Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Results, Capital Expenditures and Assets of Alcoa's Reportable Segments

The operating results, capital expenditures, and assets of Alcoa Corporation’s reportable segments were as follows (differences between segment totals and consolidated amounts are in Corporate):

	Alumina			Aluminum			Total
First quarter ended March 31, 2025
Sales:
Third-party sales	$	1,463		$	1,901		$	3,364
Intersegment sales		712			4			716
Total sales	$	2,175		$	1,905		$	4,080
Adjusted operating costs(1)		723			1,574			2,297
Other segment items(2)		788			197			985
Segment Adjusted EBITDA	$	664		$	134		$	798
Supplemental information:
Depreciation, depletion, and amortization	$	76		$	67		$	143
Equity income (loss)		15			(6	)		9
Capital expenditures		53			37			90
First quarter ended March 31, 2024
Sales:
Third-party sales	$	961		$	1,638		$	2,599
Intersegment sales		395			4			399
Total sales	$	1,356		$	1,642		$	2,998
Adjusted operating costs(1)		796			1,279			2,075
Other segment items(2)		421			313			734
Segment Adjusted EBITDA	$	139		$	50		$	189
Supplemental information:
Depreciation, depletion, and amortization	$	87		$	68		$	155
Equity (loss) income		(11	)		2			(9	)
Capital expenditures		57			41			98
March 31, 2025
Assets:
Equity investments	$	443		$	553		$	996
Segment assets		6,295			6,269			12,564
December 31, 2024
Assets:
Equity investments	$	420		$	546		$	966
Segment assets		6,138			6,129			12,267

(1)Adjusted operating costs include all production related costs for alumina or aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses.

(2)Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges; Selling, general administrative, and other expenses; and Research and development expenses.

Schedule of Segment Adjusted EBITDA to Consolidated Net Income (Loss) Attributable to Alcoa Corporation

The following table reconciles Total Segment Adjusted EBITDA to Consolidated net income (loss) attributable to Alcoa Corporation:

	First quarter ended March 31,
	2025			2024
Total Segment Adjusted EBITDA	$	798		$	189
Unallocated amounts:
Transformation(1)		(12	)		(14	)
Intersegment eliminations		103			(8	)
Corporate expenses(2)		(37	)		(34	)
Provision for depreciation, depletion, and amortization		(148	)		(161	)
Restructuring and other charges, net (D)		(5	)		(202	)
Interest expense		(53	)		(27	)
Other income (expenses), net (P)		26			(59	)
Other(3)		(4	)		(9	)
Consolidated income (loss) before income taxes		668			(325	)
(Provision for) benefit from income taxes		(120	)		18
Net loss attributable to noncontrolling interest		—			55
Consolidated net income (loss) attributable to Alcoa Corporation	$	548		$	(252	)

(1)Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.

(2)Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.

(3)Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.

Schedule of Sales by Product Division

The following table details Alcoa Corporation’s Sales by product division:

	First quarter ended March 31,
	2025			2024
Aluminum	$	1,955		$	1,661
Alumina		1,211			890
Bauxite		242			61
Energy		33			33
Other(1)		(72	)		(46	)
	$	3,369		$	2,599

(1)Other includes realized gains and losses related to embedded derivative instruments designated as cash flow hedges of forward sales of aluminum (see Note M).