Filing Flows › Alcoa (AA) › Q3 2026 › vs Q3 2025
Alcoa (AA) Q3 2026 vs Q3 2025 (year over year)
Alcoa's revenue rose $709M (+24%) from $3.0B in Q3 2025 to $3.7B in Q3 2026. The biggest changes: Aluminum +$1.1B (+52%); Alumina −$248M (-30%). Operating margin 15.5% against 5.6% (+9.9 pts).
Alcoa, Q3 2026: revenue $3.7B (+24% year over year), operating margin 15.5%, net earnings $483M, operating cash flow $643M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 15.5% | 5.6% | +9.9 pts |
| Net margin | 13.0% | 7.7% | +5.3 pts |
| Free cash flow margin | 12.7% | -2.2% | +14.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Aluminum | $3.1B | $2.1B | $1.1B | +52% |
| Alumina | $581M | $829M | −$248M | -30% |
| Revenue | $3.7B | $3.0B | $709M | +24% |
| Operating profit | $573M | $167M | $406M | +243% |
| Costs & expenses | $3.1B | $2.8B | $303M | +11% |
| Pre-tax earnings | $573M | $167M | $406M | +243% |
| Cost of revenue | $2.8B | $2.7B | $127M | +5% |
| Research & development | $8.0M | $11.0M | −$3.0M | -27% |
| SG&A | $97.0M | $78.0M | $19.0M | +24% |
| Other operating costs | $204M | $44.0M | $160M | +364% |
| Loss borne by minority interests | $1.0M | $14.0M | −$13.0M | -93% |
| Net earnings | $483M | $232M | $251M | +108% |
| Income tax | $91.0M | −$51.0M | $142M | — |
| Depreciation & amortization | $176M | $160M | $16.0M | +10% |
| Share-based compensation | $13.0M | $10.0M | $3.0M | +30% |
| Working capital & other | $29.0M | $317M | −$288M | -91% |
| Operating cash flow | $643M | $85.0M | $558M | +656% |
| Free cash flow (OCF − capex) | $472M | −$66.0M | $538M | — |
| Capital expenditures | $171M | $151M | $20.0M | +13% |
Questions
How much did Alcoa's revenue grow year over year in Q3 2026?
Alcoa's revenue rose $709M (+24%) from $3.0B in Q3 2025 to $3.7B in Q3 2026.
What drove Alcoa's revenue change in Q3 2026?
Aluminum +$1.1B (+52%); Alumina −$248M (-30%).