Kaiser Aluminum Corporation Reports Third Quarter 2026 Financial Results
Third Quarter 2026 Highlights:
Net Sales $1.2 Billion; Conversion Revenue $439 Million
Net Income $31 Million; Net Income per Diluted Share $1.84
Adjusted Net Income $32 Million; Adjusted Net Income per Diluted Share $1.89
Adjusted EBITDA $84 Million; Adjusted EBITDA Margin 19.1%
Declared Quarterly Dividend of $0.77
Maintaining Full Year 2026 Outlook
Select Balance Sheet & Other Highlights:
Generated $248 Million Year-to-Date Operating Cash Flow; Free Cash Flow $176 Million
Strengthened Balance Sheet, Reducing Net Debt Leverage to 2.0x From 3.4x at Year End 2025
Cash and Cash Equivalents Improved to $117 Million; Liquidity Improved to $687 Million
Received Moody's Credit Rating Upgrade to Ba3 with Stable Outlook
FRANKLIN, Tenn., October 21, 2026--Kaiser Aluminum Corporation (NASDAQ: KALU) (the "Company" or "Kaiser"), a leading producer of semi-fabricated specialty aluminum products serving customers worldwide with highly-engineered solutions for aerospace and high strength, packaging, general engineering, and automotive extrusions end market applications, today announced third quarter 2026 results.
Management Commentary
"Our results reflected continued strength in customer demand, improved Conversion Revenue, and favorable pricing and product mix. While reported EBITDA increased modestly year-over-year, the comparison was significantly affected by the higher favorable metal price lag reflected in the prior year quarter, which, as expected, did not continue in the current quarter. Despite this headwind, as well as other operational challenges that impacted third quarter margins, the business delivered meaningful underlying improvement year over year," said Keith A. Harvey, Chairman, President and Chief Executive Officer. "As we look toward 2027 and beyond, customer visibility continues to improve and conversations are increasingly focused on future growth, long-term supply and expanding capacity requirements. With the investments we have made across the portfolio and the strength of our market positions, we believe Kaiser is exceptionally well positioned to capitalize on the opportunities ahead."
| Third Quarter 2026 Consolidated Results (Unaudited)* (In millions of dollars, except shipments, realized price, and per share amounts) | ||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Shipments (millions of lbs.) | 300 | 270 | 900 | 834 | ||||||||||||
| Net sales | $ | 1,215 | $ | 844 | $ | 3,578 | $ | 2,444 | ||||||||
| Less: Hedged Cost of Alloyed Metal1 | (775 | ) | (493 | ) | (2,297 | ) | (1,356 | ) | ||||||||
| Conversion Revenue | $ | 439 | $ | 351 | $ | 1,281 | $ | 1,088 | ||||||||
| Realized price per pound ($/lb.) | ||||||||||||||||
| Net sales | $ | 4.05 | $ | 3.12 | $ | 3.97 | $ | 2.93 | ||||||||
| Less: Hedged Cost of Alloyed Metal | (2.59 | ) | (1.82 | ) | (2.55 | ) | (1.63 | ) | ||||||||
| Conversion Revenue | $ | 1.46 | $ | 1.30 | $ | 1.42 | $ | 1.30 | ||||||||
| As reported | ||||||||||||||||
| Operating income | $ | 55 | $ | 49 | $ | 287 | $ | 128 | ||||||||
| Net income | $ | 31 | $ | 40 | $ | 190 | $ | 84 | ||||||||
| Net income per share, diluted2 | $ | 1.84 | $ | 2.38 | $ | 11.26 | $ | 5.10 | ||||||||
| Adjusted3 | ||||||||||||||||
| Operating income | $ | 56 | $ | 49 | $ | 291 | $ | 131 | ||||||||
| EBITDA4 | $ | 84 | $ | 81 | $ | 379 | $ | 222 | ||||||||
| EBITDA margin5 | 19.1 | % | 23.2 | % | 29.6 | % | 20.4 | % | ||||||||
| Net income | $ | 32 | $ | 31 | $ | 188 | $ | 75 | ||||||||
| EPS, diluted2 | $ | 1.89 | $ | 1.86 | $ | 11.15 | $ | 4.51 |