Alcoa Corporation (AA): Aluminum strength lifted profit, but cash flow went negative [Q1 2026]

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 FY2026AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.