Revenue growth accelerated to 42.4% in 2026Q1, driving operating income to $97.8 million as the company successfully leveraged its cost structure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.7B | 3.37B | 3.02B | 3.09B | 3.43B | 2.62B | 1.17B | 1.51B | 1.59B | 1.4B | 1.33B | 1.39B | 1.36B | 1.3B | 1.36B | 1.3B | 1.08B | 987M | 1.51B | 1.5B | 667.5M | 1.09B | 942.4M | 1.36B | 1.47B | 1.73B | 2.17B | 2.04B | 2.26B | 2.37B | 2.19B |
| Revenue Growth % | 20.84% | 11.54% | -2.04% | -9.94% | 30.74% | 123.59% | -22.55% | -4.53% | 13.48% | 5.03% | -4.4% | 2.64% | 4.52% | -4.6% | 4.52% | 20.59% | 9.33% | -34.56% | 0.25% | 125.39% | -38.74% | 15.63% | -30.96% | -7.12% | -15.18% | -20.14% | 6.14% | -9.4% | -4.92% | 8.34% | -2.11% |
| Cost of Goods Sold | 3.32B | 3.05B | 2.69B | 2.75B | 3.18B | 2.35B | 941.3M | 1.22B | 1.34B | 1.13B | 1.04B | 1.15B | 1.16B | 1.07B | 1.13B | 1.16B | 946.8M | 766.4M | 1.51B | 1.25B | 580.4M | 951.1M | 852.2M | 1.42B | 1.41B | 1.64B | 1.89B | 1.86B | 1.91B | 1.96B | 1.87B |
| COGS % of Revenue | - | 90.52% | 88.99% | 89.24% | 92.77% | 89.55% | 80.27% | 80.26% | 84.78% | 80.54% | 78.29% | 82.89% | 85.47% | 82.18% | 82.9% | 89.06% | 87.74% | 77.65% | 100.31% | 83.16% | 86.95% | 87.28% | 90.43% | 104.25% | 95.82% | 94.56% | 87.17% | 90.95% | 84.48% | 82.7% | 85.33% |
| Gross Profit | 379.1M | 319.9M | 332.9M | 332.1M | 247.7M | 273.9M | 231.4M | 298.9M | 241.3M | 271.9M | 288.9M | 238.1M | 197.1M | 231.2M | 232.6M | 142.4M | 132.3M | 220.6M | -4.6M | 253.4M | 87.1M | 138.6M | 90.2M | -58M | 61.4M | 94.3M | 278.4M | 185.1M | 350.2M | 410.6M | 321.4M |
| Gross Margin % | 10.24% | 9.48% | 11.01% | 10.76% | 7.23% | 10.45% | 19.73% | 19.74% | 15.22% | 19.46% | 21.71% | 17.11% | 14.53% | 17.82% | 17.1% | 10.94% | 12.26% | 22.35% | -0.3% | 16.84% | 13.05% | 12.72% | 9.57% | -4.25% | 4.18% | 5.44% | 12.83% | 9.05% | 15.52% | 17.3% | 14.67% |
| Gross Profit Growth % | - | -3.91% | 0.24% | 34.07% | -9.57% | 18.37% | -22.58% | 23.87% | -11.25% | -5.88% | 21.34% | 20.8% | -14.75% | -0.6% | 63.34% | 7.63% | -40.03% | 4895.65% | -101.82% | 190.93% | -37.16% | 53.66% | 255.52% | -194.46% | -34.89% | -66.13% | 50.41% | -47.14% | -14.71% | 27.75% | -26.85% |
| Operating Expenses | 133.8M | 129.2M | 245.2M | 236.3M | 243.7M | 209.5M | 150.3M | 173.2M | 97.7M | 98.3M | 107.8M | 88.2M | 82.9M | 57.9M | 66.7M | 84.6M | 84.2M | 85.4M | 77.6M | 71.4M | 38.8M | -1.08B | 868.8M | 654M | 467.4M | 29.4M | 139.1M | 214M | 259.6M | 222.9M | 223.6M |
| OpEx % of Revenue | - | 3.83% | 8.11% | 7.65% | 7.11% | 7.99% | 12.82% | 11.44% | 6.16% | 7.03% | 8.1% | 6.34% | 6.11% | 4.46% | 4.9% | 6.5% | 7.8% | 8.65% | 5.15% | 4.75% | 5.81% | -99.41% | 92.19% | 47.91% | 31.8% | 1.7% | 6.41% | 10.47% | 11.51% | 9.39% | 10.21% |
| Selling, General & Admin | 132M | 129.2M | 120.8M | 122.7M | 110.9M | 118.8M | 95.9M | 104.5M | 96.3M | 97.5M | 105M | 88.1M | 81.4M | 57.9M | 62.2M | 59.9M | 64.4M | 69.9M | 73.1M | 73.1M | 33.3M | 58.9M | 885.5M | 608M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 3.83% | 3.99% | 3.97% | 3.24% | 4.53% | 8.18% | 6.9% | 6.07% | 6.98% | 7.89% | 6.33% | 6% | 4.46% | 4.57% | 4.6% | 5.97% | 7.08% | 4.85% | 4.86% | 4.99% | 5.41% | 93.96% | 44.54% | - | - | - | - | - | - | - |
| Research & Development | 164.6M | 129.2M | 120.8M | 11.1M | 0 | 0 | 9.1M | 10.5M | 96.3M | 97.5M | 105M | 88.1M | 81.4M | 57.9M | 62.2M | 62.7M | 64.4M | 69.9M | 73.1M | 73.1M | 30.3M | 50.9M | 92.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.83% | 3.99% | 0.36% | - | - | 0.78% | 0.69% | 6.07% | 6.98% | 7.89% | 6.33% | 6% | 4.46% | 4.57% | 4.82% | 5.97% | 7.08% | 4.85% | 4.86% | 4.54% | 4.67% | 9.82% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -4M | -129.2M | 3.6M | 102.5M | 132.8M | 90.7M | 45.3M | 58.2M | -900K | -3.6M | -13.6M | -497.6M | 30.4M | 0 | 2.8M | 25M | 300K | 16.4M | 14.7M | -1.7M | 5.5M | -1.14B | -16.7M | 46M | 467.4M | 29.4M | 139.1M | 214M | 259.6M | 222.9M | 223.6M |
| Operating Income | 245.2M | 190.7M | 87.7M | 95.8M | 4M | 64.4M | 81.1M | 125.7M | 143.6M | 150.7M | 177.8M | -345.9M | 137.9M | 173.3M | 165.9M | 57.8M | 44.4M | 118.7M | -91M | 182M | 48.3M | 59.8M | -817.6M | -739M | -406M | 64.9M | 139.3M | -28.9M | 90.6M | 168M | 97.8M |
| Operating Margin % | 6.62% | 5.65% | 2.9% | 3.1% | 0.12% | 2.46% | 6.92% | 8.3% | 9.05% | 10.78% | 13.36% | -24.85% | 10.17% | 13.36% | 12.2% | 4.44% | 4.11% | 12.03% | -6.03% | 12.1% | 7.24% | 5.49% | -86.76% | -54.14% | -27.63% | 3.75% | 6.42% | -1.41% | 4.02% | 7.08% | 4.46% |
| Operating Income Growth % | - | 117.45% | -8.46% | 2295% | -93.79% | -20.59% | -35.48% | -12.47% | -4.71% | -15.24% | 151.4% | -350.83% | -20.43% | 4.46% | 187.02% | 30.18% | -62.59% | 230.44% | -150% | 276.81% | -19.23% | 107.31% | -10.64% | -82.02% | -725.58% | -53.41% | 582.01% | -131.9% | -46.07% | 71.78% | -53.56% |
| EBITDA | 368.1M | 313.2M | 204.1M | 204.4M | 110.9M | 155.9M | 133.3M | 174.8M | 187.5M | 190.4M | 213.8M | -313.5M | 169M | 201.4M | 192.4M | 83M | 64.2M | 135.1M | -76.3M | 196M | 54M | 84.1M | -789.5M | -661M | -310.6M | 160.2M | 220.6M | 64.9M | 193.6M | 259.1M | 193.8M |
| EBITDA Margin % | 9.94% | 9.29% | 6.75% | 6.62% | 3.24% | 5.95% | 11.37% | 11.54% | 11.82% | 13.62% | 16.07% | -22.52% | 12.46% | 15.52% | 14.15% | 6.38% | 5.95% | 13.69% | -5.06% | 13.03% | 8.09% | 7.72% | -83.78% | -48.42% | -21.14% | 9.25% | 10.17% | 3.17% | 8.58% | 10.92% | 8.85% |
| EBITDA Growth % | 56.24% | 53.45% | -0.15% | 84.31% | -28.86% | 16.95% | -23.74% | -6.77% | -1.52% | -10.94% | 168.2% | -285.5% | -16.09% | 4.68% | 131.81% | 29.28% | -52.48% | 277.06% | -138.93% | 262.96% | -35.79% | 110.65% | -19.44% | -112.81% | -293.88% | -27.38% | 239.91% | -66.48% | -25.28% | 33.69% | -37.54% |
| D&A (Non-Cash Add-back) | 122.9M | 122.5M | 116.4M | 108.6M | 106.9M | 91.5M | 52.2M | 49.1M | 43.9M | 39.7M | 36M | 32.4M | 31.1M | 28.1M | 26.5M | 25.2M | 19.8M | 16.4M | 14.7M | 14M | 5.7M | 24.3M | 28.1M | 78M | 95.4M | 95.3M | 81.3M | 93.8M | 103M | 91.1M | 96M |
| EBIT | 257.9M | 200.1M | 107.2M | 103.2M | 10.4M | 25.5M | 84.4M | 144.4M | 139M | 169.9M | 180.5M | -347.7M | 139.4M | 173.2M | 168.7M | 59.3M | 36.9M | 118.6M | -90.3M | 186.7M | 48.3M | 1.22B | -778.6M | -203.8M | -145.1M | -27.6M | -1.23B | -28.9M | 294.7M | 187.7M | 97.8M |
| Net Interest Income | -53.3M | -49.3M | -40.1M | -45.2M | -47M | -49.3M | -40.3M | -24M | -22.4M | -22M | -20.2M | -23.7M | -36.5M | -35.3M | -28.7M | -17.8M | -11.5M | 0 | -1M | -4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 800K | 3.6M | 1.7M | 1.3M | 200K | 600K | 600K | 300K | 200K | 100K | 400K | 1M | 400K | 400K | 200K | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 53.3M | 50.1M | 43.7M | 46.9M | 48.3M | 49.5M | 40.9M | 24.6M | 22.7M | 22.2M | 20.3M | 24.1M | 37.5M | 35.7M | 29.1M | 18M | 11.8M | 0 | 1M | 4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -41.6M | -40.7M | -24.2M | -39.5M | -41.9M | -88.4M | -42.3M | -45.3M | -23.6M | -22.2M | -33.9M | -25.9M | -30.8M | -30.1M | -26.3M | -13.7M | -12.7M | -100K | -300K | 400K | 1.6M | -1.17B | 6.2M | -41.3M | -53.2M | -329.8M | -123.4M | -61M | -106.5M | -107.7M | -96.1M |
| Pretax Income | 203.6M | 150M | 63.5M | 56.3M | -37.9M | -24M | 38.8M | 80.4M | 120M | 133M | 147.2M | -371.8M | 107.1M | 143.2M | 139.6M | 44.1M | 28.4M | 118.6M | -91.3M | 182.4M | 49.9M | -1.11B | -861.9M | -783M | -459.6M | 86.7M | 25.4M | -89.9M | -15.9M | 60.3M | 1.7M |
| Pretax Margin % | 5.5% | 4.45% | 2.1% | 1.82% | -1.11% | -0.92% | 3.31% | 5.31% | 7.57% | 9.52% | 11.06% | -26.71% | 7.9% | 11.04% | 10.26% | 3.39% | 2.63% | 12.02% | -6.05% | 12.12% | 7.48% | -101.85% | -91.46% | -57.36% | -31.27% | 5% | 1.17% | -4.4% | -0.7% | 2.54% | 0.08% |
| Income Tax | 50.2M | 37.5M | 16.7M | 9.1M | -8.3M | -5.5M | 10M | 18.4M | 28.3M | 87.6M | 55.5M | -135.2M | 35.3M | 38.4M | 53.8M | 17.5M | 14.3M | 48.1M | -22.8M | 81.4M | 23.7M | 2.8M | 6.2M | 14M | 14.9M | 550.2M | 11.6M | -32.7M | -16.4M | 8.8M | -9.3M |
| Effective Tax Rate % | 24.66% | 25% | 26.3% | 16.16% | 21.9% | 22.92% | 25.77% | 22.89% | 23.58% | 65.86% | 37.7% | 36.36% | 32.96% | 26.82% | 38.54% | 39.68% | 50.35% | 40.56% | 24.97% | 44.63% | 47.49% | -0.25% | -0.72% | -1.79% | -3.24% | 634.6% | 45.67% | 36.37% | 103.14% | 14.59% | -547.06% |
| Net Income | 153.4M | 112.5M | 46.8M | 47.2M | -29.6M | -18.5M | 28.8M | 62M | 91.7M | 45.4M | 91.7M | -236.6M | 71.8M | 104.8M | 85.8M | 26.6M | 14.1M | 68.9M | -68.5M | 101M | 26.2M | -753.7M | -746.8M | -788M | -468.7M | -459.4M | 16.8M | -54.1M | 600K | 48M | 8.2M |
| Net Margin % | 4.14% | 3.34% | 1.55% | 1.53% | -0.86% | -0.71% | 2.46% | 4.09% | 5.78% | 3.25% | 6.89% | -17% | 5.29% | 8.08% | 6.31% | 2.04% | 1.31% | 6.98% | -4.54% | 6.71% | 3.93% | -69.17% | -79.24% | -57.73% | -31.89% | -26.51% | 0.77% | -2.65% | 0.03% | 2.02% | 0.37% |
| Net Income Growth % | 157.38% | 140.38% | -0.85% | 259.46% | -60% | -164.24% | -53.55% | -32.39% | 101.98% | -50.49% | 138.76% | -429.53% | -31.49% | 22.14% | 222.56% | 88.65% | -79.54% | 200.58% | -167.82% | 285.5% | 103.48% | -0.92% | 5.23% | -68.12% | -2.02% | -2834.52% | 131.05% | -9116.67% | -98.75% | 485.37% | -86.4% |
| Net Income (Continuing) | 153.4M | 112.5M | 46.8M | 47.2M | -29.6M | -18.5M | 28.8M | 62M | 91.7M | 45.4M | 91.7M | -236.6M | 71.8M | 104.8M | 85.8M | 25.1M | 12M | 70.5M | -68.5M | 101M | 26.2M | -1.11B | -868.1M | -273.6M | -202.7M | -788.3M | -154.5M | -57.2M | 500K | 51.5M | 8.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700K | 700K | 122M | 121.8M | 118.5M | 101.1M | 117.7M | 123.5M | 127.7M | 121.7M |
| EPS (Diluted) | 9.11 | 6.77 | 2.87 | 2.92 | -1.86 | -1.17 | 1.81 | 3.83 | 5.43 | 2.63 | 5.09 | -13.76 | 3.86 | 5.44 | 4.45 | 1.32 | 0.61 | 3.51 | -3.43 | 4.97 | 1.30 | -9.46 | -9.36 | -9.81 | -5.81 | -5.73 | 0.21 | -0.68 | 0.01 | 0.57 | 0.11 |
| EPS Growth % | 152.89% | 135.89% | -1.71% | 256.99% | -58.97% | -164.64% | -52.74% | -29.47% | 106.46% | -48.33% | 136.99% | -456.48% | -29.04% | 22.25% | 237.12% | 116.39% | -82.62% | 202.33% | -169.01% | 282.31% | 113.74% | -1.07% | 4.59% | -68.85% | -1.4% | -2828.57% | 130.88% | - | -98.67% | 418.18% | -84.06% |
| EPS (Basic) | - | 6.96 | 2.91 | 2.95 | -1.86 | -1.17 | 1.82 | 3.88 | 5.53 | 2.67 | 5.15 | -13.76 | 4.02 | 5.56 | 4.49 | 1.32 | 0.61 | 3.51 | -3.43 | 4.97 | 1.31 | -9.46 | -9.36 | -9.83 | -5.82 | -5.73 | 0.21 | -0.68 | 0.01 | 0.57 | 0.11 |
| Diluted Shares Outstanding | 16.84M | 16.62M | 16.32M | 16.13M | 15.91M | 15.84M | 15.91M | 16.2M | 16.87M | 17.26M | 18.03M | 17.2M | 18.59M | 19.25M | 19.28M | 18.98M | 19.38M | 19.64M | 19.98M | 20.31M | 20.1M | 79.67M | 79.81M | 80.31M | 80.63M | 80.23M | 79.52M | 79.34M | 79.16M | 74.38M | 71.64M |
| Basic Shares Outstanding | 16.25M | 16.17M | 16.07M | 15.99M | 15.91M | 15.84M | 15.8M | 16M | 16.59M | 17M | 17.81M | 17.19M | 17.82M | 18.83M | 19.11M | 18.98M | 19.38M | 19.64M | 19.98M | 20.01M | 20M | 79.67M | 79.81M | 80.17M | 80.53M | 80.23M | 79.52M | 79.34M | 79.11M | 74.22M | 71.64M |
| Dividend Payout Ratio | - | 45.6% | 108.33% | 106.78% | - | - | 150.69% | 63.55% | 41.11% | 77.09% | 35.33% | - | 35.38% | 21.95% | 22.84% | 71.05% | 134.75% | 28.45% | - | 7.33% | - | - | - | - | - | - | - | - | - | 8.75% | 128.05% |
Tight liquidity and cyclicality
According to the most recent quarterly data, KALU achieved a significant revenue acceleration to 42.4% in 2026Q1, marking a distinct departure from the low-single-digit growth rates observed throughout 2024 and early 2025, suggesting a potential shift in demand or pricing power within its core end-markets.
The sudden jump to $1.1B in revenue warrants investigation into whether this reflects sustainable volume gains or temporary pricing tailwinds. Investors should monitor if this growth trajectory can be maintained without further straining the company's limited cash reserves.
As reported in financial statements, KALU's gross margin expanded to 12.0% in 2026Q1, reflecting an improvement over the 8.6% to 13.4% range seen in previous quarters, which may indicate better absorption of fixed costs during periods of higher production throughput.
While the margin expansion is encouraging, the pass-through nature of aluminum costs means that headline margins can be deceptive. The company's ability to maintain these levels depends heavily on its success in managing conversion premiums rather than relying on commodity price fluctuations.
Based on the income statement, operating income reached $97.8M in 2026Q1, demonstrating significant operating leverage as the company scaled its top-line growth faster than its operating expenses, which remained relatively contained compared to the substantial revenue increase observed in the same period.
The efficiency gains in operating income suggest that the company is successfully leveraging its existing infrastructure to drive profitability. However, analysts should remain cautious about whether this operating leverage is sustainable or if it is merely a function of a temporary spike in demand.
Data from recent filings indicates that KALU's net income reached $62.5M in 2026Q1, benefiting from the absence of stock-based compensation expenses, which had previously acted as a recurring drag on earnings in several quarters throughout 2024 and 2025.
The cessation of stock-based compensation charges appears to have provided a clean boost to EPS, but investors should verify if this is a permanent change in compensation policy. The quality of these earnings remains subject to the volatility of the underlying aluminum conversion business.
Despite the recent revenue growth, the company's reported cash balance of only $7 million, as highlighted in recent financial disclosures, suggests a precarious liquidity position that may leave the firm vulnerable to unexpected operational disruptions or the need for external financing in a high-rate environment.
Short-sellers may focus on this thin cash cushion as a primary risk factor, especially given the capital-intensive nature of the aluminum rolling business. The reliance on revolving credit facilities to manage working capital needs warrants close monitoring by fundamental analysts.
Quick answers to the most common questions about buying KALU stock.
For fiscal year 2025, Kaiser Aluminum Corporation (KALU) reported total revenue of $3.37B. This represents a 54.0% increase compared to $2.19B in 1996.
Kaiser Aluminum Corporation (KALU) is profitable, generating $112.5M in net income for the fiscal year ending 2025 with a net profit margin of 3.3%.
Kaiser Aluminum Corporation (KALU) reported an operating income of $190.7M, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Kaiser Aluminum Corporation (KALU) generated $319.9M in gross profit for the year, representing a gross profit margin of 9.5%. This demonstrates the company's core pricing power and production efficiency.