated strong operational performance and strategic advancements, including a favorable tax ruling and successful sale of its stake in Ma'aden joint ventures. Despite these achievements, the company faced significant challenges with revenue decline, increased tariff costs, and reduced net income. The long-term outlook for aluminum demand remains positive, but short-term pressures are evident.

Company Guidance

During Alcoa Corporation's second quarter 2025 earnings call, the company provided guidance on several key financial and operational metrics. Revenue declined by 10% sequentially to $3 billion, with a notable decrease in the Alumina segment's third-party revenue by 28%, while the Aluminum segment saw a 3% increase. Net income attributable to Alcoa was $164 million, a significant drop from the previous quarter's $548 million, with earnings per share decreasing to $0.62. Adjusted net income was $103 million, or $0.39 per share, and adjusted EBITDA stood at $313 million. The company faced increased costs due to U.S. Section 232 tariffs, impacting adjusted EBITDA by $542 million. Alcoa ended the quarter with $1.5 billion in cash, and positive free cash flow of $357 million was reported. Looking ahead, Alcoa adjusted its annual outlook for aluminum shipments down to 2.5-2.6 million metric tons and increased its interest expense outlook to $180 million. The company anticipates a third-quarter operational tax expense of $50-60 million and expects to manage higher tariff costs, with third-quarter tariff costs projected at approximately $215 million.

Strong Operational Performance

The company reported strong operational performance in the second quarter, with no fatal or serious injuries, and injury rates trending below full-year 2024 benchmarks.

Sale of Ma'aden Joint Ventures

Alcoa closed the sale of its 25.1% stake in the Ma'aden joint ventures for a total value of $1.35 billion, consisting of $1.2 billion in Ma'aden shares and $150 million in cash.

Favorable Tax Ruling in Australia

Alcoa successfully concluded a 5-year tax dispute in Australia with a favorable ruling, affirming that no additional tax was owed.

Positive Free Cash Flow

The company reported positive free cash flow for the quarter of $357 million.

Promising Long-term Aluminum Demand

Robust long-term demand forecast for aluminum driven by global megatrends across key sectors such as transportation, construction, and packaging.

Alcoa (AA) Earnings, Revenues Date & History

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AA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	0.26 / -	0.57	―	―	―
Jul 16, 2025	2025 (Q2)	0.32 / 0.39	0.16	143.75% (+0.23)
Apr 16, 2025	2025 (Q1)	1.68 / 2.15	-0.81	365.43% (+2.96)
Jan 22, 2025	2024 (Q4)	0.95 / 1.04	-0.56	285.71% (+1.60)
Oct 16, 2024	2024 (Q3)	0.25 / 0.57	-1.14	150.00% (+1.71)
Jul 17, 2024	2024 (Q2)	0.08 / 0.16	-0.35	145.71% (+0.51)
Apr 17, 2024	2024 (Q1)	-0.64 / -0.81	-0.23	-252.17% (-0.58)
Jan 17, 2024	2023 (Q4)	-0.85 / -0.56	-0.7	20.00% (+0.14)
Oct 18, 2023	2023 (Q3)	-1.05 / -1.14	-0.33	-245.45% (-0.81)
Jul 19, 2023	2023 (Q2)	-0.45 / -0.35	2.67	-113.11% (-3.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 16, 2025	$28.46	$29.29	+2.92%
Apr 16, 2025	$24.90	$23.16	-6.99%
Jan 22, 2025	$38.39	$36.98	-3.67%
Oct 16, 2024	$41.55	$39.85	-4.09%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.