Alcoa (AA) Q1 2026 Earnings
GAAP EPS of $1.60 includes an $88M mark-to-market gain on Ma'aden shares, $18M restructuring charges, a $22M insurance settlement, and net derivative mark-to-market impacts; net special items reduced adjusted EPS by $0.20 relative to GAAP.
How Did AA Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +3.32%.
Did AA Beat Earnings? Q1 2026 Results
No. Alcoa reported Q1 2026 earnings of $1.40 a share on Apr 16, 2026, missing the $1.51 consensus estimate by 7.1%. Revenue was $3.2B against a $3.3B estimate.
Alcoa delivered a disappointing first quarter, missing on both the top and bottom lines as operational disruptions weighed on results. Adjusted EPS came in at $1.40 for Q1 2026, falling short of the $1.51 consensus by 7.10%, while revenue of $3.19 billion trailed estimates by 2.30% and slid 5.20% from a year earlier. The primary culprit was a sharp 31% sequential drop in alumina third-party shipments, driven by lower sales of externally sourced alumina, seasonal factors, and logistical delays in Australia stemming from the Middle East conflict and Cyclone Narelle. CEO William Oplinger expressed confidence that the deferred volumes would be captured in Q2, a view that anchors the company's sequential recovery outlook. Alcoa maintained its full-year production guidance for both segments, and for Q2 expects roughly $55 million in favorable Aluminum segment EBITDA impacts from inventory normalization and the completed San Ciprián smelter restart, though Section 232 tariff costs on Canadian imports are set to rise by approximately $35 million. Shares fell more than 6% as investors weighed the results against cooling aluminum pricing sentiment.
- Higher aluminum prices boosted profitability and adjusted EBITDA
- Ma'aden mark-to-market gain of $88 million on equity investment
- San Ciprián smelter restart safely completed in April 2026
- Alumina shipments decreased 31% sequentially due to Middle East conflict, Cyclone Narelle, and seasonal factors
- Aluminum shipments decreased 8% sequentially due to proactive inventory repositioning in North America
- Working capital days increased to 48 from 35 sequentially on inventory buildup and higher receivables
“Our experienced team performed very well managing the impacts from the Middle East conflict and Cyclone Narelle. We delivered a solid quarter excluding shipment timing impacts, which we expect to realize in the second quarter of 2026.”
Alcoa CEO, on the earnings call
What Was Alcoa's Outlook in Q1 2026?
Alcoa maintained full-year 2026 production guidance: Alumina segment production of 9.7–9.9 million metric tons and shipments of 11.8–12.0 million metric tons; Aluminum segment production of 2.4–2.6 million metric tons and shipments of 2.6–2.8 million metric tons. For Q2 2026, the Alumina segment expects approximately $15M in sequential unfavorable EBITDA impacts from lower bauxite volumes/prices and higher energy costs (diesel) due to the Middle East conflict. The Aluminum segment expects approximately $55M in sequential favorable EBITDA impacts from inventory normalization, higher shipments and premiums, and lower production costs from the completed San Ciprián restart, partially offset by lower energy sales. Section 232 tariff costs on U.S. aluminum imports from Canada are expected to increase by approximately $35M sequentially. Alumina costs within the Aluminum segment expected to be favorable by approximately $20M sequentially. Q2 operational tax expense is expected to approximate $110M–$120M.
AA YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $3.2B | $3.4B | −5.2% |
| Gross Profit | $681.0M | $781.0M | −12.8% |
| Operating Income | $408.0M | $698.0M | −41.6% |
| Net Income | $425.0M | $548.0M | −22.5% |
AA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.