
• Reported GAAP EPS of $0.86 up 11.69% YoY • Reported revenue of $3.45B down -45.74% YoY • Alcoa expects Q1 2026 Alumina Segment Adjusted EBITDA to face $30 million sequential unfavorable impacts and Aluminum Segment Adjusted EBITDA to see $70 million unfavorable impacts.
Bullish
Alcoa achieved strong Q4 2025 revenue growth and improved adjusted EBITDA, driven by higher production and shipments. The company also significantly reduced debt and advanced key strategic technology initiatives.
Bearish
Alcoa recorded significant goodwill impairment and mark-to-market losses, faced increased tariff costs, and anticipates sequential EBITDA declines in Q1 2026 due to maintenance and higher production costs.