NYSE$TAC
TransAlta Corp · Q1 2026 earnings
Q1 2026 earnings · · Before market open
Briefing
TransAlta Q1 2026: CAD $565M revenue, adjusted EBITDA CAD $204M; earnings pressured by lower hydro
TransAlta reported first-quarter 2026 results for the three months ended March 31, 2026. Revenues were CAD $565 million, down 25% from CAD $758 million a year earlier, reflecting lower production, environmental attribute sales, and merchant pricing. Adjusted EBITDA fell to CAD $204 million from CAD $270 million, while net earnings attributable to common shareholders were CAD $13 million ($0.04 per share) versus CAD $46 million ($0.15 per share) in Q1 2025. Free cash flow was CAD $102 million ($0.34 per share) and funds from operations were CAD $137 million. Availability was 93.8% on production of 5,444 GWh. Management reaffirmed 2026 guidance for adjusted EBITDA of CAD $950 million to CAD $1.05 billion and free cash flow of CAD $350 million to CAD $450 million, and noted an agreement to acquire 390 MW of gas-fired capacity from a Hut 8 affiliate for CAD $95 million.
- Revenues of CAD $565 million fell 25% year over year on lower hydro and merchant outcomes.
- Adjusted EBITDA was CAD $204 million; net earnings were CAD $13 million ($0.04/share).
- Free cash flow of CAD $102 million remained solid despite lower EBITDA.
- Fleet availability was 93.8% with production of 5,444 GWh.
- 2026 adjusted EBITDA guidance of CAD $950M–$1.05B and FCF guidance of CAD $350M–$450M reaffirmed.
Headline financials
Revenue & EPS history
TransAlta Corp · Revenue · Quarterly
C$565M
Forward guidance
Reaffirmed fiscal 2026 adjusted EBITDA of CAD $950 million to CAD $1.05 billion and free cash flow of CAD $350 million to CAD $450 million.
Tailwinds
- Free cash flow remained strong at CAD $102 million despite weaker earnings.
- Gas-fired acquisition adds 390 MW of capacity at an attractive price.
Headwinds
- Lower hydro revenues and environmental attribute sales drove the EBITDA decline.
- Net earnings fell 72% year over year to CAD $13 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 2 quarterly earnings reports · overlaid with Q1 2026
-2.1%
Avg return
Earnings day
+0.9%
Avg return
5 days after
-18.5%
Avg return
30 days after
67%
2 / 3 earnings
Positive
+3.6%
Q4 2025
Best reaction
-11.4%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.5% | +1.4% | — | |
| Q3 2025 | -11.4% | -7.9% | -16.7% | |
| Q4 2025 | +3.6% | +9.2% | -20.3% |
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