Alcoa Corporation Q3 2026 Earnings Recap

Alcoa’s shares rose 3.4% after earnings, as improving operations and higher alumina prices supported adjusted EBITDA despite lower metal prices. The transcript reports $789 million in adjusted EBITDA, while adjusted net income fell sequentially.

Key Takeaways

• Revenue was $3.7 billion; sequentially, the change primarily reflected lower metal prices.
• Net income attributable to Alcoa rose to $483 million from $407 million, but adjusted net income declined to $485 million from $562 million.
• Adjusted EBITDA was $789 million. Higher alumina prices and stronger operations partly offset lower metal prices.
• Alumina segment adjusted EBITDA increased $95 million, supported by higher realized prices and improved Pinjarra performance.
• Alcoa completed $2.6 billion of debt financing for the Alumina Limited Group acquisition; the company expects the transaction to close in the first half of 2027.