Alcoa reported record second-quarter revenue of $3.97 billion and net income attributable to the company of $407 million, or $1.53 per diluted share. On an adjusted basis, Alcoa reported adjusted net income of $562 million, or adjusted diluted EPS of $2.12, and adjusted EBITDA excluding special items of $901 million. The quarter included strong aluminum segment results, milestone smelter restarts and the announced agreement to acquire South32’s bauxite, alumina and aluminum interests.

Financial Highlights

  • Revenue: $3,966 million for 2Q26, a quarterly record and a 24% sequential increase.
  • Net income attributable to Alcoa: $407 million (2Q26); diluted net income per share $1.53.
  • Adjusted net income attributable to Alcoa: $562 million for 2Q26; adjusted diluted EPS $2.12.
  • Adjusted EBITDA excluding special items: $901 million for 2Q26 (up 51% sequentially).
  • Cash from operations: $608 million in the quarter; free cash flow: $422 million.

Business Highlights

  • Operational performance: Aluminum production increased 5% sequentially to 636,000 metric tons driven by completion of the San Ciprián smelter restart and progress on Alumar plus restarts at Lista and Portland.
  • Alumina operations: Alumina production declined 6% sequentially to 2.2 million metric tons due primarily to instability and gas supply disruptions at the Pinjarra refinery related to Cyclone Narelle.
  • Shipments and inventory movements: Aluminum shipments rose 18% sequentially, benefiting from repositioned North American inventory and higher production from capacity restarts; third‑party alumina shipments were roughly flat sequentially at 1.6 million metric tons.
  • Strategic actions: Executed definitive agreement to acquire South32’s bauxite, alumina and aluminum assets (AliGroup); reached final investment decision for a gallium plant to be co‑located at Wagerup; announced $65 million investment at Mosjøen casthouse to expand recycled-content casting capability.
  • Labor and workforce: Completed new multi-year collective bargaining agreements in Western Australia, the U.S. and Canada covering major mining, refining and smelter operations.

Original SEC Filing:

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