Revenue surged 52.7% year-over-year to $1.3B in 2026Q2, with gross margin expanding to 13.5% from 8.6% a year earlier, driving operating income up 252% to $133.7M.
Kaiser Aluminum Corporation (KALU) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 4.14B | 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 % | 32.83% | 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 | 3.66B | 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 | 477.5M | 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 % | 11.55% | 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 | 136.6M | 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 | 136.6M | 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 | 101.2M | 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 | -3M | -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 | 340.9M | 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 % | 8.24% | 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 | 463.8M | 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 % | 11.21% | 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 % | 94.87% | 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 | 349.2M | 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 | -54.5M | -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 | 800K | 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 | 55.3M | 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 | -40.9M | -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 | 300M | 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 % | 7.25% | 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 | 73M | 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 % | 24.33% | 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 | 227M | 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 % | 5.49% | 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 % | 255.24% | 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) | 227M | 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) | 13.44 | 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 % | 246.79% | 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 | 16.89M | 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 | 16.3M | 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% |
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.
Key Metrics
Top Statement Risk
High leverage with thin margins
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Revenue surged 52.7% year-over-year in 2026Q2 to $1.3B, according to the latest quarterly report, marking a clear acceleration from the 6.4% growth in 2025Q2 and suggesting robust demand across packaging and aerospace.
The sequential acceleration from 42.4% growth in 2026Q1 to 52.7% in 2026Q2 indicates that the company is capturing significant volume and pricing gains, likely driven by the packaging segment's stability and a recovering aerospace market. However, investors should note that part of this growth may be inflated by higher aluminum prices, which pass through to revenue without proportional margin benefit. The durability of this growth will depend on whether underlying volume and mix improvements can sustain momentum once metal price tailwinds fade.
Gross Margin Expansion Defies Commodity Cycle
Gross margin improved to 13.5% in 2026Q2 from 8.6% a year earlier, as reported in the income statement, reflecting a favorable mix shift and operational leverage that appears to be outpacing the typical pass-through model.
The 490 basis point year-over-year expansion in gross margin is notable for a metal processor, suggesting that the company is benefiting from higher value-added products and possibly favorable scrap spreads. However, the historical volatility in gross margins (ranging from 8.6% to 13.5% over the past ten quarters) indicates that this level may not be sustainable if aluminum prices normalize or if the mix shifts back toward lower-margin packaging. Investors should monitor whether the company can maintain margins above 12% as management has cautioned on price normalization.
Operating Leverage Amplifies Earnings
Operating income grew to $133.7M in 2026Q2, a 252% increase from $38.0M in the prior-year quarter, according to the financial statements, demonstrating that fixed costs are being spread over a much larger revenue base.
The operating margin expanded to 10.6% from 4.6% year-over-year, indicating that SG&A and other overhead costs are not growing proportionally with revenue. This operating leverage is a key driver of the EPS beat, but it also implies that any revenue deceleration could lead to a sharp contraction in operating income. The company's ability to sustain this leverage will depend on maintaining volume growth and controlling fixed costs, particularly as the integration of the Warrick facility matures.
Earnings Quality Boosted by One-Time Tailwinds
Net income of $96.8M in 2026Q2 includes a metal lag tailwind that management cited as a key EBITDA driver, according to the earnings release, suggesting that a portion of the beat may be timing-related and could reverse.
The reported EPS of $5.72 significantly exceeded estimates, but the company's own commentary indicates that favorable metal price timing contributed to the results. This raises questions about the sustainability of earnings, as the metal lag effect is inherently non-recurring. Additionally, stock-based compensation of $4.9M in the quarter is modest relative to net income, but investors should still adjust for it when assessing true cash earnings. The tax rate appears normal, but the reliance on non-operational factors warrants caution.
Cost Structure Shows Discipline Amid Growth
SG&A expenses rose to $35.4M in 2026Q2, up from $30.8M a year earlier, but as a percentage of revenue they fell to 2.8% from 3.7%, based on the income statement, indicating improved overhead efficiency.
The company has managed to control SG&A growth despite a 52.7% revenue increase, which is a positive sign of cost discipline. However, COGS remains the dominant cost line, and its volatility is largely driven by aluminum prices, which are passed through. The reported gross margin of 13.5% suggests that the company is earning a healthy conversion premium, but the thin absolute margin leaves little room for error if input costs rise faster than selling prices. Investors should monitor energy and labor costs, which are more controllable but still subject to inflationary pressures.
Leverage and Margin Thinness Pose Risks
With a debt-to-equity ratio of 1.36 and gross margins of only 9.5% historically, the company's financial structure appears vulnerable to aluminum price swings, as per the latest balance sheet data, which could pressure earnings.
The combination of high financial leverage and structurally low margins suggests that KALU has limited cushion against adverse movements in aluminum prices or a demand downturn. The recent earnings beat may be masking underlying fragility, and if the metal lag tailwind reverses, the company could face significant earnings pressure. Short-sellers might argue that the market is overestimating the sustainability of the current margin expansion, especially given management's own caution about price normalization. Investors should closely monitor the company's ability to deleverage and maintain margins in a more normalized pricing environment.