$AA Earnings: EPS Falls 34.9% in Quarter Reported April 16
Alcoa reported EPS of $1.40 for the quarter reported on April 16, 2026, down 34.9% from $2.15 a year earlier. Revenue also slipped 5.2% year over year.
Correction, 18 September 2026: an earlier version of this post described April 16 as the end of the quarter. It is the date the results were reported.
What changed
$AA reported earnings on April 16, 2026. EPS came in at $1.40, down from $2.15 in the same period a year earlier — a year-over-year decline of 34.9%. Revenue fell 5.2% over the same stretch. Both the top and bottom lines moved in the wrong direction, and the earnings drop was the sharper of the two moves.
We do not have guidance commentary from this report, so the forward picture stays open for now.
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What it means
The numbers are soft, but the broader $AA picture has more texture than a single quarter suggests.
Start with valuation. The trailing P/E sits at 12.5 and the forward P/E at 8.8. That forward multiple implies the market expects a meaningful earnings recovery from where the trailing figure stands today. The 6-model fair value ACCE calculates is $54.49 against a current price of $48.60 — a 12.1% gap that reflects the same recovery thesis.
The ACCE score lands at 48 out of 100, which is middling overall, but the component breakdown tells a more specific story. Value scores 80 — the highest of the four pillars — consistent with the compressed multiples above. Quality comes in at 60, supported by an ROE of 15.4%, a net margin of 8.2%, and a FCF yield of 4.4%. Earnings quality is flagged as strong. Growth scores just 7, which tracks directly with the revenue and EPS declines this quarter. Momentum sits at 46.
That 1-year return of 70.6% is worth noting alongside the weak quarterly print. The stock has already moved a long way, and the recent earnings trend — revenue down 5.2%, EPS down 34.9% — raises a fair question about whether the operational story can catch up to the price appreciation of the past year.
The analyst consensus target is $72.44, well above the current $48.60. Closing that gap would require the earnings trajectory to turn, and this quarter does not show that turn yet.
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