Alcoa(NYSE:AA) 
Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through three segments: Bauxite, Alumina, and Aluminum. It engages in bauxite mining operati...
Website: https://www.alcoa.com/
Founded: 1888
Full Time Employees: 13,800
CEO: Roy Harvey
Sector: Basic Materials
Industry: Aluminum
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At a glance:
- Alcoa Highly Exposed to Aluminum Price Cyclicality: Results and outlook are heavily influenced by LME aluminum and alumina pricing, which can drive significant earnings and cash flow volatility across cycles.
- Energy and Input Costs Are Key Profit Drivers: Power prices, fuel, caustic soda, and logistics costs materially affect margins, especially in energy-intensive smelting operations.
- Portfolio Optimization and Cost Actions Remain Central: Management focus often centers on curtailments/restarts, operational efficiency, and reshaping the asset base to improve competitiveness and resilience in weaker pricing environments.
- Balance Sheet and Liquidity Are Important Through the Cycle: Maintaining ample liquidity and managing debt maturities can help bridge downturns and fund sustaining capex without excessive dilution or distressed financing.
- Regulatory and ESG Pressures Affect Long-Term Competitiveness: Decarbonization requirements, emissions compliance, and demand for low-carbon aluminum can influence capital allocation, customer mix, and potential premium opportunities.
Bull Thesis:
- Aluminum Price Recovery & Demand Rebound: Global industrial activity, particularly a potential recovery in China and strengthening demand from sectors like automotive and renewable energy, could drive a sustained rebound in aluminum prices, directly boosting Alcoa's revenue and profitability.
- Strategic Portfolio Optimization & Cost Efficiency: Alcoa's ongoing efforts to rationalize its asset base by curtailing or closing high-cost operations, coupled with internal efficiency improvements and lower input costs (e.g., caustic soda), are expected to enhance its overall cost structure and improve margin resilience.
- Green Aluminum Leadership & ESG Premium: Alcoa's investments in low-carbon aluminum production technologies (e.g., ELYSIS) and its significant hydro-powered smelting capacity position it to capitalize on growing demand for sustainable materials, potentially commanding a premium and attracting ESG-focused investors.
- Strong Balance Sheet & Capital Allocation: Despite recent challenges, Alcoa maintains a relatively healthy balance sheet. As market conditions improve, this financial strength could enable strategic investments, debt reduction, or increased shareholder returns through buybacks or dividends.
Bear Thesis:
- Persistent Weak Aluminum Prices & Oversupply: Continued sluggish global demand, particularly in Europe and North America, coupled with potential oversupply from regions like China, could keep aluminum and alumina prices depressed, severely impacting Alcoa's revenue and profitability.
- Elevated & Volatile Energy Costs: Aluminum smelting is highly energy-intensive. Persistent high natural gas and electricity prices, or unexpected spikes due to geopolitical events, could continue to squeeze Alcoa's margins, especially at its less efficient smelters.
- Global Economic Slowdown & Demand Contraction: A deeper or prolonged global economic recession would significantly reduce demand for aluminum across key end-use sectors like construction, automotive, and packaging, leading to lower sales volumes and pricing pressure for Alcoa.
- Operational Challenges & Production Disruptions: Alcoa faces inherent risks in its mining, refining, and smelting operations, including unexpected outages, labor disputes, regulatory hurdles, or technical issues, which could lead to production shortfalls and increased operational costs.
Main Competitors:
- Rio Tinto ($RIO) (Bauxite, Alumina, Primary Aluminum), A global mining and metals giant, Rio Tinto competes with Alcoa across the upstream aluminum value chain, from bauxite mining and alumina refining to primary aluminum smelting. Their vast scale, diversified operations, and strong presence in key bauxite-producing regions (like Australia) make them a formidable competitor in raw material supply and primary metal production.
- Rusal (United Company Rusal) ($RUAL.ME) (Primary Aluminum, Alumina), One of the world's largest producers of primary aluminum and alumina, Rusal directly competes with Alcoa in the global commodity markets for these materials. Their significant production capacity, particularly in primary aluminum, and focus on cost efficiency, position them as a major price influencer and competitor for market share.
- Chalco (Aluminum Corporation of China Limited) ($ACH) (Bauxite, Alumina, Primary Aluminum, Fabricated Aluminum Products), As a dominant state-owned enterprise in China, Chalco is a fully integrated aluminum producer, competing with Alcoa across the entire value chain. Its massive production scale, access to domestic resources, and significant market share within China and globally, often supported by state policies, make it a powerful competitor influencing global supply and demand dynamics.
- Norsk Hydro ASA ($NHYDY) (Bauxite, Alumina, Primary Aluminum, Rolled & Extruded Products), An integrated aluminum company with a strong focus on sustainability and renewable energy, Norsk Hydro competes with Alcoa in bauxite, alumina, and primary aluminum production. Additionally, its significant downstream operations in rolled and extruded products mean it competes for customers seeking value-added aluminum solutions, often emphasizing low-carbon aluminum.
Moat:
Alcoa operates in a highly competitive global aluminum market, where its primary moat stems from its integrated operations, significant scale in bauxite mining, alumina refining, and primary aluminum smelting, and a long-standing expertise in the industry. Its strategic focus on optimizing its asset portfolio and developing lower-carbon aluminum technologies (like ELYSIS) also contributes to its competitive edge. However, competition is intense due to the commodity nature of aluminum, making prices highly susceptible to global supply-demand imbalances and LME fluctuations. Key competitive pressures arise from large, often state-backed, producers with cost advantages (e.g., access to cheap energy or raw materials), particularly from China, as well as other global integrated players who vie for market share in both upstream raw materials and primary metal production.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
total sales | 3,193,000,000 | 2,995,000,000 | 3,018,000,000 | 3,369,000,000 | 2,904,000,000 | 2,906,000,000 | 2,599,000,000 | 2,595,000,000 | 2,602,000,000 | 2,684,000,000 | 2,670,000,000 | 2,663,000,000 | 2,851,000,000 | 3,644,000,000 | 3,293,000,000 | 3,340,000,000 | 3,109,000,000 | 2,833,000,000 | 2,870,000,000 | 2,392,000,000 | 2,365,000,000 | 2,148,000,000 | 2,381,000,000 | 2,436,000,000 | 2,567,000,000 | 2,711,000,000 | 2,719,000,000 | 3,344,000,000 | 3,390,000,000 | 3,579,000,000 | 3,090,000,000 | 3,174,000,000 | 2,964,000,000 | 2,859,000,000 | 2,655,000,000 | 2,537,000,000 | 2,329,000,000 |
yoy | 9.95% | 3.06% | 16.12% | 29.83% | 11.61% | 8.27% | -2.66% | -2.55% | -8.73% | -26.34% | -18.92% | -20.27% | -8.30% | 28.63% | 14.74% | 39.63% | 31.46% | 31.89% | 20.54% | -1.81% | -7.87% | -20.77% | -12.43% | -27.15% | -24.28% | -24.25% | -12.01% | 5.36% | 14.37% | 25.18% | 16.38% | 25.11% | 27.26% | ||||
qoq | 6.61% | -0.76% | -10.42% | 16.01% | -0.07% | 11.81% | 0.15% | -0.27% | -3.06% | 0.52% | 0.26% | -6.59% | -21.76% | 10.66% | -1.41% | 7.43% | 9.74% | -1.29% | 19.98% | 1.14% | 10.10% | -9.79% | -2.26% | -5.10% | -5.31% | -0.29% | -18.69% | -1.36% | -5.28% | 15.83% | -2.65% | 7.09% | 3.67% | 7.68% | 4.65% | 8.93% | |
cost of goods sold | 2,512,000,000 | 2,695,000,000 | 2,652,000,000 | 2,438,000,000 | 2,393,000,000 | 2,533,000,000 | 2,404,000,000 | 2,425,000,000 | 2,469,000,000 | 2,515,000,000 | 2,404,000,000 | 2,596,000,000 | 2,668,000,000 | 2,767,000,000 | 2,181,000,000 | 2,383,000,000 | 2,322,000,000 | 2,156,000,000 | 2,292,000,000 | 1,974,000,000 | 2,038,000,000 | 1,932,000,000 | 2,025,000,000 | 2,048,000,000 | 2,120,000,000 | 2,189,000,000 | 2,180,000,000 | 2,534,000,000 | 2,534,000,000 | 2,632,000,000 | 2,381,000,000 | 2,359,000,000 | 2,361,000,000 | 2,309,000,000 | 2,043,000,000 | 2,137,000,000 | 1,964,000,000 |
gross profit | 681,000,000 | 300,000,000 | 366,000,000 | 931,000,000 | 511,000,000 | 373,000,000 | 195,000,000 | 170,000,000 | 133,000,000 | 169,000,000 | 266,000,000 | 67,000,000 | 183,000,000 | 877,000,000 | 1,112,000,000 | 957,000,000 | 787,000,000 | 677,000,000 | 578,000,000 | 418,000,000 | 327,000,000 | 216,000,000 | 356,000,000 | 388,000,000 | 447,000,000 | 522,000,000 | 539,000,000 | 810,000,000 | 856,000,000 | 947,000,000 | 709,000,000 | 815,000,000 | 603,000,000 | 550,000,000 | 612,000,000 | 400,000,000 | 365,000,000 |
yoy | 33.27% | -19.57% | 87.69% | 447.65% | 284.21% | 120.71% | -26.69% | 153.73% | -27.32% | -80.73% | -76.08% | -93.00% | -76.75% | 29.54% | 92.39% | 128.95% | 140.67% | 213.43% | 62.36% | 7.73% | -26.85% | -58.62% | -33.95% | -52.10% | -47.78% | -44.88% | -23.98% | -0.61% | 41.96% | 72.18% | 15.85% | 103.75% | 65.21% | ||||
qoq | 127.00% | -18.03% | -60.69% | 82.19% | 37.00% | 91.28% | 14.71% | 27.82% | -21.30% | -36.47% | 297.01% | -63.39% | -79.13% | -21.13% | 16.20% | 21.60% | 16.25% | 17.13% | 38.28% | 27.83% | 51.39% | -39.33% | -8.25% | -13.20% | -14.37% | -3.15% | -33.46% | -5.37% | -9.61% | 33.57% | -13.01% | 35.16% | 9.64% | -10.13% | 53.00% | 9.59% | |
gross margin % | 21.33% | 10.02% | 12.13% | 27.63% | 17.60% | 12.84% | 7.50% | 6.55% | 5.11% | 6.30% | 9.96% | 2.52% | 6.42% | 24.07% | 33.77% | 28.65% | 25.31% | 23.90% | 20.14% | 17.47% | 13.83% | 10.06% | 14.95% | 15.93% | 17.41% | 19.25% | 19.82% | 24.22% | 25.25% | 26.46% | 22.94% | 25.68% | 20.34% | 19.24% | 23.05% | 15.77% | 15.67% |
selling, general administrative, and other expenses | 83,000,000 | 78,000,000 | 82,000,000 | 71,000,000 | 66,000,000 | 69,000,000 | 60,000,000 | 64,000,000 | 56,000,000 | 52,000,000 | 54,000,000 | 64,000,000 | 44,000,000 | 52,000,000 | 44,000,000 | 68,000,000 | 53,000,000 | 54,000,000 | 52,000,000 | 55,000,000 | 47,000,000 | 44,000,000 | 60,000,000 | 62,000,000 | 66,000,000 | 68,000,000 | 84,000,000 | 59,000,000 | 58,000,000 | 64,000,000 | 67,000,000 | 70,000,000 | 70,000,000 | 72,000,000 | 72,000,000 | 92,000,000 | 92,000,000 |
research and development expenses | 10,000,000 | 11,000,000 | 12,000,000 | 12,000,000 | 16,000,000 | 13,000,000 | 11,000,000 | 14,000,000 | 9,000,000 | 6,000,000 | 10,000,000 | 9,000,000 | 7,000,000 | 7,000,000 | 9,000,000 | 10,000,000 | 8,000,000 | 6,000,000 | 7,000,000 | 9,000,000 | 6,000,000 | 5,000,000 | 7,000,000 | 6,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 9,000,000 | 8,000,000 | 9,000,000 | 8,000,000 | 8,000,000 | 7,000,000 | 7,000,000 | 8,000,000 |
provision for depreciation, depletion, and amortization | 162,000,000 | 160,000,000 | 153,000,000 | 148,000,000 | 159,000,000 | 163,000,000 | 161,000,000 | 163,000,000 | 163,000,000 | 153,000,000 | 153,000,000 | 147,000,000 | 149,000,000 | 161,000,000 | 160,000,000 | 124,750,000 | 156,000,000 | 161,000,000 | 182,000,000 | 120,750,000 | 161,000,000 | 152,000,000 | 170,000,000 | 132,500,000 | 184,000,000 | 174,000,000 | 172,000,000 | 139,750,000 | 173,000,000 | 192,000,000 | 194,000,000 | 187,000,000 | 194,000,000 | 190,000,000 | 179,000,000 | 182,000,000 | 181,000,000 |
restructuring and other charges | 18,000,000 | 885,000,000 | 14,000,000 | 5,000,000 | 30,000,000 | 18,000,000 | 202,000,000 | -11,000,000 | 22,000,000 | 24,000,000 | 149,000,000 | -6,000,000 | 652,000,000 | -75,000,000 | 125,000,000 | 1,055,000,000 | 33,000,000 | 33,000,000 | 7,000,000 | 60,000,000 | 5,000,000 | 37,000,000 | 2,000,000 | 363,000,000 | 185,000,000 | 370,000,000 | 113,000,000 | 138,000,000 | 177,000,000 | 231,000,000 | -19,000,000 | 297,000,000 | -10,000,000 | 12,000,000 | 10,000,000 | 209,000,000 | 17,000,000 |
interest expense | 35,000,000 | 33,000,000 | 56,000,000 | 53,000,000 | 44,000,000 | 40,000,000 | 27,000,000 | 28,000,000 | 26,000,000 | 27,000,000 | 26,000,000 | 26,000,000 | 25,000,000 | 30,000,000 | 25,000,000 | 28,000,000 | 58,000,000 | 67,000,000 | 42,000,000 | 43,000,000 | 41,000,000 | 32,000,000 | 30,000,000 | 31,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 31,000,000 | 33,000,000 | 32,000,000 | 26,000,000 | 27,000,000 | 26,000,000 | 25,000,000 | 26,000,000 | 46,000,000 | 67,000,000 |
other incomes | -126,000,000 | -206,000,000 | -14,000,000 | -24,000,000 | |||||||||||||||||||||||||||||||||
total costs and expenses | 2,694,000,000 | 2,828,000,000 | 2,857,000,000 | 2,701,000,000 | 2,720,000,000 | 2,814,000,000 | 2,924,000,000 | 2,672,000,000 | 2,830,000,000 | 2,783,000,000 | 2,850,000,000 | 2,903,000,000 | 3,580,000,000 | 2,736,000,000 | 2,530,000,000 | 3,411,000,000 | 2,612,000,000 | 2,372,000,000 | 2,558,000,000 | 2,355,000,000 | 2,343,000,000 | 2,253,000,000 | 2,162,000,000 | 2,737,000,000 | 2,619,000,000 | 2,888,000,000 | 2,627,000,000 | 2,975,000,000 | 2,984,000,000 | 3,169,000,000 | 2,678,000,000 | 2,958,000,000 | 2,676,000,000 | 2,622,000,000 | 2,237,000,000 | 2,674,000,000 | 2,223,000,000 |
income before income taxes | 499,000,000 | 167,000,000 | 161,000,000 | 668,000,000 | 184,000,000 | 92,000,000 | -325,000,000 | -77,000,000 | -228,000,000 | -99,000,000 | -180,000,000 | -240,000,000 | -729,000,000 | 908,000,000 | 763,000,000 | -71,000,000 | 497,000,000 | 461,000,000 | 312,000,000 | 37,000,000 | 22,000,000 | -105,000,000 | 219,000,000 | -301,000,000 | -52,000,000 | -177,000,000 | 92,000,000 | 369,000,000 | 406,000,000 | 410,000,000 | 412,000,000 | 216,000,000 | 288,000,000 | 237,000,000 | 418,000,000 | -137,000,000 | 106,000,000 |
provision for income taxes | 82,000,000 | -51,000,000 | 10,000,000 | 120,000,000 | 86,000,000 | 61,000,000 | -18,000,000 | 150,000,000 | -35,000,000 | 22,000,000 | 52,000,000 | 180,000,000 | 40,000,000 | 234,000,000 | 210,000,000 | 82,750,000 | 127,000,000 | 111,000,000 | 93,000,000 | 41,750,000 | 42,000,000 | 45,000,000 | 80,000,000 | 90,250,000 | 95,000,000 | 116,000,000 | 150,000,000 | 142,250,000 | 251,000,000 | 180,000,000 | 138,000,000 | 272,000,000 | 119,000,000 | 99,000,000 | 110,000,000 | 6,000,000 | 92,000,000 |
net income | 417,000,000 | 218,000,000 | 151,000,000 | 548,000,000 | 98,000,000 | 31,000,000 | -307,000,000 | -227,000,000 | -193,000,000 | -121,000,000 | -232,000,000 | -420,000,000 | -769,000,000 | 674,000,000 | 553,000,000 | -369,000,000 | 370,000,000 | 350,000,000 | 219,000,000 | 17,000,000 | -20,000,000 | -150,000,000 | 139,000,000 | -355,000,000 | -147,000,000 | -293,000,000 | -58,000,000 | 212,000,000 | 155,000,000 | 230,000,000 | 274,000,000 | -56,000,000 | 169,000,000 | 138,000,000 | 308,000,000 | -143,000,000 | 14,000,000 |
yoy | 325.51% | 603.23% | -149.19% | -341.41% | -150.78% | -125.62% | 32.33% | -45.95% | -74.90% | -117.95% | -141.95% | 13.82% | -307.84% | 92.57% | 152.51% | -2270.59% | -1950.00% | -333.33% | 57.55% | -104.79% | -86.39% | -48.81% | -339.66% | -267.45% | -194.84% | -227.39% | -121.17% | -478.57% | -8.28% | 66.67% | -11.04% | -60.84% | 1107.14% | ||||
qoq | 91.28% | 44.37% | -72.45% | 459.18% | 216.13% | -110.10% | 35.24% | 17.62% | 59.50% | -47.84% | -44.76% | -45.38% | -214.09% | 21.88% | -249.86% | -199.73% | 5.71% | 59.82% | 1188.24% | -185.00% | -86.67% | -207.91% | -139.15% | 141.50% | -49.83% | 405.17% | -127.36% | 36.77% | -32.61% | -16.06% | -589.29% | -133.14% | 22.46% | -55.19% | -315.38% | -1121.43% | |
net income margin % | 13.06% | 7.28% | 5.00% | 16.27% | 3.37% | 1.07% | -11.81% | -8.75% | -7.42% | -4.51% | -8.69% | -15.77% | -26.97% | 18.50% | 16.79% | -11.05% | 11.90% | 12.35% | 7.63% | 0.71% | -0.85% | -6.98% | 5.84% | -14.57% | -5.73% | -10.81% | -2.13% | 6.34% | 4.57% | 6.43% | 8.87% | -1.76% | 5.70% | 4.83% | 11.60% | -5.64% | 0.60% |
less: net loss attributable to noncontrolling interest | -8,000,000 | -55,000,000 | |||||||||||||||||||||||||||||||||||
net income attributable to alcoa corporation | 425,000,000 | 232,000,000 | 164,000,000 | 548,000,000 | 90,000,000 | 20,000,000 | -150,000,000 | -168,000,000 | -102,000,000 | -231,000,000 | -395,000,000 | -746,000,000 | 549,000,000 | 469,000,000 | -392,000,000 | 337,000,000 | 309,000,000 | 175,000,000 | 80,000,000 | -303,000,000 | -221,000,000 | -402,000,000 | -199,000,000 | 43,000,000 | -41,000,000 | 75,000,000 | 150,000,000 | -196,000,000 | 113,000,000 | 75,000,000 | 225,000,000 | ||||||
earnings per share attributable to alcoa corporation common shareholders | |||||||||||||||||||||||||||||||||||||
basic | 1.61 | 0.88 | 0.63 | 2.08 | 0.39 | 0.11 | -1.41 | -0.84 | -0.94 | -0.57 | -1.3 | -2.18 | -4.17 | 3.01 | 2.54 | -2.1 | 1.8 | 1.66 | 0.94 | -0.02 | -0.26 | -1.06 | 0.43 | -1.64 | -1.19 | -2.17 | -1.07 | 0.23 | -0.22 | 0.4 | 0.81 | -1.06 | 0.61 | 0.41 | 1.23 | ||
diluted | 1.6 | 0.88 | 0.62 | 2.07 | 0.38 | 0.11 | -1.41 | -0.84 | -0.94 | -0.57 | -1.3 | -2.15 | -4.17 | 2.95 | 2.49 | -2.06 | 1.76 | 1.63 | 0.93 | -0.02 | -0.26 | -1.06 | 0.43 | -1.64 | -1.19 | -2.17 | -1.07 | 0.23 | -0.22 | 0.39 | 0.8 | -1.05 | 0.6 | 0.4 | 1.21 | ||
other expenses | -1,034,000,000 | -112,000,000 | -26,000,000 | 12,000,000 | -22,000,000 | 59,000,000 | -11,000,000 | 85,000,000 | 6,000,000 | 54,000,000 | -36,750,000 | -18,000,000 | -105,000,000 | -9,000,000 | 45,000,000 | 51,000,000 | -132,000,000 | 29,500,000 | 27,000,000 | 50,000,000 | 41,000,000 | 8,000,000 | 2,000,000 | 9,000,000 | 21,000,000 | 9,000,000 | 27,000,000 | 6,000,000 | -100,000,000 | 1,000,000 | -106,000,000 | ||||||
less: net income attributable to noncontrolling interest | -14,000,000 | -13,000,000 | 8,000,000 | 11,000,000 | -77,000,000 | -25,000,000 | -19,000,000 | -1,000,000 | -25,000,000 | -23,000,000 | 125,000,000 | 84,000,000 | 23,000,000 | 33,000,000 | 41,000,000 | 44,000,000 | 21,000,000 | 29,000,000 | 47,000,000 | 59,000,000 | -52,000,000 | 74,000,000 | 109,000,000 | 141,000,000 | 169,000,000 | 196,000,000 | 155,000,000 | 124,000,000 | 140,000,000 | 56,000,000 | 63,000,000 | 83,000,000 | -4,000,000 | 20,000,000 | |||
net loss attributable to alcoa corporation | -252,000,000 | -41,500,000 | -49,000,000 | -197,000,000 | -139,000,000 | -6,000,000 | |||||||||||||||||||||||||||||||
other expense | -46,250,000 | 35,000,000 | |||||||||||||||||||||||||||||||||||
sales to unrelated parties | 2,951,000,000 | 2,725,000,000 | 2,650,000,000 | 2,462,000,000 | 2,332,000,000 | 2,075,000,000 | |||||||||||||||||||||||||||||||
sales to related parties | 223,000,000 | 239,000,000 | 209,000,000 | 193,000,000 | 205,000,000 | 254,000,000 | |||||||||||||||||||||||||||||||
pro forma earnings per share attributable to alcoa corporation common shareholders | |||||||||||||||||||||||||||||||||||||
basic | -0.358 | -0.04 | |||||||||||||||||||||||||||||||||||
diluted | -0.358 | -0.04 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 1,353,000,000 | 1,485,000,000 | 1,514,000,000 | 1,202,000,000 | 1,313,000,000 | 1,396,000,000 | 1,358,000,000 | 944,000,000 | 926,000,000 | 990,000,000 | 1,138,000,000 | 1,363,000,000 | 1,432,000,000 | 1,638,000,000 | 1,554,000,000 | 1,814,000,000 | 1,452,000,000 | 1,652,000,000 | 2,544,000,000 | 1,607,000,000 | 1,736,000,000 | 965,000,000 | 829,000,000 | 879,000,000 | 841,000,000 | 834,000,000 | 1,017,000,000 | 1,113,000,000 | 1,022,000,000 | 1,089,000,000 | 1,196,000,000 | 1,358,000,000 | 1,119,000,000 | 954,000,000 | 804,000,000 | 853,000,000 | 241,000,000 |
receivables from customers | 1,192,000,000 | 1,045,000,000 | 979,000,000 | 1,203,000,000 | 862,000,000 | 939,000,000 | 869,000,000 | 656,000,000 | 691,000,000 | 702,000,000 | 753,000,000 | 778,000,000 | 749,000,000 | 898,000,000 | 952,000,000 | 757,000,000 | 769,000,000 | 644,000,000 | 587,000,000 | 471,000,000 | 516,000,000 | 402,000,000 | 570,000,000 | 546,000,000 | 596,000,000 | 684,000,000 | 758,000,000 | 830,000,000 | 1,017,000,000 | 1,025,000,000 | 814,000,000 | 811,000,000 | 840,000,000 | 789,000,000 | 708,000,000 | 668,000,000 | 530,000,000 |
other receivables | 209,000,000 | 149,000,000 | 225,000,000 | 144,000,000 | 145,000,000 | 135,000,000 | 132,000,000 | 152,000,000 | 105,000,000 | 104,000,000 | 99,000,000 | 131,000,000 | 119,000,000 | 124,000,000 | 98,000,000 | 127,000,000 | 92,000,000 | 100,000,000 | 90,000,000 | 85,000,000 | 95,000,000 | 105,000,000 | 95,000,000 | 114,000,000 | 228,000,000 | 203,000,000 | 184,000,000 | 173,000,000 | 176,000,000 | 170,000,000 | 187,000,000 | 232,000,000 | 193,000,000 | 206,000,000 | 174,000,000 | 166,000,000 | 162,000,000 |
inventories | 2,297,000,000 | 2,191,000,000 | 2,220,000,000 | 2,182,000,000 | 2,096,000,000 | 1,975,000,000 | 2,048,000,000 | 2,158,000,000 | 2,190,000,000 | 2,400,000,000 | 2,395,000,000 | 2,427,000,000 | 2,400,000,000 | 2,556,000,000 | 2,495,000,000 | 1,956,000,000 | 1,702,000,000 | 1,547,000,000 | 1,417,000,000 | 1,398,000,000 | 1,398,000,000 | 1,419,000,000 | 1,509,000,000 | 1,644,000,000 | 1,649,000,000 | 1,767,000,000 | 1,799,000,000 | 1,644,000,000 | 1,666,000,000 | 1,668,000,000 | 1,630,000,000 | 1,453,000,000 | 1,323,000,000 | 1,287,000,000 | 1,294,000,000 | 1,160,000,000 | 1,192,000,000 |
fair value of derivative instruments | 122,000,000 | 44,000,000 | 73,000,000 | 38,000,000 | 5,000,000 | 38,000,000 | 22,000,000 | 29,000,000 | 33,000,000 | 93,000,000 | 106,000,000 | 134,000,000 | 207,000,000 | 224,000,000 | 64,000,000 | 14,000,000 | 19,000,000 | 25,000,000 | 15,000,000 | 21,000,000 | 11,000,000 | 24,000,000 | 53,000,000 | 59,000,000 | 84,000,000 | 80,000,000 | 71,000,000 | 73,000,000 | 57,000,000 | 46,000,000 | |||||||
prepaid expenses and other current assets | 505,000,000 | 370,000,000 | 388,000,000 | 438,000,000 | 445,000,000 | 420,000,000 | 452,000,000 | 466,000,000 | 420,000,000 | 381,000,000 | 455,000,000 | 417,000,000 | 443,000,000 | 423,000,000 | 435,000,000 | 358,000,000 | 251,000,000 | 233,000,000 | 238,000,000 | 290,000,000 | 297,000,000 | 264,000,000 | 277,000,000 | 288,000,000 | 245,000,000 | 250,000,000 | 285,000,000 | 301,000,000 | 255,000,000 | 283,000,000 | 270,000,000 | 271,000,000 | 217,000,000 | 347,000,000 | 424,000,000 | 334,000,000 | 269,000,000 |
total current assets | 5,678,000,000 | 5,284,000,000 | 5,399,000,000 | 5,207,000,000 | 4,866,000,000 | 4,903,000,000 | 4,881,000,000 | 4,405,000,000 | 4,365,000,000 | 4,670,000,000 | 4,946,000,000 | 5,250,000,000 | 5,350,000,000 | 5,863,000,000 | 5,598,000,000 | 5,026,000,000 | 4,285,000,000 | 4,201,000,000 | 4,891,000,000 | 4,520,000,000 | 4,053,000,000 | 3,179,000,000 | 3,333,000,000 | 3,530,000,000 | 3,643,000,000 | 3,818,000,000 | 4,114,000,000 | 4,134,000,000 | 4,193,000,000 | 4,281,000,000 | 4,149,000,000 | 4,238,000,000 | 3,804,000,000 | 3,583,000,000 | 3,404,000,000 | 3,181,000,000 | 3,622,000,000 |
properties, plants, and equipment | 21,045,000,000 | 20,800,000,000 | 20,413,000,000 | 19,982,000,000 | 20,535,000,000 | 19,999,000,000 | 19,959,000,000 | 6,785,000,000 | 19,836,000,000 | 19,814,000,000 | 19,649,000,000 | 6,493,000,000 | 19,019,000,000 | 19,647,000,000 | 20,445,000,000 | 6,623,000,000 | 20,111,000,000 | 20,551,000,000 | 20,199,000,000 | 7,190,000,000 | 21,061,000,000 | 20,877,000,000 | 20,181,000,000 | 7,916,000,000 | 21,456,000,000 | 22,126,000,000 | 22,015,000,000 | 8,327,000,000 | 21,839,000,000 | 22,079,000,000 | 22,837,000,000 | 9,138,000,000 | 23,253,000,000 | 22,971,000,000 | 23,076,000,000 | 9,325,000,000 | 23,145,000,000 |
less: accumulated depreciation, depletion, and amortization | 14,184,000,000 | 14,171,000,000 | 13,742,000,000 | 13,485,000,000 | 13,814,000,000 | 13,496,000,000 | 13,382,000,000 | 13,304,000,000 | 13,369,000,000 | 13,223,000,000 | 12,765,000,000 | 13,190,000,000 | 13,621,000,000 | 13,432,000,000 | 13,575,000,000 | 13,269,000,000 | 13,811,000,000 | 13,588,000,000 | 13,021,000,000 | 13,527,000,000 | 13,853,000,000 | 13,687,000,000 | 13,484,000,000 | 13,523,000,000 | 13,803,000,000 | 13,971,000,000 | 13,734,000,000 | 13,642,000,000 | 13,536,000,000 | ||||||||
investments | 491,000,000 | 480,000,000 | 1,016,000,000 | 1,011,000,000 | 982,000,000 | 989,000,000 | 969,000,000 | 979,000,000 | 1,004,000,000 | 1,034,000,000 | 1,051,000,000 | 1,122,000,000 | 1,223,000,000 | 1,238,000,000 | 1,224,000,000 | 1,199,000,000 | 1,146,000,000 | 1,113,000,000 | 1,055,000,000 | 1,051,000,000 | 1,034,000,000 | 1,037,000,000 | 1,059,000,000 | 1,113,000,000 | 1,114,000,000 | 1,141,000,000 | 1,362,000,000 | 1,360,000,000 | 1,381,000,000 | 1,390,000,000 | 1,413,000,000 | 1,410,000,000 | 1,408,000,000 | 1,378,000,000 | 1,393,000,000 | 1,358,000,000 | 1,362,000,000 |
noncurrent marketable securities | 1,485,000,000 | 1,467,000,000 | |||||||||||||||||||||||||||||||||||
deferred income taxes | 663,000,000 | 524,000,000 | 317,000,000 | 306,000,000 | 329,000,000 | 311,000,000 | 295,000,000 | 333,000,000 | 395,000,000 | 320,000,000 | 340,000,000 | 296,000,000 | 417,000,000 | 445,000,000 | 667,000,000 | 506,000,000 | 698,000,000 | 729,000,000 | 653,000,000 | 655,000,000 | 540,000,000 | 482,000,000 | 425,000,000 | 642,000,000 | 560,000,000 | 599,000,000 | 604,000,000 | 560,000,000 | 599,000,000 | 612,000,000 | 700,000,000 | 814,000,000 | 862,000,000 | 784,000,000 | 814,000,000 | 741,000,000 | 753,000,000 |
other noncurrent assets | 1,420,000,000 | 1,538,000,000 | 1,528,000,000 | 1,542,000,000 | 1,643,000,000 | 1,601,000,000 | 1,605,000,000 | 1,650,000,000 | 1,618,000,000 | 1,654,000,000 | 1,605,000,000 | 1,593,000,000 | 1,621,000,000 | 1,691,000,000 | 1,655,000,000 | 1,664,000,000 | 1,387,000,000 | 1,416,000,000 | 1,402,000,000 | 1,444,000,000 | 1,372,000,000 | 1,308,000,000 | 1,228,000,000 | 1,412,000,000 | 1,377,000,000 | 1,463,000,000 | 1,480,000,000 | 1,475,000,000 | 1,615,000,000 | 1,635,000,000 | 1,701,000,000 | 1,719,000,000 | 1,745,000,000 | 1,688,000,000 | 1,674,000,000 | 1,668,000,000 | 1,534,000,000 |
total assets | 16,640,000,000 | 15,969,000,000 | 14,990,000,000 | 14,574,000,000 | 14,542,000,000 | 14,307,000,000 | 14,328,000,000 | 14,155,000,000 | 13,917,000,000 | 14,128,000,000 | 14,369,000,000 | 14,756,000,000 | 14,885,000,000 | 15,709,000,000 | 15,988,000,000 | 15,025,000,000 | 14,197,000,000 | 14,438,000,000 | 14,931,000,000 | 14,860,000,000 | 14,250,000,000 | 13,300,000,000 | 13,651,000,000 | 14,631,000,000 | 14,670,000,000 | 15,349,000,000 | 15,956,000,000 | 15,938,000,000 | 16,185,000,000 | 16,518,000,000 | 17,096,000,000 | 17,447,000,000 | 17,254,000,000 | 16,929,000,000 | 17,076,000,000 | 16,741,000,000 | 17,305,000,000 |
liabilities | |||||||||||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||||||||||
accounts payable, trade | 1,771,000,000 | 1,618,000,000 | 1,633,000,000 | 1,629,000,000 | 1,544,000,000 | 1,619,000,000 | 1,586,000,000 | 1,714,000,000 | 1,472,000,000 | 1,491,000,000 | 1,489,000,000 | 1,757,000,000 | 1,590,000,000 | 1,752,000,000 | 1,645,000,000 | 1,674,000,000 | 1,482,000,000 | 1,392,000,000 | 1,284,000,000 | 1,403,000,000 | 1,360,000,000 | 1,253,000,000 | 1,276,000,000 | 1,484,000,000 | 1,418,000,000 | 1,523,000,000 | 1,503,000,000 | 1,663,000,000 | 1,711,000,000 | 1,752,000,000 | 1,813,000,000 | 1,898,000,000 | 1,618,000,000 | 1,508,000,000 | 1,434,000,000 | 1,455,000,000 | 1,252,000,000 |
accrued compensation and retirement costs | 349,000,000 | 370,000,000 | 354,000,000 | 318,000,000 | 363,000,000 | 358,000,000 | 331,000,000 | 357,000,000 | 337,000,000 | 340,000,000 | 332,000,000 | 335,000,000 | 329,000,000 | 341,000,000 | 357,000,000 | 383,000,000 | 378,000,000 | 378,000,000 | 365,000,000 | 395,000,000 | 408,000,000 | 393,000,000 | 353,000,000 | 413,000,000 | 404,000,000 | 409,000,000 | 383,000,000 | 400,000,000 | 420,000,000 | 421,000,000 | 416,000,000 | 459,000,000 | 450,000,000 | 445,000,000 | 425,000,000 | 456,000,000 | 433,000,000 |
taxes, including income taxes | 310,000,000 | 339,000,000 | 246,000,000 | 94,000,000 | 109,000,000 | 119,000,000 | 94,000,000 | 88,000,000 | 110,000,000 | 67,000,000 | 207,000,000 | 230,000,000 | 301,000,000 | 343,000,000 | 358,000,000 | 374,000,000 | 218,000,000 | 126,000,000 | 92,000,000 | 91,000,000 | 57,000,000 | 96,000,000 | 78,000,000 | 104,000,000 | 81,000,000 | 100,000,000 | 395,000,000 | 426,000,000 | 417,000,000 | 323,000,000 | 325,000,000 | 282,000,000 | 166,000,000 | 144,000,000 | 176,000,000 | 147,000,000 | 110,000,000 |
other current liabilities | 828,000,000 | 730,000,000 | 678,000,000 | 665,000,000 | 712,000,000 | 740,000,000 | 746,000,000 | 578,000,000 | 500,000,000 | 532,000,000 | 543,000,000 | 481,000,000 | 566,000,000 | 567,000,000 | 591,000,000 | 517,000,000 | 551,000,000 | 538,000,000 | 554,000,000 | 525,000,000 | 415,000,000 | 451,000,000 | 435,000,000 | 494,000,000 | 484,000,000 | 427,000,000 | 437,000,000 | 347,000,000 | 319,000,000 | 353,000,000 | 294,000,000 | 412,000,000 | 376,000,000 | 492,000,000 | 568,000,000 | 742,000,000 | 390,000,000 |
long-term debt due within one year | 1,000,000 | 75,000,000 | 75,000,000 | 464,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 745,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | 13,000,000 | 15,000,000 | 16,000,000 | 17,000,000 | 19,000,000 | 20,000,000 | 21,000,000 | 21,000,000 | |
total current liabilities | 3,826,000,000 | 3,386,000,000 | 3,272,000,000 | 3,039,000,000 | 3,459,000,000 | 3,166,000,000 | 3,041,000,000 | 3,030,000,000 | 2,624,000,000 | 2,596,000,000 | 2,785,000,000 | 3,004,000,000 | 2,954,000,000 | 3,236,000,000 | 3,466,000,000 | 3,223,000,000 | 2,929,000,000 | 2,671,000,000 | 3,221,000,000 | 2,761,000,000 | 2,303,000,000 | 2,241,000,000 | 2,223,000,000 | 2,563,000,000 | 2,455,000,000 | 2,531,000,000 | 2,803,000,000 | 2,919,000,000 | 3,004,000,000 | 3,013,000,000 | 2,976,000,000 | 3,252,000,000 | 2,766,000,000 | 2,608,000,000 | 2,623,000,000 | 2,821,000,000 | 2,206,000,000 |
long-term debt, less amount due within one year | 2,441,000,000 | 2,578,000,000 | 2,574,000,000 | 2,573,000,000 | 2,469,000,000 | 2,469,000,000 | 2,469,000,000 | 1,732,000,000 | 1,809,000,000 | 1,808,000,000 | 1,806,000,000 | 1,806,000,000 | 1,725,000,000 | 1,725,000,000 | 1,727,000,000 | 1,726,000,000 | 1,724,000,000 | 2,216,000,000 | 2,214,000,000 | 2,463,000,000 | 2,538,000,000 | 1,800,000,000 | 1,801,000,000 | 1,799,000,000 | 1,805,000,000 | 1,804,000,000 | 1,802,000,000 | 1,801,000,000 | 1,820,000,000 | 1,916,000,000 | 1,445,000,000 | 1,388,000,000 | 1,384,000,000 | 1,418,000,000 | 1,431,000,000 | 1,424,000,000 | 1,457,000,000 |
accrued pension benefits | 248,000,000 | 227,000,000 | 235,000,000 | 239,000,000 | 258,000,000 | 264,000,000 | 267,000,000 | 278,000,000 | 225,000,000 | 242,000,000 | 207,000,000 | 213,000,000 | 370,000,000 | 369,000,000 | 407,000,000 | 417,000,000 | 633,000,000 | 682,000,000 | 1,393,000,000 | 1,492,000,000 | 1,566,000,000 | 1,602,000,000 | 1,455,000,000 | 1,505,000,000 | 1,389,000,000 | 1,388,000,000 | 1,387,000,000 | 1,407,000,000 | 1,210,000,000 | 1,580,000,000 | 2,218,000,000 | 2,341,000,000 | 1,703,000,000 | 1,748,000,000 | 1,813,000,000 | 1,851,000,000 | 1,580,000,000 |
accrued other postretirement benefits | 421,000,000 | 391,000,000 | 397,000,000 | 406,000,000 | 422,000,000 | 427,000,000 | 437,000,000 | 443,000,000 | 440,000,000 | 445,000,000 | 472,000,000 | 480,000,000 | 616,000,000 | 626,000,000 | 642,000,000 | 650,000,000 | 652,000,000 | 661,000,000 | 671,000,000 | 744,000,000 | 770,000,000 | 711,000,000 | 729,000,000 | 749,000,000 | 820,000,000 | 835,000,000 | 851,000,000 | 868,000,000 | 926,000,000 | 1,025,000,000 | 1,075,000,000 | 1,100,000,000 | 1,076,000,000 | 1,094,000,000 | 1,154,000,000 | 1,166,000,000 | 1,221,000,000 |
asset retirement obligations | 1,094,000,000 | 1,207,000,000 | 688,000,000 | 683,000,000 | 789,000,000 | 699,000,000 | 718,000,000 | 772,000,000 | 830,000,000 | 717,000,000 | 722,000,000 | 711,000,000 | 611,000,000 | 634,000,000 | 637,000,000 | 622,000,000 | 554,000,000 | 584,000,000 | 596,000,000 | 625,000,000 | 553,000,000 | 565,000,000 | 548,000,000 | 606,000,000 | 491,000,000 | 529,000,000 | 543,000,000 | 529,000,000 | 528,000,000 | 560,000,000 | 631,000,000 | 617,000,000 | 627,000,000 | 632,000,000 | 635,000,000 | 604,000,000 | 549,000,000 |
environmental remediation | 203,000,000 | 205,000,000 | 185,000,000 | 169,000,000 | 182,000,000 | 191,000,000 | 197,000,000 | 202,000,000 | 225,000,000 | 215,000,000 | 230,000,000 | 226,000,000 | 262,000,000 | 254,000,000 | 264,000,000 | 265,000,000 | 260,000,000 | 262,000,000 | 278,000,000 | 293,000,000 | 289,000,000 | 277,000,000 | 289,000,000 | 296,000,000 | 238,000,000 | 237,000,000 | 243,000,000 | 236,000,000 | 248,000,000 | 237,000,000 | 234,000,000 | 258,000,000 | 270,000,000 | 266,000,000 | 263,000,000 | 264,000,000 | 201,000,000 |
noncurrent income taxes | 87,000,000 | 109,000,000 | 79,000,000 | 53,000,000 | 74,000,000 | 133,000,000 | 134,000,000 | 193,000,000 | 207,000,000 | 221,000,000 | 208,000,000 | 215,000,000 | 201,000,000 | 204,000,000 | 192,000,000 | 191,000,000 | 182,000,000 | 191,000,000 | 204,000,000 | 209,000,000 | 244,000,000 | 245,000,000 | 299,000,000 | 276,000,000 | 299,000,000 | 320,000,000 | 300,000,000 | 301,000,000 | 297,000,000 | 256,000,000 | 285,000,000 | 309,000,000 | 318,000,000 | 348,000,000 | 352,000,000 | 310,000,000 | 351,000,000 |
other noncurrent liabilities and deferred credits | 513,000,000 | 506,000,000 | 463,000,000 | 644,000,000 | 632,000,000 | 591,000,000 | 606,000,000 | 568,000,000 | 538,000,000 | 514,000,000 | 527,000,000 | 486,000,000 | 442,000,000 | 502,000,000 | 601,000,000 | 599,000,000 | 524,000,000 | 550,000,000 | 558,000,000 | 515,000,000 | 493,000,000 | 332,000,000 | 332,000,000 | 370,000,000 | 338,000,000 | 340,000,000 | 364,000,000 | 222,000,000 | 237,000,000 | 243,000,000 | 249,000,000 | 279,000,000 | 303,000,000 | 616,000,000 | 642,000,000 | 604,000,000 | 614,000,000 |
total liabilities | 9,749,000,000 | 9,538,000,000 | 8,755,000,000 | 8,656,000,000 | 9,292,000,000 | 8,891,000,000 | 8,794,000,000 | 8,310,000,000 | 7,825,000,000 | 7,670,000,000 | 8,073,000,000 | 8,167,000,000 | 7,993,000,000 | 8,417,000,000 | 9,731,000,000 | 8,741,000,000 | 8,736,000,000 | 9,020,000,000 | 10,058,000,000 | 9,844,000,000 | 9,231,000,000 | 7,976,000,000 | 7,840,000,000 | 8,745,000,000 | 8,260,000,000 | 8,490,000,000 | 8,873,000,000 | 8,544,000,000 | 8,900,000,000 | 9,410,000,000 | 9,579,000,000 | 10,649,000,000 | 9,136,000,000 | 8,730,000,000 | 8,913,000,000 | 9,044,000,000 | 8,179,000,000 |
contingencies and commitments | |||||||||||||||||||||||||||||||||||||
mezzanine equity | |||||||||||||||||||||||||||||||||||||
noncontrolling interest | 65,000,000 | 86,000,000 | 100,000,000 | 103,000,000 | 1,517,000,000 | 1,540,000,000 | 1,594,000,000 | 1,583,000,000 | 1,616,000,000 | 1,606,000,000 | 1,513,000,000 | 1,521,000,000 | 1,626,000,000 | 1,678,000,000 | 1,612,000,000 | 1,583,000,000 | 1,649,000,000 | 1,625,000,000 | 1,705,000,000 | 1,624,000,000 | 1,619,000,000 | 1,536,000,000 | 1,774,000,000 | 1,871,000,000 | 1,964,000,000 | 1,926,000,000 | 2,005,000,000 | 2,069,000,000 | 2,084,000,000 | 2,149,000,000 | 2,275,000,000 | 2,256,000,000 | 2,245,000,000 | 2,287,000,000 | 2,043,000,000 | 2,146,000,000 | |
equity | |||||||||||||||||||||||||||||||||||||
common stock | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |
additional capital | 11,577,000,000 | 11,570,000,000 | 11,560,000,000 | 11,548,000,000 | 11,487,000,000 | 9,196,000,000 | 9,184,000,000 | 9,187,000,000 | 9,179,000,000 | 9,173,000,000 | 9,162,000,000 | 9,183,000,000 | 9,171,000,000 | 9,313,000,000 | 9,537,000,000 | 9,577,000,000 | 9,708,000,000 | 9,695,000,000 | 9,674,000,000 | 9,663,000,000 | 9,661,000,000 | 9,655,000,000 | 9,647,000,000 | 9,639,000,000 | 9,638,000,000 | 9,629,000,000 | 9,618,000,000 | 9,611,000,000 | 9,656,000,000 | 9,650,000,000 | 9,633,000,000 | 9,590,000,000 | 9,584,000,000 | 9,559,000,000 | 9,553,000,000 | 9,531,000,000 | |
retained earnings | 127,000,000 | 606,000,000 | 114,000,000 | 96,000,000 | 371,000,000 | 341,000,000 | 298,000,000 | 339,000,000 | 263,000,000 | 113,000,000 | 309,000,000 | 196,000,000 | 121,000,000 | ||||||||||||||||||||||||
accumulated other comprehensive loss | -4,881,000,000 | -4,770,000,000 | -4,764,000,000 | -4,935,000,000 | -4,742,000,000 | -3,737,000,000 | -3,628,000,000 | -3,645,000,000 | -3,547,000,000 | -3,394,000,000 | -3,655,000,000 | -3,539,000,000 | -3,644,000,000 | -4,255,000,000 | -5,074,000,000 | -4,592,000,000 | -5,928,000,000 | -5,687,000,000 | -5,878,000,000 | -5,629,000,000 | -5,547,000,000 | -5,280,000,000 | -4,898,000,000 | -4,974,000,000 | -4,849,000,000 | -4,705,000,000 | -4,834,000,000 | -4,565,000,000 | -4,740,000,000 | -4,967,000,000 | -4,530,000,000 | -5,182,000,000 | -4,033,000,000 | -3,803,000,000 | -3,800,000,000 | -3,775,000,000 | -4,478,000,000 |
total equity | 6,826,000,000 | 6,345,000,000 | 6,135,000,000 | 5,815,000,000 | 5,250,000,000 | 5,416,000,000 | 5,534,000,000 | 5,845,000,000 | 6,092,000,000 | 6,458,000,000 | 6,296,000,000 | 6,589,000,000 | 6,892,000,000 | 7,292,000,000 | 6,257,000,000 | 6,284,000,000 | 5,461,000,000 | 5,418,000,000 | 4,873,000,000 | 5,016,000,000 | 5,019,000,000 | 5,324,000,000 | 5,811,000,000 | 5,886,000,000 | 6,410,000,000 | 6,859,000,000 | 7,083,000,000 | 7,394,000,000 | 7,285,000,000 | 7,108,000,000 | 7,517,000,000 | 6,798,000,000 | 8,118,000,000 | 8,199,000,000 | 8,163,000,000 | 7,697,000,000 | 9,126,000,000 |
total liabilities, mezzanine equity, and equity | 16,640,000,000 | 15,969,000,000 | 14,990,000,000 | 14,574,000,000 | |||||||||||||||||||||||||||||||||
preferred stock | |||||||||||||||||||||||||||||||||||||
accumulated deficit | -458,000,000 | -664,000,000 | -801,000,000 | -1,498,000,000 | -1,562,000,000 | -1,564,000,000 | -1,293,000,000 | -1,125,000,000 | -939,000,000 | -819,000,000 | -570,000,000 | -158,000,000 | -315,000,000 | -241,000,000 | -550,000,000 | -725,000,000 | -721,000,000 | -672,000,000 | -476,000,000 | ||||||||||||||||||
alcoa corporation shareholders’ equity: | |||||||||||||||||||||||||||||||||||||
total alcoa corporation shareholders’ equity | 5,250,000,000 | 3,899,000,000 | 3,994,000,000 | 4,251,000,000 | 4,509,000,000 | 4,842,000,000 | 4,690,000,000 | 5,076,000,000 | 5,371,000,000 | 5,666,000,000 | 4,579,000,000 | 4,672,000,000 | 3,878,000,000 | 3,769,000,000 | 3,248,000,000 | 3,311,000,000 | 3,395,000,000 | 3,705,000,000 | 4,275,000,000 | 4,112,000,000 | 4,539,000,000 | 4,895,000,000 | 5,157,000,000 | 5,389,000,000 | 5,216,000,000 | 5,024,000,000 | 5,368,000,000 | 4,523,000,000 | 5,862,000,000 | 5,954,000,000 | 5,876,000,000 | 5,654,000,000 | |||||
total liabilities and equity | 14,542,000,000 | 14,307,000,000 | 14,328,000,000 | 14,155,000,000 | 13,917,000,000 | 14,128,000,000 | 14,369,000,000 | 14,756,000,000 | 14,885,000,000 | 15,709,000,000 | 15,988,000,000 | 15,025,000,000 | 14,197,000,000 | 14,438,000,000 | 14,931,000,000 | 14,860,000,000 | 14,250,000,000 | 13,300,000,000 | 13,651,000,000 | 14,631,000,000 | 14,670,000,000 | 15,349,000,000 | 15,956,000,000 | 15,938,000,000 | 16,185,000,000 | 16,518,000,000 | 17,096,000,000 | 17,447,000,000 | 17,254,000,000 | 16,929,000,000 | 17,076,000,000 | 16,741,000,000 | 17,305,000,000 | ||||
assets held for sale | 648,000,000 | ||||||||||||||||||||||||||||||||||||
liabilities held for sale | 242,000,000 | ||||||||||||||||||||||||||||||||||||
retained | -555,000,000 | -252,000,000 | -31,000,000 | ||||||||||||||||||||||||||||||||||
fair value of derivative contracts | 52,000,000 | 113,000,000 | 112,000,000 | 259,000,000 | 357,000,000 | 468,000,000 | 270,000,000 | ||||||||||||||||||||||||||||||
parent company net investment | 11,458,000,000 | ||||||||||||||||||||||||||||||||||||
retained deficit | -104,000,000 | ||||||||||||||||||||||||||||||||||||
restricted cash | 1,228,000,000 | ||||||||||||||||||||||||||||||||||||
goodwill | 155,000,000 | ||||||||||||||||||||||||||||||||||||
total parent company investment and accumulated other comprehensive loss | 6,980,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash from operations | 488,000,000 | 75,000,000 | 143,000,000 | 287,000,000 | -223,000,000 | 6,000,000 | 158,000,000 | 168,000,000 | |||||||||||||||||||||||||||
net income | 417,000,000 | 218,000,000 | 151,000,000 | 548,000,000 | -227,000,000 | -193,000,000 | -121,000,000 | -232,000,000 | -420,000,000 | -769,000,000 | 674,000,000 | 553,000,000 | 370,000,000 | 350,000,000 | 219,000,000 | 139,000,000 | -58,000,000 | 212,000,000 | 155,000,000 | 230,000,000 | 274,000,000 | -56,000,000 | 169,000,000 | 138,000,000 | 308,000,000 | ||||||||||
adjustments to reconcile net income to cash from operations: | |||||||||||||||||||||||||||||||||||
depreciation, depletion, and amortization | 162,000,000 | 160,000,000 | 153,000,000 | 148,000,000 | 159,000,000 | 163,000,000 | 161,000,000 | 163,000,000 | 163,000,000 | 153,000,000 | 153,000,000 | 147,000,000 | 149,000,000 | 161,000,000 | 160,000,000 | 156,000,000 | 161,000,000 | 182,000,000 | 170,000,000 | 161,000,000 | 152,000,000 | 170,000,000 | 183,000,000 | 184,000,000 | 174,000,000 | 172,000,000 | 174,000,000 | 172,000,000 | 193,000,000 | 194,000,000 | 188,000,000 | 195,000,000 | 190,000,000 | 179,000,000 | 182,000,000 |
deferred income taxes | 76,000,000 | -277,000,000 | 22,000,000 | 50,000,000 | 67,000,000 | -12,000,000 | -63,000,000 | 134,000,000 | -120,000,000 | -12,000,000 | -24,000,000 | 126,000,000 | 0 | 97,000,000 | -4,000,000 | 13,000,000 | 30,000,000 | 18,000,000 | -14,000,000 | -6,000,000 | -29,000,000 | 23,000,000 | -44,000,000 | -5,000,000 | 31,000,000 | 33,000,000 | -20,000,000 | 15,000,000 | -20,000,000 | -11,000,000 | 112,000,000 | 14,000,000 | 27,000,000 | 23,000,000 | -799,000,000 |
equity loss, net of dividends | 6,000,000 | -9,000,000 | 10,000,000 | -31,000,000 | 23,000,000 | 38,000,000 | |||||||||||||||||||||||||||||
restructuring and other charges | 18,000,000 | 885,000,000 | 14,000,000 | 5,000,000 | 30,000,000 | 18,000,000 | 202,000,000 | -11,000,000 | 22,000,000 | 24,000,000 | 149,000,000 | -6,000,000 | 652,000,000 | -75,000,000 | 125,000,000 | 33,000,000 | 33,000,000 | 7,000,000 | 60,000,000 | 5,000,000 | 37,000,000 | 2,000,000 | 363,000,000 | 185,000,000 | 370,000,000 | 113,000,000 | 138,000,000 | 177,000,000 | 231,000,000 | -19,000,000 | 297,000,000 | -10,000,000 | 12,000,000 | 10,000,000 | 209,000,000 |
net loss from investing activities – asset sales | -1,000,000 | 3,000,000 | 1,000,000 | 6,000,000 | 11,000,000 | -1,000,000 | 1,000,000 | 18,000,000 | |||||||||||||||||||||||||||
mark-to-market gain on noncurrent marketable securities | -88,000,000 | ||||||||||||||||||||||||||||||||||
net periodic pension benefit cost | 6,000,000 | 5,000,000 | 4,000,000 | 5,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 15,000,000 | 11,000,000 | 14,000,000 | 14,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 35,000,000 | 36,000,000 | 34,000,000 | 33,000,000 | 29,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 31,000,000 | 34,000,000 | 41,000,000 | 40,000,000 | 28,000,000 | 28,000,000 | 27,000,000 | 28,000,000 | 23,000,000 |
stock-based compensation | 13,000,000 | 10,000,000 | 12,000,000 | 11,000,000 | 9,000,000 | 12,000,000 | 10,000,000 | 8,000,000 | 6,000,000 | 11,000,000 | 10,000,000 | 12,000,000 | 8,000,000 | 11,000,000 | 9,000,000 | 8,000,000 | 10,000,000 | 8,000,000 | 1,000,000 | 7,000,000 | 9,000,000 | 8,000,000 | 1,000,000 | 8,000,000 | 11,000,000 | 10,000,000 | 6,000,000 | 9,000,000 | 10,000,000 | 10,000,000 | 3,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 4,000,000 |
gain on mark-to-market derivative financial contracts | -2,000,000 | -18,000,000 | 39,000,000 | ||||||||||||||||||||||||||||||||
other | 9,000,000 | 16,000,000 | 14,000,000 | 35,000,000 | 2,000,000 | 11,000,000 | 20,000,000 | 11,000,000 | 8,000,000 | 11,000,000 | 48,000,000 | 23,000,000 | 2,000,000 | 6,000,000 | 22,000,000 | 16,000,000 | 29,000,000 | -1,000,000 | 21,000,000 | 6,000,000 | 1,000,000 | 4,000,000 | 11,000,000 | -5,000,000 | 1,000,000 | 23,000,000 | 5,000,000 | -32,000,000 | -18,000,000 | -14,000,000 | 1,000,000 | 34,000,000 | -12,000,000 | 9,000,000 | -28,000,000 |
changes in assets and liabilities, excluding effects of divestitures and foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
increase in receivables | -117,000,000 | -85,000,000 | |||||||||||||||||||||||||||||||||
increase in inventories | -183,000,000 | 33,000,000 | 77,000,000 | -136,000,000 | -16,000,000 | 16,000,000 | -102,000,000 | ||||||||||||||||||||||||||||
decrease in prepaid expenses and other current assets | -7,000,000 | 40,000,000 | 87,000,000 | -35,000,000 | 29,000,000 | -6,000,000 | -10,000,000 | 59,000,000 | 4,000,000 | -19,000,000 | 1,000,000 | 57,000,000 | 8,000,000 | 2,000,000 | 11,000,000 | 13,000,000 | 2,000,000 | 13,000,000 | -30,000,000 | ||||||||||||||||
decrease in accounts payable, trade | -195,000,000 | -27,000,000 | -27,000,000 | -206,000,000 | -92,000,000 | 41,000,000 | -98,000,000 | -273,000,000 | |||||||||||||||||||||||||||
decrease in accrued expenses | -94,000,000 | -89,000,000 | 58,000,000 | -206,000,000 | -58,000,000 | -8,000,000 | -22,000,000 | -14,000,000 | -71,000,000 | -3,000,000 | -45,000,000 | -51,000,000 | -19,000,000 | ||||||||||||||||||||||
decrease in taxes, including income taxes | -26,000,000 | 94,000,000 | -133,000,000 | -13,000,000 | |||||||||||||||||||||||||||||||
pension contributions | -3,000,000 | -2,000,000 | -2,000,000 | -12,000,000 | -4,000,000 | -4,000,000 | -6,000,000 | -4,000,000 | -11,000,000 | -5,000,000 | -4,000,000 | -5,000,000 | -3,000,000 | -5,000,000 | -4,000,000 | -5,000,000 | -507,000,000 | -63,000,000 | -260,000,000 | -24,000,000 | -11,000,000 | -48,000,000 | -106,000,000 | -12,000,000 | -48,000,000 | -7,000,000 | -52,000,000 | -248,000,000 | -652,000,000 | -40,000,000 | -24,000,000 | -35,000,000 | -26,000,000 | -21,000,000 | -21,000,000 |
increase in noncurrent assets | -68,000,000 | -31,000,000 | -113,000,000 | 7,000,000 | -23,000,000 | -3,000,000 | |||||||||||||||||||||||||||||
decrease in noncurrent liabilities | -102,000,000 | 1,000,000 | -27,000,000 | -65,000,000 | -41,000,000 | -33,000,000 | -39,000,000 | -34,000,000 | 45,000,000 | -46,000,000 | -58,000,000 | 33,000,000 | -37,000,000 | ||||||||||||||||||||||
cash provided from operations | -179,000,000 | 198,000,000 | 69,000,000 | -13,000,000 | -163,000,000 | 118,000,000 | 134,000,000 | 536,000,000 | 34,000,000 | 435,000,000 | -90,000,000 | 262,000,000 | 174,000,000 | 535,000,000 | 288,000,000 | -430,000,000 | 55,000,000 | 455,000,000 | 384,000,000 | 311,000,000 | 74,000,000 | 239,000,000 | |||||||||||||
financing activities | |||||||||||||||||||||||||||||||||||
additions to debt | 104,000,000 | 0 | 7,000,000 | 1,033,000,000 | 0 | 24,000,000 | 965,000,000 | 47,000,000 | 55,000,000 | 0 | 25,000,000 | 0 | 0 | 495,000,000 | 0 | 7,000,000 | 0 | 492,000,000 | 61,000,000 | 18,000,000 | 0 | 1,000,000 | 2,000,000 | ||||||||||||
payments on debt | -4,000,000 | -79,000,000 | -44,000,000 | -946,000,000 | -19,000,000 | -45,000,000 | -221,000,000 | -33,000,000 | -23,000,000 | -15,000,000 | -1,000,000 | -518,000,000 | -30,000,000 | -98,000,000 | -3,000,000 | -4,000,000 | -5,000,000 | -45,000,000 | -5,000,000 | -5,000,000 | -18,000,000 | ||||||||||||||
dividends paid on alcoa preferred stock | 0 | ||||||||||||||||||||||||||||||||||
dividends paid on alcoa common stock | -27,000,000 | -26,000,000 | -26,000,000 | -26,000,000 | -26,000,000 | -18,000,000 | -19,000,000 | -18,000,000 | -18,000,000 | -18,000,000 | -18,000,000 | -17,000,000 | -18,000,000 | -19,000,000 | -18,000,000 | ||||||||||||||||||||
payments related to tax withholding on stock-based compensation awards | -11,000,000 | 0 | 0 | -5,000,000 | 0 | 0 | -15,000,000 | 0 | 0 | 0 | -34,000,000 | 0 | 0 | 0 | -19,000,000 | ||||||||||||||||||||
financial contributions for the divestiture of businesses | -1,000,000 | -3,000,000 | -2,000,000 | -7,000,000 | -5,000,000 | -7,000,000 | -8,000,000 | -19,000,000 | -11,000,000 | -14,000,000 | -14,000,000 | -10,000,000 | -6,000,000 | -3,000,000 | -1,000,000 | -7,000,000 | -6,000,000 | -8,000,000 | -6,000,000 | -12,000,000 | -12,000,000 | ||||||||||||||
contributions from noncontrolling interest | 0 | 0 | 27,000,000 | 0 | 4,000,000 | 61,000,000 | 24,000,000 | 42,000,000 | 36,000,000 | 86,000,000 | 64,000,000 | 67,000,000 | 37,000,000 | 46,000,000 | 0 | 8,000,000 | 10,000,000 | 20,000,000 | 1,000,000 | 20,000,000 | 40,000,000 | 0 | 56,000,000 | 53,000,000 | 24,000,000 | 0 | 32,000,000 | 24,000,000 | |||||||
cash from financing activities | 60,000,000 | -67,000,000 | 77,000,000 | -84,000,000 | -75,000,000 | 754,000,000 | 35,000,000 | -24,000,000 | 40,000,000 | -185,000,000 | -849,000,000 | 428,000,000 | 692,000,000 | -71,000,000 | -44,000,000 | -199,000,000 | -147,000,000 | -698,000,000 | |||||||||||||||||
investing activities | |||||||||||||||||||||||||||||||||||
capital expenditures | -119,000,000 | -188,000,000 | -145,000,000 | -115,000,000 | -83,000,000 | -171,000,000 | -128,000,000 | -107,000,000 | -74,000,000 | -83,000,000 | -91,000,000 | -134,000,000 | -87,000,000 | -148,000,000 | -82,000,000 | -95,000,000 | -74,000,000 | -150,000,000 | -96,000,000 | -88,000,000 | -71,000,000 | -146,000,000 | |||||||||||||
free cash flows | -298,000,000 | 10,000,000 | -76,000,000 | -128,000,000 | -246,000,000 | -53,000,000 | 6,000,000 | 429,000,000 | -40,000,000 | 352,000,000 | -181,000,000 | 128,000,000 | 87,000,000 | 387,000,000 | 206,000,000 | -525,000,000 | -19,000,000 | 305,000,000 | 288,000,000 | 223,000,000 | 3,000,000 | 93,000,000 | |||||||||||||
proceeds from the sale of assets | 4,000,000 | 0 | 1,000,000 | 1,000,000 | 0 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 10,000,000 | 114,000,000 | 591,000,000 | -1,000,000 | 0 | 199,000,000 | 12,000,000 | 0 | 11,000,000 | ||||||||||||||||
additions to investments | -15,000,000 | -13,000,000 | -14,000,000 | -15,000,000 | -13,000,000 | 0 | -17,000,000 | -19,000,000 | -15,000,000 | -16,000,000 | -20,000,000 | 0 | -11,000,000 | 0 | -21,000,000 | -4,000,000 | -1,000,000 | -2,000,000 | -6,000,000 | -3,000,000 | -2,000,000 | -1,000,000 | 0 | -1,000,000 | -110,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -22,000,000 | -8,000,000 | -11,000,000 | -25,000,000 | 0 | ||
cash from investing activities | -129,000,000 | -11,000,000 | -132,000,000 | -108,000,000 | -153,000,000 | -164,000,000 | -117,000,000 | -197,000,000 | -166,000,000 | -120,000,000 | -102,000,000 | -171,000,000 | -138,000,000 | -93,000,000 | -93,000,000 | -77,000,000 | 34,000,000 | 514,000,000 | -117,000,000 | -78,000,000 | -79,000,000 | 107,000,000 | -134,000,000 | -76,000,000 | -199,000,000 | -59,000,000 | -148,000,000 | -83,000,000 | -100,000,000 | -74,000,000 | -170,000,000 | -100,000,000 | -87,000,000 | 131,000,000 | 1,082,000,000 |
effect of exchange rate changes on cash and cash equivalents and restricted cash | 3,000,000 | 3,000,000 | 23,000,000 | 12,000,000 | 11,000,000 | -10,000,000 | -6,000,000 | 3,000,000 | 2,000,000 | 11,000,000 | -18,000,000 | -11,000,000 | 9,000,000 | -9,000,000 | 9,000,000 | -11,000,000 | 13,000,000 | -1,000,000 | -2,000,000 | -24,000,000 | 4,000,000 | -10,000,000 | 5,000,000 | -6,000,000 | -3,000,000 | 6,000,000 | -11,000,000 | 4,000,000 | |||||||
net change in cash and cash equivalents and restricted cash | -245,000,000 | -28,000,000 | 312,000,000 | 56,000,000 | -83,000,000 | 38,000,000 | 408,000,000 | 17,000,000 | -67,000,000 | -154,000,000 | -223,000,000 | -67,000,000 | -207,000,000 | 83,000,000 | -259,000,000 | -196,000,000 | -892,000,000 | 937,000,000 | -129,000,000 | 771,000,000 | 136,000,000 | -51,000,000 | 39,000,000 | 7,000,000 | -183,000,000 | -96,000,000 | 90,000,000 | -69,000,000 | -108,000,000 | -162,000,000 | |||||
cash and cash equivalents and restricted cash at beginning of year | 1,692,000,000 | 0 | 0 | 1,234,000,000 | 0 | 0 | 1,047,000,000 | 0 | 0 | 0 | 1,474,000,000 | 0 | 0 | 0 | 1,924,000,000 | 0 | 0 | 1,610,000,000 | 0 | 0 | 0 | 883,000,000 | 0 | 0 | 0 | 1,116,000,000 | 0 | 0 | 0 | 1,365,000,000 | |||||
cash and cash equivalents and restricted cash at end of period | 1,447,000,000 | -28,000,000 | 312,000,000 | 1,290,000,000 | -83,000,000 | 38,000,000 | 1,455,000,000 | -67,000,000 | -154,000,000 | 1,251,000,000 | 1,665,000,000 | -196,000,000 | -892,000,000 | 2,547,000,000 | 771,000,000 | 136,000,000 | 832,000,000 | 7,000,000 | -183,000,000 | 1,020,000,000 | -69,000,000 | -108,000,000 | 1,203,000,000 | ||||||||||||
net | -355,000,000 | -147,000,000 | -120,000,000 | ||||||||||||||||||||||||||||||||
(gain) loss on mark-to-market derivative financial contracts | |||||||||||||||||||||||||||||||||||
decrease (increase) in receivables | 156,000,000 | 33,000,000 | 7,000,000 | ||||||||||||||||||||||||||||||||
decrease (increase) in prepaid expenses and other current assets | -19,000,000 | 10,000,000 | |||||||||||||||||||||||||||||||||
increase in taxes, including income taxes | 192,000,000 | -79,000,000 | -27,000,000 | -15,000,000 | 52,000,000 | 18,000,000 | -49,000,000 | -24,000,000 | 103,000,000 | 24,000,000 | 88,000,000 | 14,000,000 | -2,000,000 | -299,000,000 | -43,000,000 | -7,000,000 | 147,000,000 | 17,000,000 | 84,000,000 | 96,000,000 | |||||||||||||||
distributions to noncontrolling interest | -17,000,000 | -26,000,000 | -6,000,000 | -6,000,000 | -2,000,000 | -16,000,000 | -6,000,000 | -60,000,000 | -74,000,000 | -83,000,000 | -162,000,000 | -40,000,000 | -75,000,000 | -62,000,000 | -55,000,000 | -46,000,000 | -75,000,000 | -31,000,000 | -84,000,000 | -102,000,000 | -72,000,000 | -214,000,000 | -261,000,000 | -181,000,000 | -118,000,000 | -267,000,000 | -98,000,000 | -89,000,000 | -98,000,000 | -57,000,000 | |||||
acquisition of noncontrolling interest | |||||||||||||||||||||||||||||||||||
cash (used for) provided from financing activities | -209,000,000 | -81,000,000 | -115,000,000 | -78,000,000 | -260,000,000 | ||||||||||||||||||||||||||||||
sale of investments | 150,000,000 | 0 | 0 | ||||||||||||||||||||||||||||||||
mezzanine equity | |||||||||||||||||||||||||||||||||||
non- controlling interest | |||||||||||||||||||||||||||||||||||
balance at january 1, 2024 | |||||||||||||||||||||||||||||||||||
other comprehensive income | |||||||||||||||||||||||||||||||||||
net effect of tax withholding for compensation plans and exercise of stock options | |||||||||||||||||||||||||||||||||||
contributions | |||||||||||||||||||||||||||||||||||
distributions | |||||||||||||||||||||||||||||||||||
balance at march 31, 2024 | |||||||||||||||||||||||||||||||||||
other comprehensive loss | |||||||||||||||||||||||||||||||||||
balance at june 30, 2024 | |||||||||||||||||||||||||||||||||||
balance at september 30, 2024 | |||||||||||||||||||||||||||||||||||
balance at january 1, 2025 | |||||||||||||||||||||||||||||||||||
joint venture formation | |||||||||||||||||||||||||||||||||||
balance at march 31, 2025 | |||||||||||||||||||||||||||||||||||
balance at june 30, 2025 | |||||||||||||||||||||||||||||||||||
balance at september 30, 2025 | |||||||||||||||||||||||||||||||||||
equity income, net of dividends | -13,000,000 | 15,000,000 | -1,000,000 | 14,000,000 | |||||||||||||||||||||||||||||||
net loss from investing activities – asset and investment sales | |||||||||||||||||||||||||||||||||||
decrease in receivables | 81,000,000 | -71,000,000 | -212,000,000 | 37,000,000 | 31,000,000 | 40,000,000 | -98,000,000 | 194,000,000 | -70,000,000 | 42,000,000 | 43,000,000 | -108,000,000 | |||||||||||||||||||||||
decrease in inventories | 44,000,000 | -155,000,000 | -78,000,000 | 86,000,000 | 71,000,000 | 144,000,000 | 5,000,000 | 17,000,000 | -116,000,000 | -68,000,000 | 37,000,000 | 143,000,000 | 41,000,000 | 17,000,000 | -24,000,000 | ||||||||||||||||||||
decrease in noncurrent assets | -50,000,000 | -47,000,000 | 16,000,000 | 9,000,000 | -29,000,000 | -12,000,000 | -22,000,000 | -13,000,000 | 32,000,000 | ||||||||||||||||||||||||||
loss on mark-to-market derivative financial contracts | -5,000,000 | 35,000,000 | -21,000,000 | 2,000,000 | 27,000,000 | ||||||||||||||||||||||||||||||
net loss | 98,000,000 | 31,000,000 | -307,000,000 | -20,000,000 | |||||||||||||||||||||||||||||||
adjustments to reconcile net loss to cash from operations: | |||||||||||||||||||||||||||||||||||
proceeds from the exercise of employee stock options | 0 | 0 | 0 | 1,000,000 | 0 | 0 | 1,000,000 | 21,000,000 | 5,000,000 | 10,000,000 | 4,000,000 | 0 | 1,000,000 | 0 | 1,000,000 | 0 | 1,000,000 | 7,000,000 | 15,000,000 | 5,000,000 | 20,000,000 | ||||||||||||||
equity loss | |||||||||||||||||||||||||||||||||||
net gain from investing activities—asset sales | |||||||||||||||||||||||||||||||||||
premium paid on early redemption of debt | 18,000,000 | ||||||||||||||||||||||||||||||||||
decrease | 26,000,000 | 58,000,000 | |||||||||||||||||||||||||||||||||
increase in accounts payable, trade | 199,000,000 | -108,000,000 | 121,000,000 | -30,000,000 | -30,000,000 | 268,000,000 | 90,000,000 | ||||||||||||||||||||||||||||
repurchase of common stock | 0 | -150,000,000 | -275,000,000 | -75,000,000 | |||||||||||||||||||||||||||||||
cash provided from (used for) financing activities | |||||||||||||||||||||||||||||||||||
proceeds from the sale of assets and businesses | 2,000,000 | 0 | 5,000,000 | 238,000,000 | 0 | ||||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash at end of year | |||||||||||||||||||||||||||||||||||
balance at december 31, 2020 | |||||||||||||||||||||||||||||||||||
balance at december 31, 2021 | |||||||||||||||||||||||||||||||||||
balance at december 31, 2022 | |||||||||||||||||||||||||||||||||||
other comprehensive | |||||||||||||||||||||||||||||||||||
balance at december 31, 2023 | |||||||||||||||||||||||||||||||||||
equity loss (earnings), net of dividends | 93,000,000 | ||||||||||||||||||||||||||||||||||
balance at december 31, 2019 | |||||||||||||||||||||||||||||||||||
common stock issued: compensation plans | |||||||||||||||||||||||||||||||||||
equity earnings, net of dividends | 26,000,000 | -36,000,000 | -25,000,000 | -38,000,000 | -35,000,000 | -11,000,000 | 1,000,000 | 4,000,000 | 9,000,000 | -2,000,000 | 17,000,000 | -3,000,000 | 28,000,000 | 0 | -5,000,000 | -6,000,000 | |||||||||||||||||||
net gain from investing activities – asset sales | 2,000,000 | 4,000,000 | 1,000,000 | -8,000,000 | -97,000,000 | -27,000,000 | 2,000,000 | 1,000,000 | -177,000,000 | -5,000,000 | 7,000,000 | -8,000,000 | 2,000,000 | -5,000,000 | 1,000,000 | ||||||||||||||||||||
increase in prepaid expenses and other current assets | -15,000,000 | ||||||||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash (q) at end of period | -207,000,000 | ||||||||||||||||||||||||||||||||||
balance at january 1, 2021 | 0 | 0 | 2,000,000 | ||||||||||||||||||||||||||||||||
balance at march 31, 2021 | 0 | 0 | 2,000,000 | ||||||||||||||||||||||||||||||||
balance at june 30, 2021 | 0 | ||||||||||||||||||||||||||||||||||
balance at september 30, 2021 | |||||||||||||||||||||||||||||||||||
balance at january 1, 2022 | 0 | 0 | 2,000,000 | ||||||||||||||||||||||||||||||||
balance at march 31, 2022 | 0 | 0 | 2,000,000 | ||||||||||||||||||||||||||||||||
balance at june 30, 2022 | 0 | ||||||||||||||||||||||||||||||||||
balance at september 30, 2022 | |||||||||||||||||||||||||||||||||||
benefit from bad debt expense | 0 | 1,000,000 | |||||||||||||||||||||||||||||||||
(increase) in receivables | -120,000,000 | -212,000,000 | 166,000,000 | 0 | -37,000,000 | ||||||||||||||||||||||||||||||
(increase) in inventories | -479,000,000 | -12,000,000 | -98,000,000 | -169,000,000 | |||||||||||||||||||||||||||||||
(decrease) in accounts payable, trade | -81,000,000 | -64,000,000 | 96,000,000 | -62,000,000 | -121,000,000 | -55,000,000 | 15,000,000 | -159,000,000 | -106,000,000 | -45,000,000 | |||||||||||||||||||||||||
increase in accrued expenses | -72,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||
(decrease) in taxes, including income taxes | -42,000,000 | -1,000,000 | -11,000,000 | -27,000,000 | -17,000,000 | ||||||||||||||||||||||||||||||
decrease (increase) in noncurrent assets | 29,000,000 | ||||||||||||||||||||||||||||||||||
(decrease) in noncurrent liabilities | -37,000,000 | -25,000,000 | -27,000,000 | -31,000,000 | -12,000,000 | -15,000,000 | -3,000,000 | -6,000,000 | -7,000,000 | -23,000,000 | 19,000,000 | -20,000,000 | |||||||||||||||||||||||
(decrease) in accrued expenses | 13,000,000 | -46,000,000 | -35,000,000 | -85,000,000 | -28,000,000 | -96,000,000 | -33,000,000 | -18,000,000 | -31,000,000 | -45,000,000 | -57,000,000 | -186,000,000 | -243,000,000 | -82,000,000 | -57,000,000 | -181,000,000 | 18,000,000 | ||||||||||||||||||
(increase) in noncurrent assets | -18,000,000 | 0 | 8,000,000 | -22,000,000 | -10,000,000 | -12,000,000 | -40,000,000 | -36,000,000 | -13,000,000 | -42,000,000 | |||||||||||||||||||||||||
third quarter ended september 30, 2020 | |||||||||||||||||||||||||||||||||||
balance at june 30, 2020 | |||||||||||||||||||||||||||||||||||
balance at september 30, 2020 | |||||||||||||||||||||||||||||||||||
third quarter ended september 30, 2021 | |||||||||||||||||||||||||||||||||||
nine months ended september 30, 2020 | |||||||||||||||||||||||||||||||||||
nine months ended september 30, 2021 | |||||||||||||||||||||||||||||||||||
provision for bad debt expense | 0 | 0 | 2,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||
balance at december 31, 2017 | 0 | 0 | 0 | 2,000,000 | |||||||||||||||||||||||||||||||
balance at december 31, 2018 | 0 | 0 | |||||||||||||||||||||||||||||||||
increase in noncurrent liabilities | -43,000,000 | 1,000,000 | -39,000,000 | -50,000,000 | 55,000,000 | ||||||||||||||||||||||||||||||
cash paid to former parent company related to separation | |||||||||||||||||||||||||||||||||||
net change in short-term borrowings | 5,000,000 | -1,000,000 | 1,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||
balance at december 31, 2016 | 0 | 2,000,000 | |||||||||||||||||||||||||||||||||
third quarter ended september 30, 2018 | |||||||||||||||||||||||||||||||||||
balance at june 30, 2018 | 0 | ||||||||||||||||||||||||||||||||||
balance at september 30, 2018 | |||||||||||||||||||||||||||||||||||
third quarter ended september 30, 2019 | |||||||||||||||||||||||||||||||||||
balance at june 30, 2019 | 0 | ||||||||||||||||||||||||||||||||||
balance at september 30, 2019 | |||||||||||||||||||||||||||||||||||
nine months ended september 30, 2018 | |||||||||||||||||||||||||||||||||||
nine months ended september 30, 2019 | |||||||||||||||||||||||||||||||||||
changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
second quarter ended june 30, 2018 | |||||||||||||||||||||||||||||||||||
balance at march 31, 2018 | 0 | 2,000,000 | |||||||||||||||||||||||||||||||||
second quarter ended june 30, 2019 | |||||||||||||||||||||||||||||||||||
balance at march 31, 2019 | |||||||||||||||||||||||||||||||||||
six months ended june 30, 2018 | |||||||||||||||||||||||||||||||||||
six months ended june 30, 2019 | |||||||||||||||||||||||||||||||||||
changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
net transfers from former parent company | |||||||||||||||||||||||||||||||||||
sales of investments | 0 | ||||||||||||||||||||||||||||||||||
balance at december 31, 2015 | 0 | 0 | 0 | 11,042,000,000 | |||||||||||||||||||||||||||||||
establishment of additional defined benefit plans | |||||||||||||||||||||||||||||||||||
change in parent company net investment | -161,000,000 | 117,000,000 | -282,000,000 | 316,000,000 | |||||||||||||||||||||||||||||||
cash provided at separation to parent company | |||||||||||||||||||||||||||||||||||
separation-related adjustments | |||||||||||||||||||||||||||||||||||
issuance of common stock | |||||||||||||||||||||||||||||||||||
balance at march 31, 2017 | 0 | 2,000,000 | |||||||||||||||||||||||||||||||||
balance at june 30, 2017 | |||||||||||||||||||||||||||||||||||
net transfers from (to) former parent company | |||||||||||||||||||||||||||||||||||
net change in restricted cash | 7,000,000 | -11,000,000 | |||||||||||||||||||||||||||||||||
effect of exchange rate changes on cash and cash equivalents | 7,000,000 | -4,000,000 | 4,000,000 | 6,000,000 | -11,000,000 | ||||||||||||||||||||||||||||||
net change in cash and cash equivalents | 239,000,000 | 165,000,000 | 150,000,000 | -49,000,000 | 612,000,000 | ||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of year | 0 | 0 | 0 | 853,000,000 | 0 | ||||||||||||||||||||||||||||||
cash and cash equivalents at end of year | |||||||||||||||||||||||||||||||||||
balance at december 31, 2014 | |||||||||||||||||||||||||||||||||||
net transfers from parent company | |||||||||||||||||||||||||||||||||||
cash paid to arconic related to separation | 0 | -9,000,000 | -238,000,000 | ||||||||||||||||||||||||||||||||
cash and cash equivalents at end of period | 165,000,000 | 150,000,000 | 804,000,000 | ||||||||||||||||||||||||||||||||
balance at june 30, 2016 | 0 | ||||||||||||||||||||||||||||||||||
establishment of defined benefit plans | |||||||||||||||||||||||||||||||||||
balance at september 30, 2016 | |||||||||||||||||||||||||||||||||||
balance at september 30, 2017 | |||||||||||||||||||||||||||||||||||
balance at march 31, 2016 | 0 | 11,148,000,000 | |||||||||||||||||||||||||||||||||
proceeds from exercise of employee stock options | 18,000,000 | ||||||||||||||||||||||||||||||||||
net transfers from (to) parent company | 395,000,000 | ||||||||||||||||||||||||||||||||||
other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||
change in unrecognized net actuarial loss and prior service cost/benefit related to pension and other postretirement benefits | |||||||||||||||||||||||||||||||||||
foreign currency translation adjustments | |||||||||||||||||||||||||||||||||||
net change in unrecognized gains/losses on cash flow hedges | |||||||||||||||||||||||||||||||||||
total other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||||||||||||
assets | |||||||||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||||||||
cash and cash equivalents | |||||||||||||||||||||||||||||||||||
restricted cash | |||||||||||||||||||||||||||||||||||
receivables from customers | |||||||||||||||||||||||||||||||||||
other receivables | |||||||||||||||||||||||||||||||||||
inventories | |||||||||||||||||||||||||||||||||||
prepaid expenses and other current assets | |||||||||||||||||||||||||||||||||||
total current assets | |||||||||||||||||||||||||||||||||||
properties, plants, and equipment | |||||||||||||||||||||||||||||||||||
less: accumulated depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||||
goodwill | |||||||||||||||||||||||||||||||||||
investments | |||||||||||||||||||||||||||||||||||
fair value of derivative contracts | |||||||||||||||||||||||||||||||||||
other noncurrent assets | |||||||||||||||||||||||||||||||||||
total assets | |||||||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||||||||
accounts payable, trade | |||||||||||||||||||||||||||||||||||
accrued compensation and retirement costs | |||||||||||||||||||||||||||||||||||
taxes, including income taxes | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||
long-term debt due within one year | |||||||||||||||||||||||||||||||||||
total current liabilities | |||||||||||||||||||||||||||||||||||
long-term debt, less amount due within one year | |||||||||||||||||||||||||||||||||||
accrued pension benefits | |||||||||||||||||||||||||||||||||||
accrued other postretirement benefits | |||||||||||||||||||||||||||||||||||
environmental remediation | |||||||||||||||||||||||||||||||||||
asset retirement obligations | |||||||||||||||||||||||||||||||||||
noncurrent income taxes | |||||||||||||||||||||||||||||||||||
other noncurrent liabilities and deferred credits | |||||||||||||||||||||||||||||||||||
total liabilities | |||||||||||||||||||||||||||||||||||
contingencies and commitments | |||||||||||||||||||||||||||||||||||
equity | |||||||||||||||||||||||||||||||||||
parent company net investment | |||||||||||||||||||||||||||||||||||
accumulated other comprehensive loss | |||||||||||||||||||||||||||||||||||
total parent company investment and accumulated other comprehensive loss | |||||||||||||||||||||||||||||||||||
noncontrolling interest | |||||||||||||||||||||||||||||||||||
total equity | |||||||||||||||||||||||||||||||||||
total liabilities and equity | |||||||||||||||||||||||||||||||||||
distributions to noncontrolling interests |