Alcoa (AA) Q3 FY2026 earnings: revenue $3.7 billion, up 23.7% on the year

Alcoa Corp. (AA) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 15 October 2026. Revenue was $3.7 billion, up 23.7% on the same quarter a year earlier. Net income was $483 million, up 108.2% on the year, and diluted earnings per share $1.81. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue$3.7 billionup 23.7%

Net income$483 millionup 108.2%

Diluted EPS$1.81$0.88 a year earlier

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 1 raised, 4 new, 4 kept.

Net income rose on mark-to-market gains: Net income attributable to Alcoa was $483 million, or $1.81 per share, up from $407 million in the second quarter. Management cited mark-to-market gains, improved production costs and higher alumina prices, partly offset by lower aluminum prices and shipments.
Adjusted EBITDA down $112 million: Adjusted EBITDA excluding special items was $789 million, down $112 million sequentially. Lower aluminum prices and shipments more than offset better production costs and higher alumina prices.
Alumina production rose 11 percent: Alumina production rose 11 percent to 2.5 million metric tons, mainly from improved stability at the Pinjarra refinery in Australia.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	3,704	3,966	2,995	+23.7%
Net income	483	407	232	+108.2%
Diluted EPS	$1.81	$1.53	$0.88	+105.7%

$ million except per share.

Q3 FY2026 is from the company's press release of 15 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,109	3,340	3,293	3,644	2,851	2,663	2,670	2,684	2,602	2,595	2,599	2,906	2,904	3,486	3,369	3,018	2,995	3,449	3,193	3,966
Cost of revenue	2,322	2,383	2,181	2,767	2,668	2,596	2,404	2,515	2,469	2,425	2,404	2,533	2,393	2,714	2,438	2,652	2,695	2,873	2,512	2,967
Gross profit	787	957	1,112	877	183	67.0	266	169	133	170	195	373	511	772	931	366	300	576	681	999
Gross margin	25%	29%	34%	24%	6%	3%	10%	6%	5%	7%	8%	13%	18%	22%	28%	12%	10%	17%	21%	25%
R&D	8.0	10.0	9.0	7.0	7.0	9.0	10.0	6.0	9.0	14.0	11.0	13.0	16.0	17.0	12.0	12.0	11.0	-11.0	10.0	11.0
SG&A	53.0	68.0	44.0	52.0	44.0	64.0	54.0	52.0	56.0	64.0	60.0	69.0	66.0	80.0	71.0	82.0	78.0	68.0	83.0	101
Interest expense	58.0	28.0	25.0	30.0	25.0	26.0	26.0	27.0	26.0	28.0	27.0	40.0	44.0	45.0	53.0	56.0	33.0	16.0	35.0	36.0
Pre-tax income	497	-71.0	763	908	-729	-240	-180	-99.0	-228	-77.0	-325	92.0	184	338	668	161	167	68.0	499	482
Tax rate	26%	n/a	28%	26%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	66%	47%	40%	18%	6%	-31%	-197%	16%	15%
Net income	337	-392	469	549	-746	-395	-231	-102	-168	-150	-252	20.0	90.0	202	548	164	232	213	425	407
Net margin	11%	-12%	14%	15%	-26%	-15%	-9%	-4%	-6%	-6%	-10%	1%	3%	6%	16%	5%	8%	6%	13%	10%
Diluted EPS	$1.76	-$2.06	$2.49	$2.95	-$4.17	-$1.95	-$1.30	-$0.57	-$0.94	-$0.84	-$1.41	$0.11	$0.38	$0.76	$2.07	$0.62	$0.88	$0.85	$1.60	$1.53
Operating cash flow	435	565	34.0	536	134	118	-163	-13.0	69.0	198	-223	287	143	415	75.0	488	85.0	537	-179	608
Capital expenditure	83.0	153	74.0	107	128	171	83.0	115	145	188	101	164	146	169	93.0	131	151	243	119	186
Free cash flow	352	412	-40.0	429	6.0	-53.0	-246	-128	-76.0	10.0	-324	123	-3.0	246	-18.0	357	-66.0	294	-298	422
Buybacks	n/a	n/a	75.0	275	150	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	n/a	n/a	18.0	19.0	18.0	17.0	18.0	18.0	18.0	18.0	19.0	18.0	26.0	26.0	26.0	26.0	26.0	26.0	27.0	26.0
Shares outstanding	187m	184m	184m	180m	177m	177m	178m	178m	178m	178m	180m	n/a	n/a	258m	n/a	n/a	n/a	263m	264m	264m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 15 October 2026 with a Form 8-K: the release.