Kaiser Aluminum Corporation Reports Third Quarter 2026 Financial Results
Kaiser Aluminum reported Q3 2026 net sales of $1.21 billion, up 44% year-over-year, with shipments up 11% to 300 million pounds on Trentwood Phase VII capacity. Conversion Revenue rose 25% to $439 million on favorable pricing and mix, but GAAP diluted EPS fell to $1.84 from $2.38 as the prior-year quarter benefited from a much larger favorable metal price lag; Adjusted EBITDA of $84 million grew just 3% with a roughly 640-basis point margin drag from lower scrap utilization and operational outages. The balance sheet strengthened materially: net debt leverage fell to 2.0x from 3.4x at year-end 2025, liquidity reached $687 million, and Moody's upgraded the company to Ba3 with a stable outlook.
Key figures
- Eps
- 1.84
- Revenue
- 1214500000
- Guidance
- Conversion Revenue growth at high end of 10-15% outlook; Adjusted EBITDA growth of 45-55% vs 2025 maintained but now expected toward the lower end of the range
- Revenue Yoy
- 44%
- Cash
- 117300000
- Adjusted eps
- 1.89
- Adjusted ebitda
- 84000000
- Shipments mmlbs
- 300.2
- Total liquidity
- 687000000
- Net debt leverage
- 2.0x (from 3.4x at year-end 2025)
- Conversion revenue
- 439100000
- Dividend per share
- 0.77
- Free cash flow ytd
- 176000000
- Shipment growth yoy
- 11%
- Adjusted ebitda margin
- 19.1%
- Conversion revenue yoy
- 25%
- Ytd operating cash flow
- 248100000
AI analysis
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