Alcoa Q3 2026 Results Show Profit Gain
Alcoa Q3 2026 results showed stronger profit and declared a $0.10 quarterly dividend, a cash-generation signal likely to support near-term investor flows.
KEY TAKEAWAYS
- Reported third-quarter revenue of $3.7 billion and net income of $483 million.
- Diluted earnings per share were $1.81 and adjusted EBITDA was $789 million.
- Board declared a $0.10 quarterly dividend reflecting stronger cash generation and production recovery.
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Alcoa Corporation (AA) reported stronger third-quarter profit and declared a dividend, citing improved operations, cash generation, and a series of production records.
Third-Quarter Financial Results and Operations
For the quarter ended September 30, 2026, Alcoa posted revenue of $3.7 billion, net income attributable to the company of $483 million, and diluted earnings per share of $1.81. Adjusted EBITDA was $789 million. The sequential revenue decline from $4.0 billion primarily reflected lower metal prices, though revenue rose from $3.0 billion a year earlier. Net income increased from $407 million in the prior quarter and $232 million in the year-earlier period, while earnings per share rose from $1.53 and $0.88, respectively.
Adjusted net income attributable to Alcoa was $485 million, down from $562 million in the second quarter. Cash from operations totaled $643 million, and free cash flow reached $472 million for the quarter, contributing to roughly $600 million in free cash flow for the first nine months of 2026. The company ended the quarter with $4.4 billion in cash, including $2.6 billion raised through a September bond issuance.
Third-party alumina revenue increased 7.0% sequentially to $680 million, driven by higher alumina prices and shipment volumes. Aluminum production rose by about 15,000 metric tons sequentially. Alcoa achieved six year-to-date production records, completed the restart of the Alumar smelter, and reported a performance recovery at the Pinjarra refinery.
The board declared a quarterly cash dividend of $0.10 per common share, payable November 13, 2026, to shareholders of record at the close of business October 27, 2026.
Management expects higher production and shipments in both alumina and aluminum segments in the fourth quarter. Refining stability and smelting productivity gains are projected to continue. Alumina performance guidance is broadly flat on a performance basis excluding pricing effects. Carbon costs are expected to rise by about $10 million in the fourth quarter after a third-quarter impact of slightly more than $20 million.
