Kaiser Aluminum reported record second-quarter 2026 results, with net sales of $1.26 billion and GAAP net income of $96.8 million (diluted EPS $5.72). Adjusted net income was $93.6 million (adjusted diluted EPS $5.53) and adjusted EBITDA was $166.3 million with a 38.1% adjusted EBITDA margin. The company declared a quarterly dividend of $0.77 and raised its full-year outlook, citing strong demand and improved mix.

Financial Highlights

  • Net sales: $1,256.6 million for Q2 2026 (compared with $823.1 million in Q2 2025).
  • Conversion Revenue: $437.0 million for Q2 2026 (reported as a key non-GAAP revenue measure).
  • Operating income (GAAP): $133.7 million for Q2 2026.
  • Net income (GAAP): $96.8 million for Q2 2026; diluted net income per share $5.72.
  • Adjusted net income and adjusted diluted EPS: $93.6 million and $5.53 per diluted share; Adjusted EBITDA: $166.3 million (Adjusted EBITDA margin 38.1%).

Business Highlights

  • Shipments increased to approximately 306 million lbs in Q2 2026, up from 288 million lbs year-over-year, driven by packaging demand and improving aerospace activity.
  • Packaging segment showed strong mix and pricing improvement, contributing significantly to higher conversion revenue and overall margin expansion.
  • Aerospace/high-strength market activity strengthened as customer destocking eased, supporting higher shipments and pricing in the Aero/HS product line.
  • Favorable scrap spreads and strategic initiatives contributed to operational performance and profitability improvement.
  • Liquidity and balance sheet: total liquidity of $628 million (cash $58.5 million and $570 million revolver availability) and net debt leverage improved to 2.1x as of June 30, 2026.

Original SEC Filing:

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