$HWM

ALCOA INC

CIK:0000004281|SEC Filings

Statement of Consolidated Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 534	$ 407	$ 1,114	$ 751
Other comprehensive (loss) income, net of tax (J):
Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits	4	3	8	6
Foreign currency translation adjustments	(10)	117	(42)	162
Net change in unrecognized (losses) gains on cash flow hedges	0	(39)	10	(39)
Total Other comprehensive (loss) income, net of tax	(6)	81	(24)	129
Comprehensive income	$ 528	$ 488	$ 1,090	$ 880

Statement of Consolidated Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 1,114	$ 751
Adjustments to reconcile net income to cash provided from operations:
Depreciation and amortization	158	138
Deferred income taxes	9	12
Restructuring and other credits	(93)	(4)
Net realized and unrealized losses	8	11
Net periodic pension cost (F)	23	21
Stock-based compensation	57	39
Other	5	2
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Increase in receivables (K)	(196)	(170)
Increase in inventories (L)	(165)	(81)
(Increase) decrease in prepaid expenses and other current assets	(53)	6
Increase in accounts payable, trade	279	74
Decrease in accrued expenses	(59)	(47)
Decrease in taxes, including income taxes	(27)	(20)
Pension contributions	(21)	(15)
Increase in noncurrent assets	(7)	(2)
Increase (decrease) in noncurrent liabilities	4	(16)
Cash provided from operations	1,036	699
Financing Activities
Net change in commercial paper (O)	450	0
Additions to debt (O)	1,200	0
Repurchases and payments on debt (O)	(186)	(77)
Debt issuance costs (O)	(12)	0
Repurchases of common stock	(600)	(300)
Dividends paid to shareholders	(97)	(83)
Taxes paid for net share settlement of equity awards	(65)	(44)
Other	(5)	(2)
Cash provided from (used for) financing activities	685	(506)
Investing Activities
Capital expenditures (D)	(198)	(221)
Acquisitions, net of cash acquired (C)	(1,929)	0
Proceeds from the sale of assets and businesses (C)	225	8
Other	2	1
Cash used for investing activities	(1,900)	(212)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	0
Net change in cash, cash equivalents and restricted cash	(179)	(19)
Cash, cash equivalents and restricted cash at beginning of period	743	565
Cash, cash equivalents and restricted cash at end of period	$ 564	$ 546

Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 563	$ 742
Receivables from customers, less allowances of $— in both 2026 and 2025 (K)	1,040	779
Inventories (L)	2,183	1,849
Prepaid expenses and other current assets	407	409
Total current assets	4,193	3,779
Properties, plants, and equipment, net (M)	2,817	2,593
Goodwill	5,084	4,022
Deferred income taxes	48	40
Intangibles, net	869	457
Other noncurrent assets (N)	240	288
Total assets	13,251	11,179
Current liabilities:
Accounts payable, trade (Q)	1,149	845
Accrued compensation and retirement costs	304	343
Taxes, including income taxes (H)	87	77
Accrued interest payable	62	47
Deferred revenue	119	147
Other current liabilities (N)(Q)	134	121
Long-term debt due within one year (O)	1	191
Short-term borrowings (O)	450	0
Total current liabilities	2,306	1,771
Long-term debt, less amount due within one year (O)(P)	4,050	2,859
Accrued pension benefits (F)	511	546
Accrued other postretirement benefits (F)	34	38
Other noncurrent liabilities and deferred credits (N)	618	612
Total liabilities	7,519	5,826
Contingencies and commitments (Q)
Howmet Aerospace shareholders’ equity:
Common stock	400	402
Additional capital	1,919	2,531
Retained earnings	5,110	4,093
Accumulated other comprehensive loss (J)	(1,697)	(1,673)
Total equity	5,732	5,353
Total liabilities and equity	$ 13,251	$ 11,179