Kaiser Aluminum | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 1.257 B

Revenue: As of FY2026 Q2, the actual value is USD 1.257 B, beating the estimate of USD 1.076 B.

EPS: As of FY2026 Q2, the actual value is USD 5.72.

EBIT: As of FY2026 Q2, the actual value is USD 140.8 M.

Kaiser Aluminum Corporation reported record financial results for the second quarter of 2026, with net sales increasing to $1,257 million from $823 million in the prior year period, driven by higher average realized sales price and a 6% year-over-year increase in shipments to 306 million lbs. Conversion Revenue for the second quarter of 2026 was $437 million, a 17% increase compared to $374 million in the prior year period.

Operational Metrics

• Net Income (GAAP): Net income for Q2 2026 was $97 million, significantly up from $23 million in Q2 2025. For the six months ended June 30, 2026, net income was $159 million, compared to $45 million for the same period in 2025.
• Adjusted Net Income: Adjusted net income for Q2 2026 was $94 million, an increase from $20 million in Q2 2025. For the six months ended June 30, 2026, adjusted net income was $157 million, up from $44 million in the prior year period.
• Operating Income (GAAP): GAAP operating income for Q2 2026 was $134 million, compared to $38 million in Q2 2025. For the six months ended June 30, 2026, GAAP operating income was $232 million, up from $79 million in the prior year period.
• Adjusted Operating Income: Adjusted operating income for Q2 2026 was $137 million, compared to $38 million in Q2 2025. For the six months ended June 30, 2026, adjusted operating income was $235 million, up from $82 million in the prior year period.
• Adjusted EBITDA: Adjusted EBITDA reached $166 million in Q2 2026, rising from $68 million in Q2 2025. For the six months ended June 30, 2026, Adjusted EBITDA was $295 million, compared to $141 million in the prior year period.
• Adjusted EBITDA Margin: The Adjusted EBITDA margin for Q2 2026 was 38.1%, an increase from 18.1% in Q2 2025. For the six months ended June 30, 2026, the Adjusted EBITDA margin was 35.0%, up from 19.2% in the prior year period.

Segment Performance (Q2 2026)

• Aero/HS Products: Shipments were 60.8 million lbs (up from 59.9 million lbs in Q2 2025), and Conversion Revenue was $135.8 million (up from $127.2 million in Q2 2025).
• Packaging: Shipments were 155.8 million lbs (up from 141.1 million lbs in Q2 2025), and Conversion Revenue was $174.0 million (up from $129.7 million in Q2 2025).
• GE Products: Shipments were 67.7 million lbs (up from 63.4 million lbs in Q2 2025), and Conversion Revenue was $95.6 million (up from $85.7 million in Q2 2025).
• Automotive Extrusions: Shipments were 21.4 million lbs (down from 24.0 million lbs in Q2 2025), and Conversion Revenue remained flat at $31.6 million (same as Q2 2025).

Cash Flow and Liquidity

• Operating Activities Cash Flow: For the six months ended June 30, 2026, cash provided by operating activities was $147.4 million, compared to $72.9 million in the prior year period.
• Investing Activities Cash Flow: For the six months ended June 30, 2026, cash used in investing activities was - $36.7 million, compared to - $81.9 million in the prior year period.
• Financing Activities Cash Flow: For the six months ended June 30, 2026, cash used in financing activities was - $59.2 million, compared to $4.0 million in the prior year period.
• Net Debt Leverage Ratio: The net debt leverage ratio improved to 2.1x as of June 30, 2026, from 3.4x at December 31, 2025.
• Total Liquidity: As of June 30, 2026, total liquidity was $628 million, comprising $59 million in cash and cash equivalents and $570 million in borrowing availability under the Revolving Credit Facility.
• Capital Allocation (First Half 2026): Adjusted EBITDA of $295 million funded $118 million in working capital, $44 million in capital investments, $22 million in interest payments, and $26 million in cash returned to stockholders through dividends.
• Quarterly Dividend: A quarterly cash dividend of $0.77 per share was declared on July 13, 2026.

2026 Outlook

Kaiser Aluminum Corporation is raising its full-year outlook for 2026. The company now expects Conversion Revenue to be at the high end of its previously stated range of 10% to 15% year-over-year improvement. The Adjusted EBITDA outlook has been raised to a range of 45% to 55% year-over-year growth, assuming a neutral metal price lag through the end of the year.