AA earnings analysis
What we found in AA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Revenue fell to $3.193 billion, a 3.15% decrease compared to $3.37 billion in 2025Q1.
- EPS Misses Estimates
- Reported EPS was $1.40, missing estimates of $1.54, reflecting a 9.09% surprise to the downside.
- Aluminum Price Increase
- Average aluminum prices increased by 12% compared to the previous quarter.
- Cash Flow Changes
- Operating cash used was $179 million, compared to cash provided of $75 million in the same period last year.
- Segment Performance Gains
- Aluminum segment Adjusted EBITDA increased by $174 million sequentially due to higher average realized prices.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Shortfall
- Alcoa experienced a revenue decline of $256 million compared to the previous quarter, driven by lower shipments of alumina and aluminum.
- Increased Production Costs
- Higher costs associated with the restart of the San Ciprián smelter impacted margins and profitability.
- Supply Chain Disruptions
- Disruptions related to the Middle East conflict and Cyclone Narelle affected shipment logistics, leading to delayed alumina shipments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.4
- Segment
- Alumina
- Segment
- Aluminum
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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