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Alcoa cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$472M in Q3 2026 · $890M over twelve months

Operating cash flow$643M
Capital spending−$171M
Free cash flow+$472M
Cash / net income1.3×
Cash conversion cycle55 days

Analysis

In Q3 2026, Alcoa generated $643M of operating cash flow and spent $171M on capital projects, leaving free cash flow of $472M. That is $538M more than in Q3 2025 (−$66.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were capital spending ($719M), net borrowing (+) / repaid (−) ($476M), dividends ($106M); besides operations, cash came from other financing ($2.7B), asset & business sales ($10.0M); the cash balance rose by $3.0B.

Operating cash flow was $643M against net income of $482M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: inventory −$221M, receivables +$217M, depreciation & amortization +$176M.

Its cash conversion cycle was 55 days (receivables 36 + inventory 80 − payables 61).

Free cash flow

Alcoa: free cash flow by quarterAlcoa: free cash flow by quarter$246MQ4 2024−$18.0MQ1 2025$357MQ2 2025−$66.0MQ3 2025$294MQ4 2025−$298MQ1 2026$422MQ2 2026$472MQ3 2026
Operating cash flow less capital spending.
Alcoa: operating cash flow against capital spendingAlcoa: operating cash flow against capital spendingOperating cash flowCapital spending$415M$169MQ4 2024$75.0M$93.0MQ1 2025$488M$131MQ2 2025$85.0M$151MQ3 2025$537M$243MQ4 2025−$179M$119MQ1 2026$608M$186MQ2 2026$643M$171MQ3 2026
Latest (Q3 2026): Operating cash flow $643M, Capital spending $171M.

Capital allocation, year by year

Alcoa: where the cash came from (up) and went (down), by fiscal yearAlcoa: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $920MFY2021: Net borrowing −$1.3BFY2021: Shares issued $25.0MFY2021: Asset sales $966MFY2021: Capital spending −$390MFY2021: Buybacks −$150MFY2021: Dividends −$19.0M$1.9BFY2021FY2022: Operating cash flow $822MFY2022: Net borrowing −$1.0MFY2022: Shares issued $22.0MFY2022: Asset sales $5.0MFY2022: Capital spending −$480MFY2022: Buybacks −$500MFY2022: Dividends −$72.0M$849MFY2022FY2023: Operating cash flow $91.0MFY2023: Net borrowing −$72.0MFY2023: Shares issued $1.0MFY2023: Asset sales $4.0MFY2023: Capital spending −$531MFY2023: Dividends −$72.0M$96.0MFY2023FY2024: Operating cash flow $622MFY2024: Net borrowing −$679MFY2024: Asset sales $3.0MFY2024: Capital spending −$580MFY2024: Dividends −$89.0M$625MFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing −$1.2BFY2025: Asset sales $5.0MFY2025: Capital spending −$618MFY2025: Dividends −$104M$1.2BFY2025
Over these 5 years operating cash flow totalled $3.6B; the largest uses were net borrowing ($3.3B) and capital spending ($2.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.4B
Debt$2.4B
Net cash$2.0B
Due within a year$1.0M

Alcoa funds itself: free cash flow was $890M over the last twelve months, and $4.4B of cash and investments stands against $2.4B of debt ($1.0M due within a year, 4408.0× covered by cash).

Alcoa: debt maturities by year (FY2025)Alcoa: debt maturities by year (FY2025)$1.0MYear 1$219MYear 3$500MYear 4$500MYear 5
Principal due in each year as disclosed in the annual report, against $4.4B of cash and investments now.

Where the cash came from and went

Alcoa: sources (+) and uses (−) of cash, Q3 2026Alcoa: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$3.0BOther financing$2.6BOperating cash flow$643MCapital spending−$171MDividends−$27.0MOther investing−$15.0MAsset & business sales$3.0MTaxes on employees’ shares−$1.0M
Alcoa: sources (+) and uses (−) of cash, TTM to Q3 2026Alcoa: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$3.0BOther financing$2.7BOperating cash flow$1.6BCapital spending−$719MNet borrowing (+) / repaid (−)−$476MDividends−$106MOther investing−$57.0MTaxes on employees’ shares−$15.0MAsset & business sales$10.0MExchange rates−$4.0M

From profit to cash

Alcoa: net income to operating cash flow, Q3 2026Alcoa: net income to operating cash flow, Q3 2026Net income$482MDepreciation & amortization$176MStock-based pay$13.0MDeferred taxes$43.0MGains on disposals$11.0MOther non-cash$16.0MReceivables$217MInventory−$221MPayables$40.0MAccrued liabilities−$66.0MPrepaid and other assets−$4.0MOther liabilities−$59.0MIncome taxes payable$75.0MOperating cash flow$643M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636806155
Q2 202631715647
Q1 202632806645
Q4 202528705741
Q3 202531755551
Q2 202533765652
Q1 202531776344
Q4 202426695738

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$643M−$171M−$27.0M—−$3.0B$472M
Q2 2026$608M−$186M−$26.0M−$328M−$47.0M$422M
Q1 2026−$179M−$119M−$27.0M−$4.0M$245M−$298M
Q4 2025$537M−$243M−$26.0M−$144M−$118M$294M
Q3 2025$85.0M−$151M−$26.0M−$79.0M$28.0M−$66.0M
Q2 2025$488M−$131M−$26.0M−$44.0M−$312M$357M
Q1 2025$75.0M−$93.0M−$26.0M−$946M−$56.0M−$18.0M
Q4 2024$415M−$169M−$26.0M−$394M$176M$246M

Alcoa: income statement and cash flow

Alcoa, Q3 2026: revenue $3.7B (+24% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

Alcoa: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.