Kaiser Aluminum Corporation (KALU) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Kaiser Aluminum published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Kaiser Aluminum reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Kaiser Aluminum passes most of the cost of aluminum through to customers, so net sales move with metal prices. It also reports Conversion Revenue, net sales less the Hedged Cost of Alloyed Metal: $439.1 million in Q3 2026, against $350.7 million a year earlier.
• Kaiser Aluminum has one operating and reportable segment. The rows above are the end-market applications its release breaks out.

Source: Kaiser Aluminum Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Kaiser Aluminum splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Kaiser Aluminum's Aero/HS Products revenue was $292 million in Q3 2026, up 60% from $182 million in Q3 2025, 24% of total revenue.
• Kaiser Aluminum's Packaging revenue was $561 million in Q3 2026, up 43% from $394 million in Q3 2025, 46% of total revenue.
• Kaiser Aluminum's GE Products revenue was $278 million in Q3 2026, up 45% from $192 million in Q3 2025, 23% of total revenue.
• Kaiser Aluminum's Automotive Extrusions revenue was $82.9 million in Q3 2026, up 10% from $75.2 million in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Kaiser Aluminum said:

“For the balance of 2026, the Company continues to expect Conversion Revenue growth at the high end of its 10% to 15% outlook, reflecting continued end-market strength and favorable pricing and mix.”

“While the Company is maintaining its Adjusted EBITDA growth outlook of 45% to 55% compared to 2025, results are now expected toward the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds.”

Source: Kaiser Aluminum Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KALU forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Kaiser Aluminum calculates diluted EPS with the two-class method.

We do not hold a confirmed date for Kaiser Aluminum's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Kaiser Aluminum's Q3 2026 net sales were $1,214.5 million, up from $843.5 million, on higher realized prices and more shipments. The release says the higher average selling price reflects a 57% increase in the Hedged Cost of Alloyed Metal, which is generally passed through to customers in contracted selling prices. Realized price rose to $4.05 per pound from $3.12. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Kaiser Aluminum tracks Conversion Revenue, net sales minus the Hedged Cost of Alloyed Metal, as the part of sales that is not pass-through metal. It rose 25% to $439.1 million, or $1.46 per pound against $1.30, mainly on favorable pricing and an improved product mix. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Packaging is the largest end market by sales: $561.4 million on 153.0 million pounds, with Conversion Revenue per pound up to $1.18 from $0.96 as Kaiser shifts to higher value coated products. Aero/HS Products, which earns the most per pound, had Conversion Revenue of $130.7 million on shipments of 59.4 million pounds, up from 41.8 million. GE Products contributed $278.3 million of net sales and Automotive Extrusions $82.9 million, where shipments fell to 20.4 million pounds from 23.9 million. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Total shipments rose 11% to 300.2 million pounds. Kaiser attributes this to capacity added by the Phase VII investment at its Trentwood facility, and to a planned partial outage for that project in the prior-year quarter. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Kaiser Aluminum's sales are concentrated. Its largest customer accounted for 16% of net sales in 2025 and its five largest customers for about 56%. About 70% of shipments go directly to manufacturers or tier one suppliers and about 30% to metal service centers. (Kaiser Aluminum Form 10-K, 2025, Feb 19, 2026)

Kaiser Aluminum's GAAP diluted EPS fell to $1.84 from $2.38 while adjusted EPS rose to $1.89 from $1.86. The year-ago GAAP figure included $11.3 million of pre-tax non-operating non-run-rate gains, which Kaiser excludes from adjusted results; these typically include business interruption insurance recoveries, gains on sales of non-operating assets and the net periodic benefit cost of the Salaried VEBA. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Metal price lag moved against Kaiser. Adjusted EBITDA of $84.0 million included about $1.0 million of unfavorable metal price lag, against $28.0 million favorable a year earlier, an approximate $29 million swing. The release also cites a 640-basis point hit to the Adjusted EBITDA margin from higher metal consumption costs on lower scrap utilization and lower operating efficiencies, including a planned partial outage at Bellwood and roll coat start-up costs in Packaging. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Diluted shares, calculated with the two-class method, were 16.9 million against 16.6 million. Interest expense rose to $14.2 million from $12.4 million. Kaiser returned $39 million to stockholders through quarterly dividends over the first nine months, with treasury stock unchanged at 6,835,286 shares, and declared a quarterly dividend of $0.77. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Kaiser Aluminum gives a full-year outlook in growth rates, not dollar figures. With Q3 2026 results it said it expects 2026 Conversion Revenue growth at the high end of its 10% to 15% range, and kept its Adjusted EBITDA growth outlook of 45% to 55% over 2025 while now expecting results toward the lower end, citing planned outages, execution performance, customer year-end inventory alignment and metal-related headwinds. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

Kaiser Aluminum's CEO changes on November 1, 2026, when Fred Stephan succeeds Keith A. Harvey, who becomes Executive Chairman. (Kaiser Aluminum Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Kaiser Aluminum, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Kaiser Aluminum's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KALU is on is KALU a buy or a sell?, what analysts expect next is on the KALU forecast, and what the company does is on the Kaiser Aluminum Corporation (KALU) stock page.

Every number on this page can be traced to a document Kaiser Aluminum published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.