Alcoa, Kaiser Aluminum started Overweight at Barclays in positive near-term aluminum outlook

Alcoa (AA) will report Q3 2026 earnings on Oct 15. Analysts anticipate EPS of $1.49 and revenue of $3.76B, up 25.8% year-over-year. The company is a leader in upstream aluminium production.

Moody's upgraded Kaiser Aluminum's (KALU) rating to Ba3 from B1, citing improved cash flow, debt metrics, and operational efficiency. The company's EBITDA is expected to rise to $425M-$450M in 2026, with free cash flow of at least $100M. However, declining aluminum prices may impact profitability in late 2026 and 2027.

Alcoa raised $2.6bn via senior notes to fund its proposed acquisition of South32's aluminium assets. The deal, pending approvals, will use proceeds and cash for a $3.1bn cash consideration. Alcoa issued $1.5bn of 6.625% notes due 2034 and $1.1bn of 6.875% notes due 2036. The company expects the deal to boost its competitive position and earnings, but this is not guaranteed.

Kaiser Aluminum (KALU) was upgraded to a Zacks Rank #1, reflecting stronger earnings expectations driven by its aerospace, packaging, and engineering products. Analysts project 2029 revenues of $4.4B and earnings of $202.2M, with a 13% potential upside. The upgrade is tied to operational improvements and higher capacity utilization, though debt and cash flow coverage remain risks.

Alcoa (AA) priced $2.6B in acquisition notes to fund a $3.1B cash portion of its South32 (S32) asset acquisition. The notes carry annual interest of $175M, with maturities in 2034 and 2036. Settlement is expected September 23, 2026, pending approvals.

Alcoa Corp. (NYSE: AA) will release Q3 2026 results on Oct 15, 2026, followed by a conference call. The company plans a $2.6B senior notes offering to finance its acquisition of South32's operations, with notes due in 2034 and 2036. The deal is subject to regulatory approvals and shareholder consent.