NASDAQ: KALU
KAISER ALUMINUM CORPCIK 0000811596 · SIC 3350 · Rolling & Drawing Nonferrous Metals
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Kaiser Aluminum names Fred Stephan CEO effective Nov 1; Keith Harvey transitions to Executive Chairman
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revenue $1.26B, net income $96.8M. Kaiser Aluminum Q2 2026: Revenue +53%, operating income +252%, driven by metal pricing
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Kaiser Aluminum reports record Q2 net income of $97M ($5.72/share), raises 2026 outlook
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Kaiser Aluminum declares $0.77 quarterly dividend, payable August 14
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Kaiser Aluminum shareholders approve 395,000-share equity plan expansion at annual meeting
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Latest financial statements
From 10-Q filed Jul 23, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Statements of Consolidated Income (Unaudited)
(In millions of dollars, except share and per share amounts)
| Description | Quarter ended June 30, 2026 | Quarter ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 1,256.6 | 823.1 | 2,363.4 | 1,600.5 |
| Costs and expenses: | ||||
| Cost of products sold, excluding depreciation and amortization | 1,057.6 | 722.8 | 2,000.8 | 1,396.2 |
| Depreciation and amortization | 29.6 | 29.6 | 60.0 | 59.6 |
| Selling, general, administrative, research and development | 35.7 | 32.6 | 71.1 | 63.4 |
| Restructuring costs | — | 0.1 | — | 1.9 |
| Total costs and expenses | 1,122.9 | 785.1 | 2,131.9 | 1,521.1 |
| Operating income | 133.7 | 38.0 | 231.5 | 79.4 |
| Other (expense) income: | ||||
| Interest expense | (14.5) | (12.5) | (28.9) | (23.7) |
| Other income, net Note 8 | 7.1 | 4.4 | 6.1 | 3.0 |
| Income before income taxes | 126.3 | 29.9 | 208.7 | 58.7 |
| Income tax provision | (29.5) | (6.7) | (49.4) | (13.9) |
| Net income | 96.8 | 23.2 | 159.3 | 44.8 |
| Net income per common share: | ||||
| Basic | 5.92 | 1.44 | 9.77 | 2.77 |
| Diluted | 5.72 | 1.41 | 9.43 | 2.72 |
| Weighted-average number of common shares outstanding (in thousands): | ||||
| Basic | 16,343 | 16,160 | 16,296 | 16,138 |
| Diluted | 16,918 | 16,479 | 16,886 | 16,457 |
Consolidated Balance Sheets (Unaudited)
(In millions of dollars, except share and per share amounts)
| Description | As of June 30, 2026 | As of December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 58.5 | 7.0 |
| Receivables, net | 575.0 | 423.3 |
| Contract assets | 72.3 | 63.4 |
| Inventories | 848.1 | 725.2 |
| Prepaid expenses and other current assets | 47.9 | 42.6 |
| Total current assets | 1,601.8 | 1,261.5 |
| Property, plant and equipment, net | 1,143.7 | 1,145.2 |
| Operating lease assets | 23.3 | 22.4 |
| Deferred tax assets, net | — | 0.2 |
| Intangible assets, net | 38.7 | 41.0 |
| Goodwill | 18.8 | 18.8 |
| Other assets | 83.3 | 75.7 |
| Total assets | 2,909.6 | 2,564.8 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 507.2 | 274.6 |
| Accrued salaries, wages and related expenses | 53.6 | 61.3 |
| Other accrued liabilities | 81.1 | 91.3 |
| Total current liabilities | 641.9 | 427.2 |
| Long-term portion of operating lease liabilities | 21.4 | 21.7 |
| Pension and OPEB | 72.3 | 73.4 |
| Deferred tax liabilities | 106.6 | 75.4 |
| Long-term liabilities | 85.3 | 81.4 |
| Long-term debt, net | 1,038.3 | 1,059.6 |
| Total liabilities | 1,965.8 | 1,738.7 |
| Commitments and contingencies – Note 6 | ||
| Stockholders’ equity: | ||
| Preferred stock, 5,000,000 shares authorized at both June 30, 2026 and December 31, 2025; no shares were issued and outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2026 and December 31, 2025; 23,184,378 shares issued and 16,349,092 shares outstanding at June 30, 2026; 23,045,729 shares issued and 16,210,443 shares outstanding at December 31, 2025 | 0.2 | 0.2 |
| Additional paid in capital | 1,134.4 | 1,132.5 |
| Retained earnings | 275.4 | 142.5 |
| Treasury stock, at cost, 6,835,286 shares at both June 30, 2026 and December 31, 2025 | (475.9) | (475.9) |
| AOCI | 9.7 | 26.8 |
| Total stockholders’ equity | 943.8 | 826.1 |
| Total liabilities and stockholders' equity | 2,909.6 | 2,564.8 |
Statements of Consolidated Cash Flows (Unaudited)
(In millions of dollars)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities1: | ||
| Net income | 159.3 | 44.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation of property, plant and equipment | 57.8 | 57.3 |
| Amortization of definite-lived intangible assets | 2.2 | 2.3 |
| Amortization of debt issuance costs | 1.3 | 1.1 |
| Deferred income taxes | 36.6 | 11.2 |
| Non-cash equity compensation | 10.8 | 8.9 |
| Non-cash asset impairment charge | 0.7 | — |
| (Gain) loss on disposition of property, plant and equipment | (4.3) | 1.0 |
| Bad debt expense | 0.1 | — |
| Non-cash postretirement and postemployment defined benefit plan cost | 4.2 | 4.8 |
| Changes in operating assets and liabilities: | ||
| Receivables | (151.8) | (75.9) |
| Contract assets | (8.9) | 4.3 |
| Inventories | (123.6) | 6.3 |
| Prepaid expenses and other current assets | (10.8) | (6.7) |
| Accounts payable | 229.0 | 45.7 |
| Accrued liabilities | (48.8) | (26.0) |
| Annual variable cash contributions to Salaried VEBA | (2.9) | (0.7) |
| Long-term assets and liabilities, net | (3.5) | (5.5) |
| Net cash provided by operating activities | 147.4 | 72.9 |
| Cash flows from investing activities1: | ||
| Capital expenditures | (43.8) | (81.8) |
| Purchase of equity securities | (0.5) | (0.4) |
| Proceeds from sale of equity securities | — | 0.1 |
| Proceeds from disposition of property, plant and equipment | 7.6 | 0.2 |
| Net cash used in investing activities | (36.7) | (81.9) |
| Cash flows from financing activities1: | ||
| Borrowings under the Revolving Credit Facility | 397.8 | 217.6 |
| Repayment of borrowings under the Revolving Credit Facility | (420.1) | (184.8) |
| Repayment of finance lease | (1.6) | (1.3) |
| Cancellation of shares to cover tax withholdings upon common shares issued | (8.9) | (1.8) |
| Cash dividends and dividend equivalents paid | (26.4) | (25.7) |
| Net cash (used in) provided by financing activities | (59.2) | 4.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash during the period | 51.5 | (5.0) |
| Cash, cash equivalents and restricted cash at beginning of period | 26.9 | 37.9 |
| Cash, cash equivalents and restricted cash at end of period | 78.4 | 32.9 |
Amounts as printed on the EDGAR/iXBRL face — (In millions of dollars, except share and per share amounts); (In millions of dollars). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗