Company Reports

Alcoa reported third-quarter 2026 underlying income of USD 485 million, down 14% from second-quarter 2026. This includes a 5% decline in realized aluminum price to USD 2.05 per pound and a 5% decline in aluminum shipments to 0.7 million metric tons. Higher alumina volumes and price partially offset.

Alcoa is a vertically integrated aluminum company with bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa reported second-quarter underlying income of USD 562 million, up 51% from the first quarter. This included a 13% jump in realized aluminum price to USD 2.16 per pound and an 18% increase in aluminum shipments to 1.2 million metric tons. Lower bauxite and alumina volumes partially offset.

Alcoa is a vertically integrated aluminum company with bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa is a vertically integrated aluminum company with bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa will buy South32's bauxite, alumina, and aluminum assets (except its stake in Mozal Aluminium) for up to USD 5.6 billion, including debt assumed and contingent consideration. Alcoa is entitled to the assets' cash flows from April 1, 2026, with the deal set to close in the first half of 2027.

Alcoa reported first-quarter 2026 underlying income of USD 373 million, up 16% from the fourth quarter of 2025. This includes a 12% jump in realized aluminum price to USD 1.91 per pound, partially offset by lower alumina and bauxite volumes and prices.

Alcoa is a vertically integrated aluminum company with bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa is a vertically integrated aluminum company with bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa reported 2025 underlying income of USD 1.0 billion, up 237%. This includes a 19% jump in realized aluminum price to USD 1.53 per pound, and higher bauxite volumes and price, only partially offset by lower alumina pricing and higher tariffs.

Alcoa's third-quarter 2025 adjusted EBITDA fell 14% to USD 270 million. Despite favorable aluminum prices, earnings are negatively affected by US tariffs. Production and sales guidance for the full year are unchanged.

Alcoa reported second-quarter underlying income of USD 103 million, down 82% from the first quarter. This includes a 34% drop in realized alumina prices to USD 378 per ton and USD 115 million in tariff costs. Alumina and aluminum production were steady.

Alcoa is a vertically integrated aluminum company with in bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa is a vertically integrated aluminum company with in bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alcoa reported a 105% increase in first-quarter 2025 underlying NPAT to USD 568 million or USD 2.15 per share against the December 2024 quarter. Adjusted EBITDA increased by 26% to USD 855 million. Reduced operating costs more than countered softer alumina production, shipments, and pricing.

Alcoa reported a strong improvement in 2024 underlying income to USD 296 million from negative USD 405 million. An average alumina price rise of 32% to USD 472 per metric ton underpinned this. While alumina futures remain strong, they've softened considerably from a peak of USD 800 per metric ton.

Alcoa is a vertically integrated aluminum company with in bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

Alumina prices have risen sharply, and we increase our fair value estimate for no-moat Alcoa by 18% to USD 45.50. Alcoa shares are up more than 60% from September 2024 lows, and at around USD 45.70 are fairly valued.

Alcoa is a vertically integrated aluminum company with in bauxite mining, alumina refining, and primary aluminum smelting operations. Key end markets include transportation, building and construction, and packaging.

We initiate coverage of Alcoa with a fair value of USD 38.50 per share or AUD 57.50 per CDI. Alcoa is a vertically integrated aluminum company and is the world’s largest bauxite miner and alumina refiner by production volume. Nearly 60% of earnings come from bauxite and alumina refining, and the balance is from aluminum smelting.