The stock is likely to react positively to the EPS beat and maintained guidance, despite the revenue miss. Monitor the impact of higher LME and Midwest premium pricing on future tariffs and the successful completion of the San Ciprián smelter restart on future production costs.
Price Chart
Executive Summary
Alcoa reported Q1 2026 earnings with $425M net income ($1.60 EPS), beating consensus estimates. Revenue was $3.19B, slightly below expectations. The beat was driven by higher aluminum prices and a favorable $158M mark-to-market gain on Ma'aden shares, partially offset by lower shipments and the non-recurrence of prior tax benefits. The company maintained full-year 2026 production and shipment guidance.
Key Financial Metrics
Key Facts
- Q1 2026 EPS of $1.60 beat consensus estimate of $1.51 by 6%.
- Revenue of $3.19B missed consensus of $3.27B by 2.5%.
- Adjusted EBITDA excluding special items was $595M, up $68M sequentially.
- Company maintained full-year 2026 production and shipment guidance.
- Notable items: $158M favorable mark-to-market change on Ma'aden shares, non-recurrence of $133M tax benefit from prior quarter.
Financial Impact
$425M net income, $3.19B revenue
Risk Factors
- Revenue missed consensus estimates.
- Higher LME and Midwest premium pricing expected to increase Section 232 tariff costs by $35M sequentially in Q2.
- Days working capital increased to 48 days from 35 days in Q4 2025.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-159018 |
| Document: aa-20260416.htm | 0001193125-26-159018 |
| Document: 0001193125-26-159018-index-headers.html | 0001193125-26-159018 |
| Document: 0001193125-26-159018-index.html | 0001193125-26-159018 |
| Document: 0001193125-26-159018.txt | 0001193125-26-159018 |
| 8-K Data (Synthetic) | 0001193125-26-159018 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | 425 | $48.26 $44.43 | ▼ −7.94% | ▼ −7.72% | $41.95 (−13.08%) |
Sep 11, 2026 21d ago | 8-K | $48.26 $44.43 | ▼ −7.94% | ▼ −7.72% | $41.95 (−13.08%) |
Sep 9, 2026 23d ago | 425 / 8-K | $50.73 $46.26 | ▼ −8.81% | ▼ −8.15% | $41.95 (−17.31%) |
Sep 9, 2026 23d ago | 8-K | $50.73 $46.26 | ▼ −8.81% | ▼ −8.15% | $41.95 (−17.31%) |
Sep 9, 2026 23d ago | EFFECT | $50.73 $46.26 | ▼ −8.81% | ▼ −8.15% | $41.95 (−17.31%) |
Sep 1, 2026 4w ago | S-4 | $50.89 $50.73 | ▼ −0.31% | ▼ −0.39% | $41.95 (−17.56%) |
Sep 1, 2026 4w ago | Insider Cluster | $50.89 $50.73 | ▼ −0.31% | ▼ −0.39% | $41.95 (−17.56%) |
Jul 29, 2026 9w ago | Institutional Cluster | $42.88 $47.60 | ▼ −11.00% | ▼ −5.47% | $41.95 (+2.17%) |
Jul 17, 2026 11w ago | 425 | $43.48 $44.24 | ▲ +1.75% | ▲ +2.17% | $41.95 (−3.52%) |
Jul 1, 2026 13w ago | 425 | $47.48 $49.01 | ▲ +3.22% | ▲ +2.96% | $41.95 (−11.65%) |
US Market Status
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