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How Alcoa (AA) makes money
Alcoa (AA) made $3.7B of revenue in the third quarter 2026 (Q3 2026), +28% from a year earlier. Aluminum brought in $3.1B (84%); Alumina brought in $581M (16%). Of every dollar of revenue, 15¢ was left as operating profit, 13¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Aluminum | $3.1B | 84.4% | — | +52% |
| Alumina | $581M | 15.6% | — | -30% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.7B | 100.0% |
| Operating profit | $573M | 15.4% |
| Income tax | $91.0M | 2.4% |
| Net earnings | $483M | 13.0% |
| Operating cash flow | $643M | 17.3% |
| Free cash flow | $472M | 12.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.7B | +24% |
| Q2 2026 | $4.0B | +31% |
| Q1 2026 | $3.2B | -5% |
| Q4 2025 | $3.4B | -1% |
| Q3 2025 | $3.0B | +3% |
| Q2 2025 | $3.0B | +4% |
| Q1 2025 | $3.4B | +30% |
From Alcoa's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Alcoa make money?
Alcoa (AA) made $3.7B of revenue in the third quarter 2026 (Q3 2026), +28% from a year earlier. Aluminum brought in $3.1B (84%); Alumina brought in $581M (16%). Of every dollar of revenue, 15¢ was left as operating profit, 13¢ was left as net earnings.
What is Alcoa's biggest business?
Aluminum: $3.1B in the third quarter 2026, 84% of revenue, +52% from a year earlier.
What is Alcoa's profit margin?
Net earnings were $483M, 13.0% of revenue, in the third quarter 2026; the operating margin was 15.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.