Alcoa

Q2 FY2026 EarningsQ2 FY26 results missed consensus across most financial metrics despite strong aluminum prices. Revenue of $3,966M missed the expected $4,156M, while GAAP EPS of $1.53 fell short of the $2.07 mean estimate. A significant $123M mark-to-market loss on Ma’aden shares and operational instability at the Pinjarra refinery in Australia were primary headwinds. While the Aluminum segment delivered record Adjusted EBITDA, the Alumina segment's performance was pressured by higher energy costs and production disruptions, leading to a downward revision in FY26 alumina production guidance.