Kaiser Aluminum Corporation reported record financial results for the second quarter of 2026, driven by strong end-market demand and improved pricing. Net sales for the quarter increased to $1.26 billion compared to $823 million in the prior year period, while adjusted net income per diluted share surged 357% to $5.53. The company also raised its full-year outlook for Adjusted EBITDA growth to 45% to 55%.

Financial Performance Summary

The following table outlines Kaiser Aluminum's Q2 performance compared to analyst estimates and the prior year:

| Metric | Q2 Result | Analyst Estimate | Prior Year | % Change vs Estimate | % Change vs Prior Year | | :--- | :--- | :--- | :--- | :--- | | Adjusted EPS | $5.53 | $2.66 | $1.21 | 107.89% | 357.02% | | Sales | $1.256 billion | $1.118 billion | $823.100 million | 12.37% | 52.59% |

The substantial year-over-year growth in both EPS and sales highlights the company's operational strength during the quarter.

Operational Highlights

Kaiser Aluminum achieved record results across several key financial metrics for the quarter. Net sales reached $1.3 billion, and Conversion Revenue hit $437 million. Net income totaled $97 million, with net income per diluted share at $5.72. Adjusted net income was $94 million, with Adjusted EBITDA reaching $166 million and an Adjusted EBITDA margin of 38.1%.

Shipments for the second quarter improved 6% year-over-year to 306 million pounds, primarily driven by sustained demand in the Packaging end market and strengthening aerospace production as destocking continues to ease. The increase in average realized sales price reflects an 83% increase in the Hedged Cost of Alloyed Metal.

Cash Flow and Liquidity

Adjusted EBITDA of $295 million reported in the first half of 2026 funded $118 million of working capital, $44 million of capital investments, $22 million of interest payments, and $26 million of cash returned to stockholders through quarterly dividends. As of June 30, 2026, the company's net debt leverage ratio improved to 2.1x from 3.4x at December 31, 2025.

Total liquidity stood at $628 million as of June 30, 2026, consisting of cash and cash equivalents of $59 million and borrowing availability under the Revolving Credit Facility of $570 million. There were no outstanding borrowings under the Revolving Credit Facility as of June 30, 2026.

Outlook

For the full year 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. It is raising its Adjusted EBITDA outlook to a range of 45% to 55% year-over-year growth. The revised outlook assumes a neutral metal price lag through the end of the year.

Management attributed the record results to continued strength in end-market positioning, disciplined execution, and the benefits of strategic initiatives. Higher-value packaging mix, improving aerospace demand, favorable scrap spreads, and strong customer activity drove meaningful EBITDA growth.

Kaiser Aluminum Corporation has declared a quarterly cash dividend of $0.77 per share, payable on August 14, 2026, to stockholders of record as of the close of business on July 24, 2026. The announcement was made by the company's Board of Directors, affirming its commitment to returning capital to shareholders.

Dividend Details

The dividend distribution follows the company's established financial calendar. Shareholders must be on record by the specified date to qualify for the payment. The table below outlines the key dates and amounts associated with this announcement.

Company Overview

Kaiser Aluminum Corporation is headquartered in Franklin, Tenn., and produces semi-fabricated specialty aluminum products. The company serves customers globally with engineered solutions for aerospace, high-strength, packaging, general engineering, and automotive extrusions. Its North American facilities manufacture plate, sheet, coil, extrusions, rod, bar, tube, and wire products. The company's stock is included in the Russell 2000 index and the S&P Small Cap 600 index.