10-K · February 26, 2026
Alcoa’s 2025 Form 10-K emphasizes operational stabilization, portfolio reshaping and disciplined capital allocation after a year of asset transactions and restarts. Management highlights sale of its 25.1% Saudi JV,…
Earnings analysis · 10-Q
AA earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Alcoa Corporation's Q1 2026 results show a revenue of $3.193 billion, down 3.15% YoY and EPS of $1.40, missing estimates due to lower alumina pricing and higher production costs. Despite the revenue decline, aluminum…
Read full summary
Alcoa Corporation's Q1 2026 results show a revenue of $3.193 billion, down 3.15% YoY and EPS of $1.40, missing estimates due to lower alumina pricing and higher production costs. Despite the revenue decline, aluminum prices increased by 12%, aiding segment performance. The company is focused on operational continuity amid supply chain disruptions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.4
- Segment
- Alumina
- Segment
- Aluminum
What stood out
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Revenue Decline
Revenue fell to $3.193 billion, a 3.15% decrease compared to $3.37 billion in 2025Q1.
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EPS Misses Estimates
Reported EPS was $1.40, missing estimates of $1.54, reflecting a 9.09% surprise to the downside.
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Aluminum Price Increase
Average aluminum prices increased by 12% compared to the previous quarter.
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Cash Flow Changes
Operating cash used was $179 million, compared to cash provided of $75 million in the same period last year.
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Segment Performance Gains
Aluminum segment Adjusted EBITDA increased by $174 million sequentially due to higher average realized prices.
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Free Cash Flow Positive
The company had free cash flow (FCF) of $246 million in the previous quarter, although reported at -$179 million this quarter.
What to watch
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Revenue Shortfall
Alcoa experienced a revenue decline of $256 million compared to the previous quarter, driven by lower shipments of alumina and aluminum.
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Increased Production Costs
Higher costs associated with the restart of the San Ciprián smelter impacted margins and profitability.
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Supply Chain Disruptions
Disruptions related to the Middle East conflict and Cyclone Narelle affected shipment logistics, leading to delayed alumina shipments.
Management's outlook
Management anticipates stable production and shipment forecasts for the Alumina and Aluminum segments, projecting total production between 9.7 to 9.9 million metric tons for alumina.
Earlier filings 4
10-Q · May 1, 2025
Alcoa reported materially improved Q1 results driven by the Alumina business: revenue of $3,369,000,000 (Q1 2025) rose $770,000,000 versus Q1 2024 and gross margin expanded to 27.6% from 7.5% a year earlier. Net income…
10-K · February 20, 2025
Alcoa completed several strategic portfolio moves in 2024, including the August 1, 2024 acquisition of Alumina Limited (bringing AWAC wholly‑owned) and the full curtailment of the Kwinana refinery, while also agreeing…
10-Q · May 2, 2024
Alcoa reported first-quarter sales of $2,599 million and a consolidated net loss of $307 million (net loss attributable to Alcoa Corporation $252 million), producing diluted EPS of $(1.41). Results deteriorated…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.