Episode Details

Alcoa’s Q1 FY2026 was a split-screen quarter: stronger aluminum pricing lifted profit, while alumina weakness and working-capital timing crushed cash flow.

In this episode:

- Aluminum EBITDA jumped as realized prices rose, costs held.

- Alumina EBITDA turned negative on lower shipments and pricing.

- Free cash flow fell to -$298M on timing-heavy working capital.

- Inventory repositioning deferred EBITDA on 30,000 tons into Q2.

- San Ciprián restarted, but the refinery still burns cash.

We break down why revenue fell 7% even as profit improved, how Ma’aden and FX helped below the line, and why shares still slipped about 3% after hours. Then we look at Q2: better aluminum shipments and pricing support, but higher Section 232 tariffs, tax expense, and diesel costs keep the setup messy.

Company: Alcoa Corporation (AA) | Q1 FY2026

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