Alcoa Corporation (AA) Q3 FY2026 earnings

Reported results

• Revenue of $3.7 billion, a 7% sequential decrease from Q2 2026
• Net income attributable to Alcoa Corporation (GAAP) was $483 million, or $1.81 per share, compared to $407 million, or $1.53 per share in Q2 2026
• Adjusted net income attributable to Alcoa Corporation (non-GAAP) was $485 million, or $1.82 per share, compared to $562 million, or $2.12 per share in Q2 2026
• Adjusted EBITDA excluding special items (non-GAAP) was $789 million, down $112 million sequentially from $901 million in Q2 2026
• Cash provided from operations was $643 million; free cash flow was $472 million; cash balance ended at $4.4 billion including $2.6 billion in financing for the AliGroup acquisition

Guidance

• 2026 Alumina segment production guidance reaffirmed at 9.5 to 9.6 million metric tons; shipment guidance reaffirmed at 11.5 to 11.6 million metric tons
• 2026 Aluminum segment production guidance reaffirmed at 2.4 to 2.6 million metric tons; shipment guidance reaffirmed at 2.6 to 2.8 million metric tons
• Q4 2026 Alumina Segment Adjusted EBITDA (non-GAAP) expected to be consistent sequentially
• Q4 2026 Aluminum Segment Adjusted EBITDA (non-GAAP) expected to have unfavorable impacts of approximately $30 million from higher raw material costs and planned maintenance; alumina costs in Aluminum segment expected to be unfavorable by approximately $30 million sequentially
• Other income expected to increase by approximately $20 million in Q4 2026 due to higher interest earned on cash held for AliGroup acquisition
• Interest expense expected to approximate $185 million for the year, an increase from prior projection due to Notes issuance
• Q4 2026 operational tax expense expected to approximate $65 million to $75 million
• AliGroup acquisition expected to close in first half of 2027; Massena East sale closing expected within six months with approximately $50 million to $65 million received at closing, plus potential additional proceeds of approximately $60 million to $250 million for approved capacity expansions

Notes

The company issued $1.5 billion of 6.625% senior notes due 2034 and $1.1 billion of 6.875% senior notes due 2036 on September 23, 2026 to fund the AliGroup acquisition. South32 shareholders approved the AliGroup acquisition on October 15, 2026. The company completed the restart of the Alumar, Brazil smelter in Q3 2026.

Price and volatility reaction

The stock moved +2.5% on the print. No front-expiry chain was on file, so there is no straddle expected move.

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-15 (8-K, Item 2.02). Read the original filing on sec.gov.