Alcoa (AA)
NYSE:AA
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Earnings Data
Report Date
Jul 22, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.13Last Year’s EPS
0.39Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed solid operational execution and a strong sequential improvement in profitability and adjusted EBITDA, supported by higher aluminum prices (LME ~+10% sequential) and effective commercial and logistics actions (San Ciprián restart, inventory repositioning, and growing value-add demand). At the same time, the Alumina segment faces pronounced near-term headwinds—third-party alumina revenue declined 33% and alumina EBITDA fell—while free cash flow was negative $298 million and environmental/ARO cash needs were increased. The company highlighted disciplined capital allocation, a robust cash balance ($1.4 billion), and active deleveraging (notice to redeem $219 million of 2028 notes), which temper the risks. Overall, the positives around earnings, EBITDA expansion, commercial momentum for value-add products, and balance sheet actions slightly outweigh the operational and cash-flow headwinds tied chiefly to alumina and working capital timing.Company Guidance
Strong Sequential Profitability Improvement
Net income attributable to Alcoa Corporation increased to $425 million from $213 million sequentially (~+100%), with diluted EPS rising to $1.60. Adjusted net income was $373 million, or $1.40 per share, excluding $52 million of net special items.
Solid Adjusted EBITDA and Aluminum Segment Strength
Adjusted EBITDA was $595 million, up $68 million sequentially (~+13%), primarily driven by higher metal prices. The Aluminum segment adjusted EBITDA increased $174 million sequentially, helped by higher realized aluminum prices (LME rose ~10% sequentially) and lower alumina costs.
Cash Position and Balance Sheet Actions
Ended Q1 with $1.4 billion in cash. Company issued notice to redeem $219 million of 2028 notes (to be redeemed at par), and adjusted net debt stood at $1.8 billion—demonstrating disciplined capital allocation and deleveraging focus.
Operational Execution and Restarts
Successfully and safely completed the San Ciprián smelter restart on April 7 (full second-quarter benefit). Execution included continuity of supply despite Middle East disruptions and cyclone impacts, and inventory repositioning to enable higher-margin value-add product shipments.
Commercial Momentum for Value-Add Products
Value-add product volumes increased sequentially as North American and European customers sought domestic supply amid global disruptions; regional premiums moved materially higher, supporting higher product premiums and demand for billet, slab and foundry products.
Strategic Progress on Assets and Permitting
Advanced mine approvals in Western Australia with responses completed from the public comment period; company continues to anticipate ministerial approvals by year-end 2026. In advanced discussions to monetize the idled Massena East smelter site for a potential data center development.
Notable One-Time Financial Gain
Recorded a mark-to-market gain of $88 million on Ma’aden shares during the period, which contributed to the strong net income result.
Return on Equity and Capital Discipline
Return on equity through the first quarter was 21.9%. Capital expenditures were $119 million in Q1 (typical seasonal low), and the company maintained its 2026 capex outlook while prioritizing a balance between growth and shareholder returns.
AA 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
AA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 16, 2026 | $70.41 | $65.62 | -6.80% |
Jan 22, 2026 | $63.04 | $62.11 | -1.47% |
Oct 22, 2025 | $35.50 | $39.97 | +12.59% |
Jul 16, 2025 | $28.34 | $29.16 | +2.91% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Alcoa (AA) report earnings?
Alcoa (AA) is schdueled to report earning on Jul 22, 2026, After Close (Confirmed).
What is Alcoa (AA) earnings time?
Alcoa (AA) earnings time is at Jul 22, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AA EPS forecast?
AA EPS forecast for the fiscal quarter 2026 (Q2) is 2.13.
