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Alcoa (AA)
NYSE:AA
Earnings Data
Report Date
Apr 22, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.18Last Year’s EPS
2.15Same Quarter Last Year
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong fourth-quarter operational execution, sequential revenue growth (+15%), a sizable sequential increase in adjusted EBITDA (+$276M) and robust cash generation (Q4 cash $1.6B, FY free cash flow $594M). Management advanced strategic initiatives (ELYSIS milestone, site monetization negotiations, WA permitting progress) and achieved record production at multiple assets. Offsetting these positives were one-time and near-term headwinds: a $144M goodwill impairment, a $70M mark-to-market loss, pressure in the alumina segment (lower prices and a $36M sequential EBITDA decline), and short-term costs related to the San Ciprian restart and increased environmental and sustaining CapEx. Management expects to remain within a disciplined capital framework, with the balance sheet at target range and continued focus on debt repayment and selective shareholder returns. Overall, operational and financial momentum materially outweighs the notable one-time charges and near-term restart and market pressures.Company Guidance
Sequential Revenue Growth
Revenue increased 15% sequentially to $3.4 billion, driven by a 21% increase in aluminum third-party revenue and a 3% increase in alumina third-party revenue.
Strong Adjusted Profitability and EBITDA Expansion
Adjusted net income attributable to Alcoa was $335 million (or $1.26 per share) excluding $109 million of net special items. Adjusted EBITDA was $546 million, representing a sequential increase of $276 million driven primarily by higher metal prices and premiums.
Robust Cash Position and Free Cash Flow
Ended December with $1.6 billion cash. Full-year free cash flow (including net non-controlling interest) was $594 million, with $294 million generated in the fourth quarter.
Return on Equity and Capital Returned to Shareholders
Return on equity for 2025 was 16.4% (highest since 2022). The company returned $105 million to stockholders during the year via $0.10 per share quarterly dividends.
Operational Records and Production Momentum
Achieved annual production records at five smelters and one refinery in Q4; Dechambault achieved 16 consecutive years of increased production and Mosjøen achieved eight consecutive years of record performance. San Ciprian restart progressed to ~65% capacity at year-end 2025.
Aluminum Market Strength and Premiums
LME aluminum prices rose 8% sequentially in Q4 and reached ~$3,200/metric ton recently. Regional premiums (e.g., Midwest and Rotterdam) strengthened, with Midwest premium increases fully offsetting tariff costs on Canada-to-U.S. shipments.
Strategic and Technology Milestones
ELYSIS successfully started up a 450 kA inert anode cell (major R&D milestone toward low-carbon aluminum). Progress on monetizing transformation sites with ongoing negotiations and multiple sites under discussion.
Balance Sheet Target Achieved
Adjusted net debt finished the year at the high end of the target range (~$1.5 billion) and management indicated they reached roughly $1.46 billion at a point, providing room to prioritize debt repayment and potential returns/growth.
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 |
|---|---|---|---|
Jan 22, 2026 | $63.14 | $62.21 | -1.47% |
Oct 22, 2025 | $35.55 | $40.03 | +12.60% |
Jul 16, 2025 | $28.39 | $29.21 | +2.89% |
Apr 16, 2025 | $24.83 | $23.10 | -6.97% |
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 Apr 22, 2026, After Close (Confirmed).
What is Alcoa (AA) earnings time?
Alcoa (AA) earnings time is at Apr 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 (Q1) is 1.18.
