EarningsQ2 2026 Earnings Report
IT:1AA Q2 2026 EPS Results
Actual EPS€1.89
Consensus EPS€2.01
Beat/MissMissed by -€0.12
One Year Ago EPS€0.35
IT:1AA Q2 2026 Revenue Results
Actual Revenue€3.38B
Expected Revenue€3.56B
Beat/MissMissed by -€184.19M
YoY Revenue Growth+28.64%
Earnings Announcement Details
QuarterQ2 2026
Date07/16/2026
TimeAfter Close
Conference CallThursday, July 16, 2026
IT:1AA Upcoming Earnings
Alcoa's next earnings date is estimated for October 15, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
IT:1AA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution and record aluminum financial performance (notably record aluminum segment adjusted EBITDA, high revenue, robust cash generation, strategic investments, and a transformational acquisition with large synergies). Offsetting negatives include alumina segment disruptions (Pinjarra), guidance reductions for alumina volumes, end-of-quarter metal price volatility, elevated input and corporate costs, and some site-level cash consumption. On balance, the positives (record revenue, strong aluminum margins and cash flow, strategic acquisition and investments, labor stability) appear to outweigh the lowlights, though there are clear near-term execution and cost headwinds to monitor.Company Guidance
Record Quarterly Revenue
Total revenue increased 24% year-over-year to $4.0 billion, the highest quarterly revenue in Alcoa Corporation's ~10-year history.
Strong Aluminum Segment Performance
Aluminum third-party revenue rose 31% to $3.3 billion; aluminum segment delivered record adjusted EBITDA of $1.1 billion and an EBITDA margin of 32.3%. Aluminum shipments totaled 726 thousand metric tons and increased sequentially by 113 thousand metric tons.
Improved Adjusted Net Income and Cash Generation
Adjusted net income attributable to Alcoa was $562 million, up $189 million sequentially. Cash from operations was $608 million and free cash flow was $422 million; ended the quarter with $1.4 billion in cash and adjusted net debt of $1.4 billion.
Operational Execution and Production Records
Year-to-date production records achieved at 4 smelters and 1 refinery; primary aluminum production increased sequentially by 30 thousand metric tons. Value-added product volumes increased ~30 thousand metric tons sequentially and the 2026 order book strengthened across major regions.
Major Strategic Acquisition Announced
Agreement to acquire South32's upstream aluminum value chain assets (Alumina Limited Group) that would pro forma increase alumina capacity by ~5.2 million metric tons (+53%) and primary aluminum capacity by ~900 thousand metric tons (+37%). Identified ~ $900 million NPV of synergies including roughly $50 million of run-rate cost savings starting in year 1.
Capital Allocation and Balance Sheet Actions
Redeemed remaining $209 million of 2028 notes at par; maintained credit ratings with Moody's and S&P on a pro forma basis; returned $53 million in dividends YTD and positioned leverage to not exceed ~2.0x post-acquisition (per management).
Strategic Investments and New Ventures
Announced $65 million Mosjøen cast house expansion to add up to 75k metric tons capacity with recycled aluminum capability; final investment decision on a gallium production facility (government-funded partners) to create a Western-aligned source of a critical mineral.
Labor Stability
Secured multiyear collective agreements through 2030 across multiple jurisdictions (AWU in Western Australia, USW in the U.S., ABI in Quebec, Norway, and Alumar in Brazil), providing workforce stability for long-term operations.
IT:1AA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed