AA 10-Q report for 2026-03-31

AA 10-Q report for 2026-03-31 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission File Number: 1-37816 ALCOA CORP ORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 81-1789115 (I.R.S. Employer Identification No.) 201 Isabella Street , Suite 500 , Pittsburgh , Pennsylvania (Address of principal executive offices) 15212-5858 (Zip Code) 412 - 315-2900 (Registrant’s telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share AA New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of April 27, 2026, there were 263,889,875 shares of registrant ’s Common Stock, par value $0.01 per share, of the registrant were outstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION 1 Item 1. Financial Statements 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate i Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (t) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) significant declines in the market value of our marketable securities; (w) our ability to fund capital expenditures; (x) deterioration in our credit profile or increases in interest rates; (y) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (z) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (aa) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (bb) labor market conditions, union disputes and other employee relations issues; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission, including those described in this report. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. PART I – FINANC IAL INFORMATION Item 1. Financia l Statements. Alcoa Corporation and Subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share amounts) First quarter ended March 31, 2026 2025 Sales (E) $ 3,193 $ 3,369 Cost of goods sold (exclusive of expenses below) 2,512 2,438 Selling, general administrative, and other expenses 83 71 Research and development expenses 10 12 Provision for depreciation, depletion, and amortization 162 148 Restructuring and other charges, net (D) 18 5 Interest expense 35 53 Other income, net (O) ( 126 ) ( 26 ) Total costs and expenses 2,694 2,701 Income before income taxes 499 668 Provision for income taxes 82 120 Net income 417 548 Less: Net loss attributable to noncontrolling interest ( 8 ) — NET INCOME ATTRIBUTABLE TO ALCOA    CORPORATION $ 425 $ 548 EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA    CORPORATION COMMON SHAREHOLDERS (F): Basic $ 1.61 $ 2.08 Diluted $ 1.60 $ 2.07 The accompanying notes are an integral part of the consolidated financial statements. 1 Alcoa Corporation and Subsidiaries Statement of Consolidated Comprehensive Income (unaudited) (in millions) Alcoa Corporation Noncontrolling interest Total First quarter ended March 31, First quarter ended March 31, First quarter ended March 31, 2026 2025 2026 2025 2026 2025 Net income (loss) $ 425 $ 548 $ ( 8 ) $ — $ 417 $ 548 Other comprehensive income (loss), net of tax (G): Change in unrecognized net actuarial gain/loss    and prior service cost/benefit related to pension    and other postretirement benefits 11 5 — — 11 5 Foreign currency translation adjustments 141 185 ( 3 ) — 138 185 Net change in unrecognized gains/losses on cash    flow hedges 156 16 — — 156 16 Total Other comprehensive income (loss), net of tax 308 206 ( 3 ) — 305 206 Comprehensive income (loss) $ 733 $ 754 $ ( 11 ) $ — $ 722 $ 754 The accompanying notes are an integral part of the consolidated financial statements. 2 Alcoa Corporation and Subsidiaries Consolidated Balance Sheet (unaudited) (in millions) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents (L) $ 1,353 $ 1,597 Receivables from customers (H) 1,192 1,064 Other receivables 209 204 Inventories (I) 2,297 2,177 Fair value of derivative instruments (L) 122 49 Prepaid expenses and other current assets 505 378 Total current assets 5,678 5,469 Properties, plants, and equipment 21,045 20,537 Less: accumulated depreciation, depletion, and amortization 14,184 13,837 Properties, plants, and equipment, net 6,861 6,700 Investments 491 477 Noncurrent marketable securities (C & L) 1,485 1,397 Deferred income taxes 663 687 Fair value of derivative instruments (L) 42 34 Other noncurrent assets (O) 1,420 1,365 Total assets $ 16,640 $ 16,129 LIABILITIES Current liabilities: Accounts payable, trade $ 1,771 $ 1,938 Accrued compensation and retirement costs 349 383 Taxes, including income taxes 310 294 Fair value of derivative instruments (L) 567 467 Other current liabilities 828 718 Long-term debt due within one year (J & L) 1 1 Total current liabilities 3,826 3,801 Long-term debt, less amount due within one year (J & L) 2,441 2,438 Accrued pension benefits (K) 248 257 Accrued other postretirement benefits (K) 421 427 Asset retirement obligations 1,094 1,120 Environmental remediation (N) 203 206 Fair value of derivative instruments (L) 916 1,134 Noncurrent income taxes 87 65 Other noncurrent liabilities and deferred credits 513 487 Total liabilities 9,749 9,935 CONTINGENCIES AND COMMITMENTS (N) MEZZANINE EQUITY Noncontrolling interest (C) 65 76 EQUITY Common stock 3 3 Additional capital 11,577 11,575 Retained earnings (deficit) 127 ( 271 ) Accumulated other comprehensive loss (G) ( 4,881 ) ( 5,189 ) Total equity 6,826 6,118 Total liabilities, mezzanine equity, and equity $ 16,640 $ 16,129 The accompanying notes are an integral part of the consolidated financial statements. 3 Alcoa Corporation and Subsidiaries Statement of Consolidated Cash Flows (unaudited) (in millions) Three months ended March 31, 2026 2025 CASH FROM OPERATIONS Net income $ 417 $ 548 Adjustments to reconcile net income to cash from operations: Depreciation, depletion, and amortization 162 148 Deferred income taxes 76 50 Equity loss (income), net of dividends 6 ( 9 ) Restructuring and other charges, net (D) 18 5 Net (gain) loss from investing activities – asset sales (O) ( 1 ) 3 Mark-to-market gain on noncurrent marketable securities (O) ( 88 ) — Net periodic pension benefit cost (K) 6 5 Stock-based compensation 13 11 Gain on mark-to-market derivative financial contracts ( 2 ) ( 5 ) Other 9 35 Changes in assets and liabilities, excluding effects of divestitures and    foreign currency translation adjustments: Increase in receivables ( 117 ) ( 85 ) Increase in inventories ( 183 ) ( 155 ) (Increase) decrease in prepaid expenses and other current assets ( 7 ) 87 Decrease in accounts payable, trade ( 195 ) ( 206 ) Decrease in accrued expenses ( 94 ) ( 206 ) Decrease in taxes, including income taxes ( 26 ) ( 27 ) Pension contributions (K) ( 3 ) ( 12 ) Increase in noncurrent assets ( 68 ) ( 47 ) Decrease in noncurrent liabilities ( 102 ) ( 65 ) CASH (USED FOR) PROVIDED FROM OPERATIONS ( 179 ) 75 FINANCING ACTIVITIES Additions to debt (J) 104 1,033 Payments on debt (J) ( 4 ) ( 946 ) Dividends paid on Alcoa preferred stock — — Dividends paid on Alcoa common stock ( 27 ) ( 26 ) Payments related to tax withholding on stock-based compensation awards ( 11 ) ( 5 ) Financial contributions for the divestiture of businesses — ( 2 ) Contributions from noncontrolling interest (C) — 27 Other ( 2 ) ( 4 ) CASH PROVIDED FROM FINANCING ACTIVITIES 60 77 INVESTING ACTIVITIES Capital expenditures ( 119 ) ( 93 ) Proceeds from the sale of assets 4 — Additions to investments ( 15 ) ( 15 ) Other 1 — CASH USED FOR INVESTING ACTIVITIES ( 129 ) ( 108 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH    EQUIVALENTS AND RESTRICTED CASH 3 12 Net change in cash and cash equivalents and restricted cash ( 245 ) 56 Cash and cash equivalents and restricted cash at beginning of year 1,692 1,234 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT    END OF PERIOD $ 1,447 $ 1,290 The accompanying notes are an integral part of the consolidated financial statements. 4 Alcoa Corporation and Subsidiaries Statement of Changes in Consolidated Mezzanine Equity and Equity (unaudited) (in millions) Mezzanine equity Alcoa Corporation shareholders Non- controlling interest Preferred stock Common stock Additional capital Retained (deficit) earnings Accumulated other comprehensive (loss) income Total equity Balance at January 1, 2025 $ — $ — $ 3 $ 11,58 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (t) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) significant declines in the market value of our marketable securities; (w) our ability to fund capital expenditures; (x) deterioration in our credit profile or increases in interest rates; (y) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (z) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (aa) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (bb) labor market conditions, union disputes and other employee relations issues; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission, including those described in this report. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. PART I – FINANC IAL INFORMATION Item 1. Financia l Statements. Alcoa Corporation and Subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share amounts) First quarter ended March 31, 2026 2025 Sales (E) $ 3,193 $ 3,369 Cost of goods sold (exclusive of expenses below) 2,512 2,438 Selling, general administrative, and other expenses 83 71 Research and development expenses 10 12 Provision for depreciation, depletion, and amortization 162 148 Restructuring and other charges, net (D) 18 5 Interest expense 35 53 Other income, net (O) ( 126 ) ( 26 ) Total costs and expenses 2,694 2,701 Income before income taxes 499 668 Provision for income taxes 82 120 Net income 417 548 Less: Net loss attributable to noncontrolling interest ( 8 ) — NET INCOME ATTRIBUTABLE TO ALCOA    CORPORATION $ 425 $ 548 EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA    CORPORATION COMMON SHAREHOLDERS (F): Basic $ 1.61 $ 2.08 Diluted $ 1.60 $ 2.07 The accompanying notes are an integral part of the consolidated financial statements. 1 Alcoa Corporation and Subsidiaries Statement of Consolidated Comprehensive Income (unaudited) (in millions) Alcoa Corporation Noncontrolling interest Total First quarter ended March 31, First quarter ended March 31, First quarter ended March 31, 2026 2025 2026 2025 2026 2025 Net income Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (

AA 10-Q report for 2026-03-31 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission File Number: 1-37816 ALCOA CORP ORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 81-1789115 (I.R.S. Employer Identification No.) 201 Isabella Street , Suite 500 , Pittsburgh , Pennsylvania (Address of principal executive offices) 15212-5858 (Zip Code) 412 - 315-2900 (Registrant’s telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share AA New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of April 27, 2026, there were 263,889,875 shares of registrant ’s Common Stock, par value $0.01 per share, of the registrant were outstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION 1 Item 1. Financial Statements 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate i Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (t) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) significant declines in the market value of our marketable securities; (w) our ability to fund capital expenditures; (x) deterioration in our credit profile or increases in interest rates; (y) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (z) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (aa) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (bb) labor market conditions, union disputes and other employee relations issues; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission, including those described in this report. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. PART I – FINANC IAL INFORMATION Item 1. Financia l Statements. Alcoa Corporation and Subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share amounts) First quarter ended March 31, 2026 2025 Sales (E) $ 3,193 $ 3,369 Cost of goods sold (exclusive of expenses below) 2,512 2,438 Selling, general administrative, and other expenses 83 71 Research and development expenses 10 12 Provision for depreciation, depletion, and amortization 162 148 Restructuring and other charges, net (D) 18 5 Interest expense 35 53 Other income, net (O) ( 126 ) ( 26 ) Total costs and expenses 2,694 2,701 Income before income taxes 499 668 Provision for income taxes 82 120 Net income 417 548 Less: Net loss attributable to noncontrolling interest ( 8 ) — NET INCOME ATTRIBUTABLE TO ALCOA    CORPORATION $ 425 $ 548 EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA    CORPORATION COMMON SHAREHOLDERS (F): Basic $ 1.61 $ 2.08 Diluted $ 1.60 $ 2.07 The accompanying notes are an integral part of the consolidated financial statements. 1 Alcoa Corporation and Subsidiaries Statement of Consolidated Comprehensive Income (unaudited) (in millions) Alcoa Corporation Noncontrolling interest Total First quarter ended March 31, First quarter ended March 31, First quarter ended March 31, 2026 2025 2026 2025 2026 2025 Net income (loss) $ 425 $ 548 $ ( 8 ) $ — $ 417 $ 548 Other comprehensive income (loss), net of tax (G): Change in unrecognized net actuarial gain/loss    and prior service cost/benefit related to pension    and other postretirement benefits 11 5 — — 11 5 Foreign currency translation adjustments 141 185 ( 3 ) — 138 185 Net change in unrecognized gains/losses on cash    flow hedges 156 16 — — 156 16 Total Other comprehensive income (loss), net of tax 308 206 ( 3 ) — 305 206 Comprehensive income (loss) $ 733 $ 754 $ ( 11 ) $ — $ 722 $ 754 The accompanying notes are an integral part of the consolidated financial statements. 2 Alcoa Corporation and Subsidiaries Consolidated Balance Sheet (unaudited) (in millions) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents (L) $ 1,353 $ 1,597 Receivables from customers (H) 1,192 1,064 Other receivables 209 204 Inventories (I) 2,297 2,177 Fair value of derivative instruments (L) 122 49 Prepaid expenses and other current assets 505 378 Total current assets 5,678 5,469 Properties, plants, and equipment 21,045 20,537 Less: accumulated depreciation, depletion, and amortization 14,184 13,837 Properties, plants, and equipment, net 6,861 6,700 Investments 491 477 Noncurrent marketable securities (C & L) 1,485 1,397 Deferred income taxes 663 687 Fair value of derivative instruments (L) 42 34 Other noncurrent assets (O) 1,420 1,365 Total assets $ 16,640 $ 16,129 LIABILITIES Current liabilities: Accounts payable, trade $ 1,771 $ 1,938 Accrued compensation and retirement costs 349 383 Taxes, including income taxes 310 294 Fair value of derivative instruments (L) 567 467 Other current liabilities 828 718 Long-term debt due within one year (J & L) 1 1 Total current liabilities 3,826 3,801 Long-term debt, less amount due within one year (J & L) 2,441 2,438 Accrued pension benefits (K) 248 257 Accrued other postretirement benefits (K) 421 427 Asset retirement obligations 1,094 1,120 Environmental remediation (N) 203 206 Fair value of derivative instruments (L) 916 1,134 Noncurrent income taxes 87 65 Other noncurrent liabilities and deferred credits 513 487 Total liabilities 9,749 9,935 CONTINGENCIES AND COMMITMENTS (N) MEZZANINE EQUITY Noncontrolling interest (C) 65 76 EQUITY Common stock 3 3 Additional capital 11,577 11,575 Retained earnings (deficit) 127 ( 271 ) Accumulated other comprehensive loss (G) ( 4,881 ) ( 5,189 ) Total equity 6,826 6,118 Total liabilities, mezzanine equity, and equity $ 16,640 $ 16,129 The accompanying notes are an integral part of the consolidated financial statements. 3 Alcoa Corporation and Subsidiaries Statement of Consolidated Cash Flows (unaudited) (in millions) Three months ended March 31, 2026 2025 CASH FROM OPERATIONS Net income $ 417 $ 548 Adjustments to reconcile net income to cash from operations: Depreciation, depletion, and amortization 162 148 Deferred income taxes 76 50 Equity loss (income), net of dividends 6 ( 9 ) Restructuring and other charges, net (D) 18 5 Net (gain) loss from investing activities – asset sales (O) ( 1 ) 3 Mark-to-market gain on noncurrent marketable securities (O) ( 88 ) — Net periodic pension benefit cost (K) 6 5 Stock-based compensation 13 11 Gain on mark-to-market derivative financial contracts ( 2 ) ( 5 ) Other 9 35 Changes in assets and liabilities, excluding effects of divestitures and    foreign currency translation adjustments: Increase in receivables ( 117 ) ( 85 ) Increase in inventories ( 183 ) ( 155 ) (Increase) decrease in prepaid expenses and other current assets ( 7 ) 87 Decrease in accounts payable, trade ( 195 ) ( 206 ) Decrease in accrued expenses ( 94 ) ( 206 ) Decrease in taxes, including income taxes ( 26 ) ( 27 ) Pension contributions (K) ( 3 ) ( 12 ) Increase in noncurrent assets ( 68 ) ( 47 ) Decrease in noncurrent liabilities ( 102 ) ( 65 ) CASH (USED FOR) PROVIDED FROM OPERATIONS ( 179 ) 75 FINANCING ACTIVITIES Additions to debt (J) 104 1,033 Payments on debt (J) ( 4 ) ( 946 ) Dividends paid on Alcoa preferred stock — — Dividends paid on Alcoa common stock ( 27 ) ( 26 ) Payments related to tax withholding on stock-based compensation awards ( 11 ) ( 5 ) Financial contributions for the divestiture of businesses — ( 2 ) Contributions from noncontrolling interest (C) — 27 Other ( 2 ) ( 4 ) CASH PROVIDED FROM FINANCING ACTIVITIES 60 77 INVESTING ACTIVITIES Capital expenditures ( 119 ) ( 93 ) Proceeds from the sale of assets 4 — Additions to investments ( 15 ) ( 15 ) Other 1 — CASH USED FOR INVESTING ACTIVITIES ( 129 ) ( 108 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH    EQUIVALENTS AND RESTRICTED CASH 3 12 Net change in cash and cash equivalents and restricted cash ( 245 ) 56 Cash and cash equivalents and restricted cash at beginning of year 1,692 1,234 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT    END OF PERIOD $ 1,447 $ 1,290 The accompanying notes are an integral part of the consolidated financial statements. 4 Alcoa Corporation and Subsidiaries Statement of Changes in Consolidated Mezzanine Equity and Equity (unaudited) (in millions) Mezzanine equity Alcoa Corporation shareholders Non- controlling interest Preferred stock Common stock Additional capital Retained (deficit) earnings Accumulated other comprehensive (loss) income Total equity Balance at January 1, 2025 $ — $ — $ 3 $ 11,58 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (t) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) significant declines in the market value of our marketable securities; (w) our ability to fund capital expenditures; (x) deterioration in our credit profile or increases in interest rates; (y) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (z) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (aa) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (bb) labor market conditions, union disputes and other employee relations issues; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission, including those described in this report. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. PART I – FINANC IAL INFORMATION Item 1. Financia l Statements. Alcoa Corporation and Subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share amounts) First quarter ended March 31, 2026 2025 Sales (E) $ 3,193 $ 3,369 Cost of goods sold (exclusive of expenses below) 2,512 2,438 Selling, general administrative, and other expenses 83 71 Research and development expenses 10 12 Provision for depreciation, depletion, and amortization 162 148 Restructuring and other charges, net (D) 18 5 Interest expense 35 53 Other income, net (O) ( 126 ) ( 26 ) Total costs and expenses 2,694 2,701 Income before income taxes 499 668 Provision for income taxes 82 120 Net income 417 548 Less: Net loss attributable to noncontrolling interest ( 8 ) — NET INCOME ATTRIBUTABLE TO ALCOA    CORPORATION $ 425 $ 548 EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA    CORPORATION COMMON SHAREHOLDERS (F): Basic $ 1.61 $ 2.08 Diluted $ 1.60 $ 2.07 The accompanying notes are an integral part of the consolidated financial statements. 1 Alcoa Corporation and Subsidiaries Statement of Consolidated Comprehensive Income (unaudited) (in millions) Alcoa Corporation Noncontrolling interest Total First quarter ended March 31, First quarter ended March 31, First quarter ended March 31, 2026 2025 2026 2025 2026 2025 Net income Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.

The provided text is only the cover/header portion of AbCellera Biologics Inc.’s Form 10‑Q for the quarter ended March 31, 2026 (identifying info, exchange listing, filing status). It contains no financial statements, guidance, risk updates, material events, MD&A, cash runway, pipeline/program updates, or disclosures that would support a differentiated trading view.