Sep 2026 (Q3 FY26) — Oct 15, 2026
Alcoa Q3 FY26 — Operational Momentum and Strategic Acquisition Progress
Read the full callAlcoa (AA) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Alcoa earnings: last reported Thu, 15 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,966 | +31.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 407 | +148.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
4 of 13 judged targets kept · 44 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Ministerial approvals for Australia mine | by year-end 2026 | Sep 2025 | The mining approvals are taking longer than expected. Several steps remain, including the appeals process and final ministerial decisions, and we now expect the process to extend into 2027. | Delayed |
| Alumina production | 9.7 million to 9.9 million tons | Dec 2025 | We are expecting higher production and shipments in both segments as the improved refining system stability is maintained and the smelting portfolio continues to deliver productivity through incremental output and cost discipline. | On Track |
| Monetization of transformation site | reach an agreement | Dec 2025 | We have substantially completed the negotiations on the Massena East transaction, and we continue to work through the papering that up at this point. So we feel that we are confident that we'll get that one done, and then there will be others to follow after that. | Achieved |
9 of Alcoa Corp's 57 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 54 more targets are in the full ledger.
Claimed
- Achieved 6 year-to-date production records and increased aluminum production by approximately 15,000 metric tons sequentially.
- Completed the Alumar smelter restart and delivered a significant performance recovery at the Pinjarra refinery.
- Reached a definitive agreement for the sale of a portion of the Massena East site with potential cash proceeds of up to $315 million.
- Completed $2.6 billion debt financing for the AliGroup acquisition, reducing execution risk and providing funding certainty.
- Generated strong free cash flow of $472 million in Q3 and approximately $600 million year-to-date.
Qualified
- Tragic fatality occurred on September 16 at the Alumar smelter in Brazil.
- Western Australia EPA's review of the mine plan is taking longer than expected, now anticipated to extend into mid-2027.
- Aluminum segment adjusted EBITDA decreased to $862 million due to lower metal prices, lower shipments, and higher carbon costs.
- Construction end market, particularly in Europe, remains the softest for aluminum demand.
Price
$41.67 +0.53% · +$0.22
Performance +15.8% 1Y
1Y: $35.97 on 17 Oct 2025 → $41.67. High $83.79 (2 Jun 2026), low $35.26 (4 Nov 2025).
- Previous close
- $41.45
- 52-week range
- $35.26 – $83.79
- One year
- +6.96%
Overview
- Symbol
- AA
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 13 judged targets kept · 44 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Ministerial approvals for Australia mine | by year-end 2026 | Sep 2025 | The mining approvals are taking longer than expected. Several steps remain, including the appeals process and final ministerial decisions, and we now expect the process to extend into 2027. | Delayed |
| Alumina production | 9.7 million to 9.9 million tons | Dec 2025 | We are expecting higher production and shipments in both segments as the improved refining system stability is maintained and the smelting portfolio continues to deliver productivity through incremental output and cost discipline. | On Track |
| Monetization of transformation site | reach an agreement | Dec 2025 | We have substantially completed the negotiations on the Massena East transaction, and we continue to work through the papering that up at this point. So we feel that we are confident that we'll get that one done, and then there will be others to follow after that. | Achieved |
Claimed
- Achieved 6 year-to-date production records and increased aluminum production by approximately 15,000 metric tons sequentially.
- Completed the Alumar smelter restart and delivered a significant performance recovery at the Pinjarra refinery.
- Reached a definitive agreement for the sale of a portion of the Massena East site with potential cash proceeds of up to $315 million.
- Completed $2.6 billion debt financing for the AliGroup acquisition, reducing execution risk and providing funding certainty.
- Generated strong free cash flow of $472 million in Q3 and approximately $600 million year-to-date.
Qualified
- Tragic fatality occurred on September 16 at the Alumar smelter in Brazil.
- Western Australia EPA's review of the mine plan is taking longer than expected, now anticipated to extend into mid-2027.
- Aluminum segment adjusted EBITDA decreased to $862 million due to lower metal prices, lower shipments, and higher carbon costs.
- Construction end market, particularly in Europe, remains the softest for aluminum demand.
The full ledger
Open Alcoa Corp’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 16, 2026
Alcoa Q2 FY26 — Record Revenue and Strategic Acquisition
Read the full callMar 2026 (Q1 FY26) — Apr 16, 2026
Alcoa Q1 FY26 — Strong Performance Driven by Execution and Higher Metal Prices
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Alcoa earnings calls (AA)
Financials
What the filings say
Net profit, year on year: +148% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,904 | 3,486 | 3,369 | 3,018 | 2,995 | 3,449 | 3,193 | 3,966 |
| Other income | -12 | -42 | 26 | 112 | 1,034 | -115 | 126 | -200 |
| Interest | 44 | 45 | 53 | 56 | 33 | 16 | 35 | 36 |
| Profit before tax | 184 | 338 | 668 | 161 | 167 | 68 | 499 | 482 |
| Tax rate | 46.7% | 40.2% | 18.0% | 6.2% | −30.5% | −197.1% | 16.4% | 15.2% |
| Net profit | 90 | 202 | 548 | 164 | 232 | 213 | 425 | 407 |
| EPS ($ per share) | 0.39 | — | 2.08 | 0.63 | 0.88 | — | 1.61 | 1.54 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Reserves | 570 | -555 | -725 | -315 | -570 | -1,293 | -1,323 | -271 |
| Total liabilities | 8,544 | 8,745 | 9,844 | 8,741 | 8,167 | 8,310 | 8,907 | 9,935 |
| Fixed assets | 8,327 | 7,916 | 7,190 | 6,623 | 6,493 | 6,785 | 6,389 | 6,700 |
| Total assets | 16,132 | 14,631 | 14,860 | 15,025 | 14,756 | 14,155 | 14,064 | 16,129 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 448 | 686 | 394 | 920 | 822 | 91 | 622 | 1,185 |
| Cash from investing | -405 | -468 | -167 | 565 | -495 | -585 | -608 | -502 |
| Cash from financing | -288 | -444 | 514 | -1,158 | -768 | 57 | 201 | -261 |
| Net cash flow | -249 | -233 | 727 | 314 | -450 | -427 | 187 | 458 |
| Capital expenditure | -399 | -379 | -353 | -390 | -480 | -531 | -580 | -618 |
| Free cash flow | 49 | 307 | 41 | 530 | 342 | -440 | 42 | 567 |
AA revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Aluminum | 62% | 54% | 57% | 65% | 68% | 72% | 80% | 84% | +70.1% |
| Alumina | 57% | 70% | 65% | 50% | 48% | 42% | 35% | 27% | -28.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
66 filings between Jan 26, 2026 and Sep 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.35M
4 sales by 4 insiders
Compensation
not trading decisions- 35
- Award — granted as compensation
- 27
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Jones Tammi A | — | $790.7K | Aug 27, 2026 |
| Hastings Andrew | — | $305.4K | Aug 17, 2026 |
| Reed Matthew T | — | $215.4K | Jul 22, 2026 |
| Bacchi Renato | — | $35.7K | Aug 31, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 15, 2026 | Hastings Andrew EVP & Gen. Counsel | Tax withheld | 1,200 | $55.8K |
| Sep 15, 2026 | Hastings Andrew EVP & Gen. Counsel | Award | 2,638 | $0 |
| Sep 15, 2026 | Hastings Andrew EVP & Gen. Counsel | Tax withheld | 2,525 | $117.5K |
| Aug 31, 2026 | Bacchi Renato EVP & Chief Commercial Officer | Sale | 700 | $35.7K |
| Aug 27, 2026 | Jones Tammi A EVP & CHRO | Sale | 15,628 | $790.7K |
| Aug 17, 2026 | Hastings Andrew EVP & Gen. Counsel | Sale | 6,000 | $305.4K |
| Jul 22, 2026 | Reed Matthew T EVP, Chief Operations Officer | Sale | 4,600 | $215.4K |
| May 8, 2026 | Field Alistair Director | Award | 2,532 | $0 |
| May 8, 2026 | Galovich Brian Director | Award | 2,532 | $0 |
| May 8, 2026 | Fiore Pasquale Director | Award | 2,532 | $0 |
| May 8, 2026 | Bevan John A Director | Award | 2,532 | $0 |
| May 8, 2026 | Roberts Jackson Prince Director | Award | 2,532 | $0 |
| May 8, 2026 | de Oliveira Marques Roberto Director | Award | 2,532 | $0 |
| May 8, 2026 | Gorman Thomas Joseph Director | Award | 2,532 | $0 |
| May 8, 2026 | Citrino Mary Anne Director | Award | 2,532 | $0 |
| May 8, 2026 | Roberts Carol L Director | Award | 2,532 | $0 |
| May 8, 2026 | HUGHES JAMES ALTON Director | Award | 2,532 | $0 |
| Apr 15, 2026 | Olson Emily M. EVP & Chief Ext. Aff. Officer | Award | 8,760 | $0 |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 16 | $957 |
| Feb 23, 2026 | Oplinger William F President, CEO & Director | Award | 8,740 | $0 |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Award | 29 | $1.7K |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 762 | $45.6K |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 41 | $2.5K |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Award | 77 | $4.6K |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 2,059 | $123.1K |
| Feb 23, 2026 | Bacchi Renato EVP & Chief Commercial Officer | Tax withheld | 2,113 | $126.4K |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Award | 1,463 | $0 |
| Feb 23, 2026 | Bacchi Renato EVP & Chief Commercial Officer | Award | 4,858 | $0 |
| Feb 23, 2026 | Jones Tammi A EVP & CHRO | Award | 3,884 | $0 |
| Feb 23, 2026 | Beerman Molly S. EVP & CFO | Tax withheld | 3,040 | $181.8K |
| Feb 23, 2026 | Oplinger William F President, CEO & Director | Tax withheld | 3,801 | $227.3K |
| Feb 23, 2026 | Beerman Molly S. EVP & CFO | Award | 6,990 | $0 |
| Jan 29, 2026 | Hastings Andrew EVP & Gen. Counsel | Tax withheld | 1,736 | $105.3K |
| Jan 29, 2026 | Bacchi Renato EVP & Chief Commercial Officer | Tax withheld | 2,290 | $138.9K |
| Jan 29, 2026 | Beerman Molly S. EVP & CFO | Tax withheld | 3,940 | $238.9K |
| Jan 29, 2026 | Oplinger William F President, CEO & Director | Tax withheld | 14,840 | $899.9K |
| Jan 29, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 5 | $303 |
| Jan 29, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 683 | $41.4K |
| Jan 29, 2026 | Jones Tammi A EVP & CHRO | Award | 8 | $485 |
| Jan 29, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 2,819 | $170.9K |
| Jan 29, 2026 | Jones Tammi A EVP & CHRO | Tax withheld | 19 | $1.2K |
| Jan 29, 2026 | Jones Tammi A EVP & CHRO | Award | 35 | $2.1K |
| Jan 29, 2026 | Henry Renee SVP & Controller | Tax withheld | 366 | $22.2K |
| Jan 28, 2026 | Reed Matthew T EVP, Chief Operations Officer | Award | 3,470 | $0 |
| Jan 28, 2026 | Reed Matthew T EVP, Chief Operations Officer | Award | 17,340 | $0 |
| Jan 28, 2026 | Jones Tammi A EVP & CHRO | Award | 530 | $0 |
| Jan 28, 2026 | Jones Tammi A EVP & CHRO | Award | 1,770 | $0 |
| Jan 28, 2026 | Jones Tammi A EVP & CHRO | Award | 1,870 | $0 |
| Jan 28, 2026 | Jones Tammi A EVP & CHRO | Award | 9,340 | $0 |
| Jan 28, 2026 | Henry Renee SVP & Controller | Award | 1,770 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Alcoa Corp
Free account. Everything above stays public.
Write why you follow Alcoa Corp and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading