The Alcoa Corporation Ltd (ASX: AAI) share price is in focus today after the company posted record quarterly revenue of US$4.0 billion and reported a sequential jump of 51% in adjusted EBITDA to US$901 million for the second quarter of 2026.
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What did Alcoa report?
- Revenue rose 24% quarter-on-quarter to a record US$4.0 billion
- Net income attributable to Alcoa was US$407 million (US$1.53 per share)
- Adjusted net income grew 51% to US$562 million (US$2.12 per share)
- Adjusted EBITDA (excluding special items) increased to US$901 million
- Free cash flow reached US$422 million, finishing the quarter with US$1.4 billion in cash
- Set new year-to-date production records at four aluminium smelters and one alumina refinery
What else do investors need to know?
Alcoa announced a definitive agreement to acquire South32 Ltd's (ASX: S32) interests in bauxite, alumina, and aluminium assets across Australia, Brazil, and South Africa for upfront consideration of approximately US$4.1 billion. This move is expected to bolster Alcoa's position as a leading pure-play upstream aluminium company and deliver long-term value through operational synergies.
The company also celebrated the successful restart of its smelters in Spain, Brazil, Norway, and Australia, contributing to higher aluminium production and shipments this quarter. Alcoa completed collective bargaining agreements with unions in Australia, the United States, and Canada, ensuring stability for its workforce.
What did Alcoa management say?
President and CEO William F. Oplinger said:
During the second quarter, in addition to delivering strong financial results that captured favourable aluminium prices, our team executed on strategic initiatives, most notably the announced agreement with South32. We continue to demonstrate operational excellence and positive momentum in our disciplined approach to maximise value creation.
What's next for Alcoa?
Looking ahead, Alcoa has lowered its 2026 alumina production and shipment guidance due to disruptions at the Pinjarra refinery following Cyclone Narelle. Nevertheless, aluminium production and shipment targets remain unchanged, and the company expects to benefit from cost efficiencies, gradual recovery in energy markets, and the integration of the newly acquired AliGroup assets.
Management anticipates a steady operational outlook for the third quarter, with forecast improvements from restored stability and lower energy prices offsetting planned maintenance activities. Alcoa remains focused on executing its growth strategy and leveraging its upgraded global portfolio for long-term shareholder returns.
Alcoa share price snapshot
Over the past 12 months, Acola shares have risen 49%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 2% over the same period.
