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Get filing alertsKaiser Aluminum reports record Q2 net income of $97M ($5.72/share), raises 2026 outlook
Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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Q2 2026 net income reached $97M ($5.72/share), up from $23M ($1.41/share) in Q2 2025, driven by higher-value packaging mix, aerospace recovery, favorable scrap spreads, and ~$27M metal lag tailwind.
Exhibit 99.1 view on EDGAR → -
high
Adjusted EBITDA rose to $166M (38.1% margin) from $68M (18.1% margin) year-over-year; conversion revenue increased 17% to $437M on strong pricing and improved product mix.
Exhibit 99.1 view on EDGAR → -
high
Packaging segment conversion revenue per pound improved to $1.12 from $0.92, with shipments up 21.7% to 155.8 million pounds, reflecting sustained demand for coated products.
Exhibit 99.1 view on EDGAR → -
high
Net debt leverage ratio improved to 2.1x from 3.4x at year-end 2025; total liquidity stood at $628M with no revolving credit facility borrowings outstanding.
Exhibit 99.1 view on EDGAR → -
high
Raised full-year 2026 outlook: conversion revenue now expected at high end of 10-15% growth range; adjusted EBITDA growth raised to 45-55% year-over-year (assumes neutral metal lag for remainder of year).
Exhibit 99.1 view on EDGAR →
Summary
Kaiser Aluminum delivered a standout second quarter, with net income quadrupling year-over-year to $97 million and adjusted EBITDA margins expanding to 38.1%. The performance was broad-based: packaging conversion revenue per pound jumped 22% on strong pricing and improved mix for coated products, aerospace demand continued its recovery, and favorable metal price lag contributed approximately $27 million to the quarter. The company's balance sheet strengthened materially, with net debt leverage falling from 3.4x to 2.1x in six months.
Management raised its full-year outlook, now targeting conversion revenue at the high end of the 10-15% growth range and adjusted EBITDA growth of 45-55%. The revised guidance assumes neutral metal lag for the remainder of 2026, suggesting confidence that underlying operational momentum can sustain elevated profitability even without the tailwind that boosted Q2. For holders, the combination of record earnings, rapid deleveraging, and an upgraded outlook reflects strong execution in a favorable demand environment across Kaiser's key end markets.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Kaiser Aluminum reported preliminary Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On July 22, 2026, Kaiser Aluminum Corporation (the “Company”) issued a press release reporting its preliminary, unaudited financial results for the quarter ended June 30, 2026.
Kaiser Aluminum disclosed preliminary, unaudited financial results for the second quarter ended June 30, 2026. The results were announced via press release furnished as Exhibit 99.1. The 8-K body does not contain specific financial metrics; those would be in the attached exhibit.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net Income $97 Million; Net Income per Diluted Share $5.72
Kaiser Aluminum reported record second quarter 2026 net income of $97 million, or $5.72 per diluted share, compared to $23 million or $1.41 per share in Q2 2025. The strong results were driven by higher-value packaging mix, improving aerospace demand, favorable scrap spreads, and metal lag tailwinds. Adjusted net income was $94 million or $5.53 per diluted share.
Added in current filing · view on EDGAR →
Net Sales $1.3 Billion; Conversion Revenue $437 Million ... Adjusted EBITDA $166 Million; Adjusted EBITDA Margin 38.1%
Net sales reached $1.26 billion (up from $823 million in Q2 2025) on 6% higher shipments and an 83% increase in hedged cost of alloyed metal (a pass-through). Conversion revenue rose 17% to $437 million, driven by strong pricing and improved product mix in packaging. Adjusted EBITDA was $166 million with a 38.1% margin, up from $68 million and 18.1% margin in the prior year quarter, benefiting from approximately $27 million in favorable metal price lag.
Added in current filing · view on EDGAR →
Packaging:
Shipments (mmlbs)
155.8 ... Conversion Revenue
$ 174.0 | $ 1.12
Packaging shipments increased to 155.8 million pounds from 141.1 million pounds in Q2 2025, with conversion revenue rising to $174 million from $130 million. Conversion revenue per pound improved to $1.12 from $0.92, reflecting strong pricing and improved product mix for coated products driven by sustained demand.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify