Alcoa Q2 2026: record revenue $4.0B, adj. EPS $2.12, announces $4.1B South32 acquisition

Alcoa Corp

Revenue $3,966M (record), net income $407M ($1.53 EPS); adjusted net income $562M ($2.12 EPS).
Adjusted EBITDA $901M, up 51% sequentially; cash from ops $608M, free cash flow $422M.
Entered definitive agreement to acquire South32's bauxite, alumina, aluminum assets for ~$4.1B upfront plus up to $750M contingent.
Alumina production down 6% sequentially to 2.2M mt due to Pinjarra refinery disruptions; aluminum production up 5% to 636K mt on restarts.
Redeemed remaining $219M of 6.125% Senior Notes due 2028; cash balance $1.4B.

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