Alcoa Misses Q1 EPS, Alumina Shipments Drop 31%, EBITDA Rises
Alcoa posted Q1 adjusted EPS of $1.40 versus a $1.47 consensus and revenue of $3.19 billion, down 5% year-over-year. Alumina shipments fell 31% sequentially and aluminum volumes slipped 8%, while adjusted EBITDA rose to $595 million, and the company maintained 2026 production guidance with $1.4 billion cash.
1. Q1 Financial Results
Alcoa reported Q1 adjusted EPS of $1.40 versus a $1.47 estimate and revenue of $3.19 billion, a 5% decrease year-over-year. Shares declined more than 7% intraday following the earnings release due to the shortfall against analyst expectations.
2. Shipment Volumes
Alumina shipments fell 31% sequentially driven by reduced external sourcing, typical seasonal weakness and delays in Australia linked to regional conflict and Cyclone Narelle. Aluminum volumes decreased 8% as North American inventory repositioning and reduced trading activity weighed on shipments.
3. Profitability & Guidance
Adjusted EBITDA rose to $595 million from $527 million last quarter, supported by higher aluminum prices. The company upheld full-year 2026 guidance for 9.7–9.9 million metric tons of alumina and 2.4–2.6 million metric tons of aluminum, finished the quarter with $1.4 billion cash, and plans to redeem $219 million of senior notes due 2028 in May.