Short answer

CENTURY ALUMINUM CO (CENX) filed its fiscal 2025 10-K annual report with the SEC on Mar 3, 2026. It reported revenue of $2.5B (+13.9% year over year) and net income of $42M.

Top risk flagged: Regulatory risk: One Big Beautiful Bill Act 2025 phases out Section 45X tax credit starting 2031, reducing credit 25% yearly until 2034

FY2025 key financial metrics · XBRL

Revenue: $2.5B; +13.9% YoY
Net income: $42M; −87.6% YoY
Operating margin: 6.3%; +0.8 pp YoY
Gross margin: 10.1%; +1.8 pp YoY
EPS (diluted): $0.42; −87.2% YoY
ROE: 5.2%; −43.3 pp YoY
Operating cash flow: $185M; +852.0% YoY

Source: XBRL data from the CENTURY ALUMINUM CO (CENX) FY2025 10-K on SEC EDGAR. USD.

CENTURY ALUMINUM CO FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core business model: Primary aluminum production with significant electric power cost exposure
Emphasis on managing market-based power agreements expiring 2026-2036, including LME-linked variable and fixed power rates
Increased focus on power price risk mitigation via financial instruments and natural hedges through alumina and power contracts indexed to LME aluminum prices
Annual electrical power usage 11.63 million MWh, $15.9 million annual cost impact per $1/MWh power price change
Derivative commodity contract liabilities rose substantially to $66.0 million from $4.4 million year-over-year, reflecting notable risk management activity

Management Discussion & Analysis

Revenue impact from Hawesville facility sale: $200 million cash received plus 6.8% equity in Terawulf affiliate
Noted loss of approx. 84,000 tonnes alumina production in 2023 at Jamalco due to equipment failure, impacting gross margin by $30.4M
Operating disruptions: Grundartangi smelter potline idled for ~7 weeks reducing production by two-thirds; full resumption expected April 2026
Positive financial impact from US tariffs boost Midwest premium; tariffs increased to 50% effective June 2025
Capital allocation: Proceeds from Hawesville sale directed to restart Mt. Holly potline and new Inola smelter project with EGA (40% stake), supported by up to $500 million DOE funding
Forward outlook: New smelter construction to start late 2026 pending power agreement and JV finalization; advanced manufacturing tax credit under Section 45X recognized, subject to future regulatory adjustments

Risk Factors

Regulatory risk: One Big Beautiful Bill Act 2025 phases out Section 45X tax credit starting 2031, reducing credit 25% yearly until 2034
Macroeconomic risk: Power supply contracts extend through 2036, exposing to energy price volatility and long-term fixed obligations
Operational risk: $45 million investment planned to restart Mt. Holly operations in 2026, execution risks on restart and integration
Competitive risk: Unstated direct competitor risk but large capital expenditures ($170-$180 million in 2026) indicate pressure to maintain tech and capacity
Financial risk: Intercompany non-current loan receivable of $509.4 million from Non-Guarantor Subsidiaries may impact liquidity and consolidation

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