0001193125-26-306118
SEC filingAlcoa reported record quarterly revenue of $4.0B, driven by higher aluminum prices and shipments, and raised adjusted EBITDA by 51% sequentially.
Alcoa Corporation delivered a strong second quarter in 2026, with revenue reaching a quarterly record of $4.0 billion, up 24% sequentially and 31% year-over-year. The top-line growth was primarily driven by higher aluminum prices and increased shipments, with the Aluminum segment reporting a 31% sequential revenue increase. Adjusted EBITDA excluding special items rose 51% sequentially to $901 million, reflecting favorable aluminum market conditions and production gains from capacity restarts. The Aluminum segment's adjusted EBITDA surged to $1,073 million, up 55% from the prior quarter, while the Alumina segment posted a negative $96 million adjusted EBITDA due to operational disruptions at the Pinjarra refinery in Australia, caused by gas supply issues from Cyclone Narelle. Net income attributable to Alcoa was $407 million, or $1.53 per share, down slightly from $425 million in Q1 2026 due to mark-to-market losses on Ma'aden shares and energy contracts. On an adjusted basis, net income was $562 million, or $2.12 per share, up 51% sequentially. Cash generation was robust, with $608 million from operations and free cash flow of $422 million, ending the quarter with $1.4 billion in cash. The balance sheet strengthened further with the redemption of $219 million in senior notes. Management highlighted strategic progress, including the definitive agreement to acquire South32's bauxite, alumina, and aluminum assets for approximately $4.1 billion, which is expected to enhance Alcoa's position as a leading pure-play upstream aluminum company. Guidance for full-year 2026 was updated: alumina production is now expected to be 9.5-9.6 million metric tons (down from prior 9.7-9.9 million) due to Pinjarra disruptions, while aluminum production remains at 2.4-2.6 million metric tons. For Q3 2026, Alcoa expects operational tax expense of $80-$90 million. Overall, the results underscore Alcoa's operational leverage to higher aluminum prices and successful restart initiatives, though alumina operations face near-term headwinds.