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Alcoa (AA) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Alcoa (AA) reported revenue of $3.7B for the third quarter 2026 (Q3 2026), +24% from a year earlier and -7% from the quarter before. Operating margin was 15.5%, net earnings $483M (13.0% of revenue).
Alcoa, Q3 2026: revenue $3.7B (+24% year over year), operating margin 15.5%, net earnings $483M, operating cash flow $643M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -7% | +24% |
| Operating profit | $573M | +19% | +243% |
| Net earnings | $483M | +19% | +108% |
| Operating cash flow | $643M | +6% | +656% |
| Free cash flow | $472M | +12% | — |
What changed
Revenue was $3.7B in Q3 2026, up 24% year over year and down 7% from the previous quarter. Aluminum was the largest line at 85% of revenue. Aluminum added $1.1B year over year (up 52%), 151% of the total change. Alumina declined 30%.
Operating profit was $0.57B, a 15.5% margin (up 9.9 points year over year). Of the extra revenue versus Q3 2025, 57% reached operating profit, above the 6% margin then. Total costs grew 11% against revenue growth of 24%. The fastest-growing cost line was Other operating costs (+364%). Net earnings were $0.48B, up 108% year over year. The effective tax rate was 15.9%.
Operating cash flow was $0.64B (up 656% year over year), 133% of net earnings. Non-cash charges added back $0.18B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.17B left free cash flow of $0.47B.
Questions
What was Alcoa's revenue in the third quarter 2026?
Alcoa (AA) reported revenue of $3.7B for the third quarter 2026 (Q3 2026), +24% from a year earlier and -7% from the quarter before.
Was Alcoa profitable in the third quarter 2026?
Operating profit was $573M (15.5% of revenue) and net earnings $483M.
Source: Alcoa 10-Q on SEC EDGAR.