AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Alcoa's Q2 2026 revenue rose 31% YoY to $3.97B on a 15% sequential jump in aluminum prices, driving record Aluminum segment Adjusted EBITDA of $1.07B, even as it disclosed a pending $3.1B-cash-plus-17M-share acquisition of South32's AliGroup assets.
Higher average realized aluminum price (+$1,327/mt YTD) driven by higher LME and regional premiums (Midwest +179%, Rotterdam +102% YTD), plus higher shipments from capacity restarts.
Alumina segment (third-party sales)$637M-39% YoY
Lower average realized alumina price on a lower Alumina Price Index and lower volumes/price from bauxite offtake and supply agreements.
Higher average realized aluminum price (+$1,327/mt YTD) driven by higher LME and regional premiums (Midwest +179%, Rotterdam +102% YTD), plus higher shipments from capacity restarts.
Alumina segment (third-party sales)$637M-39% YoY
Lower average realized alumina price on a lower Alumina Price Index and lower volumes/price from bauxite offtake and supply agreements.
Largest Expense Items
Cost of goods sold$2,967M+12% YoY
Higher aluminum shipments and prices, partially offset by unfavorable energy impacts, higher Alumina segment production costs, and tariffs on U.S. imports of aluminum from Canada.
Other expenses (income), net$200M
Swung from $112M of income in Q2 2025 to $200M of expense, driven by a $123M mark-to-market loss on Ma'aden shares and unfavorable mark-to-market results on derivative instruments.
Provision for depreciation, depletion, and amortization$173M+13% YoY
Higher depreciation in Brazil for mine reclamation and bauxite residue storage asset retirement obligations and unfavorable currency impacts.
Selling, general, administrative, and other expenses$101M+23% YoY
Increased fees for professional services, including $11M of transaction-related costs for the AliGroup acquisition.
Margins: Aluminum segment Adjusted EBITDA margin hit a record 32% of sales on higher realized prices and shipments, while the Alumina segment posted negative Adjusted EBITDA of $(96)M on higher production costs at Pinjarra and higher fuel oil/diesel energy prices tied to the Middle East conflict.
Watch Items from the Filing
Alcoa signed a deed to acquire South32's AliGroup bauxite/alumina/aluminum assets for $3,100M cash plus ~17M shares (~6% dilution) and up to $750M in contingent payments, expected to close in H1 2027, backed by a $3,100M bridge facility.
Company recorded a $123M mark-to-market loss in Q2 2026 on its Ma'aden shares (received from the 2025 Saudi JV sale), which are subject to a multi-year transfer restriction and remain a source of earnings volatility.
Alumina segment Adjusted EBITDA was negative $(96)M in Q2 2026 versus $139M a year ago, with 2026 alumina production and shipment guidance cut due to Pinjarra refinery instability.
Middle East conflict has driven announced curtailments of over 2,500 kmt of regional smelting capacity and nearly 2,000 kmt of refining capacity, plus Strait of Hormuz transit disruptions affecting raw material inflows and energy costs.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Field AlistairReporting ownerGrant or award · May 8, 2026
Fiore PasqualeReporting ownerGrant or award · May 8, 2026
Galovich BrianReporting ownerGrant or award · May 8, 2026
Gorman Thomas JosephReporting ownerGrant or award · May 8, 2026
Congress trading in AA
19 transactions in AA reported by 3 members of Congress under the STOCK Act, most recent trade Oct 23, 2024. Reported transactions, not recommendations.
About Alcoa Corp (AA): stock profile, AI score and financials
Alcoa Corp (AA) stock profile, AI quality score, and SEC EDGAR financial data, a Materials sector company. 13F Pro's AI-powered ranking engine scores AA at 63.3/100 on a composite quality score built from its SEC filings, placing it at rank #622 of 2,925 stocks — the top 25% of the AI-ranked universe. AA scores in the top quartile across revenue scale (89.1), balance sheet strength (80.6). Areas of concern include earnings quality (33.5) and free cash flow (34.8), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), Alcoa Corp reports quarterly revenue of $4.0B, net income of $407.0M, an operating margin of 12.2%. Top institutional holders of AA by reported 13-F value include BlackRock, FMR, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. AA trades on the NYSE exchange and files with the SEC under CIK 1675149. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate AA daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Alcoa Corp directly from SEC EDGAR.