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Segment Information (Tables)
 6 Months Ended
Jun. 30, 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

 

Second quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,051

 

 

$

1,956

 

 

$

3,007

 

Intersegment sales

 

 

 

467

 

 

 

5

 

 

 

472

 

Total sales

 

 

$

1,518

 

 

$

1,961

 

 

$

3,479

 

Adjusted operating costs(1)

 

 

 

770

 

 

 

1,578

 

 

 

2,348

 

Other segment items(2)

 

 

 

609

 

 

 

286

 

 

 

895

 

Segment Adjusted EBITDA

 

 

$

139

 

 

$

97

 

 

$

236

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

80

 

 

$

66

 

 

$

146

 

Equity (loss) income

 

 

 

(9

)

 

 

3

 

 

 

(6

)

Capital expenditures

 

 

 

73

 

 

 

54

 

 

 

127

 

Second quarter ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,010

 

 

$

1,895

 

 

$

2,905

 

Intersegment sales

 

 

 

457

 

 

 

3

 

 

 

460

 

Total sales

 

 

$

1,467

 

 

$

1,898

 

 

$

3,365

 

Adjusted operating costs(1)

 

 

 

814

 

 

 

1,342

 

 

 

2,156

 

Other segment items(2)

 

 

 

467

 

 

 

323

 

 

 

790

 

Segment Adjusted EBITDA

 

 

$

186

 

 

$

233

 

 

$

419

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

90

 

 

$

68

 

 

$

158

 

Equity income

 

 

 

2

 

 

 

21

 

 

 

23

 

Capital expenditures

 

 

 

109

 

 

 

49

 

 

 

158

 

 

 

 

 

Alumina

 

 

Aluminum

 

 

Total

 

Six months ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

2,514

 

 

$

3,857

 

 

$

6,371

 

Intersegment sales

 

 

 

1,179

 

 

 

9

 

 

 

1,188

 

Total sales

 

 

$

3,693

 

 

$

3,866

 

 

$

7,559

 

Adjusted operating costs(1)

 

 

 

1,493

 

 

 

3,152

 

 

 

4,645

 

Other segment items(2)

 

 

 

1,397

 

 

 

483

 

 

 

1,880

 

Segment Adjusted EBITDA

 

 

$

803

 

 

$

231

 

 

$

1,034

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

156

 

 

$

133

 

 

$

289

 

Equity income (loss)

 

 

 

6

 

 

 

(3

)

 

 

3

 

Capital expenditures

 

 

 

126

 

 

 

91

 

 

 

217

 

Six months ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

Sales:

 

 

 

 

 

 

 

 

 

 

Third-party sales

 

 

$

1,971

 

 

$

3,533

 

 

$

5,504

 

Intersegment sales

 

 

 

852

 

 

 

7

 

 

 

859

 

Total sales

 

 

$

2,823

 

 

$

3,540

 

 

$

6,363

 

Adjusted operating costs(1)

 

 

 

1,610

 

 

 

2,621

 

 

 

4,231

 

Other segment items(2)

 

 

 

888

 

 

 

636

 

 

 

1,524

 

Segment Adjusted EBITDA

 

 

$

325

 

 

$

283

 

 

$

608

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

$

177

 

 

$

136

 

 

$

313

 

Equity (loss) income

 

 

 

(9

)

 

 

23

 

 

 

14

 

Capital expenditures

 

 

 

166

 

 

 

90

 

 

 

256

 
(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.

 

 

 

 

Alumina

 

 

Aluminum

 

 

Total

 

June 30, 2025

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Equity investments

 

 

$

444

 

 

$

568

 

 

$

1,012

 

Segment assets

 

 

 

6,119

 

 

 

6,289

 

 

 

12,408

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Equity investments

 

 

$

420

 

 

$

546

 

 

$

966

 

Segment assets

 

 

 

6,138

 

 

 

6,129

 

 

 

12,267

 

 
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:

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Segment Adjusted EBITDA

 

$

236

 

 

$

419

 

 

$

1,034

 

 

$

608

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Transformation(1)

 

 

(21

)

 

 

(16

)

 

 

(33

)

 

 

(30

)

Intersegment eliminations

 

 

135

 

 

 

(29

)

 

 

238

 

 

 

(37

)

Corporate expenses(2)

 

 

(45

)

 

 

(41

)

 

 

(82

)

 

 

(75

)

Provision for depreciation, depletion, and amortization

 

 

(153

)

 

 

(163

)

 

 

(301

)

 

 

(324

)

Restructuring and other charges, net (D)

 

 

(14

)

 

 

(18

)

 

 

(19

)

 

 

(220

)

Interest expense

 

 

(56

)

 

 

(40

)

 

 

(109

)

 

 

(67

)

Other income (expenses), net (P)

 

 

112

 

 

 

22

 

 

 

138

 

 

 

(37

)

Other(3)

 

 

(33

)

 

 

(42

)

 

 

(37

)

 

 

(51

)

Consolidated income (loss) before income taxes

 

 

161

 

 

 

92

 

 

 

829

 

 

 

(233

)

Provision for income taxes

 

 

(10

)

 

 

(61

)

 

 

(130

)

 

 

(43

)

Net loss (income) attributable to noncontrolling interest

 

 

13

 

 

 

(11

)

 

 

13

 

 

 

44

 

Consolidated net income (loss) attributable to Alcoa Corporation

 

$

164

 

 

$

20

 

 

$

712

 

 

$

(232

)

 

(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:

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Aluminum

 

$

1,993

 

 

$

1,934

 

 

$

3,948

 

 

$

3,595

 

Alumina

 

 

830

 

 

 

904

 

 

 

2,041

 

 

 

1,794

 

Bauxite

 

 

203

 

 

 

96

 

 

 

445

 

 

 

157

 

Energy

 

 

38

 

 

 

29

 

 

 

71

 

 

 

62

 

Other(1)

 

 

(46

)

 

 

(57

)

 

 

(118

)

 

 

(103

)

 

$

3,018

 

 

$

2,906

 

 

$

6,387

 

 

$

5,505

 

 

(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).