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In the first quarter of 2026, Albemarle Corporation (ALB), the world’s largest lithium producer, delivered results that far exceeded market expectations, signaling that the lithium industry has officially emerged from its downturn. The chemical giant, headquartered in Charlotte, North Carolina, posted a quarterly net profit of $319.1 million, or $2.34 per share, compared to just $49.3 million in the same period last year. Excluding one-time items, adjusted earnings per share reached $2.95, well above the analysts’ average estimate of $1.09. The revenue side also performed strongly, with net sales in the first quarter increasing 33% year-over-year to $1.43 billion, while adjusted EBITDA jumped to $663.8 million, more than doubling from the same period last year.
By business segment, the lithium business remained the core engine driving the performance surge. Net sales of the energy storage segment reached $891 million, a 70% increase year-over-year, driven by a 51% price increase and 14% volume growth. Adjusted EBITDA for this segment surged 196% to $551 million. At the same time, major Chinese lithium miners also reported impressive first-quarter results: Tianqi Lithium achieved a net profit of approximately 1.876 billion RMB, a year-over-year increase of about 16.99 times; Ganfeng Lithium posted a net profit of approximately 1.837 billion RMB, returning to profitability year-over-year. According to data from Mysteel covering 20 key listed lithium companies, the total net profit for the first quarter reached 16.147 billion RMB, with 18 companies turning a profit and five seeing year-over-year growth exceeding 1,000%. The lithium battery industry chain has achieved a comprehensive performance recovery.
The fundamental driver behind Albemarle’s performance explosion is that lithium prices have surged to their highest levels in over two years. The current Chinese market price for battery-grade lithium carbonate is approximately 187,500 RMB per ton, and lithium carbonate futures have risen 58% so far this year. The contraction on the supply side is the core driver behind this round of lithium price increases.
Despite the rebound in lithium prices, Albemarle’s management has not relaxed cost control. In the first quarter, the company achieved $40 million in improvements related to costs and productivity, and it expects to achieve $100 million to $150 million in cost savings for the full year. On the financial repair front, Albemarle repaid $1.3 billion in debt during the first quarter, lowered its 2026 interest expense guidance to $120 million–$140 million, and generated $346 million in cash flow from operating activities. The company maintains its business outlook based on three lithium price scenarios: under a low-price scenario, total adjusted EBITDA is expected to be $900 million to $1 billion; under a high-price scenario, it could reach $4.2 billion to $4.4 billion. Albemarle indicated that lithium production will increase this year, but sales volumes will remain essentially flat, reflecting a prudent strategy of “prioritizing price over volume” to restore profit margins.
