Alcoa Corporation reported its financial results for the first quarter of 2026, revealing a total revenue of $3.193 billion, a decrease from $3.369 billion in the same period last year. The company's net income attributable to Alcoa Corporation was $425 million, down from $548 million in the first quarter of 2025. This resulted in diluted earnings per share of $1.60, compared to $2.07 in the prior year. The decline in revenue and profitability was attributed to lower alumina prices and seasonal shipment reductions, despite an increase in aluminum prices.
In terms of operational performance, Alcoa's third-party shipments of alumina totaled 1.611 million metric tons, a decrease from 2.105 million metric tons in the first quarter of 2025. Conversely, aluminum shipments increased slightly to 613,000 metric tons from 609,000 metric tons year-over-year. The average realized price for aluminum rose to $4,209 per metric ton, up from $3,213, while the average alumina price fell to $324 per metric ton from $575. The company noted that the average Midwest premium for aluminum increased by 21% sequentially, reflecting strong demand despite the overall revenue decline.
Strategically, Alcoa completed the restart of its San Ciprián smelter in Spain on April 7, 2026, which had been a significant focus for the company. The smelter's restart is expected to enhance aluminum production capacity and improve operational efficiency. Additionally, Alcoa is advancing its mine approvals in Western Australia, with plans to commence mining in new regions by 2029, contingent on regulatory approvals. The company also announced plans to redeem $219 million of its outstanding 6.125% notes due in 2028, which is expected to be completed by May 15, 2026.
Alcoa's total assets increased to $16.640 billion as of March 31, 2026, up from $16.129 billion at the end of 2025. The company reported cash and cash equivalents of $1.353 billion, a decrease from $1.597 billion at the end of the previous year. The company’s liabilities also decreased slightly to $9.749 billion from $9.935 billion. Alcoa's management expressed confidence in the company's liquidity, citing cash on hand and projected cash flows as sufficient to meet both short-term and long-term operational needs.
Looking ahead, Alcoa anticipates continued challenges due to global economic conditions, including the impact of the ongoing conflict in the Middle East, which has affected supply chains and increased energy costs. The company expects to maintain its production and shipment targets for both alumina and aluminum for the remainder of 2026, while also focusing on managing costs and optimizing its asset portfolio.
About Alcoa Corp
Alcoa Corporation operates across the upstream aluminum industry, including bauxite mining, alumina refining, and aluminum smelting and casting. It serves global markets with smelter grade alumina, primary aluminum products, and value-added alloys. Alcoa’s integrated supply chain, strategic asset locations, and focus on low-carbon production through renewable energy and proprietary technologies support its competitive position in serving industrial, automotive, aerospace, and packaging customers worldwide.
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