Alcoa Corporation (AA) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Alcoa published the results on October 15, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Alcoa reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Year-ago GAAP EPS of $0.88 included a $786 million gain on the sale of Alcoa's interest in the Ma'aden joint venture in Saudi Arabia. Excluding that and other special items, Alcoa had an adjusted loss of $0.02 per share in Q3 2025.
• The product division rows are from the 10-Q. Other is negative because it holds realized losses on embedded derivatives that hedge forward sales of aluminum.

Source: Alcoa Q3 2026 results, October 15, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Alcoa splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Alcoa's Aluminum revenue was $3.1 billion in Q3 2026, up 52% from $2.1 billion in Q3 2025, 85% of total revenue.
• Alcoa's Alumina revenue was $581 million in Q3 2026, down 30% from $829 million in Q3 2025, 16% of total revenue.
• Alcoa's Bauxite revenue was $80.0 million in Q3 2026, down 29% from $112 million in Q3 2025, 2% of total revenue.
• Alcoa's Energy revenue was $58.0 million in Q3 2026, up 2% from $57.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Alcoa gives production, shipment and cost items, not a revenue or EPS outlook.

In its Q3 2026 release, Alcoa said:

“Alcoa reaffirms its 2026 Alumina segment production and shipment projection of 9.5 to 9.6 million metric tons and 11.5 to 11.6 million metric tons, respectively.”

“Alcoa reaffirms its 2026 Aluminum segment production and shipment projection of 2.4 to 2.6 million metric tons and 2.6 to 2.8 million metric tons, respectively.”

“Alcoa expects Interest expense to approximate $185 million for the year, an increase from the prior projection, as a result of the Notes issuance.”

“Based on current alumina and aluminum market conditions, Alcoa expects fourth quarter 2026 operational tax expense to approximate $65 million to $75 million, which may vary with market conditions and jurisdictional profitability.”

Source: Alcoa Q3 2026 release, Oct 15, 2026.

This is the company's own guidance as of Oct 15, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and GAAP diluted EPS, each as first reported in that quarter's release. Alcoa first reported Q4 2025 EPS of $0.85 (net income of $226 million); its Q1 2026 release shows Q4 2025 at $0.80 (net income of $213 million).

Alcoa's next report is expected around January 21, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 15, 2026

Alcoa reported revenue of $3,704 million in Q3 2026, against $2,995 million a year earlier. By product division, aluminum brought in $3,137 million, alumina $581 million, bauxite $80 million and energy $58 million, less $152 million of realized losses on derivatives that hedge forward sales of aluminum. (Alcoa Q3 2026 release, Oct 15, 2026; Alcoa Form 10-Q, Q3 2026, Oct 29, 2026)

Alcoa reports two segments. The Alumina segment mines bauxite and refines it into alumina, and its largest customer for smelter grade alumina is Alcoa's own smelters, which took approximately 34 percent of its total alumina shipments in 2025. Alcoa's alumina sales are typically priced by reference to published spot market prices. The Aluminum segment holds the smelting and casting operations along with most of Alcoa's energy production assets, and aluminum is a commodity traded on the London Metal Exchange (LME) and priced daily. (Alcoa Form 10-K, 2025, Feb 26, 2026)

Higher aluminum prices and volumes drove the year-over-year rise. Alcoa's average realized third-party aluminum price was $4,527 per metric ton, against $3,374 in Q3 2025, and total aluminum shipments were 693 thousand metric tons, against 612. Aluminum segment third-party sales rose to $3,021 million from $2,040 million. (Alcoa Q3 2026 release, Oct 15, 2026)

Alumina went the other way. Alcoa's average realized third-party alumina price fell to $353 per metric ton from $377, and third-party alumina shipments fell to 1,652 thousand metric tons from 2,205, so third-party alumina sales dropped to $595 million from $841 million. (Alcoa Q3 2026 release, Oct 15, 2026)

Compared with Q2 2026, Alcoa's revenue fell 7%. Aluminum segment third-party revenue fell 9% on lower shipments and realized prices, after elevated Q2 shipments, while alumina segment third-party revenue rose 7%. Aluminum production rose 2 percent sequentially to 649,000 metric tons after capacity restarts and the completed restart of the Alumar smelter in Brazil. (Alcoa Q3 2026 release, Oct 15, 2026)

Alcoa's GAAP EPS of $1.81 and adjusted EPS of $1.82 were close in Q3 2026 because net special items came to only $2 million. They included mark-to-market gains on energy contracts of $32 million and on Alcoa's Ma'aden shares of $28 million, demolition and remediation costs at closed locations of $25 million, and external costs related to the AliGroup acquisition. (Alcoa Q3 2026 release, Oct 15, 2026)

A year earlier the gap was wide. Q3 2025 GAAP EPS of $0.88 included a $786 million gain on the sale of Alcoa's interest in the Ma'aden joint venture and a $267 million favorable mark-to-market change on Ma'aden shares, against $885 million of restructuring and other charges. Excluding special items, Alcoa had an adjusted loss of $0.02 per share. (Alcoa Q3 2026 release, Oct 15, 2026)

Diluted average shares were 266 million, against 261 million a year earlier. Alcoa's estimated annualized effective tax rate for 2026 was 15.1% as of September 30, 2026, against 8.0% a year earlier, and it benefits from the Section 45X Advanced Manufacturing Tax Credit. (Alcoa Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Alcoa does not give revenue or EPS guidance. Its 2026 outlook covers volumes and cost items: it reaffirmed Alumina segment production of 9.5 to 9.6 million metric tons and shipments of 11.5 to 11.6 million, and Aluminum segment production of 2.4 to 2.6 million metric tons and shipments of 2.6 to 2.8 million. It raised its interest expense estimate to about $185 million for the year after the Notes issuance. (Alcoa Q3 2026 release, Oct 15, 2026)

For Q4 2026 Alcoa expects higher production and shipments in both segments, sequentially consistent Alumina segment Adjusted EBITDA, about $30 million of unfavorable raw material and maintenance costs in the Aluminum segment plus about $30 million from higher alumina costs, and operational tax expense of $65 million to $75 million. (Alcoa Q3 2026 release, Oct 15, 2026)

Alcoa expects to close the AliGroup acquisition, South32's interests in bauxite, alumina and aluminum assets, in the first half of 2027. It raised $1.5 billion of 6.625 percent notes due 2034 and $1.1 billion of 6.875 percent notes due 2036 to fund cash consideration of approximately $3.1 billion. (Alcoa Q3 2026 release, Oct 15, 2026)

A consensus figure is the average of the models published by the analysts who cover Alcoa, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Alcoa's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AA is on is AA a buy or a sell?, what analysts expect next is on the AA forecast, and what the company does is on the Alcoa Corporation (AA) stock page.

Every number on this page can be traced to a document Alcoa published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.