Alcoa
Mine-to-metal producer spanning bauxite, alumina, primary aluminum and energy.
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Profile
Mines bauxite, refines alumina, and smelts and casts aluminum through the Alumina and Aluminum segments. Most alumina output is sold to third parties, while the integrated chain also supplies internal smelters; pricing tracks metal, alumina, regional-premium and power markets.
Runs a mine-to-metal system through the Alumina and Aluminum segments. Alumina mines bauxite, refines it into alumina and sells most output to third parties; Aluminum smelts and casts primary metal while also managing energy assets.
Operations extend beyond the United States across Australia, Brazil, Spain and other markets. The integrated chain links internal alumina supply with commodity and value-add ingot sold into transportation, construction, packaging, wire and other industrial uses.
Portfolio execution has concentrated the business on upstream and primary-metal assets, including full ownership of AWAC after the Alumina Limited acquisition. Pricing depends on aluminum and alumina benchmarks, regional premiums and power markets. Mining approvals, energy systems, site remediation, labor, safety and transaction approvals shape operations.
Company facts
Categories
Key statistics
Year to date −11.0% · Average volume (30d) 5.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Argus Research | Reiterate | Buy | $73 | $55 | |
| Jul 9, 2026 | Wells Fargo | Reiterate | Overweight | $70 | $72 | |
| Jul 8, 2026 | Morgan Stanley | Downgrade | Overweight | Equal Weight | $79 | $53 |
| Jul 1, 2026 | Morgan Stanley | Upgrade | Overweight | Buy | ||
| Jul 1, 2026 | Wedbush | Downgrade | Sector Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 16, 2026Q2 FY26 | $2.33 | $2.12 | −9.0% | $3.99B | $3.97B | −0.6% | −6.13% |
| Apr 16, 2026Q1 FY26 | $1.60 | $1.40 | −12.5% | $3.28B | $3.19B | −2.6% | −6.80% |
| Jan 22, 2026Q4 FY25 | $0.93 | $1.26 | +36.1% | $3.28B | $3.45B | +5.3% | −1.47% |
| Oct 22, 2025Q3 FY25 | −$0.14 | −$0.02 | +85.8% | $3.09B | $3.00B | −3.1% | +12.59% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.37B | $3.02B | $3.00B | $3.45B | $3.19B | $3.97B | |
| Gross profit | $931.0M | $366.0M | $300.0M | $576.0M | $681.0M | $999.0M | |
| Operating income | $700.0M | $119.0M | $51.0M | −$112.0M | $426.0M | $718.0M | |
| Net income | $548.0M | $164.0M | $232.0M | $213.0M | $425.0M | $407.0M | |
| Diluted EPS | $2.07 | $0.63 | $0.89 | $0.87 | $1.60 | $1.55 | |
| Gross margin | 27.6% | 12.1% | 10.0% | 16.7% | 21.3% | 25.2% | |
| Operating margin | 20.8% | 3.9% | 1.7% | -3.2% | 13.3% | 18.1% |
Fiscal years (4-quarter sums)FY21 $12.44B · FY22 $12.76B · FY23 $10.71B · FY24 $12.29B · FY25 $12.83B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.35B · Total debt $2.23B · Total assets $16.85B · Shareholders' equity $7.37B
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 11, 2026 | Aug 11 | Aug 27 | $0.10 | |
| May 19, 2026 | May 19 | Jun 5 | $0.10 | |
| Mar 10, 2026 | Mar 10 | Mar 26 | $0.10 | |
| Nov 4, 2025 | Nov 4 | Nov 21 | $0.10 | |
| Aug 12, 2025 | Aug 12 | Aug 28 | $0.10 | |
| May 20, 2025 | May 20 | Jun 6 | $0.10 | |
| Mar 4, 2025 | Mar 4 | Mar 20 | $0.10 | |
| Oct 29, 2024 | Oct 29 | Nov 15 | $0.10 |
Ownership
Shares outstanding 263.91M · Float 262.83M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 29.32M | 11.11% | 13F | Aug 7, 2026 |
| FMR LLC | 17.00M | 6.44% | 13F | Aug 13, 2026 |
| Allan Gray Australia Pty Limited ("AGAPL") | 15.99M | 6.20% | 13D/G | Nov 14, 2024 |
| Vanguard Portfolio Management LLC | 13.00M | 4.92% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 11.93M | 4.52% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Tammi A. Jones | officer: EVP & CHRO | −15,628 | $50.60 |
| Aug 17, 2026 | Andrew Hastings | officer: EVP & Gen. Counsel | −6,000 | $50.90 |
| Jul 22, 2026 | Matthew T. Reed | officer: EVP, Chief Operations Officer | −4,600 | $46.82 |
Peers
- Rio Tinto (ADR)
Full-chain rival in bauxite, alumina and primary aluminum
- Century Aluminum
Primary aluminum rival in standard-grade metal and value-added castings
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Alcoa | $50.24 | −0.15% | $13.28B | 10.2 | 8.4 | 1.0 | +31.4% |
| Rio Tinto (ADR) | $103.71 | +0.37% | $167.86B | 13.9 | — | 2.7 | +14.5% |
| Century Aluminum | $46.58 | −0.02% | $4.61B | 8.1 | 4.1 | 1.7 | +19.7% |
| Median | 11.0 | 4.1 | 2.2 | +17.1% |