Alcoa Q2 Results Show Record Revenue, Alumina Cut

Alcoa Corporation’s (NYSE: AA; ASX: AAI) Q2 results released July 16, 2026 show record quarterly revenue and higher adjusted profit, but the company missed consensus and cut 2026 alumina output after operational disruption and Cyclone Narelle-related gas-supply issues at its Pinjarra refinery.

Record Revenue and Earnings

For the quarter ended June 30, 2026, Alcoa reported consolidated revenue of $3.97 billion, a quarterly record and a 24% sequential increase, though about $91.6 million below analyst estimates. GAAP net income attributable to Alcoa was $407 million, or $1.53 per share. Adjusted net income, which excludes $155 million in net special items, rose 51% sequentially to $562 million, or $2.12 per share. Adjusted EBITDA excluding special items also increased 51% to $901 million.

The company attributed the gains to higher aluminum prices and shipments, partly offset by rising alumina production costs, tariffs on imported aluminum, and increased energy prices.

Alumina Guidance and Operations

Alumina production fell 6% sequentially to 2.2 million metric tons, primarily due to lower output at the Pinjarra refinery. Alcoa cut its full-year 2026 alumina production guidance to 9.5–9.6 million metric tons and shipments to 11.5–11.6 million metric tons, reductions of about 0.2–0.3 million and 0.3–0.4 million metric tons respectively from prior targets. The company said, “The reductions are primarily due to lower production at the Pinjarra refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle.” It added that the difference between production and shipments reflects trading volumes and externally sourced alumina used to fulfill customer contracts.

The Aluminum segment produced 636,000 metric tons in Q2, a 5% sequential increase. Alcoa maintained its 2026 Aluminum segment production guidance at 2.4–2.6 million metric tons and shipments guidance at 2.6–2.8 million metric tons. The company reported progress on multiple smelter capacity restarts, which it said should support achieving those targets.

The Q2 materials also noted progress on the announced acquisition of South32 Limited’s interests in bauxite, alumina, and aluminum assets, a transaction valued at about $4.1 billion. Alcoa recently declared a quarterly cash dividend of $0.10 per share, payable June 5, 2026, to holders of record as of May 19, 2026. Executives discussed pricing, shipments, and the alumina guidance revision on the July 16 earnings call, framing the quarter as a mix of near-term operational challenges and momentum in the aluminum business alongside strategic deal progress.