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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Alcoa
Alcoa (AA) investor relations material
Alcoa Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Oct, 2026
Executive summary
Q3 revenue was $3.704B; net income attributable was $483M, diluted EPS was $1.81, and adjusted EBITDA excluding special items was $789M.
Aluminum production rose for a sixth consecutive quarter; six YTD production records were achieved, the Alumar restart was completed, and Pinjarra performance recovered.
South32 shareholders approved the AliGroup acquisition on October 15; closing is targeted for H1 2027, subject to approvals and other conditions.
Financial highlights
Q3 revenue was $3.704B, down 7% sequentially; net income attributable was $483M versus $407M in Q2, while adjusted net income was $485M versus $562M.
Adjusted EBITDA excluding special items was $789M, down $112M sequentially; lower aluminum prices and shipments offset higher production costs performance and alumina prices.
Cash from operations was $643M and free cash flow was $472M; cash ended Q3 at $4.408B, including $2.6B of acquisition financing proceeds.
Realized primary aluminum price was $4,527/mt, down $225 sequentially; realized alumina price was $353/mt, up $19.
Nine-month sales were $10.863B, operating cash flow was $1.072B, and capital expenditures were $476M.
Outlook and guidance
FY26 production and shipment guidance remains 9.5–9.6M and 11.5–11.6M metric tons for Alumina, and 2.4–2.6M and 2.6–2.8M metric tons for Aluminum.
Q4 production and shipments are expected to rise in both segments; Alumina performance is expected to remain consistent with Q3, with higher shipments offset by planned maintenance.
Q4 Aluminum adjusted EBITDA is expected to face ~$30M of unfavorable impacts from raw material costs and planned maintenance; Alumina costs in Aluminum are also expected to be ~$30M unfavorable.
FY26 sustaining capex is estimated at ~$685M, return-seeking capex at ~$65M, and environmental/ARO payments at $360M; FY interest expense is expected at ~$185M.
Q4 operational tax expense is projected at $65M–$75M; other income is expected to increase ~$20M, and working capital is expected to release at least 10 days, subject to year-end pricing.
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Latest events from Alcoa
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Next Alcoa earnings date
Q4 202621 Jan, 2027
Alcoa
Next Alcoa earnings date
Q4 202621 Jan, 2027
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Frequently asked questions
Bauxite and Aluminum
Alcoa is an American industrial corporation focused on mining bauxite and manufacturing aluminum in various forms and is a major producer of primary aluminum, fabricated aluminum, and alumina combined. The name of the company is an acronym for Aluminum Company of America, and the company has a long and storied history tracing all the way back to the discovery of the incredibly useful metal. The company is headquartered in Pittsburgh, Pennsylvania, and its shares trade on the NYSE.
The Hall-Héroult process
Alcoa's origins are deeply entwined with the transformative discovery of an economical method for extracting aluminum. Prior to the late 19th century, aluminum was exceedingly rare and valued more than gold, due to the complexity of extracting it from its ore. This changed dramatically with the simultaneous but independent discoveries by Charles Martin Hall in the United States and Paul Héroult in France in 1886. They developed the Hall-Héroult process, a method of smelting aluminum oxide into aluminum using electrolysis, drastically reducing the cost of production.
The Aluminum Company of America
In 1888, using this groundbreaking method, the Aluminum Company of America, later known as Alcoa, was founded. The company played a pioneering role in the mass production and commercialization of aluminum, revolutionizing its availability and use. Alcoa's development paralleled the evolution of aluminum from a precious metal to a cornerstone of modern industry. The company's efforts in refining and producing aluminum at an industrial scale not only marked a significant chapter in the material's history but also catalyzed its widespread application in various sectors, from transportation to packaging, and construction to consumer goods. A list of companies operating in the same industry includes names such as Rio Tinto Group, Norsk Hydro ASA, and Kaiser Aluminum, to name a few.
The Operations
Alcoa is one of the global leaders in the production of bauxite, alumina, and aluminum products. The company’s primary focus lies in the mining of bauxite, a key raw material for aluminum production, and the subsequent processing of bauxite into alumina. Alcoa operates large-scale alumina refineries and aluminum smelters across the world. In addition to primary aluminum production, Alcoa has diversified its portfolio to include a range of value-added products, such as rolled aluminum and energy services. The company is involved in various environmental initiatives and technological innovations aimed at reducing carbon emissions and improving the efficiency of aluminum production. This focus on sustainability reflects a broader industry trend towards environmentally responsible manufacturing practices.