Alcoa Reports Q3 2026 Net Income of $483 Million, More Than Double a Year Ago

Alcoa Corporation posted third-quarter 2026 net income attributable to the company of $483 million, or $1.81 per share, more than doubling the $232 million, or roughly $0.87 per share, earned in the same period a year earlier. Revenue came in at $3.7 billion, up from $2.995 billion in Q3 2025, though down from the $3.966 billion recorded in Q2 2026. Adjusted net income was $485 million, or $1.82 per share, and adjusted EBITDA excluding special items reached $789 million.

Alcoa generated $643 million in cash from operations during the quarter, with free cash flow of $472 million. The company ended Q3 with a cash balance of $4.4 billion, which includes $2.6 billion in financing raised for its planned acquisition of South32's bauxite, alumina, and aluminum assets, a deal the companies refer to as AliGroup. South32 shareholders approved the transaction on October 15, 2026, the same day Alcoa reported results.

On the operational side, Alcoa increased aluminum production for the sixth consecutive quarter and set year-to-date production records at five smelters and one refinery. The company completed the restart of its Alumar smelter in Brazil and entered into definitive sale agreements for portions of its Massena East, New York site, with potential proceeds of up to an unspecified amount.